Business
ICF Reports Third Quarter 2020 Results
FAIRFAX, Va., Nov. 5, 2020 /PRNewswire/ -- Third Quarter Highlights: Total Revenue Was $360 Million Service Revenue¹ Was $265 Million, up 3% Diluted EPS of
About this update from Icf International, Inc.
[{"type":"text","content":"FAIRFAX, Va., Nov. 5, 2020 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nThird Quarter Highlights:\nTotal Revenue Was $360 Million Service Revenue¹ Was $265 Million, up 3% Diluted EPS of $0.94; Non-GAAP EPS¹ was $1.10 Adjusted EBITDA Margin on Service Revenue¹ Was 14.3% Record Third Quarter Contract Awards of $792 Million; TTM Contract Awards Were $1.8 Billion For a Book-to-Bill Ratio of 1.2 Year-to-Date Cash Flow Was $95 Million—Raises Full Year 2020 EPS and Cash Flow Guidance—\nICF (NASDAQ:ICFI), a global consulting and digital services provider, reported results for the third quarter ended September 30, 2020.\nCommenting on the results, John Wasson, president and chief executive officer said, \"This was another quarter of strong performance for ICF, demonstrating the resilience of our diversified business model, excellent execution across our client set, and positive impact of our key growth catalysts.\n\"Service revenue increased 3% year-on-year, led by programs for federal government clients and energy-related advisory and implementation work for commercial clients. Favorable business mix, higher utilization and lower SG&A costs drove Adjusted EBITDA¹ growth of 4.9% and resulted in a 14.3% Adjusted EBITDA margin on service revenue, 30 basis points above last year and 180 basis points ahead of the prior quarter.\n\"Another financial highlight of the third quarter was operating cash flow, which increased by $84 million, bringing year-to-date operating cash flow to $95 million, primarily due to improved collections. We utilized these funds to pay down $79 million of long-term debt associated with the January acquisition of ITG.\n\"This was the highest third quarter for contract wins in the company's history, representing a trailing-12-month (TTM) book-to-bill ratio of 1.2, setting the stage for future growth. ICF was awarded $792 million in contracts, including strategic wins that align with the growth catalysts we have identified: IT modernization/digital transformation, public health, commercial energy and disaster management. In disaster management, we have won small but strategic mitigation contracts in four states since the beginning of this year and are awaiting award decisions on larger contracts in additional jurisdictions.\"\nThird Quarter 2020 Results\nThird quarter 2020 total revenue was $360.3 million, 3.6% below the $...