Technology

ICF Reports Third Quarter 2024 Results

Published

1 year ago

October 31, 2024

―Margin Expansion Driven by Favorable Business Mix and Higher Utilization―
―GAAP EPS and Non-GAAP EPS1 Include Tax Benefits of $0.25 Per Share―
―Record Business Development Pipeline of $10.6 Billion at Quarter-End―

―2024 Guidance: Adjusting Revenue Range to Account for Lower Pass-Throughs; Raising EPS Ranges to Reflect Margin Expansion and Tax Benefits―

Third Quarter Highlights:

Revenue Increased 3% to $517 Million, Up 6% Excluding DivestituresNet Income Was $33 Million and GAAP EPS Was $1.73, Up 38% Non-GAAP EPS Increased 18% to $2.13EBITDA1 Increased 18% to $58.2 Million; Adjusted EBITDA1 Was $58.5 Million, Up 8%Contract Awards Were $697 Million for a Quarterly Book-to Bill Ratio of 1.35 and a TTM Book-to-Bill Ratio of 1.31

RESTON, Va., Oct. 31, 2024 /PRNewswire/ — ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the third quarter ended September 30, 2024.

Commenting on the results, John Wasson, chair and chief executive officer, said, “This was another quarter of strong performance for ICF. Total revenues increased 3% year-on-year. Revenues from continuing operations increased 6% from last year’s levels, which includes a considerable impact from lower pass-throughs.

“Our Energy, Environment, Infrastructure and Disaster Recovery client market again was a key contributor to our third quarter results, delivering year-on-year revenue growth of 15.3% and accounting for 45.7% of total third quarter revenues, up from 40.8% in the similar period last year. We experienced continued strong demand from our utility clients for a broad range of ICF’s capabilities, including core energy efficiency programs, grid resilience, electrification, decarbonization and flexible load management, all of which have taken on greater importance given recent increases in projected electricity demand, particularly from the growth in data centers. ICF is a market leader with the unique experience, capabilities and scale to assist utility clients across all these areas with analytics, multidisciplinary solutions and program management.

“Favorable mix and higher utilization were key drivers of third quarter margin expansion. Operating margin increased by 250 basis points year-on-year to 8.9%, and Adjusted EBITDA margin expanded by 50 basis points to 11.3% from 10.8%.

“We ended the third quarter with a record business development pipeline of $10.6 billion, after $697 million in contract awards. Year-to-date contract awards increased 16% from last year’s levels to just over $2.0 billion, of which 63% represented new business wins, indicating how well aligned ICF’s capabilities are with client spending priorities.”

Third Quarter 2024 Results

Third quarter 2024 total revenue was $517.0 million, a 3.1% increase from the $501.5 million reported in the third quarter of 2023, and up 6.0% from last year’s third quarter revenues adjusted for the divestiture of our commercial marketing business lines. Subcontractor and other direct costs were 24.7% of total revenues compared to 27.1% in last year’s third quarter. Operating income was $46.0 million, up 44.3% from $31.9 million last year, and operating margin on revenue expanded to 8.9% from 6.4%. Net income totaled $32.7 million, representing a 37.7% year-on-year increase over the $23.7 million reported in the third quarter of 2023. Diluted EPS was $1.73 per share, up 38.4% from $1.25 reported in the third quarter of 2023, which included $5.2 million, or $0.20 per share, of tax-effected special charges. Third quarter 2024 net income and diluted EPS included incremental tax benefits beyond previous expectations of $0.25 per share. As a result, the company’s effective tax rate was 13.8% in the third quarter.

Non-GAAP EPS increased 17.7% to $2.13 per share, from $1.81 per share reported in the comparable period in 2023. EBITDA was $58.2 million, 18.4% above the $49.2 million reported in the year-ago period. Adjusted EBITDA increased 7.8% to $58.5 million from $54.3 million for the comparable period in 2023.

Backlog and New Business

Total backlog was $3.9 billion at the end of the third quarter of 2024. Funded backlog was $1.9 billion, or approximately 50% of the total backlog. The total value of contracts awarded in the 2024 third quarter was $696.9 million for a quarterly book-to-bill ratio of 1.35, and trailing twelve-month contract awards totaled $2.0 billion, up 16.0% year-on-year for a book-to-bill ratio of 1.31.

