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February 14, 2018
1:15 p.m. PST
Revenues were $679.1 million, up 9.4 percent over the fourth quarter of 2016 (up 8.6 percent year-over-year excluding the revenue contribution from Stratacuity, which was acquired in August 2017).
Net income of $67.3 million ($1.28 per diluted share), was up from $24.0 million ($0.45 per diluted share) in the fourth quarter of 2016.
Net income included a one-time, non-cash benefit of $31.4 million ($0.59 per diluted share) from the reduction in deferred tax liabilities related to the recently enacted Tax Cuts and Jobs Act.
Cash flows from operating activities were $58.3 million for the quarter and $196.4 million for the full year 2017.
Adjusted EBITDA (a non-GAAP measure) was $82.9 million (12.2 percent of revenues), up from $70.7 million (11.4 percent of revenues) in the fourth quarter of 2016.
The Company paid down $35.5 million of debt during the quarter and the leverage ratio (a non-GAAP measure) at December 31, 2017 was 1.89 to 1, down from 2.08 to 1 at September 30, 2017.
Through December 31, 2017, On Assignment had repurchased approximately 2.4 million shares for $101.2 million, at an average per share price of $42.81 under its $150 million stock repurchase program.
On January 31, 2018, the Company entered into an agreement to acquire ECS Federal, LLC ("ECS") for approximately $775.0 million in cash. The acquisition is expected to close on April 2, 2018.
The following information was filed by Asgn Inc (ASGN) on Thursday, February 15, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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