ICF Investor Presentation Q4 2023
Appendix1
(in thousands, except per share amounts)
Reconciliation of EBITDA
Net income
Interest, net
Provision for income taxes
Depreciation and amortization
EBITDA
Three months ended - December 31
2023
$22,162
2022
29
Twelve months ended - December 31
2023
2022
$ 8,878
$ 82,612
$ 64,243
9,535
9,186
39,681
23,281
7,631
3,046
13,935
19,737
14,532
15,778
60,738
49,917
$ 53,860
36,888
$ 196,966
157,178
Reconciliation of Non-GAAP Diluted EPS
U.S. GAAP Diluted EPS
Impairment of long-lived assets
(1)
Acquisition and divestiture-related expenditures
(2)
Severance and other costs related to staff realignment
(3)
Expenses related to facility consolidations and office closures (4)
Expenses related to the transfer to our new corporate headquarters (5)
Expenses related to our agreement for the sale of receivables (6)
Pre-tax gain from divestiture of a business (7)
Amortization of intangibles
Income tax effects of the adjustments (8)
Non-GAAP Diluted EPS
$ 1.16
0.20
EA
0.47
4.35
EA
3.38
0.44
0.40
0.44
0.05
0.25
0.34
0.10
0.06
0.33
0.33
0.10
0.26
0.24
0.26
0.14
0.44
0.01
0.01
(0.17)
|
(0.30)
0.44
0.50
1.87
1.49
(0.15)
(0.37)
(0.64)
(0.92)
$
1.68
1.56
$
6.50
$ 5.77
(1) Represents impairment of operating lease right-of-use and leasehold improvement assets associated with exit from certain facilities, and an intangible asset associated with exit of a business.
(2) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures.
(3) 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.
(4) 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 cease-use of the leased facilities.
(5) These costs represent incremental non-cash lease expense associated with a straight-line rent accrual during the "free rent" period in the lease for our new corporate headquarters in Reston, Virginia. We took possession of the new facility during the fourth quarter of 2021, while also
maintaining and incurring lease costs for the former headquarters in Fairfax, Virginia. The transition to the new corporate headquarters was completed in the fourth quarter of 2022.
(6) These costs include legal and structuring fees related to our 2022 Master Receivables Purchase Agreement with MUFG Bank, Ltd. put in place for the sale of our receivables.
(7) Includes pre-tax gain of $2.5 million and of $3.2 million from the divestitures of our U.S. commercial marketing and Canadian mobile text aggregation businesses.
VICE
(8) Income tax effects were calculated using the effective tax rate, adjusted for discrete items, if any, of 21.1% and 25.5% for the three months ended December 31, 2023 and 2022, respectively, and 22.8% and 28.0% for the twelve months ended December 31, 2023 and 2022, respectively.View entire presentation