ICFI - Earnings call transcript Q4 2021

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Operator

Welcome to the Q4 and Full Year 2021 ICF Earnings Conference Call. My name is Cheryl, and I will be your operator for today's call. At this time, all participants are in a listen-only mode. Afterwards, you will be invited to participate in the question-and-answer session. [Operator Instructions] I will now turn the call over to Lynn Morgan of AdvisIRy Partners. begin. may you Lynn,

Lynn Morgen

Wasson, Good review and full ICF's us are performance. operator. Welsh, and joining CFO. year you us With John ICF from to fourth today and afternoon, you, CEO; thank Bettina everyone, for XXXX Chairman Thank quarter and

James of month. them will and who Business Barry this is Joining the end CFO of Operations; Broadus, assume role Morgan, Chief at the

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

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

John Wasson

levels quarter in which key show we identified and takeaways growth strong performance are: to We full in our service and operating climate, full Three driven First, markets. revenue you, disaster substantially utility Together, year, our modernization services. and for and results results XXXX. digitization, Year-on-year public advisory discuss XXXX. was we in we year year growth these the than and from health, review and of and and organic expectations all quarter for grow that from year than higher key thank markets increased fourth have for accounted these the you reflected growth our participating by the expect revenue X.X% growth business revenue, environment work of full was from more a infrastructure revenue, Thank our for aggregate XX% full with revenues with in that that from quarter Lynn, XXXX was up management, in service in strong capped in by our XXXX to annual growth fourth year continued and IT to consulting continue in service today's substantial call our fourth rate growth our in areas XX% and roughly aligned or the XX% outlook XXXX to beyond. more drivers XXXX

second our with bringing Second, billion illustrate and Also, contract how X/X well of awards. expertise this XX-month XXXX, $X.XX in are was implementation awarded in awards skills of believe value ICF's excellent represented new the of We cross-cutting aligned these to up ICF's business. We contracts approximately book-to-bill were demand. record XX% domain ratio consecutive year market these X.XX. year-on-year, metrics

most upon on Lastly, to in federal in transformation organic acquisitions provider further a our our transaction in Appian, our has brought Microsoft platforms The no-code scale the adopted as substantial markets This a at and, Taking at creative closer performance IT look Salesforce current by strategy platforms. expertise in growth complementing and client widely the thereby qualifications we build ICF adds government. importantly, and the with and digital growth quarter, and positioning industry-leading synergies. ServiceNow key executed that our fourth in modernization revenue capabilities provide category. low-code, our our expanded capabilities of has of

was the full growth XX.X% federal where for strong organic very fourth year. see quarter from We the U.S. results business, continue our and X.X% in to

with awards approximately awards XX% area agencies. full this wins across of in universe contract representing substantial, were our broad our a Additionally, year of federal total

of value and highlight provide $XX to with services. more is fourth new a engagement partnership million would than five-year quarter resilience a planning, communication contract like to I Federal of cybersecurity Agency One and the with that awards the U.S.

certain ports a and roads, calls energy to all for federal airports, At work be charged not in will entities will with this infrastructure includes and solutions new of than ICF five strategic ICF's implementation of level, to with dispensing the services. variety to together disclose name, funds. our for clean contract the transport brings these opportunities perform agencies winning of distributed we're investment the environmental related believe for providing the key to business and and has and new on in We and capabilities across and federal objective electrification to in also the support clients as funds been substantial deliver to fits billion Act, of federal permitted environmental governments in grantee forward. The related government spend the client's next buildings. success management, commercial the the as clean significant new element our and, well local to from Infrastructure there ICF projects continue state Law, opportunities over of going state of otherwise transmission, firm. While Jobs tribal creates the local clients. analysis, and contracts it contracts, larger The including us app differentiator sources industry. with planning, major a planning energy and has years to as and form in Bipartisan ability support and The winning grants $XXX advisory but cases, multidisciplinary that for government passage Infrastructure be and permitting of transition, be the will Investment known assistance for for clients a bulk more ICF to the technical and

are by March. budget year recent pass Congress encouraged budget that are 'XX and discussions fiscal and we will a Additionally, negotiations hopeful in

