QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||
Non-accelerated filer | ☐ | Smaller reporting company | ||
Emerging growth company |
ASGN INCORPORATED AND SUBSIDIARIES INDEX | |
June 30, 2020 | December 31, 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | $ | |||||
Accounts receivable, net | |||||||
Prepaid expenses and income taxes | |||||||
Other current assets | |||||||
Total current assets | |||||||
Property and equipment, net | |||||||
Operating lease right of use assets | |||||||
Identifiable intangible assets, net | |||||||
Goodwill | |||||||
Other | |||||||
Total assets | $ | $ | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | $ | |||||
Accrued payroll and contract professional pay | |||||||
Operating lease liabilities | |||||||
Other current liabilities | |||||||
Total current liabilities | |||||||
Long-term debt | |||||||
Operating lease liabilities | |||||||
Deferred income tax liabilities | |||||||
Payroll tax deferral and other | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 6) | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.01 par value; 1 million shares authorized; no shares issued | |||||||
Common stock, $0.01 par value; 75 million shares authorized; 52.5 million and 52.9 million shares outstanding as of June 30, 2020 and December 31, 2019, respectively | |||||||
Paid-in capital | |||||||
Retained earnings | |||||||
Accumulated other comprehensive loss | ( | ) | ( | ) | |||
Total stockholders’ equity | |||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||
Costs of services | |||||||||||||||
Gross profit | |||||||||||||||
Selling, general and administrative expenses | |||||||||||||||
Amortization of intangible assets | |||||||||||||||
Operating income | |||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Income before income taxes | |||||||||||||||
Provision for income taxes | |||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||
Diluted | $ | $ | $ | $ | |||||||||||
Number of shares and share equivalents used to calculate earnings per share: | |||||||||||||||
Basic | |||||||||||||||
Diluted | |||||||||||||||
Reconciliation of net income to comprehensive income: | |||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | |||||||||||
Comprehensive income | $ | $ | $ | $ |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||
Three Months Ended June 30, 2020: | |||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Vesting of restricted stock units | — | ( | ) | — | — | ( | ) | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | |||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Three Months Ended June 30, 2019: | |||||||||||||||||||||||
Balance at March 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Vesting of restricted stock units | — | ( | ) | — | — | ( | ) | ||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | |||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||
Shares | Par Value | ||||||||||||||||||||||
Six Months Ended June 30, 2020: | |||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Vesting of restricted stock units | — | ( | ) | — | — | ( | ) | ||||||||||||||||
Employee stock purchase plan | — | — | — | ||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Stock repurchases and retirement of shares | ( | ) | — | ( | ) | ( | ) | — | ( | ) | |||||||||||||
Foreign currency translation adjustments | — | — | — | — | ( | ) | ( | ) | |||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Six Months Ended June 30, 2019: | |||||||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Vesting of restricted stock units | — | ( | ) | — | — | ( | ) | ||||||||||||||||
Employee stock purchase plan | — | — | — | ||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | |||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | ( | ) | ( | ) | |||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | $ | ( | ) | $ |
Six Months Ended | |||||||
June 30, | |||||||
2020 | 2019 | ||||||
Cash Flows from Operating Activities: | |||||||
Net income | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | |||||||
Stock-based compensation | |||||||
Other | |||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||
Accounts receivable | |||||||
Prepaid expenses and income taxes | ( | ) | |||||
Accounts payable | ( | ) | ( | ) | |||
Accrued payroll and contract professional pay | ( | ) | |||||
Income taxes payable | |||||||
Operating lease right of use assets | |||||||
Operating lease liabilities | ( | ) | ( | ) | |||
Payroll tax deferral and other | ( | ) | |||||
Net cash provided by operating activities | |||||||
Cash Flows from Investing Activities: | |||||||
Cash paid for property and equipment | ( | ) | ( | ) | |||
Cash paid for acquisitions, net of cash acquired | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Net cash used in investing activities | ( | ) | ( | ) | |||
