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October 27 , 2021 RICHMOND , VA .-- ( BUSINESS WIRE ) -- ASGN Incorporated ( NYSE : ASGN ) , a leading provider of IT services and professional solutions , including technology , creative , and digital , across the commercial and government sectors , reported financial results for the quarter ended September 30 , 2021. Financial results for all periods included in this release present the Company's Oxford business as discontinued operations . Highlights ASGN Incorporated Reports Third Quarter 2021 Results Record Financial Performance for the Quarter Raises Financial Estimates for the Fourth Quarter 2021 ● Income from continuing operations was $ 66.3 million , up 42.0 percent from the third quarter of 2020 Adjusted EBITDA ( a non - GAAP measure ) from continuing operations was $ 136.6 million ( 12.7 percent of revenues ) , up from $ 101.9 million ( 11.3 percent of revenues ) in the third quarter of 2020 • On August 17 , 2021 , closed the sale of the Oxford business for $ 525.0 million ( approximately $ 413.0 million after income taxes ) ; the operating results of the Oxford business through the date of sale and the related gain on sale are reported as discontinued operations Net income was $ 212.0 million , which was comprised of income from continuing operations of $ 66.3 million and income from discontinued operations of $ 145.7 million ( mainly related to the gain on the sale of the Oxford business ) Free Cash Flow from continuing operations ( a non - GAAP measure ) was $ 66.9 million for the third quarter and $ 246.0 million for first nine months of 2021 • • Revenues for the quarter were $ 1.1 billion , up 18.7 percent over the third quarter of 2020 ( 14.1 percent excluding contributions from acquired businesses ) At quarter end , cash and cash equivalents were $ 679.4 million During the quarter , the Company acquired two federal government IT services businesses , IndraSoft , Inc. and Enterprise Resource Performance , Inc. During the quarter , the Company spent approximately $ 118.4 million on the repurchase of its common stock Increasing financial estimates for fourth quarter 2021 from the estimates announced during the Company's Investor and Analysts ' Day conference held on September 14 , 2021 Management Commentary " ASGN reported exceptional results for the third quarter , with revenues and Adjusted EBITDA both surpassing our previously increased guidance estimates and nearly all divisions reporting quarterly revenue records , " said ASGN President and Chief Executive Officer , Ted Hanson . " Impressive organic growth of 24.1 percent year - over - year in our Commercial Segment was a large driver of our continued momentum . Our Federal Government Segment also posted solid results for the quarter , with record bookings in the third quarter resulting in top - line improvements of 3.6 percent over the prior - year period and a book to bill of 1.44 to 1. This acceleration in our business has led us to increase our fourth quarter guidance . " Mr. Hanson continued , “ Our commercial consulting business , in particular , continues to outperform our expectations . Commercial consulting revenues improved a significant 94.2 percent year - over - year in the third quarter of 2021. Our pipelines of both booked revenue and new consulting business are each growing at double digits and trending positively in the fourth quarter . We are seeing an increasing amount of work in digital innovation and modern enterprise solutions across cloud , data and analytics and digital transformation business engagements . As we look to the final quarter of the year , we remain focused on driving value for all of our stakeholders by continuing to provide advanced IT solutions and expertise that meet our commercial and government clients ' most critical business needs . "