Government Revenue Third Quarter 2024 Highlights

Revenue from government clients was $387.8 million, up 1.1% year-over-year.

U.S. federal government revenue was $282.0 million, an increase of 1.0% compared to the $279.3 million reported in the third quarter of 2023, and was impacted by a year-over-year decrease in subcontractor and other direct costs estimated at $10 million in the quarter. Federal government revenue accounted for 54.5% of total revenue, compared to 55.7% of total revenue in the third quarter of 2023.U.S. state and local government revenue increased 3.0% to $78.9 million, from $76.6 million in the year-ago quarter. State and local government clients represented 15.3% of total revenue, unchanged from the third quarter of 2023.International government revenue was $26.9 million, slightly down from the $27.5 million reported in the year-ago quarter. International government revenue represented 5.2% of total revenue, compared to 5.5% in the third quarter of 2023.

Key Government Contracts Awarded in the Third Quarter 2024

Notable government contract awards won in the third quarter of 2024 included:

Health and Social Programs

A new task order with a value of $40.2 million with a U.S. federal agency to deliver strategic and digital communications and engagement campaigns to combat human trafficking.A contract modification with a value of $33.2 million with a U.S. federal agency to provide stakeholder engagement support services.A new contract with a value of $14.8 million with the U.S. Centers for Disease Control and Prevention (CDC) to provide support for CDC’s Needle Exchange Utilization Survey (NEXUS) surveillance project.A new subcontract with a value of $11.2 million to provide information resource support services for the U.S. National Institute of Neurological Disorders and Stroke, Office of Neuroscience Communications and Engagement.A new contract with a value of $10.9 million with the U.S. National Institutes of Health to support the National Library of Medicine’s User Services and Collections Division cross-functional initiatives, including advancing GenAI projects and other programming and technical development activities.A new contract with a value of $9.7 million with the U.S. Department of Education to provide capacity-building services to state, regional and local education agencies.

Disaster Management and Mitigation

A contract extension with a value of $38.5 million with a U.S. state land agency to provide disaster recovery and mitigation grant management services.A new contract with a value of $10.5 million with the government of a U.S. territory to provide a comprehensive array of services to support compliance with federal and local disaster management regulations related to its hurricane recovery efforts.

IT Modernization

A new contract with a value of $69.9 million with the government of a U.S. territory to design, build and implement a new geospatial data management system.A new task order under a blanket purchase agreement with a value of $8.9 million with a U.S. federal agency to provide data center modernization services.

Climate, Energy and Environment

A single-award recompete blanket purchase agreement with a ceiling of $75 million with the U.S. Environmental Protection Agency Office of Water to provide environmental, economic, regulatory and evaluation services to the agency’s critical water programs.A recompete blanket purchase agreement with a ceiling of $40.0 million with the U.S. Federal Highway Administration to provide technical, engineering, publications, marketing and professional support services.

Commercial Revenue Third Quarter 2024 Highlights

Commercial revenue was $129.2 million, compared to $118.1 million reported in the third quarter of 2023; up 23.7% compared to revenues of $104.5 million excluding divestitures in 2023.

Commercial revenue accounted for 25.0% of total revenue compared to 23.5% of total revenue in the 2023 third quarter.Energy markets revenue, which includes energy efficiency programs, increased 24.6% and represented 86.7% of commercial revenue.

Key Commercial Contracts Awarded in the Third Quarter of 2024

Notable commercial awards won in the third quarter of 2024 included:

A contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its residential energy efficiency portfolio.A contract modification with a multinational energy company to prepare environmental impact statements for the company’s offshore wind projects.A new contract with an international renewable energy company to prepare an environmental impact statement for its offshore wind project.A new contract with a Midwestern U.S. utility to provide program implementation services for its residential energy efficiency program.A new contract with a Midwestern U.S. electric and gas utility to provide program implementation services for its residential energy efficiency program.A new contract with a Midwestern U.S. utility to provide demand-side management programs for both market rate and disadvantaged communities for its residential energy efficiency portfolio.A contract modification with a mid-Atlantic U.S. utility to continue to provide program implementation services for its energy efficiency programs.