Cash Flows from Financing Activities: | |||||||
Proceeds from long-term debt | |||||||
Principal payments of long-term debt | ( | ) | ( | ) | |||
Debt issuance and amendment costs | ( | ) | |||||
Proceeds from option exercises and employee stock purchase plan | |||||||
Payment of employment taxes related to release of restricted stock awards | ( | ) | ( | ) | |||
Repurchase of common stock | ( | ) | |||||
Net cash used in financing activities | ( | ) | ( | ) | |||
Effect of exchange rate changes on cash and cash equivalents | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | ( | ) | |||||
Cash and Cash Equivalents at Beginning of Year | |||||||
Cash and Cash Equivalents at End of Period | $ | $ |
Supplemental Disclosure of Cash Flow Information | |||||||
Cash paid for: | |||||||
Income taxes | $ | $ | |||||
Interest | $ | $ | |||||
Non-cash transactions: | |||||||
Unpaid portion of additions to property and equipment | $ | $ | |||||
Operating lease right of use assets obtained in exchange for operating lease liabilities | $ | $ |
Apex | Oxford | ECS | Total | ||||||||||||
Balance as of December 31, 2018 | $ | $ | $ | $ | |||||||||||
DHA acquisition | — | — | |||||||||||||
Intersys acquisition | — | — | |||||||||||||
Translation adjustment | — | ( | ) | — | ( | ) | |||||||||
Balance as of December 31, 2019 | |||||||||||||||
Blackstone Federal acquisition | — | — | |||||||||||||
Translation adjustment | ( | ) | ( | ) | — | ( | ) | ||||||||
Balance as of June 30, 2020 | $ | $ | $ | $ |
June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||
Estimated Useful Life in Years | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||||
Customer and contractual relationships | 2 - 12.75 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Contractor relationships | 2 - 5 | ||||||||||||||||||||||||
Backlog | 1 - 2.75 | ||||||||||||||||||||||||
Non-compete agreements | 2 - 7 | ||||||||||||||||||||||||
In-use software | 6 | ||||||||||||||||||||||||
Not subject to amortization: | |||||||||||||||||||||||||
Trademarks | — | — | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Remainder of 2020 | $ | ||
2021 | |||
2022 | |||
2023 | |||
2024 | |||
Thereafter | |||
$ |
June 30, 2020 | December 31, 2019 | ||||||
Senior Secured Credit Facility: | |||||||
$250 million revolving credit facility, due 2024 | $ | $ | |||||
Term B loan facility, due 2025 | |||||||
Unsecured Senior Notes, due 2028 | |||||||
Unamortized deferred loan costs | ( | ) | ( | ) | |||
Total Long-Term Debt | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income | $ | $ | $ | $ | |||||||||||
Weighted-average number of common shares outstanding - basic | |||||||||||||||
Dilutive effect of share equivalents | |||||||||||||||
Number of common shares and share equivalents outstanding - diluted | |||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||
Anti-dilutive share equivalents (1) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Apex | ||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||
Gross profit | ||||||||||||||||
Operating income | ||||||||||||||||
Amortization | ||||||||||||||||
Oxford | ||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||
Gross profit | ||||||||||||||||
Operating income | ||||||||||||||||
Amortization | ||||||||||||||||
ECS | ||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||
Gross profit | ||||||||||||||||
Operating income | ||||||||||||||||
Amortization | ||||||||||||||||
Consolidated | ||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||
Gross profit | ||||||||||||||||
Operating income(1) | ||||||||||||||||
Amortization |
(1) | Consolidated operating income includes corporate operating expenses, which are not allocated to the segments, consisting of consolidated stock-based compensation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses, public company expenses and depreciation expense for corporate assets. |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Apex | ||||||||||||||||
Contract — | ||||||||||||||||
Assignment | $ | $ | $ | $ | ||||||||||||
Consulting | ||||||||||||||||
Permanent placement | ||||||||||||||||
Oxford | ||||||||||||||||
Contract — | ||||||||||||||||
Assignment | $ | $ | $ | $ | ||||||||||||
Consulting | ||||||||||||||||
Permanent placement | ||||||||||||||||
ECS | ||||||||||||||||
Firm-fixed-price | $ | $ | $ | $ | ||||||||||||
Time and materials | ||||||||||||||||
Cost reimbursable | ||||||||||||||||
Consolidated | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||
2020 | % | 2019 | % | 2020 | % | 2019 | % | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||
Domestic | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||
