ASGN Incorporated (NYSE:ASGN) Q3 2024 Earnings Conference Call October 23, 2024 4:30 PM ET
Company Participants
Kimberly Esterkin - Vice President of Investor Relations
Ted Hanson - Chief Executive Officer
Marie Perry - Chief Financial Officer
Rand Blazer - President
Conference Call Participants
Maggie Nolan - William Blair
Surinder Thind - Jefferies
Joseph Vafi - Canaccord Genuity
Jasper Bibb - Truist Securities
Kevin McVeigh - UBS
Mark Marcon - Baird
Operator
Greetings, and welcome to the ASGN Incorporated Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]
It is now my pleasure to introduce your Kimberly Esterkin, Investor Relations. Thank you. You may begin.
Kimberly Esterkin
Good afternoon. Thank you for joining us today for ASGN's Third Quarter 2024 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.
Ted Hanson
Thank you, Kim, and thank you for joining ASGN's third quarter 2024 earnings call. Market demand for ASGN's services remained stable in the third quarter. Q3 2024 revenues of $1.031 billion were similar to the second quarter and within our guidance range. In terms of profitability, adjusted EBITDA margin of 11.3% was at the midpoint of our guidance range and reflects the continued evolution of our business toward higher-end, high-value consulting solutions.
IT consulting is now approaching 60% of total revenues. We had 57.9% of third quarter 2024 revenues in commercial and government consulting, up from 54.5% of revenues in the year ago period.