Technology
ICF Reports Second Quarter 2024 Results
Published
7 months agoon
By
— Favorable Business Mix and Higher Utilization Drove Strong EPS Performance —
— Record Business Development Pipeline of $10.5 Billion at Quarter-End —
— Increasing Full Year EPS and EBITDA Guidance Primarily to Reflect Mix Shift —
Second Quarter Highlights:
Revenue Increased 2% to $512 Million; Up 6% Excluding DivestituresNet Income Was $25.6 Million and GAAP EPS Was $1.36, Up 27% Non-GAAP EPS1 Was $1.69, Up 8%EBITDA1 Was $55.6 Million, Up 17%; Adjusted EBITDA1 Was $56.0 Million, Up 10%Contract Awards Were a Record $810 Million, Up 83% Year-on-Year for a TTM Book-to-Bill Ratio of 1.40
RESTON, Va., Aug. 1, 2024 /PRNewswire/ — ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the second quarter ended June 30, 2024.
Commenting on the results, John Wasson, chair and chief executive officer, said, “We delivered strong performance across all key financial metrics in the second quarter, demonstrating the benefits of our diversified portfolio and reflecting continued favorable business mix. Revenues increased 2% year-on-year and increased 6% from last year’s levels adjusting for the divestiture of our commercial marketing business lines in 2023.
“Similar to the first quarter, our second quarter results were led by robust growth in higher-margin revenues from commercial energy clients. We experienced especially strong demand from our utility clients for ICF’s core energy efficiency programs as well as our expanded offerings in priority areas including grid resilience, electrification, decarbonization and flexible load management, all of which are particularly relevant given the growth in data center demand. Revenues from our Energy, Environment, Infrastructure and Disaster Recovery client market increased 14% to account for 45% of ICF’s second quarter revenues, compared to its 41% contribution to last year’s second quarter revenues.
“Margin expansion was a key driver of our strong second quarter earnings. In addition to favorable business mix and higher utilization, margin performance reflected lower facility costs, together with the benefits of our increased scale. Also, lower depreciation and amortization expense and lower interest expense enhanced our net income and earnings per share results for the period.
“This was a record second quarter of contract awards for ICF, which reached $810 million, representing a quarterly book-to-bill ratio of 1.58 and a trailing twelve-month book-to-bill ratio of 1.40. New business wins accounted for approximately 55% of our first half awards, demonstrating how well ICF’s capabilities are aligned with client spending priorities. Additionally, an increasing percentage of the value of our year-to-date awards represented contracts that include an AI component, a good indicator of our recognized expertise in this high-demand area.”
Second Quarter 2024 Results
Second quarter 2024 total revenue was $512.0 million, a 2.4% increase from the $500.1 million reported in the second quarter of 2023, and up 6.2% from last year’s second quarter revenues adjusted for the divestiture of our commercial marketing business lines. Subcontractor and other direct costs were 25.9% of total revenues compared to 27.5% in last year’s second quarter. Operating income was $42.4 million, up 32.3% from $32.0 million last year, and operating margin on total revenue expanded to 8.3% from 6.4%. Net income totaled $25.6 million, and GAAP EPS was $1.36 per share. This compares to net income and GAAP EPS of $20.3 million, and $1.07, respectively, reported in the second quarter of 2023, which included $3.5 million, or $0.13 per share of tax-effected special charges. In the 2024 second quarter, the company’s tax rate was 26.3% compared to 4.4% in the 2023 second quarter.
Non-GAAP EPS increased 7.6% to $1.69 per share, from $1.57 per share reported in the comparable period in 2023. EBITDA was $55.6 million, 17.2% above the $47.5 million reported in the year-ago period. Adjusted EBITDA increased 9.9% to $56.0 million from $51.0 million for the comparable period in 2023.
Backlog and New Business
Total backlog was $3.8 billion at the end of the second quarter of 2024. Funded backlog was $1.7 billion, or 45% of the total backlog. The total value of contracts awarded in the 2024 second quarter was $810 million, up 83% year-on-year for a book-to-bill ratio of 1.58, and trailing twelve-month contract awards totaled $2.8 billion, up 12% year-on-year for a book-to-bill ratio of 1.40.
