Company: ASGN
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000890564-25-000063
Chunk: 54

Company: ASGN Inc
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 54
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 were $212.2 million, compared with $207.5 million in the third quarter of 2024. SG&A expenses in the third quarter of 2025 included $4.2 million in acquisition, integration, and strategic planning expenses. 

Amortization of Intangible Assets

Amortization of intangible assets was $16.8 million, compared with $14.0 million in the third quarter of 2024. The increase relates to the effects of the TopBloc acquisition, partially offset by older intangibles that have reached the end of their useful lives.

Interest Expense, Net 

Interest expense, net, which consists primarily of cash-based interest expense, amortization, adjustments to deferred loan costs, and interest income, was $17.4 million, up from $16.0 million in the third quarter of 2024. The increase was due to higher outstanding borrowings. The weighted-average outstanding borrowings and cash-based interest rates in the third quarter of 2025 and 2024 were $1.22 billion and 5.7 percent, and $1.05 billion and 6.0 percent, respectively. 

Provision for Income Taxes

The provision for income taxes was $12.4 million, down from $15.4 million in the third quarter of 2024 due to lower income before income taxes. The effective tax rate was 24.6 percent, up from 24.5 percent in the third quarter of 2024. 

Net Income

Net income was $38.1 million, down from $47.5 million in the third quarter of 2024.

14

RESULTS OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 COMPARED WITH THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Revenues

Revenues for the first nine months of the year were $3.0 billion, down 3.7 percent year-over-year. The table below shows our revenues by segment for the nine months ended September 30, 2025 and 2024 (in millions).

% of Total20252024Change20252024ChangeCommercialConsulting$950.7 $843.5 12.7%31.7%27.1%4.6%Assignment1,140.9 1,332.5 (14.4%)38.0%42.8%(4.8%)2,091.6