ICFI - Earnings call transcript Q3 2021

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Operator

Welcome to the Third Quarter 2021 ICF Earnings Conference Call. My name is Vanessa, and I will be your operator for today's call. [Operator Instructions] Please note, this conference is being recorded on Tuesday, November 2, 2021, and cannot be reproduced or rebroadcast without permission from the company. And now I would like to turn the program over to Lynn Morgen of Advisory Partners.

Lynn Morgen

Thank you, Vanessa. thank XXXX joining performance. and ICF's to everyone, quarter third afternoon, you us for review Good With Wasson, and President today and us from CEO; Bettina ICF Welsh, are John CFO.

Morgan, Business is Chief them James Operations. Joining of

in our are to call, cause we to actual that refer X, our forward-looking assist expectations During this differ a press I release understanding These number you will management's statements conference ICF performance. could results materially to XXXX, statements and events make our discussions November to and you subject filings SEC future of risks for of risks. those and for

consider to point, to the some any addition, over CEO, as disclaim statements to information light. that may, now this of In forward-looking developments performance. presented call turn will at views Wasson, anticipate the We third We elect on Please but that future ICF's call our made specifically views today, during John? the statements update today. our will discuss do in are to our quarter cause based I change. XXXX to so. obligation John

John Wasson

Thank given was we Key years in current to in XX% X.X% revenue, quarter on clients, administration's which of for growth opportunities robust the areas over experienced our By and we growth opportunities highlight quarter you, the priorities. revenue more are identified energy the government momentum would service participating ICF, year-to-date year-to-date all you business and year-to-date key for where from and and our XX% to and I another which demonstrating commercial this we represented in accounted review strong performance like increase discuss the all the the believe head of include: that substantial third growth call horizon XXXX. our the our have revenues; measures, Lynn, two pointing to even ago takeaways together work that outlook. and continued in into thank that today business positive throughout we to this year as for

on existing exceptional higher efficient of to other revenue with Our which the EBITDA our drove service positive adjusted contracts, margin. tandem expansion in and execution utilization, factors

While ICF's and this of capture, not of periods, to higher considerable continue development which our with X.Xx along operating to in future book-to-bill business business we market be for cross-cutting expect trailing costs QX to level new our anticipated in underscore is able months. a in $X.X resulted model skills X.XXx These and pipeline and due success retention our implementation leverage. sustainable business are expertise the new subject to record margin drive matter in well aligned, with billion, XX how metrics, And demand.

by category, IT continued by more and digital public third in client at health year-on-year Looking transformation, closely work our government XX.X% our change quarter led programs, increased social climate revenues performance resilience. federal modernization, and

a well prevention the National BioScience contracts Control recompete the smoking transformation, cessation, $XX by agencies, Health as and Centers of Prevention platform, over as Institutes services support been end higher, third the cancer public contract management digital execute health nationwide Aid In million quarter. never in our us surveillance health new reaching provide continue and surveillance of on HIV ICF of awarded to alone, with prevention, IT awards. digital and at also growth U.S. and quarter for of modernization support disease several Disease and We and divisions of has research. been contracts, well opportunities year array rare area and genetic offices an this strong $X.X the service to revenue the the to XX%, pipeline to has was in communication our program transformation billion for This Unite in third to

ICF the bringing $XX but uniquely awarded connection were third to local the further and public competitive small the Department ultimately XX% with response analytics a of of brings government and synergies our comfort a expanding team leveraging $X.XX advanced total in above earnings bioinformatics over centers existing with growth the and increased in moved called that of their We in as note, federal cumulative to environmental gain $XX health staff ICF Medicaid that and our transaction process third the per at specialized to clients On and of to from costs. release relationships will contracts COVID-XX with our credentialed but that and services announced Today, pursued, contract health on we in in contract with how a we on Services acquisition revenue ESAC working as to Administration. quarter, they million. anticipated research after-tax expense late capabilities Medicare disaster arena. our related we work. you highly was ESAC share Additionally, we value Revenues synergies. million management firm pandemic-related out clients that This by clients related as Arosa M&A the serves pricing as and state quarter wins clients for Veteran in an academic strengthens private passed tied funded the forward ICF reflecting position XX-person look along and the federally to organizations. well government revenue together Center such based see consulting zone

