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Sep 30, 2021
ICF Q3 2021 Earnings Report
ICF demonstrated strong performance in Q3 2021, marked by revenue growth and strategic acquisitions.
Key Takeaways
ICF reported a 9.4% increase in total revenue to $394.1 million, with service revenue increasing 4.1% to $275.6 million. Diluted EPS increased by 14% to $1.07, and non-GAAP EPS increased by 20% to $1.32. The company also announced the acquisition of ESAC to expand its public health technology solutions.
Total revenue increased by 9% to $394 million.
Diluted EPS increased 14% to $1.07, inclusive of $0.14 in special charges.
Non-GAAP EPS increased 20% to $1.32.
Contract awards totaled $604 million, with a trailing-twelve-month book-to-bill ratio of 1.33.
Revenue by Geographic Location
Forward Guidance
ICF increased its guidance ranges for full-year GAAP EPS to $4.05 to $4.25 and Non-GAAP EPS to $4.70 to $4.90. EBITDA is expected to be at the high end of the range or slightly above. The guidance ranges for total revenue and service revenue remain the same. Also, the company is raising its full year operating cash flow guidance to $110 million from $100 million.
Positive Outlook
- Increased guidance ranges for full year GAAP EPS.
- Increased guidance ranges for full year Non-GAAP EPS.
- EBITDA is expected to be at the high end of the range or slightly above.
- Fourth quarter service revenue is expected to be similar to third quarter levels.
- Raising full year operating cash flow guidance to $110 million from $100 million.
Challenges Ahead
- Total revenue in the fourth quarter will reflect a significant year-on-year reduction in pass-through revenues.
- Commercial marketing services activity has not recovered to pre-pandemic levels.
- Certain operating expense items will increase in future periods in tandem with the return of pre-pandemic activities.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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