Revenue Growth was within our
Estimates
Income & Adjusted EBITDA (a non-GAAP
measure) were above our Estimates
On Assignment, Inc. (NYSE: ASGN), a leading global provider of
diversified professional staffing solutions, today reported results
for the quarter ended June 30, 2017.
Second Quarter Highlights
- Revenues were $653.3 million, up 7.4
percent over the second quarter of 2016 (up 7.6 percent on a same
"Billable Days" basis and "Constant Currency" basis).
- Net income was $33.1 million ($0.62 per
diluted share), up from $26.0 million ($0.48 per diluted share) in
the second quarter of 2016.
- Adjusted EBITDA (a non-GAAP measure)
was $80.5 million (12.3 percent of revenues), up from $74.1 million
(12.2 percent of revenues) in the second quarter of 2016.
- Since our $150 million repurchase
authorization began in June 2016, we have purchased approximately
1.4 million shares for $53.2 million, at an average per share price
of $39.07. There were no repurchases during the quarter ended June
30, 2017.
- Leverage ratio (a non-GAAP measure) was
2.04 to 1 at June 30, 2017, down from 2.21 to 1 at March 31,
2017.
Commenting on the results, Peter Dameris, Chief Executive
Officer of On Assignment, said "Our financial results were above or
in-line with our estimates for the quarter. Operational performance
of each division was generally in-line with our expectations going
into the quarter and the end markets that we serve remained healthy
and productive. Finally, we are encouraged by the progress we are
making on our initiatives taken to enhance our sales generation
capabilities and improve the overall financial performance of our
Oxford Segment."
Second Quarter 2017 Financial Results
Revenues for the quarter were $653.3 million, up 7.4 percent
year-over-year. Our largest segment, Apex, accounted for 76.9
percent of total revenues and grew 10.7 percent year-over-year. Our
Oxford Segment accounted for 23.1 percent of total revenues and was
down 2.3 percent year-over-year, mainly due to revenues from two
large projects that were substantially completed in 2016.
Gross profit was $213.0 million, up $10.9 million or 5.4 percent
year-over-year. Gross margin for the quarter was 32.6 percent, down
from 33.2 percent in the second quarter of 2016. The year-over-year
change in gross margin was primarily the result of (i) a lower mix
of permanent placement revenues (5.1 percent of revenues in the
current quarter, down from 5.6 percent in the second quarter of
2016) and (ii) compression of approximately 30 basis points in our
assignment gross margin, partially related to high growth at Apex,
which has lower assignment gross margins than Oxford.
Selling, general and administrative (“SG&A”) expenses were
$145.2 million (22.2 percent of revenues), compared with $141.4
million (23.2 percent of revenues) in the second quarter of 2016.
SG&A expenses for the quarter included acquisition, integration
and strategic planning expenses of $0.7 million, compared with $1.5
million in the second quarter of 2016. The one-percentage point
reduction in SG&A expenses as a percent of revenues primarily
related to lower growth in compensation expense for staffing
consultants relative to revenue growth, lower acquisition,
integration and strategic planning expenses and lower stock-based
compensation expense.
Amortization of intangible assets was $8.3 million, compared
with $10.0 million in the second quarter of 2016. The decrease is
due to the accelerated amortization method for certain acquired
intangibles, which have higher amortization rates at the beginning
of their useful life.
Interest expense for the quarter was $6.1 million compared with
$8.0 million in the second quarter of 2016. Interest expense for
the quarter was comprised of $5.3 million of interest on the credit
facility and $0.8 million of amortization of deferred loan costs.
The decrease in interest expense reflected a lower debt balance and
a lower interest rate as a result of the August 5, 2016 and
February 21, 2017 amendments to our credit facility.
The effective tax rate for the quarter was 37.8 percent, which
benefited from a change in accounting for excess tax benefits and
deficiencies related to stock-based compensation (this change in
accounting was effective at the beginning of the year and prior to
the change these tax benefits and deficiencies were accounted for
as an adjustment to stockholders' equity). This tax benefit, which
reduced our provision for income taxes, was $0.5 million for the
quarter.
