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Third Quarter Highlights:
Business Development Pipeline Was $9.0 Billion at Quarter-End After Record Q3 Awards
RESTON, Va., Nov. 3, 2022 /PRNewswire/ -- ICF (NASDAQ: ICFI), a global consulting and digital services provider, reported results for the third quarter ended September 30, 2022.
Commenting on the results, John Wasson, chair and chief executive officer, said, "Our third quarter performance reflected ICF's excellent positioning in high-growth areas, which drove strong year-on-year revenue comparisons and resulted in record contract awards. Growth was led by our federal government, state and local government, and commercial energy client categories, where revenues increased 39%, 11.6% and 15.5%, respectively, and which together accounted for over 87% of total third quarter revenues.
"In the third quarter, we took strategic actions to both strengthen and streamline our capabilities as we position ICF for continued growth. We completed the acquisition of SemanticBits, which broadened our digital modernization capabilities and expanded our addressable market with their strong presence in the large and well-funded Centers for Medicare & Medicaid Services. Additionally, we announced and completed the acquisition of Blanton & Associates, Inc., an environmental consulting, planning and project management firm, which expands our environmental capabilities to support large infrastructure projects and strengthens ICF's presence in Texas, a state that is set to receive significant federal investment dollars under the recently enacted Infrastructure and Jobs Act. We also made a strategic business shift in our commercial marketing area, closing its traditional advertising and platform development offerings to maintain focus on its core loyalty programs, business transformation and integrated communications services.
"Third quarter adjusted EBITDA margin on service revenue was 14.8%, which is aligned with our full year margin expectations and reflected continued high utilization and our increased scale. Additionally, we continue to invest in people and technology to ensure that ICF is positioned to take full advantage of the growth opportunities we see on the horizon.
"This was a record third quarter for contract awards, which at $865 million represented a quarterly book-to-bill ratio of 1.85 and brought our trailing twelve-month book-to-bill ratio to 1.31. Our business development pipeline remained at near-record levels following this strong quarter of awards and is comprised of a diversified set of increasingly larger opportunities."
Third Quarter 2022 Results
Third quarter 2022 total revenue increased 18.7% to $467.8 million from $394.1 million in the third quarter of 2021. Service revenue was up 21.7% year-over-year to $335.4 million from the $275.6 million reported in the prior year quarter. Net income totaled $19.1 million and diluted EPS was $1.01 per share, inclusive of $0.28 in tax-effected severance, facility-related and M&A special charges. Third quarter 2022 net income and diluted EPS included a one-time tax benefit from tax optimization strategies which equated to $0.20 per share. Net income in last year's third quarter was $20.4 million and $1.07 per diluted share.
Non-GAAP EPS increased 22% to $1.61 from $1.32 per share in the comparable prior year quarter, inclusive of the one-time tax benefit from tax optimization strategies of $0.20 per share. EBITDA1 was $42.2 million, 5.6% above the $39.9 million reported in the third quarter of 2021. Adjusted EBITDA was $49.8 million, a 13.6% increase from the $43.8 million reported in the comparable quarter last year. Adjusted EBITDA margin on service revenue was 14.8%, compared to 15.9% reported last year.
Backlog and New Business Awards
Total backlog was $3.7 billion at the end of the third quarter of 2022, an increase of 17.5% sequentially, representing new awards and the addition of SemanticBits and Blanton. Funded backlog was $1.8 billion, or approximately 49% of the total backlog. The total value of contracts awarded in the 2022 third quarter was $865 million, and trailing-twelve-month contract awards totaled $2.2 billion for a book-to-bill ratio of 1.31.
Government Revenue Third Quarter 2022 Highlights
Revenue from government clients was $359.9 million, up 25.6% year-over-year.
Key Government Contracts Awarded in the Third Quarter 2022
Notable awards won in the third quarter 2022 included:
Digital Modernization
Public Health
Program Implementation and Technical Support
Disaster Management and Mitigation
Transportation, Energy and Environment
Commercial Revenue Third Quarter 2022 Highlights
Commercial revenue was $107.8 million, compared to $107.4 million in the year-ago quarter.
Key Commercial Contracts Awarded in the Third Quarter 2022
Notable commercial awards won in the third quarter 2022 included:
Energy Markets
Marketing Services and Other
Dividend Declaration
On November 3, 2022, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 12, 2023, to shareholders of record on December 9, 2022.
