Fourth Quarter Highlights:
- Total Revenue Was
$388 Million ; Service Revenue¹ Increased 4.3% to$273 Million - Diluted EPS Was $0.63, Which Includes $0.43 of Tax-Effected Facility and M&A Charges
- Non-GAAP EPS¹ Was
$1.19 - Adjusted EBITDA Margin on Service Revenue¹ Was 13.9%
- Contract Awards of
$652 Million , Up 24% for a Book-to-Bill Ratio of 1.68
Full Year Highlights:
- Total Revenue Was
$1.55 Billion ; Service Revenue Increased 6.4% to$1.11 Billion - Diluted EPS Was $3.72, Which Includes of $0.57 of Tax-Effected Facility and M&A Charges
- Non-GAAP EPS Was
$4.82 - Adjusted EBITDA Margin on Service Revenue Was 14.4%
- Record Contract Awards of
$2.25 Billion , Up 15% for a Book-to-Bill Ratio of 1.45 - Operating Cash Flow of
$110 Million
—Backlog and Business Development Pipeline at Record Year-End Levels—
—2022 Guidance Anticipates Double-Digit Revenue Growth and Strong
Margin Performance Which Includes Continued Growth Investments—
ICF (NASDAQ:ICFI), a global consulting and digital services provider, reported results for the fourth quarter and full year ended
Commenting on the results,
"ICF reported exceptional margins in 2021 with adjusted EBITDA to service revenue reaching 13.9% for the fourth quarter and 14.4% for the full year. Both full year and fourth quarter performance reflected a favorable business mix, high utilization and lower facility-related costs, together with pandemic-related expense savings. While certain operating expense items will increase with the return of pre-pandemic activities, we are confident in our ability to progressively increase normalized EBITDA margins over the next several years through a combination of scale, lower facility costs and other operating efficiencies.
"Both the fourth quarter and full year were periods of record contract wins for ICF, bringing our book-to-bill ratios to 1.68 and 1.45, respectively. Approximately two-thirds of the value of the contracts we won in 2021 represented new business, a clear indication of how well aligned ICF's subject matter expertise and implementation capabilities are with trends in market demand and client spending.
"In the fourth quarter, we were pleased to announce the acquisition of Creative Systems and Consulting, which we completed at the start of 2022. Creative is a premier provider of IT modernization and digital transformation solutions to
Fourth Quarter 2021 Results
Fourth quarter 2021 total revenue was
Adjusted EBITDA¹ was
Full Year 2021 Results
2021 total revenue was $1.55 billion, an increase of 3.1% from $1.51 billion reported a year ago. Service revenue increased 6.4% year-over-year to $1.11 billion, from $1.04 billion in 2020. Full year 2021 net income was $71.1 million, or $3.72 per diluted share, which includes $0.63 of tax-effected special charges, of which $0.57 were facility and M&A-related charges. This compares to net income of $55.0 million reported in 2020, or $2.87 per diluted share, which includes $0.79 of tax-effected special charges.
Non-GAAP EPS was $4.82 per share, up 15.6% from $4.17 per share. EBITDA increased 16.3% to $142.9 million, compared to $122.9 million reported in 2020. Adjusted EBITDA was $159.6 million, representing an 11.5% increase over $143.2 million in 2020. The 2021 adjusted EBITDA margin on service revenue was 14.4%, compared to 13.7% in 2020.
Operating cash flow was $110 million in 2021.
Backlog and New Business Awards
Total backlog was
Government Revenue Fourth Quarter 2021 Highlights
Revenue from government clients was
U.S. federal government revenue was$181.7 million , 9.8% above the$165.5 million reported in the year-ago quarter. Federal government revenue accounted for 47% of total revenue, compared to 38% of total revenue in the fourth quarter of 2020.U.S. state and local government revenue increased 19.5% to$60.4 million , from$50.5 million in the year-ago quarter. State and local government clients represented 15% of total revenue, compared to 12% in the fourth quarter of 2020.- International government revenue was
$30.5 million , compared to$33.7 million in the year-ago quarter. International government revenue remained constant year-on-year at 8% of total revenue.
Key Government Contracts Awarded in the Fourth Quarter 2021
ICF was awarded more than 100 U.S. federal contracts and task orders and more than 200 additional contracts from
Disaster Management
- A recompete contract with a value of over
$80 million to provideFEMA grant management support.
Cybersecurity
- A new multiyear contract with a value greater than
$75 million with aU.S. federal government agency to provide cybersecurity and resilience planning, partnership engagement and communications services.
Digital Transformation/IT Modernization
- A new contract with a value of
$30.3 million with aU.S. federal agency to continue to support the modernization of its federal assisted acquisition services system. - A new subcontract with a value of
$8.8 million to provide IT modernization services for theU.S. Department of Defense , Deputy Assistant Secretary of Defense forMilitary Community and Family Policy.
Communications
- A recompete framework contract with a value of
$35.0 million with a directorate of theEuropean Commission to support information and communications campaigns for theEuropean Union .
Program Evaluation and Technical Assistance
- A new contract with a value of
$23.6 million with theU.S. Department of Health and Human Services Administration for Children and Families to conduct audits and provide technical assistance to care providers for one of its programs.
Energy and Environment
- Two contract modifications with a combined value of
$17.5 million with an office of theU.S. Department of Energy to continue to provide technical, information technology and management support. - A new task order with a value of
$8.7 million to provide site planning and permitting services for theSites Reservoir Project inCalifornia .
Commercial Revenue Fourth Quarter 2021 Highlights
Commercial revenue was
- Energy markets, which include energy efficiency programs, represented 62% of commercial revenue.
- Marketing services accounted for 28% of commercial revenue, primarily reflecting lower pass-through revenues.
Key Commercial Contracts Awarded in the Fourth Quarter 2021
ICF was awarded commercial projects valued at more than
Energy Markets
- A recompete contract with
Con Edison ofNew York to manage and significantly expand implementation of its residential energy efficiency portfolio. - A contract extension with
Entergy Mississippi to expand implementation of its residential and commercial energy efficiency portfolios. - A sole source, recompete contract with a
Northeastern U.S. utility to continue to support its energy efficiency program portfolio.
Marketing Services
- A new multimillion-dollar contract with a mid-Atlantic
U.S. energy company to serve as agency of record, providing marketing and advertisement services to each of its operating utilities. - Multiple new awards to continue to provide public relations and social media marketing services to a
U.S. floor care products manufacturer. - Multiple new awards and modifications to provide loyalty program support services to a
U.S. hospitality chain.
Dividend Declaration
On
2021 Recognitions
ICF received several important recognitions in 2021:
- For the sixth straight year, Forbes included ICF on its list of "America's Best Management Consulting Firms," and ICF was also included on Forbes list of "America's Best Employers for Diversity."
- ICF was recognized as one of the "Best Places to Work" for parents working remotely.
- ICF was named an Appian Trusted Delivery Partner for the Public Sector.
ICF Next was named a "Strong Performer" by Forrester Research in its report, The Forrester Wave™: Customer Database & Engagement Agencies, Q1 2021.
Summary and Outlook
"Last year was a period of significant achievement for ICF. Our service revenue growth rate was substantially higher than in 2020, reflecting excellent execution on existing contracts and demonstrating our strong positioning in key growth markets, where we continue to build our capabilities, backlog and pipeline. These accomplishments have laid the foundation for even stronger growth in 2022.
"Looking ahead, we expect 2022 to be a year of double-digit service revenue growth, driven by high single-digit organic growth and the benefit of our Creative acquisition. Business trends are anticipated to be similar to those of 2021, with revenue growth from our government and commercial energy clients more than offsetting lower comparisons in commercial marketing services, where activity has not recovered to pre-pandemic levels. Specifically, we expect service revenue for full year 2022 to range from
"EBITDA is expected to range from $160 million to $172 million, which includes continued organic investments in people, recruiting, technology and expanded business development capabilities and tools to ensure we take full advantage of the strong long-term demand trends in our growth markets. Based on current visibility, adjusted EBITDA is expected to range from
"We expect the positive trends underlying our 2022 guidance to remain in place over the coming years given spending priorities across our government and commercial client sets and ICF's domain knowledge, cross-cutting implementation skills and expanded scale. The great majority of our work in any given year involves helping clients address critical environmental and social issues, which has enabled ICF to attract and retain professionals who are committed to making a positive impact on society. On our part, we are committed to providing those professionals with a collaborative working environment that meets the highest standards of corporate responsibility. We encourage you to visit our website to learn more about our achievements in this area,"
1 Non-GAAP EPS, Service Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin 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 consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable
About ICF
ICF (NASDAQ:ICFI) is a global consulting services company with approximately 8,000 full- and part-time employees, 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; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that 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.
Investor Contacts:
Company Information Contact:
Consolidated Statements of Comprehensive Income | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||
Revenue | $ 387,985 | $ 434,335 | $ 1,553,048 | $ 1,506,875 | ||||
Direct costs | 246,667 | 295,095 | 979,570 | 972,406 | ||||
Operating costs and expenses: | ||||||||
Indirect and selling expenses | 114,472 | 108,963 | 430,572 | 411,612 | ||||
Depreciation and amortization | 4,815 | 5,013 | 19,478 | 20,399 | ||||
Amortization of intangible assets | 3,443 | 3,506 | 12,492 | 13,349 | ||||
Total operating costs and expenses | 122,730 | 117,482 | 462,542 | 445,360 | ||||
Operating income | 18,588 | 21,758 | 110,936 | 89,109 | ||||
Interest expense | (2,407) | (2,971) | (10,252) | (13,892) | ||||
Other expense | (212) | (860) | (594) | (544) | ||||
Income before income taxes | 15,969 | 17,927 | 100,090 | 74,673 | ||||
Provision for income taxes | 3,890 | 5,107 | 28,958 | 19,714 | ||||
Net income | $ 12,079 | $ 12,820 | $ 71,132 | $ 54,959 | ||||
Earnings per Share: | ||||||||
Basic | $ 0.64 | $ 0.68 | $ 3.77 | $ 2.92 | ||||
Diluted | $ 0.63 | $ 0.67 | $ 3.72 | $ 2.87 | ||||
Weighted-average Shares: | ||||||||
Basic | 18,877 | 18,841 | 18,868 | 18,841 | ||||
Diluted | 19,138 | 19,143 | 19,124 | 19,135 | ||||
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.56 | $ 0.56 | ||||
Other comprehensive income (loss), net of tax | 1,830 | 5,654 | 3,071 | (1,962) | ||||
Comprehensive income, net of tax | $ 13,909 | $ 18,474 | $ 74,203 | $ 52,997 | ||||
Reconciliation of Non-GAAP financial measures(2) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | ||||
Reconciliation of Service Revenue | ||||||||
Revenue | $ 387,985 | $ 434,335 | $ 1,553,048 | $ 1,506,875 | ||||
Subcontractor and other direct costs (3) | (114,613) | (172,148) | (443,135) | (463,364) | ||||
Service revenue | $ 273,372 | $ 262,187 | $ 1,109,913 | $ 1,043,511 | ||||
Reconciliation of EBITDA and Adjusted EBITDA | ||||||||
Net income | $ 12,079 | $ 12,820 | $ 71,132 | $ 54,959 | ||||
Other expense | 212 | 860 | 594 | 544 | ||||
Interest expense | 2,407 | 2,971 | 10,252 | 13,892 | ||||
Provision for income taxes | 3,890 | 5,107 | 28,958 | 19,714 | ||||
Depreciation and amortization | 8,258 | 8,519 | 31,970 | 33,748 | ||||
EBITDA | 26,846 | 30,277 | 142,906 | 122,857 | ||||
Adjustment related to impairment of long-lived assets (4) | 7,563 | 3,090 | 7,901 | 3,090 | ||||
Special charges related to acquisitions (5) | 1,388 | 30 | 4,798 | 1,983 | ||||
Special charges related to severance for staff realignment (6) | 98 | 1,069 | 1,242 | 4,764 | ||||
Special charges related to facilities consolidations and office closures (7) | 1,295 | 1,643 | 1,434 | 1,643 | ||||
Special charges related to the transfer to our new corporate headquarters (8) | 899 | — | 899 | — | ||||
Special charges related to retirement of Executive Chair (9) | (81) | 8,825 | 397 | 8,825 | ||||
Total special charges | 11,162 | 14,657 | 16,671 | 20,305 | ||||
Adjusted EBITDA | $ 38,008 | $ 44,934 | $ 159,577 | $ 143,162 | ||||
EBITDA Margin Percent on Revenue (10) | 6.9% | 7.0% | 9.2% | 8.2% | ||||
EBITDA Margin Percent on Service Revenue (10) | 9.8% | 11.5% | 12.9% | 11.8% | ||||
Adjusted EBITDA Margin Percent on Revenue (10) | 9.8% | 10.3% | 10.3% | 9.5% | ||||
Adjusted EBITDA Margin Percent on Service Revenue (10) | 13.9% | 17.1% | 14.4% | 13.7% | ||||
Reconciliation of Non-GAAP Diluted EPS | ||||||||
Diluted EPS | $ 0.63 | $ 0.67 | $ 3.72 | $ 2.87 | ||||
Adjustment related to impairment of long-lived assets | 0.41 | 0.16 | 0.43 | 0.16 | ||||
Special charges related to acquisitions | 0.08 | — | 0.25 | 0.10 | ||||
Special charges related to severance for staff realignment | — | 0.06 | 0.06 | 0.25 | ||||
Special charges related to facilities consolidations and office closures | 0.07 | 0.10 | 0.08 | 0.10 | ||||
Special charges related to the transfer to our new corporate headquarters | 0.05 | — | 0.05 | — | ||||
Special charges related to retirement of Executive Chair | — | 0.46 | 0.02 | 0.46 | ||||
Amortization of intangibles | 0.17 | 0.18 | 0.65 | 0.70 | ||||
Income tax effects (11) | (0.22) | (0.27) | (0.44) | (0.47) | ||||
Non-GAAP EPS | $ 1.19 | $ 1.36 | $ 4.82 | $ 4.17 | ||||
(2)These tables provide reconciliations of non-GAAP financial measures to the most applicable 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 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 direct costs excluding direct labor and fringe costs. | ||||||||
(4) Adjustment related to impairment of long-lived assets: We recognized impairment expense of | ||||||||
(5) Special charges related to acquisitions: These costs consist primarily of consultants and other outside third-party costs and integration costs associated with our acquisitions and/or potential acquisitions. | ||||||||
(6) Special charges related to severance for staff realignment: These costs are mainly due to involuntary employee termination benefits for Company officers, groups of employees who have been terminated as part of a consolidation or reorganization or, to the extent that the costs are not included in the previous two categories, involuntary employee termination benefits for employees who have been terminated as a result of COVID-19. | ||||||||
(7)Special charges related to facilities consolidations, office closures: These costs are exit costs associated with terminated leases or full office closures. The exit costs include charges incurred under a contractual obligation that existed as of the date of the accrual and for which we will (i) continue to pay until the contractual obligation is satisfied but with no economic benefit to us or (ii) we contractually terminated the obligation and ceased utilizing the facilities. | ||||||||
(8) Special charges related to the transfer to our new corporate headquarters: These costs are additional rent as a result of us taking possession of our new corporate headquarters in | ||||||||
(9)Special charges related to retirement of Executive Chair: These costs include severance, pro rata incentive bonus, welfare benefits, and acceleration of equity awards we incurred under the departing officer's severance agreement during the fourth quarter of 2020. As a result of the employment agreement, the departing officer was able to maintain certain equity awards beyond his retirement date, including performance-based awards that are subject to changes until they vest. | ||||||||
(10) EBITDA Margin Percent and Adjusted EBITDA Margin Percent were calculated by dividing the non-GAAP measure by the corresponding revenue. | ||||||||
(11)Income tax effects were calculated using an effective | ||||||||
Consolidated Balance Sheets | ||||
(Unaudited) | ||||
(in thousands, except share and per share amounts) |
|
| ||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | $ 8,254 | $ 13,841 | ||
Restricted cash - current | 12,179 | 68,146 | ||
Contract receivables, net | 237,684 | 222,850 | ||
Contract assets | 137,867 | 143,369 | ||
Prepaid expenses and other assets | 42,354 | 25,492 | ||
Income tax receivable | 10,825 | 1,977 | ||
Total Current Assets | 449,163 | 475,675 | ||
Property and Equipment, net | 52,053 | 62,434 | ||
Other Assets: | ||||
1,046,760 | 909,913 | |||
Other intangible assets, net | 79,645 | 59,887 | ||
Operating lease - right-of-use assets | 177,417 | 127,132 | ||
Other assets | 44,496 | 32,249 | ||
Total Assets | $ 1,849,534 | $ 1,667,290 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities: | ||||
Current portion of long-term debt | $ 10,000 | $ 10,000 | ||
Accounts payable | 105,652 | 91,365 | ||
Contract liabilities | 39,665 | 42,050 | ||
Operating lease liabilities - current | 34,901 | 23,350 | ||
Accrued salaries and benefits | 85,517 | 80,512 | ||
Accrued subcontractors and other direct costs | 39,400 | 78,842 | ||
Accrued expenses and other current liabilities | 61,496 | 100,908 | ||
Total Current Liabilities | 376,631 | 427,027 | ||
Long-term Liabilities: | ||||
Long-term debt | 411,605 | 303,214 | ||
Operating lease liabilities - non-current | 191,805 | 115,614 | ||
Deferred income taxes | 41,913 | 34,330 | ||
Other long-term liabilities | 24,110 | 40,144 | ||
Total Liabilities | 1,046,064 | 920,329 | ||
Commitments and Contingencies | ||||
Stockholders' Equity: | ||||
Preferred stock, par value | — | — | ||
Common stock, | 23 | 23 | ||
Additional paid-in capital | 384,984 | 369,058 | ||
Retained earnings | 649,298 | 588,731 | ||
(219,800) | (196,745) | |||
Accumulated other comprehensive loss | (11,035) | (14,106) | ||
Total Stockholders' Equity | 803,470 | 746,961 | ||
Total Liabilities and Stockholders' Equity | $ 1,849,534 | $ 1,667,290 | ||
Consolidated Statements of Cash Flows | ||||
(Unaudited) | ||||
Years ended | ||||
December 31, | ||||
(in thousands) | 2021 | 2020 | ||
Cash Flows from Operating Activities | ||||
Net income | $ 71,132 | $ 54,959 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 10,912 | 4,062 | ||
Deferred income taxes | 8,816 | (1,865) | ||
Non-cash equity compensation | 13,230 | 17,555 | ||
Depreciation and amortization | 31,970 | 33,748 | ||
Facilities consolidation reserve | (302) | (288) | ||
Amortization of debt issuance costs | 617 | 710 | ||
Impairment of long-lived assets | 7,901 | 3,090 | ||
Other adjustments, net | 1,099 | 964 | ||
Changes in operating assets and liabilities, net of the effect of acquisitions: | ||||
Net contract assets and liabilities | 3,069 | 6,064 | ||
Contract receivables | (19,021) | 54,384 | ||
Prepaid expenses and other assets | 4,529 | (5,410) | ||
Operating lease assets and liabilities, net | (5,481) | (2,307) | ||
Accounts payable | 13,479 | (51,177) | ||
Accrued salaries and benefits | (5,616) | 26,810 | ||
Accrued subcontractors and other direct costs | (38,575) | 32,544 | ||
Accrued expenses and other current liabilities | 26,697 | (18,198) | ||
Income tax receivable and payable | (12,802) | 5,375 | ||
Other liabilities | (1,449) | 12,125 | ||
Net Cash Provided by Operating Activities | 110,205 | 173,145 | ||
Cash Flows from Investing Activities | ||||
Capital expenditures for property and equipment and capitalized software | (19,932) | (17,683) | ||
Payments for business acquisitions, net of cash acquired | (174,549) | (253,265) | ||
(194,481) | (270,948) | |||
Cash Flows from Financing Activities | ||||
Advances from working capital facilities | 881,037 | 1,020,451 | ||
Payments on working capital facilities | (773,264) | (870,114) | ||
Payments on capital expenditure obligations | — | (1,712) | ||
Receipt of restricted contract funds | 264,214 | 65,694 | ||
Payment of restricted contract funds | (319,990) | (106) | ||
Debt issue costs | — | (2,094) | ||
Proceeds from exercise of options | 2,848 | 37 | ||
Dividends paid | (10,565) | (10,551) | ||
Net payments for stock issuances and buybacks | (20,040) | (29,726) | ||
Payments on business acquisition liabilities | (1,007) | (1,924) | ||
Net Cash Provided by Financing Activities | 23,233 | 169,955 | ||
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | (511) | 3,353 | ||
(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash | (61,554) | 75,505 | ||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 81,987 | 6,482 | ||
Cash, Cash Equivalents, and Restricted Cash, End of Period | $ 20,433 | $ 81,987 | ||
Supplemental Disclosure of Cash Flow Information | ||||
Cash paid during the period for: | ||||
Interest | $ 10,331 | $ 14,337 | ||
Income taxes | $ 34,132 | $ 15,954 | ||
Non-cash investing and financing transactions: | ||||
Share repurchases transacted but not settled and paid | 552 | — | ||
Tenant improvements funded by lessor | $ — | $ 3,124 | ||
Exercise of options receivable from shareholders | $ — | $ 2,615 | ||
Supplemental Schedule(12)(13) | ||||||||
Revenue by client markets | Three Months Ended | Twelve Months Ended | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Energy, environment, and infrastructure | 43% | 37% | 42% | 40% | ||||
Health, education, and social programs | 44% | 50% | 44% | 45% | ||||
Safety and security | 7% | 7% | 7% | 8% | ||||
Consumer and financial | 6% | 6% | 7% | 7% | ||||
Total | 100% | 100% | 100% | 100% | ||||
Revenue by client type | Three Months Ended | Twelve Months Ended | ||||||
2021 | 2020 | 2021 | 2020 | |||||
47% | 38% | 47% | 44% | |||||
15% | 11% | 15% | 15% | |||||
International government | 8% | 8% | 9% | 6% | ||||
Government | 70% | 57% | 71% | 65% | ||||
Commercial | 30% | 43% | 29% | 35% | ||||
Total | 100% | 100% | 100% | 100% | ||||
Revenue by contract mix | Three Months Ended | Twelve Months Ended | ||||||
2021 | 2020 | 2021 | 2020 | |||||
Time-and-materials | 40% | 52% | 41% | 49% | ||||
Fixed-price | 44% | 33% | 41% | 35% | ||||
Cost-based | 16% | 15% | 18% | 16% | ||||
Total | 100% | 100% | 100% | 100% | ||||
(12)As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client markets provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed. | ||||||||
(13)Certain immaterial revenue percentages in the prior year have been reclassified due to minor adjustments and reclassifications. | ||||||||
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SOURCE ICF