Dividend Declaration

On October 31, 2024, ICF declared a quarterly cash dividend of $0.14 per share, payable on January 10, 2025, to shareholders of record on December 6, 2024.

Summary and Outlook

“Continued favorable business mix and utilization metrics, together with the incremental tax benefits of approximately $0.25 per share, have led us to increase the midpoint of our earnings per share guidance for full year 2024 by $0.35. Our revised guidance for GAAP EPS is in the range of $6.05 to $6.15, excluding special charges, and Non-GAAP EPS is expected to range from $7.40 to $7.50, representing year-on-year growth of 14.6% at the midpoint. We have adjusted our full year 2024 revenue guidance range to $2.0 billion to $2.03 billion from $2.03 billion to $2.10 billion to reflect an estimated $50 million reduction in expected pass-throughs. This primarily impacts revenue comparisons for our Health and Social Programs client market with no meaningful impact on margins. Based on our strong cash flow to date, we reaffirm our guidance for full year 2024 operating cash flow of approximately $155 million.

“Our forward-looking metrics support our confidence in continued growth for ICF as we enter 2025. We have a strong multiyear backlog, a record business development pipeline and a consistent track record of new business wins. We are experiencing robust demand from commercial clients for our energy and environment expertise and related implementation and technology capabilities. We have excellent credentials in disaster management, resilience and mitigation work to assist state and local governments with recovery after storms, flooding and wildfires, as well as with their future resilience planning. The large majority of our federal government work is in areas that have bipartisan support, particularly IT modernization, which remains an area of priority spending. And importantly, our people are fully engaged in achieving the objectives and missions of our clients, which underpins our confidence in ICF’s future growth potential,” Mr. Wasson concluded.

1 Non-GAAP EPS, EBITDA, and Adjusted EBITDA 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.

About ICF

ICF is a global consulting and technology services company with approximately 9,000 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; and our ability to acquire and successfully integrate businesses. 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.

Note on Forward-Looking Non-GAAP Measures

The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.

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

ICF International, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

(in thousands, except per share amounts)

2024

2023

2024

2023

Revenue

$ 516,998

$ 501,519

$ 1,523,463

$ 1,484,886

Direct costs

325,047

323,504

964,911

961,473

Operating costs and expenses:

Indirect and selling expenses

132,816

131,553

389,001

381,808

Depreciation and amortization

4,820

5,917

15,303

19,052

Amortization of intangible assets

8,291

8,644

24,873

27,154

Total operating costs and expenses

145,927

146,114

429,177

428,014

Operating income

46,024

31,901

129,375

95,399

Interest, net

(7,195)

(10,557)

(23,136)

(30,146)

Other (expense) income

(899)

2,736

767

1,501

Income before income taxes

37,930

24,080

107,006

66,754

Provision for income taxes

5,251

340

21,399

6,304

Net income

$ 32,679

$ 23,740

$ 85,607

$ 60,450

Earnings per Share:

Basic

$ 1.74

$ 1.26

$ 4.57

$ 3.22

Diluted

$ 1.73

$ 1.25

$ 4.53

$ 3.19

Weighted-average Shares:

Basic

18,760

18,815

18,752

18,795

Diluted

18,910

18,974

18,915

18,958

Cash dividends declared per common share

$ 0.14

$ 0.42

Other comprehensive loss, net of tax

(951)

(4,053)

(610)

(2,236)

Comprehensive income, net of tax

$ 31,728

$ 19,687

$ 84,997

$ 58,214

ICF International, Inc. and Subsidiaries

Reconciliation of Non-GAAP financial measures (2)

(Unaudited)

Three Months Ended

Nine Months Ended

September 30,

(in thousands, except per share amounts)

2024

2023

2024

2023

Reconciliation of Revenue, Adjusted for Impact of Exited Business

Revenue

$ 516,998

$ 501,519

$ 1,523,463

$ 1,484,886

Less: Revenue from exited business (3)

—

(13,565)

—

(59,713)

