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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ASGN Inc | NYSE:ASGN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.15% | 94.16 | 94.63 | 93.0001 | 94.39 | 206,129 | 00:07:22 |
Delaware | 000-20540 | 95-4023433 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
26745 Malibu Hills Road, Calabasas, California | 91301 |
(Address of principal executive offices) | (Zip Code) |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits |
99.1 | Press release of On Assignment, Inc. dated February 17, 2016. |
On Assignment, Inc. | |
Date: February 17, 2016 | /s/ Edward L. Pierce |
Edward L. Pierce | |
Executive Vice President and Chief Financial Officer |
For Release | ||
February 17, 2016 | ||
1:15 p.m. PST |
• | Reported record revenues of $577.5 million; up 30.9 percent year-over-year (31.7 percent on a constant currency basis). Constant currency revenues and growth rates for the quarter were calculated using the foreign currency exchange rates from the same period in the prior year. |
• | Revenues on a pro forma basis were up 14.4 percent year-over-year (15.0 percent on a constant currency basis). Pro forma results assume the acquisitions of Creative Circle, LLC ("Creative Circle") and a small Life Sciences business in Europe (the "Acquisitions") occurred at the beginning of 2014. |
• | Revenues, excluding the contribution from the Acquisitions, were $500.1 million, up 13.4 percent year-over-year (up 14.0 percent, on a constant currency basis). |
• | Adjusted EBITDA (a non-GAAP measure defined below) was $70.7 million, or 12.2 percent of revenues. |
• | Adjusted income from continuing operations (a non-GAAP measure defined below) was $40.6 million ($0.76 per diluted share). |
• | Leverage ratio (total indebtedness to trailing 12 months Adjusted EBITDA) was 3.02 to 1 at December 31, 2015, down from 3.21 to 1 at September 30, 2015. |
• | Revenues of $550.0 million to $555.0 million |
• | Gross margin of 32.5 percent to 32.9 percent |
• | SG&A expense (excludes amortization of intangible assets) of $134.8 to $135.8 million (includes $5.1 million in depreciation and $7.2 million in equity-based compensation expense) |
• | Amortization of intangible assets of $10.1 million |
• | Adjusted EBITDA of $56.5 million to $59.0 million |
• | Effective tax rate of 39.5 percent |
• | Adjusted income from continuing operations of $31.6 million to $33.1 million |
• | Adjusted income from continuing operations per diluted share of $0.58 to $0.61 |
• | Income from continuing operations of $15.3 million to $16.8 million |
• | Income from continuing operations per diluted share of $0.28 to $0.31 |
• | Diluted shares outstanding of 54.1 million |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||||
2015 | 2014 (1) | 2015 | 2015 | 2014 (1) | |||||||||||||||
Revenues | $ | 577,517 | $ | 441,023 | $ | 572,123 | $ | 2,065,008 | $ | 1,724,741 | |||||||||
Cost of services | 384,585 | 298,486 | 380,719 | 1,386,263 | 1,167,306 | ||||||||||||||
Gross profit | 192,932 | 142,537 | 191,404 | 678,745 | 557,435 | ||||||||||||||
Selling, general and administrative expenses | 138,754 | 101,192 | 128,614 | 492,170 | 397,523 | ||||||||||||||
Amortization of intangible assets | 11,316 | 5,538 | 11,325 | 34,467 | 22,130 | ||||||||||||||
Operating income | 42,862 | 35,807 | 51,465 | 152,108 | 137,782 | ||||||||||||||
Interest expense, net | (9,098 | ) | (3,198 | ) | (9,543 | ) | (26,444 | ) | (12,730 | ) | |||||||||
Write-off of loan costs | — | — | — | (3,751 | ) | — | |||||||||||||
Income before income taxes | 33,764 | 32,609 | 41,922 | 121,913 | 125,052 | ||||||||||||||
Provision for income taxes | 14,591 | 13,083 | 17,031 | 50,491 | 51,557 | ||||||||||||||
Income from continuing operations | 19,173 | 19,526 | 24,891 | 71,422 | 73,495 | ||||||||||||||
Gain on sale of discontinued operations, net of tax | — | — | — | 25,703 | — | ||||||||||||||