Foreign | % | % | % | % | ||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Department of Defense and Intelligence Agencies | $ | $ | $ | $ | ||||||||||||
Federal Civilian | ||||||||||||||||
Other | ||||||||||||||||
$ | $ | $ | $ |
% of Consolidated Revenues | ||||||||||||||||||||
2020 | 2019 | Chg. | 2020 | 2019 | Chg. | |||||||||||||||
Revenues by Business | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Contract — | ||||||||||||||||||||
Assignment | $ | 580.0 | $ | 650.6 | (10.8 | )% | 61.9 | % | 67.0 | % | (5.1 | )% | ||||||||
Consulting | 96.4 | 93.8 | 2.8 | % | 10.3 | % | 9.6 | % | 0.7 | % | ||||||||||
676.4 | 744.4 | (9.1 | )% | 72.2 | % | 76.6 | % | (4.4 | )% | |||||||||||
Permanent placement | 20.7 | 37.3 | (44.8 | )% | 2.2 | % | 3.8 | % | (1.6 | )% | ||||||||||
Total Commercial | 697.1 | 781.7 | (10.8 | )% | 74.4 | % | 80.4 | % | (6.0 | )% | ||||||||||
Federal Government IT Solutions | 239.7 | 190.6 | 25.8 | % | 25.6 | % | 19.6 | % | 6.0 | % | ||||||||||
Consolidated | $ | 936.8 | $ | 972.3 | (3.6 | )% | 100.0 | % | 100.0 | % | ||||||||||
Revenues by Segment | ||||||||||||||||||||
Apex | $ | 576.9 | $ | 628.5 | (8.2 | )% | 61.6 | % | 64.6 | % | (3.0 | )% | ||||||||
Oxford | 120.2 | 153.2 | (21.5 | )% | 12.8 | % | 15.8 | % | (3.0 | )% | ||||||||||
ECS | 239.7 | 190.6 | 25.8 | % | 25.6 | % | 19.6 | % | 6.0 | % | ||||||||||
Consolidated | $ | 936.8 | $ | 972.3 | (3.6 | )% | 100.0 | % | 100.0 | % |
Gross Profit | Gross Margin | |||||||||||||||||||
2020 | 2019 | Chg. | 2020 | 2019 | Chg. | |||||||||||||||
Commercial | $ | 217.0 | $ | 250.3 | (13.3 | )% | 31.1 | % | 32.0 | % | (0.9 | )% | ||||||||
Federal Government IT Solutions | 43.8 | 34.9 | 25.5 | % | 18.3 | % | 18.3 | % | — | % | ||||||||||
Consolidated | $ | 260.8 | $ | 285.2 | (8.6 | )% | 27.8 | % | 29.3 | % | (1.5 | )% | ||||||||
Contract:(1) | ||||||||||||||||||||
Commercial | $ | 196.3 | $ | 213.0 | (7.8 | )% | 29.0 | % | 28.6 | % | 0.4 | % | ||||||||
Federal Government IT Solutions | 43.8 | 34.9 | 25.5 | % | 18.3 | % | 18.3 | % | — | % | ||||||||||
Total | $ | 240.1 | $ | 247.9 | (3.1 | )% | 26.2 | % | 26.5 | % | (0.3 | )% | ||||||||
By Segment | ||||||||||||||||||||
Apex | $ | 170.6 | $ | 187.8 | (9.2 | )% | 29.6 | % | 29.9 | % | (0.3 | )% | ||||||||
Oxford | 46.4 | 62.5 | (25.8 | )% | 38.6 | % | 40.8 | % | (2.2 | )% | ||||||||||
ECS | 43.8 | 34.9 | 25.5 | % | 18.3 | % | 18.3 | % | — | % | ||||||||||
Consolidated | $ | 260.8 | $ | 285.2 | (8.6 | )% | 27.8 | % | 29.3 | % | (1.5 | )% |
(1) | Contract gross profit and margin excludes permanent placement. |
% Consolidated Revenues | ||||||||||||||||||||
2020 | 2019 | Chg. | 2020 | 2019 | Chg. | |||||||||||||||
Revenues by Business | ||||||||||||||||||||
Commercial | ||||||||||||||||||||
Contract — | ||||||||||||||||||||
Assignment | $ | 1,221.2 | $ | 1,288.0 | (5.2 | )% | 63.4 | % | 67.9 | % | (4.5 | )% | ||||||||
Consulting | 199.2 | 178.0 | 11.9 | % | 10.3 | % | 9.4 | % | 0.9 | % | ||||||||||
1,420.4 | 1,466.0 | (3.1 | )% | 73.7 | % | 77.3 | % | (3.6 | )% | |||||||||||
Permanent placement | 54.5 | 71.4 | (23.7 | )% | 2.8 | % | 3.8 | % | (1.0 | )% | ||||||||||
Total Commercial | 1,474.9 | 1,537.4 | (4.1 | )% | 76.5 | % | 81.1 | % | (4.6 | )% | ||||||||||
Federal Government IT Solutions | 452.4 | 358.6 | 26.2 | % | 23.5 | % | 18.9 | % | 4.6 | % | ||||||||||
Consolidated | $ | 1,927.3 | $ | 1,896.0 | 1.7 | % | 100.0 | % | 100.0 | % | ||||||||||
Revenues by Segment | ||||||||||||||||||||
Apex | $ | 1,206.0 | $ | 1,234.6 | (2.3 | )% | 62.5 | % | 65.1 | % | (2.6 | )% | ||||||||
Oxford | 268.9 | 302.8 | (11.2 | )% | 14.0 | % | 16.0 | % | (2.0 | )% | ||||||||||
ECS | 452.4 | 358.6 | 26.2 | % | 23.5 | % | 18.9 | % | 4.6 | % | ||||||||||
Consolidated | $ | 1,927.3 | $ | 1,896.0 | 1.7 | % | 100.0 | % | 100.0 | % |
Gross Profit | Gross Margin | |||||||||||||||||||
2020 | 2019 | Chg. | 2020 | 2019 | Chg. | |||||||||||||||
Commercial | $ | 460.8 | $ | 484.6 | (4.9 | )% | 31.2 | % | 31.5 | % | (0.3 | )% | ||||||||
Federal Government IT Solutions | 80.9 | 64.5 | 25.4 | % | 17.9 | % | 18.0 | % | (0.1 | )% | ||||||||||
Consolidated | $ | 541.7 | $ | 549.1 | (1.3 | )% | 28.1 | % | 29.0 | % | (0.9 | )% | ||||||||
Contract:(1) | ||||||||||||||||||||
Commercial | $ | 406.3 | $ | 413.2 | (1.7 | )% | 28.6 | % | 28.2 | % | 0.4 | % | ||||||||
Federal Government IT Solutions | 80.9 | 64.5 | 25.4 | % | 17.9 | % | 18.0 | % | (0.1 | )% | ||||||||||
Total | $ | 487.2 | $ | 477.7 | 2.0 | % | 26.0 | % | 26.2 | % | (0.2 | )% | ||||||||
By Segment | ||||||||||||||||||||
Apex | $ | 355.1 | $ | 363.2 | (2.2 | )% | 29.4 | % | 29.4 | % | — | % | ||||||||
Oxford | 105.7 | 121.4 | (12.9 | )% | 39.3 | % | 40.1 | % | (0.8 | )% | ||||||||||
ECS | 80.9 | 64.5 | 25.4 | % | 17.9 | % | 18.0 | % | (0.1 | )% | ||||||||||
Consolidated | $ | 541.7 | $ | 549.1 | (1.3 | )% | 28.1 | % | 29.0 | % | (0.9 | )% |