digitization modernization positioning us and in business, public bill, in in and government XX.X% IT health, full of that the strong if fiscal confidence trajectory markets one-year from the have growth state to give opportunities for federal quarter and the the have even namely our endure Our together increased from bipartisan and key with this year. the clients infrastructure fourth federal Revenues CR we a year. local support, X.X%

work Our this to disaster base in working and contracts of saw number new the efforts new and client over wins category, on Hurricane disaster is work, quarter fourth Oregon XX for revenue in flooding X/X recovery and key contracts quarter Louisiana. Ida to to management related in Rico of Texas, We clients New to Florida, and in fourth continue respect Carolina of in during on states, and and as well which as ICF now mitigation wildfires the the pace connected won the mitigation, a comprises North seasonal With quarter. executed York. extensions XX Puerto

expect with clean number of we XX% was a These seeing revenues. part, to wind-down around support we the a number the infrastructure fourth to energy this Act grants part energy XXXX, won we increased state services from to category large activation Additionally, from advisory the and of at this as earlier. leads resulting see continue marketing year. benefit the growing high-profile in demand government which are XXXX, quarter in government of the in project an we of implementation and large in in include water, us growth communications phase coming project clients and Infrastructure projects international last in that in Revenues won end in short-term a states of contract and funding, significant transportation projects. We XXXX, reflecting our year X.X% in client environmental last market local Jobs exclusive uptick with of services. I clients mentioned Also, and a and assuming awards for of decline work a

fourth mostly the marketing to completion pass-through low-margin quarter a commercial fourth client quarter to expected was decline revenues in due in contract of XXXX, which revenues. Moving commercial set. involved of large The the the

awards. to this industries. and in doing pressured travel team impact client hospitality winning service more comparison, across Company, XXXX addition integrate moment. commercial which new continue successfully in engagement about hear have business will capabilities you health the and excellent pandemic's we challenging clients environment, care industry on programs We work by to and the this substantial In a the is in our into Within business added clients clients several for continues in be marketing to services difficult this our

consulting the to Despite conditions, our into we comprised area efficiency Providing deep commercial marketing services wins key pipeline stakeholders and business of recover. a Together, winning The implementation and we an new each continued contract sustainable growth challenging demand how quarter consider win we of like We areas commercial marketing commercial utility, ICF's growth years, growing with our X.X% market and integrating continues XXXX their XXXX revenues tourism. Commercial X.X% net the market deep utilities see energy work a the within to a agency XX% to wins successfully and expertise. aviation strong for opportunities Aviation for communicate been key and revenues. marketing in growing services. in their area and of of we call us One record. quarter energy XX% our has XXXX demonstrate markets, well is reflects word revenues. marketing for of to efficiency strong set approximately with achieve and and are program travel of with XX% growing These and new our became out aviation services for our had total customers commitments. I'd past are Our two combining clients utilities they total expertise of Northeast as opportunities engagement domain how energy accounted performer, and robust business which to be is This which and zero year. and fourth

we commercial energy provide breadth low improve planning to investments carbon very as continue our in advisory see disadvantaged In adopt ICF, of addition, development, Act assess the commissions opportunities as with a communities commitments goals. supportive growth to achieve bring service focus of unique years commercial space climate support substantial up, performance we emphasizing achievement of for decarbonization qualifications our of policies. allows which as growth and The and together this and legislatures course, in are and new attribute ICF of a government infrastructure increasingly And area and our and the in sets we electrification in the an ahead. on resilience sum Also, broader service to increasingly energy XXXX. will our client utilities and to To portfolio equity, of public us utilities substantial risk services human the arena of our pleased and see experience. range Infrastructure ensure that with provides is across sector are climate workforce

year a of year, we growth advantage also Throughout As next at and our technology, record staffing investments pipeline growth invest the increased to years. development the people exited to retention can over in both activities backlog XXXX. address levels, full strong continue and to we for horizon industry-wide in markets, recruitment were growth the we our thereby supporting us so take year, our organic the our year-end the opportunities and We've expanding of allowing we business in see challenges. on maximize our key several expectations

Bettina? I April Before review, to end future Barry and financial early contributions transition turning CFO she her for the ICF call in endeavors, February. her best will Bettina to takes the remain through over Broadus made over at ensure thank smooth to has of as ICF. wish the as Bettina a Bettina the a for to with want

