Adjusted Earnings & Adjusted EBITDA in
line with EstimatesRepurchased 2.3 million Shares during
Quarter
On Assignment, Inc. (NYSE: ASGN), a leading global provider of
diversified professional staffing solutions, today reported results
for the quarter ended September 30, 2014.
Third Quarter Highlights
- Revenues were $477.8 million; up 13.4
percent year-over-year and 7.2 percent on a pro forma basis (pro
forma assumes the acquisitions of Whitaker Medical, LLC and
CyberCoders Holdings, Inc. in December 2013 had occurred at the
beginning of 2013).
- Adjusted income from continuing
operations (a non-GAAP measure defined below) was $31.1 million
($0.57 per diluted share).
- Income from continuing operations was
$22.0 million ($0.41 per diluted share). Income from continuing
operations included $1.0 million ($0.6 million net of tax, or $0.01
per diluted share) in acquisition, integration and strategic
planning expenses, which were not included in our previously
announced estimates.
- Adjusted EBITDA (a non-GAAP measure
defined below) was $56.1 million.
- Repurchased 2.3 million shares of
Common Stock.
- Leverage ratio (total indebtedness to
trailing 12 months Adjusted EBITDA) was 2.06 to 1 at September 30,
2014, up slightly from 1.98 to 1 at June 30, 2014 mainly due to
stock repurchases during the quarter.
Commenting on the results, Peter Dameris, President and Chief
Executive Officer of On Assignment, Inc., said, “We continue to
benefit from greater adoption of staff augmentation as an
attractive alternative to full-time and outsourcing solutions.
Currently enterprise wide IT spending in large customers,
specifically in financial services, is more measured than in small
to medium sized customers. We believe this difference in spending
cycles between the sub-segments of customers in the IT services
market will return to the norm in 2015. While our revenues are
growing above market, our rate of growth is below our potential and
historical performance. In the second half of this year, especially
in the fourth quarter, we are aggressively stepping up our hiring
of sales and recruiting personnel to accelerate our future growth
rates.”
Third Quarter 2014 Financial Results
Revenues for the quarter were $477.8 million, up 13.4 percent
year-over-year (7.2 percent on a pro forma basis, which assumes the
acquisitions of Whitaker Medical and CyberCoders, had occurred at
the beginning of 2013). Our largest segment Apex, which accounts
for approximately 64 percent of total revenues, grew 10.5 percent
year-over-year.
Gross profit was $155.6 million, up 22.3 percent year-over-year
(8.4 percent on a pro forma basis). This improvement was primarily
due to growth in revenues (which included the results of the
businesses acquired in December 2013) and expansion in gross
margin. Gross margin for the quarter was 32.6 percent, up from 30.2
percent in the third quarter of 2013. The year-over-year expansion
in gross margin was mainly attributable to a higher mix of
permanent placement revenues (5.0 percent of revenues for the
quarter compared with 1.7 percent in the third quarter of 2013) and
higher contract margins. The higher mix of permanent placement
revenues in the quarter was attributable to the inclusion of
CyberCoders, which accounted for $17.2 million of the $23.7 million
in permanent placement revenues.
Selling, general and administrative (“SG&A”) expenses were
$108.7 million (22.8 percent of revenues), up from $86.3 million
(20.5 percent of revenues) in the third quarter of 2013 ($98.7
million, or 22.2 percent of revenues all on a pro forma basis).
SG&A expenses for the quarter included acquisition, integration
and strategic planning expenses of $1.0 million. The increase in
our reported SG&A as a percent of revenues was due to the
inclusion of CyberCoders, which has higher gross margin and higher
SG&A as a percent of revenues than our other business
units.
Amortization of intangible assets was $6.0 million, compared
with $5.2 million in the third quarter of 2013. The increase
related to amortization from the businesses acquired in December
2013.
Interest expense for the quarter was $3.1 million compared with
$3.3 million in the third quarter of 2013. Interest expense for the
quarter was comprised of interest on the credit facility of $2.8
million and amortization of capitalized loan costs of $0.3 million.