(1) | Contract gross profit and margin excludes permanent placement. |
(in millions) | June 30, 2020 | December 31, 2019 | ||||||
Funded Contract Backlog | $ | 435.3 | $ | 488.4 | ||||
Negotiated Unfunded Contract Backlog | 2,178.0 | 2,082.7 | ||||||
Contract Backlog | $ | 2,613.3 | $ | 2,571.1 |
Number | Footnote | Description | ||
(1) | ||||
(2) | ||||
(3) | ||||
4.1 | (4)(P) | Specimen Common Stock Certificate | ||
* | ||||
* | ||||
* | ||||
* | ||||
* | ||||
101 | * | The following material from this Quarterly Report on Form 10-Q of ASGN Incorporated for the period ended June 30, 2020, formatted in Inline XBRL Part I, Item 1 of this Form 10-Q formatted in Inline XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations and Comprehensive Income; (iii) Condensed Consolidated Statement of Stockholders’ Equity; (iv) Condensed Consolidated Statements of Cash Flows; and (v) related notes to these financial statements. | ||
104 | Cover page interactive data file (formatted in Inline XBRL and contained in Exhibit 101) | |||
* | Filed herewith. | |||
(1) | Incorporated by reference from an exhibit to our Current Report on Form 8-K filed with the SEC on June 25, 2014. | |||
(2) | Incorporated by reference from an exhibit to our Current Report on Form 8-K filed with the SEC on March 16, 2018. | |||
(3) | Incorporated by reference from an exhibit to our Current Report on Form 8-K filed with the SEC on April 2, 2018. | |||
(4) | Incorporated by reference from an exhibit to our Registration Statement on Form S-1 (File No. 33-50646) declared effective by the SEC on September 21, 1992. | |||
(P) | This exhibit has been paper filed and is not subject to the hyperlinking requirements of Item 601 of Regulation S-K. |
ASGN Incorporated | ||
August 10, 2020 | By: | /s/ Edward L. Pierce |
Edward L. Pierce | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer and Duly Authorized Officer) |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 10, 2020 | ||
/s/ Theodore S. Hanson | |||
Theodore S. Hanson | |||
President and Chief Executive Officer (Principal Executive Officer) |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | August 10, 2020 | ||
/s/ Edward L. Pierce | |||
Edward L. Pierce | |||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
(a) | the Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2020 filed on the date hereof with the Securities and Exchange Commission (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(b) | information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 10, 2020 | ||
/s/ Theodore S. Hanson | |||
Theodore S. Hanson | |||
President and Chief Executive Officer (Principal Executive Officer) |
(a) | the Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2020 filed on the date hereof with the Securities and Exchange Commission (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(b) | information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | August 10, 2020 | ||
/s/ Edward L. Pierce | |||
Edward L. Pierce | |||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions, $ / shares in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Stockholders’ equity: | ||
Preferred Stock, par value (in dollars per share) | $ 0.0 | $ 0.0 |
Preferred Stock, shares authorized (in shares) | 1.0 | 1.0 |
Preferred Stock, shares issued (in shares) | 0.0 | 0.0 |
Preferred Stock, shares outstanding (in shares) | 0.0 | 0.0 |
Common Stock, par value (in dollars per share) | $ 0.0 | $ 0.0 |
Common Stock, shares authorized (in shares) | 75.0 | 75.0 |
Common Stock, Shares | 52.5 | 52.9 |
Common Stock: shares outstanding (in shares) | 52.5 | 52.9 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Revenues | $ 936.8 | $ 972.3 | $ 1,927.3 | $ 1,896.0 |
Cost of services | 676.0 | 687.1 | 1,385.6 | 1,346.9 |
Gross profit | 260.8 | 285.2 | 541.7 | 549.1 |
Selling, general and administrative expenses | 172.2 | 198.8 | 370.1 | 386.2 |
Amortization of intangible assets | 12.6 | 13.1 | 24.7 | 26.9 |
Operating income | 76.0 | 73.3 | 146.9 | 136.0 |
Interest expense | (9.7) | (14.0) | (21.1) | (28.5) |
Income before income taxes | 66.3 | 59.3 | 125.8 | 107.5 |
Provision for income taxes | 17.5 | 16.2 | 33.2 | 29.5 |
Net income | $ 48.8 | $ 43.1 | $ 92.6 | $ 78.0 |
Earnings per share: | ||||
Basic | $ 0.93 | $ 0.82 | $ 1.76 | $ 1.48 |
Diluted | $ 0.92 | $ 0.81 | $ 1.74 | $ 1.46 |
Number of shares and share equivalents used to calculate earnings per share: | ||||
Basic | 52.5 | 52.8 | 52.7 | 52.7 |
Diluted | 53.0 | 53.4 | 53.1 | 53.3 |
Reconciliation of net income to comprehensive income: | ||||
Net income | $ 48.8 | $ 43.1 | $ 92.6 | $ 78.0 |
Foreign currency translation adjustment | 1.6 | 1.0 | (0.9) | (0.1) |
Comprehensive income | $ 50.4 | $ 44.1 | $ 91.7 | $ 77.9 |
