Company: ASGN
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000890564-25-000063
Chunk: 68

Company: ASGN Inc
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 68
---
, at a point in time ("Contract Backlog"). These estimates are subject to change and may be affected by the execution of new contracts, the extension or early termination of existing contracts, the non-renewal or completion of current contracts, and adjustments to estimates for previously included contracts. There is no assurance our contract backlog will result in future revenues. The timing of the execution of new contracts and other changes are affected by the funding cycles of the government and can vary from quarter to quarter. New contract awards are the estimated amount of future revenues to be recognized under contracts awarded during a specified period, including adjustments to estimates for contracts awarded in previous periods (“New Contract Awards”).  Information regarding New Contract Awards is not comparable to, nor should it be substituted for, an analysis of reported revenues. Due to variability, New Contract Awards are presented on a trailing-twelve-months (“TTM”) basis. The book-to-bill ratio for our Federal Government Segment is the ratio of New Contract Awards to revenues for a specified period. Contract backlog coverage ratio is calculated as total Contract Backlog divided by TTM revenues.

TTM Ended September 30,(Dollars in millions)20252024New Contract Awards$1,158.6 $1,114.3 Book-to-Bill Ratio1.0 to 10.9 to 1

(Dollars in millions)September 30,2025December 31,2024September 30,2024Funded Contract Backlog$609.8 $529.0 $612.2 Negotiated Unfunded Contract Backlog2,476.7 2,589.6 2,516.3 Contract Backlog$3,086.5 $3,118.6 $3,128.5 Contract Backlog Coverage Ratio2.6 to 12.5 to 12.5 to 1

16

Liquidity and Capital Resources

Our working capital, which is current assets less current liabilities, at September 30, 2025, was $456.1 million, and our cash and cash equivalents were $126.5 million. Our cash flows from operating activities have been our primary source of liquidity and have been sufficient to meet our working capital and capital expenditure needs. At September 30, 2025, we had approximately $460.0 million available under the $500.0 million revolving credit facility. We believe that our cash and cash equivalents on hand, expected operating cash flows, and