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ASGN Incorporated Reports First Quarter 2021 Results Record Revenue Performance for the Quarter Financial Results above Guidance Estimates April 28 , 2021 RICHMOND , VA .-- ( BUSINESS WIRE ) -- ASGN Incorporated ( NYSE : ASGN ) , one of the foremost providers of information technology ( IT ) and professional services in the technology , digital , creative , engineering and life sciences fields across commercial and government sectors , reported financial results for the quarter ended March 31 , 2021 . Highlights • Revenues were $ 1,025.7 million , up 3.6 percent over the first quarter of 2020 • · • • Net income was $ 48.7 million ( $ 0.91 per diluted share ) , up 11.1 percent over the first quarter of 2020 Adjusted EBITDA ( a non - GAAP measure ) was $ 108.6 million ( 10.6 percent of revenues ) , up from $ 103.5 million ( 10.5 percent of revenues ) in the first quarter of 2020 Free Cash Flow ( a non - GAAP measure ) was $ 110.5 million Cash and cash equivalents were $ 386.5 million at quarter end • No outstanding borrowings under the Company's $ 250.0 million revolving credit facility Approved a $ 250.0 million stock repurchase plan replacing previous plan • Senior Secured Debt leverage ratio ( a non - GAAP measure ) was 1.13 to 1.0 at March 31 , 2021 ( maximum allowable Senior Secured Debt leverage ratio of 4.0 to 1.0 ) Management Commentary " ASGN surpassed expectations for the first quarter of 2021 , with revenues , adjusted EBITDA and adjusted EPS all ahead of our guidance ranges , ” said ASGN President and Chief Executive Officer , Ted Hanson . " Revenues exceeded $ 1.0 billion for the third consecutive quarter and represented the highest quarterly revenues achieved by the Company . Commercial revenues were up slightly over the first quarter of last year after adjusting for the one fewer Billable Day in the quarter and were up over the fourth quarter of last year . Government revenues improved 21.2 percent from the first quarter of 2020. There is no question that demand has returned to our commercial business since the lows of last year , and I am very pleased to report that we saw consistent month - to - month growth across all commercial divisions . " Mr. Hanson continued , “ Between the organic growth of our commercial and government end markets and the strong performance of our strategic tuck - in acquisitions , our business continues to be positioned for success . It is also clear that the marketplace is strengthening , with the growth rate of bookings in some commercial industries accelerating even faster than what we saw going into the first quarter of this year . In addition , our commercial consulting business , which remains an important source of the value we provide our Fortune 500 clients , continues to see significant growth , with revenues improving 34.0 percent year - over - year . As we look forward to the rest of 2021 , we remain committed to supporting our clients ' digital transformation needs , while also engaging and mobilizing tomorrow's workforce responsibly and sustainably . With a strong balance sheet and ample cash flow , we are also acquisition ready and will remain thoughtful and measured in our M & A strategy . "