Financial Statement Presentation (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Statement Presentation | 1. General Basis of presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission (the "SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The December 31, 2019 condensed consolidated balance sheet was derived from audited financial statements. The financial statements include adjustments consisting of normal recurring items, which, in the opinion of management, are necessary for a fair presentation of the financial position of ASGN Incorporated and its subsidiaries ("ASGN" or the "Company") and its results of operations for the interim dates and periods set forth herein. The results for any of the interim periods are not necessarily indicative of the results to be expected for the full year or any other period. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 10-K"). COVID-19 pandemic — As a result of the COVID-19 pandemic, the Company experienced a precipitous decline in revenues from its creative marketing and permanent placement divisions in the second quarter of 2020. In the aggregate, these divisions accounted for approximately 8.9 percent of consolidated revenues for the quarter. Due to this decline and the uncertainty related to future performance, the Company performed an assessment of the goodwill and trademarks of these divisions. This assessment included sensitivity analyses and stress testing on certain of our more sensitive inputs to our valuation models, including the weighted-average cost of capital and future expected revenues. Based on this assessment, we concluded that their fair values, more likely than not, exceeded their carrying values. Given the uncertainty of the current economic environment, accounting estimates and assumptions that require management's judgments concerning the effects of the economic downturn and recovery, particularly those relating to the recoverability of intangible assets and goodwill, are being closely monitored. |
Accounting Standard Update (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Standard Update [Abstract] | |
New Accounting Pronouncements | 2. Accounting Standards Update On January 1, 2020, the Company adopted Accounting Standard Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326). This standard requires a financial asset to be presented at the net amount expected to be collected. The financial assets of the Company in scope of ASU 2016-13 were primarily accounts receivable. The adoption of this standard did not have a significant impact to the Company's consolidated financial statements. The Company estimates an allowance for expected credit losses on accounts receivable that result from the inability of customers to make required payments. These estimates are based on a combination of historical loss statistics, current business conditions and macro-economic trends. In estimating the allowance for expected credit losses, consideration is given to the current aging of receivables and a specific review for potential bad debts. The resulting bad debt expense is included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. Receivables are written-off when deemed uncollectible. The Company evaluates the adequacy of its allowance for credit losses on accounts receivable on a regular basis. The accounts receivable allowance was $5.7 million and $5.1 million at June 30, 2020 and December 31, 2019, respectively, and the activity in the six months ended June 30, 2020 was not material. On January 1, 2020, the Company adopted ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This update provides guidance regarding the capitalization of implementation costs incurred in a cloud computing arrangement that is a service contract. ASU 2018-15 was adopted prospectively and cloud computing implementation costs incurred on January 1, 2020 or later are included in other noncurrent assets in the consolidated balance sheet and are presented within operating cash flows. As of June 30, 2020, $2.0 million of capitalized implementation costs were included in other noncurrent assets, and there was an insignificant amount of amortization expense recorded during the six and three months ended June 30, 2020. Effective January 1, 2020, the Company adopted ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment. This guidance eliminates Step 2 of the goodwill impairment test and goodwill impairment will now be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-04 Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases and other contracts. This guidance is optional and may be elected over time as reference rate reform activities occur. The Company is currently evaluating the impact of this guidance.
