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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 | |
---|---|---|---|---|---|---|---|---|
-1.52 | -1.65% | 90.59 | 91.26 | 89.17 | 89.57 | 337,409 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
95-4023433
|
||||
(State of Incorporation)
|
(I.R.S. Employer Identification No.)
|
Title of each class
|
|
Trading Symbol
|
|
Name of exchange on which registered
|
Common Stock
|
|
ASGN
|
|
NYSE
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
Emerging growth company
|
☐
|
ASGN INCORPORATED AND SUBSIDIARIES
INDEX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
40.1
|
|
|
$
|
41.8
|
|
Accounts receivable, net
|
621.5
|
|
|
613.8
|
|
||
Prepaid expenses and income taxes
|
15.2
|
|
|
11.4
|
|
||
Workers' compensation receivable
|
14.7
|
|
|
15.0
|
|
||
Other current assets
|
5.6
|
|
|
4.3
|
|
||
Total current assets
|
697.1
|
|
|
686.3
|
|
||
Property and equipment, net
|
75.2
|
|
|
79.1
|
|
||
Operating lease right of use assets
|
87.7
|
|
|
—
|
|
||
Identifiable intangible assets, net
|
476.9
|
|
|
488.7
|
|
||
Goodwill
|
1,445.6
|
|
|
1,421.1
|
|
||
Other non-current assets
|
16.5
|
|
|
12.6
|
|
||
Total assets
|
$
|
2,799.0
|
|
|
$
|
2,687.8
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
24.1
|
|
|
$
|
43.1
|
|
Accrued payroll and contract professional pay
|
196.5
|
|
|
194.8
|
|
||
Workers’ compensation loss reserves
|
16.8
|
|
|
17.4
|
|
||
Operating lease liabilities
|
25.8
|
|
|
—
|
|
||
Income taxes payable
|
13.5
|
|
|
3.4
|
|
||
Other current liabilities
|
49.8
|
|
|
49.5
|
|
||
Total current liabilities
|
326.5
|
|
|
308.2
|
|
||
Long-term debt
|
1,026.0
|
|
|
1,100.4
|
|
||
Operating lease liabilities
|
67.7
|
|
|
—
|
|
||
Deferred income tax liabilities
|
78.9
|
|
|
79.8
|
|
||
Other long-term liabilities
|
16.2
|
|
|
17.3
|
|
||
Total liabilities
|
1,515.3
|
|
|
1,505.7
|
|
||
Commitments and contingencies (Note 7)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; 1 million shares authorized; no shares issued
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 75 million shares authorized; 52.8 million
and 52.5 million shares issued, respectively
|
0.5
|
|
|
0.5
|
|
||
Paid-in capital
|
625.5
|
|
|
601.8
|
|
||
Retained earnings
|
664.1
|
|
|
586.1
|
|
||
Accumulated other comprehensive loss
|
(6.4
|
)
|
|
(6.3
|
)
|
||
Total stockholders’ equity
|
1,283.7
|
|
|
1,182.1
|
|
||
Total liabilities and stockholders’ equity
|
$
|
2,799.0
|
|
|
$
|
2,687.8
|
|
|
Three Months Ended,
|
|
Six Months Ended,
|
||||||||||||
June 30,
|
June 30,
|
||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues
|
$
|
972.3
|
|
|
$
|
878.5
|
|
|
$
|
1,896.0
|
|
|
$
|
1,563.7
|
|
Costs of services
|
687.1
|
|
|
614.6
|
|
|
1,346.9
|
|
|
1,082.1
|
|
||||
Gross profit
|
285.2
|
|
|
263.9
|
|
|
549.1
|
|
|
481.6
|
|
||||
Selling, general and administrative expenses
|
198.8
|
|
|
179.7
|
|
|
386.2
|
