0000950170-24-089575 | 10-Q | XBRL Viewer

Contract Receivables, Net

6 Months Ended

Jun. 30, 2024

NOTE 3 – CONTRACT RECEIVABLES, NET

Contract receivables, net consisted of the following:


	June 30, 2024			December 31, 2023
Billed and billable	$	216,037		$	210,919
Allowance for expected credit losses		(6,686	)		(5,435	)
Contract receivables, net	$	209,351		$	205,484

The Company sells certain billed contract receivables in accordance with its Master Receivables Purchase Agreement (the “MRPA”) with MUFG Bank, Ltd. (“MUFG”). The contract 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 contract 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 a reconciliation of billed contract receivables sold to MUFG that were eligible and accounted for as sales under ASC 860, including billed contract receivables sold to MUFC and collected from customers on behalf of MUFG during the six months ended June 30, 2024 and 2023, and the balance of billed contract receivables not yet collected from the customers as of June 30, 2024 and 2023, respectively:


	As of and for the Six Months Ended
	June 30, 2024			June 30, 2023
Beginning balance, billed contract receivables sold and not yet collected (1)	$	21,302		$	3,819
Billed contract receivables sold during the period (2)		315,553			66,402
Collections from customers during the period (2)		(302,174	)		(42,575	)
Ending balance, billed contract receivables sold and not yet collected (3)	$	34,681		$	27,646

(1)

The beginning balances represent billed contract receivables that were previously sold and derecognized by the Company but have not yet been collected from customers as of January 1, 2024 and 2023, respectively.

(2)

For the six months ended June 30, 2024 and 2023, the Company recorded net inflows of $13.4 million and $23.8 million, respectively, in its cash flows from operating activities from the sale of billed contract receivables.

(3)

The ending balances represent billed contract receivables that were sold and derecognized by the Company but have not yet been collected from customers as of June 30, 2024 and 2023, respectively.

The following is a reconciliation of cash collections from customers of billed contract receivables previously sold to MUFG that were eligible and accounted for as sales under ASC 860, including collections from customers on behalf of MUFG of previously sold billed contract receivables and remittances of cash collections to MUFG during the six months ended June 30, 2024 and 2023, and the balance of cash collected but not yet remitted to MUFG as of June 30, 2024 and 2023, respectively:


	As of and for the Six Months Ended
	June 30, 2024			June 30, 2023
Beginning balance, cash collected but not yet remitted to MUFG (1)	$	21,796		$	6,164
Collections from customers during the period (2)		302,174			42,575
Remittances to MUFG during the period (2)		(292,581	)		(38,456	)
Ending balance, cash collected but not yet remitted to MUFG (3)	$	31,389		$	10,283

(1)

The beginning balances represent cash collected from customers on behalf of MUFG for billed contract receivables that were previously sold and derecognized by the Company but have not yet been remitted to MUFG as of January 1, 2024 and 2023, respectively.

(2)

For the six-months period ended June 30, 2024 and 2023, the Company recorded net inflows of $9.6 million and $4.1 million, respectively, in its cash flows from operating activities from the collection of billed contract receivables that were sold but not yet remitted to MUFG.

(3)

The ending balances 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 aggregate impact of the sale of billed contract receivables on the Company’s operating cash flows was $23.0 million and $27.9 million for the six months ended June 30, 2024 and 2023, respectively.

The Company also sold certain billed contract 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 June 30, 2024 and December 31, 2023, the amounts due to MUFG for cash collected and not yet remitted for billed contract receivables sold that did not qualify as sales under ASC 860 totaled $1.8 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.

Fair Value

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

NOTE 12 – FAIR VALUE

Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated balance sheets are as follows:


	June 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	4,392	$	—	$	4,392	Prepaid expenses and other assets
Interest rate swaps - long-term portion		—		282		—		282	Other assets
Company-owned life insurance policies		—		21,917		—		21,917	Other assets

Liabilities:
Interest rate swaps - long-term portion	$	—	$	712	$	—	$	712	Other long-term liabilities


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	4,820	$	—	$	4,820	Prepaid expenses and other assets
Interest rate swaps - long-term portion		—		398		—		398	Other assets
Company-owned life insurance policies		—		20,438		—		20,438	Other assets

Liabilities:
Interest rate swaps - long-term portion	$	—	$	4,184	$	—	$	4,184	Other long-term liabilities

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Earnings Per Share - Schedule of EPS Including Dilutive Effect of Stock Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Income	$ 25,611	$ 27,317	$ 20,312	$ 16,398	$ 52,928	$ 36,710
Weighted-average number of basic shares outstanding during the period	18,738		18,791		18,748	18,785
Dilutive effect of stock awards	123		128		164	157
Weighted-average number of diluted shares outstanding during the period	18,861		18,919		18,912	18,942
Basic EPS	$ 1.37		$ 1.08		$ 2.82	$ 1.95
Diluted EPS	$ 1.36		$ 1.07		$ 2.8	$ 1.94

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Average Interest Rate	6.80%	6.70%
Outstanding Balance before debt issuance costs	$ 437,066	$ 434,090
Unamortized debt issuance costs	(3,131)	(3,683)
Current portion of long-term debt	12,375	26,000
Long-term debt - non-current	421,560	404,407
Total	433,935	430,407
Term Loan
Debt Instrument [Line Items]
Outstanding Balance before debt issuance costs	200,250	207,750
Delayed-Draw Term Loan
Debt Instrument [Line Items]
Outstanding Balance before debt issuance costs	214,500	220,000
Revolving Credit
Debt Instrument [Line Items]
Outstanding Balance before debt issuance costs	$ 22,316	$ 6,340

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 4,056	$ 6,361	$ 11,257
Restricted cash	712	3,088	1,711
Contract receivables, net	209,351	205,484
Contract assets	222,767	201,832
Prepaid expenses and other assets	23,116	28,055
Income tax receivable	4,589	2,337
Total Current Assets	464,591	447,157
Property and Equipment, net	72,357	75,948
Other Assets:
Goodwill	1,219,083	1,219,476
Other intangible assets, net	78,321	94,904
Operating lease - right-of-use assets	124,637	132,807
Other assets	46,788	41,480
Total Assets	2,005,777	2,011,772
Current Liabilities:
Current portion of long-term debt	12,375	26,000
Accounts payable	110,704	134,503
Contract liabilities	20,102	21,997
Operating lease liabilities	21,176	20,409
Finance lease liabilities	2,567	2,522
Accrued salaries and benefits	93,834	88,021
Accrued subcontractors and other direct costs	52,661	45,645
Accrued expenses and other current liabilities	78,624	79,129
Total Current Liabilities	392,043	418,226
Long-term Liabilities:
Long-term debt	421,560	404,407
Operating lease liabilities - non-current	166,178	175,460
Finance lease liabilities - non-current	12,577	13,874
Deferred income taxes	16,421	26,175
Other long-term liabilities	53,673	56,045
Total Liabilities	1,062,452	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; 24,130,664 and 23,982,132 shares issued at June 30, 2024 and December 31, 2023, respectively; 18,757,022 and 18,845,521 shares outstanding at June 30, 2024 and December 31, 2023, respectively	24	24
Additional paid-in capital	432,402	421,502
Retained earnings	822,784	775,099
Treasury stock, 5,373,642 and 5,136,611 shares at June 30, 2024 and December 31, 2023, respectively	(300,341)	(267,155)
Accumulated other comprehensive loss	(11,544)	(11,885)
Total Stockholders’ Equity	943,325	917,585	$ 853,211
Total Liabilities and Stockholders’ Equity	$ 2,005,777	$ 2,011,772