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Leases (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
Leases [Abstract] | |
Leases Disclosure | 7. Leases |
Acquisitions (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions Blackstone Federal Acquisition On January 24, 2020, the Company acquired certain specified assets and liabilities that make up the federal division of Blackstone Technology Group (“Blackstone Federal”), for $85.5 million in cash. Blackstone Federal is headquartered in Arlington, Virginia. The acquisition expands the Company's capabilities in agile application development, cloud modernization and systems architecture, cybersecurity, user experience design and branding services to government clients and is part of the ECS Segment. The results of operations of Blackstone Federal are included in the consolidated results of the Company from the date of its acquisition. The Company does not provide pro forma information for the Blackstone Federal acquisition due to its size. The purchase accounting for the acquisition of Blackstone Federal remains incomplete with respect to the provisional fair value of assets acquired and liabilities assumed, as management continues to gather and evaluate information about circumstances that existed as of the acquisition date. Measurement period adjustments will be recognized prospectively within 12 months from the date of acquisition. Goodwill associated with this acquisition totaled $61.1 million, which is deductible for income tax purposes. Goodwill represents the acquired assembled workforce, potential new customers and future cash flows after the acquisition. Identifiable intangible assets related to this acquisition totaled $22.8 million, with useful lives ranging from one to nine years. Intersys Acquisition On October 17, 2019, the Company acquired all of the membership interests of Intersys Consulting, LLC ("Intersys"), headquartered in Austin, Texas, for $67.0 million in cash. The acquisition expands the Company's capabilities in digital innovation and enterprise solutions and it is part of the Apex Segment. The results of operations of Intersys are included in the consolidated results of the Company from the date of its acquisition. The Company does not provide pro forma information for the Intersys acquisition due to its size. |
Goodwill and Identifiable Assets (Notes) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Identifiable Intangible Assets | 4. Goodwill and Identifiable Intangible Assets The changes in the carrying amount of goodwill by segment for the six months ended June 30, 2020 and the year ended December 31, 2019 were as follows (in millions):
Acquired intangible assets consisted of the following (in millions):
Estimated future amortization expense is as follows (in millions):
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Long-Term Debt (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | 5. Long-Term Debt Long-term debt consisted of the following (in millions):
Senior Secured Credit Facility The senior secured credit facility ("Credit Facility") consists of a term B loan and a senior secured revolving credit facility with a maximum borrowing capacity of $250.0 million (the "Revolver"). Borrowings under the term B loan bear interest at LIBOR plus 1.75 percent, or the bank’s base rate plus 0.75 percent. Borrowings under the Revolver bear interest at LIBOR plus 1.25 percent to 2.25 percent, or the bank’s base rate plus 0.25 to 1.25 percent, depending on leverage levels. At June 30, 2020, the Company had no outstanding borrowings under the Revolver and had $3.9 million in undrawn stand-by letters of credit to secure certain obligations. A commitment fee of 0.20 to 0.35 percent is payable on the undrawn portion of the Revolver. There are no required minimum payments on the Credit Facility and it is secured by substantially all of the Company's assets and includes various restrictive covenants. The Company is required to make mandatory prepayments on its term B loan from excess cash flow and with the proceeds of asset sales, debt issuances and specified other events, subject to certain exceptions. The Revolver is limited to a maximum ratio of senior secured debt to trailing 12-months of lender defined consolidated EBITDA. At June 30, 2020, the Company was in compliance with its debt covenants. Unsecured Senior Notes The Company has $550.0 million of unsecured senior notes due in 2028 (the "Senior Notes"). The Senior Notes bear interest at 4.625 percent, which is payable in arrears on May 15 and November 15 of each year. The Senior Notes are unsecured obligations and are subordinate to the Company's Credit Facility to the extent of the collateral securing such facility. The Senior Notes also contain certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, transfer or sell assets and make certain distributions.
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Commitments and Contingencies (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies The Company’s deferred compensation plan liability was $12.2 million and $11.8 million at June 30, 2020 and December 31, 2019, respectively, and was primarily included in other long-term liabilities. The employees' deferred compensation is deposited in a rabbi trust (see Note 12. Fair Value Measurements). The Company is involved in various legal proceedings, claims and litigation arising in the ordinary course of business. The Company does not believe that the disposition of matters that are pending or asserted will have a material effect on its condensed consolidated financial statements.
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Revenues (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 8. Revenues The Company’s contracts have termination for convenience provisions and do not have substantive termination penalties; therefore, the contract duration for accounting purposes may be less than the stated terms. For accounting purposes, the Company's contracts with customers are considered to be of a short-term nature (one year or less). The Company does not disclose the value of remaining performance obligations for short-term contracts. |
Income Taxes (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes For interim reporting periods, the Company’s provision for income taxes is calculated using its annualized estimated effective tax rate for the year. This rate is based on its estimated full year income and the related income tax expense for each jurisdiction in which the Company operates. The effective tax rate can be affected by changes in the geographical mix, permanent differences and the estimate of full year pretax accounting income. This rate is adjusted for the effects of discrete items occurring in the period.
