ASGN INCORPORATED Q1 2024 Earnings
Supplemental Materials
Safe Harbor
Certain information in this presentation is "forward-looking" within
the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involves a high degree of risk and uncertainty. Forward-looking information includes estimates of the company's future financial and operating performance.
Certain data and statements in this presentation, other than those setting forth strictly historical information, are forward-looking and are not guarantees of future performance. Actual results from these estimates might differ materially. Forward-looking information includes estimates of future financial and operating performance. Our future performance is subject to various risks and uncertainties, which are set forth in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 23, 2024. We specifically disclaim any intention or duty to update any forward-looking information contained in this presentation.
Notes to the financial and operating information (page 13) are an integral part of the information presented herein.
2
Summary Consolidated Financial Data
Operating Data
Q1 | ||||
2024 | 2023 | |||
Operating Results | ||||
Revenues | $ | 1,049.0 | $ | 1,128.8 |
Gross Profit | 296.2 | 326.4 | ||
Net Income | 38.1 | 49.5 | ||
Adjusted Net Income | 54.6 | 68.7 | ||
Adjusted EBITDA | 108.3 | 123.5 | ||
Margins | ||||
Gross | 28.2% | 28.9% | ||
Adjusted EBITDA | 10.3% | 10.9% | ||
Earnings per Share - Diluted | ||||
Income per Share | $ | 0.81 | $ | 0.99 |
Adjusted Net Income | $ | 1.16 | $ | 1.38 |
Diluted Shares | 46.9 | 49.8 |
($'s in millions, except per share data) | |||||||
Revenue Mix | |||||||
Q1 2024 | Q1 2023 | ||||||
Financial Svs. | Financial Svs. | ||||||
15% | |||||||
TMT | 17% | ||||||
Consumer & | 13% | Consumer & | TMT | ||||
14% | |||||||
Industrial | Industrial | ||||||
57 | |||||||
18% | % | Healthcare | 18% | 50 | % | ||
CONSULTING | 12% | CONSULTING | Healthcare | ||||
13% | |||||||
Federal | Business | Federal | |||||
Svs. | Business | ||||||
Government | Government | ||||||
12% | Svs. | ||||||
30% | 26% | ||||||
12% |
Commercial Segment accounted for 70% of total revenues in Q1 2024, compared to 74% in Q1 2023
Balance Sheet & Other | Cash Flow Data | Q1 | ||||||||||||||||||
3/31/24 | 12/31/23 | 2024 | 2023 | CHANGE | ||||||||||||||||
Cash & Cash Equivalents | $ | 158.4 | $ | 175.9 | Cash Flows from Operating Activities: | |||||||||||||||
Total Leverage Ratio | ||||||||||||||||||||
Working Capital | $ | 561.7 | $ | 579.2 | $ | 77.4 | $ | 88.0 | (12.0%) | |||||||||||
Before Changes in Operating Assets and Liabilities | ||||||||||||||||||||
2.09 to 1 | ||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||
