Exhibit 99.1


 
 
For Release
 
 
July 24, 2019
 
 
1:15 p.m. PDT


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

ASGN Incorporated Reports Second Quarter 2019 Results
Excluding One-time Charges, Financial Results were within Guidance

CALABASAS, Calif., July 24, 2019 -- ASGN Incorporated (NYSE: ASGN), one of the foremost providers of IT and professional services in the technology, digital, creative, engineering, life sciences and government sectors, today reported financial results for the quarter ended June 30, 2019.

Second Quarter Highlights
Revenues were $972.3 million, up 10.7 percent over the second quarter of 2018 and at the mid-point of our financial guidance.
Financial results included two one-time charges totaling $8.6 million ($6.7 million, or $0.12 per diluted share, after income taxes), which were not included in our guidance. These one-time charges were: (i) an accrual of $5.3 million in estimated CEO transition expenses, which included $3.5 million in stock-based compensation and (ii) a write-off of $3.3 million for certain foreign trademarks.
Excluding these one-time charges, net income, Adjusted Net Income (a non-GAAP measure) and Adjusted EBITDA (a non-GAAP measure) all approximated the mid-point of our guidance.
Net income on a reported basis was $43.1 million ($0.81 per diluted share) and $49.8 million ($0.93 per diluted share) excluding the one-time charges.
Adjusted Net Income was $58.9 million ($1.10 per diluted share), and $63.1 million ($1.18 per diluted share) adjusted for the effects of the CEO transition.
Adjusted EBITDA was $114.2 million (11.7 percent of revenues), and $116.0 million (11.9 percent of revenues) adjusted for the effects of the CEO transition.
Cash flows from operating activities were $96.5 million and free cash flow (a non-GAAP measure) was $88.1 million, or 9.1 percent of revenues.
During the quarter, the Company paid down $83.0 million of long-term debt resulting in a leverage ratio (a non-GAAP measure) of 2.40 to 1 at June 30, 2019, and down from 2.65 to 1 at March 31, 2019.
Book-to-bill ratio (a non-GAAP measure) for ECS for the quarter was 1.9 to 1. Book-to-bill ratio is calculated as the sum of the change in total contract backlog during the quarter plus revenues for the quarter, divided by revenues for the quarter.
Contract backlog (a non-GAAP measure) for ECS at June 30, 2019 was $1.9 billion, up 9.5 percent from $1.8 billion at the end of the preceding quarter.
On May 31, 2019, ASGN's Board of Directors approved a $250.0 million stock repurchase program.

1

The following information was filed by Asgn Inc (ASGN) on Wednesday, July 24, 2019 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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