Income from discontinued operations, net of tax | 165 | 947 | 34 | 525 | 3,689 | ||||||||||||||
Net income | $ | 19,338 | $ | 20,473 | $ | 24,925 | $ | 97,650 | $ | 77,184 | |||||||||
Basic earnings per common share: | |||||||||||||||||||
Income from continuing operations | $ | 0.36 | $ | 0.38 | $ | 0.47 | $ | 1.37 | $ | 1.38 | |||||||||
Income from discontinued operations | 0.01 | 0.01 | — | 0.50 | 0.06 | ||||||||||||||
$ | 0.37 | $ | 0.39 | $ | 0.47 | $ | 1.87 | $ | 1.44 | ||||||||||
Diluted earnings per common share: | |||||||||||||||||||
Income from continuing operations | $ | 0.36 | $ | 0.37 | $ | 0.47 | $ | 1.35 | $ | 1.35 | |||||||||
Income from discontinued operations | — | 0.02 | — | 0.49 | 0.07 | ||||||||||||||
$ | 0.36 | $ | 0.39 | $ | 0.47 | $ | 1.84 | $ | 1.42 | ||||||||||
Number of shares and share equivalents used to calculate earnings per share: | |||||||||||||||||||
Basic | 52,867 | 51,900 | 52,654 | 52,259 | 53,437 | ||||||||||||||
Diluted | 53,590 | 52,679 | 53,304 | 53,005 | 54,294 | ||||||||||||||
(1) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015 which is included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the Securities and Exchange Commission ("SEC"). |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||||
2015 | 2014 (1) | 2015 | 2015 | 2014 (1) | |||||||||||||||
Revenues: | |||||||||||||||||||
Apex | $ | 432,978 | $ | 307,724 | $ | 421,067 | $ | 1,487,042 | $ | 1,190,052 | |||||||||
Oxford | 144,539 | 133,299 | 151,056 | 577,966 | 534,689 | ||||||||||||||
$ | 577,517 | $ | 441,023 | $ | 572,123 | $ | 2,065,008 | $ | 1,724,741 | ||||||||||
Gross profit: | |||||||||||||||||||
Apex | $ | 131,481 | $ | 87,816 | $ | 128,731 | $ | 437,507 | $ | 335,322 | |||||||||
Oxford | 61,451 | 54,721 | 62,673 | 241,238 | 222,113 | ||||||||||||||
$ | 192,932 | $ | 142,537 | $ | 191,404 | $ | 678,745 | $ | 557,435 | ||||||||||
(1) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015 which is included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the Securities and Exchange Commission ("SEC"). |
Three Months Ended | Year Ended | ||||||||||||||||||
December 31, | September 30, | December 31, | |||||||||||||||||
2015 | 2014 | 2015 | 2015 (1) | 2014 | |||||||||||||||
Cash provided by operations | $ | 30,196 | $ | 28,064 | $ | 35,277 | $ | 117,493 | $ | 96,022 | |||||||||
Capital expenditures | $ | 6,512 | $ | 5,469 | $ | 4,846 | $ | 24,689 | $ | 19,729 |
December 31, | September 30, | ||||||
2015 | 2015 | ||||||
Cash and cash equivalents | $ | 23,869 | $ | 28,916 | |||
Accounts receivable, net | 354,808 | 358,649 | |||||
Total current assets | 414,208 | 417,350 | |||||
Goodwill and intangible assets, net (2) | 1,292,831 | 1,305,249 | |||||
Total assets (2) | 1,767,307 | 1,781,960 | |||||
Total current liabilities (2) | 160,350 | 182,323 | |||||
Working capital (2) | 253,858 | 235,027 | |||||
Long-term debt (3) | 755,508 | 784,797 | |||||
Other long-term liabilities | 66,655 | 55,898 | |||||
Stockholders’ equity | 784,794 | 758,942 |
(1) | Amounts include cash flows from our Physician Segment. This segment generated a negative $1.8 million of cash flows from operations and its capital expenditures were negligible during the three months ended March 31, 2015. There were no cash flows from the Physician Segment in the three months ended September 30, 2015 and December 31, 2015. |
(2) | September 30, 2015 balance reflects purchase accounting adjustments which are presented retrospectively to the acquisition date and the change in presentation of deferred tax assets and deferred tax liabilities as noncurrent. |
(3) | Long-term debt is net of $18.5 million and $19.2 million unamortized deferred loan costs at December 31, 2015 and September 30, 2015, respectively. |
Three Months Ended | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2015 | 2014 (1) | September 30, 2015 | ||||||||||||||||||||||
