ASGN Incorporated Reports Fourth Quarter and Full Year 2019 Results
Summary
Our growth over the past year was also driven by the successful completion of several strategic, tuck-in acquisitions, namely DHA and Intersys, which fit with our longer-term strategy of providing higher-end, higher-margin consulting services to our commercial and government clients. The lower gross margin reflected higher growth at Apex Systems and ECS than the Companys higher-margin operating divisions and a year-over-year decline in permanent placement revenues. Acquisition, integration and strategic planning expenses and impairment charges are added, as applicable, to arrive at Adjusted EBITDA as they are not indicative of the performance of our core business on an ongoing basis. Our leverage ratio provides information about our compliance with loan covenants and is calculated in accordance with our credit agreement, as filed with the Securities and Exchange Commission ("SEC"), by dividing our total indebtedness by trailing 12 months Adjusted EBITDA. Factors that could cause or contribute to such differences include actual demand for our services, our ability to attract, train and retain qualified staffing consultants, our ability to remain competitive in obtaining and retaining clients, the availability of qualified contract professionals, management of our growth, continued performance and improvement of our enterprise-wide information systems, our ability to manage our litigation matters, the successful integration of our acquired subsidiaries, and other risks detailed from time to time in our reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on March 1, 2019 and our Quarterly Reports on Form 10-Q for the quarters ended March 31,2019, June 30, 2019 and September 30, 2019 as filed with the SEC on May 10, 2019, August 8, 2019 and November 8, 2019.