EX-99.1 2 icfi-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

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NEWS RELEASE

 

ICF Reports First Quarter 2026 Results

 

 

Reaffirms Full Year Guidance for a Return to Growth in 2026

 

―First Quarter Revenue Performance Reflects Shift of Approximately $12 Million; Half Expected to be Recovered in Q2 and the Remainder in H2―

 

―Revenues From Federal Government Clients Increased 9% Sequentially―

 

―Delivered Strong Margin Performance―

 

First Quarter Highlights:

•
Revenue Was $438 Million
•
Net Income Was $20.5 Million; GAAP EPS Was $1.12 Inclusive of $0.07 Unfavorable Tax Item
•
Non-GAAP EPS1 Was $1.50 Inclusive of $0.09 Unfavorable Tax Item
•
EBITDA1 Was $47.3 Million; Adjusted EBITDA1 Was $48.9 Million, or 11.2% of Total Revenues
•
Contract Awards Were $450 Million for a Quarterly Book-to-Bill Ratio of 1.03 and TTM Book-to-Bill Ratio of 1.21

 

RESTON, Va., May 7, 2026--ICF (NASDAQ: ICFI), a leading global solutions and technology provider, reported results for the first quarter ended March 31, 2026.

 

 

Management Commentary

John Wasson, chair and chief executive officer, said, “We continue to execute effectively across our diversified client set, and we are pleased to report that revenues from federal government clients increased considerably on a sequential basis, in line with our expectations. Additionally, revenues from international government clients increased over 17% year-on-year, representing substantial growth tied to recent contract wins from U.K. and European Union clients.

 

“Our total quarterly revenue performance was $12 million, lower than expected due to the timing of approximately $8 million in project work for commercial energy clients and $4 million in work for international government clients. We expect to recover those revenues—half in the second quarter and the remainder during the second half of this year—which supports our full year 2026 guidance for 3% companywide revenue growth at the midpoint.

 

“Gross margin advanced 10 basis points year-on-year, and adjusted EBITDA margin was 11.2%, remaining steady with 2025 levels. Margins benefited from favorable business mix together with cost management initiatives. We continued to

1

invest organically in key long-term growth areas, including commercial energy, disaster management and technology modernization, while maintaining our capabilities in federal health, education and social programs. The first quarter tax rate was higher than anticipated due to less than estimated equity-based deductible compensation expense. For the full year, we continue to expect a tax rate of 20.5%.

 

“This was a solid quarter of contract awards for ICF. We were awarded $450 million in contracts, representing a quarterly book-to-bill ratio of 1.03 and a trailing twelve-month book-to-bill ratio of 1.21. New business represented approximately 65% of this quarter’s awards, demonstrating how well ICF’s capabilities are aligned with client demand. Our business development pipeline stood at $8.5 billion at the end of the first quarter, and we are encouraged by the pace of bid and proposal activity.”

 

 

First Quarter Business Highlights in Key Growth Markets

 

ICF reported 8.6% sequential growth in revenues from federal government clients, which, as expected, was primarily driven by the strength of the company’s technology modernization work. Over 80% of ICF’s technology modernization work is performed under outcome-based, fixed price contracts. The company continues to expect its federal government revenues to increase sequentially in the second and third quarters of this year and show year-over-year growth in the 2026 fourth quarter.

 

ICF continues to experience strong underlying demand from utility clients for its market-leading energy efficiency, flexible load management, electrification, affordability and grid optimization programs. ICF ended 2025 with a 35% market share in residential energy efficiency and related programs for utilities and is approaching a 20% share of the commercial and industrial energy efficiency space. Commercial energy revenues increased 2% from last year’s first quarter, constrained by the timing of approximately $8 million in project work under fixed price contracts. The company expects to recover one-half of this amount in the second quarter and the remainder in the second half of this year.