Net income was $33.1 million ($0.62 per diluted share), up from
$26.0 million ($0.48 per diluted share) in the second quarter of
2016. Adjusted EBITDA (a non-GAAP measure) was $80.5 million, or
12.3 percent of revenues, up from $74.1 million (12.2 percent of
revenues) in the second quarter of 2016.
Cash flows from operating activities were $39.8 million and free
cash flow (a non-GAAP measure) was $33.4 million. During the
quarter, we repaid $38.0 million of long-term debt. At June 30,
2017, our leverage ratio (a non-GAAP measure) was 2.04 to 1, down
from 2.21 to 1 at March 31, 2017.
Financial Estimates for Q3 2017
On Assignment is providing financial estimates for the third
quarter of 2017. These estimates do not include acquisition,
integration or strategic planning expenses and assume no
deterioration in the staffing markets that On Assignment serves.
These estimates also assume no significant change in foreign
exchange rates. Reconciliations of estimated net income to the
estimated non-GAAP measures are presented herein.
- Revenues of $660.0 million to $670.0
million
- Gross margin of 32.5 percent to 32.7
percent
- SG&A expense (excludes amortization
of intangible assets) of $148.8 to $150.4 (includes $6.5 million in
depreciation and $6.8 million in stock-based compensation
expense)
- Amortization of intangible assets of
$8.0 million
- Effective tax rate of 39.0
percent(1)
- Net income of $31.4 million to $33.3
million
- Earnings per diluted share of $0.59 to
$0.62
- Diluted shares outstanding of 53.4
million
- Adjusted EBITDA (a non-GAAP measure) of
$79.0 million to $82.0 million
- Adjusted Net Income(2) (a non-GAAP
measure) of $39.0 million to $40.8 million
- Adjusted Net Income per diluted
share(2) (a non-GAAP measure) of $0.73 to $0.76
_______________
(1) Does not include excess tax
benefits related to stock-based compensation. Effective January 1,
2017, these tax benefits (the tax effect of the difference between
book and tax expense for equity-based compensation) are included in
the determination of the provision for income taxes. Prior to the
accounting rule change, these benefits were recorded as an
adjustment to stockholders' equity. (2) Does not include the
“Cash Tax Savings on Indefinite-lived Intangible Assets.” These
savings total $6.7 million each quarter, or $0.12 per diluted
share, and represent the economic value of the tax deduction that
we receive from the amortization of goodwill and trademarks.
Our financial estimates above are based on our estimate of
“Billable Days,” which are Business Days (calendar days for the
period less weekends and holidays) adjusted for other factors, such
as the day of the week a holiday occurs, additional time taken off
around holidays, year-end client furloughs and inclement weather.
For the third quarter, we estimate billable days of 62.6, which is
0.5 fewer than the third quarter of 2016.
Conference Call
On Assignment will hold a conference call today at 5:00 p.m. EDT
to review its financial results for the second quarter. The dial-in
number is 800-230-1059 (+1-612-234-9960 for callers outside the
United States) and the conference ID number is 426728. Participants
should dial in ten minutes before the call. The prepared remarks
for this call will be available via On Assignment's web site at
www.onassignment.com. This call is
being webcast by CCBN and can be accessed at www.onassignment.com. Individual investors can
also listen at CCBN's site at www.fulldisclosure.com or by visiting any of the
investor sites in CCBN's Individual Investor Network.
A replay of the conference call will be available beginning
Wednesday, July 26, 2017 at 7:00 p.m. EDT until midnight on
Thursday, August 10, 2017. The access number for the replay is
800-475-6701 (+1-320-365-3844 outside the United States) and the
conference ID number is 426728.
About On Assignment
On Assignment, Inc. is a leading global provider of highly
skilled, hard-to-find professionals in the growing technology, life
sciences, and creative sectors, where quality people are the key to
success. The Company goes beyond matching résumés with job
descriptions to match people they know into positions they
understand for temporary, contract-to-hire, and direct hire
assignments. Clients recognize On Assignment for its quality
candidates, quick response, and successful assignments.
Professionals think of On Assignment as career-building partners
with the depth and breadth of experience to help them reach their
goals. The Company has a network of branch offices
throughout the United States, Canada and Europe. To
learn more, visit http://www.onassignment.com.
