Connect with us

Technology

ICF Reports Third Quarter 2024 Results

Published

4 weeks ago

on

―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: 

Revenue Increased 3% to $517 Million, Up 6% Excluding DivestituresNet Income Was $33 Million and GAAP EPS Was $1.73, Up 38% Non-GAAP EPS Increased 18% to $2.13EBITDA1 Increased 18% to $58.2 Million; Adjusted EBITDA1 Was $58.5 Million, Up 8%Contract Awards Were $697 Million for a Quarterly Book-to Bill Ratio of 1.35 and a TTM Book-to-Bill Ratio of 1.31

RESTON, Va., Oct. 31, 2024 /PRNewswire/ — 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.  

“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. 

U.S. federal government revenue was $282.0 million, an increase of 1.0% compared to the $279.3 million reported in the third quarter of 2023, and was impacted by a year-over-year decrease in subcontractor and other direct costs estimated at $10 million in the quarter. Federal government revenue accounted for 54.5% of total revenue, compared to 55.7% of total revenue in the third quarter of 2023.U.S. state and local government revenue increased 3.0% to $78.9 million, from $76.6 million in the year-ago quarter. State and local government clients represented 15.3% of total revenue, unchanged from the third quarter of 2023.International government revenue was $26.9 million, slightly down from the $27.5 million reported in the year-ago quarter. International government revenue represented 5.2% of total revenue, compared to 5.5% in the third quarter of 2023.

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

A new task order with a value of $40.2 million with a U.S. federal agency to deliver strategic and digital communications and engagement campaigns to combat human trafficking.A contract modification with a value of $33.2 million with a U.S. federal agency to provide stakeholder engagement support services.A new contract with a value of $14.8 million with the U.S. Centers for Disease Control and Prevention (CDC) to provide support for CDC’s Needle Exchange Utilization Survey (NEXUS) surveillance project.A new subcontract with a value of $11.2 million to provide information resource support services for the U.S. National Institute of Neurological Disorders and Stroke, Office of Neuroscience Communications and Engagement.A new contract with a value of $10.9 million with the U.S. National Institutes of Health to support the National Library of Medicine’s User Services and Collections Division cross-functional initiatives, including advancing GenAI projects and other programming and technical development activities.A new contract with a value of $9.7 million with the U.S. Department of Education to provide capacity-building services to state, regional and local education agencies.

Disaster Management and Mitigation

A contract extension with a value of $38.5 million with a U.S. state land agency to provide disaster recovery and mitigation grant management services.A new contract with a value of $10.5 million with the government of a U.S. territory to provide a comprehensive array of services to support compliance with federal and local disaster management regulations related to its hurricane recovery efforts.

IT Modernization

A new contract with a value of $69.9 million with the government of a U.S. territory to design, build and implement a new geospatial data management system.A new task order under a blanket purchase agreement with a value of $8.9 million with a U.S. federal agency to provide data center modernization services.

Climate, Energy and Environment

A single-award recompete blanket purchase agreement with a ceiling of $75 million with the U.S. Environmental Protection Agency Office of Water to provide environmental, economic, regulatory and evaluation services to the agency’s critical water programs.A recompete blanket purchase agreement with a ceiling of $40.0 million with the U.S. Federal Highway Administration to provide technical, engineering, publications, marketing and professional support services.

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.

Commercial revenue accounted for 25.0% of total revenue compared to 23.5% of total revenue in the 2023 third quarter.Energy markets revenue, which includes energy efficiency programs, increased 24.6% and represented 86.7% of commercial revenue.

Key Commercial Contracts Awarded in the Third Quarter of 2024

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

A contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its residential energy efficiency portfolio.A contract modification with a multinational energy company to prepare environmental impact statements for the company’s offshore wind projects.A new contract with an international renewable energy company to prepare an environmental impact statement for its offshore wind project.A new contract with a Midwestern U.S. utility to provide program implementation services for its residential energy efficiency program.A new contract with a Midwestern U.S. electric and gas utility to provide program implementation services for its residential energy efficiency program.A new contract with a Midwestern U.S. utility to provide demand-side management programs for both market rate and disadvantaged communities for its residential energy efficiency portfolio.A contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its energy efficiency programs.

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.

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.

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

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

 

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

(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.