 

State and local government revenues were flat year-on-year for the first quarter; we expect mid-single digit growth for the full year. ICF is a recognized leader in the development and implementation of disaster recovery and mitigation programs, which represents approximately 45% of this client category. In the first quarter ICF supported over 75 active disaster recovery programs in 22 states and territories and views the disaster management market as a driver of long-term growth. Additionally, we have expanded the offerings we provide to our state and local clients to include advanced technology solutions and services.

 

 

First Quarter 2026 Financial Results

 

First quarter 2026 total revenue was $437.5 million, compared to $487.6 million reported in the first quarter of 2025. Subcontractor and other direct costs were 23.5% of total revenues, compared to 22.7% in last year’s first quarter. Gross margin was 38.1%, 10 basis points above the prior year period. Operating income was $34.9 million, with an operating margin on total revenue of 8.0%, compared to operating income of $38.4 million, with an operating margin of 7.9% in the prior year period. Net income totaled $20.5 million, versus $26.9 million reported in the first quarter of 2025. Diluted EPS was $1.12 per share, compared to $1.44 per share in the comparable prior year period. GAAP EPS included a $0.07 unfavorable impact from a discrete tax item related to equity-based compensation. This contributed to a higher than expected effective tax rate of 25.1% in the 2026 first quarter. In last year’s first quarter the tax rate was 10.5%, inclusive of a one-time tax benefit.

 

Non-GAAP EPS totaled $1.50 per share, compared to $1.94 per share reported in the comparable period in 2025. Non-GAAP EPS included a $0.09 unfavorable impact from the equity-based compensation tax item. EBITDA was $47.3 million, compared to $52.1 million reported in the year-ago quarter. Adjusted EBITDA was $48.9 million, and Adjusted EBITDA margin on total revenues was 11.2%, compared to 11.3% in the first quarter of 2025.

2

 

 

Backlog and New Business

 

Total backlog was $3.4 billion at the end of the first quarter 2026. Funded backlog was $1.7 billion, or approximately 51% of the total backlog. The total value of contracts awarded in the 2026 first quarter was $450 million for a quarterly book to bill ratio of 1.03 and trailing twelve-month contract awards totaled $2.2 billion for a book-to-bill ratio of 1.21.

 

 

Commercial Revenue First Quarter 2026 Highlights

 

Commercial revenue was $146.3 million during the quarter.

 

•
Commercial revenue accounted for 33.4% of total revenue up from 29.6% of total revenue in the 2025 first quarter.
•
Commercial energy revenue, which includes energy efficiency programs, increased 1.9% and represented 87.7% of commercial revenue.

 

 

Key Commercial Contracts Awarded in the First Quarter of 2026

 

Notable commercial awards won in the first quarter of 2026 included:

 

•
A recompete contract with a Northeastern U.S. utility to implement energy efficiency and demand response programs across its residential portfolio.
•
A new contract with a Northeastern U.S. utility to support its FEMA hazard mitigation programs, including technical, financial and program management services.
•
A contract extension with an Eastern U.S. utility to provide marketing and customer engagement services supporting its energy efficiency and energy management programs.
•
A new contract with a Southwestern U.S. utility to provide residential energy efficiency assessments and related program delivery services.
•
A recompete subcontract to support a Midwestern U.S. utility's residential multifamily program.
•
A contract modification with a Northeastern U.S. utility to continue serving as its marketing agency of record and supporting its customer programs.
•
A subcontract modification with a Midwestern U.S. utility to support its residential retail energy efficiency program.
•
Two contract modifications with two Mid-Atlantic U.S. utilities to provide marketing and customer engagement services supporting its energy efficiency programs.
•
A contract modification with a Southern U.S. utility to provide program implementation and customer engagement services for its electric technology program.

 

 

Government Revenue First Quarter 2026 Highlights

 

Revenue from government clients was $291.2 million during the quarter.