Reasons for Presentation of Non-GAAP Financial
Measures
Statements in this release and the accompanying financial
information include non-GAAP financial measures. Such information
is provided as additional information, not as an alternative to our
consolidated financial statements presented in accordance with
accounting principles generally accepted in the United States
("GAAP"), and is intended to enhance an overall understanding of
our current financial performance. These terms might not be
calculated in the same manner as, and thus might not be comparable
to, similarly titled measures reported by other companies. The
financial statement tables that accompany this press release
include a reconciliation of each non-GAAP financial measure to the
most directly comparable GAAP financial measure. Below is a
discussion of our non-GAAP measures.
EBITDA (earnings before interest, taxes, depreciation and
amortization of intangible assets) and Adjusted EBITDA (EBITDA plus
equity-based compensation expense and, as applicable, write-off of
loan costs, acquisition, integration and strategic planning
expenses, and impairment charges) are used to determine a portion
of the compensation for some of our executives and employees.
Equity-based compensation expense is added to arrive at Adjusted
EBITDA because it is a non-cash expense. Write-off of loan costs,
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.
Non-GAAP net income (net income, less income (loss) from
discontinued operations, net of tax, plus, as applicable,
refinancing costs, acquisition, integration and strategic planning
expenses, accretion of fair value discount on contingent
consideration, impairment charges, and the tax effect of these
items) provides a method for assessing our operating results in a
manner that is focused on the performance of our core business on
an ongoing basis. Adjusted Net Income (Non-GAAP net income plus
amortization of intangible assets, less income taxes on
amortization for financial reporting purposes not deductible for
income tax purposes) provides a method for assessing our operating
results in a manner that is focused on the performance of our core
business on an ongoing basis, adjusted for some of the cash flows
associated with amortization of intangible assets to more fully
present the performance of our acquisitions.
Free cash flow is defined as net cash provided by (used in)
operating activities, less capital expenditures. Management
believes this provides useful information to investors about the
amount of cash generated by the business that can be used for
strategic opportunities. 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.
Reasons for Presentation of Operating Metrics
Operating metrics are intended to enhance the overall
understanding of our business and our current financial
performance. These operating metrics might not be calculated in the
same manner as, and thus might not be comparable to, similarly
titled metrics reported by other companies. The operating metrics
presented on this release are calculated as follows: average number
of staffing consultants are full time equivalent staffing
consultant headcount in the quarter; average number of contract
professionals and average number of customers are the number of
contract professionals employed each week and the number of
customers served each week, averaged for the quarter, respectively
(average is weighted by total number of hours billed per week); top
10 customers as a percentage of revenue are the 10 largest clients
defined by the revenue generated in the quarter, divided by total
revenues in the quarter; gross profit per staffing consultant is
gross profit for the quarter divided by the average number of
staffing consultants; average bill rate is total assignment revenue
client billings in the quarter divided by total hours billed in the
quarter.
Safe Harbor
Certain statements made in this news release are
“forward-looking statements” within the meaning of Section 21E
of the Securities Exchange Act of 1934, as amended, and involve a
high degree of risk and uncertainty. Forward-looking statements
include statements regarding the Company's anticipated financial
and operating performance. All statements in this release, other
than those setting forth strictly historical information, are
forward-looking statements. Forward-looking statements are not
guarantees of future performance, and actual results might differ
materially. In particular, the Company makes no assurances that the
estimates of revenues, gross margin, SG&A, amortization,
effective tax rate, net income, diluted shares outstanding,
Adjusted EBITDA, Adjusted Net Income and related per share amounts
(as applicable) set forth above will be achieved. 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, the successful
implementation of our five-year strategic plan, 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, 2016, as filed with the SEC on March 1, 2017 and our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2017,
as filed with the SEC on May 10, 2017. We specifically disclaim any
intention or duty to update any forward-looking statements
contained in this news release.
