ASGN rporated(US:ASGN)2025-07-30 21:06Financial Performance - Revenues for Q2 2025 were $1,020.6 million, a decrease of 1.3% from $1,034.7 million in Q2 2024[8] - Net income for Q2 2025 was $29.3 million, a decline of 38.0% compared to $47.2 million in Q2 2024[8] - Basic earnings per share for Q2 2025 were $0.67, down from $1.03 in Q2 2024, representing a decrease of 35.0%[8] - Gross profit for the six months ended June 30, 2025, was $568.7 million, down 4.8% from $597.3 million in the same period of 2024[8] - Net income for the six months ended June 30, 2025, was $50.2 million, a decrease of 41.1% compared to $85.3 million in 2024[11] - Total comprehensive income for Q2 2025 was $31.9 million, compared to $49.3 million in Q2 2024, a decrease of 35.2%[8] - Operating income decreased to $59.6 million in Q2 2025, a decline of 26.0% from $80.4 million in Q2 2024[8] - Segment operating income for the Commercial Segment in Q2 2025 was $64.6 million, compared to $74.7 million in Q2 2024, a decline of 13.5%[30] Assets and Liabilities - Total assets increased to $3,715.0 million as of June 30, 2025, compared to $3,429.0 million at the end of 2024, reflecting a growth of 8.4%[7] - Long-term debt rose to $1,211.7 million as of June 30, 2025, up from $1,033.5 million at the end of 2024, indicating an increase of 17.3%[7] - Stockholders' equity increased to $1,826.8 million as of June 30, 2025, compared to $1,776.7 million at the end of 2024, a growth of 2.8%[7] - Cash and cash equivalents decreased to $138.9 million as of June 30, 2025, from $205.2 million at the end of 2024, a decline of 32.2%[7] - The carrying amount of long-term debt as of June 30, 2025, was $1.2 billion, with its fair value slightly less than the carrying value[37] Acquisitions - The company completed an acquisition that contributed $28.7 million to paid-in capital during the six months ended June 30, 2025[10] - The company acquired TopBloc, LLC for $340.0 million, with 90% paid in cash and 10% in equity, impacting the Commercial Segment[14] - Goodwill increased to $2,141.0 million as of June 30, 2025, following the acquisition of TopBloc, which contributed $246.3 million[15] Expenses - Selling, general, and administrative expenses for Q2 2025 were $216.8 million, an increase of 5.8% from $205.6 million in Q2 2024[8] - Corporate SG&A expenses for the six months ended June 30, 2025, were $56.7 million, an increase from $39.9 million in the same period of 2024[31] - The company reported interest expense of $18.2 million for the three months ended June 30, 2025, compared to $15.8 million in the same period of 2024[30] Cash Flow - Net cash provided by operating activities was $141.7 million, down from $164.0 million in the same period last year[11] - Cash flows from operating activities for the first half of 2025 were $141.7 million, down from $164.0 million in the same period of 2024[11] - The company incurred $306.1 million in cash paid for acquisitions in the first half of 2025[11] Tax and Compliance - The effective tax rate is based on the estimated full-year income and is subject to adjustments for discrete items occurring in the period[22] - The company expects no material impact from the One Big Beautiful Bill Act on its estimated effective tax rate[23] - The company was in compliance with its debt covenants, with a senior secured debt to trailing-twelve-months EBITDA ratio of 1.53 to 1 as of June 30, 2025[19] Segment Performance - Total revenues for the Commercial Segment in Q2 2025 were $708.1 million, compared to $725.7 million in Q2 2024, reflecting a decline of 2.4%[30] - Federal Government Segment revenues for Q2 2025 were $312.5 million, slightly up from $309.0 million in Q2 2024, an increase of 0.5%[33] - The Department of Defense and Intelligence Agencies contributed $136.2 million to Federal Government Segment revenues for the three months ended June 30, 2025, down from $141.6 million in 2024[33] Future Projections - Estimated future amortization expense for identifiable intangible assets is projected to be $182.3 million over the next several years[17] - The estimated future amortization expense for identifiable intangible assets totals $182.3 million, with $33.3 million expected in the remainder of 2025[17]