[July 30, 2015] |
|
ICF International Reports Second Quarter 2015 Results
ICF International, Inc. (NASDAQ:ICFI), a leading provider of consulting
services and technology solutions to government and commercial clients,
reported results for the second quarter ended June 30, 2015.
Second Quarter 2015 Results
"We are pleased to report that as expected, our second quarter results
demonstrated sequential earnings improvement. Our commercial business
continued to drive total revenue growth and more than offset the effect
of essentially flat federal government revenues and foreign exchange
impacts on our international business," said ICF Chairman and Chief
Executive Officer Sudhakar Kesavan.
"Commercial revenue growth benefitted from the performance of our
recently formed Digital Services Group (DSG), comprised of ICF's legacy
commercial and state and local digital services and the Olson
acquisition, which we completed in November of last year. DSG's
integrated expertise and qualifications serve as a platform for both the
further expansion of our commercial business and the cross sell of
digital services into our domestic and international government markets.
We believe that recent wins and the status of our pipeline opportunities
highlight the potential of this business as a substantial organic growth
driver for ICF. In fact, DSG won a $9 million contract in Canada using
legacy Olson Canada capabilities combined with ICF's program management
skills. We are also in the final stages of negotiations for a contract
estimated at $20 million that demonstrates the power of the Olson and
ICF combination.
"In the second quarter, our federal government business performed well,
maintaining stable revenues on a year-over-year basis, and we continued
to post revenue growth and have some sizable contract wins in those
areas where we have both deep domain expertise and scale, notably:
energy, health and IT services. State and local government revenues were
slightly up as compared to last year. International government revenues
were down nearly 9 percent on a reported basis, but on a constant
currency basis, we estimate that revenues would have increased by more
than 9 percent compared to last year's second quarter, reflective of the
positive business momentum we have developed following the acquisitions
of GHK and Mostra in 2012 and 2014, respectively.
"Our pipeline at the end of the second quarter increased 7 percent
sequentially to $3.7 billion, following our record second quarter
contract wins and represents significant growth opportunities across our
markets and areas of domain expertise."
Second quarter 2015 revenue was $288.9 million, a 9.5 percent increase
from the $263.9 million reported in the 2014 second quarter. Service
revenue(2) increased 9.6 percent to $215.4 million. Gross
margin expanded to 38.3 percent from 36.8 percent, primarily reflective
of the increased contribution of commercial business to gross revenues.
EBITDA(2) was $26.9 million, and EBITDA margin was 9.3
percent. Non-GAAP EPS was $0.63 per share compared to $0.64 in last
year's second quarter. Reported net income was $9.2 million, or $0.47
per diluted share, inclusive of special charges of $0.03 relating to
realized foreign currency losses associated with international office
closures designed to better align our resources with areas of greater
growth potential.
Backlog and New Business Awards
Backlog was $1.8 billion at the end of the second quarter of 2015, up
from $1.6 billion at the end of last year's second quarter. Funded
backlog was $803 million, or 44 percent of the total. The total value of
contracts awarded in the second quarter of 2015 was $370 million, an
increase of 58 percent from the $234 million reported in the comparable
period last year. For the first half of 2015, the value of new contract
awards was $636 million, 53 percent ahead of the similar 2014 period.
Commercial Business Second Quarter 2015 Highlights
Revenues from commercial clients increased 37.3 percent in the second
quarter to $102.5 million and represented 35 percent of total revenue.
Digital services accounted for 44 percent of commercial revenues. Energy
markets, which includes energy efficiency and is a subset of our energy,
environment and infrastructure market, represented 30 percent of
commercial revenues.
Commercial Contracts Awarded in the Second Quarter
Commercial awards were $85.3 million for the second quarter.
ICF was awarded more than 700 commercial projects globally in the second
quarter. Some of the awards included:
-
Energy Markets
-
Energy Efficiency: Continuation and expansion of two
contracts, totaling $14 million, with a major U.S. utility to
support residential and commercial and industrial energy
efficiency programs with a full suite of implementation services.
-
Digital Services
-
Customer Loyalty Programs: Two contracts with a combined
value of $3.8 million to support customer loyalty programs for a
major hotel company and a national retailer.