|
|
344.1
|
|
||||
Amortization of intangible assets
|
13.1
|
|
|
18.5
|
|
|
26.9
|
|
|
26.1
|
|
||||
Operating income
|
73.3
|
|
|
65.7
|
|
|
136.0
|
|
|
111.4
|
|
||||
Interest expense
|
(14.0
|
)
|
|
(20.5
|
)
|
|
(28.5
|
)
|
|
(27.1
|
)
|
||||
Income before income taxes
|
59.3
|
|
|
45.2
|
|
|
107.5
|
|
|
84.3
|
|
||||
Provision for income taxes
|
16.2
|
|
|
11.5
|
|
|
29.5
|
|
|
21.4
|
|
||||
Income from continuing operations
|
43.1
|
|
|
33.7
|
|
|
78.0
|
|
|
62.9
|
|
||||
Loss from discontinued operations, net of income taxes
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.2
|
)
|
||||
Net income
|
$
|
43.1
|
|
|
$
|
33.6
|
|
|
$
|
78.0
|
|
|
$
|
62.7
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.82
|
|
|
$
|
0.64
|
|
|
$
|
1.48
|
|
|
$
|
1.20
|
|
Diluted
|
$
|
0.81
|
|
|
$
|
0.63
|
|
|
$
|
1.46
|
|
|
$
|
1.19
|
|
|
|
|
|
|
|
|
|
||||||||
Number of shares and share equivalents used to calculate earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
52.8
|
|
|
52.3
|
|
|
52.7
|
|
|
52.2
|
|
||||
Diluted
|
53.4
|
|
|
53.0
|
|
|
53.3
|
|
|
52.9
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Reconciliation of net income to comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
43.1
|
|
|
$
|
33.6
|
|
|
$
|
78.0
|
|
|
$
|
62.7
|
|
Foreign currency translation adjustment
|
1.0
|
|
|
(2.7
|
)
|
|
(0.1
|
)
|
|
(1.2
|
)
|
||||
Comprehensive income
|
$
|
44.1
|
|
|
$
|
30.9
|
|
|
$
|
77.9
|
|
|
$
|
61.5
|
|
|
|
Common Stock
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
|
|||||||||||||
|
|
Shares
|
|
Par Value
|
|
|
|
|
|||||||||||||||
Three Months Ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, beginning of period
|
|
52.8
|
|
|
$
|
0.5
|
|
|
$
|
613.2
|
|
|
$
|
621.0
|
|
|
$
|
(7.4
|
)
|
|
$
|
1,227.3
|
|
Vesting of restricted stock units
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
13.6
|
|
|
—
|
|
|
—
|
|
|
13.6
|
|
|||||
Translation adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
1.0
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43.1
|
|
|
—
|
|
|
43.1
|
|
|||||
Balance, end of period
|
|
52.8
|
|
|
$
|
0.5
|
|
|
$
|
625.5
|
|
|
$
|
664.1
|
|
|
$
|
(6.4
|
)
|
|
$
|
1,283.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Three Months Ended June 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, beginning of period
|
|
52.3
|
|
|
$
|
0.5
|
|
|
$
|
574.4
|
|
|
$
|
457.5
|
|
|
$
|
(2.1
|
)
|
|
$
|
1,030.3
|
|
Vesting of restricted stock units
|
|
—
|
|
|
—
|
|
|
(1.2
|
)
|
|
—
|
|
|
—
|
|
|
(1.2
|
)
|
|||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
8.7
|
|
|
—
|
|
|
—
|
|
|
8.7
|
|
|||||
Translation adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.7
|
)
|
|
(2.7
|
)
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33.6
|
|
|
—
|
|
|
33.6
|
|
|||||
Balance, end of period
|
|
52.3
|
|
|
$
|
0.5
|
|
|
$
|
581.9
|
|
|
$
|
491.1
|
|
|
$
|
(4.8
|
)
|
|
$
|
