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MarketScreener Homepage  >  Equities  >  Nasdaq  >  ICF International, Inc.    ICFI

ICF INTERNATIONAL, INC.

(ICFI)
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ICF International : Q2 2020 ICF Investor Presentation 3.7 MB

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08/11/2020 | 08:34am EDT

ICF Investor Presentation

August 2020

Cautionary Statement

Certain statements made by us in this presentation that are not historical facts or that relate to future plans, events, or performances are forward-looking statements within the meaning of the federal securities laws. Our actual results may differ materially from those expressed in any forward-looking statements made by us. All statements made by us in this presentation are qualified in all respects by the information disclosed in our filings with the Securities and Exchange Commission and specifically, the risks described therein under the heading "Risk Factors". We are under no duty to update or revise any forward-looking statements pursuant to actual results or events, and do not intend to do so.

2

ICF: A professional + technology services firm

Serve a roster of

Leverage

Deliver strong

Benefit from

government

deep domain

cross-cutting

visibility of a

clients, energy

expertise to

capabilities in

substantial

utilities +

achieve superior

technology +

backlog +

commercial

results for clients

engagement

growth profile of

clients

commercial

revenues

A growth platform combining organic initiatives + acquisitions

3

Track record of strong revenue + EPS growth

Revenue:

GAAP EPS:

5-year CAGR

5-year CAGR

7.1%

12.4%

4

YTD COVID-19 impacts

~90% of ICF's business proceeding apace

International government events work postponed

Commercial marketing work for certain clients cancelled or postponed

ICF has contract vehicles in all federal agencies actively involved in handling COVID-19 crisis

Plus-ups and new contracts awarded by US federal government clients in Response Phase

Project to understand the virus and how it spreads, assist in communicating with healthcare professionals and general public

5

COVID-19 opportunities: Recovery and Reinvent Phases

Increased spending on public health

Modernization of disease surveillance systems

Guidelines for government roles and responsibilities in a pandemic

Evaluation of hospital surge capacity

Management of national stockpile of vaccines and medical equipment

ICF is recognized for deep domain expertise in public health and its expanded IT modernization capabilities

6

ITG acquisition

Key business statistics

$90M

+$100M

2019 Revenue

revenue run-rate

EBITDA

350

> margin

Digital transformation

than ICF's

consultants

ITG is a unique IT consulting firm delivering application modernization and business transformation for U.S. federal government clients

Key tech partners

92%

prime contract revenue

65+

CSM & SAFe certifications

Representative systems ITG builds

-

-

-

-

-

-

Case

Purchasing +

Grants

Asset

Contract

Content

Management

Acquisitions

Management

Management

Writing

Management

-

-

-

-

-

-

Financial

Audit

Inspections

Workforce

Healthcare

Emergency Management

Management

Tracking

Management

Compliance

7

Meaningful joint growth opportunities

ICF's Domain

ICF's Robust Business

Expertise + Client

ICF's Best-in-Class

Selective

ITG's

Relationships

Development Engine

Contract Vehicles

Insourcing

Qualifications

ITG brings a substantial business development pipeline and a backlog that provides visibility

ICF has a large number of net new opportunities in its pipeline for which ITG enhances our win potential

Combination of ICF's deep domain expertise and broad client base with ITG's IT modernization skills will allow us to identify "new-new" opportunities

Opportunity also exists to bring inhouse the revenues historically subcontracted out by ITG

8

Catalysts for long-term organic growth

Federal Government

  • Civilian agency spending
  • Public health
  • IT modernization
  • Citizen engagement

Electric Utilities

  • Energy efficiency outsourcing in California
  • Distributed energy resources
  • Resilience planning

State + Local Government

  • Disaster management: recovery + mitigation
  • Infrastructure spending

Digital Transformation

  • Personalization/loyalty platforms
  • Data convergence
  • Data analytics
  • CRM systems

9

ICF culture: a source of competitive advantage

Purpose

To build a more prosperous and resilient world for all.

