ASGN Inc. Files 10-Q for Q2 2024

TL;DR

ASGN Inc. 10-Q filed. Q2 2024 financials out.

AI Summary

ASGN Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the company's financial performance and position during the second quarter of 2024. Key financial data and operational details are presented for investors and regulatory review.

Why It Matters

This filing provides investors with the latest financial results and operational updates for ASGN Inc., crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Players & Entities

• ASGN Inc. (company) — Filer of the 10-Q
• 0000890564-24-000019 (other) — Accession Number for the filing
• 20240630 (date) — Period of Report
• 20240801 (date) — Filed as of Date

FAQ

Key Financial Figures

• $0.01 — k of ASGN Incorporated (the "Company") ($0.01 par value) was 44.8 million. ASGN INC
• $1.0 b — evenues Revenues for the quarter were $1.0 billion, down 8.5 percent year-over-year.
• $590.5 million — ar. Total IT consulting revenues were $590.5 million (57.1 percent of total revenues), down
• $281.5 m — ercial Segment consulting revenues were $281.5 million, essentially flat year-over-year.
• $309.0 m — which are all consulting revenues, were $309.0 million, down 3.3 percent year-over-year
• $444.2 million — ove. Assignment revenues, which totaled $444.2 million (42.9 percent of total revenues), were
• $205.6 m — nistrative expenses. SG&A expenses were $205.6 million, down from $210.5 million in the
• $210.5 million — expenses were $205.6 million, down from $210.5 million in the second quarter of 2023. The decr
• $15.1 m — Amortization of intangible assets was $15.1 million, compared with $17.9 million in t
• $17.9 million — assets was $15.1 million, compared with $17.9 million in the second quarter of 2023. The decr
• $15.8 million — ed loan costs, and interest income, was $15.8 million for the second quarter of 2024 and 2023
• $1.0 billion — he second quarter of 2024 and 2023 were $1.0 billion and 6.0 percent, and $1.0 billion and 5
• $17.4 m — es The provision for income taxes was $17.4 million, down from $22.0 million in the s
• $22.0 million — come taxes was $17.4 million, down from $22.0 million in the second quarter of 2023 due to lo
• $47.2 m — of 2023. Net Income Net income was $47.2 million, down from $60.1 million in the s

Filing Documents

• asgn-20240630.htm (10-Q) — 799KB
• q2ex311ceocertification302.htm (EX-31.1) — 9KB
• q2ex312cfocertification302.htm (EX-31.2) — 10KB
• q2ex321certificationofceo9.htm (EX-32.1) — 5KB
• q2ex322certificationofcfo9.htm (EX-32.2) — 5KB
• 0000890564-24-000019.txt ( ) — 3975KB
• asgn-20240630.xsd (EX-101.SCH) — 25KB
• asgn-20240630_cal.xml (EX-101.CAL) — 45KB
• asgn-20240630_def.xml (EX-101.DEF) — 112KB
• asgn-20240630_lab.xml (EX-101.LAB) — 353KB
• asgn-20240630_pre.xml (EX-101.PRE) — 236KB
• asgn-20240630_htm.xml (XML) — 540KB

— 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 15

— Controls and Procedures

Item 4 — Controls and Procedures 15

— OTHER INFORMATION

PART II — OTHER INFORMATION

— Legal Proceedings

Item 1 — Legal Proceedings 16

— Risk Factors

Item 1A — Risk Factors 16

— Unregistered Sales of Securities and Use of Proceeds

Item 2 — Unregistered Sales of Securities and Use of Proceeds 16

— Defaults Upon Senior Securities

Item 3 — Defaults Upon Senior Securities 16

— Mine Safety Disclosures

Item 4 — Mine Safety Disclosures 16

— Other Information

Item 5 — Other Information 16

— Exhibits

Item 6 — Exhibits 17 Signature 18 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 ) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 132.2 $ 175.9 Accounts receivable, net 721.4 741.5 Prepaid expenses and income taxes 42.8 36.8 Other current assets 17.5 19.1 Total current assets 913.9 973.3 Property and equipment, net 79.1 81.4 Operating lease right-of-use assets 60.7 64.2 Identifiable intangible assets, net 467.7 497.9 Goodwill 1,893.7 1,894.1 Other non-current assets 35.7 33.7 Total assets $ 3,450.8 $ 3,544.6 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 22.7 $ 34.0 Accrued payroll 233.4 236.5 Operating lease liabilities 19.8 19.5 Other current liabilities 114.2 104.1 Total current liabilities 390.1 394.1 Long-term debt 1,035.4 1,036.6 Operating lease liabilities 44.9 49.1 Deferred income tax liabilities 156.1 156.0 Other long-term liabilities 16.4 16.7 Total liabilities 1,642.9 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; 45.1 million and 46.7 million shares outstanding at June 30, 2024 and December 31, 2023, respectively 0.5 0.5 Paid-in capital 687.2 696.0 Retained earnings 1,122.5 1,195.6 Accumulated other comprehensive loss ( 2.3 ) — Total stockholders' equity 1,807.9 1,892.1 Total liabilities and stockholders' equity $ 3,450.8 $ 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues $ 1,034.7 $ 1,130.9 $ 2,083.7 $

— 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 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 Fortune 1000 and large mid-market companies. The Federal Government Segment provides advanced IT solutions to the Department of Defense

View Full Filing

View this 10-Q filing on SEC EDGAR