ASGN Incorporated (NYSE:ASGN) Q1 2023 Earnings Conference Call April 26, 2023 4:30 PM ET

Company Participants

Kimberly Esterkin - Investor Relations

Theodore Hanson - Chief Executive Officer

Marie Perry - Chief Financial Officer

Rand Blazer - President

Conference Call Participants

Maggie Nolan - William Blair

Heather Balsky - Bank of America

Jeff Silber - BMO Capital Markets

Surinder Thind - Jefferies

Operator

Greetings, and welcome to the ASGN Incorporated First Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Kimberly Esterkin, Investor Relations. Thank you, Kimberly. You may begin.

Kimberly Esterkin

Thank you, operator. Good afternoon and thank you for joining us today for ASGN's first quarter conference call. With me are Ted Hanson, Chief Executive Officer; Rand Blazer, President; and Marie Perry, Chief Financial Officer.

Before we get started, I would like to remind everyone that our commentary contains forward-looking statements. Although we believe these statements are reasonable, they are subject to risks and uncertainties, and as such, our actual results could differ materially from those statements. Certain of these risks and uncertainties are described in today's press release and in our SEC filings. We do not assume any obligation to update statements made on this call. For your convenience, our prepared remarks and supplemental materials can be found in the Investor Relations section of our website at investors.asgn.com. Please also note that on this call, we will be referencing certain non-GAAP measures, such as adjusted EBITDA, adjusted net income and free cash flow. These non-GAAP measures are intended to supplement the comparable GAAP measures. Reconciliations between GAAP and non-GAAP measures are included in today's press release.

I will now turn the call over to Ted Hanson, Chief Executive Officer.

Theodore Hanson

Thank you, Kimberly, and thank you for joining ASGN's first quarter 2023 earnings call. Continuing to execute solidly in the core strategic areas of our business, ASGN's revenues for the first quarter of 2023 improved 3.5% as compared to the prior year period. IT consulting revenues, including both commercial and federal government work, surpassed the 50% mark at $568.4 million or 50.4% of the first quarter revenues compared to 42.4% of revenues in the prior year quarter.

The strong growth of this business, particularly in light of macro conditions, reconfirms our strategic decision to double down on high-end, higher-value consulting work for Fortune 1000 and federal government clients. We have the right group of professionals in place to successfully execute against this long-term plan.