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- **Revenue Growth**: Q4 2025 revenue $980.1M (top of guidance), IT consulting at 63%. Commercial bookings $444.4M (1.3x book-to-bill). 
- **AI and M&A**: 80% of enterprises plan to increase AI spending. Quinnox acquisition ($290M) adds digital engineering and global delivery, targeting 2.9x leverage post-close. 
- **Financial Strength**: Adjusted EBITDA $107.9M (11% margin), free cash flow $93.7M. Q1 2026 guidance: $960-980M revenue, 9.7-10.1% EBITDA margin. 
- **Government Segment**: Federal backlog $3B (2.5x coverage), focus on defense and cybersecurity. DOGE impact to anniversary in Q1 2026. 
- **Share Buybacks**: $64.2M in Q4, $972M remaining under $1B program.

**【CEO Summary Section】**
- **Revenue Growth and AI Focus**: Q4 2025 revenue of $980.1M (top of guidance) with IT consulting at 63% of total. AI-driven demand from 80% of enterprises planning to increase AI spending in 2026. Quinnox acquisition adds digital engineering and global delivery capabilities, with 1.3x book-to-bill and $444.4M commercial bookings. Federal segment bookings of $144.2M, with $3B backlog and 2.5x coverage ratio. Transition to Everforth brand to unify commercial and federal solutions. Free cash flow of $93.7M and $64.2M share buybacks. 
- **M&A Strategy**: Quinnox ($290M cash) enhances digital engineering, AI governance, and global delivery. Post-close leverage expected at 2.9x, targeting 2.5x over time. Share repurchase program with $972M remaining. 

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income $25.2M, adjusted EBITDA $107.9M (11% margin). Commercial segment gross margin 32.6%, federal 19.9% (down 60bps due to DOGE loss). SG&A $210.5M (includes $10.7M M&A costs). Free cash flow conversion 87% vs. 60-65% target. Full-year free cash flow $288.1M (68.2% of EBITDA). 
- **Guidance for Q1 2026**: Revenue $960-980M, net income $25.8-29.4M, adjusted EBITDA $93.5-98.5M (9.7-10.1% margin). Excludes Quinnox contribution (expected $100M+ in 2026 with low-20% EBITDA margin). 

**【Q&A Highlights】**
- **M&A and Leverage**: Organic growth prioritized, but M&A enhances solution capabilities (e.g., Quinnox for digital engineering). Current leverage 2.4x, post-Quinnox 2.9x, targeting 2.5x. Share buybacks ($64.2M in Q4) balanced with M&A and growth. 
- **Government Business Outlook**: Federal segment sees pent-up demand post-shutdown, with focus on defense, intelligence, and cybersecurity. DOGE impact to anniversary in Q1 2026. Federal gross margin expected to stabilize near 20%. 
- **AI and Client Demand**: 80% of enterprises plan to increase AI spending. ASGN's AI Factory and Watchtower tool address governance and scalability challenges. Quinnox's AI-first workforce and global delivery centers complement ASGN's nearshore capabilities. 
- **Cost Savings**: $80M+ structural cost savings over 3 years, ramping in 2026. Quinnox's low-40s gross margin and 20% EBITDA margin expected to accrete. 
- **Client Mix**: Healthcare (mid-teens growth), consumer/industrial (low-teens), TMT (low single-digit). Federal clients (70% of gov revenue) focus on AI, modernization, and cybersecurity. Quinnox's AWS, Databricks, and Snowflake partnerships expand ASGN's platform reach.

ASGN Incorporated (ASGN) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 2025 revenue $1.01B, IT consulting at 63% of total. Commercial consulting up 17.5% YoY.
- **AI Momentum**: 70% of AI projects require platform integration; ASGN accelerators reduce timelines by 25%.
- **Financial Strength**: Adjusted EBITDA $112.6M (11.1% margin); free cash flow $72M. Q4 guidance cautious on Federal due to shutdown.
- **Strategic Positioning**: Benefits from H-1B tightening; leading in data/AI, application development, and federal defense work.
- **Risks**: Softness in staffing; potential delays in Federal awards from government shutdown.

