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ICF Reports Fourth Quarter and Full Year 2018 Results

FAIRFAX, Va., Feb. 26, 2019 /PRNewswire/ --

(PRNewsfoto/ICF International)

Fourth Quarter Highlights:

  • Total Revenue Was $378 Million, up 18 Percent
  • Diluted EPS Was $0.97, Inclusive of $0.09 in Special Charges1
  • Non-GAAP EPS1 Was $1.17, up 50 Percent
  • Adjusted EBITDA Margin on Service Revenue1 Was 16.5 Percent
  • Contract Awards of $286 Million

Full Year Highlights:

  • Total Revenue Was $1.34 Billion, up 9 Percent
  • Diluted EPS Was $3.18, Inclusive of $0.17 in Special Charges
  • Non-GAAP EPS Was $3.73, up 24 Percent
  • Adjusted EBITDA Margin on Service Revenue Was 13.4 Percent
  • Contract Awards Increased 40 Percent to $1.82 Billion, Representing a Book-to-Bill Ratio of 1.4

2019 Guidance:

  • Revenue: $1.45 Billion to $1.50 Billion
  • Diluted EPS: $3.75-$3.95, Exclusive of Any Special Charges
  • Non-GAAP EPS: $4.05-$4.25

ICF (NASDAQ: ICFI), a global consulting and digital services provider, reported results for the fourth quarter and full year ended December 31, 2018.

"Fourth quarter results represented a strong finish to a record year for ICF and demonstrated the strength of the growth drivers that will continue in 2019," said Sudhakar Kesavan, Chairman and Chief Executive Officer.

"Revenue growth in the fourth quarter was broad-based, across each of our client categories. Revenue from government clients increased 22 percent, driven by our disaster recovery work for state and local government clients. Revenue from commercial clients increased 12 percent from the 2017 fourth quarter, reflecting positive comparisons in both marketing services and energy markets, which together comprised over 90 percent of ICF's commercial revenue this quarter.

"On a consolidated basis, we delivered 10 percent service revenue1 growth in the fourth quarter, which together with a favorable business mix and higher utilization drove a 26 percent increase in adjusted EBITDA1, and an exceptional adjusted EBITDA to service revenue margin of 16.5 percent.

"Additionally, this was a solid quarter of new contract awards for ICF following a record third quarter, bringing the value of contracts won in 2018 to $1.82 billion, equivalent to a book-to-bill ratio of 1.4. At the same time, our year-end business development pipeline increased to over $5.8 billion, representing a year-over-year increase of 38 percent," Mr. Kesavan noted.   

Fourth Quarter 2018 Results

Fourth quarter 2018 total revenue was $377.9 million, representing 17.7 percent growth over the $321.2 million reported in the fourth quarter of 2017. Service revenue increased 10.0 percent year-over-year to $239.6 million, from $217.8 million. Net income amounted to $18.7 million in the 2018 fourth quarter, or $0.97 per diluted share, inclusive of $0.09 of tax-effected special charges, which included $0.05 for a reserve related to the bankruptcy of Pacific Gas & Electric. The 2018 fourth quarter effective tax rate was higher than anticipated primarily due to valuation allowances of foreign tax credits.  In the 2017 fourth quarter, net income was $27.1 million, or $1.41 per diluted share, inclusive of a one-time benefit of $0.85 per diluted share in connection with the Tax Cuts and Jobs Act and $0.13 of tax-effected special charges.

Non-GAAP EPS increased 50.0 percent to $1.17 per share from $0.78 per share in 2017. EBITDA1 was $36.9 million, up 36.1 percent from $27.1 million reported in the fourth quarter of 2017.  Adjusted EBITDA was $39.4 million, 25.5 percent above the $31.4 million reported in the 2017 fourth quarter. Fourth quarter 2018 adjusted EBITDA margin on service revenue was 16.5 percent compared to 14.4 percent in the 2017 fourth quarter.

