Technology

ICF Reports Third Quarter 2024 Results

Published

2 years 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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DataOne Adds Massachusetts Registration and Sales Data to Cross-Sell Reports for Auto Dealers, Expanding State Coverage to 40 States

Published

55 minutes ago

October 19, 2026

BEVERLY, Mass., Oct. 19, 2026 /PRNewswire/ — DataOne Software, a Dominion Enterprises company and a leading provider of automotive data and software solutions, today announced the availability of Massachusetts vehicle registration and sales data within its Cross-Sell Reports market intelligence solutions for dealers. Cross-Sell Reports, including the Cross-Sell Interactive web interface, provide auto dealers with unparalleled insight into local market trends, giving them a competitive edge in reaching new customers and expanding market share. The addition of Massachusetts data to Cross-Sell Reports expands coverage to 40 states.

“As of today, Massachusetts dealers can now access a current, accurate view of new and used vehicle transactions within their market area,” explains David Wall, DataOne head of Cross-Sell Reports. “Localized data, in easy-to-interpret views, are an incredible advantage to dealers who want to spot trends early and make decisions based on accurate market intelligence. We are thrilled to be bringing this capability not only to Massachusetts dealers but also to dealerships in other New England states whose target markets cross into Massachusetts.”

On average, over 3.8 million vehicle transactions are processed monthly for inclusion in Cross-Sell Reports, covering new and used dealer transactions across 40 states, all sourced from official state DMV records. Each dealer subscription is configured to the dealer’s unique market area and provides:

Competitive market share analysis by dealership, make, and modelZIP code-level heat mapping to identify buyer activity and emerging marketsInventory trend analysis to inform stocking decisions by segment and seasonInteractive dashboards with drill-down reporting — no analytics infrastructure required

“We know dealers trust Cross-Sell Reports for critical market insight, and for those insights to be delivered with industry-leading speed and timeliness,” says Jake Maki, DataOne President. “With the addition of Massachusetts state coverage, we continue to expand our coverage providing more dealers with the most immediate, accurate market intelligence available.”

Since welcoming the Cross-Sell brand into DataOne earlier this year, DataOne has accelerated efforts to expand state coverage of vehicle registration and sales data. In addition to Massachusetts, Cross-Sell Reports recently added Mississippi, Kansas and Georgia to its coverage.

“Our goal is to make DataOne the most accurate and comprehensive source of vehicle registration and sales data, however customers choose to use it,” says Maki. “For a dealer, that might be a Cross-Sell Interactive dashboard tuned to their local market. For other customers looking to license the data, it might be multi-state data integrated directly into their own platforms. Every new state we add makes both more valuable.”

In addition to Cross-Sell Reports and Cross-Sell Interactive, DataOne offers Vehicle Registration and Sales Data for licensing via API or FTP data feed, with coverage configurable by state or region.

For general information about DataOne solutions, contact DataOne at 877.438.8467, e-mail sales@dataonesoftware.com or visit dataonesoftware.com. For specific information about Cross-Sell Reports or Cross-Sell Interactive for dealers, visit Cross-Sell Reports.

About DataOne Software

DataOne Software (www.dataonesoftware.com) is a premier automotive data source providing the data and software solutions needed to power modern businesses across all segments of the automotive industry. DataOne’s comprehensive data solutions cover everything from VIN decoding and vehicle descriptions to specifications, optional equipment, and market pricing. With the acquisition of Cross-Sell in 2026, DataOne has expanded our product offering to include PII-free vehicle sales and registration data. Our high-quality solutions are delivered with industry-leading support, making them easy to integrate and scale.

Media Contact

Alice Fackre, Product and Brand Marketing Manager

Email: alice .fackre@dataonesoftware.com

Phone: (978) 473-9097

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SOURCE DataOne Software

Technology

DR. PHONE FIX ENTERS DEVICE LIFECYCLE AND FULFILLMENT MOU WITH GEO NOVA SCOTIA

Published

55 minutes ago

October 19, 2026

Agreement expands Dr. Phone Fix’s institutional platform through device procurement, triage, repair, refurbishment, accessories and fulfillment services

EDMONTON, AB, Oct. 19, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (TSXV: DPF) (“Dr. Phone Fix” or the “Company”), one of Canada’s fastest-growing and award-winning national consumer electronics lifecycle platforms, is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with GEO Nova Scotia (“GEO” or “Getting Everyone Online”), a nonprofit organization focused on advancing digital inclusion across Nova Scotia.

Under the MOU, Dr. Phone Fix will provide a broad range of device lifecycle services supporting GEO’s programs, including device procurement and inventory management, donated-device triage, repair and refurbishment, device preparation, accessories, packaging, fulfillment, shipping, tracking and environmentally responsible disposition, with GEO’s approval, of devices that are uneconomical or impractical to repair.

