ICF International, Inc. (NASDAQ:ICFI) Q2 2022 Earnings Conference Call August 3, 2022 4:30 PM ET
Company Participants
Lynn Morgen - AdvisIRy Partners
Barry Broadus - SVP & CFO
John Wasson - Chairman & CEO
James Morgan - COO
Conference Call Participants
Joseph Vafi - Canaccord
Kevin Steinke - Barrington Research
Marc Riddick - Sidoti
Operator
Welcome to ICF's Second Quarter 2022 Earnings Conference Call. My name is Michelle Foster, and I will be your operator for today's call. Please note that this conference is being recorded on Wednesday, August 3, 2022, and cannot be reproduced or rebroadcast without permission from the company
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[Operator Instructions] I will now turn the call over to Lynn Morgen of AdvisIRy Partners. Lynn, you may begin.
Lynn Morgen
Thank you, Michelle. Good afternoon, everyone, and thank you for joining us to review ICF's second quarter 2022 performance. With us today from ICF are John Wasson, Chairman and CEO; and Barry Broadus, CFO. Joining them is James Morgan, Chief Operating Officer.
During this conference call, we will be making 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 August 3, 2022, press release and our SEC filings for the discussions of those risks.
In addition, our statements today 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 the call over to ICF's CEO, John Wasson to discuss second quarter 2022 performance. John?
John Wasson
Thank you, Lynn, and thank you all for participating in today's call to review our second quarter earnings and discuss our business outlook. I'm pleased to report that this was another quarter of strong performance for ICF. First, we continue to build our position in high-growth markets, led in the second quarter by our work in digital transformation, public health and disaster management. Together, our growth markets, which also include utility consulting, as well as climate, environment and infrastructure services, now account for over 70% of our service revenue.
Second, profitability continued to improve. Adjusted EBITDA to service revenue increased by 20 basis points year-on-year while we continued with our investments in people and technology to support future growth.