 

3

•
U.S. federal government revenue was $182.3 million, down 23.7% compared to the $239.0 million reported in the year-ago first quarter, and 8.6% above the $167.8 million in the fourth quarter of 2025. Year-on-year revenue comparisons were impacted by contract cancellations that occurred between February and May of last year, and a slower pace of new RFPs in 2025. Federal government revenue accounted for 41.7% of total revenue, compared to 49.0% of total revenue in the first quarter of 2025.
•
U.S. state and local government revenue was $77.0 million, in-line with the $77.1 million reported in the year-ago quarter. State and local government clients represented 17.6% of total revenue, up from 15.8% in the first quarter of 2025.
•
International government revenue was $31.8 million, up 17.5% from the $27.1 million reported in the year-ago quarter. International government revenue represented 7.3% of total revenue, compared to 5.6% in the first quarter of 2025.

 

Key Government Contracts Awarded in the First Quarter of 2026

 

Notable government contract awards won in the first quarter of 2026 included:

•
A contract with a value of $23.0 million to provide health data analytics and surveillance system support services for a federal health agency.
•
Five contract modifications with a combined value of $17.1 million with the U.S. Centers for Medicare and Medicaid Services to continue to provide technology modernization services for its programs.
•
A new contract with a value of $14.2 million under a General Services Administration blanket purchase agreement with a U.S. federal agency to provide data analytics and analytical support services.
•
A recompete contract with a ceiling value of $15.7 million to provide rulemaking support services to the U.S. Department of Labor (DOL) Employment and Training Administration and other DOL agencies.
•
A recompete contract with a value of $13.9 million with a state transportation agency to support development and implementation of policies and procedures related to environmental compliance.
•
A new contract with a value of $8.3 million under a blanket purchase agreement with the Defense Counterintelligence and Security Agency to provide data management and system support services.

 

 

Dividend Declaration

 

On May 7, 2026, ICF declared a quarterly cash dividend of $0.14 per share, payable on July 10, 2026,to shareholders of record on June 5, 2026.

 

 

Summary and Outlook

 

“ICF exited 2025 as a more diversified, more efficient and more agile company, and we continue to effectively execute our strategy and position the company to capture growth opportunities in our key growth markets, while pursuing new business that aligns with our cross-cutting capabilities in technology, program management and engagement.

 

“We are pleased to reaffirm our guidance for a return to revenue and EPS growth in 2026, with our revenues expected to range from $1.89 billion to $1.96 billion, representing 3% growth at the midpoint, GAAP EPS from $5.95 to $6.25 and Non-GAAP EPS from $6.95 to $7.25, or 5% growth at the midpoint. These expectations anticipate double-digit growth from our non-federal government clients, led by commercial energy, bringing non-federal revenues to over 60% of ICF’s total 2026 revenues, and also anticipate a return to year-on-year growth in certain parts of our federal government business. We expect operating cash flow to range from $135 million to $150 million.

 

4

“Demonstrating our confidence in ICF’s long-term prospects, we repurchased 217,500 shares in the first quarter. As we look to the future, we are well positioned to capture more than our fair share of opportunities in our key growth markets which we expect will enable us to return to mid to high single digit growth in 2027 and continued growth beyond. Underpinning this confidence is the dedication of our professional staff to ICF and our clients, which has long been a growth driver for our company as well as a source of resilience,” Mr. Wasson concluded.

 

 

 

1 Non-GAAP EPS, EBITDA and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.

 

 

 

About ICF

ICF is a leading global solutions and technology provider. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

 

Caution Concerning Forward-looking Statements

Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

 

 

Note on Forward-Looking Non-GAAP Measures

The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.

