Business
ICF Reports Fourth Quarter and Full Year 2022 Results
Fourth Quarter Highlights: Total Revenue Was $476 Million; Service Revenue1 Was $339 Million, Up 24%Net Income Was $8.9 Million and Diluted EPS Was $0.47,
About this update from Icf International, Inc.
[{"type":"text","content":"Fourth Quarter Highlights:\nTotal Revenue Was $476 Million; Service Revenue1 Was $339 Million, Up 24%Net Income Was $8.9 Million and Diluted EPS Was $0.47, Inclusive of $13.6 Million and $0.72 in Tax-Effected Facility-Related, Severance and M&A ChargesNon-GAAP EPS1 Was $1.56, Up 31%Adjusted EBITDA Margin on Service Revenue1 Was 16.3%Contract Awards Were $777 Million for a Book-to-Bill Ratio of 1.63Full Year Highlights: \nTotal Revenue Was $1.78 Billion; Service Revenue Was $1.29 Billion, Up 16%Net Income Was $64.2 Million and Diluted EPS Was $3.38, Inclusive of $24.9 Million and $1.31 in Tax-Effected Facility-Related, Severance and M&A Charges Non-GAAP EPS Was $5.77, Up 20%Adjusted EBITDA Margin on Service Revenue¹ Was 14.9%Record Contract Awards of $2.3 Billion for a Book-to-Bill Ratio of 1.32Operating Cash Flow Increased 47% to $162 Million —Year-end Business Development Pipeline Was Over $8.5 Billion After Record Fourth Quarter Contract Awards—\n—2023 Guidance Anticipates Double-Digit Revenue Growth, GAAP EPS of $4.90 and Non-GAAP EPS of $6.30 at the Midpoints—\n—On Track to Achieve 2024 Adjusted EBITDA1 Target of ~$245 Million—\nRESTON, Va., Feb. 28, 2023 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and technology services provider, reported results for the fourth quarter and full year ended December 31, 2022. \n\n \n \n \n \n \n \n\n \nCommenting on the results, John Wasson, chair and chief executive officer, said, \"Fourth quarter results capped a record year for ICF, highlighted by double-digit growth across all key financial metrics, record contract awards and robust operating cash flow. Year-on-year revenue growth in the fourth quarter was led by our federal and state and local clients and our commercial energy work, which together represented more than 85% of total revenues for the period.\n\"In 2022, ICF made significant strides in executing on existing contracts and capturing opportunities in our high-growth markets, namely: IT modernization/digital transformation, public health, disaster management, utility consulting, and climate, environment and infrastructure services. These markets accounted for approximately 75% of our Service Revenue as we exited 2022, up from 55% at the end of 2020. Our strategic decision to invest in these markets organically and through acquisitions has been a key element in margi...