-
Public Relations and Marketing: Two contracts, with a
combined value of more than $3.6 million, to support public
relations and marketing programs for an international confection
company and a nationwide appliance company.
-
Content Management: Two contracts, with a combined value of
$2.2 million, to provide digital content management services to a
multi-national fashion retailer and a major real estate
conglomerate.
-
Healthcare
-
Marketing: A contract valued at $4 million to provide
marketing support to a U.S.-based leader in the healthcare
services field.
Other commercial awards of approximately $1 million included a contract
with a major Southwest utility to administer an energy efficiency
program, a contract to provide a digital services program for a
promotional products company and a contract to assess the environmental
impact of a U.S. wind energy project.
Government Business Second Quarter 2015 Highlights
-
U.S. federal government revenues were $135.4 million in the second
quarter, representing a book-to-bill ratio of 1.74. Revenue levels
were 0.4 percent below last year and accounted for 47 percent of total
revenue compared to 52 percent in last year's second quarter.
-
U.S. state and local government revenues increased 0.5 percent and
continued to account for 10 percent of total revenue as it did in the
year-ago period.
-
International government revenues decreased 8.8 percent on a reported
basis (but increased an estimated 9.2 percent on a constant currency
basis) and accounted for 8 percent of total revenue, down from 10
percent in last year's second quarter.
Government Contracts Awarded in the Second Quarter
ICF was awarded more than 100 U.S. federal government contracts and task
orders and hundreds of additional contracts from other U.S. state and
local and international governments. Some of the awards included:
-
Training and Technical Assistance: A total of five
contracts with a combined value of $100 million from the U.S.
Department of Health and Human Services to provide training and
technical assistance, program management, fiscal operation and quality
improvement services for the Head Start program.
-
Technical Support: A
$38 million contract with the U.S. Environmental Protection Agency
to provide technical, analytical and stakeholder support for ENERGY
STAR labeled products and residential programs.
-
Technical Support: A contract
with a value of up to $35 million from the U.S. Army Contracting
Command in support of Force Provider, Product Manager Force
Sustainment Systems to provide field service sustainment systems
worldwide.
-
Quality Assurance: An $18 million subcontract to support the
U.S. Department of Education by providing independent verification and
validation and quality assurance services to support the department's
Free Application for Federal Student Aid system.
-
Program Management: A contract with a value of $9.3 million
from a major Canadian utility regulatory authority.
-
Analytical and Customer Service: A
$7 million blanket purchase agreement from the U.S. Environmental
Protection Agency to advance clean energy policies and programs.
Other individual U.S. federal government awards greater than $2 million
included three contracts with the Department of Health and Human
Services to provide community support evaluation, and digital support to
the Program Support Center, and to provide IT services to the National
Institutes of Health and two contracts to support veteran relationship
management for the Department of Veterans Affairs.
The largest state and local government awards greater than $1 million
included two program support contracts to assist victims of Superstorm
Sandy, a contract to support a bulk liquid storage expansion effort by
the state of Washington, a contract with the state of Florida to conduct
a youth substance abuse survey and a contract with the state of
California to support the Bay Delta Conservation Plan.
Additional awards of more than $1 million from international governments
included a contract with the European Commission to support its campaign
on migration and another contract with the European Commission to
support a program that addresses youth unemployment.
Summary and Outlook
"Sequential improvement in second quarter profitability was in line with
our expectations and when combined with our recent contract award
activity has set the stage for strong second half performance. Our
digital marketing services business will remain a driver of solid
revenue growth this year, and we have gained further confidence in the
full year prospects for our domestic government business, as we now
expect both federal and state and local government revenues to increase
slightly for full year 2015.
"Looking ahead, we re-affirm the full year EPS and cash flow guidance
detailed in the tables below, but based on first half results, we have
re-set the midpoint of our revenue guidance to the low end of the
previous range. EBITDA margin levels are expected to be approximately
10.5 percent for the second half of the year, as we benefit from a
greater percentage of commercial work and higher company-wide
utilization rates," concluded Mr. Kesavan.
