Company: ASGN
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000890564-25-000008
Chunk: 53

Company: ASGN Inc
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 53
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, down from $71.7 million in 2023. This decrease was due to (i) the accelerated amortization method whereby most of our acquired intangibles have higher amortization rates at the beginning of their useful lives, and (ii) older intangibles reaching the end of their useful lives.

Interest Expense, Net

Interest expense, net, which consists primarily of cash-based interest expense, amortization and adjustments to deferred loan costs, and interest income, was $64.3 million, down from $66.4 million in 2023. The decrease was primarily the result of higher interest income and lower debt amendment fees (related to refinancing the senior secured credit facility in both periods), partially offset by higher interest expense on the senior secured credit facility. The weighted-average outstanding borrowings for 2024 and 2023 were $1.05 billion and the cash-based interest expense rate was 6.0 percent and 5.9 percent (excluding interest income and costs related to debt amendments), respectively.

Provision for Income Taxes

The provision for income taxes was $64.9 million, down from $78.4 million in 2023 due to lower income before income taxes. The effective tax rate of 27.0 percent was slightly higher than the effective tax rate of 26.3 percent in 2023. 

Net Income

Net income was $175.2 million, down from $219.3 million in 2023.

16

Commercial Segment - Consulting Metrics

Commercial consulting bookings are the value of new contracts entered into during a specified period, including adjustments for the effects of changes in contract scope and contract terminations ("Bookings"). The underlying contracts are terminable by the client on short notice with little or no termination penalties. Measuring Bookings involves the use of estimates and judgments and there are no independent standards or requirements governing the calculation of bookings. Information regarding Bookings is not comparable to, nor should it be substituted for, an analysis of reported revenues. The book-to-bill ratio for our commercial consulting revenues is the ratio of Bookings to commercial consulting revenues for a specified period. The average duration of commercial consulting projects is approximately one year.

Year Ended December 31,(Dollars in millions)202420232022Bookings$1,281.3 $1,351.9 $1,192.2 Book-to-Bill Ratio1.1 to 11.2 to 11.2 to 1

Federal Government Segment Metrics

Contract