Government Revenue Second Quarter 2024 Highlights
Revenue from government clients was $387.0 million, up 1.8% year-over-year.
U.S. federal government revenue was $273.5 million, an increase of 0.2% compared to the $273.1 million reported in the second quarter of 2023 and was unfavorably impacted by a year-over-year decrease in revenues from subcontractor and other direct costs of $9.1 million in the quarter. Federal government revenue accounted for 53.4% of total revenue, compared to 54.6% of total revenue in the second quarter of 2023.U.S. state and local government revenue increased 4.7% to $84.8 million, from $81.1 million in the year-ago quarter. State and local government clients represented 16.6% of total revenue, up from 16.2% from the second quarter of 2023.International government revenue was $28.7 million, up 9.5% from the $26.2 million reported in the year-ago quarter. International government revenue represented 5.6% of total revenue, compared to 5.2% in the second quarter of 2023.
Key Government Contracts Awarded in the Second Quarter 2024
Notable government contract awards won in the second quarter of 2024 included:
Health and Social Programs
A recompete contract with a value of $236.8 million with the U.S. Agency for International Development Bureau for Global Health to continue to deliver the Demographic and Health Surveys Program.Two recompete framework contracts with a combined value of $6.5 million with a directorate general of the European Commission to provide evaluation services.
IT Modernization
A new subcontract with a value of $87.7 million to continue modernizing and executing the Centers for Medicare and Medicaid Services Quality Payment Program.A contract extension with a value of $29.8 million with a U.S. federal agency to continue to provide digital modernization services.A new contract with a value of $16.8 million with the U.S. Federal Emergency Management Agency (FEMA) to build a cloud-based data exchange platform to improve the efficiency and cost-effectiveness of FEMA’s disaster response and recovery efforts.A contract extension with a value of $15.2 million with a U.S. federal agency to continue to provide digital modernization and maintenance services.
Disaster Management and Mitigation
A recompete contract with a value of $84.1 million with the Government of Puerto Rico’s Public-Private Partnership Authority to continue supporting long-term disaster recovery and mitigation efforts across the territory.
Climate, Energy and Environment
A recompete contract with a ceiling of $17.1 million with The Los Angeles County Southern California Regional Energy Network to design and deliver their full portfolio of residential energy efficiency programs.A recompete master services agreement with a ceiling of $11.7 million with a Western U.S. state transportation department to provide on-call environmental services.A contract modification with a value of $7.6 million with a Northwest U.S. public utility to support its public electric vehicle charging program.
Commercial Revenue Second Quarter 2024 Highlights
Commercial revenue was $125.0 million, compared to $119.8 million reported in the second quarter of 2023, up 22.6% compared to revenues of $101.9 million excluding divestitures in 2023.
Energy markets revenue, which includes energy efficiency programs, increased 24.8% and represented 86.6% of commercial revenue.Commercial revenue accounted for 24.4% of total revenue compared to 23.9% of total revenue in the 2023 second quarter.
Key Commercial Contracts Awarded in the Second Quarter of 2024
Notable commercial awards won in the second quarter of 2024 included:
Energy Markets
A large multimillion-dollar recompete contract with a Northeastern U.S. utility to provide program implementation services for its residential energy efficiency portfolio.A new contract with a Northeastern U.S. utility to provide program implementation services for its residential and commercial and industrial (C&I) energy efficiency programs.A contract modification with a Northeastern U.S. utility to continue to serve as the utility’s agency of record for its energy efficiency programs.A new contract with a Northwestern U.S. utility to support its portfolio of energy efficiency products programs.A subcontract modification to administer a Midwestern U.S. utility’s pilots program.A new contract with an Eastern U.S. utility to provide program implementation services for its residential and C&I energy efficiency programs.
Dividend Declaration
On August 1, 2024, ICF declared a quarterly cash dividend of $0.14 per share, payable on October 11, 2024, to shareholders of record on September 6, 2024.
