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Everforth, Inc. (formerly ASGN Incorporated) reports developments tied to its technology and digital engineering business for commercial enterprises and U.S. government customers. Company updates commonly cover operating results, segment demand, contract activity, share repurchases, acquisitions, and the completed corporate name and NYSE ticker transition from ASGN to EFOR.
The company’s recurring news themes include AI and data, cloud and infrastructure, digital engineering, customer experience, cybersecurity, enterprise platforms, offshore delivery, and brand integration across its operating businesses. Federal updates include Everforth ECS, an IT systems integrator serving defense, intelligence, and federal civilian agencies, while commercial updates include Apex Systems partnerships and services for data, cloud, and FinOps programs.
ECS has secured a two-year contract valued at $26M with the IRS to lead the largest data migration in its history. This initiative is part of the IRS Modernization Plan aimed at enhancing taxpayer services and core operations. The migration will involve moving applications and workflows to SharePoint Online and redesigning legacy processes on Power Platform. This project is expected to improve data insights, automation, and AI capabilities, enhancing the IRS's mission of tax law enforcement.
ECS has secured a five-year, $430 million recompete contract with the Army to enhance its Endpoint Security Solution (AESS). This partnership will expand endpoint detection and response capabilities, providing managed service operations and advanced protections for approximately 800,000 endpoints across Army networks. ECS aims to implement a zero-trust solution leveraging open architecture for continuous innovation. This contract underscores ECS's ongoing commitment to delivering advanced cybersecurity and IT solutions for the Army, optimizing compliance and threat detection.
ASGN Incorporated (NYSE: ASGN) reported Q3 2022 revenues of $1.2 billion, up 11.6% year-over-year, with adjusted EBITDA at $148.7 million, an 8.9% increase. The revenue growth was driven by a 16.1% rise in the Commercial Segment, particularly in consulting services which saw a remarkable 43.2% jump. Net income was $73.2 million, down 65.5% due to high prior-year figures. Notably, cash flow from operations rose by 18.3% to $88.1 million. The company also announced acquisitions of GlideFast Consulting and Iron Vine Security, enhancing its service offerings.
ASGN Incorporated (NYSE: ASGN) will release its third quarter 2022 financial results on October 26, 2022 at approximately 4:15 p.m. ET. This will be followed by a conference call at 4:30 p.m. ET, hosted by CEO Ted Hanson. The conference call can be accessed by dialing 877-407-0792 (international: +1-201-689-8263) with Conference ID 13732512. A replay of the call will be available until November 9, 2022, and a webcast will be provided on the company's website.
ASGN Incorporated has announced the acquisition of Iron Vine Security, a cybersecurity firm, enhancing its position in cybersecurity solutions. With a team of 230 professionals, Iron Vine will join ASGN's ECS Federal segment. The acquisition strengthens ASGN's offerings for federal clients, including agencies like the National Institutes of Health and Securities and Exchange Commission. ASGN plans to grant approximately $7 million in restricted stock unit awards to 36 Iron Vine employees post-acquisition, vesting over several years.
ECS has secured a five-year recompete contract valued at $53M to support the USTRANSCOM Global Air Transportation Execution System (GATES). This contract involves Agile software development, cloud migration, and help desk support, enhancing operations for a global user base. GATES plays a crucial role in managing air and sea cargo for the Department of Defense. ECS aims to improve efficiency and reduce bugs through this partnership, continuing its role in modernizing essential enterprise applications.
ASGN Incorporated (NYSE: ASGN) announced its participation in the Inaugural Wells Fargo Leveraged Finance Conference on September 8, 2022, in Nashville, Tennessee. CEO Ted Hanson and Senior Vice President Jim Brill will present at 3:05 p.m. CT and engage in investor meetings throughout the day. The presentation will be available via live webcast on ASGN's investors' page. ASGN is known for its IT services and solutions, delivering technology and digital marketing support across commercial and government sectors.
ECS, part of ASGN, has secured a $49M two-year IDIQ contract with the NIH, providing support across eight key task areas such as financial analysis, program management, and system integration. This opportunity enhances ECS's capabilities in delivering business solutions and improving processes for NIH and other DHHS agencies. With over 20 years of experience supporting NIH, ECS aims to strengthen its role in federal health initiatives. The contract will allow ECS to compete for specific task orders, potentially expanding its federal engagement.
ECS has appointed John Roman as the new vice president of contracts and procurement, effective immediately. With over 30 years of experience, Roman will oversee the company's contracting and procurement efforts, supporting ECS’s strategic growth in 2022 and beyond. His previous role was at Huntington Ingalls Industries, where he managed contracts for engineering solutions. The company's leadership emphasized Roman's capability in driving cost savings and minimizing risks, crucial for ECS's focus on delivering advanced technology solutions in sectors like cybersecurity and AI.
ASGN Incorporated (NYSE: ASGN) reported strong Q2 2022 financial results, with revenues reaching $1.1 billion, a 17.1% increase from Q2 2021. Income from continuing operations was $72.6 million, up 26.7% year-over-year. Adjusted EBITDA hit $144.0 million, which is 12.6% of revenues. ASGN announced a new $400 million stock repurchase program and completed the acquisition of GlideFast Consulting for $350 million. The company anticipates Q3 2022 revenues between $1.183 billion and $1.203 billion, with earnings per share estimated at $1.39 to $1.46.