Everforth Inc (EFOR) Business

Item 1. Business

Overview and History

ASGN Incorporated ("ASGN," "our", "we," or "us") is a leading provider of information technology (IT) solutions to the commercial and government sectors. In November 2025, ASGN announced its intent to rebrand to Everforth, a new parent brand that will unify our six brands — Apex Systems, Creative Circle, CyberCoders, ECS, GlideFast, and TopBloc — under a single identity. Everforth is a leading technology and digital engineering company with six core solution areas: (i) Cloud and Infrastructure, (ii) Data and AI, (iii) Software Development and Engineering, (iv) Customer Experience, (v) Cybersecurity, and (vi) Enterprise Platforms. Through proprietary assets, accelerators, and proven expertise, Everforth delivers measurable outcomes that help organizations adapt, innovate, and thrive.

Our Company operates through two segments, Commercial and Federal Government, and across six industries, which together promote balance, strength, and resiliency throughout economic cycles. The transition from ASGN to Everforth is slated for the first half of 2026.

Our Company has grown through a combination of organic growth and strategic acquisitions. Over the last five years, we completed six acquisitions which align with our strategy to offer higher-end, higher-value IT consulting solutions and digital engineering capabilities. We have built a sizable consulting platform, with 62 percent of our 2025 consolidated revenues in a combination of commercial and federal government IT consulting work.

Our clients set rigorous requirements for expertise, technological proficiency, and solutions capabilities. Their expectations have increased as we’ve evolved our business. To meet their requirements, we leverage a deep talent pool of professionals that has been expertly built over decades. This enables us to differentiate our Company in the marketplace, by quickly identifying and building tailored, just-in-time teams for our clients.

We support clients across a diverse set of industries. No client, other than the U.S. federal government, represented more than 10 percent of consolidated revenues in 2025. Revenues from contracts directly with several U.S. federal government agencies in which our Federal Government Segment is a prime contractor combined were 26 percent of consolidated revenues in 2025.

ASGN was incorporated in 1992. Our principal office is located at 4400 Cox Road, Suite 110, Glen Allen, Virginia 23060, and our telephone number is (888) 482-8068.

Commercial Segment

Our Commercial Segment (70 percent of 2025 consolidated revenues) provides IT solutions to Fortune 1000 and large mid-market clients across six harmonized solutions areas: (i) Cloud and Infrastructure, (ii) Data and AI, (iii) Software Development and Engineering, (iv) Customer Experience, (v) Cybersecurity, and (vi) Enterprise Platforms; and five industries: (i) Financial Services, (ii) Consumer and Industrial, (iii) Technology, Media and Telecom ("TMT"), (iv) Healthcare, and (v) Business and Government Services.

Our business heritage is providing our clients with experienced IT and creative digital marketing professionals for project engagements. These roots as a premier IT staffing provider differentiate how we go to market. As aforementioned, by leveraging our deep talent pool, we can quickly build custom-fit teams for our clients incorporating the latest technology skillsets. Building on our staffing foundation, we have cultivated enduring, trusted relationships with enterprise clients and established a significant presence within their organizations.

Over the past six years, we have strategically refined our focus and broadened our service portfolio to encompass high-value, high-margin consulting solutions that enable us to effectively address the evolving and increasingly complex needs of our client base. Our subject matter experts deliver solutions that are tailored for specific industries and customer environments, meeting business challenges at greater speed and with more accuracy and precision than ever before. By harnessing proprietary assets and accelerators and leveraging our technology alliance partner ecosystem to co-sell, co-develop, and co-deliver our solutions capabilities, we are driving greater revenue opportunities and actively building our pipeline of new business. The Commercial Segment provides services under time-and-materials and fixed-price contracts.

Corporate support activities for this segment are primarily based in Richmond, Virginia, with offices across the United States, Canada, and Europe. In addition, we have two near-shore delivery centers in Mexico and maintain a growing delivery center in India.

Consulting — Our business focus and growth strategy lies in providing our clients with higher value IT consulting services. A byproduct of our decades-long, trusted client relationships over the years, our customers have increasingly engaged us in higher-value consulting contracts. Consulting contracts leverage the same talent pool as our assignment work but offer higher margin opportunities and increased revenue visibility.

Assignment — Our business heritage is in providing our clients with experienced IT and creative digital marketing billable professionals for temporary assignments and project engagements. Our billable professionals have knowledge and experience in specialized technical and creative digital marketing services that make them qualified to fill a given assignment or project.