Changes in Operating Assets and Liabilities, Net | (4.1) | (7.5) | NM | |||||||||||||||||
Senior Secured Debt | $ | 486.3 | $ | 486.6 | ||||||||||||||||
Cash provided by Operating Activities | $ | 73.3 | $ | 80.5 | (8.9%) | |||||||||||||||
Net Leverage Ratio | ||||||||||||||||||||
Senior Fixed Rate Unsecured Notes | 550.0 | 550.0 | ||||||||||||||||||
Capital Expenditures | (10.8) | (11.7) | (7.7%) | |||||||||||||||||
$ | 1,036.3 | $ | 1,036.6 | |||||||||||||||||
1.77 to 1 | ||||||||||||||||||||
Free Cash Flow (non-GAAP measure) | $ | 62.5 | $ | 68.8 | (9.2%) | |||||||||||||||
3 | ||||||||||||||||||||
Stockholders' Equity | $ | 1,861.4 | $ | 1,892.1 | Cash used for Stock Repurchases | $ | 79.7 | $ | 48.8 | 63.3% | ||||||||||
Commercial Segment
Key Metrics
($'s in millions)
Revenues by | $832.1 | $811.3 | $782.4 | $748.6 | $731.5 | |||||||||||
Type | $560.4 | |||||||||||||||
$530.2 | ||||||||||||||||
$508.2 | ||||||||||||||||
$480.1 | ||||||||||||||||
$454.5 | ||||||||||||||||
Assignment | ||||||||||||||||
Consulting | $271.7 | $281.1 | $274.2 | $268.5 | $277.0 | |||||||||||
Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | ||||||||||||
Revenues by Industry Vertical | ||||||||||||||||
Q1 2024 | ||||||||||||||||
CHANGE | ||||||||||||||||
Seq | Y-Y | |||||||||||||||
Consumer & Industrial | -2.4% | -8.9% | ||||||||||||||
Financial Services | -6.0% | -18.8% | ||||||||||||||
TMT (Technology, Media & Telecom) | 3.6% | -9.0% | ||||||||||||||
Healthcare | -8.1% | -13.8% | ||||||||||||||
Business & Government Services | 3.4% | -8.7% | ||||||||||||||
Gross Profit & Margin
$262.3 $260.8 $254.2 $240.1 $233.8
31.5% | 32.2% | 32.5% | 32.1% | 32.0% |
Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 |
Adjusted EBITDA & Margin
$97.4 | $105.0 | $107.6 | |
$91.5 | $83.8 | ||
12.9% | 13.8% | |
12.2% | ||
11.7% | ||
11.5% | ||
Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 |
Commercial Consulting Metrics
Q1 2024 | Q4 2023 | Q1 2023 | |
Bookings | $ 323.2 | $ 311.7 | $ 391.9 |
TTM Book-to-Bill Ratio | 1.2 to 1 | 1.2 to 1 | 1.3 to 1 |
4
Federal Segment
Key Metrics
($'s in millions)
Revenues & Gross Profit | Q1 | CHANGE | |||
2024 | 2023 | Y-Y | |||
Revenues | $ | 317.5 | $ | 296.7 | 7.0% |
Gross Profit | $ | 62.4 | $ | 64.0 | -2.5% |
Revenues by Contract Type | Q1 | ||||||
2024 | 2023 | ||||||
Firm-Fixed-Price | 28.1% | 31.3% | |||||
Time and Materials | 41.3% | 41.1% | |||||
Cost Reimbursable | 30.6% | 27.6% | |||||
Revenues by Customer Type | Q1 | ||||||
2024 | 2023 | ||||||
Defense and Intel | 47.3% | 44.8% | |||||
Federal Civilian | 49.7% | 51.6% | |||||
Other | 3.0% | 3.6% | |||||
Adjusted EBITDA & Margin
$33.3 | $35.9 | $37.8 | $34.9 | |
$32.1 | ||||
11.2% | 11.2% | 11.3% | 10.7% | |
10.1% |
Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 |