Summary and Outlook
"ICF's positioning in key markets, including IT modernization/digital transformation, public health, disaster management, utility consulting and climate, environmental and infrastructure services has enhanced our growth trajectory. We are heading into 2023 with these areas accounting for over 70% of our service revenue, prior to any material benefit from recently enacted legislation, which has further expanded our addressable market. The alignment of ICF's domain expertise and cross-cutting capabilities in these markets, together with our strong business development pipeline, underscores our confidence in 2023 being another year of significant growth for the company.
"Looking ahead to the fourth quarter of 2022, we expect total revenue and service revenue to be similar to third quarter levels, as the recovery in our international government and commercial marketing businesses has not yet materialized. This brings our guidance for full year 2022 service revenue to $1.275 to $1.300 billion, implying total revenue of $1.760 to $1.790 billion. We re-affirm our guidance for Adjusted EBITDA margin on service revenue to approximate 14.8%, of which approximately 40 basis points is related to the previously disclosed postponement of planned infrastructure investments to 2023. Our GAAP EPS is expected to range from $3.90 to $4.10, reflecting year-to-date special charges amounting to $0.61 per share on a tax-effected basis, which primarily were M&A- and severance-related. The GAAP EPS guidance range incorporates the impact of non-cash rent abatement charges associated with our new headquarters totaling $7.5 million, or $0.30 per share. Non-GAAP EPS is expected to be in the range of $5.70 to $5.90. We revised our operating cash flow guidance from a point estimate of $140 million to a range of $120 million to $140 million for full year 2022, reflecting timing factors affecting year-to-date collections.
"We are pleased to report that in 2022 ICF was ranked by Forbes as One of the Best Management Consulting Firms, One of the Best Employers for Diversity and One of the Best Employers for Women. This recognition is emblematic of the corporate culture we have developed at ICF, enabling us to attract and retain the best talent and making us a preferred partner and acquiror," Mr. Wasson concluded.
*This project has been funded in whole or in part with federal funds from NCCIH, NCI under Task Order No. 75N91021D00022/75N91022F00001. |
About ICF
ICF (NASDAQ: ICFI) is a global consulting services company with approximately 8,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.
1 Non-GAAP EPS, Service Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted EBITDA Margin on Service Revenue are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies. |
ICF International, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Comprehensive Income | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(in thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||
Revenue | $ 467,777 | $ 394,060 | $ 1,304,355 | $ 1,165,063 | ||||
Direct costs | 307,295 | 254,175 | 834,358 | 732,903 | ||||
Operating costs and expenses: | ||||||||
Indirect and selling expenses | 118,290 | 99,940 | 350,145 | 316,100 | ||||
Depreciation and amortization | 5,297 | 4,665 | 15,198 | 14,663 | ||||
Amortization of intangible assets | 8,661 | 3,015 | 18,941 | 9,049 | ||||
Total operating costs and expenses | 132,248 | 107,620 | 384,284 | 339,812 | ||||
Operating income | 28,234 | 32,265 | 85,713 | 92,348 | ||||
Interest expense | (7,474) | (2,550) | (14,274) | (7,845) | ||||
Other income (expense) | 887 | 81 | 616 | (382) | ||||
Income before income taxes | 21,647 | 29,796 | 72,055 | 84,121 | ||||
Provision for income taxes | 2,542 | 9,406 | 16,691 | 25,068 | ||||
Net income | $ 19,105 | $ 20,390 | $ 55,364 | $ 59,053 | ||||
Earnings per Share: | ||||||||
Basic | $ 1.01 | $ 1.08 | $ 2.94 | $ 3.13 | ||||
Diluted | $ 1.01 | $ 1.07 | $ 2.91 | $ 3.10 | ||||
Weighted-average Shares: | ||||||||
Basic | 18,826 | 18,865 | 18,806 | 18,864 | ||||
Diluted | 19,009 | 19,061 | 19,001 | 19,077 | ||||
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.42 | $ 0.42 | ||||
