ASGN, Inc. (NYSE:ASGN) Q4 2023 Results Conference Call February 7, 2024 4:30 PM ET
Company Participants
Kimberly Esterkin - Vice President of Investor Relations
Theodore Hanson - Chief Executive Officer
Marie Perry - Chief Financial Officer
Randolph Blazer - President
Conference Call Participants
Maggie Nolan - William Blair
Jeffrey Silber - BMO Capital Markets
Tobey Sommer - Truth Securities
Joseph Vafi - Canaccord Genuity
Andre Childress - Baird
Surinder Thind - Jefferies
Emily Marzo - Bank of America
Operator
Greetings. Welcome to the ASGN Incorporated Fourth Quarter 2023 Earnings Call. [Operator Instructions]
I will now turn the conference over to your host, Kimberly Esterkin, Vice President of Investor Relations. You may begin.
Kimberly Esterkin
Good afternoon. Thank you for joining us today for ASGN's Fourth Quarter and Full Year 2023 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 uncertainty. 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 these 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, Kim, and thank you for joining ASGN's fourth quarter and full-year 2023 earnings call. ASGN achieved solid results in the fourth quarter with revenues, gross margin and adjusted EBITDA margin all at the top end of or above our guidance ranges. During 2023, revenues totaled approximately $4.5 billion, of which $2.4 billion was in commercial and government IT consulting work. Highlights of our annual performance, commercial consulting revenues reached a new high-water mark, surpassing $1 billion.
From a profitability perspective, ongoing expense management, along with our business stabilizers contributed to an adjusted EBITDA margin of 11.6% for the year. With that as background on our results, I'd like to highlight a few key themes to keep in mind as we review our segment performance.