1,068.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Common Stock
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
|
|||||||||||||
|
|
Shares
|
|
Par Value
|
|
|
|
|
|||||||||||||||
Six Months Ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, beginning of period
|
|
52.5
|
|
|
$
|
0.5
|
|
|
$
|
601.8
|
|
|
$
|
586.1
|
|
|
$
|
(6.3
|
)
|
|
$
|
1,182.1
|
|
Vesting of restricted stock units
|
|
0.2
|
|
|
—
|
|
|
(6.8
|
)
|
|
—
|
|
|
—
|
|
|
(6.8
|
)
|
|||||
Employee stock purchase plan
|
|
0.1
|
|
|
—
|
|
|
6.9
|
|
|
—
|
|
|
—
|
|
|
6.9
|
|
|||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
23.6
|
|
|
—
|
|
|
—
|
|
|
23.6
|
|
|||||
Translation adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78.0
|
|
|
—
|
|
|
78.0
|
|
|||||
Balance, end of period
|
|
52.8
|
|
|
$
|
0.5
|
|
|
$
|
625.5
|
|
|
$
|
664.1
|
|
|
$
|
(6.4
|
)
|
|
$
|
1,283.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Six Months Ended June 30, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance, beginning of period
|
|
52.2
|
|
|
$
|
0.5
|
|
|
$
|
566.1
|
|
|
$
|
428.4
|
|
|
$
|
(3.6
|
)
|
|
$
|
991.4
|
|
Vesting of restricted stock units
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|||||
Employee stock purchase plan
|
|
0.1
|
|
|
—
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
|
4.3
|
|
|||||
Exercise of stock options
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
13.6
|
|
|
—
|
|
|
—
|
|
|
13.6
|
|
|||||
Translation adjustments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.2
|
)
|
|
(1.2
|
)
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62.7
|
|
|
—
|
|
|
62.7
|
|
|||||
Balance, end of period
|
|
52.3
|
|
|
$
|
0.5
|
|
|
$
|
581.9
|
|
|
$
|
491.1
|
|
|
$
|
(4.8
|
)
|
|
$
|
1,068.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended
|
||||||
June 30,
|
|||||||
|
2019
|
|
2018
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net income
|
$
|
78.0
|
|
|
$
|
62.7
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
46.6
|
|
|
43.0
|
|
||
Stock-based compensation
|
23.3
|
|
|
13.8
|
|
||
Allowance for doubtful accounts
|
1.7
|
|
|
1.3
|
|
||
Workers’ compensation provision
|
1.3
|
|
|
1.4
|
|
||
Other
|
5.5
|
|
|
8.4
|
|
||
Changes in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
||||
Accounts receivable
|
1.0
|
|
|
(32.0
|
)
|
||
Prepaid expenses and income taxes
|
(5.3
|
)
|
|
12.0
|
|
||
Accounts payable
|
(21.0
|
)
|
|
(3.2
|
)
|
||
Accrued payroll and contract professional pay
|
0.5
|
|
|
22.2
|
|
||
Income taxes payable
|
10.0
|
|
|
4.9
|
|
||
Workers’ compensation loss reserves
|
(1.6
|
)
|
|
(1.5
|
)
|
||
Operating lease right of use assets
|
13.9
|
|
|
—
|
|
||
Operating lease liabilities
|
(13.7
|
)
|
|
—
|
|
||
Other
|
0.3
|
|
|
(1.5
|
)
|
||
Net cash provided by operating activities
|
140.5
|
|
|
131.5
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Cash paid for property and equipment
|
(15.9
|
)
|
|
(14.6
|
)
|
||