 

Investor Contacts:

Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800

David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800

 

Company Information Contact:

Lauren Dyke, ICF, lauren.dyke@ICF.com+1.571.373.5577

 

 

 

 

 

 

5

ICF International, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share amounts)

 

2026

 

 

2025

 

Revenue

 

$

437,500

 

 

$

487,618

 

Direct Costs

 

 

270,637

 

 

 

302,542

 

Operating costs and expenses:

 

 

 

 

 

 

Indirect and selling expenses

 

 

118,827

 

 

 

131,891

 

Depreciation and amortization

 

 

13,180

 

 

 

14,795

 

Total operating costs and expenses

 

 

132,007

 

 

 

146,686

 

Operating income

 

 

34,856

 

 

 

38,390

 

Interest, net

 

 

(6,709

)

 

 

(7,337

)

Other expense

 

 

(757

)

 

 

(1,052

)

Income before income taxes

 

 

27,390

 

 

 

30,001

 

Provision for income taxes

 

 

6,868

 

 

 

3,150

 

Net income

 

$

20,522

 

 

$

26,851

 

 

 

 

 

 

 

Earnings per Share:

 

 

 

 

 

 

Basic

 

$

1.12

 

 

$

1.45

 

Diluted

 

$

1.12

 

 

$

1.44

 

 

 

 

 

 

 

Weighted-average Shares:

 

 

 

 

 

 

Basic

 

 

18,242

 

 

 

18,506

 

Diluted

 

 

18,347

 

 

 

18,613

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.14

 

 

$

0.14

 

 

 

 

 

 

 

Other comprehensive loss, net of tax

 

 

(669

)

 

 

(2,713

)

Comprehensive income, net of tax

 

$

19,853

 

 

$

24,138

 

 

6

ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures(2)

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share amounts)

 

2026

 

 

2025

 

Reconciliation of EBITDA and Adjusted EBITDA (3)

 

 

 

 

 

 

Net income

 

$

20,522

 

 

$

26,851

 

Interest, net

 

 

6,709

 

 

 

7,337

 

Provision for income taxes

 

 

6,868

 

 

 

3,150

 

Depreciation and amortization

 

 

13,180

 

 

 

14,795

 

EBITDA

 

 

47,279

 

 

 

52,133

 

Acquisition and divestiture-related expenses (4)

 

 

649

 

 

 

259

 

Severance and other costs related to staff realignment (5)

 

 

—

 

 

 

2,550

 

Charges and adjustments related to facility consolidations and office closures (6)

 

 

972

 

 

 

256

 

Total Adjustments

 

 

1,621

 

 

 

3,065

 

Adjusted EBITDA

 

$

48,900

 

 

$

55,198

 

 

 

 

 

 

 

 

Net Income Margin Percent on Revenue (7)

 

 

4.7

%

 

 

5.5

%

EBITDA Margin Percent on Revenue (8)

 

 

10.8

%

 

 

10.7

%

Adjusted EBITDA Margin Percent on Revenue (8)

 

 

11.2

%

 

 

11.3

%

 

 

 

 

 

 

 

Reconciliation of Non-GAAP Diluted EPS (3)

 

 

 

 

 

 

U.S. GAAP Diluted EPS

 

$

1.12

 

 

$

1.44

 

Acquisition and divestiture-related expenses

 

 

0.04

 

 

 

0.01

 

Severance and other costs related to staff realignment

 

 

—

 

 

 

0.14

 

Charges and adjustments related to facility consolidations and office closures

 

 

0.06

 

 

 

0.01

 

Amortization of intangible assets acquired in business combinations (9)

 

 

0.41

 

 

 

0.51

 

Income tax effects of the adjustments (10)

 

 

(0.13

)

 

 

(0.17

)

Non-GAAP Diluted EPS

 

$

1.50

 

 

$

1.94

 

 

7

(2) These tables provide reconciliations of Non-GAAP financial measures to the most applicable U.S. GAAP numbers. While we believe that these Non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with U.S. GAAP. Other companies may define similarly titled Non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures.

 

 

 

 

 

(3) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.

 

 

 

 

 

(4) These are primarily third-party costs related to potential and/or closed acquisitions and integration of closed acquisitions.