Contract Backlog
3/31/2024 | 12/31/2023 | 3/31/2023 | |||||||
Funded Backlog | $ | 520.8 | $ | 543.5 | $ | 559.8 | |||
Unfunded Backlog | 2,368.4 | 2,466.0 | 2,482.2 | ||||||
Total | $ | 2,889.2 | $ | 3,009.5 | $ | 3,042.0 |
Federal Government Segment Metrics
Q1 2024 | Q4 2023 | Q1 2023 | |||||||
New Contract Awards | $ | 197.3 | $ | 56.3 | $ | 75.2 | |||
TTM Book-to-Bill Ratio | 0.9 to 1 | 0.8 to 1 | 0.9 to 1 | ||||||
Backlog Coverage Ratio | 2.2x | 2.4x | 2.6x |
5
Financial Estimates
(as of February 7, 2024)
LOW HIGH
Q2 2024
Financial
Estimates
Key | Revenues | $1,034.5 - $1,054.5 |
Assumptions | |||
Y-Y Revenue Change | (8.5%) - (6.8%) | ||
Gross Margin | 28.9% | - 29.2% | |
SG&A expenses | $206.0 | - $210.0 | |
Net Income | $44.7 | - $48.3 | |
Earnings per diluted share | $0.97 | - $1.04 |
Non-GAAP Financial Measures
($'s in millions) | Adjusted EBITDA | $114.0 | - $119.0 | |
Adjusted Net Income | $59.2 | - $62.8 | ||
Adjusted Net Income per diluted share | $1.28 | - $1.36 | ||
Adjusted EBITDA Margin | 11.0% | - 11.3% | ||
Additional Assumptions
Stock-based compensation | $11.9 | |
Depreciation and other amortization | $9.2 | |
Amortization of intangible assets | $15.1 | |
Interest expense | $15.7 | |
Effective tax rate | 28.0% | |
Billable Days | 63.5 | 6 |
Selected Financial Data | ||||||||||||||||||||||||||||
2022 | 2023 | 2024 | ||||||||||||||||||||||||||
($ in | millions, except per share amounts) | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | ||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Assignment | $ | 628.2 | $ | 628.4 | $ | 631.4 | $ | 588.1 | $ | 2,476.1 | $ | 560.4 | $ | 530.2 | $ | 508.2 | $ | 480.1 | $ | 2,078.9 | $ | 454.5 | ||||||
Consulting | 204.7 | 222.2 | 268.6 | 264.1 | 959.6 | 271.7 | 281.1 | 274.2 | 268.5 | 1,095.5 | 277.0 | |||||||||||||||||
832.9 | 850.6 | 900.0 | 852.2 | 3,435.7 | 832.1 | 811.3 | 782.4 | 748.6 | 3,174.4 | 731.5 | ||||||||||||||||||
Federal Government | 258.1 | 291.2 | 297.9 | 298.2 | 1,145.4 | 296.7 | 319.6 | 334.4 | 325.5 | 1,276.2 | 317.5 | |||||||||||||||||
Consolidated | $ | 1,091.0 | $ | 1,141.8 | $ | 1,197.9 | $ | 1,150.4 | $ | 4,581.1 | $ | 1,128.8 | $ | 1,130.9 | $ | 1,116.8 | $ | 1,074.1 | $ | 4,450.6 | $ | 1,049.0 | ||||||
Revenue Growth Rates (Year-over-Year): | ||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Assignment | 18.1% | 10.6% | 7.5% | -1.8% | 8.3% | -10.8% | -15.6% | -19.5% | -18.4% | -16.0% | -18.9% | |||||||||||||||||
Consulting | 74.2% | 53.9% | 43.2% | 37.8% | 49.7% | 32.7% | 26.5% | 2.1% | 1.7% | 14.2% | 2.0% | |||||||||||||||||
Total Commercial | 28.3% | 19.4% | 16.1% | 7.8% | 17.4% | -0.1% | -4.6% | -13.1% | -12.2% | -7.6% | -12.1% | |||||||||||||||||