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Federal Government Segment

Our Federal Government Segment (30 percent of 2025 consolidated revenues) delivers advanced solutions in data and AI, cybersecurity, software and engineering, and enterprise platforms to some of the world's leading agencies in the public and private sectors. These solutions capabilities are geared towards IT modernization of the federal government as well as promoting efficiency and security for our federal customer base. Our team of skilled experts tackles highly complex challenges for customers in defense, intelligence, and national security. We maintain relationships with leading cloud, cybersecurity, and AI/ML providers and hold specialized certifications in these technologies. We have approximately 1,000 cybersecurity consultants, of which approximately 500 have security clearances, along with an additional 900 AI and data professionals with security clearances. We also hold over 1,400 certifications.

The Federal Government Segment provides services under time-and-materials, cost reimbursable, and firm-fixed-price contracts. Contracts range from approximately three to five years in length, providing longer-term revenue visibility and countercyclical support throughout market cycles. We have contract backlog of $2.9 billion as of December 31, 2025, which represents the estimated amount of future revenues to be recognized under awarded contracts including task orders and options.

Corporate support activities for this segment are based in Fairfax, Virginia, with offices located across the United States.

Industry and Market Dynamics

We are a leading provider of IT solutions to the commercial and government sectors. We help leading corporate enterprises and government organizations develop, implement, engineer, and operate critical IT and business solutions. Our total addressable market is approximately $680 billion, which includes $490 billion in commercial IT consulting, $135 billion in government IT consulting, and $55 billion in professional staffing. Our total addressable market has significantly expanded as clients have actively pulled us into higher-value consulting work for the commercial and government end markets.

Our business model continues to evolve in line with client needs and expectations to focus on higher-end, higher-value IT solutions capabilities that provide enhanced margin opportunities in key areas of technological advancement, such as AI, data, cloud, cybersecurity, and other areas critical to digital transformation. By employing a unique go-to-market strategy that leverages a single talent pool for both shorter-term and long-term contracts, our clients benefit from cost structure advantages, flexibility to address fluctuating demand in business, and access to greater expertise. We intend to continue to grow our diverse client base by focusing on large, stable enterprises that are quick adopters of new technologies. We will continue to invest in our organic growth while simultaneously looking to execute strategic acquisitions of IT consulting companies that provide us with new solution capabilities, industry expertise, technology partnerships, or contract awards.

Strategy

Our strategy is to be a leading technology and digital engineering company, enabling organizations to adapt and innovate amid continual market change. We deliver measurable value by integrating top talent and advanced technology to address our clients’ most critical IT opportunities. We remain focused on high-value, scalable IT work and delivering future-ready solutions that accelerate time to value. By combining engineering, expertise, and speed, we transform client organizations, enabling them to seize opportunities, manage risks, and become adaptive enterprises.

Our value proposition is based on four key areas: (i) Deep Industry Expertise, (ii) Assets and Accelerators, (iii) IT Partnerships and Alliances, and a (iv) Superior Delivery Model. Beginning with Industry Expertise, commercial technologies are adopted differently by every industry and every client environment. Maintaining in-depth knowledge of each client’s unique enterprise technology environment has enabled us to build trust and longstanding relationships that have expanded over decades. Our domain specialization is supercharged through proven code that accelerates deployment and implementation, reducing time to value for our client base.

We are committed to continuous innovation. Beyond developing proprietary assets and accelerators that enable efficient, strategic outcomes, we partner with leading technology companies to align with our evolving customer needs. These relationships are mutually beneficial, leading to deal flow, product development, and continued innovation. Strategic partnerships multiply our market access. We partner with hyperscalers, such as AWS, Microsoft, and Google; enterprise platforms, including Salesforce, ServiceNow, and Workday; cybersecurity players, such as CrowdStrike, Elastic, SailPoint, and Trellix; and data & AI platforms, such as Databricks and Snowflake. The fourth part of our value proposition, our superior delivery model, provides quick access to a broad, specialized skills network, which exponentially powers the other three areas of our value proposition.

Professional Experience

We recruit candidates with backgrounds in IT and creative digital marketing who seek contract or permanent work opportunities. When we place these candidates on projects with clients, they become our employees. Many of these professionals, and those we place via subcontractors, are paid hourly wage or contract rates based on their specific skills. We pay the related costs of employment, including social security taxes, federal and state unemployment taxes, workers’ compensation insurance, and other similar costs for our employees. After achieving minimum service periods and/or hours worked, our professionals are offered access to medical and other voluntary benefit programs (e.g., dental, vision, disability) and the right to participate in our 401(k) retirement savings plan. Each professional’s employment relationship with us is terminable at will. In 2025, we employed approximately 19,600 billable professionals on a full-time-equivalent basis.

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Competition

We compete with other large publicly-held and privately-owned providers of human capital in the IT consulting and professional services segments on a local, regional, national, and international basis across the commercial and government end markets. With an industry focus that is supported by our solutions, our unique deployment model allows us to provide the right solutions at the right time. Our experienced engagement leaders and methodologies help our clients solve critical problems and create incremental value for their organizations.