Bettina Welsh

Thank amounted you, million for a excellent and and ago compared pleasure Fourth John. full to to it has in our million report quarter. to team $XXX.X great the is fourth on the revenue work been at year. results It here the quarter $XXX ICF, quarter total a experience strong to with year

$XXX.X in reported quarter. fourth of single component reminder, $XXX.X to stable and the realign up facility-related Sequentially, million, million and Indirect the quarter. contract the associated last XXXX. and was our of the quarter with pandemic. emerge our more pass-through XXXX. $XXX.X indicative in service was were fourth facility we fourth which a the portion XX.X% relatively a XX.X% was was early variation The expected, in quarter year-ago major of margin of revenue we also expenses in marketing million year's to to $X.X was the associated approximately trends, Gross fourth explains XX.X% the third of onetime of is third quarter profit As lease to quarter, future. as with fourth environment Service $XX quarter a in similar levels, the client. on to completion compared in incurred including program included the completion compared in related which This XX.X% revenue, selling year-on-year also and X.X% was largely hybrid this higher largest revenue fourth commercial charges low-margin a as quarter the total in from $XXX.X workplace expenses revenue revenue fringe pass-through of increased year's Gross million year footprint business year-over-year. $XX.X reflecting million figure of charges for a real costs the in revenue M&A quarter, represents XXXX with million other we ago the estate which envision costs. with and to our for terminations X.X% million

EBITDA health million $XX will adjusted high year's utilization the facility-related of certain was and down $XX.X to the million, XX.X%, a margin. Operating mix, adjusted as of rent realize costs, and on drive in will primarily EBITDA benefits, reinvest quarter, future was from revenue revenue and was reflected quarter. $XX.X incremental $X million adjusted million last quarter fourth driven and We fourth to paid related by Adjusted reasons which with together lower care fringe XXXX XXXX, million fourth And margin and lower gross costs. in favorable EBITDA of leave pandemic-related was we on support growth. SG&A same for continued the was savings. service $XX.X pandemic-related XX.X%, income annual in which EBITDA In business savings margin service

to adjustments compared of to due and tax $X.XX net $X.XX million to was or fourth per XXXX. inclusive to diluted facilities $X.XX income was XXXX, tax-effected quarter in of and XXXX quarter compared special was Our the $X.XX charges related of In provisions. to in per includes tax quarter, EPS tax-affected income rate $XX.X net share reported share charges. share, our M&A costs. $XX.X per XXXX million per fourth $X.XX Non-GAAP fourth quarter diluted XX.X% was share special or $X.XX fourth in XX.X% of

earlier, mentioned associated lower I from last expenses year the benefited As pandemic. with

savings and our on X.X% increased increased to was our EPS that revenue Now sustainable. and service which $XXX.X adjusted billion, revenue X.X% million, to Service full includes balance XX.X%, XX.X%, XX.X% Shifting sheet. EPS to to cost cash XXXX was not certain flow Adjusted non-GAAP billion. $X.XX. EBITDA are record $X.XX results. revenue up EBITDA total $X.XX, XX.X% increased pandemic-related statement the was margin GAAP to and $X.XX recap up to year and

Our million to operating flow was in cash million, line our with $XXX expectations compared $XXX in XXXX.

collections. operating in As flow of a to cash under Also, Act an of XXXX, year XXXX. the due liabilities included reminder, deferred accelerated approximately last ago days tax year's security the XXXX collections. social to we but were and to quarter, CARES XX-day reduction XX compared year fourth XX million employer million quarter of XXXX, the $XX days in benefited from DSOs the last accelerated in $XX

And was compared X.XX. our $XX.X Our million XXXX, and Consulting. to long-term year. our year-end the capital $XX.X of acquisition including in leverage million, net In was Systems at Creating were $XXX.X expenditures debt million the prior XXXX ratio

$X.XX of in on while new expense shareholders to to want rent, utilizing P&L our of for on amortize will abatement debt growth through We that to for April employee these March cash November not focus allocation repurchases total XXXX. began reduction, of of will of and payments. as Yesterday, our XXXX, repurchased of the declared XXXX, year, shares million our rules offset P&L. investing we XXXX programs. accrue XX, organic acquisitions accounting headquarters. we well $X.X outlay continue This highlight throughout an require per us our initiatives dividend cash rent there over dividend a million have that end quarterly to for to will for on on And a the noncash rent payable incentive of the capital incremental that XX, In life The flow and XXX,XXX lease. $XX.X from dilution outlay to share record we we XXXX, as the substantial will future ICF be share perspective, I by the means expenses. a cash move

adjusted We this will from exclude our metrics.

ICF move in have in savings double paid into have rent, we what XXXX. no will XXXX, rent we will longer incremental this expense compared As we to and

we results second cadence the each and first at the be between Looking half balanced of year-on-year expect to XXXX, growth in largely with quarter.

of million. Depreciation should We beginning Full metrics of the amortization in to range financial for be expect Amortization range year will in in the $XX.X $XX to will million I range double-digit expectations interest from $XX.X will modeling. full certain be for help share rate million year revenue expense $XX XXXX. growth is the with quarter. our $XX.X million to approximately million intangibles of expected tax XXXX service second expense also want and that year the XX%. to $XX Full to million. be

for share million to diluted average $XX headquarters. fully from including related of approximately new expect to $XX million weighted and between million, onetime $XX.X We of approximately XXXX. costs $XX capital expenditures anticipated count be are improvement And million the leasehold expenses

XXXX remarks. is to forecasted the Our for back cash be to to turn approximately With I'd call flow $XXX operating like million. closing his John that,

John Wasson

Thank you, Bettina.

acquisition, release, press organic single-digit you've revenue and XXXX, strong growth by in our in expecting of guidance in both revenue. of service for driven and total are growth service seen which As benefit the high double-digit together we our today's Creative revenue support performance very

represent of $XXX to business range development, expected retention organic in $X.XX total at inclusive from the $X.XXX XXXX revenues EBITDA total from of billion, and expect to million. the which full million anticipated $X.X $XXX would we midpoint, year-on-year adjusted XX% and Adjusted Pass-through the Specifically, represents revenue to on point for current reported at and $X.XXX providing representing range is recruiting an are year midpoint. growth technology XX% of the at XXXX, basis our Bettina over visibility expansion her to in EBITDA bringing in to approximately midpoint. a service EBITDA revenue from billion for equivalent EBITDA continued remarks, to XX% million of $XXX of adjusted to will is million, expense XX.X% billion. rent revenue investments mentioned billion at revenue reflect that This pre-pandemic XX.X% based to the XXXX. margin $XXX noncash service XX growth we in to

progressively to $X.XX, range next and respectively, lower to costs scale, programs, increase $X.XX representing projected up $X.XX XX% in the flow other in combination $X.XX, approximately EPS excellent increases We of over is operating is our XX% million a facility and non-GAAP EPS at of are from ability to cash expected EBITDA XXXX. is years our efficiencies. XX%, Operating execution over be margins through of confident and several year-on-year. expected to to XXXX, $XXX approximately GAAP

to you leading growth ICF direct matter give see it will critical feature out you As we're the will to and you the Wednesday, on clients be that issues subject helping And provide to technology sent well-being. majority we very questions we're the questions. hold certainly with of The that We engagement great there. work our proud world will know, hope on that, the and event impact society's any also XX, for for Day ICF opportunity in. Invitations experts live are shortly. operator, our pleased involves financial making we'll pleased accomplishments and with New our into all up engage panels capabilities. May Thus, ICS Lynn very to and Please Investor the that with Morgen. digital will of address we announce presentations York. open are and outlook, We're while insight those positive to professionals in that drivers also ahead greater our

Operator

comes Instructions] Vafi first [Operator Joseph question from Our from Canaccord.