Cash paid for acquisitions, net of cash acquired
|
(48.5
|
)
|
|
(760.5
|
)
|
||
Other
|
(0.9
|
)
|
|
(0.1
|
)
|
||
Net cash used in investing activities
|
(65.3
|
)
|
|
(775.2
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from long-term debt
|
50.0
|
|
|
822.0
|
|
||
Principal payments of long-term debt
|
(127.0
|
)
|
|
(143.0
|
)
|
||
Debt issuance and amendment costs
|
—
|
|
|
(22.5
|
)
|
||
Proceeds from option exercises and employee stock purchase plan
|
6.9
|
|
|
4.4
|
|
||
Payment of employment taxes related to release of restricted stock awards
|
(6.8
|
)
|
|
(3.2
|
)
|
||
Other
|
—
|
|
|
(5.3
|
)
|
||
Net cash provided by (used in) financing activities
|
(76.9
|
)
|
|
652.4
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
(0.7
|
)
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(1.7
|
)
|
|
8.0
|
|
||
Cash and Cash Equivalents at Beginning of Year
|
41.8
|
|
|
36.7
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
40.1
|
|
|
$
|
44.7
|
|
Supplemental Disclosure of Cash Flow Information
|
|
|
|
||||
Cash paid for:
|
|
|
|
||||
Income taxes
|
$
|
21.0
|
|
|
$
|
4.6
|
|
Interest
|
$
|
25.4
|
|
|
$
|
24.7
|
|
Supplemental Disclosure of Non-Cash Transactions
|
|
|
|
||||
Unpaid portion of additions to property and equipment
|
$
|
1.1
|
|
|
$
|
1.7
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
|
June 30, 2019
|
|
June 30, 2019
|
||||
Operating lease expense
|
|
$
|
8.0
|
|
|
$
|
15.9
|
|
Short-term lease expense
|
|
0.4
|
|
|
0.8
|
|
||
Variable lease expense
|
|
1.2
|
|
|
2.3
|
|
||
Total lease expense
|
|
$
|
9.6
|
|
|
$
|
19.0
|
|
Cash paid for operating lease liabilities
|
|
$
|
15.9
|
|
Operating lease ROU assets obtained in exchange for new operating lease liabilities
|
|
$
|
7.6
|
|
Weighted-average remaining lease term of operating leases
|
|
4.2 years
|
|
|
Weighted-average discount rate of operating leases
|
|
4.6
|
%
|
Remainder of 2019
|
|
$
|
15.3
|
|
2020
|
|
26.9
|
|
|
2021
|
|
22.6
|
|
|
2022
|
|
17.2
|
|
|
2023
|
|
11.8
|
|
|
Thereafter
|
|
9.0
|
|
|
Total future minimum lease payments
|
|
102.8
|
|
|
Less imputed interest
|
|
(9.3
|
)
|
|
Total operating lease liabilities
|
|
$
|
93.5
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
|
June 30, 2018
|
|
June 30, 2018
|
||||
Revenues
|
|
$
|
878.5
|
|
|
$
|
1,712.7
|
|
Income from continuing operations
|
|
$
|
39.9
|
|
|
$
|
74.5
|
|
Net income
|
|
$
|
39.8
|
|
|
$
|
74.3
|
|
|
|
|
|
|
||||
Earnings per share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.76
|
|
|
$
|
1.42
|
|
Diluted
|
|
$
|
0.75
|
|
|
$
|
1.40
|
|
|
|
|
|
|
||||
Weighted average number of shares outstanding
|
|
52.3
|
|
|
52.3
|
|
||
Weighted average number of shares and dilutive shares outstanding
|
|
53.1
|
|
|
53.0
|
|
|
Apex Segment
|
|
Oxford Segment
|
|
ECS Segment
|
|
Total
|
||||||||
Balance as of December 31, 2017
|
$
|
662.1
|
|
|
$
|
232.0
|
|
|
$
|
—
|
|
|
$
|
894.1
|
|
ECS acquisition
|