Other comprehensive (loss) income, net of tax | (1,555) | (1,971) | (3,107) | 1,241 | ||||
Comprehensive income, net of tax | $ 17,550 | $ 18,419 | $ 52,257 | $ 60,294 |
ICF International, Inc. and Subsidiaries | ||||||||
Reconciliation of Non-GAAP financial measures(2) | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(in thousands, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||
Reconciliation of Service Revenue | ||||||||
Revenue | $ 467,777 | $ 394,060 | $ 1,304,355 | $ 1,165,063 | ||||
Subcontractor and other direct costs (3) | (132,348) | (118,471) | (358,037) | (328,522) | ||||
Service revenue | $ 335,429 | $ 275,589 | $ 946,318 | $ 836,541 | ||||
Reconciliation of EBITDA and Adjusted EBITDA | ||||||||
Net income | $ 19,105 | $ 20,390 | $ 55,364 | $ 59,053 | ||||
Other (income) expense | (887) | (81) | (616) | 382 | ||||
Interest expense | 7,474 | 2,550 | 14,274 | 7,845 | ||||
Provision for income taxes | 2,542 | 9,406 | 16,691 | 25,068 | ||||
Depreciation and amortization | 13,958 | 7,680 | 34,139 | 23,712 | ||||
EBITDA | 42,192 | 39,945 | 119,852 | 116,060 | ||||
Adjustment related to impairment of long-lived assets(4) | — | 35 | — | 338 | ||||
Special charges related to acquisitions(5) | 1,940 | 3,261 | 5,521 | 3,410 | ||||
Special charges related to staff realignment(6) | 3,757 | 335 | 5,168 | 1,144 | ||||
Special charges related to facilities consolidations and office closures(7) | — | — | — | 139 | ||||
Special charges related to the transfer to our new corporate headquarters(8) | 1,883 | — | 5,647 | — | ||||
Special charges related to retirement of Executive Chair(9) | — | 254 | — | 478 | ||||
Total special charges and adjustments | 7,580 | 3,885 | 16,336 | 5,509 | ||||
Adjusted EBITDA | $ 49,772 | $ 43,830 | $ 136,188 | $ 121,569 | ||||
EBITDA Margin Percent on Revenue(10) | 9.0 % | 10.1 % | 9.2 % | 10.0 % | ||||
EBITDA Margin Percent on Service Revenue(10) | 12.6 % | 14.5 % | 12.7 % | 13.9 % | ||||
Adjusted EBITDA Margin Percent on Revenue(10) | 10.6 % | 11.1 % | 10.4 % | 10.4 % | ||||
Adjusted EBITDA Margin Percent on Service Revenue(10) | 14.8 % | 15.9 % | 14.4 % | 14.5 % | ||||
Reconciliation of Non-GAAP Diluted EPS | ||||||||
U.S. GAAP Diluted EPS | $ 1.01 | $ 1.07 | $ 2.91 | $ 3.10 | ||||
Adjustment related to impairment of long-lived assets | — | — | — | 0.02 | ||||
Special charges related to acquisitions | 0.10 | 0.17 | 0.29 | 0.18 | ||||
Special charges related to staff realignment | 0.20 | 0.02 | 0.27 | 0.06 | ||||
Special charges related to facilities consolidations and office closures | — | — | — | 0.01 | ||||
Special charges related to the transfer to our new corporate headquarters | 0.10 | — | 0.30 | — | ||||
Special charges related to retirement of Executive Chair | — | 0.01 | — | 0.03 | ||||
Amortization of intangibles | 0.46 | 0.16 | 1.00 | 0.47 | ||||
Income tax effects on amortization, special charges, and adjustments(11) | (0.26) | (0.11) | (0.54) | (0.23) | ||||
Non-GAAP Diluted EPS | $ 1.61 | $ 1.32 | $ 4.23 | $ 3.64 |
(2) These tables provide reconciliations of non-GAAP financial measures to the most applicable GAAP numbers. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Other companies may define similarly titled non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures. |
(3) Subcontractor and other direct costs is direct costs excluding direct labor and fringe costs. |
(4) Adjustment related to impairment of long-lived assets: We recognized impairment expense of $0.3 million in the first quarter of 2021 related to impairment of a right-of-use lease asset. |
(5) Special charges related to acquisitions: These costs consist primarily of consultants and other outside third-party costs and integration costs associated with our acquisitions and/or potential acquisitions. |
(6) Special charges related to staff realignment: These costs are mainly due to involuntary employee termination benefits for our officers, and/or groups of employees who have been notified that they will be terminated as part of a consolidation or reorganization. |
