NASDAQ$ICFI
ICF International Inc · Q1 2022 earnings
Q1 2022 earnings · · Investor relations
Briefing
ICF's first quarter performance in 2022 saw revenue growth, driven by government sector strength and strategic investments.
ICF reported a 9.2% increase in total revenue to $413.5 million and a 8.9% increase in service revenue to $304.6 million for Q1 2022. Diluted EPS was $0.94, while non-GAAP EPS rose by 15.9% to $1.31. The company reaffirms its full-year 2022 guidance for double-digit revenue growth and strong margin performance, supported by a robust business development pipeline.
- Total revenue increased by 9.2% to $413.5 million, and service revenue grew by 8.9% to $304.6 million.
- Diluted EPS was $0.94, inclusive of facility-related and M&A charges, while non-GAAP EPS increased by 15.9% to $1.31.
- Adjusted EBITDA increased by 12.1% to $42.3 million, with an adjusted EBITDA margin on service revenue of 13.9%.
- Contract awards totaled $361 million, with a trailing-twelve-month (TTM) contract awards reaching $2.0 billion, resulting in a book-to-bill ratio of 1.27.
Headline financials
Revenue & EPS history
ICF · Revenue · Quarterly
$413M
Forward guidance
ICF reaffirmed its full year 2022 guidance for double-digit revenue growth and strong margin performance.
Tailwinds
- Service revenue of $1.225 billion to $1.275 billion
- Total revenue of $1.7 billion to $1.76 billion
- EBITDA of between $160 million and $172 million
- Adjusted EBITDA of $168 million to $180 million, equivalent to an adjusted EBITDA margin on service revenue of 13.9% at the midpoints of the ranges.
- Non-GAAP EPS is expected to range from $5.15 to $5.45, representing increases of 16% and 10% at the mid-point, respectively, over 2021.
Headwinds
- GAAP EPS is projected at $4.15 to $4.45 exclusive of special charges
- Difference between EBITDA and adjusted EBITDA guidance is primarily due to the add-back of a non-cash rent expense of approximately $8 million associated with our new Reston, Virginia, headquarters.
- Operating cash flow is expected to be approximately $130 million in 2022.
- Commercial marketing services which remained below pre-pandemic levels.
- Energy markets revenue declined modestly due to the timing of environment and infrastructure projects, after increasing 12% in the first quarter of 2021.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2022
-0.3%
Avg return
Earnings day
-0.3%
Avg return
5 days after
+1.5%
Avg return
30 days after
58%
38 / 65 earnings
Positive
+19.7%
Q4 2013
Best reaction
-20.7%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +1.2% | -12.6% | -5.1% | |
| Q4 2025 | +4.5% | -0.5% | +2.6% | |
| Q3 2025 | -7.3% | -2.7% | -8.7% | |
| Q1 2025 | -6.6% | -1.1% | +0.8% | |
| Q4 2024 | -20.7% | -18.1% | -13.8% | |
| Q3 2024 | -1.9% | -0.1% | -19.0% | |
| Q2 2024 | +9.0% | +4.4% | +12.7% | |
| Q1 2024 | +3.1% | +4.6% | -0.8% | |
| Q4 2023 | -0.6% | -1.3% | -4.7% | |
| Q3 2023 | -0.2% | +4.9% | +13.0% | |
| Q2 2023 | +4.5% | +6.8% | +11.0% | |
| Q1 2023 | +2.0% | +2.1% | +9.4% | |
| Q4 2022 | +6.0% | +10.2% | +5.6% | |
| Q3 2022 | -10.5% | -9.5% | -5.7% | |
| Q2 2022 | +5.8% | +5.8% | +6.8% | |
| Q1 2022 | +3.3% | +0.8% | +4.9% | |
| Q4 2021 | +1.3% | -3.2% | +7.0% | |
| Q3 2021 | +3.1% | +3.9% | -1.6% | |
| Q2 2021 | -2.2% | +0.2% | +3.7% | |
| Q1 2021 | +3.5% | +1.1% | -2.0% | |
| Q4 2020 | -3.0% | +1.9% | +8.3% | |
| Q3 2020 | +2.0% | +11.2% | +9.1% | |
| Q2 2020 | +9.9% | +5.7% | +1.2% | |
| Q1 2020 | -6.1% | -9.0% | -1.5% | |
| Q4 2019 | -5.6% | -0.4% | -19.5% | |
| Q3 2019 | +3.4% | -0.6% | +7.3% | |
| Q2 2019 | -3.3% | -6.3% | -0.6% | |
| Q1 2019 | +0.1% | -0.5% | -5.1% | |
| Q4 2018 | +1.9% | +3.0% | +2.8% | |
| Q3 2018 | +0.4% | -7.0% | -4.9% | |
| Q2 2018 | +5.9% | +0.7% | +10.8% | |
| Q1 2018 | -2.7% | -3.9% | +5.8% | |
| Q4 2017 | +1.7% | +6.8% | +4.3% | |
| Q3 2017 | -4.6% | -1.4% | +0.7% | |
| Q2 2017 | +1.3% | -0.1% | +13.3% | |
| Q1 2017 | +7.8% | +7.1% | +7.2% | |
| Q4 2016 | -16.5% | -20.1% | -20.5% | |
| Q3 2016 | +4.1% | +5.3% | +19.6% | |
| Q2 2016 | +1.5% | -0.2% | +2.3% | |
| Q1 2016 | +1.8% | — | — | |
| Q4 2015 | -9.2% | — | — | |
| Q3 2015 | -4.5% | — | — | |
| Q2 2015 | +8.7% | — | — | |
| Q1 2015 | -4.8% | — | — | |
| Q4 2014 | +2.1% | — | — | |
| Q3 2014 | +1.7% | — | — | |
| Q2 2014 | +0.3% | — | — | |
| Q1 2014 | -4.1% | — | — | |
| Q4 2013 | +19.7% | — | — | |
| Q3 2013 | -5.1% | — | — | |
| Q2 2013 | +4.8% | — | — | |
| Q1 2013 | +2.3% | — | — | |
| Q4 2012 | +1.9% | — | — | |
| Q3 2012 | +11.3% | — | — | |
| Q2 2012 | -9.5% | — | — | |
| Q1 2011 | -2.2% | — | — | |
| Q1 2012 | -7.0% | — | — | |
| Q4 2009 | +0.5% | — | — | |
| Q4 2011 | +0.5% | — | — | |
| Q3 2010 | +0.8% | — | — | |
| Q3 2011 | +0.8% | — | — | |
| Q4 2010 | -6.7% | — | — | |
| Q2 2011 | -6.7% | — | — | |
| Q2 2010 | -6.7% | — | — | |
| Q1 2010 | -4.9% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro