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10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 001-33045

ICF International, Inc.

(Exact name of Registrant as Specified in its Charter)


Delaware		22-3661438
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

1902 Reston Metro Plaza, Reston, VA		20190
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (703) 934-3000

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act.


Title of each class	Trading Symbols(s)	Name of each exchange on which registered
Common Stock	ICFI	The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b–2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of April 26, 2024, there were 18,736,579 shares outstanding of the registrant’s common stock.

ICF INTERNATIONAL, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q FOR THE

PERIOD ENDED MARCH 31, 2024

TABLE OF CONTENTS


PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3

	Consolidated Balance Sheets at March 31, 2024 (Unaudited) and December 31, 2023	3

	Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2024 and 2023	4

	Consolidated Statements of Stockholders’ Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023	5

	Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023	6

	Notes to Consolidated Financial Statements	7

	Note 1 - Basis of Presentation	7

	Note 2 - Restricted Cash	8

	Note 3 - Contract Receivables, Net	8

	Note 4 - Leases	9

	Note 5 - Debt	10

	Note 6 - Revenue Recognition	10

	Note 7 - Derivative Instruments and Hedging Activities	11

	Note 8 - Income Taxes	11

	Note 9 - Stockholders' Equity	12

	Note 10 - Stock-Based Compensation	13

	Note 11 - Earnings Per Share	13

	Note 12 - Fair Value	13

	Note 13 - Commitments and Contingencies	14

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21

Item 4.	Controls and Procedures	21

PART II. OTHER INFORMATION		22

Item 1.	Legal Proceedings	22

Item 1A.	Risk Factors	22

Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	22

Item 3.	Defaults Upon Senior Securities	22

Item 4.	Mine Safety Disclosures	22

Item 5.	Other Information	23

Item 6.	Exhibits	24

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ICF International, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)


(in thousands, except share and per share amounts)	March 31, 2024			December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	3,683		$	6,361
Restricted cash		916			3,088
Contract receivables, net		202,246			205,484
Contract assets		230,412			201,832
Prepaid expenses and other assets		28,401			28,055
Income tax receivable		—			2,337
Total Current Assets		465,658			447,157
Property and Equipment, net		74,296			75,948
Other Assets:
Goodwill		1,219,031			1,219,476
Other intangible assets, net		86,613			94,904
Operating lease - right-of-use assets		128,356			132,807
Other assets		43,740			41,480
Total Assets	$	2,017,694		$	2,011,772

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt	$	26,000		$	26,000
Accounts payable		119,285			134,503
Contract liabilities		22,099			21,997
Operating lease liabilities		20,889			20,409
Finance lease liabilities		2,545			2,522
Accrued salaries and benefits		70,176			88,021
Accrued subcontractors and other direct costs		48,707			45,645
Accrued expenses and other current liabilities		82,966			79,129
Total Current Liabilities		392,667			418,226
Long-term Liabilities:
Long-term debt		448,748			404,407
Operating lease liabilities - non-current		170,575			175,460
Finance lease liabilities - non-current		13,227			13,874
Deferred income taxes		21,975			26,175
Other long-term liabilities		54,353			56,045
Total Liabilities		1,101,545			1,094,187

Commitments and Contingencies (Note 13)

Stockholders’ Equity:
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued		—			—
Common stock, par value $.001; 70,000,000 shares authorized; 24,110,071 and 23,982,132 shares issued at March 31, 2024 and December 31, 2023, respectively; 18,754,762 and 18,845,521 shares outstanding at March 31, 2024 and December 31, 2023, respectively		24			24
Additional paid-in capital		425,160			421,502
Retained earnings		799,796			775,099
Treasury stock, 5,355,309 and 5,136,611 shares at March 31, 2024 and December 31, 2023, respectively		(297,630	)		(267,155	)
Accumulated other comprehensive loss		(11,201	)		(11,885	)
Total Stockholders’ Equity		916,149			917,585
Total Liabilities and Stockholders’ Equity	$	2,017,694		$	2,011,772

The accompanying notes are an integral part of these consolidated financial statements.

ICF International, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended
	March 31,
(in thousands, except per share amounts)	2024			2023
Revenue	$	494,436		$	483,282
Direct Costs		310,533			312,565
Operating costs and expenses:
Indirect and selling expenses		129,094			123,733
Depreciation and amortization		5,574			6,309
Amortization of intangible assets		8,291			9,224
Total operating costs and expenses		142,959			139,266
Operating income		40,944			31,451
Interest, net		(8,238	)		(9,457	)
Other income (expense)		1,630			(558	)
Income before income taxes		34,336			21,436
Provision for income taxes		7,019			5,038
Net income	$	27,317		$	16,398

Earnings per Share:
Basic	$	1.46		$	0.87
Diluted	$	1.44		$	0.87

Weighted-average Shares:
Basic		18,757			18,779
Diluted		18,946			18,949

Cash dividends declared per common share	$	0.14		$	0.14

Other comprehensive income (loss), net of tax		684			(1,334	)
Comprehensive income, net of tax	$	28,001		$	15,064

The accompanying notes are an integral part of these consolidated financial statements.

ICF International, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)


	Common Stock					Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
(in thousands)	Shares			Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at January 1, 2024		18,846			24		421,502		775,099			5,136		(267,155	)		(11,885	)	$	917,585
Net income		—			—		—		27,317			—		—			—			27,317
Other comprehensive income		—			—		—		—			—		—			684			684
Equity compensation		—			—		3,551		—			—		—			—			3,551
Exercise of stock options		2			—		107		—			—		—			—			107
Issuance of shares pursuant to vesting of restricted stock units		125			—		—		—			—		—			—			—
Payments for share repurchases		(218	)		—		—		—			218		(30,475	)		—			(30,475	)
Dividends declared		—			—		—		(2,620	)		—		—			—			(2,620	)
Balance at March 31, 2024		18,755		$	24	$	425,160	$	799,796			5,354	$	(297,630	)	$	(11,201	)	$	916,149


	Common Stock					Additional Paid-in		Retained			Treasury Stock					Accumulated Other Comprehensive
(in thousands)	Shares			Amount		Capital		Earnings			Shares		Amount			Loss			Total
Balance at January 1, 2023		18,883		$	23	$	401,957	$	703,030			4,906	$	(243,666	)	$	(8,133	)	$	853,211
Net income		—			—		—		16,398			—		—			—			16,398
Other comprehensive loss		—			—		—		—			—		—			(1,334	)		(1,334	)
Equity compensation		—			—		3,750		—			—		—			—			3,750
Exercise of stock options		4			—		111		—			—		—			—			111
Issuance of shares pursuant to vesting of restricted stock units		126			1		—		—			—		—			—			1
Payments for share repurchases		(225	)		—		—		—			225		(22,815	)		—			(22,815	)
Dividends declared		—			—		—		(2,633	)		—		—			—			(2,633	)
Balance at March 31, 2023		18,788		$	24	$	405,818	$	716,795			5,131	$	(266,481	)	$	(9,467	)	$	846,689

The accompanying notes are an integral part of these consolidated financial statements.

ICF International, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three Months Ended
	March 31,
(in thousands)	2024			2023
Cash Flows from Operating Activities
Net income	$	27,317		$	16,398
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		1,347			567
Deferred income taxes and unrecognized income tax benefits		(4,786	)		2,187
Non-cash equity compensation		3,551			3,750
Depreciation and amortization		13,865			15,533
Gain on divestiture of a business		(1,715	)		—
Other operating adjustments, net		46			393
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities		(29,024	)		(18,716	)
Contract receivables		1,604			10,929
Prepaid expenses and other assets		(192	)		15,353
Operating lease assets and liabilities, net		523			1,016
Accounts payable		(15,119	)		(26,083	)
Accrued salaries and benefits		(17,775	)		(24,678	)
Accrued subcontractors and other direct costs		3,303			(2,613	)
Accrued expenses and other current liabilities		(3,988	)		(14,688	)
Income tax receivable and payable		11,375			3,192
Other liabilities		(333	)		629
Net Cash Used in Operating Activities		(10,001	)		(16,831	)

Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software		(5,226	)		(6,441	)
Payments for business acquisitions, net of cash acquired		—			(459	)
Proceeds from divestiture of a business		1,715			—
Net Cash Used in Investing Activities		(3,511	)		(6,900	)

Cash Flows from Financing Activities
Advances from working capital facilities		355,877			334,995
Payments on working capital facilities		(311,813	)		(293,640	)
Proceeds from other short-term borrowings		24,356			2,483
Repayments of other short-term borrowings		(23,950	)		—
Receipt of restricted contract funds		1,261			2,916
Payment of restricted contract funds		(3,391	)		(1,131	)
Dividends paid		(2,636	)		(2,641	)
Net payments for stock issuances and share repurchases		(30,355	)		(22,815	)
Other financing, net		(516	)		(479	)
Net Cash Provided by Financing Activities		8,833			19,688
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash		(171	)		11

Decrease in Cash, Cash Equivalents, and Restricted Cash		(4,850	)		(4,032	)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period		9,449			12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period	$	4,599		$	8,936

Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest	$	7,740		$	5,924
Income taxes	$	1,133		$	914

The accompanying notes are an integral part of these consolidated financial statements.

Notes to Consolidated Financial Statements

(Unaudited)

(Dollar amounts in tables in thousands, except share and per share data)

NOTE 1 – BASIS OF PRESENTATION

Basis of Presentation

The accompanying consolidated financial statements include the accounts of ICF International, Inc. (“ICFI”) and its principal subsidiary, ICF Consulting Group, Inc. (“Consulting,” and together with ICFI, the “Company”), and have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). Consulting is a wholly owned subsidiary of ICFI. ICFI is a holding company with no operations or assets other than its investment in the common stock of Consulting. All other subsidiaries of the Company are wholly owned by Consulting. Intercompany transactions and balances have been eliminated. The terms “federal” or “federal government” refer to the U.S. federal government, and “state and local” or “state and local government” refer to U.S. state (including territories) and local governments, unless otherwise indicated.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Key estimates include estimates related to variable consideration on contracts with customers, costs to complete fixed-price contracts, bonus and other incentive compensation, reserves for tax benefits and valuation allowances on deferred tax assets, collectability of receivables, valuation and useful lives of acquired tangible and intangible assets, impairment of goodwill and long-lived assets, and contingencies. Actual results experienced by the Company may differ from management’s estimates.

Interim Results

The unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These rules and regulations permit some of the information and footnote disclosures normally included in financial statements, prepared in accordance with U.S. GAAP, to be condensed or omitted. In management’s opinion, the unaudited consolidated financial statements contain all adjustments that are of a normal recurring nature, necessary for a fair presentation of the results of operations and financial position of the Company for the interim periods presented. The Company reports operating results and financial data in one operating segment and reporting unit. Operating results for the three-month period ended March 31, 2024 and 2023 are not necessarily indicative of the results that may be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the fiscal year ended December 31, 2023 and the notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 28, 2024.

Recent Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

Segment Reporting

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07: Improvements to Reportable Segment Disclosures to update reportable segment disclosure requirements for public entities under the Accounting Standards Codification (“ASC”). ASU 2023-07 enhances the current segment reporting disclosures of Topic 280 by requiring disclosure of significant segment expenses that are regularly reviewed by the Chief Operating Decision Maker (the “CODM”), the amount and description of other segment items, and interim disclosures of reportable segment’s profit or loss and assets. ASU 2023-07 also requires public entities that have a single reportable segment to provide all of the disclosures required in Topic 280, as amended. ASU 2023-07 is effective for the Company for the fiscal year ending December 31, 2024 and interim periods within the 2025 fiscal year on a retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2023-07 but does not expect the adoption to have a material impact, if any, on the consolidated financial statements.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures, which requires greater disaggregation of income tax rate and amounts paid by entities. ASU 2023-09 specifically requires all entities to disclose, on an annual basis, disaggregated domestic and foreign pre-tax income or loss from continuing operations and the disaggregated income tax expense or benefit by federal, state, and foreign components, and a tabular rate reconciliation, using both percentages and reporting currency amounts, of eight specific categories as well as any individual reconciling items that are equal to or greater than 5% of a threshold computed by multiplying pretax income or loss from continuing operations by the applicable federal rate. Additionally, the amendments also require disclosure of income taxes paid disaggregated by federal, state, and foreign jurisdictions as well as any individual jurisdictions over 5% of the total income taxes paid. ASU 2023-09 is effective for the Company for the fiscal year ending December 31, 2025, with early adoption permitted. The amendments may be adopted on a prospective or retrospective basis. The Company is currently evaluating the impact of the adoption of ASU 2023-09 but does not expect the adoption to have a material impact, if any, on the consolidated financial statements.

NOTE 2 – RESTRICTED CASH

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets for the periods presented to the total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows for the three months ended March 31, 2024 and 2023:


	March 31, 2024				March 31, 2023
	Beginning		Ending		Beginning		Ending
Cash and cash equivalents	$	6,361	$	3,683	$	11,257	$	5,364
Restricted cash		3,088		916		1,711		3,572
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	9,449	$	4,599	$	12,968	$	8,936

NOTE 3 – CONTRACT RECEIVABLES, NET

Contract receivables, net consisted of the following:


	March 31, 2024			December 31, 2023
Billed and billable	$	208,930		$	210,919
Allowance for expected credit losses		(6,684	)		(5,435	)
Contract receivables, net	$	202,246		$	205,484

The Company sells certain billed receivables in accordance with its Master Receivables Purchase Agreement (the “MRPA”) with MUFG Bank, Ltd. (“MUFG”). The receivables that are sold without recourse and where the Company does not retain any ongoing financial interest in the transferred receivables, other than providing servicing activities, are accounted for as sales under ASC 860, Transfers and Servicing (“ASC 860”). Consequently, these receivables are derecognized from the Company’s consolidated balance sheets at the date of the sale, and the cash received from MUFG is presented as part of cash flows from operating activities.

The following is the summary of the amount of ASC 860 eligible contract receivables sold to MUFG but not yet collected from the customers, as of March 31, 2024, and 2023, respectively:


	As of and for the Three Months Ended
	March 31, 2024			March 31, 2023
Beginning balance	$	21,302		$	3,819
Billed receivables sold during the period		133,398			28,635
Collections from customers during the period		(129,824	)		(17,044	)
Ending balance (1)	$	24,876		$	15,410

(1)

For the three months ended March 31, 2024 and 2023, the Company recorded net inflows of $3.6 million and $11.6 million, respectively, in its cash flows from operating activities from the sale of billed receivables. The ending balance of $24.9 million and $15.4 million represent billed receivables that were sold and derecognized by the Company, but have not yet been collected from customers as of March 31, 2024 and 2023.

The following is a reconciliation of cash collections and remittances to MUFG for the sale of billed receivables as of and for the three months ended March 31, 2024 and 2023:


	As of and for the Three Months Ended
	March 31, 2024			March 31, 2023
Beginning balance	$	21,796		$	6,164
Collections from customers during the period		129,824			17,044
Remittances to MUFG during the period		(125,879	)		(9,983	)
Ending balance (1)	$	25,741		$	13,225

(1)

For the three months ended March 31, 2024 and 2023, the Company recorded net inflows of $3.9 million and $7.1 million, respectively, in its cash flows from operating activities from the collection of billed receivables that were sold but not yet remitted to MUFG. The liability balances from March 31, 2024 and 2023 of $25.7 million and $13.2 million, respectively, are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets.

The Company services the receivables sold by collecting cash and remitting it to MUFG. The related servicing fee received from MUFG was immaterial.