(7) Special charges related to facilities consolidations and office closures: These costs are exit costs or gains associated with office lease contraction, terminated office leases, or full office closures. The exit costs include charges incurred under a contractual obligation that existed as of the date of the accrual and for which we will continue to pay until the contractual obligation is satisfied but with no economic benefit to us. |
(8) Special charges related to the transfer to our new corporate headquarters: These costs are additional rent as a result of us taking possession of our new corporate headquarters in Reston, Virginia, during the fourth quarter of 2021 while maintaining our current headquarters in Fairfax, Virginia. We intend to complete the transition to our new corporate headquarters by the end of 2022 when our Fairfax lease ends. |
(9) Special charges related to retirement of the former Executive Chair: Our former Executive Chair retired effective December 31, 2020. These costs relate to unvested equity awards that, as a result of his employment agreement, the departing officer was able to maintain certain equity awards beyond the date of employment. |
(10) EBITDA Margin Percent and Adjusted EBITDA Margin Percent were calculated by dividing the non-GAAP measure by the corresponding revenue. |
(11) Income tax effects were calculated using the effective tax rate, adjusted for discrete items, if any, of 29.4% and 31.6% for the three months ended September 30, 2022 and 2021, respectively, and 28.5% and 29.8% for the nine months ended September 30, 2022 and 2021, respectively. |
ICF International, Inc. and Subsidiaries | ||||
Consolidated Balance Sheets | ||||
(Unaudited) | ||||
(in thousands, except share and per share amounts) | September 30, 2022 | December 31, 2021 | ||
ASSETS | ||||
Current Assets: | ||||
Cash and cash equivalents | $ 8,483 | $ 8,254 | ||
Restricted cash | 1,993 | 12,179 | ||
Contract receivables, net | 282,271 | 237,684 | ||
Contract assets | 196,811 | 137,867 | ||
Prepaid expenses and other assets | 30,612 | 42,354 | ||
Income tax receivable | 11,979 | 10,825 | ||
Total Current Assets | 532,149 | 449,163 | ||
Property and Equipment, net | 85,295 | 52,053 | ||
Other Assets: | ||||
Goodwill | 1,190,450 | 1,046,760 | ||
Other intangible assets, net | 135,932 | 79,645 | ||
Operating lease - right-of-use assets | 163,438 | 177,417 | ||
Other assets | 50,496 | 44,496 | ||
Total Assets | $ 2,157,760 | $ 1,849,534 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities: | ||||
Current portion of long-term debt | $ 20,500 | $ 10,000 | ||
Accounts payable | 128,528 | 105,652 | ||
Contract liabilities | 24,599 | 39,665 | ||
Operating lease liabilities - current | 22,959 | 34,901 | ||
Finance lease liabilities - current | 1,779 | — | ||
Accrued salaries and benefits | 74,766 | 85,517 | ||
Accrued subcontractors and other direct costs | 46,610 | 39,400 | ||
Accrued expenses and other current liabilities | 52,249 | 61,496 | ||
Total Current Liabilities | 371,990 | 376,631 | ||
Long-term Liabilities: | ||||
Long-term debt | 681,197 | 411,605 | ||
Operating lease liabilities - non-current | 187,481 | 191,805 | ||
Finance lease liabilities - non-current | 13,270 | — | ||
Deferred income taxes | 46,449 | 41,913 | ||
Other long-term liabilities | 19,634 | 24,110 | ||
Total Liabilities | 1,320,021 | 1,046,064 | ||
Commitments and Contingencies | ||||
Stockholders' Equity: | ||||
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued | — | — | ||
Common stock, par value $.001; 70,000,000 shares authorized; 23,723,490 and 23,535,671 | 23 | 23 | ||
Additional paid-in capital | 396,962 | 384,984 | ||
Retained earnings | 696,792 | 649,298 | ||
Treasury stock, 4,889,802 and 4,659,181 shares at September 30, 2022 and December 31, | (241,896) | (219,800) | ||
Accumulated other comprehensive loss | (14,142) | (11,035) | ||
Total Stockholders' Equity | 837,739 | 803,470 | ||
Total Liabilities and Stockholders' Equity | $ 2,157,760 | $ 1,849,534 |
ICF International, Inc. and Subsidiaries | ||||
Consolidated Statements of Cash Flows | ||||
(Unaudited) | ||||
Nine Months Ended | ||||
September 30, | ||||
(in thousands) | 2022 | 2021 | ||
Cash Flows from Operating Activities | ||||
