ICFI ICF International Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 31, 2024

 

 

ICF International, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware			001-33045	22-3661438
(State or other jurisdiction of incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1902 Reston Metro Plaza
Reston, Virginia				20190
(Address of principal executive offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 703 934-3000

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2 below):

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		ICFI		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition

On October 31, 2024, ICF International, Inc. (the “Company”) announced its financial results for the third quarter ended September 30, 2024. The press release containing this announcement is attached hereto as Exhibit 99.1.

The information contained in this report, including Exhibit 99.1, is considered to be “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section. The information in this report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

The release contains forward-looking statements regarding the Company and includes a cautionary statement identifying important factors that could cause actual result to differ materially from those anticipated.

 

Item 8.01 Other Events

On October 31, 2024, the Company's Board of Directors declared a quarterly dividend in an amount equal to $0.14 per share. This quarterly cash dividend will be paid on January 10, 2025, to stockholders of record as of the close of business on December 6, 2024.

 

The cash dividend policy and the payment of future cash dividends under that policy will be made at the discretion of the Company's Board of Directors and will depend on earnings, operating and financial conditions, capital requirements, and other factors deemed relevant by the Board, including the applicable requirements of the Delaware General Corporation Law and the best interests of the Company’s stockholders.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

99.1		Press Release dated October 31, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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Exhibit Index

 

Exhibit Number		Description
99.1		Press Release dated October 31, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		ICF International, Inc.
Date: October 31, 2024		By:	/s/ Barry Broadus
			Barry Broadus
			Chief Financial Officer

 

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Exhibit 99.1

 

NEWS RELEASE

 

ICF Reports Third Quarter 2024 Results

―Margin Expansion Driven by Favorable Business Mix and Higher Utilization―

―GAAP EPS and Non-GAAP EPS1 Include Tax Benefits of $0.25 Per Share―

―Record Business Development Pipeline of $10.6 Billion at Quarter-End―

―2024 Guidance: Adjusting Revenue Range to Account for Lower Pass-Throughs; Raising EPS Ranges to Reflect Margin Expansion and Tax Benefits―

Third Quarter Highlights:

RESTON, Va. — October 31, 2024-- ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the third quarter ended September 30, 2024.

Commenting on the results, John Wasson, chair and chief executive officer, said, “This was another quarter of strong performance for ICF. Total revenues increased 3% year-on-year. Revenues from continuing operations increased 6% from last year’s levels, which includes a considerable impact from lower pass-throughs.

“Our Energy, Environment, Infrastructure and Disaster Recovery client market again was a key contributor to our third quarter results, delivering year-on-year revenue growth of 15.3% and accounting for 45.7% of total third quarter revenues, up from 40.8% in the similar period last year. We experienced continued strong demand from our utility clients for a broad range of ICF’s capabilities, including core energy efficiency programs, grid resilience, electrification, decarbonization and flexible load management, all of which have taken on greater importance given recent increases in projected electricity demand, particularly from the growth in data centers. ICF is a market leader with the unique experience, capabilities and scale to assist utility clients across all these areas with analytics, multidisciplinary solutions and program management.

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“Favorable mix and higher utilization were key drivers of third quarter margin expansion. Operating margin increased by 250 basis points year-on-year to 8.9%, and Adjusted EBITDA margin expanded by 50 basis points to 11.3% from 10.8%.

“We ended the third quarter with a record business development pipeline of $10.6 billion, after $697 million in contract awards. Year-to-date contract awards increased 16% from last year’s levels to just over $2.0 billion, of which 63% represented new business wins, indicating how well aligned ICF’s capabilities are with client spending priorities.”

Third Quarter 2024 Results

Third quarter 2024 total revenue was $517.0 million, a 3.1% increase from the $501.5 million reported in the third quarter of 2023, and up 6.0% from last year’s third quarter revenues adjusted for the divestiture of our commercial marketing business lines. Subcontractor and other direct costs were 24.7% of total revenues compared to 27.1% in last year’s third quarter. Operating income was $46.0 million, up 44.3% from $31.9 million last year, and operating margin on revenue expanded to 8.9% from 6.4%. Net income totaled $32.7 million, representing a 37.7% year-on-year increase over the $23.7 million reported in the third quarter of 2023. Diluted EPS was $1.73 per share, up 38.4% from $1.25 reported in the third quarter of 2023, which included $5.2 million, or $0.20 per share, of tax-effected special charges. Third quarter 2024 net income and diluted EPS included incremental tax benefits beyond previous expectations of $0.25 per share. As a result, the company’s effective tax rate was 13.8% in the third quarter.