SUMMARY CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited)
(In thousands, except per share
amounts)
Three Months Ended Six Months
Ended June 30, March 31, June 30, 2017 2016 2017 2017
2016 Revenues $ 653,313 $ 608,088 $ 626,528 $
1,279,841 $ 1,190,128 Costs of services 440,376 406,002
428,384 868,760 800,260 Gross profit
212,937 202,086 198,144 411,081 389,868 Selling, general and
administrative expenses 145,177 141,350 146,072 291,249 281,231
Amortization of intangible assets 8,299 10,032 8,464
16,763 20,176 Operating income 59,461 50,704
43,608 103,069 88,461 Interest expense (6,067 ) (7,959 ) (8,501 )
(14,568 ) (16,984 ) Income before income taxes 53,394 42,745 35,107
88,501 71,477 Provision for income taxes 20,158 16,732
12,725 32,883 28,116 Income from
continuing operations 33,236 26,013 22,382 55,618 43,361 Income
(loss) from discontinued operations,
net of tax
(139 ) (9 ) 9 (130 ) 44 Net income $ 33,097 $
26,004 $ 22,391 $ 55,488 $ 43,405
Basic earnings per common share: Income from continuing
operations $ 0.63 $ 0.49 $ 0.43 $ 1.05 $ 0.81 Income from
discontinued operations — — — — —
$ 0.63 $ 0.49 $ 0.43 $ 1.05 $
0.81 Diluted earnings per common share: Income from
continuing operations $ 0.62 $ 0.48 $ 0.42 $ 1.04 $ 0.81 Income
from discontinued operations — — — — —
$ 0.62 $ 0.48 $ 0.42 $ 1.04 $
0.81 Number of shares and share equivalents
used to calculate earnings per share:
Basic 52,823 53,422 52,658 52,741
53,284 Diluted 53,473 53,911 53,249
53,375 53,783
SEGMENT FINANCIAL INFORMATION
(Unaudited)
FOR THE THREE AND SIX MONTHS ENDED JUNE
30, 2017 AND 2016
(Dollars in millions)
Three Months Ended Six Months
Ended 2017 2016 Year-Over-Year
Growth Rates
2017 2016 Year-Over-Year
Growth Rates
Revenues by segment: Apex: Assignment $ 491.3 $ 441.4 11.3 % $
962.6 $ 863.5 11.5 % Permanent placement 11.2 12.3
(10.0 )% 22.4 23.3 (4.4 )% 502.5 453.7 10.7 % 985.0
886.8 11.1 % Oxford: Assignment 128.7 133.0 (3.2 )% 251.9 260.4
(3.2 )% Permanent placement 22.1 21.4 3.6 % 42.9
42.9 0.2 % 150.8 154.4 (2.3 )% 294.8 303.3 (2.8 )%
Consolidated: Assignment 620.0 574.4 8.0 % 1,214.5 1,123.9 8.1 %
Permanent placement 33.3 33.7 (1.4 )% 65.3
66.2 (1.4 )% $ 653.3 $ 608.1 7.4 % $ 1,279.8
$ 1,190.1 7.5 % Percentage of total revenues: Apex
76.9 % 74.6 % 77.0 % 74.5 % Oxford 23.1 % 25.4 % 23.0 % 25.5 %
100.0 % 100.0 % 100.0 % 100.0 % Assignment 94.9 % 94.4 %
94.9 % 94.4 % Permanent placement 5.1 % 5.6 % 5.1 % 5.6 % 100.0 %
100.0 % 100.0 % 100.0 % Domestic 95.0 % 95.1 % 95.1 % 95.2 %
Foreign 5.0 % 4.9 % 4.9 % 4.8 % 100.0 % 100.0 % 100.0 % 100.0 %
Gross profit: Apex $ 150.3 $ 138.1 8.7 % $ 290.2 $ 264.3 9.8 %
Oxford 62.7 64.0 (1.9 )% 120.9 125.6
(3.7 )% Consolidated $ 213.0 $ 202.1 5.4 % $ 411.1
$ 389.9 5.4 % Gross margin: Apex 29.9 % 30.5 % 29.5 %
29.8 % Oxford 41.6 % 41.4 % 41.0 % 41.4 % Consolidated 32.6 % 33.2
% 32.1 % 32.8 %
SELECTED CASH FLOW INFORMATION
(Unaudited)
FOR THE THREE AND SIX MONTHS ENDED JUNE
30, 2017 AND 2016
(In thousands)
Three Months Ended Six Months
Ended 2017 2016 2017 2016 Cash provided by operating
activities(1) $ 39,793 $ 61,896 $ 83,593 $ 100,124 Capital
expenditures (6,416 ) (6,627 ) (13,208 ) (13,909 ) Free cash flow
(non-GAAP measure) $ 33,377 $ 55,269 $ 70,385
$ 86,215 Cash used in investing activities(2) $
(6,581 ) $ (7,153 ) $ (13,356 ) $ (8,259 ) Cash used in financing
activities(1) $ (39,077 ) $ (48,379 ) $ (79,292 ) $ (80,946 ) (1)
On January 1, 2017, we adopted Accounting Standards
Update 2016-09 Compensation - Stock Compensation (Topic 718). Under
this new guidance excess tax benefits and deficiencies are
recognized as income tax benefit or expense in the consolidated
statements of operations and comprehensive income, instead of paid