—
|
|
|
—
|
|
|
528.2
|
|
|
528.2
|
|
||||
Translation adjustment
|
—
|
|
|
(1.2
|
)
|
|
—
|
|
|
(1.2
|
)
|
||||
Balance as of December 31, 2018
|
662.1
|
|
|
230.8
|
|
|
528.2
|
|
|
1,421.1
|
|
||||
DHA acquisition
|
—
|
|
|
—
|
|
|
24.7
|
|
|
24.7
|
|
||||
Translation adjustment
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
||||
Balance as of June 30, 2019
|
$
|
662.1
|
|
|
$
|
230.6
|
|
|
$
|
552.9
|
|
|
$
|
1,445.6
|
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Estimated Useful Life
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||
Subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer and contractual relationships
|
2 - 12.75 years
|
|
$
|
362.4
|
|
|
$
|
162.4
|
|
|
$
|
200.0
|
|
|
$
|
346.9
|
|
|
$
|
145.4
|
|
|
$
|
201.5
|
|
Contractor relationships
|
2 - 5 years
|
|
71.0
|
|
|
70.4
|
|
|
0.6
|
|
|
71.1
|
|
|
67.1
|
|
|
4.0
|
|
||||||
Backlog
|
1 - 2.75 years
|
|
25.0
|
|
|
20.7
|
|
|
4.3
|
|
|
23.1
|
|
|
17.7
|
|
|
5.4
|
|
||||||
Non-compete agreements
|
2 - 7 years
|
|
23.6
|
|
|
11.9
|
|
|
11.7
|
|
|
22.1
|
|
|
9.9
|
|
|
12.2
|
|
||||||
In-use software
|
6 years
|
|
18.9
|
|
|
17.5
|
|
|
1.4
|
|
|
18.9
|
|
|
16.0
|
|
|
2.9
|
|
||||||
Favorable contracts
|
5 years
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|
0.9
|
|
|
0.5
|
|
||||||
|
|
|
500.9
|
|
|
282.9
|
|
|
218.0
|
|
|
483.5
|
|
|
257.0
|
|
|
226.5
|
|
||||||
Not subject to amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks
(1)
|
|
|
258.9
|
|
|
—
|
|
|
258.9
|
|
|
262.2
|
|
|
—
|
|
|
262.2
|
|
||||||
Total
|
|
|
$
|
759.8
|
|
|
$
|
282.9
|
|
|
$
|
476.9
|
|
|
$
|
745.7
|
|
|
$
|
257.0
|
|
|
$
|
488.7
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
$200 million revolving credit facility, due March 31, 2023
|
$
|
10.0
|
|
|
$
|
—
|
|
Term B loan facility, due June 6, 2022
|
250.0
|
|
|
337.0
|
|
||
Term B loan facility, due April 2, 2025
|
787.0
|
|
|
787.0
|
|
||
|
1,047.0
|
|
|
1,124.0
|
|
||
Unamortized deferred loan costs
|
(21.0
|
)
|
|
(23.6
|
)
|
||
|
$
|
1,026.0
|
|
|
$
|
1,100.4
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Weighted average number of common shares outstanding used to compute basic earnings per share
|
52.8
|
|
|
52.3
|
|
|
52.7
|
|
|
52.2
|
|
Dilutive effect of stock-based awards
|
0.6
|
|
|
0.7
|
|
|
0.6
|
|
|
0.7
|
|
Number of shares used to compute diluted earnings per share
|
53.4
|
|
|
53.0
|
|
|
53.3
|
|
|
52.9
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Apex:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
628.5
|
|
|
$
|
567.6
|
|
|
$
|
1,234.6
|
|
|
$
|
1,106.1
|
|
Gross profit
|
|
187.8
|
|
|
169.7
|
|
|
363.2
|
|
|
328.3
|
|
||||
Operating income
|
|
72.9
|
|
|
64.9
|
|
|
133.9
|
|
|
121.2
|
|
||||
Amortization
|
|
5.5
|
|
|
6.6
|
|
|
11.5
|
|
|
13.1
|
|
||||
Oxford:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
153.2
|
|
|
$
|
155.8
|
|
|
$
|
302.8
|
|
|
$
|
302.5
|
|
Gross profit
|
|
62.5
