ICF International, Inc. reported a revenue increase of 2.9% for the fiscal year ending December 31, 2024, reaching $2,019.8 million compared to $1,963.2 million in 2023. The company's net income also rose significantly, amounting to $110.2 million, a 33.4% increase from the previous year's $82.6 million. This growth was attributed to higher revenues from commercial clients and U.S. federal government contracts, particularly in the energy, environment, and infrastructure sectors, which saw a 15.4% increase in revenue.
The company experienced notable changes in its operational metrics, with a total backlog of $3,786.3 million as of December 31, 2024, slightly up from $3,777.8 million in 2023. ICF's workforce expanded to approximately 9,300 employees, reflecting its commitment to enhancing service delivery across its diverse client base, which includes U.S. federal, state, and local governments, as well as international clients. The company also completed the acquisition of Applied Energy Group, a move aimed at bolstering its capabilities in energy technology and advisory services.
In terms of financial health, ICF's total assets increased to $2,066.4 million, with total liabilities at $1,083.9 million. The company maintained a strong liquidity position, with $541.1 million of unused borrowing capacity under its credit facility. However, it faced challenges, including notices for termination-for-convenience and stop-work orders totaling approximately $276 million and $99 million, respectively, primarily related to contracts with USAID. These developments could impact future revenue recognition.
Looking ahead, ICF International anticipates continued demand for its services, particularly in disaster recovery and environmental consulting, as government and industry stakeholders seek to address pressing societal and natural resource issues. The company plans to leverage its expertise and client relationships to pursue larger engagements and strategic acquisitions, while remaining vigilant to potential risks associated with changing government priorities and economic conditions.
About ICF International, Inc.
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