The relationship builds on GEO’s digital inclusion programs across Nova Scotia. Since 2022, GEO has distributed more than 8,500 devices, including almost 3,500 refurbished mobile phones and iPads, and has provided more than 4,500 home internet and mobile phone connections to individuals who otherwise may not be able to afford them. GEO delivers its programs through a network of more than 125 partner agencies across the province.

“This relationship is a strong example of how the infrastructure we have built at Dr. Phone Fix can support customers well beyond the traditional retail environment,” said Piyush Sawhney, Founder and Chief Executive Officer of Dr. Phone Fix. “We can manage a broad range of device lifecycle services – from procurement and inventory management to assessment, repair, preparation and ultimately fulfillment to the end user. We believe this type of institutional relationship represents an important growth opportunity for Dr. Phone Fix as we continue expanding our capabilities across Canada.”

Under the commercial structure contemplated by the MOU, Dr. Phone Fix will generate revenue through the sale of devices to GEO, per-device processing services, accessories and approved repair and refurbishment work, where applicable. DPF will also maintain GEO-owned inventory and manage fulfillment and distribution of devices to GEO program participants and partner organizations.

Each device processed for fulfillment may include services and accessories such as protective cases, screen protection, charging cables and charging equipment, with DPF managing the preparation, packaging, shipment and associated tracking requirements.

Management believes these relationships can leverage DPF’s existing national infrastructure, supplier network, repair capabilities and centralized operating systems while creating incremental revenue streams across device procurement, repair, refurbishment, accessories and fulfillment.

About GEO Nova Scotia

GEO Nova Scotia, or Getting Everyone Online, is a nonprofit organization dedicated to advancing digital inclusion by helping ensure individuals have access to the devices, connectivity and basic skills required to participate in an increasingly digital economy. GEO works with public-sector, private-sector and community partners across Nova Scotia to support individuals facing barriers to digital access.

About Dr. Phone Fix

Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric integrated device care platform providing repair, refurbishment, certified pre-owned devices, trade-in solutions, accessories and related services through its growing national retail network. Founded in 2019, the Company serves consumers and businesses across multiple Canadian markets, delivering convenient and reliable device care solutions through its corporately owned retail network. With a focus on operational execution, customer service and sustainability, Dr. Phone Fix continues to expand its national platform while supporting the repair, reuse and extension of the useful life of connected devices.

www.docphonefix.com

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Cautionary Statement Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information can be identified by words such as “intend”, “believe”, “estimate”, “expect”, “may”, “will”, “would”, “could”, “should”, “plans”, “anticipates” and similar references to future periods. Forward-looking information includes, but is not limited to, statements regarding the expected scope, scale and benefits of the Company’s relationship with GEO Nova Scotia; potential revenues from device sales, processing, repair, refurbishment, accessories and related services; the continued expansion of the Company’s institutional and enterprise business; and the Company’s ability to leverage its national operating platform to support additional device lifecycle programs. Forward-looking information is based on management’s current expectations, assumptions and estimates as of the date of this news release. The MOU does not guarantee any specific number of device purchases and does not specify a minimum processing volume, and actual volumes, revenues and profitability may differ materially from management’s expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These include, among others, changes in GEO’s program requirements or funding, actual device volumes, availability and condition of donated and purchased devices, supply chain and inventory availability, repair and fulfillment costs, operational execution, termination or modification of the MOU, competitive conditions and general economic and business conditions. Readers are cautioned not to place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information except as required by applicable law.

SOURCE Dr. Phone Fix

Technology

A Speed Cap Nobody Will Own Just Shook Up the Satellite Trade

Published

55 minutes ago

October 19, 2026

WASHINGTON, Oct. 19, 2026 /PRNewswire/ — USA News Group News Commentary – Ukrainian President Volodymyr Zelenskyy said on Saturday that tests showed Starlink-equipped drones lost their connection when flying faster than about 100 mph inside Ukraine, while Starlink terminals moving at more than 112 mph inside the European Union worked normally. “In other words, this is a planned operation,” he said. No one in Washington or at SpaceX has claimed the decision. Most U.S.-listed space stocks fell sharply last week, while Europe’s only low Earth orbit broadband rival to SpaceX had its best day in 16 months. Active Companies from around the markets with current developments this week include: Space Exploration Technologies Corp. (NASDAQ: SPCX), AST SpaceMobile, Inc. (NASDAQ: ASTS), Iridium Communications Inc. (NASDAQ: IRDM), Rocket Lab Corporation (NASDAQ: RKLB), Eutelsat Communications SA (Euronext Paris: ETL).

The restrictions reportedly cover both Starlink and Starshield, SpaceX’s military-use service, which Ukraine relies on for communications, logistics, live drone video and targeting. The Telegraph reported on Oct. 16, citing four unnamed sources, that Elon Musk approached President Trump with the idea of slowing Starlink in Ukraine and that Trump “agreed.” Musk said on X that speed or usage limits on Starshield “are decided by the US military and ultimately POTUS.” Trump told reporters, “it wasn’t me, and I don’t think it was Elon.”