in capital, on a prospective basis from the date of adoption. On
the statement of cash flows, excess tax benefits and deficiencies
are presented as cash flows from operating activities, instead of
financing activities. For the statement of cash flows we elected to
retrospectively adopt this new presentation and for the three and
six months ended June 30, 2016, cash flows from excess tax benefits
of $1.6 million, and $2.5 million respectively were reclassified
from financing activities to operating activities. (2) The
six months ended June 30, 2016, included $6.0 million in cash
provided by investing activities related to the release of cash
held in escrow from the sale of the Physician Segment.
SELECTED CONSOLIDATED BALANCE SHEET
DATA
AS OF JUNE 30, 2017 AND DECEMBER 31,
2016
(In thousands)
2017 2016 (Unaudited) Cash and
cash equivalents $ 18,963 $ 27,044 Accounts receivable, net 417,267
386,858 Total current assets 462,680 437,524 Goodwill and
intangible assets, net 1,236,971 1,251,243 Total assets 1,766,644
1,752,667 Total current liabilities 178,377 162,499 Working capital
284,303 275,025 Long-term debt 579,782 640,355 Other long-term
liabilities 81,123 80,874 Stockholders’ equity 927,362 868,939
RECONCILIATION OF NET INCOME TO EBITDA
(NON-GAAP MEASURE) AND
ADJUSTED EBITDA (NON-GAAP MEASURE)
(Unaudited)
FOR THE THREE AND SIX MONTHS ENDED JUNE
30, 2017 AND 2016
(In thousands)
Three Months Ended Six Months
Ended 2017 2016 2017 2016 Net income $ 33,097 $
26,004 $ 55,488 $ 43,405 (Income) loss from discontinued
operations,
net of tax
139 9 130 (44 ) Interest expense 6,067 7,959 14,568 16,984
Provision for income taxes 20,158 16,732 32,883 28,116 Depreciation
6,068 5,372 12,079 10,655 Amortization of intangible assets 8,299
10,032 16,763 20,176 EBITDA (non-GAAP
measure) 73,828 66,108 131,911 119,292 Equity-based compensation
5,991 6,534 11,561 13,458 Acquisition, integration and strategic
planning expenses 725 1,467 1,635 3,793
Adjusted EBITDA (non-GAAP measure) $ 80,544 $ 74,109
$ 145,107 $ 136,543
RECONCILIATION OF NET INCOME TO
NON-GAAP NET INCOME AND
ADJUSTED NET INCOME (NON-GAAP
MEASURE) (Unaudited)
FOR THE THREE AND SIX MONTHS ENDED JUNE
30, 2017 AND 2016
(In thousands, except per share
amounts)
Three Months Ended Six Months
Ended 2017 2016 2017 2016 Net income $ 33,097 $
26,004 $ 55,488 $ 43,405 (Income) loss from discontinued
operations, net of tax 139 9 130 (44 ) Refinancing costs(1) (104 )
— 1,924 — Acquisition, integration and strategic planning expenses
725 1,467 1,635 3,793 Accretion of discount on contingent
consideration — — — 863 Tax effect on adjustments (242 ) (572 )
(1,388 ) (1,800 ) Non-GAAP net income 33,615 26,908 57,789 46,217
Amortization of intangible assets 8,299 10,032 16,763 20,176 Income
taxes on amortization for financial reporting purposes not
deductible for income tax purposes (406 ) (547 ) (812 ) (1,148 )
Adjusted Net Income (non-GAAP measure)(2) $ 41,508 $ 36,393
$ 73,740 $ 65,245 Per diluted share:
Net income $ 0.62 $ 0.48 $ 1.04 $ 0.81 Adjustments 0.16 0.20
0.34 0.40 Adjusted Net Income (non-GAAP
measure)(2) $ 0.78 $ 0.68 $ 1.38 $ 1.21
Weighted average common and common equivalent shares
outstanding (diluted) 53,473 53,911 53,375
53,783 (1) In February 2017, we amended our
credit facility and incurred $2.5 million in fees, of which $1.9
million were included in interest expense and the remaining $0.6
million were capitalized and will be amortized over the term of the
credit facility. (2) Does not include the “Cash Tax Savings
on Indefinite-lived Intangible Assets.” These savings total $6.7
million per quarter (approximately $0.12 per diluted share) and
represent the economic value of the tax deduction that we receive
from the amortization of goodwill and trademarks.
