ICF International, Inc. (NASDAQ:ICFI) Q3 2022 Results Conference Call November 3, 2022 4:30 PM ET
Company Participants
Lynn Morgen - Advisiry Partners
John Wasson - Chairman and CEO
Barry Broadus - CFO
James Morgan - COO
Conference Call Participants
Tobey Summer - Truist Securities
Marc Riddick - Sidoti
Operator
Good day, and thank you for standing by. Welcome to the Q3 2022 ICF Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Lynn Morgen, Advisiry Partners. Please go ahead.
Lynn Morgen
Thank you, Kurt. Good afternoon, everyone, and thank you for joining us to review ICF's third quarter 2022 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 November 3, 2022, press release and the 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 from that light. We may at some point will have to update these statements made today but specifically disclaim any obligation to do so.
I will now turn the call over to ICF's CEO, John Wasson, to discuss third quarter of 2022 performance. John?
John Wasson
Thank you, Lynn, and thank you all for participating in today's call to review our third quarter results and discuss our business outlook.
This was another strong quarter for ICF. Key takeaways include our 22% year-on-year growth in service revenue comprised of 7% organic growth and the contribution from our recent acquisitions, 15.5% year-on-year growth in revenues from commercial energy clients, a 14.8% adjusted EBITDA-to-service revenue margin and record third quarter contract wins totaling $865 million, resulting in a book-to-bill of 1.85x for the quarter.
These measures clearly demonstrate ICF's enhanced growth trajectory, which together with our significantly increased backlog and robust business development pipeline support our confidence in continued strong growth in 2023 and beyond.
Our year-to-date results also underscore our ability to reach the long-term financial goals we laid out in our May 2022 Investor Day, namely to achieve high single-digit organic service revenue growth through 2024, driven by our 5 key growth areas, drive double-digit total revenue growth by adding acquisitions that are a strong cultural fit and offer revenue and earnings synergies and by the end of 2024, increase EBITDA by roughly $100 million from the $143 million we reported in 2021, which implies a CAGR of approximately 19%.