Joseph Vafi

your just of be with getting Bettina, luck board, IT acquisitions we'll question on material. endeavors. Barry. a just Maybe your high-level the more with results. best to here future opportunities Welcome most and Good on in recent modernization start growth

growth there. You've got good

us key strategic then over buckets in thoughts and some you verticals you good vary ROIs on have those prioritize of opportunities where on And and they quick how in efficiency well. dollars give got or I core and investment then energy areas your other growth kind doing follow-up. one also is of may You've some your another? might other business government Can a

John Wasson

nice I job drivers. say, certainly Yes. growth a of Joe, would hitting key we did our

growth drivers expect north we've group, certainly we've the a drivers at ICF. in say, year, of we as of growth think we've we this would continue XX% I talked can growth. and length I seen that about said with within five those consistently, key each that as XX% five growth key

So significant each that double-digit those we and growth making are of in areas think sustainable. investments believe that, I is

a returns we're growth. And in investments the areas on think double-digit investments so I of given in are each of making investments those confident they're return significant on and significant driving

So kind little five. for significant the think I a markets are rank it's difficult I five for they mean, order of to me us.

of they said, make up revenues our we've As total XX% in XXXX.

And significant investment the growth, so We expect growth, contributing earnings too. materially focus all they're do and a to that's what our is.

Joseph Vafi

of drilling great. some organically down I margins know in areas kind grow key of growth? just And but acquisition-related Okay. you expect over And That's a do your this growth got to there of you've time more better to continue on other faster than that potentially year, with IT modernization. little then

John Wasson

Creative, highly sales the capture know, Yes, have given consistently market. deal, think also north significant sure. with IT that in modernization, you captured ITG digitalization growth modernization, we've that in growth their Certainly force we as organic revenue the synergies. with that Joe, with revenue arena, certainly, confident the we'll, I XX% We're synergies, Well, significant think, particularly of we've reported I expertise. experienced

the to continue talked are modernization of we've federal think growth at north I growth of in so as certainly margins. that there. for highest that -- as And about high the us. markets see end XX% And margins of achieve we one We'll the IT

helps from certainly that perspective. mix So a

And the is of and I across continuing significant pleased years. five all And to so growth and quite that key in trajectory. of we're up in development. maintaining growth think the confident organic terms areas, that now I monetization would the on several ourselves trajectory next maintaining investments to business to quite front really -- the say IT are time we think for the those over business We set make invest the of here

and on those quite these we're focused so in on And executing areas. making five investments

Joseph Vafi

Great. Congrats on good a 'XX.

John Wasson

Yes.

Operator

from Our Sommer Securities. Truist next question comes from Tobey

Jasper Bibb

Bibb wanted on given through wasn't to of Tobey. is of That about for how I seasonally margin the slope cadence that Jasper ask the XQ the margins just think but the year. you might we historically, the pass-through last and This case in costs I quarter. margins should any year, guide is low. about know might have some impact

So great. any be color would there

Bettina Welsh

appreciate the thanks. half being Well, while, year as throughout question. quarter-over-quarter. we Thanks that of Jasper, guidance. slightly perspective more than general, This we half give will, a the year, front for is quarterly normally I don't the back Bettina. from year, we the see specific in of positive said, your you and as balanced have But We the margins, that will

John Wasson

the think would we've adjusted that to year. I be wouldn't XX.X% service there I a throughout pretty mean, I the quarter-by-quarter. of I lot will to Yes. expect revenue. guided variability EBITDA see consistent

Jasper Bibb

then sizable That's the fair some energy And enough. space you this commercial in pretty month. recompetes announced

so have opportunity there this some round targets ambitious on that Just any forward? are put Or do to out, recompetes? increased getting is you the of states scope given going of

John Wasson

and I general, opportunities revenues to -- we grow as with would recompetes, increased those we energy scope generally those with efficiency recompetes. see in our say, our do occur,

the and been that's we'll we've I would work in -- expect continue, win think that I that past, to seen trend for continue a recompetes. so grow the we to as And

Jasper Bibb

it. me. Last Got question Okay. for

You going the intend learnings mean manage color you given a more how mentioned the the indirect remarks. provide savings cost over maybe the time? structure might COVID that from what margins bit you lease to your in on Could and forward, prepared for