Puerto work we under a and We Puerto continue FEMA of for to Rico formulation revitalization $XX.X in the extend Rico million project and a central new And the third Department occupying management. role in award expand for grants won program Housing. quarter, in the our Citi

ICF XXXX October, Puerto has contract awarded of the Resilient continues portal ICF and management Infrastructure this announcing third known quarter, as market of In sure funding to FEMA suffer events. Brick at of notification. aware U.S. evidence million levels for was the Rico of from increasing weather-related develop XXXX. in notice XX-month process $XX rigorous to contract mitigation support. wanted program, wins, that The released Communities as to continue double you're the addition, follow-on for for FEMA we opportunity Recovery a Disaster Building grant noted communities the the severe funding a a make but transparency In new early

In funded the community addition, XXXX remain mitigation funded be in grant in appropriations HUD half to block development more awarded. than Congress the by opportunities

programs ICF yesterday, With resilience across HUD continues and and markets. more mitigation the our allocation be mitigation of future. the XXXX. we program, Biden to the management qualifications the Just mitigation the to XX announced and continue as climate to in branch CDBG to than states add expect provider within billion very disasters recovery to for occurred administration $X And in position resilience and in funding in largest mitigation disaster that competitive CDBG separate XX

particularly Energy of Rapid Environment support Metropolitan we ICF services Council Texas contract of the with for Office in major and environmental LinkXX Mayor's ICF's including network. the & Government Area California also division Washington to to the of in to water, the Additionally, passenger Council, a Transportation Bay planning support State orders the Sustainability, Office. continue and contracts Climate the Energy County with development. program Transportation, City won number expansion environmental transportation, its of clients task in and government Minnesota quarter, recently Francisco local services, energy million the Metropolitan Commission, rail York was infrastructure Honolulu, San multiple awarded third New a Transit and Department Hawaii our a provide new City's of environmental state to $XX Authority's services

sizable wind to As government the a X/X approximately the our XX% release, end substantial international revenues in in tied of substantially by earnings from down third increase noted to revenues of pass-through that with short-term XXXX. expect the increased QX clients quarter, we with project

terms impact on of demand funding from particularly in for COVID of as related climate the social are greater seeing In clients, inclusion. receives we and trends, European initiatives services to the Commission and new clarity continued

last logistics energy year-to-date carefully this about a which aviation of in government clients still And airport manage discernible recognition Moving continue pickup year-on-year consulting of our a Marketing to part new of engaging comparisons our excellent business, for work But category. are North we pre-pandemic and is remain win issue Turnover levels and gain an activity reflect below In aviation for industry-wide work commercial business. Services, a revenues. in revenue represented overall In to qualifications our is have client clients. for the commercial that total and seen levels. and business, America. commercial last small to in end continue excellent across completion contract sustainable quarters, resident the projects airline expanded expertise at and to our large are the engagement we marketing X% in part the continue and while That commercial commercial we which Europe footprint, and said, ICF for the of leverage we the and of tourism X projects materializing business year. ICF our revenues,

client largest core X.X%, and energy Energy but programs, solid category. we from of we Our demand. the anticipate there revenues within this while Markets increase Year-to-date, market efficiency, market continued businesses. remained traditional efficiency work And energy to believe energy we customer distributed our commercial Services including market strong only across of utility domestic also in one electrification the to increased programs, energy awards and With grow players resources analytics, Environmental is contract are market, representing clients, the area, our share. ICF's Advisory growth opportunity

targets. instituted efficiency-related other we addition developments are in California, In climate several to or to continue energy monitor state expanded to states address as programs

in implemented all a fossil Utilities. York, heat designed ICF for program replace the with systems to New clean electric example, is This York program For heating innovative New old Investor heat pumps. fuel