OPERATING METRICS (Unaudited)
Apex Oxford Consolidated
Average number of staffing consultants: Q2 2017 1,441 925
2,366 Q1 2017 1,423 977 2,400 Q2 2016 1,314 974 2,288
Average number of customers: Q2 2017 3,502 1,063 4,565 Q1 2017
3,569 1,085 4,654 Q2 2016 3,446 1,082 4,528 Average number
of contract professionals(1): Q2 2017 17,525 2,818 20,343 Q1 2017
16,596 2,634 19,230 Q2 2016 14,907 2,875 17,782 Top 10
customers as a percentage of revenues: Q2 2017 26.9 % 10.1 % 21.1 %
Q1 2017 26.5 % 9.3 % 20.4 % Q2 2016 23.8 % 11.6 % 18.3 %
Average bill rate: Q2 2017 $ 57.81 $ 100.14 $ 63.23 Q1 2017 $ 57.51
$ 97.79 $ 62.67 Q2 2016 $ 55.97 $ 103.58 $ 62.45 Gross
profit per staffing consultant: Q2 2017 $ 104,000 $ 68,000 $ 90,000
Q1 2017 $ 98,000 $ 60,000 $ 83,000 Q2 2016 $ 105,000 $ 66,000 $
88,000 (1) Average number of contract professionals
placed on assignment each week that are considered our employees;
this number does not include employees of our subcontractors.
FINANCIAL ESTIMATES FOR Q3 2017
RECONCILIATION OF ESTIMATED NET INCOME
TO ESTIMATED NON-GAAP MEASURES
(In millions, except per share data)
Low High Net income(1)(2) $ 31.4
$ 33.3 Interest expense 6.1 6.1 Provision for income taxes(2) 20.2
21.3 Depreciation 6.5 6.5 Amortization of intangible assets 8.0
8.0 EBITDA (non-GAAP measure) 72.2 75.2 Equity-based
compensation 6.8 6.8 Adjusted EBITDA (non-GAAP
measure) $ 79.0 $ 82.0 Low High Net income(1)(2) $
31.4 $ 33.3 Amortization of intangible assets 8.0 8.0 Income taxes
on amortization for financial reporting purposes not deductible for
income tax purposes (0.4 ) (0.4 ) Other — (0.1 ) Adjusted
Net Income (non-GAAP measure)(3) $ 39.0 $ 40.8
Per diluted share: Net income $ 0.59 $ 0.62 Adjustments 0.14
0.14 Adjusted Net Income (non-GAAP measure)(3) $ 0.73
$ 0.76 Weighted average common and common equivalent
shares outstanding (diluted) 53.4 53.4 (1)
These estimates do not include acquisition, integration, or
strategic planning expenses. (2) These estimates do not
include excess tax benefits related to stock-based compensation.
(3) Does not include the “Cash Tax Savings on
Indefinite-lived Intangible Assets.” These savings total $6.7
million per quarter ($0.12 per diluted share) and represent the
economic value of the tax deduction that we receive from the
amortization of goodwill and trademarks.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170726006286/en/
On Assignment, Inc.Ed Pierce, 818-878-7900Chief Financial
Officer
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