Summary and Outlook
“Following our strong year-to-date performance and based on our current visibility for continued favorable business mix and utilization metrics, we are pleased to increase our earnings per share and adjusted EBITDA guidance for full year 2024. Our revised guidance is for GAAP EPS in the range of $5.60 to $5.90 and Non-GAAP EPS of $6.95 to $7.25, up $0.35 from prior guidance and representing year-on-year growth of 32.2% and 9.2%, respectively, at the midpoints. Adjusted EBITDA is now expected to range between $225 million and $235 million, up from our prior guidance of $220 million to $230 million. The midpoint of this range will result in ICF achieving the three-year EBITDA objective we provided at our 2022 Investor Day adjusted for the 2023 divestitures, and we expect to accomplish this with substantially fewer acquisitions than originally contemplated.
“Our first half results have put us on track to achieve our full year revenue guidance for 2024. Based on our current visibility, we expect our Energy, Environment, Infrastructure and Disaster Recovery client market to show robust growth in the second half of this year, continuing to more than offset results in our Health and Social Programs client market, where gross revenue comparisons have been impacted by lower pass-through revenues. Operating cash flow guidance remains at approximately $155 million.
“A growing backlog and our record business development pipeline of $10.5 billion at the end of the second quarter support our expectations for continued strong growth in 2024 and give us confidence in ICF’s ability to continue to grow at a high single-digit rate in the coming years. We are experiencing high demand from commercial clients for our energy and environmental expertise and implementation skills. We have excellent credentials to assist state and local government clients in meeting their planning, resilience and mitigation objectives, as well as supporting their disaster recovery efforts. We also have significantly expanded our capabilities in areas in the federal government that have bipartisan support, particularly IT modernization, which remains an area of priority spending.
“We appreciate the tremendous contributions of our staff in driving the success of ICF by supporting our clients with multi-disciplinary advisory work and cross-cutting implementation skills. Their passion for their work and for the impact it has on society is ICF’s ‘secret sauce’,” 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. GAAP EPS refers to U.S. GAAP Diluted EPS. Non-GAAP EPS refers to Non-GAAP Diluted EPS. 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.
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
ICF International, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except per share amounts)
2024
2023
2024
2023
Revenue
$ 512,029
$ 500,085
$ 1,006,465
$ 983,367
Direct costs
329,331
325,404
639,864
637,969
Operating costs and expenses:
Indirect and selling expenses
127,091
126,522
256,185
250,255
Depreciation and amortization
4,909
6,826
10,483
13,135
Amortization of intangible assets
8,291
9,286
16,582
18,510
Total operating costs and expenses
140,291
142,634
283,250
281,900
Operating income
42,407
32,047
83,351
63,498
Interest, net
(7,703)
(10,132)
(15,941)
(19,589)
Other income (expense)
36
(677)
1,666
(1,235)
Income before income taxes
34,740
21,238
69,076
42,674
Provision for income taxes
9,129
926
16,148
5,964
Net income
$ 25,611
$ 20,312
$ 52,928
$ 36,710
Earnings per Share:
Basic
$ 1.37
$ 1.08
$ 2.82
$ 1.95
Diluted
$ 1.36
$ 1.07
$ 2.80
$ 1.94
Weighted-average Shares:
Basic
18,738
18,791
18,748
18,785
Diluted
18,861
18,919
18,912
18,942
Cash dividends declared per common share
$ 0.14
$ 0.14
$ 0.28
$ 0.28
Other comprehensive (loss) income, net of tax
(343)
3,151
341
1,817
Comprehensive income, net of tax
$ 25,268
$ 23,463
$ 53,269
$ 38,527
ICF International, Inc. and Subsidiaries
Reconciliation of Non-GAAP financial measures (2)
(Unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