  

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

 

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

 

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.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/icf-reports-third-quarter-2024-results-302293255.html

SOURCE ICF

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Sustainability Management Software Market size is set to grow by USD 1.47 billion from 2024-2028, shift toward green initiatives to boost the revenue- Technavio

Published

13 minutes ago

on

November 25, 2024

By

NEW YORK, Nov. 25, 2024 /PRNewswire/ — The global sustainability management software market  size is estimated to grow by USD 1.47 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  15.2%  during the forecast period.  Shift toward green initiatives is driving market growth, with a trend towards emergence of analytics in sustainability management software. However, integration issues with erp solutions  poses a challenge. Key market players include Benchmark Digital Partners LLC, Dakota Software Corp., Diligent Corp., ENGIE SA, Figbytes Inc., Fortive Corp., International Business Machines Corp., LogicLadder Technologies Pvt. Ltd., Mitsubishi Electric Corp., PDS Group, Quentic GmbH, SAP SE, Schneider Electric SE, Sphera Solutions Inc., UL Solutions Inc., Urjanet Inc., VelocityEHS Holdings Inc., and Wolters Kluwer NV., ICONICS, Inc., HELLA GmbH & Co. KGaA, General Electric Company, Microsoft, Salesforce, Inc.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (IT and telecom, Healthcare, Automotive, Manufacturing, and Oil and gas), Deployment (Cloud and On-premises), Vertical/Industry, Software, and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Benchmark Digital Partners LLC, Dakota Software Corp., Diligent Corp., ENGIE SA, Figbytes Inc., Fortive Corp., International Business Machines Corp., LogicLadder Technologies Pvt. Ltd., Mitsubishi Electric Corp., PDS Group, Quentic GmbH, SAP SE, Schneider Electric SE, Sphera Solutions Inc., UL Solutions Inc., Urjanet Inc., VelocityEHS Holdings Inc., and Wolters Kluwer NV, ICONICS, Inc., HELLA GmbH & Co. KGaA, General Electric Company, Microsoft, Salesforce, Inc.

Key Market Trends Fueling Growth

The current business environment is witnessing a decline in energy costs, leading enterprises to adopt smarter methods for managing energy consumption. Energy suppliers impose penalties on inefficient devices with low power factors, and governments worldwide raise the bar for energy standard compliance and carbon footprint reduction. Big data and analytics technologies are playing a significant role in reducing operating expenditures in various industries, including energy and utility, banking, financial and insurance, and healthcare, through predictive modeling techniques. Real-time data analytics helps organizations in the energy sector to comply with regulatory requirements. SaaS-based analytics solutions have gained popularity due to their flexibility. In the solar industry, energy analytics is gaining traction in the global sustainability management software market, utilizing machine learning and predictive analytics technologies. Effective energy management systems integrate predictive analytics with IoT, improving operational efficiency and planning through smart grid initiatives. Real-time analytics optimizes functions such as building-energy management, energy production, weather forecasting, and predictive maintenance of EMS. IoT and predictive analytics provide benefits such as asset efficiency analysis, real-time data collection, optimal warranty period definition, and cost estimation, ultimately optimizing carbon emissions and providing well-informed demand-side operations. These factors will boost the growth of the global sustainability software management market during the forecast period. 

Sustainability management software is a business solution that helps companies reduce costs, manage data related to energy usage and resource management, and track their carbon footprint and pollution reduction efforts. This software is trending in various sectors, including manufacturing and chemicals, due to its ability to automate data management, provide real-time information, and support scenario planning for energy savings and climate change mitigation. The software can be implemented as cloud-based, on-premise, or hybrid solutions, offering consulting and implementation services. Key features include project planning, reporting, and collaboration and communication systems. By adopting sustainability management software, businesses can enhance their corporate strategy, embrace sustainable practices, and derisk their supply chains in resource-stressed areas. The software also supports green development, energy efficiency, and the use of renewable resources, ultimately contributing to a low-carbon technology future. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

Sustainability management software plays a crucial role in helping businesses manage and reduce their carbon emissions. Integrating this software with an enterprise resource planning (ERP) system can enhance its benefits. However, integration challenges arise due to the complexity of IT infrastructure. The lack of compatibility between sustainability management software and ERP systems can result in additional costs and manual processes. Middleware solutions exist to address some of these issues, but they require customization and can be costly. Overcoming these integration hurdles is essential for the expansion of the global sustainability management software market.Sustainability management software is essential for businesses seeking to reduce costs, manage data, and minimize their environmental impact. Challenges include effective energy usage and resource management, data management, and reporting. Automated data management and scenario planning help save energy and reduce carbon footprint, pollution, and climate change risks. The chemicals and manufacturing sectors benefit from sustainability software, enabling supply chain derisking and green development. Corporate strategy and sustainable practices require cloud-based solutions for energy efficiency, carbon emissions reduction, and real-time information on green energy and renewable resources. Implementation and consulting services ensure successful software adoption, whether on-premise, hybrid cloud, or collaboration and communication systems.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This sustainability management software market report extensively covers market segmentation by

