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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 | |
---|---|---|---|---|---|---|---|---|
-0.89 | -0.92% | 95.56 | 97.44 | 95.26 | 96.62 | 282,699 | 22:30:00 |
Revenues & Adjusted EBITDA above Previously Announced Estimates
On Assignment, Inc. (NYSE: ASGN), a leading global provider of diversified professional staffing solutions, today reported results for the quarter ended June 30, 2015.
Second Quarter Highlights
Commenting on the results, Peter Dameris, President and Chief Executive Officer of On Assignment, Inc., said, "We are pleased with our strategic and operational accomplishments during the quarter. The acquisition of Creative Circle positions us well in the fast growing digital/creative staffing space allowing us to engage the CMO along with the CIO to provide solutions that meet the growing needs of both groups while driving greater demand for our traditional services.
"Our financial performance for the quarter was enhanced by the acquisition of Creative Circle, which was accretive on a GAAP and an Adjusted Earnings basis. Excluding the contribution from Creative Circle, our results (adjusted mainly for acquisition-related costs and the write-off of loan costs associated with our old credit facility) were at or above the high-end of our previously announced financial estimates for the quarter. Our revenue growth rates were higher than expected and reflected a slight re-acceleration in our growth rate for the first time in four quarters. Our cash generation during the quarter was strong and permitted us to pay down our indebtedness by $25 million prior to the end of the quarter and we expect to voluntarily pay down an additional $25 million by the end of July."
Second Quarter 2015 Financial Results
Revenues for the quarter were $485.3 million ($489.9 million on a constant currency basis), up 11.7 percent (12.8 percent on a constant currency basis) year-over-year. 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 included $21.8 million from two businesses acquired during the quarter (Creative Circle and a small Life Sciences business in Europe), which are included in consolidated results from the date of acquisition. The revenue contribution from Creative Circle was $19.6 million, and the contribution from the Life Sciences business was $2.2 million. Revenues, excluding the contribution from acquisitions, were $463.5 million ($468.1 million on a constant currency basis), up 6.7 percent (7.8 percent on a constant currency basis) and above the high-end of our financial estimates.
Operating results of Creative Circle are included in the Apex Segment. The Life Sciences European business is now included in the Oxford Segment for reporting purposes. The operating and statistical data for the Oxford Segment have been adjusted to reflect this change in reporting.
Direct hire and conversion revenues were $28.7 million, up 33.8 percent year-over-year, which included $1.5 million from Creative Circle. CyberCoders accounted for 72.6 percent of the total and was up 28.0 percent year-over-year. Direct hire and conversion revenues were 5.9 percent of total revenues for the quarter, up from 4.9 percent in the second quarter of 2014.
Our largest segment, Apex, accounted for 69.8 percent of total revenues. Apex grew 13.7 percent year-over-year, on a reported basis, which included $19.6 million in revenues from Creative Circle. Excluding the contribution from Creative Circle, Apex grew 7.1 percent year-over-year for the quarter.
Our Oxford Segment accounted for 30.2 percent of total revenues. Oxford grew 7.4 percent year-over-year on a reported basis, which included $2.2 million in revenues from an acquired business. On a constant currency basis and excluding the contribution from the acquired Life Sciences business, Oxford grew 9.1 percent year-over-year for the quarter.
Gross profit was $158.5 million, up $16.6 million or 11.7 percent year-over-year. Gross margin for the quarter was 32.7 percent.
Selling, general and administrative (“SG&A”) expenses were $118.9 million (24.5 percent of revenues), up from $99.6 million (22.9 percent of revenues) in the second quarter of 2014. SG&A expenses for the quarter included SG&A from Creative Circle of $4.0 million, acquisition, integration and strategic planning expenses of $6.9 million, and $0.5 million related to the write-off of an IT application. Excluding these expenses, SG&A expense was approximately $107.5 million and within our previously announced financial estimates.
Amortization of intangible assets was $7.0 million, compared with $5.5 million in the second quarter of 2014. The increase in amortization mainly related to the acquisition of Creative Circle.
Interest expense for the quarter was $4.7 million compared with $3.1 million in the second quarter of 2014. Interest expense for the quarter was comprised of interest on the credit facility of $4.2 million and amortization of deferred loan costs of $0.5 million.