Non-GAAP EPS increased 17.7% to $2.13 per share, from $1.81 per share reported in the comparable period in 2023. EBITDA was $58.2 million, 18.4% above the $49.2 million reported in the year-ago period. Adjusted EBITDA increased 7.8% to $58.5 million from $54.3 million for the comparable period in 2023.

Backlog and New Business

Total backlog was $3.9 billion at the end of the third quarter of 2024. Funded backlog was $1.9 billion, or approximately 50% of the total backlog. The total value of contracts awarded in the 2024 third quarter was $696.9 million for a quarterly book-to-bill ratio of 1.35, and trailing twelve-month contract awards totaled $2.0 billion, up 16.0% year-on-year for a book-to-bill ratio of 1.31.

Government Revenue Third Quarter 2024 Highlights

Revenue from government clients was $387.8 million, up 1.1% year-over-year.

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Key Government Contracts Awarded in the Third Quarter 2024

Notable government contract awards won in the third quarter of 2024 included:

Health and Social Programs

 

Disaster Management and Mitigation

IT Modernization

Climate, Energy and Environment

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Commercial Revenue Third Quarter 2024 Highlights

Commercial revenue was $129.2 million, compared to $118.1 million reported in the third quarter of 2023; up 23.7% compared to revenues of $104.5 million excluding divestitures in 2023.

Key Commercial Contracts Awarded in the Third Quarter of 2024

Notable commercial awards won in the third quarter of 2024 included:

Dividend Declaration

On October 31, 2024, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 10, 2025, to shareholders of record on December 6, 2024.

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Summary and Outlook

“Continued favorable business mix and utilization metrics, together with the incremental tax benefits of approximately $0.25 per share, have led us to increase the midpoint of our earnings per share guidance for full year 2024 by $0.35. Our revised guidance for GAAP EPS is in the range of $6.05 to $6.15, excluding special charges, and Non-GAAP EPS is expected to range from $7.40 to $7.50, representing year-on-year growth of 14.6% at the midpoint. We have adjusted our full year 2024 revenue guidance range to $2.0 billion to $2.03 billion from $2.03 billion to $2.10 billion to reflect an estimated $50 million reduction in expected pass-throughs. This primarily impacts revenue comparisons for our Health and Social Programs client market with no meaningful impact on margins. Based on our strong cash flow to date, we reaffirm our guidance for full year 2024 operating cash flow of approximately $155 million.

“Our forward-looking metrics support our confidence in continued growth for ICF as we enter 2025. We have a strong multiyear backlog, a record business development pipeline and a consistent track record of new business wins. We are experiencing robust demand from commercial clients for our energy and environment expertise and related implementation and technology capabilities. We have excellent credentials in disaster management, resilience and mitigation work to assist state and local governments with recovery after storms, flooding and wildfires, as well as with their future resilience planning. The large majority of our federal government work is in areas that have bipartisan support, particularly IT modernization, which remains an area of priority spending. And importantly, our people are fully engaged in achieving the objectives and missions of our clients, which underpins our confidence in ICF’s future growth potential,” 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 global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. 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.

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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

 

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ICF International, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in thousands, except per share amounts)		2024				2023				2024				2023
Revenue		$	516,998			$	501,519			$	1,523,463			$	1,484,886
Direct costs			325,047				323,504				964,911				961,473
Operating costs and expenses:
Indirect and selling expenses			132,816				131,553				389,001				381,808
Depreciation and amortization			4,820				5,917				15,303				19,052
Amortization of intangible assets			8,291				8,644				24,873				27,154
Total operating costs and expenses			145,927				146,114				429,177				428,014
Operating income			46,024				31,901				129,375				95,399
Interest, net			(7,195	)			(10,557	)			(23,136	)			(30,146	)
Other (expense) income			(899	)			2,736				767				1,501
Income before income taxes			37,930				24,080				107,006				66,754
Provision for income taxes			5,251				340				21,399				6,304
Net income		$	32,679			$	23,740			$	85,607			$	60,450
Earnings per Share:
Basic		$	1.74			$	1.26			$	4.57			$	3.22
Diluted		$	1.73			$	1.25			$	4.53			$	3.19
Weighted-average Shares:
Basic			18,760				18,815				18,752				18,795
Diluted			18,910				18,974				18,915				18,958
Cash dividends declared per common share		$	0.14			$	0.14			$	0.42			$	0.42
Other comprehensive loss, net of tax			(951	)			(4,053	)			(610	)			(2,236	)
Comprehensive income, net of tax		$	31,728			$	19,687			$	84,997			$	58,214

 

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ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures(2)

(Unaudited)

