• Think of ASGN as **Accenture, but with a significant and integrated IT professional staffing division.**
• Or, consider it like **Robert Half, but exclusively for high-end IT and creative professionals, often delivering full project solutions.**

• Government IT Solutions: Provides advanced technology, science, and engineering solutions to U.S. federal government agencies, including cybersecurity, cloud services, and digital transformation.
• Commercial IT Staffing & Consulting: Offers temporary and permanent staffing, as well as project-based consulting services, for information technology professionals across diverse commercial industries.
• Creative & Digital Marketing Staffing: Supplies specialized talent for creative, marketing, and digital roles, encompassing areas like design, content creation, and digital strategy.

ASGN (Symbol: ASGN) Major Customers

ASGN Inc. operates primarily in a business-to-business (B2B) model, providing IT services and solutions to other organizations. Based on its public filings, ASGN does not disclose the names of individual major customers. This is because no single customer accounted for 10% or more of its consolidated revenues for the fiscal years ended December 31, 2023, 2022, or 2021.

While specific customer names are not disclosed, ASGN serves a diverse client base across two primary sectors:

• Commercial Sector: This includes primarily Fortune 1000 and other large and medium-sized companies across various industries. Key industry verticals served within the commercial sector include:
  • Financial Services
  • Healthcare and Life Sciences
  • Technology
  • Consumer Goods
  • Energy
  • Transportation
• Government Sector: This encompasses U.S. federal, state, and local governments, as well as foreign governments.

ASGN's strategy is to serve a broad range of clients, ensuring diversification rather than reliance on a few large accounts.

Key risks to ASGN's business include its susceptibility to macroeconomic conditions, intense competition for talent, and the challenges associated with its business model, including customer concentration and its ongoing transition to a consulting-led approach.

1. Macroeconomic and Market Conditions: ASGN's revenue and earnings are significantly influenced by global market and economic conditions. Downturns, recessions, inflation, and rising interest rates can lead clients to reduce their spending on IT services and solutions, directly impacting the demand for ASGN's offerings and consequently, its financial performance.
2. Competition and Talent Acquisition/Retention: The company operates in a highly competitive environment for IT services and professional staffing. Its ability to attract, train, and retain skilled professionals is critical. Increased competition can also result in pricing pressure, potentially eroding profit margins and affecting the company's ability to maintain or grow its client base.
3. Business Model Sustainability and Client Concentration: ASGN faces risks related to the sustainability of its business model, including a potential over-reliance on a narrow client base and limited geographic diversification. Furthermore, the company's ongoing transition towards a consulting model, while still heavily dependent on its declining staffing operations, poses a structural risk that could lead to further margin erosion if not successfully managed.

The rapid advancement and adoption of generative artificial intelligence and automation technologies pose a clear emerging threat to ASGN. These technologies could significantly reduce the overall demand for human IT talent in certain roles susceptible to automation, directly impacting ASGN's core staffing business. Furthermore, AI-powered platforms and marketplaces could disintermediate traditional IT consulting and talent solutions providers by offering more efficient and cost-effective ways for clients to access IT capabilities, either through automated services or by directly connecting with talent, bypassing ASGN's traditional model.

ASGN's total addressable market for its main products and services is approximately $580 billion within the U.S. market.

This market size is further broken down by its key offerings:

• Commercial IT Consulting: approximately $400 billion (U.S.)
• Government IT Consulting: approximately $121 billion (U.S.)
• Professional Staffing: approximately $59 billion (U.S.)

ASGN provides IT services and solutions, including technology, digital, and creative staffing, as well as consulting services and workforce management solutions. Their focus areas include application development, data analytics, cloud, and cybersecurity.

ASGN (symbol: ASGN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of IT Consulting Services: The company's IT consulting business is a primary growth engine, with commercial consulting revenues showing significant year-over-year increases. This segment continues to represent a growing portion of ASGN's total revenues, supported by strong bookings and an increasing volume of new, complex engagements.
2. Strategic Focus on Artificial Intelligence (AI) and Data Solutions: ASGN is actively focusing on AI and data projects, viewing AI spending as a fundamental replatforming of enterprise technology. This strategic emphasis on AI and data solutions is anticipated to position the company favorably for future growth by meeting clients' digital modernization needs.
3. Demand for Digital Modernization (Cloud, AI, Cybersecurity): ASGN is experiencing robust demand from both commercial and federal clients for digital modernization initiatives, including cloud, AI, and cybersecurity solutions. This demand is driving a growing pipeline of high-margin consulting contracts, aligning with clients' needs for IT modernization, efficiency, and cost containment.
4. Strategic Acquisitions: Acquisitions, such as TopBloc in March 2024, are contributing to the growth of ASGN's IT consulting business and have performed above expectations. This indicates that strategic mergers and acquisitions remain a driver for expanding service offerings and market reach.
5. Shift to High-Value Technology and Engineering Solutions: ASGN is strategically moving towards providing high-value technology and engineering solutions. This involves taking on more complex, multi-capability engagements and assessment projects, enhancing client partnerships, and driving growth in specialized offerings.

Share Repurchases

• ASGN's Board of Directors authorized a new stock repurchase program of $750.0 million over two years on April 24, 2024, canceling prior authorizations.
• In 2024, the company repurchased 3.5 million shares for a total of $327.2 million.
• Approximately $423 million remained available for repurchases under the company's stock repurchase plan as of September 30, 2025.

Outbound Investments

• ASGN completed the acquisition of TopBloc, LLC for $340 million in cash and equity in February 2025, aiming to enhance its Workday consultancy and capitalize on ERP and GenAI opportunities.
• In 2022, ASGN successfully completed and integrated two acquisitions: GlideFast, a ServiceNow Elite Partner acquired for $350 million, and Iron Vine Security, both aligning with the strategy to expand IT consulting services.
• In 2021, ASGN acquired ERPi, a healthcare consulting and data analytics firm, which became part of ECS, ASGN's Federal Government Segment.

Capital Expenditures

• Capital expenditures totaled $35.3 million in 2024 and $39.9 million in 2023.
• The company's capital expenditures are focused on IT modernization, efficiency, and cost containment, including investments in cybersecurity, data analytics, cloud, and AI.
• ASGN expects its cash and cash equivalents, along with operating cash flows and credit facility availability, to be sufficient to cover capital expenditures for the next 12 months.