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are 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	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, and the reported amounts of revenue and expenses. 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.
Recent Accounting Pronouncements	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 each 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 rates 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.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

NOTE 4 – LEASES

At June 30, 2024, the Company had operating and finance leases for facilities and equipment with remaining terms ranging from 1 to 14 years. Future minimum lease payments under non-cancellable operating and finance leases as of June 30, 2024 were as follows:


	Operating			Finance
June 30, 2025	$	26,994		$	3,041
June 30, 2026		24,991			3,041
June 30, 2027		21,069			3,041
June 29, 2028		17,027			3,022
June 30, 2029		14,877			2,967
Thereafter		124,121			1,482
Total future minimum lease payments		229,079			16,594
Less: Interest		(41,725	)		(1,450	)
Total lease liabilities	$	187,354		$	15,144

Lease liabilities - current	$	21,176		$	2,567
Lease liabilities - non-current		166,178			12,577
Total lease liabilities	$	187,354		$	15,144

Contract Receivables, Net (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Summary of Contract Receivables, Net

Contract receivables, net consisted of the following:


	June 30, 2024			December 31, 2023
Billed and billable	$	216,037		$	210,919
Allowance for expected credit losses		(6,686	)		(5,435	)
Contract receivables, net	$	209,351		$	205,484

Summary of Reconciliation of Billed Contract Receivables Sold to MUF Including Receivables Sold to MUFC And Collected from Customers on Behalf of MUFG And Receivables Not Yet Collected from Customers


	As of and for the Six Months Ended
	June 30, 2024			June 30, 2023
Beginning balance, billed contract receivables sold and not yet collected (1)	$	21,302		$	3,819
Billed contract receivables sold during the period (2)		315,553			66,402
Collections from customers during the period (2)		(302,174	)		(42,575	)
Ending balance, billed contract receivables sold and not yet collected (3)	$	34,681		$	27,646

(1)

(2)

(3)

The ending balances represent billed contract receivables that were sold and derecognized by the Company but have not yet been collected from customers as of June 30, 2024 and 2023, respectively.

Summary of Reconciliation of Cash Collections from Customers of Billed Contract Receivables Previously Sold to MUFG Including Previous Sold Receivables And Remittance of Cash Collections to MUFG And Cash Collected But Not Yet Remitted to MUFG


	As of and for the Six Months Ended
	June 30, 2024			June 30, 2023
Beginning balance, cash collected but not yet remitted to MUFG (1)	$	21,796		$	6,164
Collections from customers during the period (2)		302,174			42,575
Remittances to MUFG during the period (2)		(292,581	)		(38,456	)
Ending balance, cash collected but not yet remitted to MUFG (3)	$	31,389		$	10,283

(1)

(2)

(3)

The ending balances are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets.

Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

NOTE 1 – BASIS OF PRESENTATION

Basis of Presentation

The accompanying consolidated financial statements are 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, and the reported amounts of revenue and expenses. 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 annual 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 and the six-month periods ended June 30, 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.

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 each 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 rates 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.

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Apr. 04, 2018	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 6.8	$ 4.9	$ 12.7	$ 10.8
Unrecognized compensation expense		$ 38.5		$ 38.5
Share-based compensation arrangement by share-based payment award, award vesting period				1 year 8 months 12 days
Omnibus Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares grants	2,050,000
Share-based compensation arrangement by share-based payment award, number of shares available for grant		1,020,019		1,020,019

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
-Paragraph 1D
-Publisher FASB
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-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(iii)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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 June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Markets:
Energy, environment, infrastructure, and disaster recovery	$	232,655		45	%	$	203,834		41	%	$	457,260		45	%	$	391,027		40	%
Health and social programs		194,929		38	%		205,530		41	%		385,053		39	%		408,239		41	%
Security and other civilian & commercial		84,445		17	%		90,721		18	%		164,152		16	%		184,101		19	%
Total	$	512,029		100	%	$	500,085		100	%	$	1,006,465		100	%	$	983,367		100	%


	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Type:
U.S. federal government	$	273,471		53	%	$	273,060		55	%	$	547,666		54	%	$	540,802		55	%
U.S. state and local government		84,850		17	%		81,054		16	%		161,803		16	%		156,296		16	%
International government		28,696		6	%		26,212		5	%		53,959		6	%		46,831		5	%
Total Government		387,017		76	%		380,326		76	%		763,428		76	%		743,929		76	%
Commercial		125,012		24	%		119,759		24	%		243,037		24	%		239,438		24	%
Total	$	512,029		100	%	$	500,085		100	%	$	1,006,465		100	%	$	983,367		100	%


	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Contract Mix:
Time-and-materials	$	217,587		42	%	$	208,171		42	%	$	423,680		42	%	$	409,290		42	%
Fixed-price		235,398		46	%		225,731		45	%		460,253		46	%		444,637		45	%
Cost-based		59,044		12	%		66,183		13	%		122,532		12	%		129,440		13	%
Total	$	512,029		100	%	$	500,085		100	%	$	1,006,465		100	%	$	983,367		100	%

Contract Assets and Liabilities

Contract assets consist of unbilled receivables on contracts where revenue recognized exceeds the amount billed. Contract liabilities result from advance payments received on a contract or from billings in excess of revenue recognized.

The following table summarizes the contract assets and liabilities as of June 30, 2024 and December 31, 2023:


	June 30, 2024			December 31, 2023
Contract assets	$	222,767		$	201,832
Contract liabilities		(20,102	)		(21,997	)
Net contract assets (liabilities)	$	202,665		$	179,835

The increase in net contract assets (liabilities) is primarily due to the timing difference between the performance of services and billings to customers. During the six months ended June 30, 2024 and 2023, the Company recognized $15.2 million and $16.2 million in revenue related to the contract liabilities balance at December 31, 2023 and 2022, respectively.

Unfulfilled Performance Obligations

The Company had $1.4 billion in unfulfilled performance obligations (“UPO”) as of June 30, 2024. The Company expects to recognize the remaining UPO as revenue of approximately 25% by December 31, 2024, 58% by December 31, 2025, and the remainder thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Letters of credit	$ 1.8
Standby Letters of Credit
Loss Contingencies [Line Items]
Letters of credit	1.8	$ 1.8
Letters of credit guarantees	$ 7.7	$ 7.9

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Statutory tax rate	21.00%	21.00%	21.00%	21.00%
State taxes, net of federal benefit	6.00%	5.80%	6.00%	5.80%
Executive compensation	1.70%	1.30%	1.70%	1.30%
Corporate-Owned Life Insurance	(0.30%)	(0.20%)	(0.30%)	(0.30%)
Other permanent differences	0.60%	0.90%	0.40%	0.50%
Prior year tax adjustments	0.60%	(3.50%)	0.30%	(1.80%)
Capital loss		(21.30%)		(10.60%)
Valuation allowance	1.00%	1.40%	1.00%	1.20%
Equity-based compensation			(2.40%)	(2.10%)
Uncertain tax position	2.30%		2.30%
Tax credits	(6.60%)	(1.00%)	(6.60%)	(1.00%)
Effective tax rate	26.30%	4.40%	23.40%	14.00%

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 8 – INCOME TAXES

A reconciliation of the Company’s statutory rate to the effective tax rate for the three and six months ended June 30, 2024 and 2023 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Statutory tax rate		21.0	%		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		6.0	%		5.8	%		6.0	%		5.8	%
Executive compensation		1.7	%		1.3	%		1.7	%		1.3	%
Corporate-owned life insurance		(0.3	%)		(0.2	%)		(0.3	%)		(0.3	%)
Other permanent differences		0.6	%		0.9	%		0.4	%		0.5	%
Prior year tax adjustments		0.6	%		(3.5	%)		0.3	%		(1.8	%)
Capital loss		—			(21.3	%)		—			(10.6	%)
Valuation allowance		1.0	%		1.4	%		1.0	%		1.2	%
Equity-based compensation		—			—			(2.4	%)		(2.1	%)
Uncertain tax position		2.3	%		—			2.3	%		—
Tax credits		(6.6	%)		(1.0	%)		(6.6	%)		(1.0	%)
Effective tax rate		26.3	%		4.4	%		23.4	%		14.0	%

The uncertain tax position and tax credits recognized during the three and six months ended June 30, 2024 are both primarily related to the Research & Experimentation (“R&E”) credits.