 

 

 

 

 

(5) These costs are due to involuntary employee termination benefits for (i) our officers and (ii) group of employees who have been notified that they will be terminated as part of a business reorganization or exit.

 

 

 

 

 

(6) These charges and adjustments are related to previously exited leased facilities and the closure of certain international offices.

 

 

 

 

 

(7) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.

 

 

 

 

 

(8) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the Non-GAAP measure by the corresponding revenue.

 

 

 

 

 

(9) The amortization of intangible assets acquired from business combinations totaled $7.6 million and $9.5 million for the three months ended March 31, 2026 and 2025, respectively.

 

 

 

 

 

(10) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 25.1% and 10.5% for the three months ended March 31, 2026 and 2025, respectively.

 

8

ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets

 

 

 

 

March 31, 2026

 

 

December 31, 2025

 

(in thousands, except share amounts)

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

3,883

 

 

$

5,297

 

Restricted cash

 

 

49,357

 

 

 

47,984

 

Accounts receivable, net

 

 

239,999

 

 

 

237,996

 

Contract assets

 

 

192,231

 

 

 

186,684

 

Prepaid expenses and other current assets

 

 

19,920

 

 

 

18,390

 

Income tax receivable

 

 

19,055

 

 

 

18,087

 

Total Current Assets

 

 

524,445

 

 

 

514,438

 

Property and Equipment, net

 

 

55,393

 

 

 

58,357

 

Goodwill

 

 

1,251,427

 

 

 

1,252,207

 

Other intangible assets, net

 

 

73,644

 

 

 

81,555

 

Operating lease - right-of-use assets

 

 

102,844

 

 

 

106,274

 

Other assets

 

 

45,223

 

 

 

37,340

 

Total Assets

 

$

2,052,976

 

 

$

2,050,171

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Accounts payable

 

$

93,252

 

 

$

123,524

 

Contract liabilities

 

 

44,635

 

 

 

43,444

 

Lease liabilities - current

 

 

19,652

 

 

 

21,491

 

Accrued salaries and benefits

 

 

65,694

 

 

 

95,578

 

Accrued subcontractors and other direct costs

 

 

45,673

 

 

 

48,900

 

Accrued expenses and other current liabilities

 

 

86,100

 

 

 

71,340

 

Total Current Liabilities

 

 

355,006

 

 

 

404,277

 

Debt

 

 

439,184

 

 

 

401,355

 

Lease liabilities - non-current

 

 

143,466

 

 

 

148,493

 

Deferred income taxes

 

 

15,375

 

 

 

6,837

 

Other long-term liabilities

 

 

68,036

 

 

 

60,727

 

Total Liabilities

 

 

1,021,067

 

 

 

1,021,689

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

Preferred stock, par value $.001; 5,000,000 shares authorized; none issued

 

 

—

 

 

 

—

 

Common stock, par value $.001; 70,000,000 shares authorized; 24,513,156 and 24,378,749 shares issued at March 31, 2026 and December 31, 2025, respectively; 18,117,062 and 18,247,837 shares outstanding at March 31, 2026 and December 31, 2025, respectively

 

 

24

 

 

 

24

 

Additional paid-in capital

 

 

470,476

 

 

 

465,779

 

Retained earnings

 

 

974,042

 

 

 

956,077

 

Treasury stock, 6,396,094 and 6,130,912 shares at March 31, 2026 and December 31, 2025, respectively

 

 

(398,536

)

 

 

(379,970

)

Accumulated other comprehensive loss

 

 

(14,097

)

 

 

(13,428

)

Total Stockholders’ Equity

 

 

1,031,909

 

 

 

1,028,482

 

Total Liabilities and Stockholders’ Equity

 

$

2,052,976

 

 

$

2,050,171

 

 

9

ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2026

 

 

2025

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net income

 

$

20,522

 

 

$

26,851

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Provision for credit losses

 

 

541

 

 

 