Values

Interact with integrity Bring your passion Embrace differences Challenge assumptions Work together

Be greater than

10

We serve a roster of

government clients,

energy utilities +

US Federal

commercial clients*

41%

>80% of revenues from government clients + energy utility clients

Provides significant

Non-US Government

opportunities for

7%

expansion

*Based on Q2 2020 TTM financial performance released on August 4, 2020

US State and Local 18%

Commercial 34%**

**Energy utilities, commercial marketing, + other

11

We work with a broad array of government clients

Government revenues 66% of total revenues*

US federal revenues primarily from civilian agencies

DHHS 16%

DOD 6%

DOS 5%

EPA 2%

DOT 1%

DOJ 1%

HUD 1%

Other Fed 9%

Non-US Government 7%

US State and Local 18%

Commercial 34%**

*Based on Q2 2020 TTM financial performance released on August 4, 2020

**Energy utilities, commercial marketing, + other 12

Utility industry clients

Energy efficiency programs for utilities: State-mandated

Utility transformation: distributed energy + grid modernization

Majority long-term contracts

13

ICF's go-to-market brand for digital transformation services

Technology

Analytics

Engagement

Strategy

Loyalty

Combines creativity of an agency with deep domain expertise of a consultancy

Designs solutions that drive real participation with customers, citizens, colleagues

Built specifically to realize the benefits of an integrated model

At ICF, our business, environmental, and social responsibilities are intertwined.

We create impact through our client work…

$650+M revenue from services supporting health, education, development, and social justice programs

$550+M revenue from services supporting energy saving, carbon reduction, and natural resource protection programs

…and in the way we operate

Minimizing our carbon footprint-net zero carbon status since 2006

Investing in the communities where we work and live

Ensuring value through governance-corporate policies and structure help us operate ethically and in compliance with the law

16

Corporate citizenship performance highlights of 2019

Investing in

Provided opportunities

for all employees to develop

our people

and advance.

Leadership

Pay equity

53% female leaders

no pay disparity across

gender and race in the same

25% female board members roles, based on an external audit

Low turnover 15.4%

as compared to 19.2% benchmark

Making a

sustainable

commitment

Supporting important causes

Recognition

Made progress on our

100%

31%

Zero

carbon reduction goal and

net renewable electricity for

reduction in greenhouse gas

net zero carbon status

remained carbon neutral.

global operations via

emissions per employee

since 2006 due to

renewable energy

since 2013 baseline

investments in high-quality

certificates

carbon offsets

important to our

$433,500

$200,000

1 to 1

Donated to causes

employees and

corporate cash

employee contributions

ICF matched

communities.

donations

through our giving program

employee donations

Climate Leadership: recognized by CDP (global environmental disclosure system) as a corporate pioneer against climate change, scoring A-

MarCom Awards 2019: 2 gold awards for corporate citizenship reporting

17

Drivers of long-standing client relationships

Institutional

Workforce of

memory of

long-time

government and

industry experts

utility programs

Long-term

Proprietary

contract vehicles

IP/loyalty

with government

programs

and utility clients

18

Financial Performance

Track record of consistent revenue + earnings growth

Revenue ($ Millions)

EPS

*Non-GAAP EPS: GAAP EPS plus tax-affected impact of acquisition-related charges, special charges, and amortization of intangibles

**2017 Non-GAAP EPS excludes the one-time benefit of a Deferred Tax Liability (DTL) revaluation for 2017, as a result of the 2017 Tax Reform Act

20

2020 guidance

Revenue $1.450B - $1.510B

GAAP EPS $2.85 - $3.15*

EBITDA $126M - $136M

Non-GAAP EPS $3.50 - $3.80

Operating Cash Flow ~$110M

Assumes no material new revenues in H2 associated with COVID-19 opportunities or other meaningful opportunities in our pipeline