The Company’s effective income tax rate was higher for the three months and six months ended June 30, 2024 as compared to 2023 primarily due to restructuring of the ownership of the Company’s Canadian entities for tax purposes during the second quarter of 2023 which reduced the Company’s 2023 effective tax rate.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Entity Registrant Name	ICF International, Inc.
Entity Central Index Key	0001362004
Trading Symbol	ICFI
Security Exchange Name	NASDAQ
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		18,757,022
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-33045
Entity Tax Identification Number	22-3661438
Entity Incorporation State Country Code	DE
Entity Address, Address Line One	1902 Reston Metro Plaza
Entity Address, City or Town	Reston
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20190
City Area Code	703
Local Phone Number	934-3000
Title of each class	Common Stock
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue related to contract liabilities	$ 15.2	$ 16.2

Stockholders' Equity - Additional Information (Details)	Jun. 30, 2024 USD ($)
$200 Million Share Repurchase Program
Equity Class Of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 200,000,000

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2022	$ 853,211	$ 23	$ 401,957	$ 703,030	$ (243,666)	$ (8,133)
Balance (in shares) at Dec. 31, 2022		18,883			4,906
Net income	16,398			16,398
Other comprehensive (loss) income	(1,334)					(1,334)
Equity compensation	3,750		3,750
Exercise of stock options	111		111
Exercise of stock options (in shares)		4
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units	1	$ 1
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units (in shares)		126
Payments for share repurchases	(22,815)				$ (22,815)
Payments for share repurchases (in shares)		(225)			225
Dividends declared	(2,633)			(2,633)
Balance at Mar. 31, 2023	846,689	$ 24	405,818	716,795	$ (266,481)	(9,467)
Balance (in shares) at Mar. 31, 2023		18,788			5,131
Balance at Dec. 31, 2022	853,211	$ 23	401,957	703,030	$ (243,666)	(8,133)
Balance (in shares) at Dec. 31, 2022		18,883			4,906
Net income	36,710
Other comprehensive (loss) income	1,817					1,817
Balance at Jun. 30, 2023	872,845	$ 24	411,187	734,468	$ (266,518)	(6,316)
Balance (in shares) at Jun. 30, 2023		18,815			5,131
Balance at Mar. 31, 2023	846,689	$ 24	405,818	716,795	$ (266,481)	(9,467)
Balance (in shares) at Mar. 31, 2023		18,788			5,131
Net income	20,312			20,312
Other comprehensive (loss) income	3,151					3,151
Equity compensation	2,938		2,938
Exercise of stock options	167		167
Exercise of stock options (in shares)		4
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units	2,264		2,264
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units (in shares)		23
Payments for share repurchases	(37)				$ (37)
Dividends declared	(2,639)			(2,639)
Balance at Jun. 30, 2023	872,845	$ 24	411,187	734,468	$ (266,518)	(6,316)
Balance (in shares) at Jun. 30, 2023		18,815			5,131
Balance at Dec. 31, 2023	917,585	$ 24	421,502	775,099	$ (267,155)	(11,885)
Balance (in shares) at Dec. 31, 2023		18,846			5,136
Net income	27,317			27,317
Other comprehensive (loss) income	684					684
Equity compensation	3,551		3,551
Exercise of stock options	107		107
Exercise of stock options (in shares)		2
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units (in shares)		125
Payments for share repurchases	(30,475)				$ (30,475)
Payments for share repurchases (in shares)		(218)			218
Dividends declared	(2,620)			(2,620)
Balance at Mar. 31, 2024	916,149	$ 24	425,160	799,796	$ (297,630)	(11,201)
Balance (in shares) at Mar. 31, 2024		18,755			5,354
Balance at Dec. 31, 2023	917,585	$ 24	421,502	775,099	$ (267,155)	(11,885)
Balance (in shares) at Dec. 31, 2023		18,846			5,136
Net income	52,928
Other comprehensive (loss) income	341					341
Balance at Jun. 30, 2024	943,325	$ 24	432,402	822,784	$ (300,341)	(11,544)
Balance (in shares) at Jun. 30, 2024		18,757			5,373
Balance at Mar. 31, 2024	916,149	$ 24	425,160	799,796	$ (297,630)	(11,201)
Balance (in shares) at Mar. 31, 2024		18,755			5,354
Net income	25,611			25,611
Other comprehensive (loss) income	(343)	$ (343)				(343)
Equity compensation	4,674		4,674
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units	2,568		2,568
Issuance of shares pursuant to employee stock purchase plan and vesting of restricted stock units (in shares)		21
Payments for share repurchases	(2,711)				$ (2,711)
Payments for share repurchases (in shares)		(19)			19
Dividends declared	(2,623)			(2,623)
Balance at Jun. 30, 2024	$ 943,325	$ 24	$ 432,402	$ 822,784	$ (300,341)	$ (11,544)
Balance (in shares) at Jun. 30, 2024		18,757			5,373

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s statutory rate to the effective tax rate for the three and six months ended June 30, 2024 and 2023 is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Statutory tax rate		21.0	%		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		6.0	%		5.8	%		6.0	%		5.8	%
Executive compensation		1.7	%		1.3	%		1.7	%		1.3	%
Corporate-owned life insurance		(0.3	%)		(0.2	%)		(0.3	%)		(0.3	%)
Other permanent differences		0.6	%		0.9	%		0.4	%		0.5	%
Prior year tax adjustments		0.6	%		(3.5	%)		0.3	%		(1.8	%)
Capital loss		—			(21.3	%)		—			(10.6	%)
Valuation allowance		1.0	%		1.4	%		1.0	%		1.2	%
Equity-based compensation		—			—			(2.4	%)		(2.1	%)
Uncertain tax position		2.3	%		—			2.3	%		—
Tax credits		(6.6	%)		(1.0	%)		(6.6	%)		(1.0	%)
Effective tax rate		26.3	%		4.4	%		23.4	%		14.0	%

The uncertain tax position and tax credits recognized during the three and six months ended June 30, 2024 are both primarily related to the Research & Experimentation (“R&E”) credits.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 13 – COMMITMENTS AND CONTINGENCIES

Letters of Credit

The Company had open standby letters of credit totaling $1.8 million at both June 30, 2024 and December 31, 2023, respectively. Open standby letters of credit reduce the Company’s borrowing capacity under the Credit Facility.

Guarantees

At June 30, 2024 and December 31, 2023, the Company had $7.7 million and $7.9 million, respectively, of bank guarantees for facility leases and contract performance obligations.