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Earnings Per Share (Notes) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | 10. Earnings per Share The following is a reconciliation of the number of shares and share equivalents used to calculate basic and diluted earnings per share (in millions, except per share data):
_____ (1) Anti-dilutive stock-based awards that were excluded from the calculation of the number of shares used to compute diluted earnings per share because they were anti-dilutive when applying the treasury-stock method.
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Segment Reporting (Notes) |
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | 11. Segment Reporting ASGN provides IT and professional staffing services in the technology, digital, creative, engineering and life sciences fields across commercial and government sectors. ASGN operates through its Apex, Oxford and ECS segments. The Apex Segment provides technology, digital, creative, scientific, engineering staffing and consulting services to Fortune 1000 and mid-market clients across the United States and Canada. The Oxford Segment provides hard-to-find technology, digital, engineering and life sciences staffing and consulting services in select skill and geographic markets in the United States and Europe. The Company’s commercial business is comprised of the Apex and Oxford segments. The ECS Segment, the Company’s federal government IT solutions business, delivers advanced solutions in cloud, cybersecurity, artificial intelligence, machine learning, application and IT modernization, science and engineering to U.S. defense, intelligence and federal civilian agencies. The Company has three major revenue streams: (i) contract, (ii) permanent placement and (iii) federal government IT solutions. The Company’s contract revenues are comprised of assignment revenues and consulting revenues. Consulting services consist of deliverables-based projects including support service centers and managed projects such as software development. The Company’s management evaluates the performance of each segment primarily based on revenues, gross profit and operating income. The information in the following tables is derived directly from internal financial reporting of the segments used for corporate management purposes. The following tables present revenues, gross profit, operating income and amortization by segment (in millions):
____________
The following table presents segment revenues by type (in millions):
The Company operates internationally, with operations mainly in the United States. The following table presents revenues within and outside of the United States (in millions):
The following table presents the ECS segment (federal government IT solutions) revenues by customer type (in millions):
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Fair Value Measurements (Notes) |
6 Months Ended |
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Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued payroll and contract professional pay approximate their fair value based on their short-term nature. The carrying amount of long-term debt recorded in the Company’s condensed consolidated balance sheet at June 30, 2020 was $1.0 billion and approximated its fair value (see Note 5. Long-Term Debt), which was determined using quoted prices in active markets for identical liabilities (Level 1 inputs). The Company has a deferred compensation plan and the employees' deferred compensation is deposited in a rabbi trust. This rabbi trust had investments, primarily mutual funds, of $12.2 million and $11.8 million at June 30, 2020 and December 31, 2019, respectively, which are measured at fair value using the net asset value per share. These assets were primarily included in other non-current assets. |
Goodwill and Identifiable Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amount of goodwill by segment for the six months ended June 30, 2020 and the year ended December 31, 2019 were as follows (in millions):
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Schedule of Acquired Intangible Assets | Acquired intangible assets consisted of the following (in millions):
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Schedule of Estimated Future Amortization Expense | Estimated future amortization expense is as follows (in millions):
|
Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Long-term debt consisted of the following (in millions):
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Earnings Per Share Schedule Of Earnings Per Share Basic And Diluted Table (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calculation of Basic and Diluted Earnings per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following is a reconciliation of the number of shares and share equivalents used to calculate basic and diluted earnings per share (in millions, except per share data):
_____ (1) Anti-dilutive stock-based awards that were excluded from the calculation of the number of shares used to compute diluted earnings per share because they were anti-dilutive when applying the treasury-stock
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Segment Reporting (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following tables present revenues, gross profit, operating income and amortization by segment (in millions):
____________ (1) Consolidated operating income includes corporate operating expenses, which are not allocated to the segments, consisting of consolidated stock-based compensation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses, public company expenses and depreciation expense for corporate assets.