Full Year 2018 Results

For 2018, total revenue amounted to $1.34 billion, representing 8.9 percent growth over the $1.23 billion reported for full year 2017. Service revenue increased 4.7 percent year-over-year to $925.8 million, from $884.2 million in 2017. Full year 2018 net income amounted to $61.4 million, or $3.18 per diluted share, inclusive of $0.17 of tax-effected special charges, which included $0.05 for a reserve related to the bankruptcy of Pacific Gas & Electric. This compares to net income of $62.9 million, or $3.27 per diluted share for last year, inclusive of $0.84 for a one-time tax benefit and $0.24 of tax-effected special charges.

Non-GAAP EPS increased 23.5 percent year-over-year to $3.73 per share from $3.02 per share. EBITDA was $119.5 million, up 7.6 percent from $111.0 million reported in 2017. Adjusted EBITDA was $123.8 million, a 5.0 percent increase over $117.9 million in 2017. The 2018 adjusted EBITDA margin on service revenue was 13.4 percent, as compared to 13.3 percent reported in 2017.

Backlog and New Business Awards

Total backlog was $2.4 billion at the end of the fourth quarter of 2018. Funded backlog was $1.1 billion, or approximately 48 percent of the total backlog. The total value of contracts awarded in the 2018 fourth quarter was $285.8 million.  For full year 2018, contract awards were $1.82 billion, representing a book-to-bill ratio of 1.4.

Government Revenue Fourth Quarter 2018 Highlights

Revenue from government clients was $226.0 million, up 21.7 percent year-over-year.

  • U.S. federal government revenue was $131.5 million, representing a 2.1 percent year-over-year increase. Federal government revenue accounted for 35 percent of total revenue, compared to 40 percent of total revenue in the fourth quarter of 2017.
  • U.S. state and local government revenue increased by 115.2 percent year-on-year to $62.2 million. State and local accounted for 16 percent of total revenue, compared to 9 percent of total revenue in the 2017 fourth quarter.
  • International government revenue increased 15.0 percent year-on-year to $32.3 million and accounted for 9 percent of total revenue in both the 2018 and 2017 fourth quarters.

Key Government Contracts Awarded in the Fourth Quarter

ICF was awarded more than 80 U.S. federal contracts and task orders and more than 250 additional contracts from U.S. state and local and international governments with an aggregate value of $156.4 million. Year-to-date government awards totaled $1.36 billion. Awards won in the fourth quarter included: 

  • Disaster recovery: Multiple awards totaling more than $50 million, which were mentioned in our November 1, 2018 earnings call, to support housing and infrastructure programs that are part of state and local government disaster recovery activities associated with Hurricane Harvey.
  • Advisory services: A contract with the Air Force Civil Engineer Command to provide advisory and assistance services.
  • Public health: A subcontract to provide services to a federal agency related to addressing underage drinking.
  • Environment and planning: Numerous contract amendments with a western U.S. state water resources agency related to environmental evaluation, compliance, permitting, program management, and public outreach.
  • Strategic communications: Multiple contracts and task orders with various European Commission agencies and directorates to provide strategic communications services.
  • Program support: A contract with an office of the U.S. Department of Education to provide program support services.

Select other government contract and task order wins with a value greater than $2 million included: ongoing technical assistance services for the U.S. Department of Education'sAppalachia Regional Comprehensive Center; program support services for the responsible fatherhood clearinghouse of the Office of Family Assistance; and analysis and planning services for a western U.S. water resources board.

Commercial Revenue Fourth Quarter 2018 Highlights

  • Commercial revenue was $151.9 million, up 12.2 percent from the $135.4 million reported in last year's fourth quarter. Commercial revenue accounted for 40 percent of total revenue compared to 42 percent of total revenue in the 2017 fourth quarter.
  • Energy markets, which include energy efficiency programs, represented 39 percent of commercial revenue. Marketing services accounted for 54 percent of commercial revenue.

Key Commercial Contracts Awarded in the Fourth Quarter

Commercial sales were $129.3 million in the fourth quarter of 2018 and $464.5 million year-to-date.  ICF was awarded more than 650 commercial projects globally during the fourth quarter including:

In Energy Markets:

  • A contract amendment with a western U.S. energy organization to continue supporting its residential energy efficiency program.
  • Contracts with a northeastern U.S. utility to support its residential energy efficiency programs.
  • Two contract extensions with a northeastern U.S. utility to continue providing support for its energy efficiency programs.
  • A contract and several task orders with a western U.S. utility to provide environment and planning services.
  • A work order with an electric transmission company to prepare a cultural resource inventory.

In Marketing Services:

  • A retainer with a major U.S. rail transportation system to continue to provide loyalty program services.
  • Multiple task orders with a U.S. health insurer to provide additional marketing services.
  • Multiple task orders with a U.S. health insurer to provide healthcare business consulting and digital solutions services.
  • Multiple task orders with a publisher of educational products to continue to provide marketing services.

Select other commercial contract and task order wins with a value of more than $1 million included: loyalty program services for two hospitality chains; ongoing support for residential energy efficiency programs for a utility in the midwestern U.S.; and program support services for a non-road electrification program for a southeastern U.S. utility.

Dividend Declaration

On February 26, 2019, ICF declared a quarterly cash dividend of $0.14 per share, payable on April 16, 2019 to shareholders of record on March 29, 2019.

2018 Recognitions

ICF received several important recognitions in 2018:

  • Forbes named ICF one of "America's Best Management Consulting Firms" for the third consecutive year
  • Awarded Government Contractor of the Year and Program of the Year for a Large Business by Greater Washington GovCon
  • A "strong performer" in Forrester's report on digital experience providers, The Forrester Wave™: Midsize Digital Experience Agencies, Q4 2018

Summary and Outlook

"Looking ahead, we have strong visibility into 2019 based on our existing contract backlog. We expect the catalysts that benefitted our 2018 performance to continue to drive significant growth and further margin expansion in 2019. Each of our client categories is positioned for year-over-year progress in 2019. In government markets, ICF's domain expertise and cross-cutting implementation skills align with federal agency spending priorities and funding appropriated for post-hurricane housing recovery. In commercial markets, we have a strong pipeline of energy efficiency programs and continue to build our distributed energy and resiliency consulting services. Additionally, we have substantial opportunities to further leverage our commercial marketing services and engagement capabilities broadly across our domestic and international client sets.

"For full year 2019, we expect revenue of $1.45 billion to $1.50 billion. This guidance includes the impact of the partial government shutdown that took place in January 2019 and affected several of ICF's federal agency clients. The Company expects to re-capture the approximately $3 million in lost revenue due to the shutdown throughout 2019 but will absorb the related operating expenses, which are expected to impact diluted EPS by $0.05 in the first quarter. GAAP earnings per diluted share are expected to be in the range of $3.75 to $3.95, exclusive of any special charges. Non-GAAP diluted EPS is expected to range from $4.05 to $4.25. Per share guidance is based on a weighted average number of shares outstanding of 19.3 million. Operating cash flow, which was slightly below our 2018 guidance due to timing issues, is projected to be in the range of $100 million to $120 million for 2019. Full year 2019 guidance does not include any significant new disaster recovery-related contract wins that might occur," concluded Mr. Kesavan.