The IT industry generally attracts individuals seeking opportunities to support companies on a contract basis, allowing them to work with the latest technologies across industries. We offer more opportunities for these professionals to get in front of Fortune 1000 companies and are therefore viewed as a better partner for their career objectives. In addition, our competitive salaries and benefits, availability and variety of opportunities, and quality, duration and location of engagements enable us to attract the highest caliber expertise. As many people seeking IT employment may be pursuing opportunities through other means, the speed at which we assign prospective professionals to our teams, and the availability of attractive and appropriate projects, are important factors in our ability to maintain a deep talent pool of leading IT professionals.

We also differentiate our Company from a client perspective. The principal competitive factors in obtaining and retaining clients are properly assessing the clients’ specific IT needs, followed by determining the right team of professionals at the right time to meet these needs. Although we believe we compete favorably with respect to these factors and maintain an intimacy and institutional knowledge with our clients that enables us to successfully compete in the market, we expect competition to continue to increase particularly as we grow our IT consulting footprint. Nevertheless, the larger total addressable market in IT consulting offers us greater revenue and margin opportunity. In addition, unlike our competitors, for the majority of our IT consulting business we do not rely upon a large bench to support us; rather, we use our extensive database of highly-skilled technical talent to provide and build teams that offer our clients a full suite of services tailored to their individual needs. This sophisticated project delivery model offers us a cost advantage over the competition that has previously enabled us to grow above industry averages.

Human Capital

Our workforce is and will always be the core of our business. Our diverse talent pool strengthens our position as a leading IT consulting and professional services firm, and we aim to recruit exceptional leaders in their respective areas of expertise that support ASGN’s high-performance, innovative, and collaborative culture. In 2025, we employed approximately 2,800 internal employees, including sales directors, account managers, recruiters, and corporate office employees. We support our internal employees in a number of ways including, but not limited to, the following initiatives:

Engagement and Professional Development – Our team is the driving force behind our success, and continuing to support career development and advancement across our Company remains one of our top organizational priorities. We prioritize career growth through ongoing education, professional development, and comprehensive training. To supplement in-person and virtual training, we maintain a mentorship program where mentors are provided opportunities to enhance their management and communication skills, while mentees are given the ability to foster relationships with experienced professionals who can support their career development.

Performance Management & Retention – With regard to career development, we encourage our employees to seek opportunities that align with their long-term career goals. Communicating career interests and employee development is at the heart of our performance management process. This is a collaborative process that focuses on developing clear goals at the start of each calendar or employment year and providing constructive feedback and support throughout the year to position our employees for success. Furthermore, to guide our efforts on a go-forward basis and drive long-term employee retention, we conduct annual employee engagement surveys.

Health, Safety, and Well-being – Core to employee retention, we also remain focused on the health and well-being of each of our employees and consultants. Our employees enjoy competitive compensation and benefits packages, which include medical, dental, and vision plans; flexible spending accounts; and savings plans. Guided by our Company-wide Employee Wellness and Workplace Health and Safety policies, we support our employees' emotional well-being and physical health with wellness programming and personal growth workshops.

For more detailed information on our workforce programs and initiatives, please visit the Sustainability section of our website: ASGN.com/Sustainability. Nothing on our website shall be deemed incorporated by reference into this 2025 10-K.

Government Regulation

We take reasonable steps to ensure that our billable professionals possess all current licenses and certifications required. We provide workers’ compensation insurance, unemployment insurance, and professional liability insurance for our employees. For a further discussion of government regulation associated with our business, see Part I, Item 1A. Risk Factors.

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Available Information and Access to Reports

We electronically file our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements, and all amendments to those reports and statements with the Securities and Exchange Commission ("SEC"). The SEC maintains an internet site sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. You may also read and copy any of our reports that are filed with the SEC by visiting:

•Our website, asgn.com; or

•By contacting our Investor Relations Department at info@asgn.com.

Our reports are available through any of the foregoing means and are available free of charge on our website as soon as practicable after such material is electronically filed with or furnished to the SEC. Also available on our website are copies of our Code of Ethics for the Principal Executive Officer and Senior Financial Officers, Code of Business Conduct and Ethics, Corporate Governance Guidelines, and the charters for the committees of our Board. We intend to disclose any amendment to, or waiver from, a provision of our Code of Ethics for our Principal Executive Officer and Senior Financial Officers on our website promptly after the amendment or waiver has been granted. This information found on, or otherwise accessible through our website is not incorporated by reference to, nor does it form a part of this report or any other document that we file with the SEC.