The leverage ratio (total indebtedness to trailing 12 months
Adjusted EBITDA) at September 30, 2014 was 2.06 to 1, up from 1.98
to 1 at June 30, 2014.
The effective income tax rate for the quarter was 41.7 percent,
a slight increase from the 41.6 percent for the full year 2013.
Adjusted EBITDA (earnings before interest, taxes, depreciation,
and amortization of intangible assets plus equity-based
compensation expense, impairment charges, acquisition, integration
and strategic planning expenses), was $56.1 million, up from $47.6
million for the third quarter of 2013.
Adjusted income from continuing operations was $31.1 million
($0.57 per diluted share). Income from continuing operations (which
includes acquisition, integration and strategic planning expenses
of $1.0 million, or $0.6 million net of tax) was $22.0 million
($0.41 per diluted share) compared with $19.5 million ($0.36 per
diluted share) for the third quarter of 2013. Net income was $22.0
million ($0.41 per diluted share) compared with $20.2 million
($0.37 per diluted share) in the third quarter of 2013.
Share Repurchase Program
During the quarter, the Company repurchased 2.3 million shares
of its common stock under terms of the $100 million repurchase
program approved by its Board of Directors in July 2014. The
average price of the stock repurchased was $29.46, which includes
broker commissions. The amount remaining under the $100 million
authorization is approximately $31.8 million.
Financial Estimates for Q4 2014
On Assignment is providing financial estimates for continuing
operations for the fourth quarter of 2014. These estimates do not
include acquisition, integration, or strategic planning expenses
and assume no deterioration in the staffing markets that On
Assignment serves.
- Revenues of $467.0 million to $473.0
million
- Gross margin of 31.9 percent to 32.3
percent
- SG&A expense (excludes amortization
of intangible assets) of $109.0 to $110.0 million (includes $3.8
million in depreciation and $4.4 million in equity-based
compensation expense)
- Amortization of intangible assets of
$6.1 million
- Adjusted EBITDA of $48.0 million to
$51.0 million
- Effective tax rate of 41.9 percent
- Adjusted income from continuing
operations of $26.3 million to $28.1 million
- Adjusted income from continuing
operations per diluted share of $0.50 to $0.53
- Income from continuing operations of
$17.7 million to $19.5 million
- Income from continuing operations per
diluted share of $0.33 to $0.37
- Diluted shares outstanding of 53.1
million
These estimates assume year-over-year revenue growth on a
reported basis of approximately 10 percent for Apex, low teens for
Oxford (low single digit on a pro forma basis), approximately 20
percent for Physician (low single digits on a pro forma basis) and
a high-single digit decline for Life Sciences-Europe. Pro forma
growth rates assume the acquisitions of CyberCoders (included in
Oxford segment) and Whitaker Medical (included in Physician
segment) occurred at the beginning of 2013. The above estimates
assume billable days of 60.9 for the quarter, which are 2.8 fewer
days than the preceding quarter. Based on the average revenue per
billable day in the third quarter of 2014, the effect on revenues
for the fourth quarter of fewer billable days than the preceding
quarter is approximately $20 million.
Conference Call
On Assignment will hold a conference call today at 4:30 p.m. EDT
to review its third quarter financial results. The dial-in number
is 800-230-1059 (+1-612-234-9959 for callers outside the United
States) and the conference ID number is 339207. Participants should
dial in ten minutes before the call. A replay of the conference
call will be available beginning today at 6:30 p.m. EDT and ending
at 11:30 p.m. EST on November 12, 2014. The access number for the
replay is 800-475-6701 (+1-320-365-3844 for callers outside the
United States) and the conference ID number 339207.
This call is being webcast by Thomson/CCBN and can be
accessed via On Assignment's web site at www.onassignment.com. Individual investors can
also listen at Thomson/CCBN's site at www.fulldisclosure.com or by visiting any of the
investor sites in Thomson/CCBN's Individual Investor
Network.
