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Dec 31, 2021
ICF Q4 2021 Earnings Report
ICF's Q4 2021 results were reported, showing a mix of revenue changes and strategic acquisitions.
Key Takeaways
ICF reported Q4 2021 total revenue of $388 million, with service revenue increasing by 4.3% to $273 million. Diluted EPS was $0.63, while non-GAAP EPS reached $1.19. The company's contract awards totaled $652 million, resulting in a book-to-bill ratio of 1.68.
Total revenue reached $388 million, with service revenue up 4.3% to $273 million.
Diluted EPS was $0.63, inclusive of tax-effected facility and M&A charges.
Non-GAAP EPS was $1.19.
Contract awards totaled $652 million, resulting in a book-to-bill ratio of 1.68.
Revenue by Geographic Location
Forward Guidance
ICF anticipates double-digit service revenue growth in 2022, driven by organic growth and the acquisition of Creative Systems and Consulting. Service revenue for full year 2022 is expected to range from $1.225 billion to $1.275 billion. GAAP EPS is projected at $4.15 to $4.45, and non-GAAP EPS is expected to range from $5.15 to $5.45.
Positive Outlook
- Double-digit service revenue growth expected
- High single-digit organic growth anticipated
- Benefit from Creative acquisition expected
- Revenue growth from government and commercial energy clients expected
- EBITDA is expected to range from $160 million to $172 million
Challenges Ahead
- Lower comparisons in commercial marketing services expected due to activity not recovering to pre-pandemic levels
- Pass-through revenues are anticipated at approximately 28% of total revenue in 2022
- Continued organic investments in people, recruiting, technology and expanded business development capabilities and tools
Historical Earnings Impact
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Avg. Return Before/After Earnings
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