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Mar 31, 2023
ICF Q1 2023 Earnings Report
ICF reported a strong start to the year with double-digit revenue growth and substantial margin expansion. The company's business development pipeline increased, and it reaffirmed its full-year 2023 guidance.
Key Takeaways
ICF's first quarter 2023 results showed a 16.9% increase in total revenue to $483.3 million. Net income was $16.4 million, with a GAAP diluted EPS of $0.87. Non-GAAP Adjusted EPS increased by 8.4% to $1.42. The company's contract awards were $410 million, and the business development pipeline reached a record $9.9 billion.
Total revenue increased by 16.9% to $483.3 million.
Service revenue was up 15% to $351.3 million.
Non-GAAP Adjusted EPS rose by 8% to $1.42.
Contract awards totaled $410 million, with a book-to-bill ratio of 1.30.
Revenue by Geographic Location
Forward Guidance
ICF reaffirms its guidance for full year 2023 with Service Revenue of $1.405 billion to $1.465 billion, total revenue of $1.930 billion to $2.0 billion, EBITDA of $210 million to $220 million, U.S. GAAP diluted EPS of $4.75 to $5.05, and Non-GAAP Adjusted EPS of $6.15 to $6.45.
Positive Outlook
- Service Revenue is projected to be between $1.405 billion and $1.465 billion, representing an 11.6% year-on-year growth at the midpoint.
- Total revenue is expected to be between $1.930 billion and $2.0 billion.
- EBITDA is estimated to range from $210 million to $220 million.
- Adjusted EBITDA Margin on Service Revenue is expected to be approximately 15%.
- Non-GAAP Adjusted EPS is expected to range from $6.15 to $6.45.
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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