|
|
|
65.5
|
|
|
121.4
|
|
|
124.6
|
|
||||
Operating income
|
|
11.0
|
|
|
14.8
|
|
|
22.7
|
|
|
24.6
|
|
||||
Amortization
|
|
1.0
|
|
|
1.0
|
|
|
2.0
|
|
|
2.1
|
|
||||
ECS:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
190.6
|
|
|
$
|
155.1
|
|
|
$
|
358.6
|
|
|
$
|
155.1
|
|
Gross profit
|
|
34.9
|
|
|
28.7
|
|
|
64.5
|
|
|
28.7
|
|
||||
Operating income
|
|
10.9
|
|
|
3.7
|
|
|
17.8
|
|
|
3.7
|
|
||||
Amortization
|
|
6.6
|
|
|
10.9
|
|
|
13.4
|
|
|
10.9
|
|
||||
Corporate:
|
|
|
|
|
|
|
|
|
||||||||
Operating loss
(1)
|
|
$
|
(21.5
|
)
|
|
$
|
(17.7
|
)
|
|
$
|
(38.4
|
)
|
|
$
|
(38.1
|
)
|
Consolidated:
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
972.3
|
|
|
$
|
878.5
|
|
|
$
|
1,896.0
|
|
|
$
|
1,563.7
|
|
Gross profit
|
|
285.2
|
|
|
263.9
|
|
|
549.1
|
|
|
481.6
|
|
||||
Operating income
|
|
73.3
|
|
|
65.7
|
|
|
136.0
|
|
|
111.4
|
|
||||
Amortization
|
|
13.1
|
|
|
18.5
|
|
|
26.9
|
|
|
26.1
|
|
(1)
|
Corporate expenses primarily consist of consolidated stock-based compensation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses, public company expenses and depreciation expense for corporate assets.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Apex:
|
|
|
|
|
|
|
|
|
||||||||
Assignment
|
|
$
|
613.0
|
|
|
$
|
553.7
|
|
|
$
|
1,205.2
|
|
|
$
|
1,078.6
|
|
Permanent placement
|
|
15.5
|
|
|
13.9
|
|
|
29.4
|
|
|
27.5
|
|
||||
|
|
$
|
628.5
|
|
|
$
|
567.6
|
|
|
$
|
1,234.6
|
|
|
$
|
1,106.1
|
|
Oxford:
|
|
|
|
|
|
|
|
|
||||||||
Assignment
|
|
$
|
131.4
|
|
|
$
|
130.3
|
|
|
$
|
260.8
|
|
|
$
|
255.7
|
|
Permanent placement
|
|
21.8
|
|
|
25.5
|
|
|
42.0
|
|
|
46.8
|
|
||||
|
|
$
|
153.2
|
|
|
$
|
155.8
|
|
|
$
|
302.8
|
|
|
$
|
302.5
|
|
ECS:
|
|
|
|
|
|
|
|
|
||||||||
Firm-fixed-price
|
|
$
|
46.1
|
|
|
$
|
44.8
|
|
|
$
|
89.4
|
|
|
$
|
44.8
|
|
Time and materials
|
|
70.8
|
|
|
49.0
|
|
|
132.2
|
|
|
49.0
|
|
||||
Cost-plus-fixed-fee
|
|
73.7
|
|
|
61.3
|
|
|
137.0
|
|
|
61.3
|
|
||||
|
|
$
|
190.6
|
|
|
$
|
155.1
|
|
|
$
|
358.6
|
|
|
$
|
155.1
|
|
Consolidated
|
|
$
|
972.3
|
|
|
$
|
878.5
|
|
|
$
|
1,896.0
|
|
|
$
|
1,563.7
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
||||||||||||||||||||||
|
|
June 30,
|
|
June 30,
|
|
|
||||||||||||||||||||||
|
|
2019
|
|
%
|
|
2018
|
|
%
|
|
2019
|
|
%
|
|
2018
|
|
%
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Domestic
|
|
$
|
929.8
|
|
|
95.6
|
%
|
|
$
|
838.0
|
|
|
95.4
|
%
|
|
$
|
1,810.9
|
|
|
95.5
|
%
|
|
$
|
1,485.3
|
|
|
95.0
|
%
|
Foreign
|
|
42.5
|
|
|
4.4
|
%
|
|
40.5
|
|
|
4.6
|
%
|
|
85.1
|
|
|
4.5
|
%
|
|
78.4
|
|
|
5.0
|
%
|
||||
|
|
$
|
972.3
|
|
|
100
|
%
|
|
$
|
878.5
|
|
|
100
|
%
|
|
$
|
1,896.0
|
|
|
100
|
%
|
|
$
|
1,563.7
|
|
|
100
|
%
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Department of Defense and Intelligence Agencies
|
|
$
|
107.6
|
|
|
$
|
95.5
|
|
|
$
|
203.6
|
|
|
$
|
95.5
|
|
Federal Civilian
|
|
71.3
|
|
|
51.0
|
|
|
