Company: ASGN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000890564-25-000028
Chunk: 39

Company: ASGN Inc
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 39
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 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 March 31,(Dollars in millions)20252024New Contract Awards$1,486.3 $1,144.3 Book-to-Bill Ratio1.2 to 10.9 to 1

(Dollars in millions)March 31,2025December 31,2024March 31,2024Funded Contract Backlog$501.2 $529.0 $520.8 Negotiated Unfunded Contract Backlog2,664.4 2,589.6 2,368.4 Contract Backlog$3,165.6 $3,118.6 $2,889.2 Contract Backlog Coverage Ratio2.6 to 12.5 to 12.2 to 1

Liquidity and Capital Resources

Our working capital, which is current assets less current liabilities, at March 31, 2025 was $508.1 million, and our cash and cash equivalents were $107.0 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 March 31, 2025, we had approximately $250.0 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 availability under our revolving credit facility will be sufficient to fulfill our obligations, working capital requirements, and capital expenditures for the next 12 months and beyond.

Net cash provided by operating activities was $16.8 million for the first three months of 2025, compared with $73.3 million in the same period of 2024. Net cash provided by operating activities before changes in operating assets and liabilities was $66.4 million, compared with $77.4 million in the same period of 2024. Changes in operating assets and liabilities resulted in net cash usage of  $49.6 million for the first three months of 2025, compared with $4.1 million in the same period of