Litigation and Claims

The Company is involved in various legal matters and proceedings arising in the ordinary course of business. While these matters and proceedings cause it to incur costs, including, but not limited to, attorneys’ fees, the Company currently believes that any ultimate liability arising out of these matters and proceedings will not have a material adverse effect on its financial position, results of operations, or cash flows.

Fair Value (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

Financial instruments measured at fair value on a recurring basis and their location within the accompanying consolidated balance sheets are as follows:


	June 30, 2024
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	4,392	$	—	$	4,392	Prepaid expenses and other assets
Interest rate swaps - long-term portion		—		282		—		282	Other assets
Company-owned life insurance policies		—		21,917		—		21,917	Other assets

Liabilities:
Interest rate swaps - long-term portion	$	—	$	712	$	—	$	712	Other long-term liabilities


	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total		Location on Balance Sheet
Assets:
Interest rate swaps - current portion	$	—	$	4,820	$	—	$	4,820	Prepaid expenses and other assets
Interest rate swaps - long-term portion		—		398		—		398	Other assets
Company-owned life insurance policies		—		20,438		—		20,438	Other assets

Liabilities:
Interest rate swaps - long-term portion	$	—	$	4,184	$	—	$	4,184	Other long-term liabilities

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Components of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss as of June 30, 2024 and 2023 included the following:


	Three Months Ended June 30, 2024
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreements			Total
Accumulated other comprehensive (loss) income at March 31, 2024	$	(14,117	)	$	2,916		$	(11,201	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(334	)		1,671			1,337
Amounts reclassified from accumulated other comprehensive (loss) income (1)		—			(1,661	)		(1,661	)
Effect of taxes		(12	)		(7	)		(19	)
Total current period other comprehensive (loss) income		(346	)		3			(343	)
Accumulated other comprehensive (loss) income at June 30, 2024	$	(14,463	)	$	2,919		$	(11,544	)


	Three Months Ended June 30, 2023
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreement and Other Adjustments			Total
Accumulated other comprehensive (loss) income at March 31, 2023	$	(12,495	)	$	3,028		$	(9,467	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		1,652			3,811			5,463
Amounts reclassified from accumulated other comprehensive (loss) income		—			(1,778	)		(1,778	)
Effect of taxes		10			(544	)		(534	)
Total current period other comprehensive (loss) income		1,662			1,489			3,151
Accumulated other comprehensive (loss) income at June 30, 2023	$	(10,833	)	$	4,517		$	(6,316	)


	Six Months Ended June 30, 2024
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreements			Total
Accumulated other comprehensive (loss) income at December 31, 2023	$	(12,695	)	$	810		$	(11,885	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(1,868	)		6,260			4,392
Amounts reclassified from accumulated other comprehensive (loss) income (1)		—			(3,332	)		(3,332	)
Effect of taxes		100			(819	)		(719	)
Total current period other comprehensive (loss) income		(1,768	)		2,109			341
Accumulated other comprehensive (loss) income at June 30, 2024	$	(14,463	)	$	2,919		$	(11,544	)


	Six Months Ended June 30, 2023
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreement and Other Adjustments			Total
Accumulated other comprehensive (loss) income at December 31, 2022	$	(14,056	)	$	5,923		$	(8,133	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		3,405			1,279			4,684
Amounts reclassified from accumulated other comprehensive (loss) income		—			(3,198	)		(3,198	)
Effect of taxes		(182	)		513			331
Total current period other comprehensive (loss) income		3,223			(1,406	)		1,817
Accumulated other comprehensive (loss) income at June 30, 2023	$	(10,833	)	$	4,517		$	(6,316	)

(1) The Company expects to reclassify $4.4 million of gains related to the Change in Fair Value of Interest Rate Hedge Agreements from accumulated other comprehensive loss into earnings during the next 12 months.

Summary of Repurchases of Shares

Repurchases for the three and six months ended June 30, 2024 and 2023 are as follows:


	Three Months Ended June 30,
	2024				2023
	Shares		Amount Paid		Shares		Amount Paid
Share Repurchase Program		18,183	$	2,687		—	$	—
Vesting of RSUs		150		23		329		37
Total		18,333	$	2,710		329	$	37


	Six Months Ended June 30,
	2024				2023
	Shares		Amount Paid		Shares		Amount Paid
Share Repurchase Program		191,000	$	26,519		180,000	$	18,126
Vesting of RSUs		46,031		6,672		45,376		4,732
Total		237,031	$	33,191		225,376	$	22,858

Contract Receivables, Net - Summary of Reconciliation of Cash Collections from Customers of Billed Contract Receivables Previously Sold to MUFG Including Previous Sold Receivables And Remittance of Cash Collections to MUFG And Cash Collected But Not Yet Remitted to MUFG (Parenthetical) (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

^[2]

Dec. 31, 2022

^[2]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Procceds from sale of billed receivables but not yet remitted to MUFG

$ 9,600

$ 4,100

Sale of billed receivables

$ 31,389

^[1]

$ 10,283

^[1]

$ 21,796

$ 6,164

[1]	The ending balances are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets.
[2]	The beginning balances represent cash collected from customers on behalf of MUFG for billed contract receivables that were previously sold and derecognized by the Company but have not yet been remitted to MUFG as of January 1, 2024 and 2023, respectively.

Leases - Additional Information (Details)	Jun. 30, 2024
Minimum
Lessee Lease Description [Line Items]
Operating leases, remaining lease term	1 year
Finance leases, remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Operating leases, remaining lease term	14 years
Finance leases, remaining lease term	14 years

Restricted Cash - Reconciliation of Cash and Cash Equivalents, and Restricted Cash to the Total of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 4,056	$ 6,361	$ 6,972	$ 11,257
Restricted cash	712	3,088	4,498	1,711
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$ 4,768	$ 9,449	$ 11,470	$ 12,968

Stock-based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

NOTE 10 – STOCK-BASED COMPENSATION

The Company’s 2018 Amended and Restated Omnibus Incentive Plan (the “2018 A&R Omnibus Plan”) allows the Company to grant up to 2,050,000 total shares of common stock to officers, key employees, and non-employee directors. As of June 30, 2024, the Company had approximately 1,020,019 shares available for grant under the 2018 A&R Omnibus Plan.

The following awards were granted during the three and six months ended June 30, 2024 and 2023:


	Awards Granted				Average Grant Date Fair Value				Awards Granted				Average Grant Date Fair Value
	Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended
	June 30,				June 30,				June 30,				June 30,
	2024		2023		2024		2023		2024		2023		2024		2023
Employee Stock Awards		129		115	$	150.60	$	114.52		110,883		113,569	$	156.18	$	110.02
Cash-Settled RSUs		494		18,853	$	150.60	$	114.52		34,558		66,464	$	152.56	$	109.33
Total		623		18,968						145,441		180,033

The total stock-based compensation expense was $6.8 million and $12.7 million for the three and six months ended June 30, 2024, respectively, and $4.9 million and $10.8 million for the three and six months ended June 30, 2023, respectively. The unrecognized compensation expense at June 30, 2024 was $38.5 million, which is expected to vest over the next 1.7 years.

