Company: ASGN
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000890564-25-000008
Chunk: 54

Company: ASGN Inc
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 54
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 backlog for our Federal Government Segment represents the estimated amount of future revenues to be recognized under awarded contracts, including task orders and options, at a point in time ("Contract Backlog"). These estimates are subject to change and may be affected by the execution of new contracts, the extension or early termination of existing contracts, the non-renewal or completion of current contracts, and adjustments to estimates for previously included contracts. There is no assurance our contract backlog will result in future revenues. The timing of the execution of new contracts and other changes are affected by the funding cycles of the government and can vary from quarter to quarter. New contract awards are the estimated amount of future revenues to be recognized under contracts awarded during a specified period, including adjustments to estimates for contracts awarded in previous periods (“New Contract Awards”). Information regarding New Contract Awards is not 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.

Year Ended December 31,(Dollars in millions)202420232022New Contract Awards$1,340.5 $1,022.2 $1,073.3 Book-to-Bill Ratio1.1 to 10.8 to 10.9 to 1

December 31,(Dollars in millions)202420232022Funded Contract Backlog$529.0 $543.5 $582.3 Negotiated Unfunded Contract Backlog2,589.6 2,466.0 2,681.2 Contract Backlog$3,118.6 $3,009.5 $3,263.5 Contract Backlog Coverage Ratio2.5 to 12.4 to 12.9 to 1

Liquidity and Capital Resources

Our working capital, which is current assets less current liabilities, at December 31, 2024 was $550.6 million, and our cash and cash equivalents were $205.2 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 December 31, 2024, we had full availability under the $500.0 million revolving credit facility