**【CEO Summary Section】**
- Q3 2025 revenue reached $1.01 billion, with IT consulting contributing 63% (up from 58% YoY). Commercial consulting revenue grew 17.5% YoY to $334.9 million.
- Bookings: Commercial consulting at 1.2x TTM book-to-bill; Federal segment awards $461 million (1x TTM). Federal backlog $3.1 billion (2.6x TTM coverage).
- AI investment highlights: 70% of client AI projects require deep platform integration; ASGN's accelerators reduce project timelines by 25%.
- H-1B visa impact: Tighter regulations favor onshore/nearshore delivery, aligning with ASGN's capabilities.

**【President's Industry & Project Insights】**
- **Commercial Performance**: Consumer/industrial up mid-teens YoY; healthcare +high single digits YoY. Sequential growth in healthcare, consumer/industrial, TMT.
- **Federal Segment**: Defense/intel 70% of revenues; DHS projects drive 12% YoY growth. Federal bookings 1.5x Q3 2025.
- **Key Projects**: Fortune 500 data platform modernization (Databricks, AWS), FBI DNA analytics, crop insurance modernization (3-year $376M contract).

**【CFO Financial Commentary】**
- Q3 2025: GAAP net income $38.1M, adjusted EBITDA $112.6M (11.1% margin). Free cash flow $72M (64% conversion).
- Margins: Commercial segment 33.2% (up 40bps YoY); Federal 20.3% (down 40bps YoY). SG&A $212.2M (+2.3% YoY).
- Q4 Guidance: Revenue $960M-$980M; adjusted EBITDA $102M-$107M (10.6%-10.9% margin). Share buybacks $46M Q3, $423M remaining.

**【Q&A Highlights】**
- **Government Shutdown**: Minimal impact to date; cautious on Q4 Federal bookings due to award delays.
- **AI ROI Challenges**: 70% of projects require enterprise platform integration; ASGN's accelerators reduce risk/time-to-value.
- **Competitive Dynamics**: Pricing stable in consulting; staffing faces headwinds as clients prioritize outcomes over augmentation.
- **One Big Beautiful Bill**: Defense funding increases expected to flow into 2026 revenues via new contracts.
- **Accelerators Pricing**: Exploring standalone pricing for AI tools like Pathfinder, but early days.

ASGN Incorporated (ASGN) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 revenue of $1.02 billion exceeded guidance, with IT consulting at 63% of total.
- **AI Strategy**: Launched AI Innovation Center with accelerators like financial services agents and code discovery tools.
- **Federal Backlog**: $2.9 billion in new federal contracts, despite DOGE-related delays.
- **Financial Performance**: Adjusted EBITDA of $108.5 million (10.6% margin); free cash flow conversion at 107%.
- **Q3 Guidance**: Revenue $992-1,012 million; adjusted EBITDA $108.5-113.5 million.
- **TopBloc Update**: Tracking ahead of $150 million annual target with strong EBITDA margins.


**【Management Opening Remarks】**
- ASGN reported Q2 2025 revenue of $1.02 billion, above the high end of guidance, with adjusted EBITDA margin of 10.6%.
- IT consulting revenue grew to 63% of total revenue, up from 57% year-over-year, driven by demand for cloud, data, and AI solutions.
- Commercial consulting bookings reached $417.5 million (1.2x book-to-bill), while federal bookings were $72 million (1.1x book-to-bill).

**【CEO Summary Section】**
- Emphasized AI as a growth driver, with ASGN's AI Innovation Center developing accelerators like financial services agents and rapid code discovery tools.
- Federal government business remains resilient despite DOGE delays, with $2.9 billion in new federal backlog.
- Announced an Investor Day in Q4 to discuss long-term strategy and growth opportunities.

**【President (Shiv Iyer) Segment】**
- Commercial segment performance: Consumer & industrial verticals grew mid-double digits YoY, while healthcare and financial services were flat or declining.
- Federal government revenue split: 72% from defense/intelligence, 14% from national security, and 14% from civilian accounts.
- Key wins included Workday implementations for insurance and construction clients, and ServiceNow GenAI deployments for a video game company.