(92

)

Deferred income taxes and unrecognized income tax benefits

 

 

8,166

 

 

 

(2,594

)

Non-cash equity compensation

 

 

4,697

 

 

 

4,186

 

Depreciation and amortization

 

 

13,180

 

 

 

14,795

 

Other operating adjustments, net

 

 

839

 

 

 

1,435

 

Changes in operating assets and liabilities, net of the effects of acquisitions:

 

 

 

 

 

 

Net contract assets and liabilities

 

 

(5,093

)

 

 

(34,610

)

Accounts receivable

 

 

(2,846

)

 

 

21,340

 

Prepaid expenses and other current assets

 

 

(1,174

)

 

 

(1,314

)

Operating lease assets and liabilities, net

 

 

(2,711

)

 

 

(1,862

)

Accounts payable

 

 

(30,122

)

 

 

(37,674

)

Accrued salaries and benefits

 

 

(29,754

)

 

 

(30,465

)

Accrued subcontractors and other direct costs

 

 

(2,895

)

 

 

2,064

 

Accrued expenses and other current liabilities

 

 

15,809

 

 

 

80

 

Income tax receivable and payable

 

 

(984

)

 

 

5,235

 

Other liabilities

 

 

8,683

 

 

 

(409

)

Net Cash Used in Operating Activities

 

 

(3,142

)

 

 

(33,034

)

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

Payments for purchase of property and equipment and capitalized software

 

 

(2,830

)

 

 

(3,452

)

Net Cash Used in Investing Activities

 

 

(2,830

)

 

 

(3,452

)

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

Advances from working capital facilities

 

 

307,122

 

 

 

512,430

 

Payments on working capital facilities

 

 

(269,569

)

 

 

(422,406

)

Proceeds from other short-term borrowings

 

 

8,961

 

 

 

2,780

 

Repayments of other short-term borrowings

 

 

(9,808

)

 

 

(9,172

)

Dividends paid

 

 

(2,553

)

 

 

(2,620

)

Payments for share repurchases

 

 

(18,348

)

 

 

(39,342

)

Other financing, net

 

 

(668

)

 

 

(646

)

Net Cash Provided by Financing Activities

 

 

15,137

 

 

 

41,024

 

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

 

 

(232

)

 

 

737

 

 

 

 

 

 

 

 

Net Change in Cash, Cash Equivalents, and Restricted Cash

 

 

8,933

 

 

 

5,275

 

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period

 

 

56,324

 

 

 

18,817

 

Cash, Cash Equivalents, and Restricted Cash, End of Period

 

$

65,257

 

 

$

24,092

 

 

 

 

 

 

 

 

Supplemental Disclosure of Cash Flow Information

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

Interest

 

$

5,926

 

 

$

4,544

 

Income taxes, net of refunds

 

$

82

 

 

$

1,095

 

 

10

ICF International, Inc. and Subsidiaries

Supplemental Schedule (11)

 

Revenue by client market

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Energy, environment, infrastructure, and disaster recovery

 

 

53

%

 

 

49

%

Health and social programs

 

 

33

%

 

 

35

%

Security and other civilian & commercial

 

 

14

%

 

 

16

%

Total

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by client type

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

U.S. federal government

 

 

42

%

 

 

49

%

U.S. state and local government

 

 

18

%

 

 

16

%

International government

 

 

7

%

 

 

5

%

Total Government

 

 

67

%

 

 

70

%

Commercial

 

 

33

%

 

 

30

%

Total

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue by contract mix

 

Three Months Ended

 

 

 

March 31,

 

 

 

2026

 

 

2025

 

Time-and-materials

 

 

44

%

 

 

43

%

Fixed-price

 

 

49

%

 

 

49

%

Cost-based

 

 

7

%

 

 

8

%

Total

 

 

100

%

 

 

100

%

 

 

 

 

 

 

 

(11) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client market provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed.

11