Company: ASGN
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000890564-25-000039
Chunk: 26

Company: ASGN Inc
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 $205.6 million in the second quarter of 2024. SG&A expenses in the second quarter of 2025 included $8.3 million in acquisition, integration, and strategic planning expenses, inclusive of $5.2 million in charges related to strategic workforce optimization initiatives. The second quarter of 2024 included $1.2 million of acquisition, integration, and strategic planning expenses.

Amortization of Intangible Assets

Amortization of intangible assets was $16.9 million, compared with $15.1 million in the second 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 $18.2 million, up from $15.8 million in the second quarter of 2024. The increase was due to higher outstanding borrowings. The weighted-average outstanding borrowings and cash-based interest rate in the second quarter of 2025 and 2024 were $1.28 billion and 5.6 percent, and $1.04 billion and 6.0 percent, respectively. 

Provision for Income Taxes

The provision for income taxes was $12.1 million, down from $17.4 million in the second quarter of 2024 due to lower income before income taxes. The effective tax rate was 29.2 percent, up from 26.9 percent in the second quarter of 2024. The increase in the effective tax rate relates to shortfalls on stock-based compensation. 

Net Income

Net income was $29.3 million, down from $47.2 million in the second quarter of 2024.

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RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2025 COMPARED WITH THE SIX MONTHS ENDED JUNE 30, 2024

Revenues

Revenues for the first six months of the year were $2.0 billion, down 4.5 percent year-over-year. The table below shows our revenues by segment for the six months ended June 30, 2025 and 2024 (in millions).

% of Total20252024Change20252024ChangeCommercialConsulting615.8 558.5 10.3%31.0%26.8%4