Business
ICF Reports Second Quarter 2022 Results
Second Quarter Highlights: Total Revenue Was $423 Million; Service Revenue1 Was $306 Million, Up 9%Diluted EPS Was $0.97 Inclusive of $0.16 in Tax-Effected
About this update from Icf International, Inc.
[{"type":"text","content":"Second Quarter Highlights:\nTotal Revenue Was $423 Million; Service Revenue1 Was $306 Million, Up 9%Diluted EPS Was $0.97 Inclusive of $0.16 in Tax-Effected M&A and Facility-Related ChargesNon-GAAP EPS1 Was $1.33, Up 12%Adjusted EBITDA1 Was $44.1 Million, Up 10%; Adjusted EBITDA Margin on Service Revenue1 Was 14.4%Contract Awards Were $346 Million; TTM Contract Awards Were $1.96 Billion Representing a Book-to-Bill Ratio of 1.21Record Business Development Pipeline of $8.7 Billion at Quarter-End\nRaises Full Year 2022 Revenue, Adjusted EBITDA, Non-GAAP EPS and Cash Flow Guidance to Include the SemanticBits Acquisition\nFAIRFAX, Va., Aug. 3, 2022 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and digital services provider, reported results for the second quarter ended June 30, 2022. \n\n \n \n \n \n \n \n\n \nCommenting on the results, John Wasson, chair and chief executive officer, said, \"This was another quarter of strong growth for ICF, in which we continued to experience substantial revenue increases in our high-growth markets, while building a record business development pipeline that reflects our expanded addressable market. Similar to the first quarter, year-on-year growth was led by our government client category, in which revenue from federal and state and local government clients increased 24% and 10%, respectively. This strong performance was underpinned by the continued growth of our work in IT modernization/digital transformation, public health and disaster management.\n\"Profitability continues to benefit from favorable mix, high utilization levels and our increased scale, as well as past actions to consolidate our real estate footprint and increase efficiencies. Our second quarter adjusted EBITDA margin on service revenue expanded 20 basis points year-on-year to 14.4%, while we increased our investments in people and technology to execute efficiently on existing contracts and position ICF for future growth.\n\"Year-to-date contract wins were $707 million, of which approximately 80% represented new business, a strong indication of ICF's ability to capture the significant growth opportunities in our markets. Our trailing twelve-month book-to-bill ratio was 1.21, which provides substantial visibility, and our business development pipeline at the end of July, including SemanticBits, was over $9 billion, leading ...