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
(in thousands, except per share amounts)		2024				2023				2024				2023
Reconciliation of Revenue, Adjusted for Impact of Exited Business
Revenue		$	516,998			$	501,519			$	1,523,463			$	1,484,886
Less: Revenue from exited business (3)			—				(13,565	)			—				(59,713	)
Total Revenue, Adjusted for Impact of Exited Business		$	516,998			$	487,954			$	1,523,463			$	1,425,173
Reconciliation of EBITDA and Adjusted EBITDA (4)
Net income		$	32,679			$	23,740			$	85,607			$	60,450
Interest, net			7,195				10,557				23,136				30,146
Provision for income taxes			5,251				340				21,399				6,304
Depreciation and amortization			13,111				14,561				40,176				46,206
EBITDA			58,236				49,198				170,318				143,106
Impairment of long-lived assets (5)			—				2,912				—				3,806
Acquisition and divestiture-related expenses (6)			139				1,779				205				4,685
Severance and other costs related to staff realignment (7)			449				595				1,184				4,455
Charges for facility consolidations and office closures (8)			—				2,220				—				2,579
Pre-tax gain from divestiture of a business (9)			(298	)			(2,425	)			(2,013	)			(2,425	)
Total Adjustments			290				5,081				(624	)			13,100
Adjusted EBITDA		$	58,526			$	54,279			$	169,694			$	156,206
Net Income Margin Percent on Revenue (10)			6.3	%			4.7	%			5.6	%			4.1	%
EBITDA Margin Percent on Revenue (11)			11.3	%			9.8	%			11.2	%			9.6	%
Adjusted EBITDA Margin Percent on Revenue (11)			11.3	%			10.8	%			11.1	%			10.5	%
Reconciliation of Non-GAAP Diluted EPS (4)
U.S. GAAP Diluted EPS		$	1.73			$	1.25			$	4.53			$	3.19
Impairment of long-lived assets			—				0.15				—				0.20
Acquisition and divestiture-related expenses			0.01				0.09				0.01				0.25
Severance and other costs related to staff realignment			0.02				0.03				0.06				0.23
Expenses related to facility consolidations and office closures (12)			—				0.12				0.04				0.14
Pre-tax gain from divestiture of a business			(0.02	)			(0.13	)			(0.11	)			(0.13	)
Amortization of intangibles			0.44				0.46				1.31				1.43
Income tax effects of the adjustments (13)			(0.05	)			(0.16	)			(0.26	)			(0.50	)
Non-GAAP Diluted EPS		$	2.13			$	1.81			$	5.58			$	4.81

 

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(2) These tables provide reconciliations of non-GAAP financial measures to the most applicable 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 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) Revenue from the exited U.K. commercial marketing business (June 30, 2023), U.S. commercial marketing business (September 11, 2023), and Canadian mobile text aggregation business (November 1, 2023). Subcontractor and other direct costs from the exited business are approximately 15.0% and 31.1% of revenue of the exited business for the three and nine months ended September 30, 2023, respectively.
(4) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.
(5) Represents impairment charges recorded in the first and third quarters of 2023 of $0.9 million and $2.9 million, respectively, of an intangible asset associated with the exit of our commercial marketing business in the U.K. and operating lease right-of-use assets.
(6) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures.
(7) These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that they will be terminated as part of a business reorganization or exit.
(8) These are exit costs associated with terminated leases or full office closures that we either (i) will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, or (ii) paid upon termination and ceasing to use the leased facilities.
(9) Pre-tax gain related to the 2023 divestiture of our U.S. commercial marketing business which include contingent gains realized in the first and the third quarter of 2024.
(10) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.
(11) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue.
(12) These are exit costs related to actual office closures (previously included in Adjusted EBITDA) and accelerated depreciation related to fixed assets for planned office closures.
(13) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 13.8% and 21.7% for the three months ended September 30, 2024 and 2023, respectively, and 20.0% and 23.5% for the nine months ended September 30, 2024 and 2023, respectively.

 

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ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

 