(in thousands, except per share amounts)
2024
2023
2024
2023
Reconciliation of Revenue, Adjusted for Impact of Exited Business
Revenue
$ 512,029
$ 500,085
$ 1,006,465
$ 983,367
Less: Revenue from exited business (3)
—
(17,831)
—
(46,148)
Total Revenue, Adjusted for Impact of Exited Business
$ 512,029
$ 482,254
$ 1,006,465
$ 937,219
Reconciliation of EBITDA and Adjusted EBITDA (4)
Net income
$ 25,611
$ 20,312
$ 52,928
$ 36,710
Interest, net
7,703
10,132
15,941
19,589
Provision for income taxes
9,129
926
16,148
5,964
Depreciation and amortization
13,200
16,112
27,065
31,645
EBITDA
55,643
47,482
112,082
93,908
Impairment of long-lived assets (5)
—
—
—
894
Acquisition and divestiture-related expenses (6)
—
2,103
66
2,906
Severance and other costs related to staff realignment (7)
370
1,365
735
3,860
Charges for facility consolidations and office closures (8)
—
—
—
359
Pre-tax gain from divestiture of a business (9)
—
—
(1,715)
—
Total Adjustments
370
3,468
(914)
8,019
Adjusted EBITDA
$ 56,013
$ 50,950
$ 111,168
$ 101,927
Net Income Margin Percent on Revenue (10)
5.0 %
4.1 %
5.3 %
3.7 %
EBITDA Margin Percent on Revenue (11)
10.9 %
9.5 %
11.1 %
9.5 %
Adjusted EBITDA Margin Percent on Revenue (11)
10.9 %
10.2 %
11.0 %
10.4 %
Reconciliation of Non-GAAP Diluted EPS (4)
U.S. GAAP Diluted EPS
$ 1.36
$ 1.07
$ 2.80
$ 1.94
Impairment of long-lived assets
—
—
—
0.05
Acquisition and divestiture-related expenses
—
0.11
—
0.15
Severance and other costs related to staff realignment
0.02
0.07
0.04
0.20
Expenses related to facility consolidations and office closures (12)
—
—
0.04
0.02
Pre-tax gain from divestiture of a business
—
—
(0.09)
—
Amortization of intangibles
0.44
0.49
0.88
0.98
Income tax effects of the adjustments (13)
(0.13)
(0.17)
(0.21)
(0.34)
Non-GAAP Diluted EPS
$ 1.69
$ 1.57
$ 3.46
$ 3.00
(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).
(4) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.
(5) Represents impairment of an intangible asset associated with the exit of our commercial marketing business in the United Kingdom in 2023.
(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 resulting from the release of an escrow related to the 2023 divestiture of our U.S. commercial marketing business.
(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 26.3% and 25.6% for the three months ended June 30, 2024 and 2023, respectively, and 23.4% and 24.6% for the six months ended June 30, 2024 and 2023, respectively.
ICF International, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share amounts)
June 30, 2024
December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents
$ 4,056
$ 6,361
Restricted cash
712
3,088
Contract receivables, net
209,351
205,484
Contract assets
222,767
201,832
Prepaid expenses and other assets
23,116
28,055
Income tax receivable
4,589
2,337
Total Current Assets
464,591
447,157
Property and Equipment, net
72,357
75,948
Other Assets:
Goodwill
1,219,083
1,219,476
Other intangible assets, net
78,321
94,904
Operating lease – right-of-use assets
124,637
132,807
Other assets
46,788
41,480
Total Assets
$ 2,005,777
$ 2,011,772
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt
$ 12,375
$ 26,000
Accounts payable
110,704
134,503
Contract liabilities
20,102
21,997
Operating lease liabilities
21,176
20,409
Finance lease liabilities
2,567
2,522
Accrued salaries and benefits
93,834
88,021
Accrued subcontractors and other direct costs
52,661
45,645
Accrued expenses and other current liabilities
78,624
79,129
Total Current Liabilities
392,043
418,226
Long-term Liabilities:
Long-term debt
421,560
404,407
Operating lease liabilities – non-current
166,178
175,460
Finance lease liabilities – non-current
12,577
13,874
Deferred income taxes
16,421
26,175
Other long-term liabilities
53,673
56,045
Total Liabilities
1,062,452
1,094,187
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, par value $.001 per share; 5,000,000 shares
authorized; none issued
—
—
Common stock, par value $.001; 70,000,000 shares authorized; 24,130,664 and 23,982,132 shares