Federal Government | 0.1% | 11.0% | -0.3% | 13.3% | 5.8% | 15.0% | 9.8% | 12.3% | 9.2% | 11.4% | 7.0% | |||||||||||||||||
Consolidated | 20.3% | 17.1% | 11.6% | 9.2% | 14.3% | 3.5% | -1.0% | -6.8% | -6.6% | -2.8% | -7.1% | |||||||||||||||||
Revenues by Industry Vertical: | ||||||||||||||||||||||||||||
Consumer & Industrial | 17.2% | 16.1% | 16.6% | 17.4% | 16.8% | 18.0% | 17.5% | 17.3% | 17.7% | 17.6% | 17.7% | |||||||||||||||||
Financial Services | 17.9% | 17.7% | 17.8% | 17.8% | 17.8% | 17.4% | 17.0% | 16.5% | 15.8% | 16.7% | 15.2% | |||||||||||||||||
Technology, Media & Telecom | 15.6% | 15.7% | 15.8% | 14.7% | 15.4% | 13.6% | 12.5% | 12.0% | 12.6% | 12.7% | 13.3% | |||||||||||||||||
Healthcare | 13.2% | 12.4% | 12.6% | 12.9% | 12.8% | 13.0% | 13.1% | 12.9% | 12.9% | 13.0% | 12.1% | |||||||||||||||||
Business Services | 12.5% | 12.6% | 12.3% | 11.2% | 12.2% | 11.6% | 11.6% | 11.4% | 10.7% | 11.3% | 11.4% | |||||||||||||||||
Federal Government | 23.7% | 25.5% | 24.9% | 25.9% | 25.0% | 26.3% | 28.3% | 29.9% | 30.3% | 28.7% | 30.3% | |||||||||||||||||
Consolidated | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |||||||||||||||||
Billable Days | 63.00 | 63.50 | 64.00 | 60.00 | 250.50 | 63.00 | 63.25 | 62.50 | 60.00 | 248.75 | 62.75 | |||||||||||||||||
Revenues Per Billable Day (Commercial Segment) | $ | 13.2 | $ | 13.4 | $ | 14.1 | $ | 14.2 | $ | 13.7 | $ | 13.2 | $ | 12.8 | $ | 12.5 | $ | 12.5 | $ | 12.8 | $ | 11.7 | ||||||
Revenues Per Billable Day (Consolidated) | $ | 17.3 | $ | 18.0 | $ | 18.7 | $ | 19.2 | $ | 18.3 | $ | 17.9 | $ | 17.9 | $ | 17.9 | $ | 17.9 | $ | 17.9 | $ | 16.7 | ||||||
Statements of Operations | ||||||||||||||||||||||||||||
Revenues | $ | 1,091.0 | $ | 1,141.8 | $ | 1,197.9 | $ | 1,150.4 | $ | 4,581.1 | $ | 1,128.8 | $ | 1,130.9 | $ | 1,116.8 | $ | 1,074.1 | $ | 4,450.6 | $ | 1,049.0 | ||||||
Costs of services | 764.4 | 797.8 | 839.0 | 810.3 | 3,211.5 | 802.4 | 804.6 | 794.4 | 769.2 | 3,170.6 | 752.8 | |||||||||||||||||
Gross profit | 326.6 | 344.0 | 358.9 | 340.1 | 1,369.6 | 326.4 | 326.3 | 322.4 | 304.9 | 1,280.0 | 296.2 | |||||||||||||||||
Selling, general and administrative expenses | 212.1 | 220.4 | 232.6 | 229.9 | 895.0 | 224.1 | 210.5 | 206.0 | 203.6 | 844.2 | 210.2 | |||||||||||||||||
Amortization of intangible assets | 13.9 | 13.5 | 17.9 | 19.8 | 65.1 | 18.1 | 17.9 | 17.8 | 17.9 | 71.7 | 15.1 | |||||||||||||||||
Operating income | 100.6 | 110.1 | 108.4 | 90.4 | 409.5 | 84.2 | 97.9 | 98.6 | 83.4 | 364.1 | 70.9 | |||||||||||||||||
Interest expense | (9.3) | (10.1) | (12.1) | (14.4) | (45.9) | (15.4) | (15.8) | (18.5) | (16.7) | (66.4) | (17.6) | |||||||||||||||||
Income before income taxes | 91.3 | 100.0 | 96.3 | 76.0 | 363.6 | 68.8 | 82.1 | 80.1 | 66.7 | 297.7 | 53.3 | |||||||||||||||||