Application 1.1 IT and telecom1.2 Healthcare1.3 Automotive1.4 Manufacturing1.5 Oil and gasDeployment 2.1 Cloud2.2 On-premisesVertical/IndustrySoftwareGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 IT and telecom-  The IT and telecommunications sector is projected to lead the global sustainability management software market due to the significant carbon footprint it contributes to the environment. Currently, ICT is responsible for approximately 3-4% of global CO2 emissions, with telecommunications accounting for 1.6% of this total. Upstream and downstream operations, including energy use from suppliers, contribute up to 90% of telco firms’ emissions. With data centers projected to account for 8% of global power consumption by 2030, the need to monitor and reduce carbon emissions is increasingly important. Major telcos have committed to reducing energy usage per unit of traffic by around 70% by the end of this decade, which could potentially reduce emissions by up to 15% by 2030. In response, the ICT industry is adopting sustainability management software to manage emissions and comply with climate regulations, driving market growth within the IT and telecom sector during the forecast period.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

Sustainability Management Software is a vital tool for businesses seeking to reduce their carbon emissions, manage energy usage, and promote the use of renewable resources. This software enables automated data management of energy consumption and resource usage, providing valuable insights for energy saving and pollution reduction. It also supports scenario planning and project management, helping companies to implement sustainable practices and align with corporate strategy. The software can be delivered through cloud-based, on-premise, or hybrid cloud solutions, offering flexibility to meet various business needs. With great databases and reporting capabilities, this software assists organizations in tracking their carbon footprint, monitoring climate change impacts, and identifying areas for improvement in their manufacturing processes. By adopting Sustainability Management Software, businesses can effectively manage their energy and resources, reduce their environmental impact, and contribute to a more sustainable future.

Market Research Overview

Sustainability management software is a vital tool for businesses seeking to reduce their carbon emissions, manage energy usage, and promote the use of renewable resources. This software enables real-time data management and reporting on energy consumption, resource usage, and environmental impact. It offers automated data management, project planning, scenario planning, and energy-saving strategies to help companies reduce their carbon footprint and pollution levels. The software can be implemented through cloud-based, on-premise, or hybrid cloud solutions, and often includes collaboration and communication systems to facilitate teamwork and information sharing. Sustainability management software is essential for industries such as chemicals and manufacturing, where energy efficiency and resource management are critical. It also plays a crucial role in corporate strategy and the adoption of sustainable practices. Cloud-based solutions offer cost-saving strategies and easy access to low-carbon technology, making them increasingly popular. Overall, sustainability management software is a powerful tool for businesses looking to minimize their environmental impact, improve energy efficiency, and enhance their corporate social responsibility.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationIT And TelecomHealthcareAutomotiveManufacturingOil And GasDeploymentCloudOn-premisesVertical/IndustrySoftwareGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/sustainability-management-software-market-size-is-set-to-grow-by-usd-1-47-billion-from-2024-2028–shift-toward-green-initiatives-to-boost-the-revenue–technavio-302314987.html

SOURCE Technavio

Continue Reading

Technology

Elizabeth Mannshardt Joins Westat as VP and Director, Statistics and Data Science

Published

13 minutes ago

on

November 25, 2024

By

Mannshardt’s expertise in statistical methodologies and data science, plus her leadership skills, will further strengthen Westat’s capacity to deliver innovative, data-driven solutions to clients.

ROCKVILLE, Md., Nov. 25, 2024 /PRNewswire/ — Elizabeth Mannshardt, PhD, joined Westat in November 2024 as Vice President and Director, Statistics and Data Science. Mannshardt brings a wealth of statistical and data science knowledge, leadership, and strategic planning to Westat’s senior leadership team. She also has strong connections to the broader statistical community, having served in several American Statistical Association (ASA) leadership roles and is an ASA Fellow.

Prior to joining Westat, Mannshardt served as the director of the Statistics, Methods, and Innovation Program at the National Center for Science and Engineering Statistics of the National Science Foundation where she led a team of survey statisticians and methodologists. Earlier, she was the acting director of the Information Access and Analysis Services Division in the Environmental Protection Agency’s Office of Information Management where she led a team of data scientists and information technologists managing national and public-facing programs and services, including the design and buildout of the agency’s cloud-hosted data management and analytics platform.

Mannshardt is an adjunct associate professor in North Carolina State University’s Department of Statistics and vice chair of ASA’s Membership Council, which provides oversight and guidance to nine ASA committees.