About On Assignment
On Assignment, Inc. (NYSE: ASGN), is a leading global provider
of in-demand, skilled professionals in the growing technology,
healthcare and life sciences sectors, where quality people are the
key to success. The Company goes beyond matching résumés
with job descriptions to match people they know into positions they
understand for temporary, contract-to-hire, and direct hire
assignments. Clients recognize On Assignment for our quality
candidates, quick response, and successful assignments.
Professionals think of On Assignment as a career-building partner
with the depth and breadth of experience to help them reach their
goals.
On Assignment was founded in 1985 and went public in 1992. The
Company, which is headquartered in Calabasas, California, operates
through a network of branch offices throughout the United States,
Canada, United Kingdom, Netherlands, Ireland and Belgium. To learn
more, visit http://www.onassignment.com.
Reasons for Presentation of Non-GAAP Financial
Measures
Statements in this release and the Supplemental Financial
Information accompanying include non-GAAP financial measures. Such
information is provided as additional information, not as an
alternative to our consolidated financial statements presented in
accordance with GAAP, and is intended to enhance an overall
understanding of our current financial performance. The
Supplemental Financial Information sets forth financial measures
reviewed by our management to evaluate our operating performance.
Such measures also are used to determine a portion of the
compensation for some of our executives and employees. We believe
the non-GAAP financial measures provide useful information to
management, investors and prospective investors by excluding
certain charges and other amounts that we believe are not
indicative of our core operating results. These non-GAAP measures
are included to provide management, our investors and prospective
investors with an alternative method for assessing our operating
results in a manner that is focused on the performance of our
ongoing operations and to provide a more consistent basis for
comparison between quarters. One of the non-GAAP financial measures
presented is EBITDA (earnings before interest, taxes, depreciation,
and amortization of intangible assets), other terms include
Adjusted EBITDA (EBITDA plus equity-based compensation expense,
impairment charges, write-off of loan costs, and acquisition,
integration and strategic planning expenses) and Non-GAAP Income
from continuing operations (Income from continuing operations, plus
write-off of loan costs, and acquisition, integration and strategic
planning expenses, net of tax) and Adjusted income from continuing
operations and related per share amounts. These terms might not be
calculated in the same manner as, and thus might not be comparable
to, similarly titled measures reported by other companies. The
financial statement tables that accompany this press release
include reconciliation of each non-GAAP financial measure to the
most directly comparable GAAP financial measure.
Safe Harbor
Certain statements made in this news release 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 the Company's anticipated financial
and operating performance in 2014. All statements in this release,
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, the Company makes no assurances that the
estimates of revenues, gross margin, SG&A, Adjusted EBITDA,
income from continuing operations, adjusted income from continuing
operations, earnings per share or earnings per diluted share set
forth above will be achieved. Factors that could cause or
contribute to such differences include actual demand for our
services, our ability to attract, train and retain qualified
staffing consultants, our ability to remain competitive in
obtaining and retaining temporary staffing clients, the
availability of qualified temporary professionals, management of
our growth, continued performance of our enterprise-wide
information systems, our ability to manage our potential or actual
litigation matters, the successful integration of our recently
acquired subsidiaries, the successful implementation of our
five-year strategic plan, and other risks detailed from time to
time in our reports filed with the Securities and Exchange
Commission, including our Annual Report on Form 10-K for the year
ended December 31, 2013, as filed with the SEC on March 3, 2014 and
our Quarterly Reports on Form 10-Q for the periods ended March 31,
2014 and June 30, 2014 as filed with the SEC on May 9, 2014 and
August 11, 2014, respectively. We specifically disclaim any
intention or duty to update any forward-looking statements
contained in this news release.
SUMMARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except per share
amounts)
Three Months Ended Nine Months Ended
September 30,
June 30, September 30, 2014
2013(1)
2014 2014
2013(1)
Revenues $ 477,824 $ 421,491 $ 468,618 $ 1,385,716 $
1,208,399 Cost of services 322,218 294,281 315,891
939,795 849,746 Gross profit 155,606 127,210
152,727 445,921 358,653 Selling, general and administrative
expenses 108,705 86,329 107,923 320,762 252,488 Amortization of
intangible assets 6,018 5,199 6,156 18,346
15,853 Operating income 40,883 35,682 38,648 106,813
90,312 Interest expense, net (3,101 ) (3,257 ) (3,103 ) (9,532 )
(12,434 ) Write-off of loan costs — — — —
(14,958 ) Income before income taxes 37,782 32,425
35,545 97,281 62,920 Provision for income taxes 15,769
12,954 14,846 40,521 25,990 Income from
continuing operations 22,013 19,471 20,699 56,760 36,930 Gain on
sale of discontinued operations, net of tax — — — — 14,412 Income
(loss) from discontinued operations, net of tax (8 ) 679 90
(49 ) 760 Net income $ 22,005 $ 20,150
$ 20,789 $ 56,711 $ 52,102 Basic
earnings per common share: Income from continuing operations $ 0.41
$ 0.36 $ 0.38 $ 1.05 $ 0.69 Income (loss) from discontinued
operations — 0.02 — — 0.29 $
0.41 $ 0.38 $ 0.38 $ 1.05 $ 0.98
Diluted earnings per common share: Income from continuing
operations $ 0.41 $ 0.36 $ 0.38 $ 1.04 $ 0.68 Income (loss) from
discontinued operations — 0.01 — (0.01 ) 0.28
$ 0.41 $ 0.37 $ 0.38 $ 1.03 $
0.96 Number of shares and share equivalents used to
calculate earnings per share: Basic 53,374 53,620
54,372 53,955 53,350 Diluted 54,129
54,624 55,173 54,804 54,394
______
(1) Amounts differ from the previously reported numbers on our
Form 10-Q for the periods ended September 30, 2013, due to the
retrospective presentation of discontinued operations related to
the sale of our Allied Healthcare division in December 2013.
SUPPLEMENTAL SEGMENT FINANCIAL
INFORMATION(1) (Unaudited)
(In thousands)
Three Months Ended Nine Months Ended September
30, June 30, September 30, 2014
2013 (2)
2014 2014
2013 (2)
Revenues: Apex $ 306,027 $ 276,849 $ 297,893 $
882,328 $ 778,961 Oxford 125,944 107,413 126,004 369,448 319,254
Physician 34,948 26,223 33,657 100,396 78,991 Life Sciences Europe
10,905 11,006 11,064 33,544 31,193
$ 477,824 $ 421,491 $ 468,618 $
1,385,716 $ 1,208,399 Gross profit: Apex $
87,323 $ 78,854 $ 84,677 $ 247,506 $ 215,747 Oxford 54,267 36,825
53,611 156,904 108,762 Physician 10,344 7,382 10,298 29,480 22,505
Life Sciences Europe 3,672 4,149 4,141 12,031
11,639 $ 155,606 $ 127,210 $ 152,727
$ 445,921 $ 358,653
______
(1) The segments reported above reflect the new segment
realignment resulting from the operational changes that occurred in
the first quarter of 2014. As a result of this realignment, Apex
now includes Lab Support US (that was formerly part of our Life
Sciences Segment), Oxford now includes our Clinical Research
division (that was formerly part of our Life Sciences Segment) and
the European Life Sciences unit (that was formerly part of our Life
Sciences Segment) is now reported as Life Sciences Europe. In
addition, as reported in the fourth quarter of 2013, Oxford also
includes our Health Information Management unit and CyberCoders.
Our quarterly and full year historical segment data for 2012 and
2013 have been restated to conform to this configuration, which are
included in an Appendix to our Analysts’ Day presentation that is
included on our website.
(2) Amounts differ from the previously reported numbers on our
Form 10-Q for the periods ended September 30, 2013, due to the
retrospective presentation of discontinued operations related to
the sale of our Allied Healthcare division in December 2013.
