ASGN Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ASGN Inc. has filed its Q1 2024 10-Q report, detailing its financial performance and operational status.</b>

AI Summary

ASGN Inc (ASGN) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. ASGN Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's fiscal year ends on December 31st. ASGN Inc. is incorporated in Delaware. The company operates in the Services-Help Supply Services industry (SIC code 7363).

Why It Matters

For investors and stakeholders tracking ASGN Inc, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational insights for ASGN Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and future prospects in the competitive staffing and IT services market.

Risk Assessment

Risk Level: low — ASGN Inc shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material adverse events beyond typical business operations.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand ASGN's performance trends and outlook.

Key Numbers

• 2024-03-31 — Period End Date (The end date for the reporting period.)
• 2024-05-02 — Filing Date (The date the report was filed with the SEC.)
• 7363 — SIC Code (Standard Industrial Classification for Services-Help Supply Services.)

Key Players & Entities

• ASGN Inc. (company) — Filer of the 10-Q report.
• 0000890564-24-000013 (other) — Accession number for the filing.
• 20240331 (date) — Conformed period of report.
• 20240502 (date) — Filing date.
• 7363 (other) — Standard Industrial Classification code.
• DE (other) — State of incorporation.
• GLEN ALLEN, VA (location) — Business and mailing address.

FAQ

Industry Context

ASGN Inc. operates within the professional services sector, specifically focusing on staffing and IT solutions, which are influenced by economic conditions and demand for specialized talent.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting (Form 10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for Q1 2024.
2. Review any disclosures regarding business operations, risks, and legal proceedings.
3. Compare Q1 2024 performance against prior periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — k of ASGN Incorporated (the "Company") ($0.01 par value) was 45.9 million. ASGN INC
• $1.0 b — evenues Revenues for the quarter were $1.0 billion, down 7.1 percent over the first
• $594.5 million — al IT consulting services revenues were $594.5 million (56.7 percent of total revenues), up 4.
• $317.5 m — ch are all IT consulting revenues, were $317.5 million, up 7.0 percent year-over-year as
• $277.0 m — ercial Segment consulting revenues were $277.0 million, up 2.0 percent year-over-year. T
• $454.5 million — t by assignment revenues, which totaled $454.5 million (43.3 percent of total revenues), and w
• $210.2 million — d administrative ("SG&A") expenses were $210.2 million (20.0 percent of revenues), compared wi
• $224.1 million — 0.0 percent of revenues), compared with $224.1 million (19.9 percent of revenues) in the first
• $15.1 m — Amortization of intangible assets was $15.1 million, compared with $18.1 million in t
• $18.1 million — assets was $15.1 million, compared with $18.1 million in the first quarter of 2023. The decre
• $17.6 m — xpense, Net Interest expense, net was $17.6 million, up from $15.4 million in the fir
• $15.4 million — expense, net was $17.6 million, up from $15.4 million in the first quarter of 2023. The incre
• $1.5 million — the senior secured credit facility and $1.5 million of costs related to the March 2024 amen
• $1.0 billion — the first quarter of 2024 and 2023 were $1.0 billion and 6.2 percent (excluding costs relate
• $1.1 billion — lated to aforementioned amendment), and $1.1 billion and 5.6 percent, respectively. Provis

Filing Documents

• asgn-20240331.htm (10-Q) — 578KB
• q1ex311ceocertification302.htm (EX-31.1) — 9KB
• q1ex312cfocertification302.htm (EX-31.2) — 9KB
• q1ex321certificationofceo9.htm (EX-32.1) — 5KB
• q1ex322certificationofcfo9.htm (EX-32.2) — 5KB
• 0000890564-24-000013.txt (&nbsp;) — 3545KB
• asgn-20240331.xsd (EX-101.SCH) — 26KB
• asgn-20240331_cal.xml (EX-101.CAL) — 45KB
• asgn-20240331_def.xml (EX-101.DEF) — 129KB
• asgn-20240331_lab.xml (EX-101.LAB) — 376KB
• asgn-20240331_pre.xml (EX-101.PRE) — 250KB
• asgn-20240331_htm.xml (XML) — 383KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— Condensed Consolidated Financial Statements (Unaudited)

