ICF International, Inc. (NASDAQ:ICFI) Q4 2023 Earnings Conference Call February 27, 2024 4:30 PM ET
Company Participants
Lynn Morgen - Investor Relations
John Wasson - Chair and Chief Executive Officer
Barry Broadus - Chief Financial Officer
James Morgan - Chief Operating Officer
Conference Call Participants
Joe Vafi - Canaccord
Tobey Sommer - Truist
Tim Mulrooney - William Blair
Marc Riddick - Sidoti
Operator
Good day and thank you for standing by. Welcome to the Q4 and Full Year 2023 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 first speaker today, Lynn Morgen of Advisory Partners. Please go ahead.
Lynn Morgen
Thank you, operator. Good afternoon, everyone and thank you for joining us to review ICF’s fourth quarter and full year 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 February 27, 2024 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 the call over to ICF’s CEO, John Wasson, to discuss fourth quarter and full year 2023 performance. John?
John Wasson
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hank you, Lynn and thank you all for joining us this afternoon to review our fourth quarter results and discuss our outlook for 2024. Our solid fourth quarter results capped another record year for ICF. Key takeaways from 2023 include full year growth in revenues from continuing operations of 12%, further margin expansion driven by higher utilization, lower facility costs and the overall benefits of ICF’s increased scale, ICS considerable contract wins reaching over $2.3 billion for the year, of which 70% represented new business, indicating how well positioned we are in areas of increased spending, and lastly, the substantial runway ahead for ICF, as we ended the year with a $3.8 billion backlog, a book-to-bill ratio of 1.2 and a $9.7 billion business development pipeline, pointing to considerable growth opportunities for ICF over the next several years.