Total Revenue, Adjusted for Impact of Exited Business

$ 516,998

$ 487,954

$ 1,523,463

$ 1,425,173

Reconciliation of EBITDA and Adjusted EBITDA (4)

Net income

$ 32,679

$ 23,740

$ 85,607

$ 60,450

Interest, net

7,195

10,557

23,136

30,146

Provision for income taxes

5,251

340

21,399

6,304

Depreciation and amortization

13,111

14,561

40,176

46,206

EBITDA

58,236

49,198

170,318

143,106

Impairment of long-lived assets (5)

—

2,912

—

3,806

Acquisition and divestiture-related expenses (6)

139

1,779

205

4,685

Severance and other costs related to staff realignment (7)

449

595

1,184

4,455

Charges for facility consolidations and office closures (8)

—

2,220

—

2,579

Pre-tax gain from divestiture of a business (9)

(298)

(2,425)

(2,013)

(2,425)

Total Adjustments

290

5,081

(624)

13,100

Adjusted EBITDA

$ 58,526

$ 54,279

$ 169,694

$ 156,206

Net Income Margin Percent on Revenue (10)

6.3 %

4.7 %

5.6 %

4.1 %

EBITDA Margin Percent on Revenue (11)

11.3 %

9.8 %

11.2 %

9.6 %

Adjusted EBITDA Margin Percent on Revenue (11)

11.3 %

10.8 %

11.1 %

10.5 %

Reconciliation of Non-GAAP Diluted EPS (4)

U.S. GAAP Diluted EPS

$ 1.73

$ 1.25

$ 4.53

$ 3.19

Impairment of long-lived assets

—

0.15

—

0.20

Acquisition and divestiture-related expenses

0.01

0.09

0.01

0.25

Severance and other costs related to staff realignment

0.02

0.03

0.06

0.23

Expenses related to facility consolidations and office closures (12)

—

0.12

0.04

0.14

Pre-tax gain from divestiture of a business

(0.02)

(0.13)

(0.11)

(0.13)

Amortization of intangibles

0.44

0.46

1.31

1.43

Income tax effects of the adjustments (13)

(0.05)

(0.16)

(0.26)

(0.50)

Non-GAAP Diluted EPS

$ 2.13

$ 1.81

$ 5.58

$ 4.81

(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) Revenue from the exited U.K. commercial marketing business (June 30, 2023), U.S. commercial marketing business (September 11, 2023), and Canadian mobile text aggregation business (November 1, 2023). Subcontractor and other direct costs from the exited business are approximately 15.0% and 31.1% of revenue of the exited business for the three and nine months ended September 30, 2023, respectively.

(4) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.

(5) Represents impairment charges recorded in the first and third quarters of 2023 of $0.9 million and $2.9 million, respectively, of an intangible asset associated with the exit of our commercial marketing business in the U.K. and operating lease right-of-use assets.

(6) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures.

(7) These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that they will be terminated as part of a business reorganization or exit.

(8) These are exit costs associated with terminated leases or full office closures that we either (i) will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, or (ii) paid upon termination and ceasing to use the leased facilities.

(9) Pre-tax gain related to the 2023 divestiture of our U.S. commercial marketing business which include contingent gains realized in the first and the third quarter of 2024.

(10) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.

(11) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue.

(12) These are exit costs related to actual office closures (previously included in Adjusted EBITDA) and accelerated depreciation related to fixed assets for planned office closures.

(13) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 13.8% and 21.7% for the three months ended September 30, 2024 and 2023, respectively, and 20.0% and 23.5% for the nine months ended September 30, 2024 and 2023, respectively.