(in thousands, except share and per share amounts)		September 30, 2024				December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents		$	6,911			$	6,361
Restricted cash			724				3,088
Contract receivables, net			212,412				205,484
Contract assets			237,742				201,832
Prepaid expenses and other assets			24,785				28,055
Income tax receivable			10,541				2,337
Total Current Assets			493,115				447,157
Property and Equipment, net			71,299				75,948
Other Assets:
Goodwill			1,221,437				1,219,476
Other intangible assets, net			70,030				94,904
Operating lease - right-of-use assets			122,543				132,807
Other assets			49,754				41,480
Total Assets		$	2,028,178			$	2,011,772
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of long-term debt		$	13,750			$	26,000
Accounts payable			121,093				134,503
Contract liabilities			17,176				21,997
Operating lease liabilities			21,204				20,409
Finance lease liabilities			2,590				2,522
Accrued salaries and benefits			91,103				88,021
Accrued subcontractors and other direct costs			55,600				45,645
Accrued expenses and other current liabilities			85,274				79,129
Total Current Liabilities			407,790				418,226
Long-term Liabilities:
Long-term debt			405,396				404,407
Operating lease liabilities - non-current			160,926				175,460
Finance lease liabilities - non-current			11,922				13,874
Deferred income taxes			5,982				26,175
Other long-term liabilities			59,845				56,045
Total Liabilities			1,051,861				1,094,187
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; 24,138,735 and 23,982,132 shares issued at September 30, 2024 and December 31, 2023, respectively; 18,762,710 and 18,845,521 shares outstanding at September 30, 2024 and December 31, 2023, respectively			24				24
Additional paid-in capital			436,671				421,502
Retained earnings			852,835				775,099
Treasury stock, 5,376,025 and 5,136,611 shares at September 30, 2024 and December 31, 2023, respectively			(300,718	)			(267,155	)
Accumulated other comprehensive loss			(12,495	)			(11,885	)
Total Stockholders’ Equity			976,317				917,585
Total Liabilities and Stockholders’ Equity		$	2,028,178			$	2,011,772

 

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ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

		Nine Months Ended
		September 30,
(in thousands)		2024				2023
Cash Flows from Operating Activities
Net income		$	85,607			$	60,450
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			3,176				691
Deferred income taxes and unrecognized income tax benefits			(16,957	)			(3,533	)
Non-cash equity compensation			12,494				10,134
Depreciation and amortization			40,177				46,207
Gain on divestiture of a business			(2,009	)			(4,302	)
Other operating adjustments, net			2,206				2,563
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities			(40,155	)			(52,010	)
Contract receivables			(9,634	)			12,087
Prepaid expenses and other assets			(434	)			11,893
Operating lease assets and liabilities, net			(3,065	)			3,897
Accounts payable			(13,402	)			(13,333	)
Accrued salaries and benefits			2,889				(8,521	)
Accrued subcontractors and other direct costs			9,660				(3,353	)
Accrued expenses and other current liabilities			16,979				(18,727	)
Income tax receivable and payable			(9,574	)			450
Other liabilities			(1,774	)			959
Net Cash Provided by Operating Activities			76,184				45,552
Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software			(15,559	)			(17,876	)
Payments for business acquisitions, net of cash acquired			—				(32,664	)
Proceeds from divestiture of a business			1,985				47,151
Net Cash Used in Investing Activities			(13,574	)			(3,389	)
Cash Flows from Financing Activities
Advances from working capital facilities			917,953				972,266
Payments on working capital facilities			(930,043	)			(995,244	)
Proceeds from other short-term borrowings			43,735				25,394
Repayments of other short-term borrowings			(53,280	)			(18,845	)
Receipt of restricted contract funds			1,275				6,412
Payment of restricted contract funds			(3,586	)			(7,042	)
Dividends paid			(7,880	)			(7,903	)
Net payments for stock issuances and share repurchases			(30,995	)			(20,601	)
Other financing, net			(1,777	)			(1,501	)
Net Cash Used in Financing Activities			(64,598	)			(47,064	)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash			174				(213	)
Decrease in Cash, Cash Equivalents, and Restricted Cash			(1,814	)			(5,114	)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period			9,449				12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period		$	7,635			$	7,854
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest		$	24,388			$	29,173
Income taxes		$	50,382			$	12,604

 

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ICF International, Inc. and Subsidiaries

Supplemental Schedule (14)

 

Revenue by client markets		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Energy, environment, infrastructure, and disaster recovery			46	%			41	%			46	%			40	%
Health and social programs			38	%			42	%			38	%			42	%
Security and other civilian & commercial			16	%			17	%			16	%			18	%
Total			100	%			100	%			100	%			100	%
Revenue by client type		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
U.S. federal government			55	%			56	%			55	%			55	%
U.S. state and local government			15	%			15	%			16	%			16	%
International government			5	%			5	%			5	%			5	%
Total Government			75	%			76	%			76	%			76	%
Commercial			25	%			24	%			24	%			24	%
Total			100	%			100	%			100	%			100	%
Revenue by contract mix		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Time-and-materials			43	%			41	%			42	%			41	%
Fixed-price			46	%			45	%			46	%			45	%
Cost-based			11	%			14	%			12	%			14	%
Total			100	%			100	%			100	%			100	%

(14) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client markets 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.

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v3.24.3

Document And Entity Information	Oct. 31, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 31, 2024
Entity Registrant Name	ICF International, Inc.
Entity Central Index Key	0001362004
Entity Emerging Growth Company	false
Entity File Number	001-33045
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3661438
Entity Address, Address Line One	1902 Reston Metro Plaza
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	934-3000
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	ICFI
Security Exchange Name	NASDAQ

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