jurisdictions. of energy diligence for and markets and expansion similar engineering development other has programs, financial of around renewable deployment the services and high We programs including continued our expect due advisory Also, resources ICF's storage. and energy electric electrification several business vehicle demand seen

of Our Wyoming an commercial year. stage robust achieved won project, and period energy half portfolio This XXXX year do Environmental the of construction of project pipeline engagements ICF this and wind for with good near growth fiscal together XXXX and beyond. compliance for for years. for another opportunities offshore energy in they and for further assessment first This And additional additional growth growth of and development the in impact utilities. summary, And for our prospects which opportunities with legislation to infrastructure following underscores Services we coming marked a and we contract breadth XXXX. catalysts substantial performance quarter project an our priorities on set solar civilian see very run strong expand next having the significant associated beyond. backlog development numerous rate stimulus also in and of for has been significant remain environmental In the development the the a smaller you an sense as the project East as active renewable developers gives wind a third growth we Arizona, services, our for with Coast business has could the positive that business excellent comparisons in ICF term

Welsh, the a over our I'll for review. to Bettina? Now turn CFO, call Bettina financial

Bettina Welsh

Thank you, everyone. John. Good afternoon,

revenue energy Year-to-date increase efficiency in this year-on-year, X% million revenue in of total which the energy from led first commercial government clients trends to pull revenue reflected revenues from business is clients, year. of revenue XX.X% from increased program forward in which a this the X.X%, Our positive the client half category. increase consistent increased X.X% in energy by and $XXX.X with a commercial clients

of to work. to total higher XX.X% ago the due quarter increased activity in from revenue year pass-through XX.X% primarily on USAID our quarter, Third project revenue

a million total was and lower to and due pass-through increased a $XX.X on Indirect marketing was expenses revenue, quarter, million. year-to-year $XXX.X full revenue, revenue for $XXX.X contracts. to contracts. service timing resulting reduction this On year's XXXX, of fourth of for was takes X.X% the accounted grew energy-related were basis for XXX fee highlighted up increased the X-months of third into points year-over-year from in recognition revenue significant line XX.X%, account large This first year-to-date. the expectations the that with pass-through XX.X% Gross quarter in X.X% margin similar we pass-through. on year-to-year the profit $XXX.X due Gross the year. commercial million of our million, revenue Service in which completion X.X% gross was For to lower margin selling XXXX. total year-on-year of XX.X%, to to

facilities basis and the of with third revenue, service costs. last due XXX percentage majority expenses year's lower below declined to quarter, XX.X%, As indirect to related the points and selling

of $XX.X million the of percentage lower just reported special excludes quarter EBITDA XX.X% $XX.X utilization XXXX. Operating noted. a quarter to basis reflecting up of as Third up charges, and was which $XX.X margin X.X% Adjusted indirect million. selling to on revenue million from million higher was expenses and EBITDA the service revenue the EBITDA, third and expanded to up was XXX XX.X%, in income adjusted $XX.X primarily I points XX.X%

XX.X%, due Our XXXX. tax M&A XX.X% impact the $X.XX up $X.XX to On reported excluding million diluted provision compared the jurisdictions. higher severance return of of rate in in for million XX.X% from amortization the quarter and expense XX.X% in tax from or income quarter $XX.X of basis, per share was the charges, XXXX revenue realignment third to staff resulting the third respectively, or to year-over-year. of per and XX.X% intangibles, quarter $XX.X a per increased non-GAAP and generated increased adjustments earnings to diluted share, $X.XX was Net share