131.5
|
|
|
51.0
|
|
||||
Commercial and Other
|
|
11.7
|
|
|
8.6
|
|
|
23.5
|
|
|
8.6
|
|
||||
|
|
$
|
190.6
|
|
|
$
|
155.1
|
|
|
$
|
358.6
|
|
|
$
|
155.1
|
|
|
|
2019
|
|
2018
|
|
% Change
|
|
|||||
Revenues by segment:
|
|
|
|
|
|
|
|
|||||
Apex:
|
|
|
|
|
|
|
|
|||||
Assignment
|
|
$
|
613.0
|
|
|
$
|
553.7
|
|
|
10.7
|
%
|
|
Permanent placement
|
|
15.5
|
|
|
13.9
|
|
|
12.1
|
%
|
|
||
|
|
628.5
|
|
|
567.6
|
|
|
10.8
|
%
|
|
||
Oxford:
|
|
|
|
|
|
|
|
|||||
Assignment
|
|
131.4
|
|
|
130.3
|
|
|
0.8
|
%
|
|
||
Permanent placement
|
|
21.8
|
|
|
25.5
|
|
|
(14.6
|
)%
|
|
||
|
|
153.2
|
|
|
155.8
|
|
|
(1.7
|
)%
|
|
||
|
|
|
|
|
|
|
|
|||||
ECS
|
|
190.6
|
|
|
155.1
|
|
|
22.8
|
%
|
|
||
|
|
|
|
|
|
|
|
|
||||
Consolidated:
|
|
|
|
|
|
|
|
|||||
Assignment
|
|
744.4
|
|
|
684.0
|
|
|
8.8
|
%
|
|
||
Permanent placement
|
|
37.3
|
|
|
39.4
|
|
|
(5.2
|
)%
|
|
||
ECS
|
|
190.6
|
|
|
155.1
|
|
|
22.8
|
%
|
|
||
|
|
$
|
972.3
|
|
|
$
|
878.5
|
|
|
10.7
|
%
|
|
Percentage of total revenues:
|
|
|
|
|
|
|
|
|||||
Apex
|
|
64.6
|
%
|
|
64.6
|
%
|
|
|
|
|||
Oxford
|
|
15.8
|
%
|
|
17.7
|
%
|
|
|
|
|||
ECS
|
|
19.6
|
%
|
|
17.7
|
%
|
|
|
|
|||
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||||
Assignment
|
|
76.6
|
%
|
|
77.8
|
%
|
|
|
|
|||
Permanent placement
|
|
3.8
|
%
|
|
4.5
|
%
|
|
|
|
|||
ECS
|
|
19.6
|
%
|
|
17.7
|
%
|
|
|
|
|||
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|||
|
|
|
|
|
|
|
|
|||||
Domestic
|
|
95.6
|
%
|
|
95.4
|
%
|
|
|
|
|||
Foreign
|
|
4.4
|
%
|
|
4.6
|
%
|
|
|
|
|||
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
2019
|
|
2018
|
|
% Change
|
|
|||||
Gross profit:
|
|
|
|
|
|
|
|
|||||
Apex
|
|
$
|
187.8
|
|
|
$
|
169.7
|
|
|
10.7
|
%
|
|
Oxford
|
|
62.5
|
|
|
65.5
|
|
|
(4.7
|
)%
|
|
||
ECS
|
|
34.9
|
|
|
28.7
|
|
|
21.9
|
%
|
|
||
Consolidated
|
|
$
|
285.2
|
|
|
$
|
263.9
|
|
|
8.1
|
%
|
|
Gross margin:
|
|
|
|
|
|
|
|
|||||
Apex
|
|
29.9
|
%
|
|
29.9
|
%
|
|
|
|
|||
Oxford
|
|
40.8
|
%
|
|
42.0
|
%
|
|
|
|
|||
ECS
|
|
18.3
|
%
|
|
18.5
|
%
|
|
|
|
|||
Consolidated
|
|
29.3
|
%
|
|
30.0
|
%
|
|
|
|
|
|
Reported
|
|
Pro Forma
|
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
|
||||||||||
Revenues by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Apex:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assignment
|
|
$
|
1,205.2
|
|
|
$
|
1,078.6
|
|
|
11.7
|
%
|
|
$
|
1,205.2
|
|
|
$
|
1,078.6
|
|
|
11.7
|
%
|
|
Permanent placement
|
|
29.4
|
|
|
27.5
|
|
|
7.1
|
%
|
|
29.4
|
|
|
27.5
|
|
|
7.1
|
%
|
|
||||
|
|
1,234.6
|
|
|
1,106.1
|
|
|
11.6
|
%
|
|
1,234.6
|
|
|
1,106.1
|
|
|
11.6
|
%
|
|
||||
Oxford:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assignment
|
|
260.8
|
|
|
255.7
|
|
|
2.0
|
%
|
|
260.8
|
|
|
255.7
|
|
|
2.0
|
%
|
|
||||
Permanent placement
|
|
42.0
|
|
|
46.8
|
|
|
(10.2
|
)%
|
|
42.0
|
|
|
46.8
|
|
|
(10.2
|
)%
|
|
||||
|
|
302.8
|
|
|
302.5
|
|
|
0.1
|
%
|
|
302.8
|
|
|
302.5
|
|
