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ASGN Incorporated Reports Second Quarter 2021 Results Financial Results Exceed Guidance Estimates • July 28 , 2021 RICHMOND , VA .-- ( BUSINESS WIRE ) -- ASGN Incorporated ( NYSE : ASGN ) , one of the foremost providers of ( IT ) and professional services in the technology , digital , and creative fields across the commercial and government sectors , reported financial results for the quarter ended June 30 , 2021. Financial results for all periods included in this release present the Company's Oxford business as discontinued operations . • • • Highlights Revenues for the quarter were $ 974.9 million , up 17.2 percent over the second quarter of 2020 Income from continuing operations was $ 57.3 million , up 31.7 percent from the second quarter of 2020 Net income was $ 64.2 million ( which includes income from discontinued operations , net of tax , of $ 6.9 million ) , up 31.6 percent over the second quarter of 2020 • Adjusted EBITDA ( a non - GAAP measure ) from continuing operations was $ 119.3 million ( 12.2 percent of revenues ) , up from $ 95.3 million ( 11.5 percent of revenues ) in the second quarter of 2020 Free Cash Flow from continuing operations ( a non - GAAP measure ) was $ 72.3 million for the quarter and $ 179.1 million for first six months of 2021 At quarter end , cash and cash equivalents were $ 375.4 million On June 30 , 2021 , ASGN entered into a definitive agreement to sell its Oxford business for $ 525 million ( approximately $ 415.0 million in estimated proceeds after income taxes ) • The sale of the Oxford business is expected to close in the third quarter and results of the Oxford business for the current and historical periods are presented herein as discontinued operations • Since March 31 , 2021 , ASGN has acquired two consulting businesses ( the Infor Business Unit of Avaap and IndraSoft , Inc. ) to expand the Company's enterprise , cybersecurity and digital transformation solutions capabilities Since July 1 , 2021 , the Company has spent approximately $ 35 million in the repurchase of its common shares • Management Commentary " ASGN achieved very strong results for the second quarter , with revenues and Adjusted EBITDA surpassing the high end of our guidance ranges , " said ASGN President and Chief Executive Officer , Ted Hanson . “ Strength during the quarter was driven in part by growth in our Commercial Segment , where revenues improved 20.3 percent year- over - year due largely to the high performance of our consulting business . Commercial consulting revenues totaled $ 144.4 million for the second quarter , up 69.3 percent from the prior - year period , driving top - line growth as well as continued margin improvement . We also saw strength in our Federal Government Segment , where revenues increased 9.5 percent from second quarter of 2020 , performing in line with our expectations . " Mr. Hanson continued , “ These are exciting times for ASGN . The market is strong , demand for our services is growing , and we continue to gain market share . We remain sharply focused on our mission to be a leading provider of IT services and solutions to the commercial and government end markets . In addition to the consistent organic growth of our business , we have successfully completed six acquisitions since the beginning of 2020 , which added high growth , high margin consulting capabilities to our company . Our acquisition strategy is succeeding , and we continue to make progress on our strategic growth plan . With the strong resurgence of our commercial business , the stability and growth of our federal government business and a robust pipeline of M & A opportunities , we are confident we have positioned ASGN for long - term sustainable growth in the markets we serve . "