Icf international, inc. (ICFI)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash Flows from Operating Activities
Net income

10,612

19,379

19,630

14,611

15,318

18,695

16,671

13,617

12,417

27,070

13,692

11,937

10,177

12,673

13,437

10,583

9,891

10,750

11,545

9,174

7,900

8,763

11,553

9,998

9,716

7,756

11,131

10,331

10,112

9,219

9,573

10,346

8,937

8,842

9,334

8,963

7,726

Adjustments to reconcile net income to net cash used in operating activities:
Bad debt expense

444

247

73

463

-159

1,420

422

10

628

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income taxes

-4,756

1,212

1,783

272

-3,144

-1,924

-2,578

2,042

-2,640

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-10,706

-6,526

7,285

-3,674

7,148

-2,368

-141

-16

(Gain) loss on disposal of fixed assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-26

-9

-67

0

-45

-8

66

Non-cash equity compensation

3,826

4,136

3,817

3,714

4,151

2,824

3,335

2,956

2,391

2,133

2,797

2,743

2,618

1,408

2,632

2,401

2,641

2,384

2,765

2,821

2,880

2,150

2,027

2,902

3,929

2,326

2,282

2,282

2,001

2,351

2,492

2,155

1,772

1,872

1,814

1,777

1,195

Depreciation and amortization

8,032

6,647

6,966

7,672

6,897

7,453

6,726

6,315

6,712

6,924

7,354

7,048

7,253

7,499

7,241

7,232

7,147

8,482

8,579

8,182

8,163

7,884

5,500

5,387

5,035

5,152

5,230

5,141

5,192

6,290

6,246

6,116

5,226

4,620

4,913

5,099

5,176

Deferred rent

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-849

-5,062

2,842

-525

-426

-558

-409

-842

Facilities consolidation reserve

-71

-70

-70

-67

-67

-67

-66

-63

-64

128

-274

-122

1,747

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of debt issuance costs

246

120

126

127

127

115

129

126

130

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

120

203

120

-

-

-

-

Other adjustments, net

766

-1,291

660

186

264

1,252

-1,216

-1,020

535

7,198

-3,052

1,523

-5,944

6,392

-3,455

-616

-1,152

-2,509

519

-460

1,196

1,303

1,102

-493

1,103

844

460

-3,013

-263

-

-

-

-

-

-

-

-

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

17,349

-16,830

13,285

-7,644

23,152

-18,010

12,500

8,245

11,413

-8,451

-5,767

10,887

2,926

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Contract receivables

-40,488

-8,411

-6,501

54,448

-8,236

34,986

18,501

9,928

-3,319

7,938

-1,688

-3,138

-3,814

-8,584

-8,872

7,698

19,460

-11,000

-10,243

3,199

20,757

-22,829

-3,832

4,879

24,246

-10,706

8,122

-401

2,752

916

-14,007

-3,429

4,391

9,610

2,759

3,640

2,138

Prepaid expenses and other assets

1,070

-2,382

-1,224

2,962

-1,353

-191

-274

2,008

5,107

-991

-143

808

2,170

-2,083

-5,775

4,838

5,812

-1,860

2,716

-2,507

1,821

-4,635

-2,387

7,534

1,231

-1,716

750

4,497

102

-232

-1,440

3,883

-1,678

-702

-1,242

2,015

972

Accounts payable

-49,200

37,001

2,517

7,992

-15,561

34,191

5,401

-4,341

-6,942

12,453

1,131

6,630

-16,583

13,328

-240

8,294

-12,441

4,530

-3,637

7,069

-10,336

9,520

509

-1,221

616

2,508

4,065

-5,596

-587

2,702

2,483

-1,223

-798

5,278

-160

8,507

-5,629

Accrued salaries and benefits

4,453

-15,215

19,692

-2,378

5,913

-15,080

14,299

-2,212

834

-9,198

18,170

-9,433

6,058

-17,781

585

13,182

5,154

-2,950

160

5,915

-16,333

7,240

-1,491

11,493

-12,956

6,847

-2,253

4,499

-5,340

-4,083

-1,003

6,201

-5,313

1,617

1,236

-1,969

3,819

Accrued subcontractors and other direct costs

-10,326

4,602

584

-8,683

-8,796

18,659

9,383

-3,740

-13,540

23,482

-1,425

-3,851

-2,699

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,487

-169

-1,564

5,903

-5,962

4,907

2,759

-2,795

-701

4,696

-451

-1,315

799

1,986

3,096

-3,059

Accrued expenses and other current liabilities

-5,835

1,805

4,704

-2,755

-8,705

7,518

-155

-700

4,457

-229

305

4,026

-6,352

1,951

4,606

3,021

-3,848

-2,800

4,220

-724

-5,218

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred revenue

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,022

2,994

-812

-1,073

3,170

-7,585

7,855

1,530

144

-4,229

456

1,007

-2,178

-1,374

138

3,513

-4,211

-1,285

-655

-1,544

291

-335

896

Income tax receivable and payable

-2,996

-355

4,599

-7,976

-757

3,472

1,780

-5,195

-2,120

-3,987

3,731

-3,966

-1,475

3,120

-3,256

-5,956

3,645

-2,877

3,363

2,964

4,906

-6,681

4,201

-7,244

3,271

-1,763

941

639

6,932

-9,541

4,672

-6,001

419

584

-1,258

-3,096

4,236

Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-9

12

-

-

-

-33

-

-

-

-

-

-

-

-

-

-

-

-

-343

-184

-141

-1,303

Other liabilities

-476

317

-325

518

-366

192

1,086

-1,448

346

-761

-2,492

5,611

696

-253

962

-726

-622

-2,421

739

780

582

-871

-15

587

-1,419

-620

1,591

-607

245

-106

-1,225

73

1,057

685

-150

1,032

513

Net Cash Used in Operating Activities

-15,232

85,076

54,310

-35,258

-12,688

64,317

32,078

-15,878

-5,847

46,907

53,639

10,543

6,102

22,270

42,050

29,114

-13,377

33,302

37,912

28,331

-23,342

59,624

27,376

4,189

-12,029

34,131

16,384

16,991

13,307

20,906

38,434

17,418

11,003

12,715

17,424

15,556

13,826

Cash Flows from Investing Activities
Capital expenditures for property and equipment and capitalized software

