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ASGN rporated(ASGN) - 2025 Q1 - Quarterly Results
ASGNASGN rporated(ASGN)2025-04-23 20:14
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Financial Performance - Total revenues for Q1 2025 were 968.3million,adecreasefrom968.3 million, a decrease from 1.05 billion in Q1 2024[5] - Net income for Q1 2025 was 20.9million,downfrom20.9 million, down from 38.1 million in the same period last year[9] - Adjusted EBITDA for Q1 2025 was 93.6million,representing9.793.6 million, representing 9.7% of revenues, compared to 108.3 million or 10.3% in Q1 2024[10] - SG&A expenses increased to 214.5millionfrom214.5 million from 210.2 million in Q1 2024, including a 4.4millionwrite−offrelatedtosoftwareenhancements[8]−CashprovidedbyoperatingactivitiesforQ12025was4.4 million write-off related to software enhancements[8] - Cash provided by operating activities for Q1 2025 was 16.8 million, a decrease of 77% from 73.3millioninQ42024[24]−FreeCashFlowforQ12025was73.3 million in Q4 2024[24] - Free Cash Flow for Q1 2025 was 6.6 million, down 89% from 62.5millioninQ42024[24]−NetincomeforQ12025was62.5 million in Q4 2024[24] - Net income for Q1 2025 was 20.9 million, a decline of 45% compared to 38.1millioninQ42024[26]−AdjustedEBITDAforQ12025was38.1 million in Q4 2024[26] - Adjusted EBITDA for Q1 2025 was 93.6 million, down 13.5% from 108.3millioninQ42024[26]−ThecompanyexpectsnetincomeforQ22025tobebetween108.3 million in Q4 2024[26] - The company expects net income for Q2 2025 to be between 29.3 million and 34.3million[28]−AdjustedNetIncomeforQ22025isprojectedtorangefrom34.3 million[28] - Adjusted Net Income for Q2 2025 is projected to range from 45.5 million to 50.5million[28]RevenueSegments−ITconsultingrevenuesaccountedforapproximately6150.5 million[28] Revenue Segments - IT consulting revenues accounted for approximately 61% of total revenues, up from 56.7% in Q1 2024[6] - The Commercial Segment generated revenues of 672.2 million, down from 731.5millioninQ12024,whiletheFederalGovernmentSegmentrevenueswere731.5 million in Q1 2024, while the Federal Government Segment revenues were 296.1 million, down from 317.5million[5]−NewbookingsintheCommercialSegmentforthetrailingtwelvemonthswere317.5 million[5] - New bookings in the Commercial Segment for the trailing twelve months were 1.3 billion, with a book-to-bill ratio of 1.1[3] - New contract awards in the Federal Government Segment for the trailing twelve months were 1.5billion,withabook−to−billratioof1.2[3]−Thecompanyreportedabook−to−billratiofortheCommercialconsultingbusiness,indicatingstrongdemandfornewcontracts[33]−ThecompanyanticipatescontinuedgrowthintheFederalGovernmentSegmentwithnewcontractawardsexpectedtocontributetofuturerevenues[34]AcquisitionsandInvestments−ThecompanycompletedtheacquisitionofTopBlocfor1.5 billion, with a book-to-bill ratio of 1.2[3] - The company reported a book-to-bill ratio for the Commercial consulting business, indicating strong demand for new contracts[33] - The company anticipates continued growth in the Federal Government Segment with new contract awards expected to contribute to future revenues[34] Acquisitions and Investments - The company completed the acquisition of TopBloc for 340 million, financed with 90% cash and 10% equity[11] Future Outlook - The company expects Q2 2025 revenues to range between 985millionand985 million and 1.015 billion, reflecting current market conditions[12] - Total assets increased to 3,698.4millioninQ12025,upfrom3,698.4 million in Q1 2025, up from 3,429.0 million in Q4 2024[24] - Long-term debt rose to 1,282.6millioninQ12025,anincreaseof241,282.6 million in Q1 2025, an increase of 24% from 1,033.5 million in Q4 2024[24]