Write-off of loan costs totaled $3.8 million ($2.3 million, $0.04 per diluted share, after tax) and related to the refinancing of the credit facility in June.
The leverage ratio (total indebtedness to trailing 12 months Adjusted EBITDA) at June 30, 2015 was 3.51 to 1, up from 2.06 to 1 at December 31, 2014. The increase in the leverage ratio related to borrowing to fund the acquisition of Creative Circle.
The effective income tax rate for the quarter was 40.8 percent, a slight decrease from the 41.2 percent for the full year 2014.
Adjusted EBITDA (a non-GAAP measure defined below) was $56.0 million. The Adjusted EBITDA contribution from Creative Circle was $4.9 million. Excluding the contribution from Creative Circle, Adjusted EBITDA was $51.1 million and towards the high-end of our previously announced financial estimates.
Adjusted income from continuing operations (a non-GAAP measure as calculated in an accompanying table) was $32.3 million ($0.61 per diluted share). Net income on a GAAP basis was $14.3 million ($0.27 per diluted share). Net income included acquisition, integration and strategic planning expenses of $6.9 million ($4.6 million after tax, or $0.09 per diluted share), $0.5 million related to the write-off of an IT application ($0.3 million after tax or $0.01 per diluted share) and the write-off of deferred loan costs of $3.8 million ($2.3 million after tax or $0.04 per diluted share).
Creative Circle Acquisition
On June 5, 2015 the Company completed its acquisition of privately-held Creative Circle, LLC for $570 million, and up to an additional $30 million based on operating performance during 2015. In connection with the acquisition, the Company obtained a secured financing commitment for $975 million from Wells Fargo Bank, National Association. The new credit facility consists of a $150 million revolving credit facility and an $825 million term loan. Proceeds from the facility were used to fund the cash portion of the purchase price and refinance the Company's existing debt.
Financial Estimates for Q3 2015
On Assignment is providing financial estimates for continuing operations for the third quarter of 2015. These estimates do not include acquisition, integration, or strategic planning expenses and assume no deterioration in the staffing markets that On Assignment serves. The following estimates assume billable days of 63.5 for the quarter, which is the same as the preceding quarter. These estimates also assume no further deterioration in foreign exchange rates.
Conference Call
On Assignment will hold a conference call today at 4:30 p.m. EDT to review its second quarter financial results. The dial-in number is 800-553-0318 (+1-612-332-0107 for callers outside the United States) and the conference ID number is 364192. Participants should dial in ten minutes before the call.
A replay of the conference call will be available beginning today at 6:30 p.m. EDT and ending at 11:59 p.m. EDT on August 13, 2015. The access number for the replay is 800-475-6701 (+1-320-365-3844 outside the United States) and the conference ID number is 364192.
This call is being webcast by Thomson/CCBN and can be accessed via On Assignment's web site at www.onassignment.com. Individual investors can also listen at Thomson/CCBN's site at www.fulldisclosure.com or by visiting any of the investor sites in Thomson/CCBN's Individual Investor Network.
About On Assignment
On Assignment, Inc. is a leading global provider of in-demand, skilled professionals in the growing technology, life sciences, and creative sectors, where quality people are the key to success. The Company goes beyond matching résumés with job descriptions to match people they know into positions they understand for temporary, contract-to-hire, and direct hire assignments. Clients recognize On Assignment for its quality candidates, quick response, and successful assignments. Professionals think of On Assignment as career-building partners with the depth and breadth of experience to help them reach their goals.
On Assignment, which is based in Calabasas, California, was founded in 1985 and went public in 1992. The Company has a network of branch offices throughout the United States, Canada, United Kingdom, and Europe. To learn more, visit http://www.onassignment.com.