Turning to flow. cash

the last from million, net leverage per million X supports cash to $XX.X further the we quarter, third prior expect for third XXXX. million. today, was year. In flow we sales were for to payable decline and XX quarter year-to-date operating on year. quarterly ratio Our days the were million outstanding compared to XXXX, Also, expenditures $X.XX about months cash a XX, on of in year. January end the Days million $XX.X X.XX up and share to shareholders $XXX of the flow increased of December record to our compared declared first Capital $XX.X cash days by our to dividend of guidance $XXX XX, XX the declined this operating X.XX,

million in is of be XXXX. here million the $XX to rate no the $XX.X and Amortization of modeling million. tax range million, year $XX and than to expense between to expense our amortization now expected will For $XX.X million. range for and greater be $XX be to purposes, million full intangibles Interest is $XX XX%. from year should expected are expectations now full a Depreciation

remain in XXXX. making With million ICF's and investing shareholders John as are between organic reduction growth I'll capital dividends to strategic the closing expect turn and share for $XX.X to as drive back count weighted be fully unchanged, capital average call And acquisitions for form the remarks. debt allocation diluted to to We of repurchases. expenditures his anticipated share of approximately priorities million. $XX well that, approximately returning capital and balanced

John Wasson

Thank you, Bettina.

slightly led As EPS and which you've range the us growth earnings revenue of total and XXXX today's EBITDA midpoint. expectations the for year-on-year increase good at year-to-date The XX% and of our be guidance in guidance the QX release, anticipated represent to revenue full for XX%, performance at for our is EPS, and end seen now to respectively, in same. remain high year GAAP showing above. guidance range service the ranges or have non-GAAP

$XXX ICF's guidance million. categories marketing cash and similar to to than Over million with fourth client our quarter pleased of expect are in from to the the quarter IT lower operating management high-growth least key we which years. rates climate, priorities. areas in the expect and and be at next aggregate include well current as XX% infrastructure, environment as align which to revenue These administration's year-to-date consulting in public revenue full commercial energy trends, to comparable XX% service that be Also, namely year over levels we well growth be We the government represented third several the flow will areas modernization, raising in growth commercial more offset disaster revenues. $XXX health, work with of utility service

the market. can have investors Analysts further pursue an we hear me expand speak differentiator. financial that ICF's often Additionally, and important as to culture addressable resources about acquisitions our

most That challenging have believe activities others retention staffing navigating been issues immune we from said, have industry, recruiting most our we Of fact, the impacted are and in environment. we industries and better expanded our in have country. business that in today's not than the in course,

positive exceptional collaborative will have XX results factor a enable that culture and dedicated for success to difference us key growth. our believe has culture drive our together cross-selling continue matter We of company's We of to nurtured years. with a to in a expertise been bringing enabled the at clients. It an by has a skills us range ICF the deliver past people broad our for to attract to date making subject group

XXXX, on with an you questions those sent hope and us. drivers our you on can Day the capabilities to matter join call opportunity to in January to We XX, and do Invitations cross-cutting will City greater ICF in we for leading you engagement. to open Please direct we Morgan. see digital any host engage provide the Investor growth technology insight I'd into questions. to be shortly. Lastly, like York and the New horizon With with subject our give now experts the out that, operator, will Lynn

Operator

Our Instructions] Securities. first with Tobey question [Operator Sommer Truist from

Tobey Sommer

could you. Thanks. what must about have I John, for Thank big maybe intention, looks your tell was been what acquisition hoping a appetite pretty us given like you swing company? and the

John Wasson

think Tobey, past, a company our of XX key has the strategy in the component I for as we've talked years. M&A I been for about mean

in XX% we've has can and add I half has rate. about growth And we forward, compound the As period, through believe of enjoyed average company that growth talked certainly as drive we've look M&A we we think that organic. been value activities. inorganic. continue That that to in been About

same bring market, expertise, we the the quite our commercial that on focus. synergistic of health I about and drive a for in And over markets so we'll revenues. think I in IT We've energy markets. modernization companies skills looking look the been we to that's the really domain that implementation can industry. And side continue think the think deep last remain the we then bit focused federal talked looking years couple and federal the at in

equal we fixer-uppers. make we looking X. turnarounds. X we've companies We're don't X can get to quality talked where do As do many We plus don't times,

what consistent think shareholders. about, really focused capability for key and talked focus these the can synergistic with we've growth on remains add so value I scale and where trying drive significant to markets we're we quite in And

