Everforth, Inc. (formerly ASGN Incorporated, name changed April 24, 2026) presents a deeply negative liquidation recovery posture as of March 31, 2026. The balance sheet is dominated by intangible assets that carry zero recovery under the liquidation lens: goodwill of $2.28B and indefinite-lived trademarks of $305.2M together account for approximately 64% of total reported assets of $4.03B. Applying standard haircuts, recoverable assets consist primarily of cash ($143.6M at 100%), accounts receivable ($744.4M at 90-95% = ~$669-$707M), PP&E net ($81.2M at 50-70% = ~$41-$57M), and operating lease ROU assets (zero recovery). Finite-lived intangibles net ($307.7M) and goodwill ($2.28B) and trademarks ($305.2M) recover zero. Total gross liquidation asset value is approximately $900M-$950M before settling liabilities. Against this, total liabilities at face value are $2.24B, comprising: current liabilities of $461.9M (including accrued payroll $251M, accounts payable $63M, other current liabilities $147.9M), long-term debt at carrying amount $1.475B (revolver $340M drawn, term loan A $98.1M, term loan B $487.5M, senior unsecured notes $550M), deferred tax liabilities $275.1M, and other long-term liabilities $39.5M. Recovery to equity is deeply negative by approximately $1.3B-$1.4B. The quarter's most significant balance-sheet change from the prior filing (10-K as of December 31, 2025) is the acquisition of Quinnox Inc. in March 2026 for $290M cash, which added $137.7M goodwill (none tax-deductible) and $173.6M in customer relationship intangibles, and funded the purchase primarily by drawing $295M additional on the revolving credit facility, increasing total debt outstanding from $1.18B to $1.48B. This further dilutes liquidation recovery: $290M deployed for zero-recovery intangible assets while face-value debt obligations increased by roughly $295M. The Federal Government segment TTM book-to-bill of 0.7x (vs. 1.2x prior year) and declining funded backlog ($451.9M vs. $501.2M a year prior) are discussed in MD&A but are not separately XBRL-tagged; they are operationally relevant context for going-concern assessment but do not alter the liquidation math directly. No goodwill impairment was recorded and no impairment triggers disclosed. Deferred income tax liabilities ($275.1M) remain a full face-value claim in liquidation with no corresponding recoverable deferred tax asset of comparable size disclosed separately in XBRL.
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