SELECTED CASH FLOW INFORMATION
(Unaudited)
(In thousands)
Three Months Ended Nine Months Ended September 30,
June 30, September 30, 2014 2013
2014 2014 2013 Cash provided by operations $
45,316 $ 43,621 $ 29,330 $ 70,325 $ 73,948 Capital
expenditures $ 4,622 $ 4,965 $ 5,618 $ 14,260 $ 12,293
SELECTED CONSOLIDATED BALANCE SHEET
DATA (Unaudited)
(In thousands)
September 30, June 30, 2014 2014 Cash and cash
equivalents $ 29,881 $ 30,753 Accounts receivable, net 296,506
295,935 Goodwill and intangible assets, net 843,844 851,055 Total
assets 1,267,055 1,275,579 Current portion of long-term debt 18,250
18,250 Total current liabilities 172,188 170,558 Working capital
199,420 203,115 Long-term debt 385,438 358,500 Other long-term
liabilities 66,414 61,261 Stockholders’ equity 643,015 685,260
RECONCILIATION OF GAAP INCOME FROM
CONTINUING OPERATIONS AND EARNINGS PER DILUTED SHARE TO NON-GAAP
ADJUSTED EBITDA AND ADJUSTED EBITDA PER DILUTED SHARE
(Unaudited)
(In thousands, except per share
amounts)
Three Months Ended September 30, 2014
2013 (1)
June 30, 2014 Net income $ 22,005 $ 0.41 $ 20,150
$ 0.37 $ 20,789 $ 0.38 Income (loss) from
discontinued operations, net of tax (8 ) — 679 0.01
90 — Income from continuing operations 22,013 0.41
19,471 0.36 20,699 0.38 Interest expense, net 3,101 0.05 3,257 0.04
3,103 0.05 Provision for income taxes 15,769 0.29 12,954 0.24
14,846 0.27 Depreciation 3,608 0.07 1,997 0.04 3,348 0.06
Amortization of intangible assets 6,018 0.11 5,199
0.10 6,156 0.11 EBITDA 50,509 0.93 42,878 0.78
48,152 0.87 Equity-based compensation 4,607 0.09 4,175 0.08 4,095
0.08 Acquisition, integration and strategic planning expenses 1,002
0.02 512 0.01 2,145 0.04
Adjusted EBITDA $ 56,118 $ 1.04 $ 47,565 $
0.87 $ 54,392 $ 0.99 Weighted average common
and common equivalent shares outstanding (diluted) 54,129
54,624 55,173 Nine Months Ended September 30,
2014
2013 (1)
Net income $ 56,711 $ 1.03 $ 52,102 $ 0.96
Income (loss) from discontinued operations, net of tax (49 ) (0.01
) 15,172 0.28 Income from continuing operations
56,760 1.04 36,930 0.68 Interest expense, net 9,532 0.17 12,434
0.23 Write-off of loan costs — — 14,958 0.27 Provision for income
taxes 40,521 0.74 25,990 0.48 Depreciation 9,743 0.18 5,716 0.11
Amortization of intangible assets 18,346 0.33 15,853
0.29 EBITDA 134,902 2.46 111,881 2.06 Equity-based
compensation 11,892 0.22 10,155 0.19 Acquisition, integration and
strategic planning expenses 3,922 0.07 1,786
0.03 Adjusted EBITDA $ 150,716 $ 2.75 $
123,822 $ 2.28
Weighted average common and common
equivalent shares outstanding (diluted)
54,804 54,394
______
(1) Amounts differ from the previously reported numbers on our
Form 10-Q for the periods ended September 30, 2013, due to the
retrospective presentation of discontinued operations related to
the sale of our Allied Healthcare division in December 2013.