The Company also sold certain receivables to MUFG that did not qualify as sales under ASC 860. Consequently, the cash received from and remitted back to MUFG is presented as cash from financing activities within “Proceeds from other short-term borrowings” and “Repayments of other short-term borrowings” on the Company’s consolidated statements of cash flows. At March 31, 2024 and December 31, 2023, the amounts due to MUFG for cash collected and not yet remitted for receivables sold that did not qualify as sales under ASC 860 totaled $7.3 million and $6.9 million, respectively. These amounts are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets.

NOTE 4 – LEASES

The Company has operating and finance leases for facilities and equipment which have remaining terms ranging from 1 to 15 years. Future minimum lease payments under non-cancellable operating and finance leases as of March 31, 2024 were as follows:


	Operating			Finance
March 31, 2025	$	26,611		$	3,041
March 31, 2026		25,415			3,041
March 31, 2027		22,121			3,041
March 30, 2028		17,427			3,040
March 31, 2029		15,288			2,966
Thereafter		127,991			2,225
Total future minimum lease payments		234,853			17,354
Less: Interest		(43,389	)		(1,582	)
Total lease liabilities	$	191,464		$	15,772

NOTE 5 – DEBT

At March 31, 2024 and December 31, 2023, debt consisted of:


	March 31, 2024				December 31, 2023
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	204,000			$	207,750
Delayed-Draw Term Loan			217,250				220,000
Revolving Credit			56,904				6,340
Total before debt issuance costs	6.9%		478,154		6.7%		434,090
Unamortized debt issuance costs			(3,406	)			(3,683	)
Total		$	474,748			$	430,407

As of March 31, 2024, the Company had $541.3 million of unused borrowing capacity under the $600.0 million revolving line of credit under a credit agreement with a group of lenders (the “Credit Facility”). The unused borrowing capacity is inclusive of outstanding letters of credit totaling $1.8 million. The average interest rate on borrowings under the Credit Facility was 6.9% for the three months ended March 31, 2024 and 6.7% for the twelve months ended December 31, 2023. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 7 – Derivative Instruments and Hedging Activities”), the average interest rate was 5.6% for the three months ended March 31, 2024 and for the twelve months ended December 31, 2023, respectively.

Future contractual repayments of debt principal are as follows:


Payments due by	Term Loan		Delayed-Draw Term Loan		Revolving Credit		Total
March 31, 2025	$	15,000	$	11,000	$	—	$	26,000
March 31, 2026		22,500		16,500		—		39,000
March 31, 2027		22,500		16,500		—		39,000
May 6, 2027 (Maturity)		144,000		173,250		56,904		374,154
Total	$	204,000	$	217,250	$	56,904	$	478,154

NOTE 6 – REVENUE RECOGNITION

Disaggregation of Revenue

The Company disaggregates revenue from clients into categories that depict how the nature, amount, and uncertainty of revenue and cash flows are affected by economic and business factors. Those categories are client market, client type, and contract mix.


	Three Months Ended March 31,
	2024					2023
	Dollars		Percent			Dollars		Percent
Client Markets:
Energy, environment, infrastructure, and disaster recovery	$	224,689		45	%	$	187,218		39	%
Health and social programs		190,148		39	%		202,782		42	%
Security and other civilian & commercial		79,599		16	%		93,282		19	%
Total	$	494,436		100	%	$	483,282		100	%


	Three Months Ended March 31,
	2024					2023
	Dollars		Percent			Dollars		Percent
Client Type:
U.S. federal government	$	274,177		55	%	$	267,742		55	%
U.S. state and local government		76,905		16	%		75,242		16	%
International government		25,276		5	%		20,684		4	%
Total Government		376,358		76	%		363,668		75	%
Commercial		118,078		24	%		119,614		25	%
Total	$	494,436		100	%	$	483,282		100	%


	Three Months Ended March 31,
	2024					2023
	Dollars		Percent			Dollars		Percent
Contract Mix:
Time-and-materials	$	206,160		42	%	$	201,203		42	%
Fixed-price		224,725		45	%		218,735		45	%
Cost-based		63,551		13	%		63,344		13	%
Total