Net income | $ | 19,338 | $ | 0.36 | $ | 20,473 | $ | 0.39 | $ | 24,925 | $ | 0.47 | ||||||||||||
Income from discontinued operations, net of tax | 165 | — | 947 | 0.02 | 34 | — | ||||||||||||||||||
Income from continuing operations | 19,173 | 0.36 | 19,526 | 0.37 | 24,891 | 0.47 | ||||||||||||||||||
Interest expense, net | 9,098 | 0.17 | 3,198 | 0.06 | 9,543 | 0.18 | ||||||||||||||||||
Provision for income taxes | 14,591 | 0.27 | 13,083 | 0.25 | 17,031 | 0.32 | ||||||||||||||||||
Depreciation | 4,759 | 0.09 | 3,379 | 0.06 | 4,356 | 0.08 | ||||||||||||||||||
Amortization of intangible assets | 11,316 | 0.21 | 5,538 | 0.11 | 11,325 | 0.21 | ||||||||||||||||||
EBITDA | 58,937 | 1.10 | 44,724 | 0.85 | 67,146 | 1.26 | ||||||||||||||||||
Equity-based compensation | 6,774 | 0.13 | 4,157 | 0.08 | 6,054 | 0.12 | ||||||||||||||||||
Acquisition, integration and strategic planning expenses | 5,025 | 0.09 | 1,762 | 0.03 | 1,714 | 0.03 | ||||||||||||||||||
Adjusted EBITDA | $ | 70,736 | $ | 1.32 | $ | 50,643 | $ | 0.96 | $ | 74,914 | $ | 1.41 | ||||||||||||
Weighted average common and common equivalent shares outstanding (diluted) | 53,590 | 52,679 | 53,304 |
Year Ended December 31, | |||||||||||||||||
2015 | 2014 (1) | ||||||||||||||||
Net income | $ | 97,650 | $ | 1.84 | $ | 77,184 | $ | 1.42 | |||||||||
Income from discontinued operations, net of tax | 26,228 | 0.49 | 3,689 | 0.07 | |||||||||||||
Income from continuing operations | 71,422 | 1.35 | 73,495 | 1.35 | |||||||||||||
Interest expense, net | 26,444 | 0.50 | 12,730 | 0.23 | |||||||||||||
Write-off of loan costs | 3,751 | 0.07 | — | — | |||||||||||||
Provision for income taxes | 50,491 | 0.95 | 51,557 | 0.95 | |||||||||||||
Depreciation | 16,838 | 0.32 | 12,265 | 0.23 | |||||||||||||
Amortization of intangible assets | 34,467 | 0.65 | 22,130 | 0.41 | |||||||||||||
EBITDA | 203,413 | 3.84 | 172,177 | 3.17 | |||||||||||||
Equity-based compensation | 22,018 | 0.42 | 15,623 | 0.29 | |||||||||||||
Acquisition, integration and strategic planning expenses | 14,949 | 0.28 | 5,264 | 0.10 | |||||||||||||
Adjusted EBITDA | $ | 240,380 | $ | 4.54 | $ | 193,064 | $ | 3.56 | |||||||||
Weighted average common and common equivalent shares outstanding (diluted) | 53,005 | 54,294 |
(1) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015 which is included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the Securities and Exchange Commission ("SEC"). |
Three Months Ended | |||||||||||||||||||||||
December 31, | September 30, | ||||||||||||||||||||||
2015 | 2014 (1) | 2015 | |||||||||||||||||||||
Net income | $ | 19,338 | $ | 0.36 | $ | 20,473 | $ | 0.39 | $ | 24,925 | $ | 0.47 | |||||||||||
Income from discontinued operations, net of tax | 165 | — | 947 | 0.02 | 34 | — | |||||||||||||||||
Income from continuing operations | 19,173 | 0.36 | 19,526 | 0.37 | 24,891 | 0.47 | |||||||||||||||||
Acquisition, integration and strategic planning expenses, net of tax | 3,771 | 0.07 | 1,105 | 0.02 | 1,132 | 0.02 | |||||||||||||||||
Accretion of fair value discount on contingent consideration (2) | 466 | 0.01 | — | — | 480 | 0.01 | |||||||||||||||||
Non-GAAP income from continuing operations | $ | 23,410 | $ | 0.44 | $ | 20,631 | $ | 0.39 | $ | 26,503 | $ | 0.50 | |||||||||||
Weighted average common and common equivalent shares outstanding (diluted) | 53,590 | 52,679 | 53,304 | ||||||||||||||||||||
Year Ended December 31, | |||||||||||||||
2015 | 2014 (1) | ||||||||||||||
Net income | $ | 97,650 | $ | 1.84 | $ | 77,184 | $ | 1.42 | |||||||
Income from discontinued operations, net of tax | 26,228 | 0.49 | 3,689 | 0.07 | |||||||||||
Income from continuing operations | 71,422 | 1.35 | 73,495 | 1.35 | |||||||||||
Write-off of loan costs, net of tax | 2,288 | 0.04 | — | — | |||||||||||
Acquisition, integration and strategic planning expenses, net of tax | 10,261 | 0.19 | 3,479 | 0.07 | |||||||||||