RECONCILIATION OF GAAP INCOME AND
DILUTED EPS TO NON-GAAP INCOME AND DILUTED EPS (Unaudited)
(In thousands, except per share
amounts)
Three Months Ended September 30, June 30, 2014
2013 (1)
2014 Net income $ 22,005 $ 0.41 $ 20,150 $
0.37 $ 20,789 $ 0.38 Income (loss) from discontinued
operations, net of tax (8 ) — 679 0.01 90
— Income from continuing operations 22,013 0.41 19,471 0.36
20,699 0.38 Acquisition, integration and strategic planning
expenses, net of tax 611 0.01 311 —
1,308 0.02 Non-GAAP income from continuing operations $
22,624 $ 0.42 $ 19,782 $ 0.36 $ 22,007
$ 0.40 Weighted average common and common equivalent
shares outstanding (diluted) 54,129
54,624 55,173
Nine Months Ended
September 30, 2014
2013 (1)
Net income $ 56,711 $ 1.03 $ 52,102 $ 0.96 Income (loss) from
discontinued operations, net of tax (49 ) (0.01 ) 15,172
0.28 Income from continuing operations 56,760 1.04 36,930
0.68 Write-off of loan costs, net of tax — — 9,181 0.17
Acquisition, integration and strategic planning expenses, net of
tax 2,374 0.04 1,077 0.02 Non-GAAP
income from continuing operations $ 59,134 $ 1.08 $
47,188 $ 0.87 Weighted average common
and common equivalent
shares outstanding (diluted)
54,804
54,394
_____
(1) Amounts differ from the previously reported numbers on our
Form 10-Q for the periods ended September 30, 2013, due to the
retrospective presentation of discontinued operations related to
the sale of our Allied Healthcare division in December 2013.
CALCULATION OF ADJUSTED EARNINGS PER
DILUTED SHARE (Unaudited)
(In thousands, except per share
amounts)
Three Months Ended Nine Months Ended September 30, 2014
2013 2014 2013 Non-GAAP
income from continuing operations (1) $ 22,624 $ 19,782 $ 59,134 $
47,188 Adjustments: Amortization of intangible assets (2) 6,018
5,199 18,346 15,853 Cash tax savings on indefinite-lived intangible
assets (3) 4,025 3,850 12,075 11,550 Excess of capital expenditures
over depreciation, net of tax (4) (1,025 ) (1,050 ) (3,075 ) (3,150
) Income taxes on amortization for financial reporting purposes not
deductible for income tax purposes (5) (531 ) — (1,593 ) —
Adjusted income from continuing operations $ 31,111 $
27,781 $ 84,887 $ 71,441 Adjusted
earnings per diluted share from continuing operations $ 0.57
$ 0.51 $ 1.55 $ 1.31 Weighted average
common and common equivalent shares outstanding (diluted) 54,129
54,624 54,804 54,394
______
(1) Non-GAAP income from continuing operations as calculated on
preceding page. Non-GAAP income from continuing operations excludes
acquisition, integration and strategic planning expenses.
(2) Amortization of intangible assets of acquired
businesses.
(3) Income tax benefit (using 39 percent marginal tax rate) from
amortization for income tax purposes of certain indefinite-lived
intangible assets (goodwill and trademarks), on acquisitions in
which the Company received a step-up tax basis. For income tax
purposes, these assets are amortized on a straight-line basis over
15 years. For financial reporting purposes, these assets are not
amortized and a deferred tax provision is recorded that fully
offsets the cash tax benefit in the determination of net
income.
(4) Excess capital expenditures over depreciation is equal to
one-quarter of the estimated full year difference between capital
expenditures less depreciation, tax affected using an estimated
marginal combined federal and state tax rate of 39 percent.
(5) Income taxes (assuming a 39 percent marginal rate) on the
portion of amortization of intangible assets, which are not
deductible for income tax purposes (mainly amortization associated
with the CyberCoders acquisition that the Company was not able to
step-up the tax basis in those acquired assets for tax
purposes).