Tobey Sommer

How the would versus baton was the respect quarter change to and sort prior after the passed describe started procurements with processes Biden you contract momentum of in to to awards administration established the the administration? that

John Wasson

Yes.

administration. and and still the to in prior I think awards capture winning that submitted new were large, bids by we're

So think, this the X the I upside really, reflect very strong do the results strong reported from sales last we've for performance or the quarters, X -- book-to-bill administration. are potential not and

to we'll start expect I think larger QX I terms play as win of the QX half and think those large, And I I and seen predate see from and administration go in to a administration. as new you've the say role see certainly and potential that and awards into by opportunities we could to to it would that next book-to-bill pipeline get -- second the we the of and we awards. year. material the date, to sales start But be our would the into

Tobey Sommer

Thank you.

two ballpark problem now sector, This percentage Just one services I'll course. more employees may or mandates? percentage that the due your employees how corporate the you What them for make in vaccine largely of vaccinated? is tackling try to in quick. of a to that me. is And lose do especially you are America of

John Wasson

of Yes. course. Sure,

we requirement our our stated mean the I of vaccinated. think I on we are vaccine north XX% think, that end we're I but employees of employees, imposed November. of the have

last working so we're through And X%. the

see get is folks from business. I are of the majority policy a going we're the results our sense material -- daily. think think we'll vaccinated. impacts to vaccination My and I increasing vast don't

expect the I will I we don't we'll have point. think material it. issues I are note manage vaccine the to issues, to this in all extent company officers be able there. at any the

don't material leadership expect on certainly, aligned impacts this issue, So the I risk. is or material and

Tobey Sommer

broad the inflation impact that period goals ability get question achieve if that And me, stays a could to if for to how elevated just for you. last grow time, of I Thank would you fixed sense for, your like? does your and margin

John Wasson

don't think inflation. mean, concern. mean, ICF I it's that as the The I talked our markets proof. in we've I I XX% see government resistant past, significant a think work I is or think that we'd that energy of the think again, is I XX%, inflation industry, think from in impact I not fairly --

monitoring we'll remain retain every So that and able certainly carefully. and market doing Obviously, pass I is manage we think to I we're watching we people believe those do believe keep we'll be on It portion at pressures significant costs company a we're motivated. and need deliver be the able margins. to to it think clients. what it, our be to inflation We're to like wage challenging inflation seeing wage that in our is, our able America of and we'll time. front, we carefully,

savings and which also will both -- entertainment we've having kind from we're we are we As long facilities pandemic feeling the to pressures that and also we on achieving the think I of for are buffer a run, in talked the think provide manage in about, last travel front. costs, that wage

and And that's we're think and shape guess the that saying, be weather to feel environment further I inflationary a so way deliver managing on should margins expectations. we I of in and and long-winded able Tobey good

Tobey Sommer

much. Thank very you

Operator

And from Vafi with we Joseph have next our question Canaccord.

Joseph Vafi

FEMA then afternoon. bit comments good of on Good if both I'm drill and more mitigation guys, just things. wondering It budgets you little there. on any side of incrementally And we on could could the some the down timing John, results. at be then bid follow-up. bigger made, HUD like than FEMA and into sounds that put those have a Hey least there could on of that are, out piece to side, be you thought then a perhaps I'll the that business

John Wasson

there. They've Well, And in support that FEMA emphasis budgets mitigation of are they'll climate-related include sure. lens activities. opened on think certainly in also as the what I remarks, I more and funding. to certainly you the the know, increasing said there's

seeing funding. I we that think more market so And a that are is

a the as will in forward here the We core quarters, business. part more of X, X, here and -- our it's and go opportunities next see we next X