ICF International, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)

September 30, 2024

December 31, 2023

ASSETS

Current Assets:

Cash and cash equivalents

$ 6,911

$ 6,361

Restricted cash

724

3,088

Contract receivables, net

212,412

205,484

Contract assets

237,742

201,832

Prepaid expenses and other assets

24,785

28,055

Income tax receivable

10,541

2,337

Total Current Assets

493,115

447,157

Property and Equipment, net

71,299

75,948

Other Assets:

Goodwill

1,221,437

1,219,476

Other intangible assets, net

70,030

94,904

Operating lease – right-of-use assets

122,543

132,807

Other assets

49,754

41,480

Total Assets

$ 2,028,178

$ 2,011,772

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Current portion of long-term debt

$ 13,750

$ 26,000

Accounts payable

121,093

134,503

Contract liabilities

17,176

21,997

Operating lease liabilities

21,204

20,409

Finance lease liabilities

2,590

2,522

Accrued salaries and benefits

91,103

88,021

Accrued subcontractors and other direct costs

55,600

45,645

Accrued expenses and other current liabilities

85,274

79,129

Total Current Liabilities

407,790

418,226

Long-term Liabilities:

Long-term debt

405,396

404,407

Operating lease liabilities – non-current

160,926

175,460

Finance lease liabilities – non-current

11,922

13,874

Deferred income taxes

5,982

26,175

Other long-term liabilities

59,845

56,045

Total Liabilities

1,051,861

1,094,187

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; 24,138,735 and 23,982,132 shares issued at September 30, 2024 and December 31, 2023, respectively; 18,762,710 and 18,845,521 shares outstanding at September 30, 2024 and December 31, 2023, respectively

Additional paid-in capital

436,671

421,502

Retained earnings

852,835

775,099

Treasury stock, 5,376,025 and 5,136,611 shares at September 30, 2024 and December 31, 2023, respectively

(300,718)

(267,155)

Accumulated other comprehensive loss

(12,495)

(11,885)

Total Stockholders’ Equity

976,317

917,585

Total Liabilities and Stockholders’ Equity

$ 2,028,178

$ 2,011,772

ICF International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

Nine Months Ended

September 30,

(in thousands)

2024

2023

Cash Flows from Operating Activities

Net income

$ 85,607

$ 60,450

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

3,176

691

Deferred income taxes and unrecognized income tax benefits

(16,957)

(3,533)

Non-cash equity compensation

12,494

10,134

Depreciation and amortization

40,177

46,207

Gain on divestiture of a business

(2,009)

(4,302)

Other operating adjustments, net

2,206

2,563

Changes in operating assets and liabilities, net of the effects of acquisitions:

Net contract assets and liabilities

(40,155)

(52,010)

Contract receivables

(9,634)

12,087

Prepaid expenses and other assets

(434)

11,893

Operating lease assets and liabilities, net

(3,065)

3,897

Accounts payable

(13,402)

(13,333)

Accrued salaries and benefits

2,889

(8,521)

Accrued subcontractors and other direct costs

9,660

(3,353)

Accrued expenses and other current liabilities

16,979

(18,727)

Income tax receivable and payable

(9,574)

450

Other liabilities

(1,774)

959

Net Cash Provided by Operating Activities

76,184

45,552

Cash Flows from Investing Activities

Payments for purchase of property and equipment and capitalized software

(15,559)

(17,876)

Payments for business acquisitions, net of cash acquired

—

(32,664)

Proceeds from divestiture of a business

1,985

47,151

Net Cash Used in Investing Activities

(13,574)

(3,389)

Cash Flows from Financing Activities

Advances from working capital facilities

917,953

972,266

Payments on working capital facilities

(930,043)

(995,244)

Proceeds from other short-term borrowings

43,735

25,394

Repayments of other short-term borrowings

(53,280)

(18,845)

Receipt of restricted contract funds

1,275

6,412

Payment of restricted contract funds

(3,586)

(7,042)

Dividends paid

(7,880)

(7,903)

Net payments for stock issuances and share repurchases

(30,995)

(20,601)

Other financing, net

(1,777)

(1,501)

Net Cash Used in Financing Activities

(64,598)

(47,064)

Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash

174

(213)

Decrease in Cash, Cash Equivalents, and Restricted Cash

(1,814)

(5,114)

Cash, Cash Equivalents, and Restricted Cash, Beginning of Period

9,449

12,968

Cash, Cash Equivalents, and Restricted Cash, End of Period

$ 7,635

$ 7,854

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for:

Interest

$ 24,388

$ 29,173

Income taxes

$ 50,382

$ 12,604

ICF International, Inc. and Subsidiaries

Supplemental Schedule (14)