Accretion of fair value discount on contingent consideration (2) | 946 | 0.02 | — | — | |||||||||||
Non-GAAP income from continuing operations | $ | 84,917 | $ | 1.60 | $ | 76,974 | $ | 1.42 | |||||||
Weighted average common and common equivalent shares outstanding (diluted) | 53,005 | 54,294 | |||||||||||||
(1) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015 which is included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the Securities and Exchange Commission ("SEC"). |
(2) | We have contingent consideration obligations related to our acquisitions. The fair value of the contingent consideration was determined using an expected present value technique. The change in present value due to the passage of time (accretion of fair value discount) is recorded in interest expense. |
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2015 | 2014 (5) | 2015 | 2014 (5) | ||||||||||||
Non-GAAP income from continuing operations (1) | $ | 23,410 | $ | 20,631 | $ | 84,917 | $ | 76,974 | |||||||
Adjustments: | |||||||||||||||
Amortization of intangible assets (2) | 11,316 | 5,538 | 34,467 | 22,130 | |||||||||||
Cash tax savings on indefinite-lived intangible assets (3) | 6,529 | 3,808 | 21,795 | 15,230 | |||||||||||
Income taxes on amortization for financial reporting purposes not deductible for income tax purposes (4) | (620 | ) | (532 | ) | (2,353 | ) | (2,125 | ) | |||||||
Adjusted income from continuing operations | $ | 40,635 | $ | 29,445 | $ | 138,826 | $ | 112,209 | |||||||
Adjusted income from continuing operations per diluted share | $ | 0.76 | $ | 0.56 | $ | 2.62 | $ | 2.07 | |||||||
Weighted average common and common equivalent shares outstanding (diluted) | 53,590 | 52,679 | 53,005 | 54,294 | |||||||||||
(1) | Non-GAAP income from continuing operations as calculated on preceding page. Non-GAAP income from continuing operations excludes the write-off of loan costs, and acquisition, integration and strategic planning expenses. |
(2) | Amortization of intangible assets of acquired businesses. |
(3) | Income tax benefit (using 39 percent marginal tax rate) from amortization for income tax purposes of certain indefinite-lived intangible assets (goodwill and trademarks), on acquisitions in which the Company received a step-up tax basis. For income tax purposes, these assets are amortized on a straight-line basis over 15 years. For financial reporting purposes, these assets are not amortized and a deferred tax provision is recorded that fully offsets the cash tax benefit in the determination of net income. |
(4) | Income taxes (assuming a 39 percent marginal rate) on the portion of amortization of intangible assets, which is not deductible for income tax purposes (mainly amortization associated with the acquisition of CyberCoders, Inc. and a Life Science business in Europe that the Company was not able to step-up the tax basis in those acquired assets for tax purposes). |
(5) | Amounts have been restated to exclude results of the Physician Segment from continuing operations. The Physician Segment was sold on February 1, 2015 and its results are now included in discontinued operations. |
Year Ending December 31, | |||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||
Add-backs: | |||||||||||||||||||
Amortization of intangible assets (1) | $ | 39,534 | $ | 32,943 | $ | 28,893 | $ | 22,031 | $ | 14,532 | |||||||||
Cash tax savings on indefinite-lived intangible assets for income tax purposes (Goodwill & Trademarks) (2) | 26,528 | 26,712 | 26,712 | 26,712 | 26,712 | ||||||||||||||
Income taxes on amortization for financial reporting purposes not deductible for income tax purposes (3) | (2,018 | ) | (1,622 | ) | (1,606 | ) | (1,439 | ) | (252 | ) | |||||||||
Net adjustment to GAAP net income to calculate adjusted net income | $ | 64,044 | $ | 58,033 | $ | 53,999 | $ | 47,304 | $ | 40,992 |