issued at June 30, 2024 and December 31, 2023, respectively; 18,757,022 and 18,845,521 shares
outstanding at June 30, 2024 and December 31, 2023, respectively
24
24
Additional paid-in capital
432,402
421,502
Retained earnings
822,784
775,099
Treasury stock, 5,373,642 and 5,136,611 shares at June 30, 2024 and December 31, 2023, respectively
(300,341)
(267,155)
Accumulated other comprehensive loss
(11,544)
(11,885)
Total Stockholders’ Equity
943,325
917,585
Total Liabilities and Stockholders’ Equity
$ 2,005,777
$ 2,011,772
ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
(in thousands)
2024
2023
Cash Flows from Operating Activities
Net income
$ 52,928
$ 36,710
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
1,552
837
Deferred income taxes and unrecognized income tax benefits
(10,233)
(4,823)
Non-cash equity compensation
8,225
6,688
Depreciation and amortization
27,066
31,646
Gain on divestiture of a business
(1,715)
—
Other operating adjustments, net
470
128
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities
(23,561)
(38,332)
Contract receivables
(5,828)
8,856
Prepaid expenses and other assets
3,787
13,864
Operating lease assets and liabilities, net
(399)
2,894
Accounts payable
(23,569)
(22,742)
Accrued salaries and benefits
5,905
405
Accrued subcontractors and other direct costs
7,335
(2,173)
Accrued expenses and other current liabilities
13,075
(18,311)
Income tax receivable and payable
(3,633)
3,999
Other liabilities
(770)
233
Net Cash Provided by Operating Activities
50,635
19,879
Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software
(10,392)
(13,139)
Payments for business acquisitions, net of cash acquired
—
(32,664)
Proceeds from divestiture of a business
1,715
—
Net Cash Used in Investing Activities
(8,677)
(45,803)
Cash Flows from Financing Activities
Advances from working capital facilities
660,396
669,437
Payments on working capital facilities
(657,420)
(624,553)
Proceeds from other short-term borrowings
36,783
7,632
Repayments of other short-term borrowings
(46,933)
(2,483)
Receipt of restricted contract funds
1,269
4,940
Payment of restricted contract funds
(3,583)
(3,962)
Dividends paid
(5,257)
(5,271)
Net payments for stockholder issuances and share repurchases
(30,618)
(20,588)
Other financing, net
(1,145)
(905)
Net Cash (Used in) Provided by Financing Activities
(46,508)
24,247
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash
(131)
179
Decrease in Cash, Cash Equivalents, and Restricted Cash
(4,681)
(1,498)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period
9,449
12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period
$ 4,768
$ 11,470
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest
$ 15,270
$ 19,129
Income taxes
$ 31,107
$ 8,450
ICF International, Inc. and Subsidiaries
Supplemental Schedule (14)
Revenue by client markets
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Energy, environment, infrastructure, and disaster recovery
45 %
41 %
45 %
40 %
Health and social programs
38 %
41 %
39 %
41 %
Security and other civilian & commercial
17 %
18 %
16 %
19 %
Total
100 %
100 %
100 %
100 %
Revenue by client type
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
U.S. federal government
53 %
55 %
54 %
55 %
U.S. state and local government
17 %
16 %
16 %
16 %
International government
6 %
5 %
6 %
5 %
Total Government
76 %
76 %
76 %
76 %
Commercial
24 %
24 %
24 %
24 %
Total
100 %
100 %
100 %
100 %
Revenue by contract mix
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
Time-and-materials
42 %
42 %
42 %
42 %
Fixed-price
46 %
45 %
46 %
45 %
Cost-based
12 %
13 %
12 %
13 %
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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SOURCE ICF
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– Gross margin impacted by several one-time expenses and events
KAMLOOPS, BC, March 13, 2025 /CNW/ – Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB: ASHXF) (“Progressive Planet”, “PLAN”, or the “Company”) is pleased to announce its financial results for its third quarter ending on January 31, 2025.