**【CFO Financial Commentary】**
- Q2 GAAP net income: $29.3 million; adjusted EBITDA: $108.5 million (10.6% margin).
- Commercial segment gross margin: 33.0% (up 30bps YoY); federal gross margin: 19.2% (down 140bps YoY due to low-margin software licenses).
- Free cash flow: $115.8 million (107% of adjusted EBITDA), with $9.5 million used for share buybacks.
- Q3 2025 guidance: Revenue $992-1,012 million; adjusted EBITDA $108.5-113.5 million (10.9-11.2% margin).

**【Q&A Key Highlights】**
- **TopBloc Performance**: Tracking ahead of $150 million annual revenue target, with EBITDA margins in the high teens.
- **AI Impact on Assignment Business**: No material disruption; cyclicality remains the primary driver of softness.
- **Federal Government Margins**: Expect 20-21% gross margin range, with potential for improvement via direct labor growth.
- **Internal AI Use**: Enhancing productivity in recruiting, proposal generation, and cybersecurity threat detection.


ASGN Incorporated (ASGN) Q2 2025 Earnings Call Transcript

- **Resilient Q1 Performance**: Revenue in line with guidance ($968.3M), with Commercial consulting up 4.7% YoY and Federal bookings at 1.2x book-to-bill.
- **AI and Cloud Growth Drivers**: TopBloc acquisition (Workday services) exceeded expectations, while Gen AI projects (e.g., supply chain optimization) demonstrate client demand for cost-saving solutions.
- **Federal Segment Resilience**: Despite DOGE-related revenue decline, new contract awards ($343.1M) and focus on IT modernization (e.g., FBI cloud integration) highlight strategic positioning.
- **Margin Strength**: Adjusted EBITDA margin of 9.7% with 20bps gross margin improvement; Q2 guidance reflects cautious macro outlook but maintains 10.3%-10.6% margin target.
- **Shareholder Returns**: $50.4M in share buybacks (0.6M shares) with $478.6M remaining under $750M authorization.
- **Risks & Opportunities**: DOGE impact <2% of revenue; Mexico nearshore growth as cost-effective AI/cloud delivery model.

**【CEO Summary Section】**
- Q1 2025 revenue of $968.3 million, in line with guidance, with Commercial segment consulting up 4.7% YoY and Federal bookings at 1.2x book-to-bill.
- AI and data solutions drove growth, with examples including supply chain optimization using Gen AI and cloud-based automation for banking clients.
- Federal government segment saw strong new contract awards ($343.1M) despite DOGE-related revenue decline, with focus on IT modernization and cybersecurity.
- Acquisition of TopBloc (Workday services) exceeded early bookings and revenue expectations, contributing to long-term AI and cloud strategy.

**【CFO Financial Commentary】**
- GAAP net income of $20.9M; adjusted EBITDA of $93.6M (9.7% margin), in line with guidance.
- Gross margin improved 20bps to 28.4%, driven by higher consulting mix (61% of total revenue vs 57% YoY).
- SG&A expenses declined $6M YoY (excluding one-time items), reflecting cost control.
- Q2 2025 guidance: revenue $985M-$1.015B, adjusted EBITDA $101M-$108M (10.3%-10.6% margin), with DOGE impact <2% of total revenue.
- Free cash flow of $6.6M (lower due to DSO timing), with $478.6M remaining under $750M share repurchase authorization.

**【Q&A Key Takeaways】**
- **DOGE Impact**: Federal segment revenue down 6.7% YoY, primarily from lower-margin program management work; Defense and Intel work remained stable.
- **TopBloc Contribution**: Acquired March 4, contributed <1 month to Q1 results; tracking ahead of bookings and EBITDA targets.
- **Margins**: Q2 gross margin may face pressure from DOGE-related federal work loss, but consulting mix and cost control will offset.
- **Client Sentiment**: Commercial clients cautious on IT spend but prioritizing AI, cybersecurity, and cloud; Federal agencies focused on efficiency and modernization.
- **Mexico Nearshore**: Growing as cost-effective solution, integrated with AI and cloud projects to deliver value despite macro uncertainty.