(1) | Amortization of identifiable intangible assets of acquired businesses. The year-over-year reductions in this add-back will result in a corresponding increase in operating income for GAAP purposes. |
(2) | Income tax benefit (using 39 percent marginal tax rate) from amortization for income tax purposes of certain indefinite-lived intangible assets (goodwill and trademarks), on acquisitions in which the Company received a step-up tax basis. For income tax purposes, these assets are amortized on a straight-line basis over 15 years. For financial reporting purposes, these assets are not amortized and a deferred tax provision is recorded that fully offsets the cash tax benefit in the determination of net income. |
(3) | Income taxes (assuming a 39 percent marginal rate) on the portion of amortization of intangible assets, which is not deductible for income tax purposes (mainly amortization associated with the acquisition of CyberCoders, Inc. and a Life Science business in Europe that the Company was not able to step-up the tax basis in those acquired assets for tax purposes). |
Apex | Oxford | Consolidated 1 | |||||||||||
Revenues (in thousands): | |||||||||||||
Q4 2015 | $ | 432,978 | $ | 144,539 | $ | 577,517 | |||||||
Q3 2015 | $ | 421,067 | $ | 151,056 | $ | 572,123 | |||||||
% Sequential change | 2.8 | % | (4.3 | )% | 0.9 | % | |||||||
Q4 2014 | $ | 307,724 | $ | 133,299 | $ | 441,023 | |||||||
% Year-over-year change | 40.7 | % | 8.4 | % | 30.9 | % | |||||||
Direct hire and conversion revenues (in thousands): | |||||||||||||
Q4 2015 | $ | 10,480 | $ | 22,152 | $ | 32,632 | |||||||
Q3 2015 | $ | 10,574 | $ | 22,166 | $ | 32,740 | |||||||
Q4 2014 | $ | 4,146 | $ | 16,008 | $ | 20,154 | |||||||
Gross margins: | |||||||||||||
Q4 2015 | 30.4 | % | 42.5 | % | 33.4 | % | |||||||
Q3 2015 | 30.6 | % | 41.5 | % | 33.5 | % | |||||||
Q4 2014 | 28.5 | % | 41.1 | % | 32.3 | % | |||||||
Average number of staffing consultants: 2 | |||||||||||||
Q4 2015 | 1,293 | 972 | 2,265 | ||||||||||
Q3 2015 | 1,266 | 966 | 2,232 | ||||||||||
Q4 2014 | 942 | 869 | 1,811 | ||||||||||
Average number of customers: 3 | |||||||||||||
Q4 2015 | 3,331 | 1,117 | 4,448 | ||||||||||
Q3 2015 | 3,207 | 1,114 | 4,321 | ||||||||||
Q4 2014 | 1,276 | 1,050 | 2,326 | ||||||||||
Top 10 customers as a percentage of revenue: | |||||||||||||
Q4 2015 | 22.9 | % | 8.9 | % | 17.2 | % | |||||||
Q3 2015 | 22.7 | % | 8.7 | % | 16.7 | % | |||||||
Q4 2014 | 29.1 | % | 12.6 | % | 20.3 | % | |||||||
Average bill rate: | |||||||||||||
Q4 2015 | $ | 54.80 | $ | 98.19 | $ | 60.68 | |||||||
Q3 2015 | $ | 55.51 | $ | 99.33 | $ | 61.84 | |||||||
Q4 2014 | $ | 54.59 | $ | 103.92 | $ | 62.75 | |||||||
Gross profit per staffing consultant: | |||||||||||||
Q4 2015 | $ | 102,000 | $ | 63,000 | $ | 85,000 | |||||||
Q3 2015 | $ | 102,000 | $ | 65,000 | $ | 86,000 | |||||||
Q4 2014 | $ | 93,000 | $ | 63,000 | $ | 79,000 |
(1) | Prior year amounts have been restated to exclude discontinued operations. |
(2) | Excluding Creative Circle, the average number of staffing consultants for the Apex Segment is 1,086 for the fourth quarter of 2015 and 1,073 for the third quarter of 2015. |
(3) | Excluding Creative Circle, the average number of customers for the Apex Segment is 1,379 for the fourth quarter of 2015 and 1,375 for the third quarter of 2015. |
Three Months Ended | |||||||
December 31, 2015 | September 30, 2015 | ||||||
Percentage of revenues: | |||||||
Top ten clients | 17.2 | % | 16.7 | % | |||
Direct hire/conversion | 5.7 | % | 5.7 | % | |||
Bill rate: | |||||||
% Sequential change | (1.9 | %) | (1.1 | %) | |||
% Year-over-year change | (3.3 | %) | (1.1 | %) | |||
Bill/Pay spread: | |||||||
% Sequential change | (1.6 | %) | 1.0 | % | |||
% Year-over-year change | (1.7 | %) | (0.6 | %) | |||
Average headcount: | |||||||
Contract professionals (CP) | 17,612 | 16,633 | |||||
Staffing consultants (SC) | 2,265 | 2,232 | |||||
1 Year ASGN Chart |
1 Month ASGN Chart |
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