|
0.1
|
%
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
ECS
|
|
358.6
|
|
|
155.1
|
|
|
131.1
|
%
|
|
358.6
|
|
|
304.2
|
|
|
17.9
|
%
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Consolidated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assignment
|
|
1,466.0
|
|
|
1,334.3
|
|
|
9.9
|
%
|
|
1,466.0
|
|
|
1,334.3
|
|
|
9.9
|
%
|
|
||||
Permanent placement
|
|
71.4
|
|
|
74.3
|
|
|
(3.8
|
)%
|
|
71.4
|
|
|
74.3
|
|
|
(3.8
|
)%
|
|
||||
ECS
|
|
358.6
|
|
|
155.1
|
|
|
131.1
|
%
|
|
358.6
|
|
|
304.2
|
|
|
17.9
|
%
|
|
||||
|
|
$
|
1,896.0
|
|
|
$
|
1,563.7
|
|
|
21.3
|
%
|
|
$
|
1,896.0
|
|
|
$
|
1,712.8
|
|
|
10.7
|
%
|
|
Percentage of total revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Apex
|
|
65.1
|
%
|
|
70.7
|
%
|
|
|
|
65.1
|
%
|
|
64.6
|
%
|
|
|
|
||||||
Oxford
|
|
16.0
|
%
|
|
19.3
|
%
|
|
|
|
16.0
|
%
|
|
17.7
|
%
|
|
|
|
||||||
ECS
|
|
18.9
|
%
|
|
10.0
|
%
|
|
|
|
18.9
|
%
|
|
17.7
|
%
|
|
|
|
||||||
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assignment
|
|
77.3
|
%
|
|
85.2
|
%
|
|
|
|
77.3
|
%
|
|
78.0
|
%
|
|
|
|
||||||
Permanent placement
|
|
3.8
|
%
|
|
4.8
|
%
|
|
|
|
3.8
|
%
|
|
4.3
|
%
|
|
|
|
||||||
ECS
|
|
18.9
|
%
|
|
10.0
|
%
|
|
|
|
18.9
|
%
|
|
17.7
|
%
|
|
|
|
||||||
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic
|
|
95.5
|
%
|
|
95.0
|
%
|
|
|
|
95.5
|
%
|
|
95.4
|
%
|
|
|
|
||||||
Foreign
|
|
4.5
|
%
|
|
5.0
|
%
|
|
|
|
4.5
|
%
|
|
4.6
|
%
|
|
|
|
||||||
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
Reported
|
|
Pro Forma
|
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
% Change
|
|
2019
|
|
2018
|
|
% Change
|
|
||||||||||
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Apex
|
|
$
|
363.2
|
|
|
$
|
328.3
|
|
|
10.6
|
%
|
|
$
|
363.2
|
|
|
$
|
328.3
|
|
|
10.6
|
%
|
|
Oxford
|
|
121.4
|
|
|
124.6
|
|
|
(2.6
|
)%
|
|
121.4
|
|
|
124.6
|
|
|
(2.6
|
)%
|
|
||||
ECS
|
|
64.5
|
|
|
28.7
|
|
|
125.1
|
%
|
|
64.5
|
|
|
55.4
|
|
|
16.6
|
%
|
|
||||
Consolidated
|
|
$
|
549.1
|
|
|
$
|
481.6
|
|
|
14.0
|
%
|
|
$
|
549.1
|
|
|
$
|
508.3
|
|
|
8.0
|
%
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Apex
|
|
29.4
|
%
|
|
29.7
|
%
|
|
|
|
29.4
|
%
|
|
29.7
|
%
|
|
|
|
||||||
Oxford
|
|
40.1
|
%
|
|
41.2
|
%
|
|
|
|
40.1
|
%
|
|
41.2
|
%
|
|
|
|
||||||
ECS
|
|
18.0
|
%
|
|
18.5
|
%
|
|
|
|
18.0
|
%
|
|
18.2
|
%
|
|
|
|
||||||
Consolidated
|
|
29.0
|
%
|
|
30.8
|
%
|
|
|
|
29.0
|
%
|
|
29.7
|
%
|
|
|
|
(in millions)
|
|
June 30, 2019
|
|
March, 31, 2019
|
||||
Funded Contract Backlog
|
|
$
|
356.6
|
|
|
$
|
458.6
|
|
Negotiated Unfunded Contract Backlog
|
|
1,589.4
|
|
|
1,317.9
|
|
||
Contract Backlog
|
|
$
|
1,946.0
|
|
|
$
|
1,776.5
|
|
|
ASGN Incorporated
|
|
|
|
|
August 8, 2019
|
By:
|
/s/ Edward L. Pierce
|
|
|
Edward L. Pierce
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year ASGN Chart |
1 Month ASGN Chart |
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