ICF International, Inc. (NASDAQ:ICFI) Q1 2023 Earnings Conference Call May 9, 2023 4:30 PM ET
Company Participants
Lynn Morgen - AdvisIRy Partners
John Wasson - Chairman and CEO
Barry Broadus - CFO
James Morgan - COO
Conference Call Participants
Joseph Vafi - Canaccord Genuity
Jack Wilson - Truist Securities
Kevin Steinke - Barrington Research
Operator
Welcome to the First Quarter 2023 ICF Earnings Conference Call. My name is Grace, and I will be your Operator for today's call. [Operator Instructions]
I will now turn the call over to Lynn Morgen of AdvisIRy Partners. Lynn, you may begin.
Lynn Morgen
Thank you, Operator. Good afternoon, everyone, and thank you for joining us to review ICF's first quarter 2023 performance. With us today from ICF are John Wasson, Chair and CEO; and Barry Broadus, CFO. Joining them is James Morgan, Chief Operating Officer. During this conference call, we will make forward-looking statements to assist you in understanding ICF management's expectations about our future performance. These statements are subject to a number of risks that could cause actual events and results to differ materially, and I refer you to our May 9, 2023 press release and our SEC filings for discussions of those risks.
In addition, our statements during this call are based on our views as of today. We anticipate that future developments will cause our views to change. Please consider the information presented in that light. We may, at some point, elect to update the forward-looking statements made today, but specifically disclaim any obligation to do so.
I will now turn over the call to ICF's CEO, John Wasson, to discuss first quarter 2023 performance. John?
John Wasson
Well, thanks, Lynn, and good afternoon, everyone. Thank you for joining us to review ICF's first quarter results and discuss our outlook for 2023. Our strong first quarter results reflected ICF's expanded capabilities in the growth markets we have identified and have invested in, namely IT modernization, public health, disaster management, utility consulting, and climate, environment and infrastructure services. These areas have priority spending for our clients and in 2022 accounted for approximately 75% of revenue. Thanks to our deep domain expertise and increased scale, we expect these areas to continue to grow as a percentage of ICF's revenue in 2023 and beyond.
In terms of takeaways from our performance in the quarter: First, we reported over 15% growth in service revenue and total revenue increased close to 17%, of which organic growth was north of 8%.