ICF International (ICFI) The 44th Annual William Blair Growth Stock Conference summary

Business overview and market positioning

• Provides consulting and technology services to government and commercial clients, with 75% of revenue from government and 25% from commercial sectors.

• Deep domain expertise enables both advisory and implementation services, driving long-term contracts and growth.

• Revenue CAGR since going public is about 15%, split evenly between organic and inorganic growth.

• Strong cash flow and a balanced portfolio across energy, health, environment, and infrastructure.

• 85% of revenues are tied to programs with positive societal impact.

Key growth drivers and financial performance

• Five main growth drivers: commercial energy/utility consulting, climate change consulting, disaster management, public health, and IT modernization.

• Three-year revenue CAGR is 9.2%, with EPS up 15.9% due to focus on these drivers.

• At the end of 2023, 80% of revenues were from these growth areas, up from 55% in 2020.

• Commercial energy contract wins up 45%, and federal health revenues doubled in three years.

• Adjusted EBITDA margins expanded by 140 basis points, with a robust $9.7 billion business development pipeline.

Market trends and long-term outlook

• Growth drivers are supported by long-term trends expected to last 5–10 years.

• High win rates, margin expansion, and strong backlog support continued high single-digit organic growth.

• Book-to-bill ratio has remained strong at 1.15–1.3.

• Larger, longer-term contracts are increasingly common, especially in technology and digital engagement.

• Strategic acquisitions and real estate management contribute to margin improvement.