Q1 2021 Earnings
Supplemental Materials
Revised - July 1, 2021
Safe Harbor
Certain statements made in this presentation are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and involve a high degree of risk and uncertainty. Forward-looking statements include statements regarding our anticipated financial and operating performance.
All statements in this presentation, other than those setting forth strictly historical information, are forward-looking statements. Forward- looking statements are not guarantees of future performance and actual results might differ materially. In particular, we make no assurances that the proposed revenue scenarios outlined in this presentation will be achieved. Additional examples of forward-looking statements in this presentation include, without limitation, our ability to attract, train and retain qualified staffing consultants, the availability of qualified contract professionals, management of our growth, continued performance and improvement of our enterprise-wide information systems, our ability to manage our litigation matters, the successful integration of our acquired subsidiaries, and other risks detailed from time to time in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on March 1, 2021. We specifically disclaim any intention or duty to update any forward-looking statements contained in this presentation.
©2021 ASGN Incorporated. All rights reserved. 2
Summary of Consolidated Financial Data - Q1 2021
OPERATING DATA
Q1 2021 | Y-Y | ||
Continuing Operations: | |||
Revenues | $ | 907.0 | 4.8% |
Gross Profit | 243.8 | 0.5% | |
Gross Margin | 26.9% | (1.2%) | |
Adjusted EBITDA1 | 96.9 | 5.1% | |
GAAP Income | $ | 42.7 | 9.1% |
Adjusted Income1 | $ | 55.1 | 5.8% |
Discontinued Operations: | |||
GAAP Income | $ | 5.9 | 28.0% |
Adjusted Income1 | $ | 6.5 | 15.2% |
Net Income14 | $ | 48.7 | 11.1% |
Adjusted Net Income1, 14 | $ | 61.6 | 6.8% |
REVENUE MIX
28.4% | 24.6% | 41.4% | 34.9% | ||||
71.6% | 75.4% | ||||||
65.1% | |||||||
58.6% | |||||||
Q1 2021 | Q1 2020 | Q1 2021 | Q1 2020 | ||||
Commercial | Federal | Assignment2 | Consulting |
BALANCE SHEET & OTHER
Cash & Cash Equivalents | 3/31/21 | 12/31/20 | ||||||||||
$ | 386.5 | $ | 274.4 | |||||||||
Working Capital: | ||||||||||||
Continuing Operations | $ | 604.4 | $ | 540.5 | ||||||||
Discontinued Operations | 40.9 | 37.7 | ||||||||||
$ | 645.3 | $ | 578.2 | |||||||||
Long-Term Debt: | ||||||||||||
Secured Facility | $ | 483.7 | $ | 483.4 | ||||||||
Unsecured Notes | 550.0 | 550.0 | ||||||||||
$ | 1,033.7 | $ | 1,033.4 | |||||||||
Total Stockholders' Equity | $ | 1,645.8 | $ | 1,587.1 |
CASH FLOW DATA
Q1 2021 | Y-Y | ||
Continuing Operations: | |||
Operating Cash Flows | $ | 114.1 | 94.8% |
Free Cash Flow | $ | 106.8 | 136.0% |
Total (Includes | |||
Discontinued Operations): | |||
Operating Cash Flows | $ | 119.8 | 86.9% |
Free Cash Flow | $ | 110.5 | 126.4% |
Senior Secured Leverage Ratio3
1.26 to 1.0
Revolving Credit Facility
Availability
$250.0 Million
©2021 ASGN Incorporated. All rights reserved. 3
Commercial Segment
REVENUES BY TYPE
$652.6 | $615.8 | $637.2 | $649.3 | |||||
$592.3 | ||||||||