Revenue by client markets

Three Months Ended

Nine Months Ended

September 30,

2024

2023

2024

2023

Energy, environment, infrastructure, and disaster recovery

46 %

41 %

46 %

40 %

Health and social programs

38 %

42 %

38 %

42 %

Security and other civilian & commercial

16 %

17 %

16 %

18 %

Total

100 %

Revenue by client type

Three Months Ended

Nine Months Ended

September 30,

2024

2023

2024

2023

U.S. federal government

55 %

56 %

55 %

U.S. state and local government

15 %

16 %

International government

5 %

Total Government

75 %

76 %

Commercial

25 %

24 %

Total

100 %

Revenue by contract mix

Three Months Ended

Nine Months Ended

September 30,

2024

2023

2024

2023

Time-and-materials

43 %

41 %

42 %

41 %

Fixed-price

46 %

45 %

46 %

45 %

Cost-based

11 %

14 %

12 %

14 %

Total

100 %

(14) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client markets provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed.

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SOURCE ICF

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SEOUL, South Korea, SHANGHAI and NEW YORK, April 21, 2026 /PRNewswire/ — MemeMax, a perpetual decentralized exchange (Perp DEX), has officially launched, positioning itself as a trading infrastructure purpose-built for the meme coin market.

As the memecoin sector has grown into a multi-billion-dollar asset class, the lack of derivatives infrastructure tailored to its unique dynamics has become increasingly evident. MemeMax enters the market aiming to address this gap by offering a perpetual trading environment designed specifically for meme-driven assets.

Major meme assets such as DOGE, PEPE, and WIF have historically exhibited extreme volatility driven by narrative cycles and community participation. However, existing trading platforms have struggled to fully accommodate these characteristics.

Why Traditional Perp DEX Models Fall Short for Meme Markets

Most existing perpetual DEXs were originally designed around assets like Bitcoin (BTC) and Ethereum (ETH), where liquidity depth, relatively stable volatility, and structured price discovery dominate market behavior.

Memecoins operate under a fundamentally different dynamic. Price movements are often driven less by fundamentals and more by narrative momentum, community coordination, and viral attention cycles. These assets tend to experience rapid expansions and collapses, often outpacing the assumptions embedded in traditional oracle and liquidation systems.

Despite this, most platforms continue to apply the same infrastructure across all asset classes—creating a structural mismatch when applied to meme markets. MemeMax takes a different approach:

rather than adapting meme assets to fit existing systems, it introduces a trading infrastructure designed specifically for meme-driven market behavior.

Trading the Full Meme Cycle

MemeMax is designed to enable users to trade across the entire lifecycle of a meme.

Shorting narrative breakdownsEntering early during revival phasesNavigating extreme volatility environments

To support this, the platform’s oracle and liquidation mechanisms are structured with high-volatility, lower-liquidity assets in mind, rather than being retrofitted from BTC-centric models

Redefining Trading as Participation

Another key distinction lies in how MemeMax reframes trading itself.

Rather than viewing trading as isolated execution, MemeMax positions it as continuous participation. On-chain user actions are interconnected within a broader system, where behavior contributes directly to the dynamics of the platform.

This reflects a broader shift in meme markets, where price formation is increasingly influenced not only by liquidity, but also by attention and user participation.

Max Points (MP): A Participation-Based Metric

At the core of the platform is Max Points (MP), a native utility system designed to quantify user engagement beyond simple trading volume.

MP is calculated based on multiple dimensions, including:

Profit and loss (P&L) experienceConsistency of platform activity

Note: Incorporating “time spent in positions” into the calculation is planned as an additional feature in a future update.

By incorporating these factors, MemeMax moves away from purely volume-driven incentive models and introduces a system that captures holistic user participation.

MP is expected to serve as a foundational metric across the ecosystem, with applications in reward distribution, seasonal events, and access to platform features. Early participation is designed to provide compounding advantages as the ecosystem evolves.