Stock-based Compensation - Schedule Of Awards Granted (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards Granted	623	18,968	145,441	180,033
Employee Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards Granted	129	115	110,883	113,569
Average Grant Date Fair Value	$ 150.6	$ 114.52	$ 156.18	$ 110.02
Cash-Settled RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards Granted	494	18,853	34,558	66,464
Average Grant Date Fair Value	$ 150.6	$ 114.52	$ 152.56	$ 109.33

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of Future Minimum Lease Payments Under Non-Cancellable Operating and Finance Leases

Future minimum lease payments under non-cancellable operating and finance leases as of June 30, 2024 were as follows:


	Operating			Finance
June 30, 2025	$	26,994		$	3,041
June 30, 2026		24,991			3,041
June 30, 2027		21,069			3,041
June 29, 2028		17,027			3,022
June 30, 2029		14,877			2,967
Thereafter		124,121			1,482
Total future minimum lease payments		229,079			16,594
Less: Interest		(41,725	)		(1,450	)
Total lease liabilities	$	187,354		$	15,144

Lease liabilities - current	$	21,176		$	2,567
Lease liabilities - non-current		166,178			12,577
Total lease liabilities	$	187,354		$	15,144

Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 512,029	$ 500,085	$ 1,006,465	$ 983,367
Time-and-Materials
Disaggregation Of Revenue [Line Items]
Revenue from clients	217,587	208,171	423,680	409,290
Fixed-Price
Disaggregation Of Revenue [Line Items]
Revenue from clients	235,398	225,731	460,253	444,637
Cost-Based
Disaggregation Of Revenue [Line Items]
Revenue from clients	59,044	66,183	122,532	129,440
U.S. Federal Government
Disaggregation Of Revenue [Line Items]
Revenue from clients	273,471	273,060	547,666	540,802
U.S. State and Local Government
Disaggregation Of Revenue [Line Items]
Revenue from clients	84,850	81,054	161,803	156,296
International Government
Disaggregation Of Revenue [Line Items]
Revenue from clients	28,696	26,212	53,959	46,831
Total Government
Disaggregation Of Revenue [Line Items]
Revenue from clients	387,017	$ 380,326	763,428	743,929
Commercial
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 125,012		$ 243,037	$ 239,438
Customer Concentration Risk \| Revenue from Contract with Customer
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	100.00%	100.00%	100.00%	100.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Time-and-Materials
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	42.00%	42.00%	42.00%	42.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Fixed-Price
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	46.00%	45.00%	46.00%	45.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Cost-Based
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	12.00%	13.00%	12.00%	13.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| U.S. Federal Government
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	53.00%	55.00%	54.00%	55.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| U.S. State and Local Government
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	17.00%	16.00%	16.00%	16.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| International Government
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	6.00%	5.00%	6.00%	5.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Total Government
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	76.00%	76.00%	76.00%	76.00%
Customer Concentration Risk \| Revenue from Contract with Customer \| Commercial
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	24.00%	24.00%	24.00%	24.00%
Energy, Environment, Infrastructure, and Disaster Recovery
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 232,655	$ 203,834	$ 457,260	$ 391,027
Energy, Environment, Infrastructure, and Disaster Recovery \| Customer Concentration Risk \| Revenue from Contract with Customer
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	45.00%	41.00%	45.00%	40.00%
Health and Social Programs
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 194,929	$ 205,530	$ 385,053	$ 408,239
Health and Social Programs \| Customer Concentration Risk \| Revenue from Contract with Customer
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	38.00%	41.00%	39.00%	41.00%
Security and Other Civilian & Commercial
Disaggregation Of Revenue [Line Items]
Revenue from clients	$ 84,445	$ 90,721	$ 164,152	$ 184,101
Security and Other Civilian & Commercial \| Customer Concentration Risk \| Revenue from Contract with Customer
Disaggregation Of Revenue [Line Items]
Revenue from clients, Percent	17.00%	18.00%	16.00%	19.00%

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

At June 30, 2024 and December 31, 2023, debt consisted of:


	June 30, 2024				December 31, 2023
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	200,250			$	207,750
Delayed-Draw Term Loan			214,500				220,000
Revolving Credit			22,316				6,340
Total before debt issuance costs	6.8%		437,066		6.7%		434,090
Unamortized debt issuance costs			(3,131	)			(3,683	)
Total		$	433,935			$	430,407


	June 30, 2024		December 31, 2023
Current portion of long-term debt	$	12,375	$	26,000
Long-term debt - non-current		421,560		404,407
Total	$	433,935	$	430,407

Schedule of Future Contractual Repayments of Debt Principal

Future contractual repayments of debt principal are as follows:


Payments due by	Term Loan		Delayed-Draw Term Loan		Revolving Credit		Total
June 30, 2025	$	—	$	12,375	$	—	$	12,375
June 30, 2026		—		16,500		—		16,500
May 6, 2027 (Maturity)		200,250		185,625		22,316		408,191
Total	$	200,250	$	214,500	$	22,316	$	437,066

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Acquisition and Divestiture - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Acquisition and Divestiture [Line Items]
Goodwill	$ 1,219,083	$ 1,219,476
Proceeds from divestiture of a business	1,715
Gain on divestiture	1,715
Accrued and other future expenses	$ 78,624	$ 79,129

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Contract Receivables, Net - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Sale of billed contract receivables amount	$ 23.0	$ 27.9
Master Receivables Purchase Agreement with MUFG Bank
Financing Receivable, Past Due [Line Items]
Cash collected not yet remitted for receivables sold	$ 1.8		$ 6.9

Derivative Instruments and Hedging Activities

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

NOTE 7 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

At June 30, 2024, the Company had floating-to-fixed interest rate swap agreements for an aggregate notional amount of $275.0 million, of which $100.0 million will mature on February 28, 2025, $75.0 million will mature on February 28, 2028, and $100.0 million will mature on June 27, 2028. The Company has designated the swap agreements as cash flow hedges. See “Note 5 – Debt” for details on the impact of the swap agreements on the Company’s interest rates. See “Note 12 – Fair Value” for the fair value of these swaps.

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Receivables [Abstract]

Beginning balance

^[1]

$ 21,796

$ 6,164

Collections from customers during the period

^[2],[3]

302,174

42,575

Remittances to MUFG during the period

^[2]

(292,581)

(38,456)

Ending balance

^[4]

$ 31,389

$ 10,283

[1]	The beginning balances represent cash collected from customers on behalf of MUFG for billed contract receivables that were previously sold and derecognized by the Company but have not yet been remitted to MUFG as of January 1, 2024 and 2023, respectively.
[2]	For the six-months period ended June 30, 2024 and 2023, the Company recorded net inflows of $9.6 million and $4.1 million, respectively, in its cash flows from operating activities from the collection of billed contract receivables that were sold but not yet remitted to MUFG.
[3]	For the six months ended June 30, 2024 and 2023, the Company recorded net inflows of $13.4 million and $23.8 million, respectively, in its cash flows from operating activities from the sale of billed contract receivables.
[4]	The ending balances are included as part of “Accrued expenses and other current liabilities” on the Company’s consolidated balance sheets.

