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Mar 31, 2022
ICF Q1 2022 Earnings Report
ICF's first quarter performance in 2022 saw revenue growth, driven by government sector strength and strategic investments.
Key Takeaways
ICF reported a 9.2% increase in total revenue to $413.5 million and a 8.9% increase in service revenue to $304.6 million for Q1 2022. Diluted EPS was $0.94, while non-GAAP EPS rose by 15.9% to $1.31. The company reaffirms its full-year 2022 guidance for double-digit revenue growth and strong margin performance, supported by a robust business development pipeline.
Total revenue increased by 9.2% to $413.5 million, and service revenue grew by 8.9% to $304.6 million.
Diluted EPS was $0.94, inclusive of facility-related and M&A charges, while non-GAAP EPS increased by 15.9% to $1.31.
Adjusted EBITDA increased by 12.1% to $42.3 million, with an adjusted EBITDA margin on service revenue of 13.9%.
Contract awards totaled $361 million, with a trailing-twelve-month (TTM) contract awards reaching $2.0 billion, resulting in a book-to-bill ratio of 1.27.
Revenue by Geographic Location
Forward Guidance
ICF reaffirmed its full year 2022 guidance for double-digit revenue growth and strong margin performance.
Positive Outlook
- Service revenue of $1.225 billion to $1.275 billion
- Total revenue of $1.7 billion to $1.76 billion
- EBITDA of between $160 million and $172 million
- Adjusted EBITDA of $168 million to $180 million, equivalent to an adjusted EBITDA margin on service revenue of 13.9% at the midpoints of the ranges.
- Non-GAAP EPS is expected to range from $5.15 to $5.45, representing increases of 16% and 10% at the mid-point, respectively, over 2021.
Challenges Ahead
- GAAP EPS is projected at $4.15 to $4.45 exclusive of special charges
- Difference between EBITDA and adjusted EBITDA guidance is primarily due to the add-back of a non-cash rent expense of approximately $8 million associated with our new Reston, Virginia, headquarters.
- Operating cash flow is expected to be approximately $130 million in 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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