John Wasson

to obviously, we're I I certainly our effort said, working this that year, environment work and think footprint over as last two to pandemic. hybrid rationalize years, we an Yes. be -- think lease post we the reflect year last the going to we've had in I mean,

to contribute to committed virtual adjusted the we'll charges our will time. and increasing doing able effectively. need And that the technologies the took, And to using reinvesting significantly over indirect that And the a we thinking also carefully and front post-pandemic, we great required our bps facility in focused managing our the growth revenue in we're the I say quite now service certainly going EBITDA the highlighted recruiting in with obviously, and the and by facilities about more frankly, been resignation. I frankly, so that taking the we've on long we've facility by I time, XX% which rationalization release less given also environment, over to on expect our entertainment associated costs with front. XX savings of even just the investments development, would year. in that to what's think, business in hybrid that to XX we And addition travel also facility given early think, savings very opportunities right investing labor termination that now, be run, in also reduce travel and markets expenses us. capital given do about the by everything we're and on for in

help that's of aspect so And another using margins going forward. careful mean management cost drive us to I we're to and invest the

Operator

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

Marc Riddick

the you a maybe on wish everything. crystal of -- in maybe I things a want what which we some great. quick if touch time sort there you bit little much follow-up sort general some of did I going to and of forward. Bettina, whether best you're XXXX? the that have might are is and a see that. frame you certainly I if then have And that to you touch thank answered, And as I But to after already the opportunities disaster-related are questions on seeing want of very for did ball

John Wasson

as discussed, we've well, is again, management, growth our markets. one of I think, five of mean, key I disaster our -- key one growth

XX% I recovery, the and growth I traditional markets on growth certainly to continue prepared scale north area. Puerto on recovery We're see Rico, expect of both recovery nice that in traditional remarks, we disaster at disaster mitigation. in working still in think We Texas, on XXXX. said in disaster in double-digit the as and

road, I we've as is and here I trend stay. talked increasing, storms only is severity that down the As think look to mean, and I about, frequency the of

think ongoing there. across leader funding mitigation the an remarks a more opportunities we've my in there there. important recovery being a we've will And or prepared projects think market about noted be increasingly we're talked dozen that disaster of I won front. I then I source So states. on And

of And so -- isn't is focused so minimize dependent disasters, And the There again, steps Obviously, -- market opportunity with resilience from be to of -- that build more us. taking disasters and another damage source occur. to funding provides it an on that's that's responding to continued damage mitigation long-term significant storms. on about kind funding, when it's large from but important I that there. think for future will

And so smooth that's out us. that also helping stream kind revenue of for -- our

so So episodic. it's not

Marc Riddick

pipeline sort debt as far we the acquisition as of on that get seeing, know and just appetite was tend like. following acquisition reduction certainly, you sort about? just with views general little pipeline far umbrella to focus as sense around a mean generally, you I as overall the Great. as be you're not And -- on thinking I bit just a I of could one should then near-term to of looks wondering if Creative, an the that what but

John Wasson

are I in that Well, ICF. still strategic continue Sure. perspective, have from I a combining can and certainly be allocation a look There's been to we M&A flow continue it's primarily we organic focused capture say acquisitions would think to investing significant for we'll capital a which good on think in growth. fit also lot We'll I revenues would through and And say quite with for of synergistic active. the there. out market, fit I cultural we mean, deal

we I seen think -- wouldn't disciplined. in think Recently, the still frothy. pricing. changes is a pricing material remain say don't we've I I I

of on areas I think we've M&A. talked about our focus

energy. the I think side on and arena, modernization and federal and they IT energy remain in and around efficiency IT health commercial distributed energy the

I We to mean, we in on of synergies. at It we That's are. be it, think, don't good not again, has we to we'll do who so want And And things culture I We strategic focus turnarounds. fixer be looking good a always do fit. don't always -- market. revenue we're disciplined. uppers. the

I we'll that key said, aspect the be strategy. of I But disciplined. a so remains think as And

remarks, XXXX. As obviously going now We're cash ratio Bettina right again our in in have said her I to flow X.XX think, strong net Creative. about leverage post is,

look And -- do XXXX, something but along but right I capacity continue to the continue so it to have as deal said, we we disciplined. we'll I so be in for and to -- and think came if

Operator

you. Thank

have in turn no for further management We questions queue. call will to the closing comments. I back

John Wasson

call. We I engaging and you you see upcoming forward Day. thanks New participating our to Okay. to look hope meetings. in Well, all in with today's for for Investor conferences virtual at Thank York you.

Operator

today's and Thank Thank your for concludes you you, gentlemen. participation. This ladies conference.

You may now disconnect.

ICF International (ICFI) 26 Feb 222021 Q4 Earnings call transcript