About ICF
ICF (NASDAQ:ICFI) is a global consulting services company with over 5,500 specialized experts, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

ICF International, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(in thousands, except per share amounts)












Three months ended


Twelve months ended



December 31,


December 31,



2018


2017


2018


2017



(Unaudited)


(Unaudited)

Revenue


$         377,910


$       321,174


$         1,337,973


$    1,229,162

Direct Costs


249,057


207,230


857,508


771,725

Operating costs and expenses:









Indirect and selling expenses


91,958


86,840


360,987


346,440

Depreciation and amortization


4,439


4,260


17,163


17,691

Amortization of intangible assets


3,013


2,663


10,043


10,888

Total operating costs and expenses


99,410


93,763


388,193


375,019

Operating Income


29,443


20,181


92,272


82,418

Interest expense


(2,637)


(1,890)


(8,710)


(8,553)

Other (expense) income


(170)


97


(735)


121

Income before income taxes


26,636


18,388


82,827


73,986

Provision (benefits) for income taxes


7,941


(8,682)


21,427


11,110

Net income


$           18,695


$         27,070


$              61,400


$         62,876










Earnings per Share:









Basic


$               0.99


$             1.45


$                  3.27


$             3.35

Diluted


$               0.97


$             1.41


$                  3.18


$             3.27










Weighted-average Shares:









Basic


18,838


18,646


18,797


18,766

Diluted


19,333


19,136


19,335


19,244










Cash dividends declared per common share


0.14



0.56











Other comprehensive (loss) income:


(4,407)


1,571


(6,683)


4,601

Comprehensive income, net of tax


$           14,288


$         28,641


$              54,717


$         67,477

 

ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures (2)

(in thousands, except per share amounts)












Three months ended


Twelve months ended



 December 31, 


 December 31, 



2018


2017


2018


2017



(Unaudited)


(Unaudited)

Reconciliation of Service Revenue









Revenue


$         377,910


$       321,174


$         1,337,973


$    1,229,162

Subcontractor and Other Direct Costs(3)


(138,296)


(103,399)


(412,216)


(344,913)

Service Revenue


$         239,614


$       217,775


$            925,757


$       884,249










Reconciliation of EBITDA and Adjusted EBITDA









Net Income


$           18,695


$         27,070


$              61,400


$         62,876

Other expense (income)


170


(97)


735


(121)

Interest expense


2,637


1,890


8,710


8,553

Provision for income taxes


7,941


(8,682)


21,427


11,110

Depreciation and amortization


7,452


6,923


27,206


28,579

EBITDA


36,895


27,104


119,478


110,997

Special charges related to acquisition expenses(4)


748


239


1,361


239

Special charges related to severance for staff realignment(5)


559


742


1,554


1,583

Special charges related to facilities consolidations and office closures(6)



339


115


2,060

Special charges due to additional cash bonus expense(7)



3,000



3,000

Special charges related to bad debt reserve(8)


1,240



1,240


Total special charges and adjustments


2,547


4,320


4,270


6,882

Adjusted EBITDA


$           39,442


$         31,424


$            123,748


$       117,879










EBITDA Margin Percent on Revenue(9)


9.8%


8.4%


8.9%


9.0%

EBITDA Margin Percent on Service Revenue(9)


15.4%


12.4%


12.9%


12.6%

Adjusted EBITDA Margin Percent on Revenue(9)


10.4%


9.8%


9.2%


9.6%

Adjusted EBITDA Margin Percent on Service Revenue(9)


16.5%


14.4%


13.4%


13.3%










Reconciliation of Non-GAAP EPS









Diluted EPS


$               0.97


$             1.41


$                  3.18


$             3.27

Special charges related to acquisitions


0.04


0.01


0.07


0.01

Special charges related to severance for staff realignment


0.03


0.04


0.08


0.08

Special charges related to facilities consolidations and office closures



0.02


0.01


0.12

Special charges due to additional cash bonus expense



0.16



0.16

Special charges related to bad debt reserve


0.06



0.06


Amortization of intangibles


0.16


0.14


0.52


0.57

Income tax effects on amortization, special charges, and adjustments(10)


(0.09)


(0.15)


(0.19)


(0.35)

Adjustments for changes in the tax rate under new Tax Act



(0.85)



(0.84)

Non-GAAP EPS


$               1.17


$             0.78


$                  3.73


$             3.02










(2)These tables provide reconciliations of non-GAAP financial measures to the most applicable U.S. GAAP numbers. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with U.S. GAAP. Other companies may define similarly titled non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures. 