Item 1 — Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations and Comprehensive Income 4 Condensed Consolidated Statements of Stockholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations 11

— Quantitative and Qualitative Disclosures about Market Risks

Item 3 — Quantitative and Qualitative Disclosures about Market Risks 13

— Controls and Procedures

Item 4 — Controls and Procedures 14

— OTHER INFORMATION

PART II — OTHER INFORMATION

— Legal Proceedings

Item 1 — Legal Proceedings 15

— Risk Factors

Item 1A — Risk Factors 15

— Unregistered Sales of Securities and Use of Proceeds

Item 2 — Unregistered Sales of Securities and Use of Proceeds 15

— Defaults Upon Senior Securities

Item 3 — Defaults Upon Senior Securities 15

— Mine Safety Disclosures

Item 4 — Mine Safety Disclosures 15

— Other Information

Item 5 — Other Information 15

— Exhibits

Item 6 — Exhibits 16 Signature 17 2

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— Condensed Consolidated Financial Statements (Unaudited)

Item 1 — Condensed Consolidated Financial Statements (Unaudited) ASGN INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS ( Unaudited ) ( in millions, except share data ) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 158.4 $ 175.9 Accounts receivable, net 725.3 741.5 Prepaid expenses and income taxes 30.6 36.8 Other current assets 19.1 19.1 Total current assets 933.4 973.3 Property and equipment, net 82.9 81.4 Operating lease right-of-use assets 63.3 64.2 Identifiable intangible assets, net 482.8 497.9 Goodwill 1,894.1 1,894.1 Other non-current assets 32.3 33.7 Total assets $ 3,488.8 $ 3,544.6 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 25.9 $ 34.0 Accrued payroll 232.7 236.5 Operating lease liabilities 20.5 19.5 Other current liabilities 92.6 104.1 Total current liabilities 371.7 394.1 Long-term debt 1,036.3 1,036.6 Operating lease liabilities 46.8 49.1 Deferred income tax liabilities 156.0 156.0 Other long-term liabilities 16.6 16.7 Total liabilities 1,627.4 1,652.5 Commitments and contingencies (Note 4) Stockholders' equity: Preferred stock, $ 0.01 par value; 1.0 million shares authorized; no shares issued — — Common stock, $ 0.01 par value; 75.0 million shares authorized; 46.2 million and 46.7 million shares outstanding at March 31, 2024 and December 31, 2023, respectively 0.5 0.5 Paid-in capital 695.7 696.0 Retained earnings 1,165.4 1,195.6 Accumulated other comprehensive loss ( 0.2 ) — Total stockholders' equity 1,861.4 1,892.1 Total liabilities and stockholders' equity $ 3,488.8 $ 3,544.6 See notes to condensed consolidated financial statements. 3 ASGN INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME ( Unaudited ) ( in millions, except per share data ) Three Months Ended March 31, 2024 2023 Revenues $ 1,049.0 $ 1,128.8 Costs of services 752.8 802.4 Gross profit 2

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations The information in this discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon current expectations, as well as management's beliefs and assumptions, and involve a high degree of risk and uncertainty. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Statements that include the words "believes," "anticipates," "plans," "expects," "intends," and similar expressions that convey uncertainty of future events or outcomes are forward-looking statements. Our actual results could differ materially from those discussed or suggested in the forward-looking statements herein. Factors that could cause or contribute to such differences include those described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 10-K"). In addition, as a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. All forward-looking statements in this document are based on information available to us as of the filing date of this Quarterly Report on Form 10-Q and we assume no obligation to update any forward-looking statements or the reasons why our actual results may differ. OVERVIEW ASGN provides information technology ("IT") services and solutions across the commercial and government sectors. ASGN operates through two segments, Commercial and Federal Government. The Commercial Segment, which is the largest segment, provides consulting, creative digital marketing, and permanent placement services primarily to large mid-market and Fortune 1000 companies. The Federal Government Segment provides mission-critical solutions to the Department of De

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View this 10-Q filing on SEC EDGAR