Max Points (MP): An Activity Reward System

As part of the platform’s reward system, Max Points (MP) exist to reward users for their activities. To encourage consistent user participation rather than just focusing on trading volume, MP operates on a flexible seasonal basis. Adapting to market trends, each season introduces new objectives and various forms of rewards, such as airdrops, recognizing the broader value of ecosystem participation beyond simple PnL.

Staking (Coming Soon)

The staking feature is currently in preparation and will be officially launched in the future as the platform continues to expand.

REKT Pack (In Preparation)

Additionally, it has been confirmed that a “REKT Pack” is currently in preparation. This feature aims to add a layer of entertainment by playfully sublimating user liquidations into meme culture, turning the unfortunate event of getting “rekt” into an engaging and fun experience for the community.

Seasonal Structure for Continuous Expansion

The platform operates on a continuously live trading environment, complemented by recurring seasonal events.

Each season introduces new participation mechanics and reward structures without resetting existing user data. This allows MemeMax to maintain continuity while continuously evolving alongside market dynamics.

Toward a Dedicated Financial Layer for Meme Markets

As memecoins continue to evolve into a distinct segment of the crypto market—driven by community behavior and narrative cycles—the need for specialized infrastructure has become more apparent.

MemeMax positions itself within this trend by treating memes not simply as speculative assets, but as behavior-driven market primitives, embedding these dynamics directly into its trading architecture.

According to the team, “MemeMax is not just another exchange listing meme assets—it is designed as the financial infrastructure that the meme ecosystem has been missing.”

Now Live and Closed Beta Successfully Concluded

A closed beta test was held on April 14 and successfully concluded with great interest from participants.

MemeMax is now live, with users able to access perpetual trading immediately. Participants can begin accumulating Max Points (MP) through on-chain activity and take part in upcoming seasonal events and reward programs. Early users may benefit from first-mover advantages in MP accumulation, positioning themselves favorably within the platform’s evolving incentive structure.

Learn More

Homepage: https://go.mememax.com/official-ptradeDocs: https://docs.mememax.comX (Twitter): https://x.com/MemeMax_Fi

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Technology

Sonata Software Achieves AWS Migration and Modernization Competency Status

Published

3 minutes ago

April 21, 2026

EAST BRUNSWICK, N.J. and BENGALURU, India, April 21, 2026 /PRNewswire/ — Sonata Software (NSE: SONATSOFTW) (BSE: 532221), a leading AI-first Modernization Engineering company, today announced that it has achieved Amazon Web Services (AWS) Migration and Modernization Competency status.

This designation recognizes Sonata Software’s technical expertise and customer experience in helping enterprises accelerate application migration and modernization on AWS. It also reflects the company’s capabilities in supporting organizations as they modernize critical applications, improve operational efficiency, and build agile, resilient, and scalable digital platforms.

The AWS Migration and Modernization Competency helps customers identify AWS Partners with validated capabilities in migrating and modernizing applications from on-premises environments or other cloud platforms. This designation reflects Sonata Software’s capabilities in supporting customers across transformation initiatives spanning application migration, modernization, and optimization on AWS.

“Achieving the AWS Migration and Modernization Competency is an important milestone for Sonata Software and reflects our continued focus on modernization-led transformation,” said Manu Swami, Chief Technology Officer at Sonata Software. “For many enterprises, application modernization is now central to improving resilience, accelerating software delivery, and creating a more adaptable technology foundation. Our focus is on helping clients reduce technical debt, modernize with engineering rigor, and build platforms that support continuous innovation at scale.”

“Achieving the AWS Migration and Modernization Competency reinforces Sonata Software’s position as a trusted partner for enterprises pursuing large-scale transformation,” said Anthony Lange, Chief Revenue Officer at Sonata Software. “Our clients are looking for modernization programs that move quickly, reduce risk, and deliver visible business impact. This recognition strengthens our ability to take that message to the market and underscores the value we bring in helping customers accelerate outcomes through our partnership with AWS.”

Sonata Software continues to strengthen its AWS-aligned capabilities across cloud migration, application modernization, data transformation, platform engineering, and AI-enabled software delivery. In addition to the AWS Migration and Modernization Competency, Sonata has recently achieved AWS DevOps and Generative AI Competencies, along with key AWS service certifications, further reinforcing its ability to help enterprises simplify complexity, modernize business-critical systems, and derive value from their AWS investments.

