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Sep 30, 2022
ICF Q3 2022 Earnings Report
ICF's Q3 2022 performance reflected excellent positioning in high-growth areas, driving strong year-on-year revenue comparisons and resulting in record contract awards.
Key Takeaways
ICF reported a revenue increase of 18.7% to $467.8 million in Q3 2022 compared to $394.1 million in Q3 2021. Diluted EPS was $1.01, and non-GAAP EPS increased 22% to $1.61. The company's contract awards were $865 million, with a trailing twelve-month book-to-bill ratio of 1.31.
Total revenue was $468 million, with service revenue up 22% to $335 million.
Diluted EPS was $1.01, inclusive of $0.28 in tax-effected charges.
Non-GAAP EPS was $1.61, up 22%.
Contract awards were $865 million, with a TTM book-to-bill ratio of 1.31.
Revenue by Geographic Location
Forward Guidance
ICF anticipates total and service revenue to remain similar to Q3 2022 levels in Q4 2022. Full-year 2022 service revenue is projected to be between $1.275 to $1.300 billion, implying total revenue of $1.760 to $1.790 billion. Adjusted EBITDA margin on service revenue is expected to approximate 14.8%. GAAP EPS is forecasted to range from $3.90 to $4.10, and non-GAAP EPS is expected to be in the range of $5.70 to $5.90. Operating cash flow guidance is revised to a range of $120 million to $140 million for the full year.
Positive Outlook
- Positioning in key markets enhances growth trajectory.
- Key markets account for over 70% of service revenue.
- Recently enacted legislation further expands addressable market.
- Alignment of domain expertise and cross-cutting capabilities.
- Strong business development pipeline underscores confidence in significant growth.
Challenges Ahead
- Recovery in international government and commercial marketing businesses has not yet materialized.
- Expect total revenue and service revenue to be similar to third quarter levels.
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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