Reasons for Presentation of Non-GAAP Financial Measures
Statements in this release and the accompanying Supplemental Financial Information include non-GAAP financial measures. Such information is provided as additional information, not as an alternative to our consolidated financial statements presented in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"), and is intended to enhance an overall understanding of our current financial performance. The Supplemental Financial Information sets forth financial measures reviewed by our management to evaluate our operating performance. Such measures also are used to determine a portion of the compensation for some of our executives and employees. We believe the non-GAAP financial measures provide useful information to management, investors and prospective investors by excluding certain charges and other amounts that we believe are not indicative of our core operating results. These non-GAAP measures are included to provide management, our investors and prospective investors with an alternative method for assessing our operating results in a manner that is focused on the performance of our ongoing operations and to provide a more consistent basis for comparison between quarters. One of the non-GAAP financial measures presented is EBITDA (earnings before interest, taxes, depreciation, and amortization of intangible assets), other terms include Adjusted EBITDA (EBITDA plus equity-based compensation expense, impairment charges, write-off of loan costs, and acquisition, integration and strategic planning expenses) and Non-GAAP income from continuing operations (Income from continuing operations, plus write-off of loan costs, and acquisition, integration and strategic planning expenses, net of tax) and Adjusted income from continuing operations and related per share amounts. These terms might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures reported by other companies. The financial statement tables that accompany this press release include a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure.
Safe Harbor
Certain statements made in this news release are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. Forward-looking statements include statements regarding the Company's anticipated financial and operating performance in 2015. All statements in this release, other than those setting forth strictly historical information, are forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results might differ materially. In particular, the Company makes no assurances that the estimates of revenues, gross margin, SG&A, Adjusted EBITDA, income from continuing operations, adjusted income from continuing operations, earnings per share or earnings per diluted share set forth above will be achieved. Factors that could cause or contribute to such differences include actual demand for our services, our ability to attract, train and retain qualified staffing consultants, our ability to remain competitive in obtaining and retaining temporary staffing clients, the availability of qualified temporary professionals, management of our growth, continued performance of our enterprise-wide information systems, our ability to manage our potential or actual litigation matters, the successful integration of our recently acquired subsidiaries, the successful implementation of our five-year strategic plan, and other risks detailed from time to time in our reports filed with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC on March 2, 2015, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 as filed with the SEC on May 8, 2015, and our Current Report on Form 8-K filed with the SEC on June 5, 2015. We specifically disclaim any intention or duty to update any forward-looking statements contained in this news release.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended June 30, March 31, June 30, 20152014 (1)
2015 20152014 (1)