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Disaggregation of Revenue | The following table presents segment revenues by type (in millions):
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Schedule of Revenue by Geographical Areas | The Company operates internationally, with operations mainly in the United States. The following table presents revenues within and outside of the United States (in millions):
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Revenue from External Customers by Products and Services | The following table presents the ECS segment (federal government IT solutions) revenues by customer type (in millions):
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Financial Statement Presentation Care Act (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
Rate
| |
Presentation of Financial Statements [Abstract] | |
Federal Tax Deferred (Cares Act) | $ | $ 31.1 |
Percent of Federal Tax Deferred (Cares Act) | Rate | 50.00% |
Accounting Standard Update Cloud Computing (Details) $ in Millions |
Jun. 30, 2020
USD ($)
|
---|---|
Capitalized Implementation Costs Disclosure [Abstract] | |
Capitalized Implementation Cost | $ 2.0 |
Accounting Standard Update Allowance for Credit Loss (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Allowance for Credit Loss [Abstract] | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 5.7 | $ 5.1 |
Leases Related Party Leases (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020
USD ($)
property
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
property
|
Jun. 30, 2019
USD ($)
|
|
Related Party Transactions [Abstract] | ||||
Number of Leased Properties Owned by Related Parties | property | 2 | 2 | ||
Costs and Expenses, Related Party | $ | $ 0.2 | $ 0.3 | $ 0.4 | $ 0.6 |
Goodwill and Identifiable Assets (Goodwill) (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||
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Jan. 24, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Goodwill [Roll Forward] | ||||
Gross goodwill | $ 1,547.3 | $ 1,486.9 | $ 1,421.1 | |
Translation adjustment | (0.7) | (0.3) | ||
Apex | ||||
Goodwill [Roll Forward] | ||||
Gross goodwill | 703.0 | 703.5 | 662.1 | |
Translation adjustment | (0.5) | |||
Oxford | ||||
Goodwill [Roll Forward] | ||||
Gross goodwill | 230.3 | 230.5 | 230.8 | |
Translation adjustment | (0.2) | (0.3) | ||
ECS | ||||
Goodwill [Roll Forward] | ||||
Gross goodwill | 614.0 | 552.9 | $ 528.2 | |
DHA | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 24.7 | |||
Intersys | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 41.4 | |||
BlackStone Federal | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 61.1 | $ 61.1 |
Goodwill and Identifiable Assets (Future Amortization Expense) (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2019 | $ 25.1 | |
2020 | 41.0 | |
2021 | 32.7 | |
2022 | 28.0 | |
2023 | 21.2 | |
Thereafter | 67.7 | |
Net Carrying Amount | $ 215.7 | $ 217.6 |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Commitments [Line Items] | ||
Deferred Compensation Liability, Classified, Noncurrent | $ 12.2 | $ 11.8 |
Revenues (Details) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue | $ 12.1 | $ 8.4 |
Earnings Per Share Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
Calculation of Basic and Diluted Earnings per Share [Abstract] | ||||||
Net income | $ 48.8 | $ 43.1 | $ 92.6 | $ 78.0 | ||
Weighted average number of common shares | 52.5 | 52.8 | 52.7 | 52.7 | ||
Dilutive effect of stock-based awards | 0.5 | 0.6 | 0.4 | 0.6 | ||
Number of shares used to compute diluted earnings per share | 53.0 | 53.4 | 53.1 | 53.3 | ||
Basic | $ 0.93 | $ 0.82 | $ 1.76 | $ 1.48 | ||
Diluted | $ 0.92 | $ 0.81 | $ 1.74 | $ 1.46 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | [1] | 0.5 | 0.2 | 0.3 | ||
|
Segment Reporting (Revenue by Geographical Areas) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Revenues from External Customers [Line Items] | ||||
Revenues | $ 936.8 | $ 972.3 | $ 1,927.3 | $ 1,896.0 |
Revenue as Percentage of Consolidated Revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Domestic | ||||
Revenues from External Customers [Line Items] | ||||
Revenues | $ 897.9 | $ 929.8 | $ 1,843.3 | $ 1,810.9 |
Revenue as Percentage of Consolidated Revenue | 95.80% | 95.60% | 95.60% | 95.50% |
Foreign | ||||
Revenues from External Customers [Line Items] | ||||
Revenues | $ 38.9 | $ 42.5 | $ 84.0 | $ 85.1 |
Revenue as Percentage of Consolidated Revenue | 4.20% | 4.40% | 4.40% | 4.50% |
Segment Reporting Revenue by Customer Type (details) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Revenue from External Customer [Line Items] | ||||
Revenues | $ 936.8 | $ 972.3 | $ 1,927.3 | $ 1,896.0 |
Department of Defense and Intelligence Agencies | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 127.1 | 107.6 | 242.0 | 203.6 |
Federal Civilian | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 96.0 | 71.3 | 180.6 | 131.5 |
Other | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | 16.6 | 11.7 | 29.8 | 23.5 |
ECS | ||||
Revenue from External Customer [Line Items] | ||||
Revenues | $ 239.7 | $ 190.6 | $ 452.4 | $ 358.6 |
Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Fair Value Inputs, Liabilities, Quantitative Information | ||
Long-term Debt, Gross | $ 1,040.8 | $ 1,040.8 |
Level 1 Inputs | ||
Fair Value Inputs, Liabilities, Quantitative Information | ||
Fair value level 1 inputs | quoted prices in active markets for identical liabilities (Level 1 inputs) | |
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information | ||
Deferred Compensation Plan Assets | $ 12.2 | $ 11.8 |