Provision for income taxes | 23.7 | 27.4 | 25.2 | 20.4 | 96.7 | 19.3 | 22.0 | 20.7 | 16.4 | 78.4 | 15.2 | |||||||||||||||||
Income from continuing operations | 67.6 | 72.6 | 71.1 | 55.6 | 266.9 | 49.5 | 60.1 | 59.4 | 50.3 | 219.3 | 38.1 | |||||||||||||||||
Discontinued operations, net of income taxes | (0.8) | (0.1) | 2.1 | - | 1.2 | - | - | - | - | - | - | |||||||||||||||||
Net income | $ | 66.8 | $ | 72.5 | $ | 73.2 | $ | 55.6 | $ | 268.1 | $ | 49.5 | $ | 60.1 | $ | 59.4 | $ | 50.3 | $ | 219.3 | $ | 38.1 | ||||||
Earnings per share - Diluted | ||||||||||||||||||||||||||||
Continuing operations | $ | 1.29 | $ | 1.41 | $ | 1.40 | $ | 1.10 | $ | 5.21 | $ | 0.99 | $ | 1.22 | $ | 1.23 | $ | 1.06 | $ | 4.50 | $ | 0.81 | ||||||
Discontinued operations | (0.01) | - | 0.04 | - | 0.02 | - | - | - | - | - | - | |||||||||||||||||
$ | 1.28 | $ | 1.41 | $ | 1.44 | $ | 1.10 | $ | 5.23 | $ | 0.99 | $ | 1.22 | $ | 1.23 | $ | 1.06 | $ | 4.50 | $ | 0.81 | |||||||
Diluted shares | 52.3 | 51.6 | 50.7 | 50.4 | 51.3 | 49.8 | 49.2 | 48.4 | 47.5 | 48.7 | 46.9 | |||||||||||||||||
Cash provided by operating activities | $ | 56.0 | $ | 88.4 | $ | 88.1 | $ | 75.3 | $ | 307.8 | $ | 80.5 | $ | 112.5 | $ | 147.5 | $ | 116.4 | $ | 456.9 | $ | 73.3 | 8 | |||||
Free Cash Flow (non-GAAP measure) | $ | 46.4 | 79.6 | 79.5 | 64.8 | 270.3 | $ | 68.8 | 101.3 | 137.7 | 109.2 | 417.0 | $ | 62.5 |
Reconciliations of GAAP to | ||||||||||||||||||||||||||
Non-GAAP Measures | ||||||||||||||||||||||||||
2022 | 2023 | 2024 | ||||||||||||||||||||||||
($ in millions, except per share amounts) | Q1 | Q2 | Q3 | Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | |||||||||||||||
Free Cash Flow | ||||||||||||||||||||||||||
Cash provided by operating activities | $ | 56.0 | $ | 88.4 | $ | 88.1 | $ | 75.3 | $ | 307.8 | $ | 80.5 | $ | 112.5 | $ | 147.5 | $ | 116.4 | $ | 456.9 | $ | 73.3 | ||||
Capital expenditures | (9.6) | (8.8) | (8.6) | (10.5) | (37.5) | (11.7) | (11.2) | (9.8) | (7.2) | (39.9) | (10.8) | |||||||||||||||
Free Cash Flow (non-GAAP measure) | $ | 46.4 | $ | 79.6 | $ | 79.5 | $ | 64.8 | $ | 270.3 | $ | 68.8 | $ | 101.3 | $ | 137.7 | $ | 109.2 | $ | 417.0 | $ | 62.5 | ||||
Reconciliation of Net Income to Adjusted EBITDA | ||||||||||||||||||||||||||
Net income | $ | 66.8 | $ | 72.5 | $ | 73.2 | $ | 55.6 | $ | 268.1 | $ | 49.5 | $ | 60.1 | $ | 59.4 | $ | 50.3 | $ | 219.3 | $ | 38.1 | ||||
Less - Income (loss) from discontinued operations, net of income taxes | (0.8) | (0.1) | 2.1 | - | 1.2 | - | - | - | - | - | - | |||||||||||||||
Income from Continuing Operations | $ | 67.6 | 72.6 | 71.1 | 55.6 | 266.9 | 49.5 | 60.1 | 59.4 | 50.3 | 219.3 | 38.1 | ||||||||||||||
Interest expense | 9.3 | 10.1 | 12.1 | 14.4 | 45.9 | 15.4 | 15.8 | 18.5 | 16.7 | 66.4 | 17.6 | |||||||||||||||