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(1)
|
|
Excludes amortization of intangibles and special charges related
to office closures, net of tax; reconciliation for all non-GAAP
references are set forth below the Consolidated Statements of
Comprehensive Income table.
|
(2)
|
|
Service revenue and EBITDA are non-GAAP measurements.
|
|
|
|
The table below summarizes full year 2015 guidance.
|
Revenue(1)
|
|
|
|
|
$1.150-$1.170 billion
|
Non-GAAP Diluted EPS(2)
|
|
|
|
|
$2.68 - $2.83
|
Adjusted GAAP Diluted EPS(3)
|
|
|
|
|
$2.15 - $2.30
|
Cash flow from operating activities
|
|
|
|
|
$90 million -$100 million
|
|
|
|
|
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(1)
|
|
Includes estimated impact of foreign exchange translations and
revenues lost as a result of restructuring initiatives in 2014.
|
(2)
|
|
Excludes $17.2 million amortization of intangibles, which adds $0.53
to diluted earnings per share, acquisition-related and special
charges, which totaled $0.05 per diluted share for the first half of
2015.
|
(3)
|
|
Excludes acquisition-related and special charges, which totaled
$0.05 per diluted share for the first half of 2015.
|
|
|
|
All per share guidance assumes weighted average shares outstanding of
approximately 19.8 million and a full year effective tax rate of no more
than 38.5 percent.
About ICF International
ICF International (NASDAQ:ICFI) provides professional services and
technology solutions that deliver beneficial impact in areas critical to
the world's future. ICF is fluent in the language of change, whether
driven by markets, technology, or policy. Since 1969, we have combined a
passion for our work with deep industry expertise to tackle our clients'
most important challenges. We partner with clients around the
globe-advising, executing, innovating-to help them define and achieve
success. Our more than 5,000 employees serve government and commercial
clients from more than 70 offices worldwide. ICF's website is www.icfi.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and
unknown risks and uncertainties are "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995. Such
statements may concern our current expectations about our future
results, plans, operations and prospects and involve certain risks,
including those related to the government contracting industry
generally; our particular business, including our dependence on
contracts with U.S. federal government agencies; and our ability to
acquire and successfully integrate businesses. These and other factors
that could cause our actual results to differ from those indicated in
forward-looking statements are included in the "Risk Factors" section of
our securities filings with the Securities and Exchange Commission. The
forward-looking statements included herein are only made as of the date
hereof, and we specifically disclaim any obligation to update these
statements in the future.
|
|
|
|
|
|
|
|
|
|
ICF International, Inc. and Subsidiaries
|
Consolidated Statements of Comprehensive Income
|
(in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Gross Revenue
|
|
$
|
288,949
|
|
|
$
|
263,860
|
|
|
$
|
562,476
|
|
|
$
|
508,912
|
|
Direct Costs
|
|
|
178,251
|
|
|
|
166,667
|
|
|
|
342,820
|
|
|
|
320,397
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
Indirect and selling expenses
|
|
|
83,782
|
|
|
|
74,232
|
|
|
|
168,615
|
|
|
|
143,869
|
|
Depreciation and amortization
|
|
|
3,894
|
|
|
|
3,190
|
|
|
|
7,742
|
|
|
|
6,266
|
|
Amortization of intangible assets
|
|
|
4,288