Revenues $ 485,323 $ 434,424 $ 430,045 $ 915,368 $ 841,275 Cost of services 326,789 292,519 294,170 620,959 571,215 Gross profit 158,534 141,905 135,875 294,409 270,060 Selling, general and administrative expenses 118,867 99,614 105,935 224,802 195,723 Amortization of intangible assets 6,957 5,522 4,869 11,826 11,060 Operating income 32,710 36,769 25,071 57,781 63,277 Interest expense, net (4,736 ) (3,103 ) (3,067 ) (7,803 ) (6,431 ) Write-off of loan costs (3,751 ) — — (3,751 ) — Income before income taxes 24,223 33,666 22,004 46,227 56,846 Provision for income taxes 9,888 14,025 8,981 18,869 23,600 Income from continuing operations 14,335 19,641 13,023 27,358 33,246 Gain on sale of discontinued operations, net of tax — — 25,703 25,703 —Income (loss) from discontinued operations, net of tax
(83 ) 1,148 409 326 1,460 Net income $ 14,252 $ 20,789 $ 39,135 $ 53,387 $ 34,706 Basic earnings per common share: Income from continuing operations $ 0.28 $ 0.36 $ 0.25 $ 0.53 $ 0.61Income (loss) from discontinued operations
(0.01 ) 0.02 0.51 0.50 0.03 $ 0.27 $ 0.38 $ 0.76 $ 1.03 $ 0.64 Diluted earnings per common share: Income from continuing operations $ 0.27 $ 0.36 $ 0.25 $ 0.52 $ 0.60 Income from discontinued operations — 0.02 0.50 0.50 0.03 $ 0.27 $ 0.38 $ 0.75 $ 1.02 $ 0.63 Number of shares and share equivalents used to calculate earnings per share: Basic 51,978 54,372 51,519 51,749 54,239 Diluted 52,633 55,173 52,209 52,435 55,098______
(1) Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. The results of these businesses are 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").SUPPLEMENTAL SEGMENT FINANCIAL INFORMATION(1) (Unaudited)
(In thousands)
Three Months Ended Six Months Ended June 30, March 31, June 30, 20152014 (2)
2015 20152014 (2)
Revenues: Apex $ 338,704 $ 297,893 $ 294,293 $ 632,997 $ 576,301 Oxford 146,619 136,531 135,752 282,371 264,974 $ 485,323 $ 434,424 $ 430,045 $ 915,368 $ 841,275 Gross profit: Apex $ 97,652 $ 84,677 $ 79,643 $ 177,295 $ 160,183 Oxford 60,882 57,228 56,232 117,114 109,877 $ 158,534 $ 141,905 $ 135,875 $ 294,409 $ 270,060______
(1) The segments reported above reflect our new segment configuration. The Oxford segment now includes our former Life Sciences Europe segment. (2) Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. The results of these businesses are included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the SEC.SELECTED CASH FLOW INFORMATION (Unaudited)
(In thousands)
Three Months Ended Six Months Ended June 30, March 31, June 30, 2015 20142015 (1)
2015 (1)
2014
Cash provided by operations
$ 32,477 $ 29,330 $ 19,943 $ 52,420 $ 25,009 Capital expenditures $ 5,331 $ 5,618 $ 8,000 $ 13,331 $ 9,638SELECTED CONSOLIDATED BALANCE SHEET DATA (Unaudited)
(In thousands)
June 30, March 31, 2015 2015 Cash and cash equivalents $ 41,863 $ 76,363 Accounts receivable, net 330,958 287,759 Goodwill and intangible assets, net 1,319,747 755,574 Total assets 1,797,134 1,214,229 Current portion of long-term debt (2)—
17,353 Total current liabilities 171,147 153,794 Working capital 246,551 255,080 Long-term debt (2) 830,085 313,801 Other long-term liabilities 70,806 71,806 Stockholders’ equity 725,096 674,828______
(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 June 30, 2015. (2)March 31, 2015 balances have been adjusted to reflect unamortized deferred loan costs attributable to term loans as a reduction of the related debt balances. This change in presentation was the result of early adopting Accounting Standard Update 2015-03 Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Cost. The March 31, 2015 balances are net of $0.9 million unamortized deferred loan costs for the current portion of debt, and $2.5 million unamortized deferred loan costs for the long term portion. The June 30, 2015 balance is net of $19.9 million unamortized deferred loan costs.
RECONCILIATION OF GAAP INCOME FROM CONTINUING OPERATIONS AND EARNINGS PER DILUTED SHARE TO NON-GAAP ADJUSTED EBITDA AND ADJUSTED EBITDA PER DILUTED SHARE (Unaudited)
(In thousands, except per share amounts)
Three Months Ended June 30, 20152014 (1)