Provision for income taxes | 23.7 | 27.4 | 25.2 | 20.4 | 96.7 | 19.3 | 22.0 | 20.7 | 16.4 | 78.4 | 15.2 | |||||||||||||||
Depreciation and other amortization | 6.2 | 6.1 | 7.2 | 6.8 | 26.3 | 6.8 | 7.0 | 7.0 | 7.8 | 28.6 | 9.4 | |||||||||||||||
Amortization of intangible assets | 13.9 | 13.5 | 17.9 | 19.8 | 65.1 | 18.1 | 17.9 | 17.8 | 17.9 | 71.7 | 15.1 | |||||||||||||||
EBITDA (non-GAAP measure) | 120.7 | 129.7 | 133.5 | 117.0 | 500.9 | 109.1 | 122.8 | 123.4 | 109.1 | 464.4 | 95.4 | |||||||||||||||
Stock-based compensation | 12.8 | 11.2 | 11.9 | 13.4 | 49.3 | 12.1 | 11.3 | 10.3 | 10.3 | 44.0 | 11.7 | |||||||||||||||
Legal settlement expense | - | - | - | - | - | - | - | 2.7 | - | 2.7 | - | |||||||||||||||
Acquisition, integration and strategic planning expenses | 1.3 | 3.1 | 3.3 | 1.5 | 9.2 | 2.3 | 1.1 | 1.1 | 1.6 | 6.1 | 1.2 | |||||||||||||||
Adjusted EBITDA (non-GAAP measure) | $ | 134.8 | $ | 144.0 | $ | 148.7 | $ | 131.9 | $ | 559.4 | $ | 123.5 | $ | 135.2 | $ | 137.5 | $ | 121.0 | $ | 517.2 | $ | 108.3 | ||||
Adjusted EBITDA Margin (non-GAAP measure) | 12.4% | 12.6% | 12.4% | 11.5% | 12.2% | 10.9% | 12.0% | 12.3% | 11.3% | 11.6% | 10.3% | |||||||||||||||
Reconciliation of Net Income to Adjusted Net Income | ||||||||||||||||||||||||||
Net income | $ | 66.8 | $ | 72.5 | $ | 73.2 | $ | 55.6 | $ | 268.1 | $ | 49.5 | $ | 60.1 | $ | 59.4 | $ | 50.3 | $ | 219.3 | $ | 38.1 | ||||
Less - Income (loss) from discontinued operations, net of income taxes | (0.8) | (0.1) | 2.1 | - | 1.2 | - | - | - | - | - | - | |||||||||||||||
Income from Continuing Operations | $ | 67.6 | 72.6 | 71.1 | 55.6 | 266.9 | 49.5 | 60.1 | 59.4 | 50.3 | 219.3 | 38.1 | ||||||||||||||
Credit facility amendment expenses | - | - | - | - | - | - | 2.3 | - | 2.3 | 1.5 | ||||||||||||||||
Legal settlement expense | - | - | - | - | - | - | - | 2.7 | - | 2.7 | - | |||||||||||||||
Acquisition, integration and strategic planning expenses | 1.3 | 3.1 | 3.3 | 1.5 | 9.2 | 2.3 | 1.1 | 1.1 | 1.6 | 6.1 | 1.2 | |||||||||||||||
Tax effect on adjustments | (0.3) | (0.8) | (0.9) | (0.3) | (2.3) | (0.6) | (0.3) | (1.6) | (0.4) | (2.9) | (0.7) | |||||||||||||||
Non-GAAP net income | 68.6 | 74.9 | 73.5 | 56.8 | 273.8 | 51.2 | 60.9 | 63.9 | 51.5 | 227.5 | 40.1 | |||||||||||||||
Amortization of intangible assets | 13.9 | 13.5 | 17.9 | 19.8 | 65.1 | 18.1 | 17.9 | 17.8 | 17.9 | 71.7 | 15.1 | |||||||||||||||
Income taxes on amortization for financial reporting | ||||||||||||||||||||||||||
purposes not deductible for income tax purposes | (0.4) | (0.4) | (0.7) | (0.7) | (2.2) | (0.6) | (0.6) | (0.6) | (0.6) | (2.4) | (0.6) | |||||||||||||||
Adjusted Net Income (non-GAAP measure) | $ | 82.1 | $ | 88.0 | $ | 90.7 | $ | 75.9 | $ | 336.7 | $ | 68.7 | $ | 78.2 | $ | 81.1 | $ | 68.8 | $ | 296.8 | $ | 54.6 | ||||
