ICF International (ICFI) Q4 FY2021 earnings: revenue $388 million, down 10.7% on the year

ICF International, Inc. (ICFI) reported revenue of $388 million for Q4 FY2021, the quarter ended 31 December 2021, down 10.7% on the same quarter a year earlier. Net income was $12 million, down 5.8% on the year, and diluted earnings per share $0.62. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue$388 milliondown 10.7%

Net income$12 milliondown 5.8%

Diluted EPS$0.62

QuarterQ4 FY2021ended 31 December 2021

The quarter, against the one before and a year earlier

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Revenue	388	394	n/a	n/a
Cost of revenue	247	254	n/a	n/a
Gross profit	141	140	n/a	n/a
Gross margin	36.4%	35.5%	n/a
Selling, general and administrative	114	99.9	n/a	n/a
Operating income	18.6	32.3	n/a	n/a
Operating margin	4.8%	8.2%	n/a
Interest expense	2.4	2.5	n/a	n/a
Pre-tax income	16.0	29.8	n/a	n/a
Income tax	3.9	9.4	n/a	n/a
Effective tax rate	24.4%	31.6%	n/a
Net income	12.1	20.4	n/a	n/a
Net margin	3.1%	5.2%	n/a
Diluted EPS	$0.62	$1.07	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Operating cash flow	45.4	58.4	n/a	n/a
Capital expenditure	7.7	4.8	n/a	n/a
Free cash flow	37.8	53.6	n/a	n/a
Free cash flow margin	9.7%	13.6%	n/a
Cash from investing	-182	-4.8	n/a	n/a
Cash from financing	115	-46.0	n/a	n/a
Depreciation and amortisation	8.3	4.7	n/a	n/a
Share-based compensation	3.5	5.2	n/a	n/a
Dividends paid	2.6	2.6	n/a	n/a
Dividend per share	n/a	$0.14	n/a	n/a
Diluted shares, weighted	19m	19m	n/a	n/a
Shares outstanding at period end	19m	19m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2021	Q3 FY2021	A year earlier	Change on the year
Shareholders' equity	803	791	n/a	n/a
Debt	422	280	n/a	n/a
Operating lease liabilities	192	87.5	n/a	n/a
Other liabilities	433	448	n/a	n/a
Total liabilities and equity	1,850	1,606	n/a	n/a
Fixed assets	52.1	51.6	n/a	n/a
Goodwill	1,047	909	n/a	n/a
Intangible assets	79.6	50.8	n/a	n/a
Cash and equivalents	8.3	7.9	n/a	n/a
Receivables	238	215	n/a	n/a
Other assets	425	371	n/a	n/a
Total assets	1,850	1,606	n/a	n/a

Questions

What was ICF International's revenue in Q4 FY2021?

ICF International (ICFI) reported revenue of $388 million for Q4 FY2021, the quarter ended 31 December 2021, down 10.7% on the same quarter a year earlier.

How much did ICF International earn in Q4 FY2021?

Net income for Q4 FY2021 was $12 million, down 5.8% on the year, and diluted earnings per share $0.62.

When did ICF International report Q4 FY2021 results?

ICF International filed its 10-K for the year that ended with the quarter on 25 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	394	388	413	423	468	476	483	500	502	478	494	512	517	496	488	476	465	444	438	474
Cost of revenue	254	247	258	269	307	300	313	325	324	304	311	329	325	317	303	298	291	285	271	298
Gross profit	140	141	155	154	160	176	171	175	178	175	184	183	192	179	185	178	175	158	167	177
Gross margin	35%	36%	38%	36%	34%	37%	35%	35%	35%	37%	37%	36%	37%	36%	38%	37%	38%	36%	38%	37%
SG&A	99.9	114	117	114	118	137	124	127	132	123	129	127	133	129	132	123	122	115	119	123
Operating income	32.3	18.6	27.7	29.8	28.2	23.0	31.5	32.0	31.9	36.9	40.9	42.4	46.0	36.5	38.4	40.0	38.4	28.6	34.9	39.9
Operating margin	8%	5%	7%	7%	6%	5%	7%	6%	6%	8%	8%	8%	9%	7%	8%	8%	8%	6%	8%	8%
Interest expense	2.5	2.4	2.7	4.1	7.5	9.3	n/a	n/a	n/a	n/a	8.3	7.8	7.2	6.6	7.4	8.5	7.9	7.4	6.8	6.9
Pre-tax income	29.8	16.0	24.6	25.8	21.6	11.9	21.4	21.2	24.1	29.8	34.3	34.7	37.9	31.1	30.0	29.9	30.7	21.3	27.4	32.8
Tax rate	32%	24%	27%	29%	12%	26%	24%	4%	1%	26%	20%	26%	14%	21%	10%	21%	23%	19%	25%	18%
Net income	20.4	12.1	17.9	18.4	19.1	8.9	16.4	20.3	23.7	22.2	27.3	25.6	32.7	24.6	26.9	23.7	23.8	17.3	20.5	26.9
Net margin	5%	3%	4%	4%	4%	2%	3%	4%	5%	5%	6%	5%	6%	5%	6%	5%	5%	4%	5%	6%
Diluted EPS	$1.07	$0.62	$0.94	$0.97	$1.01	$0.47	$0.87	$1.07	$1.25	$1.16	$1.44	$1.36	$1.73	$1.30	$1.44	$1.28	$1.28	$0.94	$1.12	$1.49
Operating cash flow	58.4	45.4	-7.1	13.5	0.2	156	-16.8	36.7	25.7	107	-10.0	60.6	25.5	95.4	-33.0	52.0	47.3	75.6	-3.1	99.7
Capital expenditure	4.8	7.7	6.5	4.6	6.3	7.2	6.4	6.7	4.7	4.5	5.2	5.2	5.2	5.9	3.5	5.8	5.5	6.9	2.8	5.7
Free cash flow	53.6	37.8	-13.5	8.9	-6.1	148	-23.3	30.0	20.9	102	-15.2	55.5	20.4	89.5	-36.5	46.2	41.8	68.7	-6.0	94.0
Dividends paid	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.5
Shares outstanding	19m	19m	19m	19m	19m	19m	19m	19m	19m	19m	19m	19m	19m	19m	18m	18m	18m	18m	18m	18m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 25 February 2022: the filing.