SUPPLEMENTAL FINANCIAL AND OPERATING
DATA(1) (Unaudited)
(Dollars in thousands)
Apex Oxford Physician
Life SciencesEurope
Consolidated Revenues:
Q3 2014 $ 306,027 $ 125,944 $ 34,948 $ 10,905 $ 477,824 Q2 2014 $
297,893 $ 126,004 $ 33,657 $ 11,064 $ 468,618 % Sequential change
2.7 % 0.0 % 3.8 % (1.4) % 2.0 % Q3 2013 $ 276,849 $ 107,413 $
26,223 $ 11,006 $ 421,491 % Year-over-year change 10.5 % 17.3 %
33.3 % (0.9) % 13.4 % Direct hire and conversion revenues:
Q3 2014 $ 3,930 $ 18,245 $ 793 $ 698 $ 23,666 Q2 2014 $ 3,989 $
17,228 $ 744 $ 775 $ 22,736 Q3 2013 $ 3,414 $ 1,613 $ 1,033 $ 1,120
$ 7,180 Gross margins: Q3 2014 28.5 % 43.1 % 29.6 % 33.7 %
32.6 % Q2 2014 28.4 % 42.5 % 30.6 % 37.4 % 32.6 % Q3 2013 28.5 %
34.3 % 28.2 % 37.7 % 30.2 % Average number of staffing
consultants: Q3 2014 875 813 142 49 1,879 Q2 2014 835 804 149 50
1,838 Q3 2013 796 580 93 63 1,532 Average number of
customers: Q3 2014 1,475 863 261 150 2,749 Q2 2014 1,431 864 268
141 2,704 Q3 2013 1,345 757 188 148 2,438 Top 10 customers
as a percentage of revenue: Q3 2014 29.8 % 13.6 % 19.0 % 50.9 %
19.1 % Q2 2014 29.7 % 13.2 % 19.4 % 57.8 % 18.9 % Q3 2013 35.1 %
17.2 % 21.4 % 55.0 % 20.5 % Average bill rate: Q3 2014 $
54.65 $ 112.33 $ 176.80 $ 54.06 $ 65.57 Q2 2014 $ 54.16 $ 112.34 $
173.67 $ 54.89 $ 65.55 Q3 2013 $ 54.10 $ 116.80 $ 182.71 $ 51.68 $
65.29 Gross profit per staffing consultant: Q3 2014 $
100,000 $ 67,000 $ 73,000 $ 75,000 $ 83,000 Q2 2014 $ 101,000 $
67,000 $ 69,000 $ 83,000 $ 83,000 Q3 2013 $ 99,000 $ 63,000 $
79,000 $ 66,000 $ 83,000
(1) The segments reported above reflect the new segment
realignment resulting from the operational changes that occurred in
the first quarter of 2014. As a result of this realignment, Apex
now includes Lab Support US (that was formerly part of our Life
Sciences Segment), Oxford now includes our Clinical Research
division (that was formerly part of our Life Sciences Segment) and
the European Life Sciences unit (that was formerly part of our Life
Sciences Segment) is now reported as Life Sciences Europe. In
addition, as reported in the fourth quarter of 2013, Oxford also
includes our Health Information Management unit and CyberCoders.
Our quarterly and full year historical segment data for 2012 and
2013 have been restated to conform to this configuration, which are
included in an Appendix to our Analysts’ Day presentation that is
included on our website.
SUPPLEMENTAL FINANCIAL INFORMATION –
KEY METRICS (Unaudited)
Three Months Ended September 30,2014 June 30,2014
Percentage of revenues: Top ten clients 19.1% 18.9% Direct
hire/conversion 5.0% 4.9% Bill rate: % Sequential change
0.0% 1.0% % Year-over-year change 0.4% (1.5%) Bill/Pay
spread: % Sequential change (2.0%) 2.8% % Year-over-year change
0.2% 0.7% Average headcount: Contract professionals (CP)
12,961 12,737 Staffing consultants (SC) 1,879 1,838
Productivity: Gross profit per SC $83,000 $83,000
On Assignment, Inc.Ed PierceChief Financial Officer(818)
878-7900
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