The Company was profitable in the current quarter and continued to grow to its cash position from operational cash flow as well as from the receipt of grant funding. Gross margin was lower due to some higher costs along with taking a write down on a receivable from the bankruptcy of a Canadian chain of stores.
Key Financial Results – Q3 Fiscal 2024 vs. Q3 Fiscal 2025:
The Company’s cash balance increased by $1,867,662 during the current quarter, ending at $4,819,839 on January 31, 2025. This included $1,555,682 in grant funding received.Revenue decreased by 1% to $4,779,099 compared to $4,812,604 in Q3 F2024 (the comparable period in the prior fiscal year).Planned plant shutdown in quarter impacted production and revenues.Gross profit decreased 13% to $1,359,051 compared to $1,566,847 in Q3 F2024.Income from operations was $231,455 compared to $549,255 in Q3 F2024.Net income was $114,838 compared to $348,689 in Q3 F2024.Existing credit facilities remain unused with greater than $3,000,000 in credit available at January 31, 2025.
“While we remain profitable and continue to grow our cash on hand, Q3 had its challenges including the write down of a receivable associated with a rural chain of farm supply stores which went bankrupt. We also went though a scheduled shutdown in the quarter where we lost one week of production. We saw increases in operating costs in several areas including freight,” said Harpur. “While we commenced investment in robotics in the quarter, we will not see savings on variable production costs until Q3 of next year, when our new robotic investments will be installed and operational,” continued Harpur.
EBITDA is a non-IFRS financial measure. This ratio expresses earnings before interest, income taxes, depreciation, and amortization. It assists in explaining the Company’s results from period to period. There is not directly comparable IFRS measure.Gross margin is a non-IFRS financial measure. This ratio expresses gross profit as a percentage of revenue for a given period. It assists in explaining the Company’s results from period to period and measuring profitability. This ratio is calculated by dividing gross profit for a period by the corresponding revenue for the period. There is no directly comparable IFRS measure.
_________________________
Progressive Planet provides regular information for investors on its website: progressiveplanet.com/investors/. This includes press releases and other information about financial performance, patents filed, and information on corporate governance. For further information or investor relations inquiries, please contact:
Steve Harpur, CEO
1 (800) 910-3072
investors@progressiveplanet.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
About Progressive Planet:
Progressive Planet, based in Kamloops, British Columbia, is redefining sustainability with our Products for a Healthy Planet™. By leveraging owned mineral assets and recycled materials, we develop patented and patent-pending innovations that promote a healthier planet.
Our C-Quester™ Centre of Sustainable Solutions leads advancements in low-carbon cement technologies, while our second on-site lab focuses on sustainable solutions for agriculture and animal care. Progressive Planet’s products are proudly available in over 10,000 retail locations across North America. For more information, visit progressiveplanet.com.
Forward-Looking Statements:
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.
Disclaimer:
This news release, required by Canadian laws, does not constitute an offer of securities and is not for distribution or dissemination outside Canada.
SOURCE Progressive Planet Solutions Inc.
Technology
Argos Multilingual Publishes the “End-User in the Loop: Why the How of Using GenAI Matters” Report
Published
40 minutes agoon
March 13, 2025By
Argos Multilingual, a global content solutions leader, launches its newest flagship research publication, the “End-User in the Loop: Why the How of Using GenAI Matters” report. The report is based on an end-user survey gathering perspectives on AI from respondents across eight countries: Brazil, China, France, Germany, India, Japan, Spain, and the United States. It explores key questions of transparency, trust, and bias.
SAN FRANCISCO, March 13, 2025 /PRNewswire-PRWeb/ — Argos Multilingual, a global content solutions leader, launches its newest flagship research publication, the “End-User in the Loop: Why the How of Using GenAI Matters” report. The report is based on an end-user survey gathering perspectives on AI from respondents across eight countries: Brazil, China, France, Germany, India, Japan, Spain, and the United States. It explores key questions of transparency, trust, and bias.