**【New Leadership Insights】**
- **Shiv Iyer (President)**: Emphasized ASGN's contingent labor model as optimal for rapid tech evolution, with focus on high-value AI, data, and cybersecurity solutions.
- **Rand Blazer ( EVP)**: Highlighted ASGN's mission-critical federal work (e.g., FBI IT modernization) and resilience to DOGE through focus on technical execution and outcomes.


ASGN (ASGN)-23 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Mix Shift**: IT consulting now 58% of total revenue, up from 53%, signaling strategic pivot to high-margin services.
- **Key Metrics**: Q4 commercial consulting bookings +6% YoY to $348.2M; book-to-bill ratio 1.2x.
- **Strategic Acquisitions**: TopBloc acquisition bolsters cloud migration expertise; leadership refresh with Shiv Iyer from Accenture.
- **Growth Drivers**: TMT (e-commerce, media) and Consumer/Industrial (utilities, consumer staples) verticals show strongest momentum.
- **Differentiation**: Unique GRC practice combines commercial and government cybersecurity to serve enterprise clients.

**CEO Summary Section**
- **Revenue Composition**: IT consulting revenue accounted for 58% of total 2024 revenue, up from 53% in 2023, reflecting strategic focus on high-value services.
- **Q4 Performance**: Despite slightly below-expected revenue, gross and adjusted EBITDA margins exceeded expectations. Commercial consulting bookings grew 6% YoY to $348.2M, with a book-to-bill ratio of 1.2x.
- **Strategic Initiatives**: 
  - Announced acquisition of TopBloc, a Workday services partner, to enhance cloud migration capabilities.
  - Leadership transition: Rand Blazer moving to Executive Vice Chairman; Shiv Iyer (from Accenture) joining as new executive.
- **Industry Verticals**: 
  - **TMT**: E-commerce and Media & Entertainment drove mid-single-digit growth.
  - **Consumer & Industrial**: Utilities and Consumer Staples saw double-digit growth; Healthcare vertical achieved low-single-digit expansion.
  - **Financial Services**: Big banks and Fintech showed low-single-digit improvement.
- **Client Success Stories**: 
  - Migrated freight company's 25-year legacy system to AWS, positioning for AI adoption.
  - Assisted medical tech company in achieving HITRUST certification through GRC practice.

**Leadership & Pipeline**: 
- Expanding pipeline reflects participation in clients' long-term IT strategies; double-digit growth in commercial consulting bookings highlights demand for ASGN's AI, cybersecurity, and data solutions.
- 2025 Outlook: Improved business confidence but IT spending turnaround expected to lag, with focus on AI, cybersecurity, and data infrastructure solutions.

Actual											1.08	1.17	1.27	1.31	1.15	1.32	1.58	1.55	1.57	1.71	1.79	1.51	1.38	1.59	1.68	1.45	1.16	1.36	1.43	1.28	0.92	1.17	1.31	1.15
Forecast											0.8447	0.8682	1.1074	1.1513	1.0976	1.2897	1.4662	1.3477	1.3666	1.6458	1.7795	1.4953	1.4249	1.494	1.5582	1.3637	1.1434	1.328	1.3529	1.2141	0.9501	1.0817	1.2236	1.1764	0.9782
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+27.86%	+34.76%	+14.68%	+13.78%	+4.77%	+2.35%	+7.76%	+15.01%	+14.88%	+3.90%	+0.59%	+0.98%	-3.15%	+6.43%	+7.82%	+6.33%	+1.45%	+2.41%	+5.70%	+5.43%	-3.17%	+8.16%	+7.06%	-2.24%	0.00%

ASGN

ASGN fundamentals

ASGN Q1 2026 Earnings Preview

Earnings Call

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ASGN

ASGN fundamentals

ASGN Q1 2026 Earnings Preview

Earnings Call

ASGN Earnings Call Summary for Q1/2026Upcoming4:30 PM on Apr 22, 2026

ASGN Earnings Call Summary for Q4/20254:30 PM on Feb 4, 2026

ASGN Earnings Call Summary for Q3/20254:30 PM on Oct 22, 2025

ASGN Earnings Call Summary for Q2/20254:30 PM on Jul 23, 2025

ASGN Earnings Call Summary for Q1/20254:30 PM on Apr 23, 2025

You can ask Aime