$ICFI
ICF International, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021053709 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $394.1M $360.3M $354.0M
YoY Change 9.37% -3.64% -3.47%
Cost Of Revenue $254.2M $223.3M $223.4M
YoY Change 13.83% -6.26% -4.96%
Gross Profit $139.9M $137.0M $130.6M
YoY Change 2.11% 0.88% -0.81%
Gross Profit Margin 35.5% 38.02% 36.89%
Selling, General & Admin $99.94M $100.1M $99.30M
YoY Change -0.16% 0.0% -2.12%
% of Gross Profit 71.44% 73.07% 76.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.680M $8.600M $8.600M
YoY Change -10.7% 24.64% 11.69%
% of Gross Profit 5.49% 6.28% 6.58%
Operating Expenses $107.6M $108.8M $107.8M
YoY Change -1.08% 1.59% -1.21%
Operating Profit $32.27M $28.25M $22.78M
YoY Change 14.21% -1.44% 1.06%
Interest Expense -$2.550M -$3.500M -$3.900M
YoY Change -27.14% -223.94% -232.92%
% of Operating Profit -7.9% -12.39% -17.12%
Other Income/Expense, Net $81.00K -$223.0K $300.0K
YoY Change -136.32% 58.16% 61.29%
Pretax Income $29.80M $24.54M $19.20M
YoY Change 21.42% -4.51% -3.0%
Income Tax $9.406M $6.668M $5.600M
% Of Pretax Income 31.57% 27.17% 29.17%
Net Earnings $20.39M $17.87M $13.66M
YoY Change 14.1% -8.96% -6.54%
Net Earnings / Revenue 5.17% 4.96% 3.86%
Basic Earnings Per Share $1.08 $0.95 $0.73
Diluted Earnings Per Share $1.07 $0.94 $0.72
COMMON SHARES
Basic Shares Outstanding 18.87M 18.85M 18.83M
Diluted Shares Outstanding 19.06M 19.09M 19.02M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.883M $8.200M $9.100M
YoY Change -3.87% 9.33% 44.44%
Cash & Equivalents $7.883M $8.237M $9.100M
Short-Term Investments
Other Short-Term Assets $65.53M $20.50M $19.60M
YoY Change 219.65% 5.13% 17.37%
Inventory
Prepaid Expenses
Receivables $215.3M $230.3M $224.4M
Other Receivables $4.999M $11.70M $15.40M
Total Short-Term Assets $448.5M $410.6M $419.0M
YoY Change 9.24% -10.15% -7.74%
LONG-TERM ASSETS
Property, Plant & Equipment $155.5M $200.6M $200.2M
YoY Change -22.47% 2.71% 267.64%
Goodwill $909.2M $907.0M $905.1M
YoY Change 0.25% 26.55% 25.86%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $41.51M $26.10M $24.60M
YoY Change 59.04% 9.21% 3.53%
Total Long-Term Assets $1.157B $1.197B $1.197B
YoY Change -3.33% 24.24% 24.69%
TOTAL ASSETS
Total Short-Term Assets $448.5M $410.6M $419.0M
Total Long-Term Assets $1.157B $1.197B $1.197B
Total Assets $1.606B $1.608B $1.616B
YoY Change -0.12% 13.17% 14.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $96.64M $77.10M $76.80M
YoY Change 25.35% -20.84% -19.22%
Accrued Expenses $70.44M $182.2M $152.4M
YoY Change -61.34% 5.56% 4.74%
Deferred Revenue $38.11M $30.14M
YoY Change -9.87%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M $10.00M $10.00M
YoY Change 0.0%
Total Short-Term Liabilities $382.2M $305.7M $269.3M
YoY Change 25.02% 1.19% -1.7%
LONG-TERM LIABILITIES
Long-Term Debt $269.7M $362.3M $440.9M
YoY Change -25.55% 47.87% 52.83%
Other Long-Term Liabilities $124.0M $169.3M $162.1M
YoY Change -26.79% 14.7% 533.03%
Total Long-Term Liabilities $393.7M $362.3M $440.9M
YoY Change 8.67% 47.87% 40.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $382.2M $305.7M $269.3M
Total Long-Term Liabilities $393.7M $362.3M $440.9M
Total Liabilities $815.1M $880.6M $910.4M
YoY Change -7.44% 19.83% 21.85%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $790.6M $726.9M $705.1M
YoY Change
Total Liabilities & Shareholders Equity $1.606B $1.608B $1.616B
YoY Change -0.12% 13.17% 14.27%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $20.39M $17.87M $13.66M
YoY Change 14.1% -8.96% -6.54%
Depreciation, Depletion And Amortization $7.680M $8.600M $8.600M
YoY Change -10.7% 24.64% 11.69%
Cash From Operating Activities $58.42M $84.40M $26.00M
YoY Change -30.78% 55.43% -173.86%
INVESTING ACTIVITIES
Capital Expenditures -$4.804M -$3.900M -$4.300M
YoY Change 23.18% -37.1% -38.57%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$100.0K
YoY Change -100.0%
Cash From Investing Activities -$4.804M -$3.900M -$4.400M
YoY Change 23.18% -51.25% -36.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.03M -81.70M -71.50M
YoY Change -43.66% 81.96% -265.89%
NET CHANGE
Cash From Operating Activities 58.42M 84.40M 26.00M
Cash From Investing Activities -4.804M -3.900M -4.400M
Cash From Financing Activities -46.03M -81.70M -71.50M
Net Change In Cash 7.592M -1.200M -49.90M
YoY Change -732.67% -185.71% -5090.0%
FREE CASH FLOW
Cash From Operating Activities $58.42M $84.40M $26.00M
Capital Expenditures -$4.804M -$3.900M -$4.300M
Free Cash Flow $63.23M $88.30M $30.30M
YoY Change -28.4% 45.95% -207.45%