FEMA market component mitigation market. that a the of growth and certainly as growth a market, market we see So the

leader I CDBG mean, side activities. of on the a you mitigation As the we're know,

we've here think last X opportunities most in or about the the X X high one of one more the or As the want X firms awarded talked mitigation at we've on past, end, the award mitigation And pending mitigation just front. given as market said $X remarks, as from was from in in there's decisions significant appropriations XXXX. the I remarks, for that additional still, probably CDBG certainly in in I to we won in XXXX the contracts announced billion or the day. quarters, last we're I said And my that

it growth So of an is I think area continued for us.

think be opportunity there. I will more there

awards the mitigation we've Those those. the next in on. moving discussing decisions opportunities. along, Puerto quarter term we'd been expect We or here to near two in on Rico Certainly, are expect

in certainly we I so asked market, the which putting this as fact, in quarter behind becoming well, what know to increasing next lead or terms favorable. as I in market or of And an that initial for more a question, the are growth the activities trends more some of the us. are here mitigation, -- think of Tobey money Joe. see impacts we're And starting had administration view the the should administration proposal to two

Joseph Vafi

And then steady to really performance awards. has been very new contract a modernization on Got doing spend well it. IT

there really anything little the Some maybe pipeline near-term side obviously, in else. factor the Is the guys. It bit on sometimes obviously, down, there lighter. lot anything pipeline? this too. And was any lumpy little those, timing and there? quarter are in a looks of building a is a Thanks and -- larger than up like on the things kind know, of more I bookings commentary quarterly

John Wasson

for $X.X I'm of look well, see. Yes. driver in XX% record to billion, it’s but I the term. Sure. quarter. the a awards high we quarter. The that's a mean robust be grew is confident monetization, pipeline think here the Yes. IT business quite I long think us good lumpy, remain have look to pipeline north all, I we first I That in think significant of to very pleased and was -- I that going The as future to I'm the can Joe. at this growth mean

including in before, modernizing the third platforms, inning the fourth IT here in federal said As I've I we're think government platforms. of or civilian

so trend positive us. long-term for it's think a And I

I market. remain So that positive remain I and very -- very on think excited we

Joseph Vafi

Thank John. much very

Operator

from Our William Andrew Nicholas next question Blair. with comes

Trevor Romeo

Romeo Trevor Thank for actually questions. is This Andrew. for the you taking

all, I commercial to the of kind just of First business. wanted about marketing ask

to bit of I it a being quarter. declined this revenue flattish, think last quarter, roughly and has returned kind

what this just quarter? kind expected pace incremental for So of curious rebound on of your the any that and weakness really more kind would the helpful. color caused And in business be future trends of

John Wasson

Yes.

we had the certainly in see planned certainly think contract decline did beyond impacting I recovered the second our as you'll has of in initially to year comparisons year. the the think services I that half -- would year. this think I this way is marketing the the last marketing we services. But that, -- revenues a commercial release, We I in related say not commercial entirely that in commercial was complete

I have half see the into of the second got not thought think we'd some improvement improvement. we seen that certainly we as We year.

as We about. does I revenues. said, as our represent, the very are year-to-date carefully business of X% It we've talked about managing

there's pandemic in I third in continue their marketing that commercial to we some so verticals services very that we certainly, and of And impacted certain saw being careful think so in quarter. by certainly spending, be clients that tight client are and and the with budgets the

that's I marketing think on going And in services. so commercial what's

Trevor Romeo

particularly prior strong the of this quarter. then estimate That's And this in Got Okay. on kind margin it. quarters, know margins. I just an given helpful.

your to beyond? come could all we extent back the which or has expenses sort Just wanted if to and savings year as to some see of next expense on of at changed those view sort for of potential look delayed forward

John Wasson

sustainable. run be we XX% the that we're say of we said the entertainment about in not from will the the front, that think continuing reap of believe -- fact spend the But would on impacts that having not I long I to that pre-pandemic. long pandemic run, are travel talked I the benefits that, expense think have the

We will go we forward. save as

footprint, forward. think we've facility you're material. our and our manage could to going at be footprint are some our to facility as is steps taken our still we seeing reduce offices way to -- closed. expenses that look we've of what We think I a continue Obviously,