* Exclusive of special charges

21

Q2 2020 performance

Q2 2020 service revenue of $261.2M up 3.5% vs. Q2 2019

YTD performance supports our FY guidance

H1 2020 service revenue up 4.6% vs. H1 2019

Revenue ($ Millions)*

EPS*

$1,000

$2.50

$800

$708.0

$712.2

$2.00

$1.85

$1.71

$600

$366.7

$354.0

$1.50

$0.97

$0.89

$400

$1.00

$1.56

$1.27

$200

$0.50

$0.76

$0.72

$0

$0.00

Q2 2019

Q2 2020

YTD 2019

YTD 2020

Q2 2019

Q2 2020

YTD 2019

YTD 2020

GAAP EPS

Non-GAAP EPS

*Based on Q2 2020 financial performance released on August 4, 2020

Non-GAAP EPS: GAAP EPS plus tax-affected impact of acquisition-related charges, special charges, and amortization of intangibles

22

Contract Awards ($ Millions)*

Backlog ($ Billions)*

Book-to-Bill Ratio (TTM)

Q2 2019 1.15

Q2 2020 1.00

$900

$692

$600

$403

$300$282

$0

$639

Q2 2020 backlog does not include $250M+ of award notices expected to be included in Q3 contract awards

$3.0

Funded

Unfunded

$2.4

$2.4

$2.5

$2.0

$1.3

$1.1

$1.5

$1.0

$1.1

$1.3

$0.5

$0.0

Q2 2019

Q2 2020

YTD 2019 YTD 2020

*Based on Q2 2020 financial performance released on August 4, 2020

Q2 2019

Q2 2020

23

Pipeline ($B)

$8.0

$7.0

$6.8

$7.1

$6.4

$6.3

$6.5

$6.5

$5.8

$6.0

$5.7

$5.5

$5.0

$4.3

$4.2

$4.4

$4.0

$3.0

$2.0

$1.0

$0.0

Q3-17

Q4-17

Q1-18

Q2-18

Q3-18

Q4-18

Q1-19

Q2-19

Q3-19

Q4-19

Q1-20

Q2-20

Record pipeline at end of Q2 2020 includes over $4 billion of federal government opportunities

24

Operating cash flow, 2015 - 2020

$M

$140.0 $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 $0.0

Dividends

Debt Repayment & Other

Share Repurchase

CAPEX

$117.2

$110.0

$80.1

$91.4

$76.3

$70.2

$74.7

$10.5

$36.4

$7.9

$31.9

$51.5

$30.0

$20.5

$23.9

$27.7

$11.3

$10.8

$28.5

$19.3

$25.5

$16.0

$17.8

2015

2016

2017

2018

2019

2020 GUIDANCE*

Net Debt

$303.8

$253.3

$194.4

$188.7

$159.0

Debt/ EBITDA**

2.64x

2.15x

1.73x

1.57x

1.17x

*Based on Q2 2020 financial performance released on August 4, 2020

**As defined by banking agreement

25

In summary - ICF

Distinctive expertise in

Established long-term

Substantial contract backlog

high-growth sectors of

client and contract

- robust business

government, energy

relationships

development pipeline and

utility industry + digital

track record of high win

transformation

rates

All leading to substantial organic growth opportunities + the potential for accretive acquisitions

26

Thank you

Disclaimer

ICF International Inc. published this content on 11 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2020 11:33:03 UTC


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Financials (USD)
Sales 2020 1 473 M - -
Net income 2020 57,2 M - -
Net Debt 2020 343 M - -
P/E ratio 2020 21,7x
Yield 2020 0,76%
Capitalization 1 236 M 1 236 M -
EV / Sales 2020 1,07x
EV / Sales 2021 0,96x
Nbr of Employees 7 000
Free-Float 78,3%
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Mean consensus BUY
Number of Analysts 6
Average target price 91,40 $
Last Close Price 65,56 $
Spread / Highest target 64,7%
Spread / Average Target 39,4%
Spread / Lowest Target 22,0%
EPS Revisions
Managers
NameTitle
John M. Wasson President, Chief Executive Officer & Director
Sudhakar Kesavan Executive Chairman
James C. M. Morgan Chief-Business Operations
Bettina Garcia Welsh Chief Financial Officer & Senior Vice President
John M. George Chief Information Officer & Senior Vice President
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