ICF Investor Presentation Q4 2023
Historical cash flow conversion at ~100%
$ Millions
$200
$180
$160
78%
$140
75%
$120
$113
$100
$100
$80
$60
$40
$20
$75
109%
$173
106%
103%
$127
$116
$110
$106
$91
106%
$162
$158
$152
120%
100%
80%
60%
40%
20%
·
Our Operating Cash Flow in 2023
remained strong at ~$152.3M,
maintaining our conversion trend of
~100%.
As of FY2023, over the past six years,
we have converted ~100% of our net
income (adjusted for non-cash items)
and generated strong Operating Cash
Flow...
...While growing our total revenue from
$1.3B in 2018 to $2.OB in 2023 at an
8.0% CAGR (which required an
investment in working capital)
$0
0%
2018
2019
2020
2021
2022
2023
Historical Cash Conversion
2018A
2019A
2020A
2021A
2022A
2023A
Net Income
$61
$69
$55
$71
$64
$83
Non-Cash Comp
$12
$16
$18
$13
$13
$15
Depr & Amort
$27
$28
$34
$32
$50
$61
Adj. Net Income
$100
$113
$106
$116
$127
$158
Operating Cash Flow (Op CF)
$75
$91
$173
$110
$162
$152
Cum. Op CF as % of Adj. Net Inc.
75%
78%
106%
103%
109%
106%View entire presentation