Company: ASGN
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000890564-25-000008
Chunk: 8

Company: ASGN Inc
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1
Chunk 8
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 technical and creative digital marketing services that make them qualified to fill a given assignment or project. Assignment contracts may vary in length but typically range between three and six months in duration. 

2

Federal Government Segment

Our Federal Government Segment (30 percent of 2024 consolidated revenues), our sixth industry vertical, delivers advanced solutions in cloud and enterprise IT, cybersecurity, AI/ML, application, and digital transformation to some of the world's leading agencies in both the public and private sectors. These solutions capabilities are geared towards IT modernization of the federal government as well as promote efficiency for our federal customer base. Our team of skilled experts tackles highly complex challenges for customers in the U.S. defense and intelligence agencies along with key federal civilian agencies, namely the Department of Homeland Security. We maintain relationships with leading cloud, cybersecurity, and AI/ML providers and hold specialized certifications in these technologies. We have over 1,000 combined certifications, accreditations, and awards in AI/ML alone, and continue to invest in our traditional and generative AI skillsets through our Data and AI Center of Excellence, our hub for training and innovation that empowers federal agencies to harness the full potential of AI technology.

The segment provides services under time-and-materials, cost reimbursable, and firm-fixed-price contracts. Contracts range from approximately three to five years in length, providing longer-term revenue visibility and countercyclical support throughout market cycles. We have contract backlog of $3.1 billion as of December 31, 2024, which represents the estimated amount of future revenues to be recognized under awarded contracts including task orders and options. 

Corporate support activities for this segment are based in Fairfax, Virginia, and there are 16 branch offices located across the United States. 

Industry and Market Dynamics

ASGN is a leading provider of IT services and solutions to the commercial and government sectors. ASGN helps leading corporate enterprises and government organizations develop, implement, and operate critical IT and business solutions through its integrated offering of IT consulting and professional staffing. Our total addressable market is approximately $580 billion, which includes $410 billion in commercial IT consulting, $121 billion in government IT consulting, and $49 billion in professional staffing. Our total addressable market has significantly expanded as clients have actively pulled us into higher-value consulting work for the commercial and government end markets.

Our business model continues to evolve in line with client needs and expectations to focus on higher-end, high value IT consulting services and solutions capabilities that provide enhanced margin opportunities in key areas of technological advancement