Secretary of State Marco Rubio said on Saturday, “We had nothing to do with it. Nobody ordered that Starlink speed to be slowed down. It sorta happened.” He also said Starshield was not available to Ukraine, which Yahoo Finance noted conflicts with a late 2024 Pentagon contract that expanded Ukraine’s Starshield access from about 500 to roughly 3,000 terminals. Speaking on NBC’s Meet the Press on Sunday, Zelenskyy said, “Just give us back Starlink.”

Europe is paying close attention. The European Union is working to develop its own alternative to Starlink, and on Sunday the U.S. ambassador to the EU threatened “devastating” retaliation if the bloc advanced a proposal favoring EU-made satellites over companies like SpaceX, Yahoo Finance reported.

CONTINUED… Read this and more news for the space sector at: usanewsgroup.com

In other industry developments and happenings in the market this week include:

Space Exploration Technologies Corp. (NASDAQ: SPCX)

Shares of SpaceX fell 10.17% last week, from $162.57 at the Oct. 9 close to $146.03 on Oct. 16, according to Stock Analysis data, though they remain above the $135 price of the company’s June initial public offering. Starlink, a core part of SpaceX’s business, has more than 13 million subscribers worldwide, and Yahoo Finance noted this is the first throttling episode since the company went public.

SpaceX has limited service in Ukraine before. In 2023, President and COO Gwynne Shotwell acknowledged the company could restrict how Ukraine used Starlink, saying, “There are things that we can do, and have done.” Musk said on X last week that Starlink “is limited to civilian or defensive activities.”

AST SpaceMobile, Inc. (NASDAQ: ASTS)

AST SpaceMobile, which is building a space-based cellular broadband network that connects directly to standard smartphones, fell 20.23% last week, from $50.97 to $40.66. On Oct. 13, Piper Sandler downgraded the stock to Neutral from Overweight and cut its price target to $54 from $98, citing SpaceX’s direct-to-cell ambitions after its agreement to acquire Grain Management’s 800 MHz spectrum for about $8 billion, subject to regulatory approval.

Piper warned that SpaceX could, in theory, limit launch opportunities for competitors such as AST and pressure pricing by competing with telecom operators. Not every analyst agreed. Deutsche Bank upgraded the shares to Buy on Oct. 12 with a $93 target, and Clear Street reiterated a Buy rating with a $115 target, arguing AST is about six months ahead of SpaceX in direct-to-cell.

Iridium Communications Inc. (NASDAQ: IRDM)

Iridium announced on Oct. 14 that Altair Semiconductor is adding Iridium NTN Direct to its ALT1350 and ALT1550 cellular IoT chipsets, letting device makers, module makers and mobile network operators add satellite coverage without a separate satellite modem. “Iridium is offering device manufacturers a powerful new way to develop connected products,” said Tim Last, executive vice president at Iridium.

Iridium stockholders approved the company’s acquisition by Rocket Lab on Sept. 24, with about 99.6% of votes cast in favor. Each Iridium share is to be exchanged for $27.00 in cash plus Rocket Lab stock based on an exchange ratio subject to a collar, for a notional value of $54.00 per share, and the deal is expected to close by mid-2027, subject to remaining regulatory approvals. Iridium shares fell 7.82% last week, from $47.47 to $43.76.

Rocket Lab Corporation (NASDAQ: RKLB)

Rocket Lab shares fell 25.47% last week, from $68.21 to $50.84, after founder and CEO Sir Peter Beck said in a video posted to YouTube that the first launch of the company’s Neutron rocket would move from late 2026 into 2027. Inspectors found voids in the carbon-fiber layers of a recently made forward propellant dome after curing, according to Space.com.

Beck said the voids “don’t necessarily mean that the dome would fail in flight,” but added, “Possible success isn’t our standard.” Rocket Lab expects to finish a new forward dome by the end of the year and complete first-stage testing in the first quarter of 2027, after which Beck said the company expects to be “in good shape to share a new target launch date.”

Eutelsat Communications SA (Euronext Paris: ETL)

Eutelsat shares jumped 23% on Oct. 14, the stock’s biggest one-day gain in 16 months, Reuters reported, after Ukraine said Starlink had introduced restrictions on its military-grade service. Eutelsat’s OneWeb network has more than 600 satellites in low Earth orbit, compared with about 10,000 for Starlink, and it is the only company besides SpaceX providing space-based internet through a low Earth orbit network. Bernstein analyst Aleksander Peterc said the news put European providers “back in the spotlight as potential alternatives.”

Not everyone sees an easy swap. Existing Starlink users cannot simply switch to OneWeb, since a transition would require new terminals and supporting infrastructure, and independent consultant Christian Freiherr von der Ropp said “considering it as a straightforward substitute overlooks significant operational and infrastructure constraints.”

Space stocks swung hard on headlines last week. Learn to read the charts behind moves like these with the free Stock Preachers guide, plus The Roadmap market reports, at stockpreachers.com.

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SOURCE USA News Group