March 31, 2015 Net income $ 14,252 $ 0.27 $ 20,789 $ 0.38 $ 39,135 $ 0.75Income (loss) from discontinued operations, net of tax
(83 ) — 1,148 0.02 26,112 0.50 Income from continuing operations 14,335 0.27 19,641 0.36 13,023 0.25 Interest expense, net 4,736 0.09 3,103 0.05 3,067 0.06 Write-off of loan costs 3,751 0.07 — — — — Provision for income taxes 9,888 0.19 14,025 0.25 8,981 0.17 Depreciation 4,191 0.08 3,048 0.06 3,532 0.07 Amortization of intangible assets 6,957 0.13 5,522 0.10 4,869 0.09 EBITDA 43,858 0.83 45,339 0.82 33,472 0.64 Equity-based compensation 5,236 0.10 3,926 0.07 3,954 0.08 Acquisition, integration and strategic planning expenses 6,932 0.13 1,974 0.04 1,278 0.02 Adjusted EBITDA $ 56,026 $ 1.06 $ 51,239 $ 0.93 $ 38,704 $ 0.74 Weighted average common and common equivalent shares outstanding (diluted) 52,633 55,173 52,209 Six Months Ended June 30, 20152014 (1)
Net income $ 53,387 $ 1.02 $ 34,706 $ 0.63Income from discontinued operations, net of tax
26,029 0.50 1,460 0.03 Income from continuing operations 27,358 0.52 33,246 0.60 Interest expense, net 7,803 0.14 6,431 0.12 Write-off of loan costs 3,751 0.07 — — Provision for income taxes 18,869 0.36 23,600 0.43 Depreciation 7,723 0.15 5,570 0.10 Amortization of intangible assets 11,826 0.23 11,060 0.20 EBITDA 77,330 1.47 79,907 1.45 Equity-based compensation 9,190 0.18 7,008 0.12 Acquisition, integration and strategic planning expenses 8,210 0.16 2,562 0.05 Adjusted EBITDA $ 94,730 $ 1.81 $ 89,477 $ 1.62Weighted average common and common equivalent shares outstanding (diluted)
52,435 55,098______
(1) Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. The results of these businesses are included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the SEC.RECONCILIATION OF GAAP INCOME AND DILUTED EPS TO NON-GAAP INCOME AND DILUTED EPS (Unaudited)
(In thousands, except per share amounts)
Three Months Ended June 30, March 31, 20152014 (1)
2015 Net income $ 14,252 $ 0.27 $ 20,789 $ 0.38 $ 39,135 $ 0.75Income (loss) from discontinued operations, net of tax
(83 ) — 1,148 0.02 26,112 0.50 Income from continuing operations 14,335 0.27 19,641 0.36 13,023 0.25Write-off of loan costs, net of tax
2,288 0.04 — — — — Acquisition, integration and strategic planning expenses, net of tax 4,578 0.09 1,204 0.02 780 0.01 Non-GAAP income from continuing operations $ 21,201 $ 0.40 $ 20,845 $ 0.38 $ 13,803 $ 0.26 Weighted average common and common equivalent shares outstanding (diluted) 52,63355,173 52,209
Six Months Ended June 30, 2015
2014 (1)
Net income $ 53,387 $ 1.02 $ 34,706 $ 0.63Income from discontinued operations, net of tax
26,029 0.50 1,460 0.03 Income from continuing operations 27,358 0.52 33,246 0.60 Write-off of loan costs, net of tax 2,288 0.05 0 — Acquisition, integration and strategic planning expenses, net of tax 5,358 0.10 1,563 0.03 Non-GAAP income from continuing operations $ 35,004 $ 0.67 $ 34,809 $ 0.63Weighted average common and common equivalent shares outstanding (diluted)
52,43555,098
______
(1) Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. The results of these businesses are included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the SEC.CALCULATION OF ADJUSTED EARNINGS PER DILUTED SHARE (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended June 30, 20152014 (5)
20152014 (5)
Non-GAAP income from continuing operations (1) $ 21,201 $ 20,845 $ 35,004 $ 34,809 Adjustments: Amortization of intangible assets (2) 6,957 5,522 11,826 11,060 Cash tax savings on indefinite-lived intangible assets (3) 4,791 3,807 8,673 7,614 Income taxes on amortization for financial reporting purposes not deductible for income tax purposes (4) (607 ) (531 ) (1,112 ) (1,062 ) Adjusted income from continuing operations $ 32,342 $ 29,643 $ 54,391 $ 52,421 Adjusted income from continuing operations per diluted share $ 0.61 $ 0.54 $ 1.04 $ 0.95 Weighted average common and common equivalent shares outstanding (diluted) 52,633 55,173 52,435 55,098______
(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. 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.SUPPLEMENTAL FINANCIAL AND OPERATING DATA (1) (Unaudited)