|
|
|
|
2,197
|
|
|
|
8,603
|
|
|
|
4,156
|
|
Total operating costs and expenses
|
|
|
91,964
|
|
|
|
79,619
|
|
|
|
184,960
|
|
|
|
154,291
|
|
Operating Income
|
|
|
18,734
|
|
|
|
17,574
|
|
|
|
34,696
|
|
|
|
34,224
|
|
Interest expense
|
|
|
(2,489
|
)
|
|
|
(774
|
)
|
|
|
(5,053
|
)
|
|
|
(1,488
|
)
|
Other expense
|
|
|
(1,190
|
)
|
|
|
(621
|
)
|
|
|
(1,421
|
)
|
|
|
(656
|
)
|
Income before income taxes
|
|
|
15,055
|
|
|
|
16,179
|
|
|
|
28,222
|
|
|
|
32,080
|
|
Provision for income taxes
|
|
|
5,881
|
|
|
|
6,181
|
|
|
|
11,148
|
|
|
|
12,366
|
|
Net income
|
|
$
|
9,174
|
|
|
$
|
9,998
|
|
|
$
|
17,074
|
|
|
$
|
19,714
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.47
|
|
|
$
|
0.51
|
|
|
$
|
0.88
|
|
|
$
|
1.00
|
|
Diluted
|
|
$
|
0.47
|
|
|
$
|
0.50
|
|
|
$
|
0.86
|
|
|
$
|
0.98
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average Shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
19,475
|
|
|
|
19,795
|
|
|
|
19,462
|
|
|
|
19,799
|
|
Diluted
|
|
|
19,706
|
|
|
|
20,082
|
|
|
|
19,805
|
|
|
|
20,213
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of tax
|
|
1,499
|
|
|
|
807
|
|
|
|
(589
|
)
|
|
|
460
|
|
Comprehensive income, net of tax
|
|
$
|
10,673
|
|
|
$
|
10,805
|
|
|
$
|
16,485
|
|
|
$
|
20,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP financial measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Service Revenue
|
|
|
|
|
|
|
|
|
|
Gross Revenue
|
|
$
|
288,949
|
|
|
$
|
263,860
|
|
|
$
|
562,476
|
|
|
$
|
508,912
|
|
Subcontractor and Other Direct Costs*
|
|
|
(73,537
|
)
|
|
|
(67,363
|
)
|
|
|
(136,780
|
)
|
|
|
(129,417
|
)
|
Service Revenue
|
|
$
|
215,412
|
|
|
$
|
196,497
|
|
|
$
|
425,696
|
|
|
$
|
379,495
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of EBITDA and Adjusted
EBITDA
|
|
|
|
|
|
|
|
|
|
Operating Income
|
|
$
|
18,734
|
|
|
$
|
17,574
|
|
|
$
|
34,696
|
|
|
$
|
34,224
|
|
Depreciation and amortization
|
|
|
8,182
|
|
|
|
5,387
|
|
|
|
16,345
|
|
|
|
10,422
|
|
EBITDA
|
|
|
26,916
|
|
|
|
22,961
|
|
|
|
51,041
|
|
|
|
44,646
|
|
Acquisition-related expenses**
|
|
|
-
|
|
|
|
86
|
|
|
|
189
|
|
|
|
629
|
|
Special charges related to severance for staff realignment***
|
|
|
-
|
|
|
|
1,679
|
|
|
|
-
|
|
|
|
1,679
|
|
Special charges related to office closures
|
|
|
(10
|
)
|
|
|
-
|
|
|
|
156
|
|
|
|
-
|
|
Adjusted EBITDA
|
|
$
|
26,906
|
|
|
$
|
24,726
|
|
|
$
|
51,386
|
|
|
$
|
46,954
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted and Non-GAAP
EPS
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
|
$
|
0.47
|
|
|
$
|
0.50
|
|
|
$
|
0.86
|
|
|
$
|
0.98
|
|
Acquisition-related expenses, net of tax
|
|
|
-
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
0.01
|
|
Special charges related to severance for staff realignment, net of
tax
|
|
|
-
|
|
|
|
0.05
|
|
|
|
-
|
|
|
|
0.05
|
|
Special charges related to office closures, net of tax
|
|
|
0.03
|
|
|
|
0.02
|
|
|
|
0.04
|
|
|
|
0.02
|
|
Adjusted EPS
|
|
|
0.50
|
|
|
|
0.57
|
|
|
|
0.91
|
|
|
|
1.06
|
|
Amortization of intangibles, net of tax
|
|
|
0.13
|
|
|
|
0.07
|
|
|
|
0.26
|
|
|
|
0.12
|
|
Non-GAAP EPS
|
|
$
|
0.63
|
|
|
$
|
0.64
|
|
|
$
|
1.17
|
|
|
$
|
1.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
|
Subcontractor and Other Direct Costs exclude Direct Labor and Fringe.
|
|
|
**
|
|
Acquisition-related expenses include expenses related to closed and
anticipated-to-close acquisitions.
|
|
|
***
|
|
Special charges related to severance were for the staff realignment
announced in the second quarter of 2014.