Facts In Submission

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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Areas of the consolidated financial statements where estimates may have the most significant effect include contractual and regulatory reserves, valuation and lives of tangible and intangible assets, contingent consideration related to business acquisitions, impairment of goodwill and long-lived assets, accrued liabilities, revenue recognition and costs to complete fixed-price contracts, bonus and other incentive compensation, stock-based compensation, reserves for tax benefits and valuation allowances on deferred tax assets, provisions for income taxes, collectability of receivables, and loss accruals for litigation. Actual results experienced by the Company may differ from management's estimates.</p>
us-gaap Number Of Reportable Segments
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.13%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has reclassified “Non-cash lease expense” which was previously part of “Other adjustments, net” on the consolidated statements of cash flows for the nine months ended September 30, 2020 for consistency of presentation with the same period in 2021.</p>
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8237000
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
34419000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81987000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8237000
CY2020Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
230466000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
7616000
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
222850000
CY2020Q4 us-gaap Goodwill
Goodwill
909913000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-687000
CY2021Q3 us-gaap Goodwill
Goodwill
909226000
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The leases may include options to extend the lease periods for up to 5 years
us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
options to terminate the leases within 1 year
us-gaap Lessee Operating Lease Residual Value Guarantee Description
LesseeOperatingLeaseResidualValueGuaranteeDescription
The leases may include a residual value guarantee or a responsibility to return the property to its original state of use.
CY2021Q3 icfi Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
158827000
CY2020Q4 icfi Operating Lease Right Of Use Asset Gross
OperatingLeaseRightOfUseAssetGross
159454000
CY2020Q4 icfi Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
32322000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
127132000
us-gaap Operating Lease Cost
OperatingLeaseCost
28375000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1149000
icfi Variable Lease Cost Benefit
VariableLeaseCostBenefit
2000
us-gaap Lease Cost
LeaseCost
29526000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
38473000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
24552000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
18476000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
13622000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
12606000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
27346000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
135075000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12125000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
122950000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
35418000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
87532000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
122950000
us-gaap Operating Lease Payments
OperatingLeasePayments
18743000
us-gaap Operating Lease Payments
OperatingLeasePayments
29248000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
29581000
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.034
CY2021Q3 icfi Lessee Operating Lease Lease Not Yet Commenced Amount
LesseeOperatingLeaseLeaseNotYetCommencedAmount
113300000
CY2021Q3 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P18Y
CY2020 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.0235
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
315781000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2567000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
313214000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
10000000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
303214000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
313214000
CY2020Q1 icfi Credit Facility Syndication Number Of Commercial Banks
CreditFacilitySyndicationNumberOfCommercialBanks
10
CY2020Q1 icfi Line Of Credit Facility Swing Line Commitment Amount
LineOfCreditFacilitySwingLineCommitmentAmount
25000000.0
CY2020Q1 icfi Line Of Credit Facility Additional Revolving Credit Commitments Under Existing Loan Facility
LineOfCreditFacilityAdditionalRevolvingCreditCommitmentsUnderExistingLoanFacility
300000000.0
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2025-03-03
CY2020Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
60000000.0
CY2020Q1 icfi Line Of Credit Facility Interest Coverage Ratio Covenant
LineOfCreditFacilityInterestCoverageRatioCovenant
3.00
CY2020Q1 icfi Line Of Credit Facility Leverage Ratio Covenant
LineOfCreditFacilityLeverageRatioCovenant
4.00
CY2020Q1 icfi Line Of Credit Facility Leverage Ratio Covenant Increase Pursuant To Permitted Acquisitions
LineOfCreditFacilityLeverageRatioCovenantIncreasePursuantToPermittedAcquisitions
4.25
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
281800000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
360315000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
790552000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
705103000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
17871000
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
3671000
CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3128000
CY2020Q3 icfi Net Payments For Stock Holder Issuance And Buy Backs Shares Value
NetPaymentsForStockHolderIssuanceAndBuyBacksSharesValue
-223000
CY2020Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2639000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
726911000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
746961000
CY2021Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
154804000
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
38108000
CY2021Q3 icfi Net Payments For Stock Holder Issuance And Buy Backs Shares Value
NetPaymentsForStockHolderIssuanceAndBuyBacksSharesValue
-330000
CY2021Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2641000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1241000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9756000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
158000
icfi Net Payments For Stock Holder Issuance And Buy Backs Shares Value
NetPaymentsForStockHolderIssuanceAndBuyBacksSharesValue
-18695000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
7922000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
790552000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
714551000
us-gaap Net Income Loss
NetIncomeLoss
42139000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-7616000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9472000
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
37000
icfi Net Payments For Stock Holder Issuance And Buy Backs Shares Value
NetPaymentsForStockHolderIssuanceAndBuyBacksSharesValue
-23247000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
7912000
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
726911000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
233000

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