$89.6 | $117.5 | |||||||
$109.4 | ||||||||
$96.6 | ||||||||
$85.3 | ||||||||
$563.0 | $507.0 | $519.2 | $527.9 | $531.7 |
Q1 20 | Q2 20 | Q3 20 | Q4 20 | Q1 21 | |
Assignment 2 | Consulting | Commercial Revenues | |||
REVENUES BY INDUSTRY VERTICAL5
% Change | ||||
($ in millions) | Q1 2021 | Y-Y | Seq. | |
Financial Services | $ | 166.9 | 14.4% | (1.7%) |
Consumer & Industrials | 129.9 | (15.6%) | 7.4% | |
Healthcare | 111.4 | 17.4% | 3.4% | |
TMT (Technology, Media & Telco) | 132.2 | (5.6%) | 3.1% | |
Business & Government Services | 108.9 | (7.7%) | (1.6%) | |
$ | 649.3 | (0.5%) | 1.9% |
GROSS PROFIT & GROSS MARGIN
$205.5 | ||||
$198.6 | $198.8 | |||
$190.5 | ||||
$183.6 | ||||
31.5% | 31.0% | 30.9% | 31.2% | 30.6% |
Q1 20 | Q2 20 | Q3 20 | Q4 20 | Q1 21 |
Gross Profit | Gross Margin |
RECENT TRENDS
- Commercial bookings on a strong trajectory, with the rate of bookings heading into Q2 higher than Q1. Particular traction in work related to digital innovation and modern enterprise solutions across cloud, data & analytics, and digital business transformation engagements.
- Pipeline of consulting work for the quarter grew at high double-digit rates over the prior-year period, and consulting gross margins outperformed overall commercial gross margin
©2021 ASGN Incorporated. All rights reserved. 4
Federal Government Segment
REVENUES & GROSS PROFIT
% Change | |||||||||
($ in millions) | Q1 2021 | Q1 2020 | Q4 2020 | Y-Y | Seq. | ||||
Revenues | $ | 257.8 | $ | 212.7 | $ | 263.2 | 21.2% | (2.1%) | |
Gross Profit | $ | 45.0 | $ | 37.1 | $ | 42.1 | 21.3% | 6.9% |
REVENUES BY CONTRACT TYPE
CONTRACT BACKLOG6
($ in millions) | 3/31/21 | 12/31/20 | 3/31/20 | |||
Funded Backlog7 | $ | 458.7 | $ | 444.5 | $ | 490.6 |
Unfunded Backlog8 | 2,221.3 | 2,201.7 | 2,186.7 | |||
Total | $ | 2,680.0 | $ | 2,646.2 | $ | 2,677.3 |
TTM RATIOS
3/31/21 | 12/31/20 | 3/31/20 | |
Backlog Coverage Ratio9 | 2.5x | 2.6x | 3.0x |
TTM Book-to-Bill10 | 0.9 to 1.0 | 1.0 to 1.0 | 2.0 to 1.0 |
Q1 2021 | Q1 2020 | Q4 2020 | |
Firm-Fixed-Price | 23.5% | 26.8% | 26.9% |
Time and Materials | 35.2% | 34.0% | 33.4% |
Cost Reimbursable | 41.3% | 39.2% | 39.7% |
REVENUES BY CUSTOMER
Q1 2021 | Q1 2020 | Q4 2020 | |
Defense and Intel | 55.6% | 54.0% | 54.7% |
Federal Civilian | 35.9% | 39.8% | 35.9% |
Other | 8.5% | 6.2% | 9.4% |
RECENT TRENDS
Recognitions
- Named first Certified Analytics Professionals Preferred Employer in federal services space11
- Ranked #1 in the 2021 Top 100 Managed Security Service Providers (MSSPs) list conducted by MSSP Alert! and Channel2E12
- ISO 9000 and 20000 recertification
Recent Significant Contracts
DoD/Intelligence
- Awarded contract to provide comprehensive enterprise and mission-embedded IT support for Sandia National Laboratories
- Won recompete of classified Navy IT and Cybersecurity program
Federal Civilian
- 10+ new awards or expansion of ServiceNow modernization efforts
©2021 ASGN Incorporated. All rights reserved. 5
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ASGN Inc. published this content on 01 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 July 2021 11:21:02 UTC.