4,704

6,215

6,170

6,977

7,539

6,219

6,196

6,161

3,236

6,038

2,392

3,512

2,571

3,137

2,798

3,672

4,184

2,893

4,007

3,058

2,724

53

2,479

2,445

5,658

1,777

2,885

3,576

3,621

3,157

2,302

2,476

5,626

3,345

2,655

2,538

1,696

Capitalized software development costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-28

Payments for business acquisitions, net of cash received

253,021

0

1,750

0

1,819

11,728

11,009

3

11,835

-1

1

0

91

-

-

0

0

0

0

0

1,818

288,334

1,819

2

57,716

-

-

-

-

-775

2,217

-24

8,556

101,789

1,697

-24

4,547

Net Cash Used in Investing Activities

-257,725

-6,215

-7,920

-6,977

-9,358

-17,947

-17,205

-6,164

-15,071

-6,037

-2,393

-3,512

-2,662

-3,237

-2,798

-3,672

-4,184

-2,893

-4,007

-3,058

-4,542

-288,387

-4,298

-2,447

-63,374

-1,777

-7,648

-3,576

-3,621

-2,382

-4,519

-2,452

-14,182

-105,106

-4,352

-2,514

-6,271

Cash Flows from Financing Activities
Advances from working capital facilities

744,331

141,291

167,065

215,234

163,240

129,354

159,864

146,533

138,240

129,350

111,900

221,796

127,179

117,637

101,732

135,936

123,279

81,595

88,373

88,812

122,965

363,096

99,035

102,385

168,516

48,425

32,473

38,560

19,757

21,754

28,296

86,989

35,231

108,669

22,628

49,547

32,294

Payments on working capital facilities

389,776

220,846

210,609

159,008

131,346

161,434

171,005

134,379

112,999

153,179

159,821

219,638

110,725

139,443

138,442

155,962

96,881

102,218

116,218

106,111

95,718

128,260

116,627

96,785

81,308

72,489

43,409

50,271

38,046

31,754

56,826

95,605

28,085

13,669

36,042

66,133

37,294

Payments on capital expenditure obligations

-

-

-

-

-

483

112

2,317

814

1,414

1,118

822

1,454

1,011

1,010

1,010

1,010

884

1,039

781

585

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issue costs

2,081

-

-

-

-

0

0

0

21

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2

61

215

1,681

-

-

-

0

Proceeds from exercise of options

37

1,031

1,454

25

404

0

2,309

1,733

1,800

0

2,291

336

2,095

930

946

1,158

0

360

77

50

445

262

37

355

1,177

743

1,900

420

40

11

44

0

23

31

228

134

85

Dividends paid

2,639

2,634

2,628

2,642

2,636

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net payments for stock issuances and buybacks

23,998

-

-

-39,376

15,218

-

-

512

-9,109

65,398

-7,681

-6,239

-19,014

-415

-2,713

-4,031

-6,664

-7,122

-6,979

-7,094

-3,666

512

-4,881

-20,135

-3,819

-4,982

-81

-735

-1,649

392

-4,648

-8,103

790

-2,109

246

207

758

Tax benefits of stock option exercises and award vesting

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

46

27

408

826

926

-550

732

2,435

875

312

-171

197

155

1

162

486

-588

-96

-38

949

Net Cash Provided by Financing Activities

325,874

-80,271

-44,861

43,048

14,444

-39,935

-15,380

9,447

17,097

-24,794

-54,531

-6,056

-1,919

-22,302

-39,487

-23,909

18,724

-28,240

-35,742

-24,733

24,267

233,806

-23,087

-14,201

87,001

-29,730

-8,805

-12,197

-19,701

-9,440

-33,194

-15,192

5,184

94,748

-13,528

-16,697

-4,724

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

-738

440

-381

-198

305

-539

-4

-369

120

454

274

318

48

180

-1,001

-44

449

-260

110

-116

-1,480

-430

-508

281

-347

323

589

-197

-245

-421

84

-230

-389

-270

-211

44

156

Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

52,179

-970

1,148

615

-7,297

5,896

-511

-12,964

-3,701

16,530

-3,011

1,293

1,569

-3,089

-1,236

1,489

1,612

1,909

-1,727

424

-5,097

4,613

-517

-12,178

11,251

2,947

520

1,021

-10,260

8,663

805

-456

1,616

2,087

-667

-3,611

2,987

Supplemental Disclosure of Cash Flow Information
Interest

3,892

2,843

2,884

3,100

1,597

2,700

3,552

2,045

1,596

1,880

2,119

1,935

1,988

2,852

2,281

2,319

1,485

2,116

1,789

3,118

2,822

619

816

743

550

578

472

655

754

650

856

907

830

640

509

575

610

Income taxes

895

8,534

2,635

14,360

1,066

1,814

1,566

10,875

615

6,574

2,103

11,686

1,296

5,957

3,078

11,472

587

3,300

3,752

7,477

1,786

7,064

3,605

13,084

582

3,906

5,981

3,663

120

3,671

2,509

12,729

1,468

7,237

7,414

11,432

328