2024-04-24 23:22:09 ET
ASGN Incorporated (ASGN)
Q1 2024 Earnings Conference Call
April 24, 2024, 04:30 PM ET
Company Participants
Kimberly Esterkin - Vice President of Investor Relations
Theodore Hanson - Chief Executive Officer
Marie Perry - Chief Financial Officer
Randolph Blazer - President
Conference Call Participants
Trevor Romeo - William Blair
Surinder Thind - Jefferies
Kevin McVeigh - UBS
Heather Balsky - Bank of America
Tobey Sommer - Truist Securities
Presentation
Operator
Greetings. Welcome to the ASGN Incorporated First Quarter 2024 Earnings Call. [Operator Instructions]
I will now turn the conference over to your host, Kimberly Esterkin, Vice President of Investor Relations. You may begin.
Kimberly Esterkin
Good afternoon. Thank you for joining us today for ASGN's first quarter 2024 conference call. With me are Ted Hanson, Chief Executive Officer, Rand Blazer, President, and Marie Perry, Chief Financial Officer.
Before we get started, I would like to remind everyone that our commentary contains forward-looking statements. Although we believe these statements are reasonable, they are subject to risks and uncertainties, and as such, our actual results could differ materially from those statements. Certain of these risks and uncertainties are described in today’s press release and in our SEC filings. We do not assume any obligation to update statements made on this call. For your convenience, our prepared remarks and supplemental materials can be found in the Investor Relations' section of our website at investors.asgn.com.
Please also note that on this call, we will be referencing certain non-GAAP measures, such as Adjusted EBITDA, adjusted net income, and free cash flow. These non-GAAP measures are intended to supplement the comparable GAAP measures. Reconciliations between GAAP and non-GAAP measures are included in today's press release.
I will now turn the call over to Ted Hanson, Chief Executive Officer.
Theodore Hanson
Thank you, Kim, and thank you for joining ASGN's first quarter 2024 earnings call. ASGN achieved solid results for the first quarter. Revenues of $1.05 billion and Adjusted EBITDA of $108.3 million were both near the top-end of our guidance ranges.
When we spoke last quarter, we expected our Commercial Segment would see revenue trends in Q1 comparable to that of Q4, while our Federal Government Segment would continue to achieve year-over-year top-line growth. As evident from our segment results, which I'll review in detail shortly, market conditions were as we predicted. Our commercial clients continued to be cautious and acutely focused on where and when they will spend. Importantly, despite IT budgets being slow to be executed, our clients continued to leverage our high-end consulting capabilities, so our commercial consulting revenues increased both year-over-year and sequentially....
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ASGN Incorporated (ASGN) Q1 2024 Earnings Call Transcript