Three Months Ended June 30, Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, 20152014 (2)
Revenues (in thousands): Apex $ 338,704 $ 294,293 $ 307,724 $ 306,027 $ 297,893 $ 278,408 Oxford 146,619 135,752 133,299 136,416 136,531 128,443 Consolidated $ 485,323 $ 430,045 $ 441,023 $ 442,443 $ 434,424 $ 406,851 Direct hire and conversion revenues (in thousands): Apex $ 6,285 $ 4,079 $ 4,146 $ 3,930 $ 3,988 $ 3,682 Oxford 22,446 19,825 15,970 18,523 17,483 15,312 Consolidated $ 28,731 $ 23,904 $ 20,116 $ 22,453 $ 21,471 $ 18,994 Gross margins: Apex 28.8 % 27.1 % 28.5 % 28.5 % 28.4 % 27.1 % Oxford 41.5 % 41.4 % 41.1 % 42.2 % 41.9 % 41.0 % Consolidated 32.7 % 31.6 % 32.3 % 32.7 % 32.7 % 31.5 % Average number of staffing consultants: Apex 1,067 965 942 875 835 818 Oxford 983 922 870 845 835 828 Consolidated 2,050 1,887 1,812 1,720 1,670 1,646 Average number of customers: Apex 1,766 1,293 1,276 1,475 1,431 1,375 Oxford 1,092 1,027 1,050 1,013 1,005 985 Consolidated 2,858 2,320 2,326 2,488 2,436 2,360 Top 10 customers as a percentage of revenue: Apex 25.2 % 27.0 % 29.0 % 29.8 % 29.7 % 30.6 % Oxford 11.2 % 11.5 % 12.6 % 13.3 % 13.0 % 13.7 % Consolidated 17.6 % 18.5 % 20.3 % 20.6 % 20.4 % 20.9 % Average bill rate: Apex $ 54.99 $ 54.02 $ 54.59 $ 54.65 $ 54.16 $ 53.89 Oxford $ 101.01 $ 103.17 $ 103.92 $ 102.33 $ 102.95 $ 100.64 Consolidated $ 62.54 $ 62.06 $ 65.01 $ 62.56 $ 62.51 $ 61.93 Gross profit per staffing consultant: Apex $ 92,000 $ 83,000 $ 93,000 $ 100,000 $ 101,000 $ 92,000 Oxford $ 62,000 $ 61,000 $ 63,000 $ 68,000 $ 69,000 $ 64,000 Consolidated $ 77,000 $ 72,000 $ 79,000 $ 84,000 $ 85,000 $ 78,000______
(1) The segments reported above reflect our new segment configuration. The Oxford segment now includes our former Life Sciences Europe segment. (2) Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014.SUPPLEMENTAL FINANCIAL AND OPERATING DATA (1) (2) (Unaudited)
Three Months Ended Dec. 31, Sept. 30, June 30, Mar. 31, 2013 Revenues (in thousands): Apex $ 281,032 $ 276,849 $ 262,347 $ 239,765 Oxford 115,038 117,551 118,431 112,087 Consolidated $ 396,070 $ 394,400 $ 380,778 $ 351,852 Direct hire and conversion revenues (in thousands): Apex $ 3,221 $ 3,414 $ 2,968 $ 3,229 Oxford 4,085 1,915 2,038 2,073 Consolidated $ 7,306 $ 5,329 $ 5,006 $ 5,302 Gross margins: Apex 28.1 % 28.5 % 27.8 % 26.7 % Oxford 36.6 % 34.2 % 33.9 % 33.7 % Consolidated 30.5 % 30.2 % 29.7 % 28.9 % Average number of staffing consultants: Apex 805 796 777 772 Oxford 695 616 612 599 Consolidated 1,500 1,412 1,389 1,371 Average number of customers: Apex 1,381 1,345 1,331 1,312 Oxford 1,048 905 917 891 Consolidated 2,429 2,250 2,248 2,203 Top 10 customers as a percentage of revenue: Apex 31.1 % 31.3 % 30.3 % 29.7 % Oxford 14.4 % 16.8 % 18.3 % 15.4 % Consolidated 22.1 % 21.9 % 21.2 % 20.6 % Average bill rate: Apex $ 53.41 $ 54.10 $ 54.26 $ 53.59 Oxford $ 102.24 $ 105.27 $ 107.94 $ 107.07 Consolidated $ 61.55 $ 62.76 $ 63.84 $ 63.09 Gross profit per staffing consultant: Apex $ 98,000 $ 99,000 $ 94,000 $ 83,000 Oxford $ 61,000 $ 65,000 $ 66,000 $ 63,000 Consolidated $ 81,000 $ 84,000 $ 81,000 $ 74,000______
(1) The segments reported above reflect our new segment configuration. The Oxford segment now includes our former Life Sciences Europe segment. (2) Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014.SUPPLEMENTAL FINANCIAL INFORMATION – KEY METRICS (Unaudited)
Three Months Ended June 30, 2015 March 31, 2015 Percentage of revenues: Top ten clients 17.6% 18.5% Direct hire/conversion 5.9% 5.6% Bill rate: % Sequential change 0.8% (4.5%) % Year-over-year change —% 0.2% Bill/Pay spread: % Sequential change 1.2% (5.2%) % Year-over-year change (3.8%) (2.2%) Average headcount: Contract professionals (CP) 15,506 12,318 Staffing consultants (SC) 2,050 1,887
View source version on businesswire.com: http://www.businesswire.com/news/home/20150729006707/en/
On Assignment, Inc.Ed PierceChief Financial Officer(818) 878-7900
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