Exhibit 99.1


 
 
For Release
 
 
July 25, 2018
 
 
1:15 p.m. PDT


Contacts:
Ed Pierce
Chief Financial Officer         
(818) 878-7900
 

ASGN Incorporated Reports Second Quarter 2018 Results
Financial Results above previously-announced estimates

CALABASAS, Calif., July 25, 2018 -- ASGN Incorporated (NYSE: ASGN), a leading provider of IT and professional services in the technology, creative/digital, engineering, life sciences fields across commercial and government sectors, today reported financial results for the quarter ended June 30, 2018.

Highlights
Revenues were $878.5 million, up 34.5 percent (10.1 percent on a pro forma basis) over the second quarter of 2017. Pro forma assumes the acquisition of ECS occurred at the beginning of 2017.
Net income was $33.6 million ($0.63 per diluted share), up from $33.1 million ($0.62 per diluted share) in the second quarter of 2017.
Adjusted Net Income (a non-GAAP measure) was $58.7 million ($1.11 per diluted share), up from $41.5 million ($0.78 per diluted share) in the second quarter of 2017.
Adjusted EBITDA (a non-GAAP measure) was $106.6 million (12.1 percent of revenues), up from $80.5 million (12.3 percent of revenues) in the second quarter of 2017.
Cash flows from operating activities were $76.7 million, up from $39.8 million in the second quarter of 2017.
Free cash flow (a non-GAAP measure) was $68.4 million, or 7.8 percent of revenues.
Effective April 2, 2018, acquired ECS Federal, LLC ("ECS") for $775.0 million in cash and amended the credit facility. Operating results of ECS were included in ASGN's consolidated results for the full quarter and were accretive to ASGN's Adjusted Net Income and Adjusted Earnings per Share.
During the quarter, paid down $133.0 million of debt and the leverage ratio (a non-GAAP measure) was 3.2 to 1 at June 30, 2018, down from 3.7 to 1, which was the leverage ratio after completion of the ECS acquisition on April 2, 2018.
During the quarter, ECS secured $162.4 million in new awards, which are included in its $1.4 billion contract backlog as of June 30, 2018.

Management Commentary

"The U.S. economy is performing well and across our customer base of commercial and government organizations, we are seeing investment in advancing their businesses and services,” commented Peter Dameris, CEO of ASGN. “Against this positive economic backdrop, ASGN executed well and we were able to grow substantially faster than the published industry growth rates for the 18th consecutive quarter. We expect our size and service offerings will continue to position ASGN to generate solid above-market growth in the quarters ahead."


1

The following information was filed by Asgn Inc (ASGN) on Wednesday, July 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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