(3)Subcontractor and Other Direct Costs is equal to Direct Costs minus Direct Labor and Fringe Costs.


(4) Special charges related to acquisitions: These costs are mainly related to closed and anticipated-to-close acquisitions, consisting primarily of consultants and other outside party costs and an increase in the contingent consideration liability.  The amortization of deferred consideration payments, discounted as part of the acquisition, are included in the calculation of non-GAAP earnings per share.


(5) Special charges related to severance for staff realignment:  These costs are mainly due to involuntary employee termination benefits for Company officers or groups of employees who have been terminated as part of a consolidation or reorganization.


(6) Special charges related to facilities consolidations and office closures: These costs are exit costs associated with terminated leases or full office closures. These exit costs include charges incurred under a contractual obligation that existed as of the date of the accrual and for which we will continue to pay until the contractual obligation is satisfied but with no economic benefit to us.


(7) Special charges due to additional cash bonus expense: In response to the Tax Act that was passed in December 2017 and took effect in 2018, we increased the portion of bonuses that will be paid in cash, which increased the amount that can be deducted for income tax purposes for 2017. 


(8) Special charge related bad debt reserve:  This cost is related to the January 2019 bankruptcy filing of a utility client.


(9) EBITDA Margin Percent and Adjusted EBITDA Margin Percent were calculated by dividing the non-GAAP measure by the corresponding revenue.


(10)Income tax effects were calculated using an effective U.S. GAAP tax rate of 29.8% and 25.9% for the quarter and the year ended December 31, 2018, respectively, and 41.1% and 37.0%, prior to the adjustments for changes in the tax rate under the new tax regulations, for the quarter and the year ended December 31, 2017, respectively.

 

ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share amounts)








December 31, 2018


December 31, 2017

Assets





Current Assets:





Cash and cash equivalents


$                      11,694


$                      11,809

Restricted cash - current



11,191

Contract receivables, net


230,966


168,318

Contract assets


126,688


123,197

Prepaid expenses and other


16,253


11,327

Income tax receivable


6,505


5,596

Total Current Assets


392,106


331,438

Total Property and Equipment, net


48,105


38,052

Other Assets:





Restricted cash - non-current


1,292


1,266

Goodwill


715,644


686,108

Other intangible assets, net


35,494


35,304

Other assets


21,221


18,087

Total Assets


$                 1,213,862


$                 1,110,255






Liabilities and Stockholders' Equity





Current Liabilities:





Accounts payable


$                    102,599


$                      75,074

Contract liabilities


33,494


38,571

Accrued salaries and benefits


44,103


45,645

Accrued subcontractors and other direct costs


58,791


47,508

Accrued expenses and other current liabilities


39,072


17,572

Total Current Liabilities


278,059


224,370

Long-term Liabilities:





Long-term debt


200,424


206,250

Deferred rent


13,938


15,119

Deferred income taxes


40,165


33,351

Other


20,859


15,135

Total Liabilities


553,445


494,225






Commitments and Contingencies (Note 19)










Stockholders' Equity:





Preferred stock, par value $.001 per share; 5,000,000 shares
authorized; none issued



Common stock, $.001 par value; 70,000,000 shares authorized; 22,445,576 and
22,019,315 shares issued; and 18,817,495 and 18,661,801 shares outstanding as of
December 31, 2018 and December 31, 2017, respectively


22


22

Additional paid-in capital


326,208


307,821

Retained earnings


486,442


434,766

Treasury stock


(139,704)


(121,540)

Accumulated other comprehensive loss


(12,551)


(5,039)

Total Stockholders' Equity


660,417


616,030

Total Liabilities and Stockholders' Equity


$                 1,213,862


$                 1,110,255

 

ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

(in thousands)








Twelve months ended



December 31,



2018


2017

Cash Flows from Operating Activities





Net income


$            61,400


$          62,876

Adjustments to reconcile net income to net cash provided by operating activities:





Bad debt expense


2,480


1,480

Deferred income taxes


5,100


(7,390)

Non-cash equity compensation


11,506


10,291

Depreciation and amortization


27,206


28,579

Deferred rent


523


(177)

Facilities consolidation reserve


(260)


1,479

Remeasurement of contingent acquisition liability


505


Amortization of debt issuance costs


510


673

Other adjustments, net


449


275

Changes in operating assets and liabilities, net of the effect of acquisitions:





Net contract assets and liabilities


(14,148)


405

Contract receivables


(60,096)


702

Prepaid expenses and other assets


(6,650)


(1,844)

Accounts payable


28,309


3,631

Accrued salaries and benefits


(2,159)


5,597

Accrued subcontractors and other direct costs


10,762


15,507

Accrued expenses and other current liabilities


11,120


(2,250)

Income tax receivable and payable


(2,063)


(5,697)

Other liabilities


176


3,054

Net Cash Provided by Operating Activities


74,670


117,191






Cash Flows from Investing Activities





Capital expenditures for property and equipment and capitalized software


(21,812)


(14,513)

Payments for business acquisitions, net of cash received


(34,575)


(91)

Net Cash Used in Investing Activities


(56,387)


(14,604)






Cash Flows from Financing Activities





Advances from working capital facilities


573,991


590,225

Payments on working capital facilities


(579,817)


(643,363)

Payments on capital expenditure obligations


(3,726)


(4,808)

Debt issue costs


(21)


(1,612)

Proceeds from exercise of options


5,842


4,722

Dividends paid


(7,915)


Net payments for stockholder issuances and buybacks


(17,125)


(32,464)

Net Cash Used in Financing Activities


(28,771)


(87,300)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash


(792)


1,094






(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash


(11,280)


16,381

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period


24,266


7,885

Cash, Cash Equivalents, and Restricted Cash, End of Period


$            12,986


$          24,266






Supplemental disclosure of cash flow information:





Cash paid during the period for:





Interest


$              9,893


$            7,922

Income taxes


$            14,870


$          21,659

Non-cash investing and financing transactions:





Deferred and contingent consideration arising from businesses acquired


$              8,391


$                 —

Capital expenditure obligations


$              6,121


$                 —

 

ICF International, Inc. and Subsidiaries


Supplemental Schedule(11)(12)













Revenue by client markets

Three Months Ended


Twelve Months Ended



December 31,


December 31,



2018


2017


2018


2017


Energy, environment, and infrastructure

42%


39%


42%


40%


Health, education, and social programs

41%


44%


40%


42%


Safety and security

8%


8%


8%


8%


Consumer and financial

9%


9%


10%


10%


Total

100%


100%


100%


100%




















Revenue by client type

Three Months Ended


Twelve Months Ended



December 31,


December 31,



2018


2017


2018


2017


U.S. federal government

35%


40%


41%


45%


U.S. state and local government

16%


9%


14%


10%


International government

9%


9%


9%


7%


Government

60%


58%


64%


62%


Commercial

40%


42%


36%


38%


Total

100%


100%


100%


100%




















Revenue by contract mix

Three Months Ended


Twelve Months Ended



December 31,


December 31,



2018


2017


2018


2017


Time-and-materials

48%


45%


44%


43%


Fixed-price

38%


39%


39%


39%


Cost-based

14%


16%


17%


18%


Total

100%


100%


100%


100%




















(11)As is shown in the supplemental schedule, we track revenue by key metrics (including client markets and client type) that provide useful information about the nature of our operations. The client markets metric provides insight into the breadth of our expertise while the client type metric is an indicator of the diversity of our client base.


(12)Certain immaterial revenue percentages in the prior year have been reclassified due to minor adjustments and reclassification within contract mix.

 

1 Non-GAAP EPS, Service Revenue, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin on Service Revenue are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below.  Special charges are items that were included within our statement of operations but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.

 

Investor Contacts:
Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577

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SOURCE ICF