About Sonata Software

Sonata Software is an AI-first modernization engineering company that helps enterprises transform legacy systems into intelligent, scalable business platforms. Powered by its Platformation™ framework and Harmoni.AI platform, Sonata delivers AI-led modernization across cloud, data, AI, Dynamics, test automation, and managed services. Headquartered in Bengaluru, India, Sonata has more than $1.2 billion in revenue and 6,400+ AI engineers supporting global delivery across regions including the US, UK, India, Malaysia, Mexico, Australia, DACH, and the Nordics. With deep partnerships across Microsoft, AWS, Salesforce, and Snowflake, Sonata helps Fortune 500 enterprises accelerate innovation, improve efficiency, and drive sustainable growth.

For more information, please visit https://www.sonata-software.com/

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Technology

BELLA+CANVAS Brings Coachella 2026 Merchandise to Life with Immersive “Museum of Merchandise” Experience

Published

3 minutes ago

April 21, 2026

Premium apparel leader transforms festival merch into a living archive of culture, creativity, and self-expression

INDIO, Calif., April 21, 2026 /PRNewswire/ — BELLA+CANVAS, the industry leader in premium blank apparel, successfully concluded its role as the official blank apparel provider for the Coachella Valley Music and Arts Festival 2026 merchandise program, delivering both product and a standout on-site activation across two record-setting festival weekends.

At the heart of Coachella’s merchandise ecosystem, BELLA+CANVAS powered official festival products featuring a custom “printed on BELLA+CANVAS” neck label, giving fans a deeper connection to the garments they take home as wearable memories.

Extending beyond product, the brand introduced a first-of-its-kind immersive installation, “Coachella Merchandise: Then and Now — A Retrospective of Coachella Over the Years”. The design-forward, walk-through experience hosted by BELLA+CANVAS reimagined festival merchandise as both cultural archive and creative canvas. Hundreds of festivalgoers explored “Coachella: Then & Now”, revisiting standout pieces from past years while engaging in live, on-site customization.

At the “Museum of Merchandise” experience, guests were invited to print the vintage Coachella designs onto new BELLA+CANVAS t-shirts and sweatshirts of their choosing, blending past and present through personal style. With eight archival designs and eight premium garment options, attendees created unique combinations that reflected their individuality. Through live customization and past inspiration, the experience transformed nostalgia into one-of-a-kind, wearable pieces tied to each guest’s festival journey.

Across both weekends (April 10–12 and April 17–19), the “Museum of Merchandise” drew strong engagement. From festivalgoers, creators, and a curated network of industry influencers, including screen printers, merch designers, and apparel decorators, the experience was amplified in real time across digital platforms.

“Festival merchandise today is more than something you buy. It’s something you become part of,” said Megan Spire, Executive Vice President of Sales and Marketing, BELLA+CANVAS. “At Coachella, BELLA+CANVAS set out to elevate the role of the blank and show how it serves as the foundation for cultural storytelling, creativity, and identity.”

In addition to festivalgoers, media and partners were also offered exclusive access to guided walkthroughs, behind-the-scenes insights into the evolution of festival merchandise, and conversations at the intersection of fashion, music, and experiential storytelling.

As festival merchandise continues to evolve into a form of cultural currency, BELLA+CANVAS’ presence at Coachella 2026 reinforced its position not only as a supplier but as a defining force behind how those stories are created and worn.

About BELLA+CANVAS
BELLA+CANVAS is a premium apparel company redefining the role of the “blank” clothing product in modern fashion, retail, and brand storytelling. Known for its elevated quality, on-trend fits, and commitment to innovation, the company partners with leading brands, creators, and cultural institutions to power high-impact merchandise and experiential moments. By combining fashion-forward design with scalable production capabilities, BELLA+CANVAS sits at the intersection of apparel, creativity, and culture while serving as the foundation behind some of today’s most influential branded experiences.

Social:
Instagram: https://www.instagram.com/bellacanvas/
LinkedIn: https://www.linkedin.com/company/bellacanvas/

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