“Liz’s extensive expertise in statistics and data science, along with her outstanding leadership and strategic foresight, will continue to drive our capacity to deliver cutting-edge, data-driven solutions,” says Jeri Mulrow, MS, Vice President and Sector Lead, Data Solutions. “Her strong ties within the statistical profession and her dedication to collaboration will further elevate our organization.”

About Westat (www.westat.com)

Westat is a leader in research, data collection and analysis, technical assistance, evaluation, and communications. Our evidence-based findings help clients in government and the private sector accelerate advancements in health, education, transportation, and social and economic policy. Since 1963, our dedication to improving lives through research and our approach to projects grounded in investigative curiosity, equity, statistical and data rigor, adaptive methods, and advanced technology are why clients find exceptional value in our work.

View original content to download multimedia:https://www.prnewswire.com/news-releases/elizabeth-mannshardt-joins-westat-as-vp-and-director-statistics-and-data-science-302315620.html

SOURCE Westat

Continue Reading

Technology

Electronic Health Records Market size is set to grow by USD 54.7 billion from 2024-2028, benefits of EHR leading to rise in adoption to boost the market growth, Technavio

Published

13 minutes ago

on

November 25, 2024

By

NEW YORK, Nov. 25, 2024 /PRNewswire/ — The global electronic health records market  size is estimated to grow by USD 54.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 17.57%  during the forecast period.

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 17.57%

Market growth 2024-2028

USD 54.7 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.81

Regional analysis

North America, Europe, Asia, and Rest of World (ROW)

Performing market contribution

North America at 44%

Key countries

US, Canada, UK, Germany, and China, France, Australia, Netherlands, Sweden, Denmark

Key companies profiled

athenahealth Inc., CareCloud Inc., Computer Programs and Systems Inc., CureMD, Dedalus Group, Dell Technologies Inc., eClinicalWorks LLC, Epic Systems Corp., EverCommerce Inc., General Electric Co., Global Payments Inc., Greenway Health LLC, KareXpert Technologies Pvt. Ltd., McKesson Corp., MEDHOST, Medical Information Technology Inc., Oracle Corp., Siemens AG, Tebra Technologies Inc., and Veradigm LLC, Allscripts Healthcare Solutions, MEDITECH, NextGen Healthcare, Cerner Corp.

Market Driver

The Electronic Health Records (EHR) market is experiencing significant growth as healthcare providers shift from paper records to digital solutions. Hospitals and healthcare units are major adopters, with the professional services segment driving demand. Chronic diseases require extensive patient records, making digitalization essential. The acute and post-acute segments, including rehabilitation centers, benefit from EHRs’ efficiency. Doctors and pharmacies also use EHRs for patient health history, medicines, allergies, and immunization status. Web-based EHRs offer convenience, while Client server-based EHRs ensure data security. Advanced healthcare facilities utilize EHRs for clinical documentation, lab systems, radiology systems, and clinical applications. Healthcare financing, administrative applications, and healthcare financing are also managed through EHRs. EHR service providers leverage software technology, artificial intelligence, and cloud storage technology to offer advanced solutions. Geriatric population and diseases require specialized EHRs. Inpatient EHRs, ambulatory care, ambulatory surgical centers, and clinical trials also use EHRs for data storage and administrative data. Devices and drugs are integrated into EHR systems for seamless patient care. 

The UN projects that over half of the global population will be aged 65 and above by 2039, leading to significant growth in the healthcare sector, particularly in developed countries. In response, the industry is transitioning from diagnosis and treatment to prevention. This trend is also emerging in Asia and the Middle East, where population growth is most pronounced. The demand for remote healthcare, wireless treatments, and minimally invasive procedures is escalating. Healthcare providers are investing in home care, remote monitoring, telehealth, and self-monitoring solutions to cater to this preventive care focus. 