Contract Receivables, Net - Summary of Reconciliation of Billed Contract Receivables Sold to MUF Including Receivables Sold to MUFC And Collected from Customers on Behalf of MUFG And Receivables Not Yet Collected from Customers (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Receivables [Abstract]
Proceeds from sale of billed contract receivables	$ 13.4	$ 23.8

Revenue Recognition - Additional Information (Detail 1) $ in Billions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01
Revenue From Contract With Customer [Line Items]
Unfulfilled performance obligation	$ 1.4
Expected period to satisfy performance obligations	1 year
Revenue, remaining performance obligation, percentage	25.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue From Contract With Customer [Line Items]
Expected period to satisfy performance obligations	1 year
Revenue, remaining performance obligation, percentage	58.00%

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	70,000,000	70,000,000
Common stock, issued (in shares)	24,130,664	23,982,132
Common stock, outstanding (in shares)	18,757,022	18,845,521
Treasury stock, shares (in shares)	5,373,642	5,136,611

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flows from Operating Activities
Net income	$ 52,928	$ 36,710
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	1,552	837
Deferred income taxes and unrecognized income tax benefits	(10,233)	(4,823)
Non-cash equity compensation	8,225	6,688
Depreciation and amortization	27,066	31,646
Gain on divestiture of a business	(1,715)
Other operating adjustments, net	470	128
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities	(23,561)	(38,332)
Contract receivables	(5,828)	8,856
Prepaid expenses and other assets	3,787	13,864
Operating lease assets and liabilities, net	(399)	2,894
Accounts payable	(23,569)	(22,742)
Accrued salaries and benefits	5,905	405
Accrued subcontractors and other direct costs	7,335	(2,173)
Accrued expenses and other current liabilities	13,075	(18,311)
Income tax receivable and payable	(3,633)	3,999
Other liabilities	(770)	233
Net Cash Provided by Operating Activities	50,635	19,879
Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software	(10,392)	(13,139)
Payments for business acquisitions, net of cash acquired		(32,664)
Proceeds from divestiture of a business	1,715
Net Cash Used in Investing Activities	(8,677)	(45,803)
Cash Flows from Financing Activities
Advances from working capital facilities	660,396	669,437
Payments on working capital facilities	(657,420)	(624,553)
Proceeds from other short-term borrowings	36,783	7,632
Repayments of other short-term borrowings	(46,933)	(2,483)
Receipt of restricted contract funds	1,269	4,940
Payment of restricted contract funds	(3,583)	(3,962)
Dividends paid	(5,257)	(5,271)
Net payments for stock issuances and share repurchases	(30,618)	(20,588)
Other financing, net	(1,145)	(905)
Net Cash (Used in) Provided by Financing Activities	(46,508)	24,247
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash	(131)	179
Decrease in Cash, Cash Equivalents, and Restricted Cash	(4,681)	(1,498)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period	9,449	12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period	4,768	11,470
Supplemental Disclosure of Cash Flow Information
Interest	15,270	19,129
Income taxes	$ 31,107	$ 8,450

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

NOTE 5 – DEBT

At June 30, 2024 and December 31, 2023, debt consisted of:


	June 30, 2024				December 31, 2023
	Average Interest Rate	Outstanding Balance			Average Interest Rate	Outstanding Balance
Term Loan		$	200,250			$	207,750
Delayed-Draw Term Loan			214,500				220,000
Revolving Credit			22,316				6,340
Total before debt issuance costs	6.8%		437,066		6.7%		434,090
Unamortized debt issuance costs			(3,131	)			(3,683	)
Total		$	433,935			$	430,407


	June 30, 2024		December 31, 2023
Current portion of long-term debt	$	12,375	$	26,000
Long-term debt - non-current		421,560		404,407
Total	$	433,935	$	430,407

As of June 30, 2024, the Company had $575.9 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 6.8% for the six months ended June 30, 2024 and 6.7% for the twelve months ended December 31, 2023, respectively. Inclusive of the impact of floating-to-fixed interest rate swaps (see “Note 7 – Derivative Instruments and Hedging Activities”), the average interest rate was 5.5% for the six months ended June 30, 2024 and 5.6% 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
June 30, 2025	$	—	$	12,375	$	—	$	12,375
June 30, 2026		—		16,500		—		16,500
May 6, 2027 (Maturity)		200,250		185,625		22,316		408,191
Total	$	200,250	$	214,500	$	22,316	$	437,066

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Markets:
Energy, environment, infrastructure, and disaster recovery	$	232,655		45	%	$	203,834		41	%	$	457,260		45	%	$	391,027		40	%
Health and social programs		194,929		38	%		205,530		41	%		385,053		39	%		408,239		41	%
Security and other civilian & commercial		84,445		17	%		90,721		18	%		164,152		16	%		184,101		19	%
Total	$	512,029		100	%	$	500,085		100	%	$	1,006,465		100	%	$	983,367		100	%


	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Client Type:
U.S. federal government	$	273,471		53	%	$	273,060		55	%	$	547,666		54	%	$	540,802		55	%
U.S. state and local government		84,850		17	%		81,054		16	%		161,803		16	%		156,296		16	%
International government		28,696		6	%		26,212		5	%		53,959		6	%		46,831		5	%
Total Government		387,017		76	%		380,326		76	%		763,428		76	%		743,929		76	%
Commercial		125,012		24	%		119,759		24	%		243,037		24	%		239,438		24	%
Total	$	512,029		100	%	$	500,085		100	%	$	1,006,465		100	%	$	983,367		100	%


	Three Months Ended June 30,										Six Months Ended June 30,
	2024					2023					2024					2023
	Dollars		Percent			Dollars		Percent			Dollars		Percent			Dollars		Percent
Contract Mix:
Time-and-materials	$	217,587		42	%	$	208,171		42	%	$	423,680		42	%	$	409,290		42	%
Fixed-price		235,398		46	%		225,731		45	%		460,253		46	%		444,637		45	%
Cost-based		59,044		12	%		66,183		13	%		122,532		12	%		129,440		13	%
Total	$	512,029		100	%	$	500,085		100	%	$	1,006,465		100	%	$	983,367		100	%

Schedule of Contract Assets and Liabilities

The following table summarizes the contract assets and liabilities as of June 30, 2024 and December 31, 2023:


	June 30, 2024			December 31, 2023
Contract assets	$	222,767		$	201,832
Contract liabilities		(20,102	)		(21,997	)
Net contract assets (liabilities)	$	202,665		$	179,835

Contract Receivables, Net - Summary of Contract Receivables, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Billed and billable	$ 216,037	$ 210,919
Allowance for expected credit losses	(6,686)	(5,435)
Contract receivables, net	$ 209,351	$ 205,484

Debt - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
Debt - Additional Information (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 1,800,000
Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative fixed interest rate	5.50%	5.60%
Revolving Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 600,000,000.0
Unused borrowing capacity amount	$ 575,900,000
Interest rate on credit facility	6.80%	6.70%

Stockholders' Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

NOTE 9 – STOCKHOLDERS’ EQUITY

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss as of June 30, 2024 and 2023 included the following:


	Three Months Ended June 30, 2024
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreements			Total
Accumulated other comprehensive (loss) income at March 31, 2024	$	(14,117	)	$	2,916		$	(11,201	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(334	)		1,671			1,337
Amounts reclassified from accumulated other comprehensive (loss) income (1)		—			(1,661	)		(1,661	)
Effect of taxes		(12	)		(7	)		(19	)
Total current period other comprehensive (loss) income		(346	)		3			(343	)
Accumulated other comprehensive (loss) income at June 30, 2024	$	(14,463	)	$	2,919		$	(11,544	)


	Three Months Ended June 30, 2023
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreement and Other Adjustments			Total
Accumulated other comprehensive (loss) income at March 31, 2023	$	(12,495	)	$	3,028		$	(9,467	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		1,652			3,811			5,463
Amounts reclassified from accumulated other comprehensive (loss) income		—			(1,778	)		(1,778	)
Effect of taxes		10			(544	)		(534	)
Total current period other comprehensive (loss) income		1,662			1,489			3,151
Accumulated other comprehensive (loss) income at June 30, 2023	$	(10,833	)	$	4,517		$	(6,316	)