|
|
|
|
|
|
|
|
|
|
|
ICF International, Inc. and Subsidiaries
|
Consolidated Balance Sheets
|
(in thousands, except share amounts)
|
|
|
|
|
|
|
|
June 30, 2015
|
|
December 31, 2014
|
|
|
(Unaudited)
|
|
|
Current Assets:
|
|
|
|
|
Cash
|
|
$
|
7,449
|
|
|
$
|
12,122
|
|
Contract receivables, net
|
|
|
283,206
|
|
|
|
260,254
|
|
Prepaid expenses and other
|
|
|
9,011
|
|
|
|
10,338
|
|
Income tax receivable
|
|
|
-
|
|
|
|
5,715
|
|
Total current assets
|
|
|
299,666
|
|
|
|
288,429
|
|
Total property and equipment, net of accumulated depreciation of
$65,460 and $58,357 as of June 30, 2015 and December 31, 2014,
respectively
|
|
|
43,292
|
|
|
|
43,241
|
|
Other assets:
|
|
|
|
|
Goodwill
|
|
|
693,188
|
|
|
|
687,778
|
|
Other intangible assets, net
|
|
|
68,104
|
|
|
|
76,707
|
|
Restricted cash
|
|
|
1,389
|
|
|
|
1,478
|
|
Other assets
|
|
|
13,470
|
|
|
|
12,707
|
|
Total Assets
|
|
$
|
1,119,109
|
|
|
$
|
1,110,340
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
61,513
|
|
|
$
|
65,755
|
|
Accrued salaries and benefits
|
|
|
46,049
|
|
|
|
56,314
|
|
Accrued expenses and other current liabilities
|
|
|
40,823
|
|
|
|
42,308
|
|
Deferred revenue
|
|
|
31,517
|
|
|
|
31,554
|
|
Income tax payable
|
|
|
2,144
|
|
|
|
-
|
|
Deferred income taxes
|
|
|
7,685
|
|
|
|
7,312
|
|
Total current liabilities
|
|
|
189,731
|
|
|
|
203,243
|
|
Long-term liabilities:
|
|
|
|
|
Long-term debt
|
|
|
360,000
|
|
|
|
350,052
|
|
Deferred rent
|
|
|
15,601
|
|
|
|
19,997
|
|
Deferred income taxes
|
|
|
23,828
|
|
|
|
27,886
|
|
Other
|
|
|
16,104
|
|
|
|
8,473
|
|
Total Liabilities
|
|
|
605,264
|
|
|
|
609,651
|
|
Commitments and Contingencies
|
|
|
|
|
Stockholders' Equity:
|
|
|
|
|
Preferred stock, par value $.001 per share; 5,000,000 shares
authorized; none issued
|
|
|
-
|
|
|
|
-
|
|
Common stock, par value $.001 per share; 70,000,000 shares
authorized; 21,278,102 and 21,035,654 shares issued; and
19,400,014 and 19,430,154 shares outstanding as of June 30, 2015
and December 31, 2014, respectively
|
|
|
21
|
|
|
|
21
|
|
Additional paid-in capital
|
|
|
274,748
|
|
|
|
267,206
|
|
Retained earnings
|
|
|
303,011
|
|
|
|
285,937
|
|
Treasury stock
|
|
|
(60,865
|
)
|
|
|
(49,994
|
)
|
Accumulated other comprehensive loss
|
|
|
(3,070
|
)
|
|
|
(2,481
|
)
|
Total Stockholders' Equity
|
|
|
513,845
|
|
|
|
500,689
|
|
Total Liabilities and Stockholders' Equity
|
|
$
|
1,119,109
|
|
|
$
|
1,110,340
|
|
|
|
|
|
|
|
|
|
|
|
ICF International, Inc. and Subsidiaries
|
Consolidated Statements of Cash Flows
|
(in thousands)
|
|
|
|
|
|
|
|
Six months ended
|
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
|
(Unaudited)
|
Cash flows from operating activities
|
|
|
|
|
Net income
|
|
$
|
17,074
|
|
|
$
|
19,714
|
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
|
|
|
Non-cash equity compensation
|
|
|
5,701
|
|
|
|
6,831
|
|
Depreciation and amortization
|
|
|
16,345
|
|
|
|
10,422
|
|
Other adjustments, net
|
|
|
(736
|
)
|
|
|
(610
|
)
|
Changes in operating assets and liabilities, net of the effect of
acquisitions:
|
|
|
|
|
Contract receivables, net
|
|
|
(23,956
|
)
|
|
|
(29,125
|
)
|
