$ICFI
ICF International, Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022017991 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $413.5M $378.5M
YoY Change 9.24% 5.65%
Cost Of Revenue $258.2M $232.1M
YoY Change 11.23% 0.65%
Gross Profit $155.3M $146.4M
YoY Change 6.09% 14.73%
Gross Profit Margin 37.56% 38.68%
Selling, General & Admin $117.5M $110.0M
YoY Change 6.77% 6.49%
% of Gross Profit 75.62% 75.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.15M $8.285M
YoY Change 22.56% 3.15%
% of Gross Profit 6.54% 5.66%
Operating Expenses $127.6M $118.3M
YoY Change 7.9% 6.26%
Operating Profit $27.70M $28.13M
YoY Change -1.51% 72.37%
Interest Expense -$2.697M $2.683M
YoY Change -200.52% -23.89%
% of Operating Profit -9.74% 9.54%
Other Income/Expense, Net -$369.0K -$417.0K
YoY Change -11.51% -319.47%
Pretax Income $24.64M $25.03M
YoY Change -1.57% 92.77%
Income Tax $6.775M $6.700M
% Of Pretax Income 27.5% 26.77%
Net Earnings $17.86M $18.35M
YoY Change -2.66% 72.93%
Net Earnings / Revenue 4.32% 4.85%
Basic Earnings Per Share $0.95 $0.97
Diluted Earnings Per Share $0.94 $0.96
COMMON SHARES
Basic Shares Outstanding 18.80M 18.89M
Diluted Shares Outstanding 19.01M 19.12M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.392M $8.600M
YoY Change -14.05% -85.35%
Cash & Equivalents $7.392M $8.592M
Short-Term Investments
Other Short-Term Assets $42.86M $64.30M
YoY Change -33.35% 223.12%
Inventory
Prepaid Expenses
Receivables $205.8M $214.3M
Other Receivables $8.288M $0.00
Total Short-Term Assets $453.5M $451.4M
YoY Change 0.47% -5.74%
LONG-TERM ASSETS
Property, Plant & Equipment $235.0M $179.5M
YoY Change 30.93% -13.41%
Goodwill $1.046B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $49.42M $32.60M
YoY Change 51.58% 44.25%
Total Long-Term Assets $1.404B $1.179B
YoY Change 19.06% -2.13%
TOTAL ASSETS
Total Short-Term Assets $453.5M $451.4M
Total Long-Term Assets $1.404B $1.179B
Total Assets $1.858B $1.631B
YoY Change 13.91% -3.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $95.71M $90.90M
YoY Change 5.29% -2.05%
Accrued Expenses $41.39M $236.4M
YoY Change -82.49% 49.9%
Deferred Revenue $31.49M $43.59M
YoY Change -27.75% 48.68%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00M $10.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $344.2M $383.3M
YoY Change -10.2% 32.23%
LONG-TERM LIABILITIES
Long-Term Debt $449.8M $314.5M
YoY Change 43.04% -37.98%
Other Long-Term Liabilities $212.8M $144.8M
YoY Change 46.93% 418.61%
Total Long-Term Liabilities $449.8M $314.5M
YoY Change 43.04% -41.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $344.2M $383.3M
Total Long-Term Liabilities $449.8M $314.5M
Total Liabilities $1.054B $879.5M
YoY Change 19.89% -11.45%
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 $803.3M $751.2M
YoY Change
Total Liabilities & Shareholders Equity $1.858B $1.631B
YoY Change 13.91% -3.16%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $17.86M $18.35M
YoY Change -2.66% 72.93%
Depreciation, Depletion And Amortization $10.15M $8.285M
YoY Change 22.56% 3.15%
Cash From Operating Activities -$7.055M $4.961M
YoY Change -242.21% -132.57%
INVESTING ACTIVITIES
Capital Expenditures -$6.454M -$3.600M
YoY Change 79.28% -23.4%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.454M -$3.595M
YoY Change 79.53% -98.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $291.7M $174.7M
YoY Change 66.98% -55.19%
Cash From Financing Activities 2.674M -33.28M
YoY Change -108.04% -110.21%
NET CHANGE
Cash From Operating Activities -7.055M 4.961M
Cash From Investing Activities -6.454M -3.595M
Cash From Financing Activities 2.674M -33.28M
Net Change In Cash -11.36M -31.16M
YoY Change -63.55% -159.73%
FREE CASH FLOW
Cash From Operating Activities -$7.055M $4.961M
Capital Expenditures -$6.454M -$3.600M
Free Cash Flow -$601.0K $8.561M
YoY Change -107.02% -181.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2022Q1 icfi Change In Contract With Customer Asset Net Current
ChangeInContractWithCustomerAssetNetCurrent
51280000
CY2022Q1 icfi Percentage Of Change In Contract With Customer Asset Net Current
PercentageOfChangeInContractWithCustomerAssetNetCurrent
0.372
CY2022Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
31491000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
39665000
CY2022Q1 icfi Change In Contract With Customer Liability Current
ChangeInContractWithCustomerLiabilityCurrent
-8174000
CY2022Q1 icfi Percentage Of Change In Contract With Customer Liability Current
PercentageOfChangeInContractWithCustomerLiabilityCurrent
-0.206
CY2022Q1 icfi Contract With Customer Assets Liabilities Net Current
ContractWithCustomerAssetsLiabilitiesNetCurrent
157656000
CY2021Q4 icfi Contract With Customer Assets Liabilities Net Current
ContractWithCustomerAssetsLiabilitiesNetCurrent
98202000
CY2022Q1 icfi Change In Contract With Customer Assets Liabilities Net Current
ChangeInContractWithCustomerAssetsLiabilitiesNetCurrent
59454000
CY2022Q1 icfi Percentage Of Change In Contract With Customer Assets Liabilities Net Current
PercentageOfChangeInContractWithCustomerAssetsLiabilitiesNetCurrent
0.605
CY2022Q1 icfi Change In Contract With Customer Assets Liabilities Net Current
ChangeInContractWithCustomerAssetsLiabilitiesNetCurrent
59500000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
20900000
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
15100000
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1100000000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.275
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.267
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
500000
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
700000
CY2022Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
600000
CY2022Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
-500000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.275
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.267
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
803470000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
17862000
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2659000
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
92000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
803302000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
746961000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
18351000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
2780000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3275000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
87000
CY2022Q1 icfi Net Payments For Stock Holder Issuance And Buy Backs Shares Value
NetPaymentsForStockHolderIssuanceAndBuyBacksSharesValue
-21716000
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2628000
CY2021Q1 icfi Net Payments For Stock Holder Issuance And Buy Backs Shares Value
NetPaymentsForStockHolderIssuanceAndBuyBacksSharesValue
-17580000
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2641000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
751233000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4600000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6100000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
53819
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10327
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
17862000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
18351000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18795000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18885000
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
217000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
233000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19012000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19118000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.95
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.97
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.94
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.96
CY2017Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000.0
CY2017Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000.0
CY2021Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
200000000.0
CY2017Q3 icfi Line Of Credit Facility Condition For Unlimited Share Repurchases Leverage Ratio
LineOfCreditFacilityConditionForUnlimitedShareRepurchasesLeverageRatio
3.50
CY2021Q4 icfi Line Of Credit Facility Condition For Unlimited Share Repurchases Leverage Ratio
LineOfCreditFacilityConditionForUnlimitedShareRepurchasesLeverageRatio
3.50
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
17000000.0
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
176375
CY2021Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
12800000
CY2021Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
151200
CY2022Q1 icfi Community Development Related To Claim
CommunityDevelopmentRelatedToClaim
220200000

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