	Six Months Ended June 30, 2024
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreements			Total
Accumulated other comprehensive (loss) income at December 31, 2023	$	(12,695	)	$	810		$	(11,885	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		(1,868	)		6,260			4,392
Amounts reclassified from accumulated other comprehensive (loss) income (1)		—			(3,332	)		(3,332	)
Effect of taxes		100			(819	)		(719	)
Total current period other comprehensive (loss) income		(1,768	)		2,109			341
Accumulated other comprehensive (loss) income at June 30, 2024	$	(14,463	)	$	2,919		$	(11,544	)


	Six Months Ended June 30, 2023
	Foreign Currency Translation Adjustments			Change in Fair Value of Interest Rate Hedge Agreement and Other Adjustments			Total
Accumulated other comprehensive (loss) income at December 31, 2022	$	(14,056	)	$	5,923		$	(8,133	)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications		3,405			1,279			4,684
Amounts reclassified from accumulated other comprehensive (loss) income		—			(3,198	)		(3,198	)
Effect of taxes		(182	)		513			331
Total current period other comprehensive (loss) income		3,223			(1,406	)		1,817
Accumulated other comprehensive (loss) income at June 30, 2023	$	(10,833	)	$	4,517		$	(6,316	)

Share Repurchases

The Company repurchased shares under the $200.0 million share repurchase program authorized by the Company’s board of directors. In addition, the Company repurchased shares in connection with the vesting of restricted stock units (“RSUs”) granted to employees. Repurchases for the three and six months ended June 30, 2024 and 2023 are as follows:


	Three Months Ended June 30,
	2024				2023
	Shares		Amount Paid		Shares		Amount Paid
Share Repurchase Program		18,183	$	2,687		—	$	—
Vesting of RSUs		150		23		329		37
Total		18,333	$	2,710		329	$	37


	Six Months Ended June 30,
	2024				2023
	Shares		Amount Paid		Shares		Amount Paid
Share Repurchase Program		191,000	$	26,519		180,000	$	18,126
Vesting of RSUs		46,031		6,672		45,376		4,732
Total		237,031	$	33,191		225,376	$	22,858

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based compensation arrangement by share-based payment award, award vesting period			1 year 8 months 12 days
Restricted Stock Awards
Antidilutive securities excluded from computation of earnings per share, amount	82,169	0	46,534	31
Performance Shares \| Initial Performance Vesting Period
Share-based compensation arrangement by share-based payment award, award vesting period			2 years

Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2024

Restricted Cash and Cash Equivalents, Current [Abstract]

Reconciliation of Cash and Cash Equivalents, and 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 six months ended June 30, 2024 and 2023:


	June 30, 2024				June 30, 2023
	Beginning		Ending		Beginning		Ending
Cash and cash equivalents	$	6,361	$	4,056	$	11,257	$	6,972
Restricted cash		3,088		712		1,711		4,498
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	9,449	$	4,768	$	12,968	$	11,470

Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Parenthetical) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Expects to reclassify net losses related to change in fair value of interest rate hedge agreement from accumulated other comprehensive loss into earnings	$ 4.4

Basis of Presentation - Additional Information (Details) - Segment	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1	1	1	1
Number of reporting segments	1	1	1	1

Debt - Schedule of Future Contractual Repayments of Debt Principal (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
June 30, 2025	$ 12,375
June 30, 2026	16,500
May 6, 2027 (Maturity)	408,191
Total	437,066	$ 434,090
Term Loan
Debt Instrument [Line Items]
May 6, 2027 (Maturity)	200,250
Total	200,250	207,750
Delayed-Draw Term Loan
Debt Instrument [Line Items]
June 30, 2025	12,375
June 30, 2026	16,500
May 6, 2027 (Maturity)	185,625
Total	214,500	220,000
Revolving Credit
Debt Instrument [Line Items]
May 6, 2027 (Maturity)	22,316
Total	$ 22,316	$ 6,340

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of EPS Including Dilutive Effect of Stock Awards

EPS, including the dilutive effect of stock awards for each period reported is summarized below:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2024		2023		2024		2023
Net Income	$	25,611	$	20,312	$	52,928	$	36,710

Weighted-average number of basic shares outstanding during the period		18,738		18,791		18,748		18,785
Dilutive effect of stock awards		123		128		164		157
Weighted-average number of diluted shares outstanding during the period		18,861		18,919		18,912		18,942

Basic EPS	$	1.37	$	1.08	$	2.82	$	1.95
Diluted EPS	$	1.36	$	1.07	$	2.80	$	1.94

Restricted Cash

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Restricted Cash

NOTE 2 – RESTRICTED CASH


	June 30, 2024				June 30, 2023
	Beginning		Ending		Beginning		Ending
Cash and cash equivalents	$	6,361	$	4,056	$	11,257	$	6,972
Restricted cash		3,088		712		1,711		4,498
Total of cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	9,449	$	4,768	$	12,968	$	11,470

Contract Receivables, Net -Summary of Reconciliation of Billed Contract Receivables Sold to MUF Including Receivables Sold to MUFC And Collected from Customers on Behalf of MUFG And Receivables Not Yet Collected from Customers (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Receivables [Abstract]

Beginning balance

^[1]

$ 21,302

$ 3,819

Billed receivables sold during the period

^[2]

315,553

66,402

Collections from customers during the period

^[2],[3]

(302,174)

(42,575)

Ending balance

^[4]

$ 34,681

$ 27,646

[1]	The beginning balances represent billed contract receivables that were previously sold and derecognized by the Company but have not yet been collected from customers as of January 1, 2024 and 2023, respectively.
[2]	For the six months ended June 30, 2024 and 2023, the Company recorded net inflows of $13.4 million and $23.8 million, respectively, in its cash flows from operating activities from the sale of billed contract receivables.
[3]	For the six-months period ended June 30, 2024 and 2023, the Company recorded net inflows of $9.6 million and $4.1 million, respectively, in its cash flows from operating activities from the collection of billed contract receivables that were sold but not yet remitted to MUFG.
[4]	The ending balances represent billed contract receivables that were sold and derecognized by the Company but have not yet been collected from customers as of June 30, 2024 and 2023, respectively.

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 11 – EARNINGS PER SHARE

The Company’s earnings per share (“EPS”) is computed by dividing reported net income by the weighted-average number of shares outstanding. Diluted EPS (“U.S. GAAP Diluted EPS”) considers the potential dilution that could occur if the Company’s common stock options, RSUs, and performance share awards (“PSAs”) were exercised or converted into the Company’s common stock. PSAs are included in the computation of diluted shares only to the extent that the underlying performance conditions: (i) are satisfied as of the end of the reporting period or (ii) would be considered satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive under the treasury stock method.

As of June 30, 2024, the PSAs granted during the year ended December 31, 2022 met the related performance conditions for the initial performance period and were included in the calculation of U.S. GAAP Diluted EPS. However, the PSAs granted during the year ended December 31, 2023 and during the six months ended June 30, 2024 have not yet completed their initial two-year performance period and therefore were excluded from the calculation of U.S. GAAP Diluted EPS.

EPS, including the dilutive effect of stock awards for each period reported is summarized below:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands, except per share data)	2024		2023		2024		2023
Net Income	$	25,611	$	20,312	$	52,928	$	36,710

Weighted-average number of basic shares outstanding during the period		18,738		18,791		18,748		18,785
Dilutive effect of stock awards		123		128		164		157
Weighted-average number of diluted shares outstanding during the period		18,861		18,919		18,912		18,942

Basic EPS	$	1.37	$	1.08	$	2.82	$	1.95
Diluted EPS	$	1.36	$	1.07	$	2.80	$	1.94

A total of 82,169 and 46,534 shares of restricted stock awards were excluded from the calculation of EPS for the three and six months ended June 30, 2024 because they were anti-dilutive. There were no shares excluded for the three months ended June 30, 2023, and 31 shares excluded for the six months ended June 30, 2023.