In a world dominated by headlines about GenAI’s capabilities, this publication highlights a critical factor in any AI initiative: its success depends on helping end-users achieve their goals. Any enterprise that produces, markets, or distributes AI-generated content ultimately relies on keeping the end-user in the loop.
The “End-User in the Loop” report is the latest result of Argos’ efforts to offer world-class, technology-centric advisory to its clients. It aligns with the company’s belief that humans are central to maximizing AI’s transformative potential, whether in creating engaging content or developing innovative product features.
Highlights from the report
AI hype has had its benefits — awareness and exposure to generative AI continue to grow across the board. Users have now encountered it enough to form critical opinions and expectations about how brands should implement the technology.
77% of users have previously mistaken AI-generated content for human content: Mistakes happen, and there is a learning curve when engaging with AI. However, this underscores the importance of transparency so that users are never at a disadvantage when interacting with AI-powered systems or consuming AI-generated content.
78% of respondents say they have had to fact-check GenAI output: This demonstrates a potential obstacle to making GenAI widely accessible and usable. When user experience is the priority, it shouldn’t be the user’s responsibility to do extra work to get reliable results.
Users focus on achieving their goals: 71% of respondents say they don’t mind the occasional language error when interacting with AI, as long as it helps them accomplish their objectives. For brands, success depends on understanding user intent.
Human preference leans toward human-created content: 81% of users prefer content produced by humans. Creativity, originality, and human flair in content or brand messaging remain irreplaceable — for now.
About Argos Multilingual
Argos Multilingual provides global language solutions. With over 30 years of experience, we serve clients in the high-tech, life sciences, human resources, and financial industries. We make it easy for businesses to grow globally and connect with expert talent anywhere in the world. With production centers in Europe, the Americas, and Asia, we follow a strategy of building robust programs for continuous translation and localization. You can expect a long-term and transparent partnership, backed by innovative solutions around technology, AI & data, creative content, and quality assurance. For more information, please visit us at www.argosmultilingual.com.
Media Contact
Stephanie Harris-Yee, Argos Multilingual, 1 415 738-7705, info@argosmultilingual.com, https://www.argosmultilingual.com/
View original content:https://www.prweb.com/releases/argos-multilingual-publishes-the-end-user-in-the-loop-why-the-how-of-using-genai-matters-report-302399483.html
SOURCE Argos Multilingual
Technology
Pivot Bio Unveils PROVEN G3, with Powerful New Modes of Action and Patent-Protected Gene-Editing Technology
Published
40 minutes agoon
March 13, 2025By
Company Continues to Lead the Biologicals Industry with Third-Generation Nitrogen Product Line
Product to Be Available to Growers in the United States
ST. LOUIS, March 13, 2025 /PRNewswire/ — Pivot Bio, one of the world’s leading innovative agtech companies, announced that it has launched a new product in its line of innovative ag solutions for growers in the U.S. Pivot Bio PROVEN® G3 will join the company’s notable Pivot Bio PROVEN® 40 nitrogen-fixing solution, which has been successfully used by growers on millions of acres to date. PROVEN G3, the company’s third-generation nitrogen solution for corn, will be commercially available in 2026, pending state registrations. This marks a major advancement in nitrogen innovation, as PROVEN G3 is the first PROVEN product with multiple modes of action and significant benefits to American farmers, who work hard to feed, clothe and fuel the world.
“Built to enhance our industry-leading and proprietary gene-edited nitrogen-fixing technology, PROVEN G3 adds an exclusive microbe blend that increases nutrient uptake and nitrogen-use efficiency. PROVEN G3 consistently drives improved nitrogen production, seamlessly enhancing farmers’ current nitrogen programs and yield potential,” said Ryan Van Roekel, Ph.D., commercial agronomy leader for Pivot Bio.
“Pivot Bio realizes every farm presents unique challenges, including varying soil types, field conditions and nutrient-management approaches,” said Van Roekel. “PROVEN G3 was designed by some of the top scientists and agronomists working side by side with growers to adapt to these differences, allowing farmers to customize timing and placement to maximize efficiency, productivity and profitability across their diverse acres. As a weatherproof and most efficient source of nitrogen per pound, PROVEN G3 seamlessly integrates into current fertility programs.”