Market Challenges

The Electronic Health Records (EHR) market is witnessing significant growth due to the digitalization of healthcare. However, challenges persist in various segments. In the professional services segment, integrating EHR systems across hospitals, healthcare units, rehabilitation centers, and clinics requires expertise. Chronic diseases demand efficient management of patient health history, medicines, allergies, and immunization status. Hospitals face challenges with paperwork, digitalization, and big data management in acute and post-acute segments. Doctors and physicians in ambulatory services need user-friendly Web-based EHR solutions for easy access to patient records. Pharmacies, laboratories, and clinics require seamless integration with EHR systems for efficient clinical documentation and administrative applications. EHR service providers must address the unique needs of advanced healthcare facilities, specialty centers, and geriatric population. Software technology, artificial intelligence, and cloud storage technology play crucial roles in addressing these challenges. Healthcare financing, drug development, and device integration are also essential considerations. Inpatient EHR, clinical trials, and administrative data management are key areas of focus.The electronic health records (EHR) market is experiencing significant growth due to the digitalization of healthcare workflows. However, this trend comes with concerns over privacy and data protection. With the integration of devices generating data into healthcare systems and the availability of data from hospitals and insurance companies in a centralized place, healthcare organizations and patient information are at risk of cyberattacks. This issue restricts the healthcare industry from fully adopting advanced technologies, despite the potential benefits of improved healthcare quality, insights, and cost reduction. It is crucial for industry players to prioritize security measures to mitigate these risks and ensure patient data confidentiality.

Research report provides comprehensive data on impact of trend, driver and challenges – Request a sample report!

Segment Overview 

This electronic health records market report extensively covers market segmentation by

Deployment 1.1 On-premises1.2 Cloud-basedComponent 2.1 Services2.2 Software2.3 HardwareTypeApplicationGeography 3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)

1.1 On-premises-  On-premises Electronic Health Records (EHR) are self-hosted systems where the software and hardware are installed and managed on the native IT infrastructure of businesses and enterprises. These systems offer physical control and improved data security as the data is managed in-house, and there is no reliance on the Internet for access. However, the adoption of on-premises EHR by small and medium-sized enterprises (SMEs) is hindered due to the higher costs associated with the additional requirements for servers, hardware, and floor space. Large enterprises with sufficient funds and existing infrastructure continue to prefer on-premises EHR due to the enhanced data security and control. The growing concerns around data privacy and security are driving the demand for on-premises EHR solutions, contributing to the market’s growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The Electronic Health Records (EHR) market is witnessing significant growth due to the digitalization of healthcare and the increasing adoption of advanced technologies in the healthcare industry. The market caters to various segments including hospitals, healthcare units, and advanced healthcare facilities in both the acute and post-acute segments. Chronic diseases management is a major application area for EHRs, helping healthcare providers manage patient health history, medicines, allergies, and clinical documentation more effectively. EHR systems come in different formats such as Web-based and client server-based, with Ambulatory EHR and Acute EHR being the most common types. These systems integrate with various healthcare systems including lab systems, radiology systems, and pharmacy systems, streamlining workflows and reducing paperwork. The post-acute segment, including rehabilitation centers, is also adopting EHRs to manage patient care more efficiently. Big data analytics is a key trend in the EHR market, enabling healthcare providers to gain insights from patient data and improve patient outcomes. Overall, the EHR market is transforming healthcare delivery by making patient records more accessible and manageable.

Market Research Overview

The Electronic Health Records (EHR) market is a rapidly growing segment in the healthcare industry, driven by the digitalization of paperwork and the need for efficient and accurate patient care. EHR systems are used by hospitals, healthcare units, rehabilitation centers, and other advanced healthcare facilities to manage patient’s healthcare records. These records include health history, medicines, allergies, immunization status, lab test results, hospital discharge instructions, billing information, and more. EHR systems are available in various formats such as Web-based EHR, Client server-based EHR, Acute EHR, Ambulatory EHR, and Post-acute EHR. They cater to different segments like hospitals, ambulatory services, pharmacies, laboratories, clinics, and specialty centers. The market is segmented into professional services, acute segment, post-acute segment, and the chronic diseases segment. The professional services segment includes services related to the implementation, customization, and maintenance of EHR systems. The acute segment caters to the needs of hospitals and inpatient care, while the post-acute segment serves the needs of long-term care facilities and rehabilitation centers. EHR systems use advanced software technology, artificial intelligence, and cloud storage technology to provide clinical applications, administrative applications, healthcare financing, and clinical documentation. They also offer integration with lab systems, radiology systems, pharmacy systems, and clinical trial data. The geriatric population and patients with chronic diseases benefit significantly from EHR systems as they require continuous care and monitoring. EHR service providers offer on-premise software and cloud-based software to cater to the varying needs of healthcare providers. The market also includes drug, devices, and administrative data.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentOn-premisesCloud-basedComponentServicesSoftwareHardwareTypeApplicationGeographyNorth AmericaEuropeAsiaRest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/electronic-health-records-market-size-is-set-to-grow-by-usd-54-7-billion-from-2024-2028–benefits-of-ehr-leading-to-rise-in-adoption-to-boost-the-market-growth-technavio-302314995.html

SOURCE Technavio

Continue Reading

Trending