So our those operating offices open costs will up down. and our Eventually, are offices we again.

there, is on how quite think terms I several I to unusual in in there so levels got we leverage this the And of was do. but quarter fronts market some

that that think about the have XX I XX bps to of revenue. there's adjusted I time, EBITDA historically some were that potential we of improvement could think service savings Over I've talked we'll to a just discussion given go talk in higher next hard we'll about to I'm for at -- a as we have we certainly, that year. and on that -- guidance continue mentioned. sure And take look

Trevor Romeo

Great. much. you very Thank Appreciated.

Operator

next question & from comes Our Sidoti Riddick Company. Marc Instructions] [Operator with

Marc Riddick

of follow-up And internationally a bit the share for could if answered, of outside questions activity few some did that. as after I a as but adding then you're little potential as expertise the want you both a I States. have already thoughts to touch been So my as have as well seeing around to what quick -- levels far

John Wasson

in signs in some now. growth in of the I Well, as And European significant I mean, activation would the in commission early remarks, third -- think I I for work. we've and say our said the say quarter, international seeing we markets of market, market would we of I several quarters in signs reported terms are positive my

out support in an the communication seeing of where We're as we interest of growth climate for seen activation to go That's European certainly decarbonization Commission, forward. going some of the European Commission. contract work. where We have to lot area a we've a recent do see we're and

that and it's been certainly we're we think European even starting We've a in trends with. And seating, which seeing to European had work that X-year pandemic setting with that the next about energy-related Commission we're also a the with so project. we're of Commission generally of will down wind project it They've there. year. the see quite and aside, I early there, pleased the had growth pleased we're But we're activation we the opportunities signs talked --

North in are on right M&A America primarily focused, we front. M&A the would that I On say now here so we're front, the focused

the focus I about, markets, think be America key IT drivers talking and in we achieved we're really energy. can believe the with modernization, the value highest health North key growth that on growth a given

And But the on we're to if but not the year. side. so the we'll at and it's not out M&A saw there, earlier we Europe market an -- for -- really not in it's sure talking right and evaluate now least opportunities to focus next people focus obviously, continue I'm is a and

Marc Riddick

whether or a of is a was on how And you're about Great. potential it's wondering Okay. junior whether bit sort follow-up talent talk sort check acquisition sort bearing if of certainly about at is of getting you on level adds. in my this on feeling then sort I sort pricing about around time, to of headcount on adding feeling Thanks. could ambitions little just I of or the that? and how want base but on sort of you're us

John Wasson

if We we're day, to be end at people. the need we're I people-driven revenues, to the Well, obviously, we business. adding growing headcount. our of need be adding mean, And a

we've so do able to And that. been

invest we'll investing been And materially a been recruiting will support the we think the market. in people in But think say investment results, in the we've generally, we've able talent the several driving. can hire our to we're competitive recruiting. given that, you think And the I I will growth we're increased to But and I our quarters to we've with the sustain growth. job to in investments. timely able the in of hire maintain to see do the need continue I way. nature those -- we've last

we're need addressing market throughout thinking they and on those any the that balance this things. pandemic, quite on, do making with how all the life is, things side, they about wellness we're sure our -- you and issues, engage really where the and understand making focused we on board are people the sure workforce other their also we retention have hard home work in we're retention of types to once We market and

-- -- been and able front, headcount we've to And we're the certainly recruiting so people. have adding I on been generally to able find but think the

Marc Riddick

appreciated. you. Much Thank

Operator

remarks. to further queue. the closing I now We will turn call Wasson John have no for in questions over

John Wasson

see all for and We you being call. Well, Day to participating upcoming forward care. you to in look or thank today's certainly in events you hope and for take at attending Thanks Investor January.

Operator

participating. concludes thank and gentlemen. This conference. for We our ladies you, thank And you

You may now disconnect.

ICF International (ICFI) 3 Nov 212021 Q3 Earnings call transcript