With PROVEN G3, the company will continue its industry-leading research program with notable colleges and universities and will be completing the largest farmer demo in Pivot Bio’s history, spanning 300-plus locations, demonstrating the performance and consistency of PROVEN G3 at scale.
This research will join recent peer-reviewed research from Wisconsin and Purdue universities, published in Scientific Reports, confirming that Pivot Bio’s gene-edited microbes successfully fix nitrogen from the air and deliver it directly to plant roots, even in the presence of synthetic fertilizers. Additionally, a three-year study from the University of Illinois further validates Pivot Bio’s products as a reliable third source of nitrogen for corn. The research demonstrates that crops utilizing Pivot Bio’s gene-edited technology absorb more nitrogen —including nitrogen derived from the atmosphere — helping farmers implement multi-mode nitrogen plans for improved efficiency and productivity.
In addition to this latest advancement for corn, the company also recently announced a new product launch for cotton — a first for the cotton market — with CERT-N™.
About the Technology:
Not all nitrogen-fixing microbes perform the same. Traditional or “native,” non-gene-edited microbes stop fixing nitrogen when other nitrogen sources are present, limiting their effectiveness in real-world field conditions. Pivot Bio’s proprietary gene-edited technology sets a new standard. As the only company with patented gene-edited nitrogen-fixing microbes, Pivot Bio ensures its microbes continue working during key growth stages, even in the presence of synthetic or organic fertilizers.
With a growing number of biological products entering the market, Pivot Bio’s product portfolio stands apart, built on a foundation of exclusive, patent-protected innovation that no other company can replicate. Backed by rigorous research and real-world testing, this technology helps farmers protect against nitrogen loss, sustain top-end yield potential and improve efficiency, seamlessly integrating into existing fertility plans.
About PROVEN G3: PROVEN G3 is powered by Pivot Bio’s patented gene-edited technology and introduces a new proprietary microbe blend, working through three distinct modes of action to enhance nitrogen fixation, and optimize nutrient uptake and nitrogen use efficiency.
1. Boosting crop growth by increasing the uptake of critical nutrients.
Helps mobilize additional nutrients, such as iron and manganese, maximizing plant uptake.
2. Feeding nitrogen directly to the roots daily via the only patented gene-edited nitrogen-fixing microbe that continues to supply nitrogen even when other nitrogen is present.
3. Amplifying yield potential via greater plant health and driving enhanced nitrogen-use efficiency.
Supports biomass growth and overall plant health, ultimately driving greater yield potential.
This next-generation innovation reinforces Pivot Bio’s commitment to delivering more predictable and efficient nitrogen solutions that work seamlessly alongside farmers’ existing practices.
About Pivot Bio
Pivot Bio, one of the world’s leading innovative agtech companies, delivers to farmers patented crop nutrition technologies that harness the power of nature to reliably and productively grow the food the world needs in the face of increasing volatility. Currently available in North America and soon in Brazil, the company’s products are a breakthrough innovation and one of the agriculture industry’s most promising solutions. Pivot Bio has been recognized three times by Time magazine on its annual list of best inventions, by Fast Company on its World Changing Ideas and World’s 50 Most Innovative Companies lists, by CNBC on its Disruptor 50 list of private companies, by Fortune on its Impact 20 list of startups driving social good and by MIT Tech Review as one of 15 climate tech companies to watch. For more information, visit PivotBio.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pivot-bio-unveils-proven-g3-with-powerful-new-modes-of-action-and-patent-protected-gene-editing-technology-302401522.html
SOURCE Pivot Bio, Inc
Progressive Planet Reports Q3 Results: $422K EBITDA vs. $732K Last Year and $4.8M Cash on Hand as of January 31, 2025
Argos Multilingual Publishes the “End-User in the Loop: Why the How of Using GenAI Matters” Report
Pivot Bio Unveils PROVEN G3, with Powerful New Modes of Action and Patent-Protected Gene-Editing Technology
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