Adjusted earnings per share - Diluted (non-GAAP measure) | $ | 1.57 | $ | 1.71 | $ | 1.79 | $ | 1.51 | $ | 6.56 | $ | 1.38 | $ | 1.59 | $ | 1.68 | $ | 1.45 | $ | 6.09 | $ | 1.16 | ||||
Cash tax savings on indefinite-lived intangible assets | ||||||||||||||||||||||||||
(benefit not included in adjusted net income) | $ | 7.3 | $ | 7.3 | $ | 8.2 | $ | 8.6 | $ | 31.4 | $ | 8.5 | $ | 8.5 | $ | 8.5 | $ | 8.5 | $ | 34.0 | $ | 8.5 |
9
Commercial Segment
2022 | |||||||
($ in millions) | Q1 | Q2 | Q3 | ||||
Revenues by Type: | |||||||
Assignment | $ | 628.2 | $ | 628.4 | $ | 631.4 | $ |
Consulting | 204.7 | 222.2 | 268.6 | ||||
832.9 | 850.6 | 900.0 | |||||
Gross Margin | 32.7% | 33.1% | 33.1% | ||||
Adjusted EBITDA | $ | 114.1 | $ | 115.2 | $ | 123.6 | $ |
Adjusted EBITDA Margin | 13.7% | 13.5% | 13.7% | ||||
Revenue Growth Rates (Year-over-Year): | |||||||
Assignment | 18.1% | 10.6% | 7.5% | ||||
Consulting | 74.2% | 53.9% | 43.2% | ||||
Total Commercial | 28.3% | 19.4% | 16.1% | ||||
Revenue Mix: | |||||||
Assignment | 75.4% | 73.9% | 70.2% | ||||
Consulting | 24.6% | 26.1% | 29.8% | ||||
100.0% | 100.0% | 100.0% | |||||
Commercial Consulting: | |||||||
Bookings | $ | 297.5 | $ | 340.6 | $ | 254.3 | $ |
Book-to-Bill Ratio (bookings/revenue) | 1.5x | 1.5x | 0.9x | ||||
TTM Book-to-Bill Ratio | 1.3x | 1.3x | 1.3x |
2023 | 2024 | |||||||||||||
Q4 | FY | Q1 | Q2 | Q3 | Q4 | FY | Q1 | |||||||
588.1 | $ | 2,476.1 | $ | 560.4 | $ | 530.2 | $ | 508.2 | $ | 480.1 | $ | 2,078.9 | $ | 454.5 |
264.1 | 959.6 | 271.7 | 281.1 | 274.2 | 268.5 | 1,095.5 | 277.0 | |||||||
852.2 | 3,435.7 | 832.1 | 811.3 | 782.4 | 748.6 | 3,174.4 | 731.5 | |||||||
32.2% | 32.8% | 31.5% | 32.2% | 32.5% | 32.1% | 32.1% | 32.0% | |||||||
105.9 | $ | 458.8 | $ | 97.4 | $ | 105.0 | $ | 107.6 | $ | 91.5 | $ | 401.5 | $ | 83.8 |
12.4% | 13.4% | 11.7% | 12.9% | 13.8% | 12.2% | 12.6% | 11.5% | |||||||
-1.8% | 8.3% | -10.8% | -15.6% | -19.5% | -18.4% | -16.0% | -18.9% | |||||||
37.8% | 49.7% | 32.7% | 26.5% | 2.1% | 1.7% | 14.2% | 2.0% | |||||||
7.8% | 17.4% | -0.1% | -4.6% | -13.1% | -12.2% | -7.6% | -12.1% | |||||||
69.0% | 72.1% | 67.3% | 65.4% | 65.0% | 64.1% | 65.5% | 62.1% | |||||||
31.0% | 27.9% | 32.7% | 34.6% | 35.0% | 35.9% | 34.5% | 37.9% | |||||||
100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |||||||
299.8 | $ | 1,192.2 | $ | 391.9 | $ | 357.3 | $ | 291.0 | $ | 311.7 | $ | 1,351.9 | $ | 323.2 |
1.1x | 1.2x | 1.4x | 1.3x | 1.1x | 1.2x | 1.2x | 1.2x | |||||||
1.2x | 1.2x | 1.3x | 1.2x | 1.2x | 1.2x | 1.2x | 1.2x |
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ASGN Inc. published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 20:23:16 UTC.