Fair Value - Schedule of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Interest Rate Swap \| Other Assets
Assets:
Assets, Total	$ 282	$ 398
Interest Rate Swap \| Prepaid Expenses and Other Current Assets
Assets:
Assets, Total	4,392	4,820
Interest Rate Swap \| Other Long-Term Liabilities
Liabilities:
Liabilities, Total	712	4,184
Company Owned Life Insurance Policies \| Other Assets
Assets:
Assets, Total	21,917	20,438
Level 2 \| Interest Rate Swap \| Other Assets
Assets:
Assets, Total	282	398
Level 2 \| Interest Rate Swap \| Prepaid Expenses and Other Current Assets
Assets:
Assets, Total	4,392	4,820
Level 2 \| Interest Rate Swap \| Other Long-Term Liabilities
Liabilities:
Liabilities, Total	712	4,184
Level 2 \| Company Owned Life Insurance Policies \| Other Assets
Assets:
Assets, Total	$ 21,917	$ 20,438

Derivative Instruments and Hedging Activities - Additional Information (Details) - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Notional amount	$ 275.0
June 27, 2028
Derivative [Line Items]
Notional amount	$ 100.0
Maturity date	Jun. 27, 2028
February 28, 2025
Derivative [Line Items]
Notional amount	$ 100.0
Maturity date	Feb. 28, 2025
February 28, 2028
Derivative [Line Items]
Notional amount	$ 75.0
Maturity date	Feb. 28, 2028

- Definition

Date derivative contract ends, in YYYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SX 210.12-13(Column F))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5A
-Subparagraph (SX 210.12-13A(Column C))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 5B
-Subparagraph (SX 210.12-13B(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5B

+ Details

Leases - Summary of Future Minimum Lease Payments Under Non-Cancellable Operating and Finance Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
June 30, 2025	$ 26,994
June 30, 2026	24,991
June 30, 2027	21,069
June 29, 2028	17,027
June 30, 2029	14,877
Thereafter	124,121
Total future minimum lease payments	229,079
Less: Interest	(41,725)
Total lease liabilities	187,354
Lease liabilities - current	21,176	$ 20,409
Lease liabilities - non-current	166,178	175,460
June 30, 2025	3,041
June 30, 2026	3,041
June 30, 2027	3,041
June 29, 2028	3,022
June 30, 2029	2,967
Thereafter	1,482
Total future minimum lease payments	16,594
Less: Interest	(1,450)
Total lease liabilities	15,144
Lease liabilities - current	2,567	2,522
Lease liabilities - non-current	$ 12,577	$ 13,874

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement, Recognized Amount [Abstract]

Schedule of Awards Granted

The following awards were granted during the three and six months ended June 30, 2024 and 2023:


	Awards Granted				Average Grant Date Fair Value				Awards Granted				Average Grant Date Fair Value
	Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended
	June 30,				June 30,				June 30,				June 30,
	2024		2023		2024		2023		2024		2023		2024		2023
Employee Stock Awards		129		115	$	150.60	$	114.52		110,883		113,569	$	156.18	$	110.02
Cash-Settled RSUs		494		18,853	$	150.60	$	114.52		34,558		66,464	$	152.56	$	109.33
Total		623		18,968						145,441		180,033

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 512,029	$ 500,085	$ 1,006,465	$ 983,367
Direct costs:
Direct costs	329,331	325,404	639,864	637,969
Operating costs and expenses:
Indirect and selling expenses	127,091	126,522	256,185	250,255
Depreciation and amortization	4,909	6,826	10,483	13,135
Amortization of intangible assets	8,291	9,286	16,582	18,510
Total operating costs and expenses	140,291	142,634	283,250	281,900
Operating income	42,407	32,047	83,351	63,498
Interest, net	(7,703)	(10,132)	(15,941)	(19,589)
Other income (expense)	36	(677)	1,666	(1,235)
Income before income taxes	34,740	21,238	69,076	42,674
Provision for income taxes	9,129	926	16,148	5,964
Net income	$ 25,611	$ 20,312	$ 52,928	$ 36,710
Earnings per Share:
Basic	$ 1.37	$ 1.08	$ 2.82	$ 1.95
Diluted	$ 1.36	$ 1.07	$ 2.8	$ 1.94
Weighted-average Shares:
Basic	18,738	18,791	18,748	18,785
Diluted	18,861	18,919	18,912	18,942
Cash dividends declared per common share	$ 0.14	$ 0.14	$ 0.28	$ 0.28
Other comprehensive (loss) income, net of tax	$ (343)	$ 3,151	$ 341	$ 1,817
Comprehensive income, net of tax	$ 25,268	$ 23,463	$ 53,269	$ 38,527

Revenue Recognition - Schedule of Contract Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 222,767	$ 201,832
Contract liabilities	(20,102)	(21,997)
Net contract assets (liabilities)	$ 202,665	$ 179,835

Stockholders' Equity - Summary of Repurchase of Shares (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Value	$ 2,710	$ 37	$ 33,191	$ 22,858
Stock Repurchased During Period, Shares	18,333	329	237,031	225,376
$200 Million Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Value	$ 2,687		$ 26,519	$ 18,126
Stock Repurchased During Period, Shares	18,183		191,000	180,000
Vesting of RSUs
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased During Period, Value	$ 23	$ 37	$ 6,672	$ 4,732
Stock Repurchased During Period, Shares	150	329	46,031	45,376

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Stockholders' Equity - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 916,149	$ 917,585	$ 846,689	$ 853,211	$ 917,585	$ 853,211
Current period other comprehensive (loss) income:
Total current period other comprehensive income (loss)	(343)	684	3,151	(1,334)	341	1,817
Balance	943,325	916,149	872,845	846,689	943,325	872,845
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(14,117)	(12,695)	(12,495)	(14,056)	(12,695)	(14,056)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications	(334)		1,652		(1,868)	3,405
Effect of taxes	(12)		10		100	(182)
Total current period other comprehensive income (loss)	(346)		1,662		(1,768)	3,223
Balance	(14,463)	(14,117)	(10,833)	(12,495)	(14,463)	(10,833)
Change in Fair Value of Interest Rate Hedge Agreements and Other Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	2,916	810	3,028	5,923	810	5,923
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications	1,671		3,811		6,260	1,279
Amounts reclassified from accumulated other comprehensive (loss) income	(1,661)		(1,778)		(3,332)	(3,198)
Effect of taxes	(7)		(544)		(819)	513
Total current period other comprehensive income (loss)	3		1,489		2,109	(1,406)
Balance	2,919	2,916	4,517	3,028	2,919	4,517
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(11,201)	(11,885)	(9,467)	(8,133)	(11,885)	(8,133)
Current period other comprehensive (loss) income:
Other comprehensive (loss) income before reclassifications	1,337		5,463		4,392	4,684
Amounts reclassified from accumulated other comprehensive (loss) income	(1,661)		(1,778)		(3,332)	(3,198)
Effect of taxes	(19)		(534)		(719)	331
Total current period other comprehensive income (loss)	(343)	684	3,151	(1,334)	341	1,817
Balance	$ (11,544)	$ (11,201)	$ (6,316)	$ (9,467)	$ (11,544)	$ (6,316)