Prepaid expenses and other assets
|
|
|
686
|
|
|
|
(8,765
|
)
|
Accounts payable
|
|
|
(3,267
|
)
|
|
|
(605
|
)
|
Accrued salaries and benefits
|
|
|
(10,418
|
)
|
|
|
(1,463
|
)
|
Accrued expenses
|
|
|
(5,942
|
)
|
|
|
4,339
|
|
Deferred revenue
|
|
|
270
|
|
|
|
(3,773
|
)
|
Income tax receivable and payable
|
|
|
7,870
|
|
|
|
(3,973
|
)
|
Other liabilities
|
|
|
1,362
|
|
|
|
(832
|
)
|
Net cash provided by (used in) operating activities
|
|
|
4,989
|
|
|
|
(7,840
|
)
|
Cash flows from investing activities
|
|
|
|
|
Capital expenditures for property and equipment and capitalized
software
|
|
|
(7,148
|
)
|
|
|
(8,103
|
)
|
Payments for business acquisitions, net of cash received
|
|
|
(1,818
|
)
|
|
|
(57,718
|
)
|
Net cash used in investing activities
|
|
|
(8,966
|
)
|
|
|
(65,821
|
)
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
Advances from working capital facilities
|
|
|
211,777
|
|
|
|
270,901
|
|
Payments on working capital facilities
|
|
|
(201,829
|
)
|
|
|
(178,093
|
)
|
Debt issue costs
|
|
|
(17
|
)
|
|
|
(753
|
)
|
Proceeds from exercise of options
|
|
|
495
|
|
|
|
1,532
|
|
Tax benefits of stock option exercises and award vesting
|
|
|
1,234
|
|
|
|
3,167
|
|
Net payments for stockholder issuances and buybacks
|
|
|
(10,760
|
)
|
|
|
(23,954
|
)
|
Net cash provided by financing activities
|
|
|
900
|
|
|
|
72,800
|
|
Effect of exchange rate changes on cash
|
|
|
(1,596
|
)
|
|
|
(66
|
)
|
Decrease in cash
|
|
|
(4,673
|
)
|
|
|
(927
|
)
|
Cash, beginning of period
|
|
|
12,122
|
|
|
|
8,953
|
|
Cash, end of period
|
|
$
|
7,449
|
|
|
$
|
8,026
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
Interest
|
|
$
|
5,940
|
|
|
$
|
1,293
|
|
Income taxes
|
|
$
|
9,263
|
|
|
$
|
13,666
|
|
|
|
|
|
|
|
ICF International, Inc. and Subsidiaries
|
Supplemental Schedule
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by market
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Energy, environment, and infrastructure
|
|
33%
|
|
34%
|
|
34%
|
|
34%
|
Health, education, and social programs
|
|
46%
|
|
48%
|
|
45%
|
|
47%
|
Safety and security
|
|
8%
|
|
10%
|
|
8%
|
|
11%
|
Consumer and financial
|
|
13%
|
|
8%
|
|
13%
|
|
8%
|
|
|
|
|
|
|
|
|
|
Total
|
|
100%
|
|
100%
|
|
100%
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by client
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
U.S. federal government
|
|
47%
|
|
52%
|
|
47%
|
|
52%
|
U.S. state and local government
|
|
10%
|
|
10%
|
|
10%
|
|
10%
|
International government
|
|
8%
|
|
10%
|
|
7%
|
|
10%
|
Government
|
|
65%
|
|
72%
|
|
64%
|
|
72%
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
35%
|
|
28%
|
|
36%
|
|
28%
|
|
|
|
|
|
|
|
|
|
Total
|
|
100%
|
|
100%
|
|
100%
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by contract
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Time-and-materials
|
|
43%
|
|
48%
|
|
43%
|
|
49%
|
Fixed-price
|
|
39%
|
|
32%
|
|
39%
|
|
33%
|
Cost-based
|
|
18%
|
|
20%
|
|
18%
|
|
18%
|
|
|
|
|
|
|
|
|
|
Total
|
|
100%
|
|
100%
|
|
100%
|
|
100%
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20150730006580/en/
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