Net income | $ 55,364 | $ 59,053 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 91 | 11,324 | ||
Deferred income taxes | 6,023 | 4,062 | ||
Non-cash equity compensation | 10,023 | 9,756 | ||
Depreciation and amortization | 34,139 | 23,712 | ||
Facilities consolidation reserve | (236) | (225) | ||
Amortization of debt issuance costs | 940 | 463 | ||
Impairment of long-lived assets | — | 339 | ||
Other adjustments, net | 474 | 1,818 | ||
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||||
Net contract assets and liabilities | (72,619) | (16,381) | ||
Contract receivables | (31,770) | (6,688) | ||
Prepaid expenses and other assets | (11,991) | (9,224) | ||
Operating lease assets and liabilities, net | (1,305) | (4,743) | ||
Accounts payable | 23,394 | 5,653 | ||
Accrued salaries and benefits | (13,971) | 10,377 | ||
Accrued subcontractors and other direct costs | 9,441 | (36,436) | ||
Accrued expenses and other current liabilities | (476) | 17,002 | ||
Income tax receivable and payable | (1,667) | (3,490) | ||
Other liabilities | 742 | (1,609) | ||
Net Cash Provided by Operating Activities | 6,596 | 64,763 | ||
Cash Flows from Investing Activities | ||||
Capital expenditures for property and equipment and capitalized software | (17,323) | (12,279) | ||
Payments for business acquisitions, net of cash acquired | (238,991) | — | ||
Proceeds from working capital adjustments related to prior business acquisition | 2,911 | — | ||
Net Cash Used in Investing Activities | (253,403) | (12,279) | ||
Cash Flows from Financing Activities | ||||
Advances from working capital facilities | 1,358,335 | 559,830 | ||
Payments on working capital facilities | (1,074,888) | (593,775) | ||
Receipt of restricted contract funds | 13,525 | 194,504 | ||
Payment of restricted contract funds | (23,358) | (227,700) | ||
Debt issue costs | (4,852) | — | ||
Proceeds from exercise of options | 412 | 2,773 | ||
Dividends paid | (7,912) | (7,923) | ||
Net payments for stock issuances and buybacks | (21,105) | (18,695) | ||
Payments on business acquisition liabilities | (1,132) | (682) | ||
Net Cash Provided by (Used in) Financing Activities | 239,025 | (91,668) | ||
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted | (2,175) | (501) | ||
Decrease in Cash, Cash Equivalents, and Restricted Cash | (9,957) | (39,685) | ||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 20,433 | 81,987 | ||
Cash, Cash Equivalents, and Restricted Cash, End of Period | $ 10,476 | $ 42,302 | ||
Supplemental Disclosure of Cash Flow Information | ||||
Cash paid during the period for: | ||||
Interest | $ 13,595 | $ 7,882 | ||
Income taxes | $ 14,384 | $ 25,062 | ||
Non-cash investing and financing transactions: | ||||
Tenant improvements funded by lessor | $ 20,253 | $ — | ||
Acquisition of property and equipment through finance lease | $ 15,027 | $ - |
ICF International, Inc. and Subsidiaries | ||||||||
Supplemental Schedule(12) | ||||||||
Revenue by client markets | Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Energy, environment, and infrastructure | 36 % | 40 % | 37 % | 42 % | ||||
Health, education, and social programs | 53 % | 46 % | 51 % | 43 % | ||||
Safety and security | 7 % | 7 % | 7 % | 8 % | ||||
Consumer and financial | 4 % | 7 % | 5 % | 7 % | ||||
Total | 100 % | 100 % | 100 % | 100 % | ||||
Revenue by client type | Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
U.S. federal government | 58 % | 50 % | 55 % | 48 % | ||||
U.S. state and local government | 14 % | 15 % | 15 % | 15 % | ||||
International government | 5 % | 8 % | 6 % | 9 % | ||||
Government | 77 % | 73 % | 76 % | 72 % | ||||
Commercial | 23 % | 27 % | 24 % | 28 % | ||||
Total | 100 % | 100 % | 100 % | 100 % | ||||
Revenue by contract mix | Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Time-and-materials | 40 % | 40 % | 40 % | 41 % | ||||
Fixed-price | 45 % | 42 % | 45 % | 41 % | ||||
Cost-based | 15 % | 18 % | 15 % | 18 % | ||||
Total | 100 % | 100 % | 100 % | 100 % |
(12) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information |
Investor Contacts:
Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577
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SOURCE ICF