Mastech Digital, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: MHH · Form: 10-Q · Filed: May 13, 2024 · CIK: 1437226
Sentiment: neutral
Topics: 10-Q, Mastech Digital, IT Staffing, Data Analytics, Financials
TL;DR
<b>Mastech Digital, Inc. filed its Q1 2024 10-Q, detailing financial performance across its IT Staffing and Data & Analytics segments.</b>
AI Summary
Mastech Digital, Inc. (MHH) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Mastech Digital, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers financial information for the first quarter of 2024. Key segments include IT Staffing Services and Data & Analytics Services. The company operates in the US, Canada, and India. Financial data includes information on revenue, net income, and debt.
Why It Matters
For investors and stakeholders tracking Mastech Digital, Inc., this filing contains several important signals. This filing provides investors with the latest quarterly financial results and operational insights for Mastech Digital. Understanding the performance of its key segments (IT Staffing and Data & Analytics) is crucial for assessing the company's growth trajectory and market position.
Risk Assessment
Risk Level: medium — Mastech Digital, Inc. shows moderate risk based on this filing. The company's reliance on specific customer segments and geographic regions could expose it to market fluctuations and concentration risks.
Analyst Insight
Monitor the revenue growth and profitability of the Data & Analytics segment, as it may represent a key growth driver for Mastech Digital.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| IT Staffing Services | ||
| Data And Analytics Services | ||
| US | ||
| India And Other |
Key Numbers
- 2024-03-31 — Period End Date (Quarterly report period)
- 2023-03-31 — Prior Year Period End Date (Comparative period)
- 2024-01-01 — Current Year Start Date (Quarterly report period)
- 2023-01-01 — Prior Year Start Date (Comparative period)
Key Players & Entities
- Mastech Digital, Inc. (company) — Filer name
- 2024-03-31 (date) — Period of report
- 2024-05-13 (date) — Filed as of date
- IT Staffing Services (business) — Operating segment
- Data And Analytics Services (business) — Operating segment
- US (location) — Country of operation
- CA (location) — Country of operation
- India (location) — Country of operation
FAQ
When did Mastech Digital, Inc. file this 10-Q?
Mastech Digital, Inc. filed this Quarterly Report (10-Q) with the SEC on May 13, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Mastech Digital, Inc. (MHH).
Where can I read the original 10-Q filing from Mastech Digital, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Mastech Digital, Inc..
What are the key takeaways from Mastech Digital, Inc.'s 10-Q?
Mastech Digital, Inc. filed this 10-Q on May 13, 2024. Key takeaways: Mastech Digital, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing covers financial information for the first quarter of 2024.. Key segments include IT Staffing Services and Data & Analytics Services..
Is Mastech Digital, Inc. a risky investment based on this filing?
Based on this 10-Q, Mastech Digital, Inc. presents a moderate-risk profile. The company's reliance on specific customer segments and geographic regions could expose it to market fluctuations and concentration risks.
What should investors do after reading Mastech Digital, Inc.'s 10-Q?
Monitor the revenue growth and profitability of the Data & Analytics segment, as it may represent a key growth driver for Mastech Digital. The overall sentiment from this filing is neutral.
Risk Factors
- Customer Concentration Risk [medium — market]: The company's revenue may be significantly impacted by a small number of major customers, as indicated by references to 'TopTenCustomersMember'.
- Credit Facility and Debt [medium — financial]: The filing references a 'RevolvingCreditFacilityMember' in Canada and a 'TermLoanMember' with 'PncBankNa', indicating existing debt obligations.
- Contract Type Reliance [medium — operational]: The company utilizes both 'FixedPriceContractMember' and 'TimeAndMaterialsContractMember' across its segments, suggesting potential risks associated with project scope and cost overruns.
Key Dates
- 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
Filing Stats: 4,412 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-05-13 07:01:31
Filing Documents
- d783724d10q.htm (10-Q) — 744KB
- d783724dex311.htm (EX-31.1) — 11KB
- d783724dex312.htm (EX-31.2) — 11KB
- d783724dex321.htm (EX-32.1) — 4KB
- d783724dex322.htm (EX-32.2) — 4KB
- 0001193125-24-136683.txt ( ) — 4765KB
- mhh-20240331.xsd (EX-101.SCH) — 39KB
- mhh-20240331_cal.xml (EX-101.CAL) — 50KB
- mhh-20240331_def.xml (EX-101.DEF) — 148KB
- mhh-20240331_lab.xml (EX-101.LAB) — 326KB
- mhh-20240331_pre.xml (EX-101.PRE) — 266KB
- d783724d10q_htm.xml (XML) — 692KB
Financial Statements
Financial Statements: 3 (a) Condensed Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2024 and 2023 3 (b) Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three Months Ended March 31, 2024 and 2023 4 (c) Condensed Consolidated Balance Sheets (Unaudited) as of March 31, 2024 and December 31, 2023 5 (d) Condensed Consolidated Statements of Shareholders' Equity (Unaudited) as of March 31, 2024 and March 31, 2023 6 (e) Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 7 (f) Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.
Controls and Procedures
Controls and Procedures 24 PART II OTHER INFORMATION 25 Item 1.
Legal Proceedings
Legal Proceedings 25 Item 1A.
Risk Factors
Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 5. Other Information 26 Item 6. Exhibits 27
SIGNATURES
SIGNATURES 28 2 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM1.
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS MASTECH DIGITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues $ 46,823 $ 55,063 Cost of revenues 34,692 41,581 Gross profit 12,131 13,482 Selling, general and administrative expenses 12,537 12,950 Income (loss) from operations ( 406 ) 532 Interest income (expense), net 154 4 Other income (expense), net ( 30 ) ( 57 ) Income (loss) before income taxes ( 282 ) 479 Income tax expense (benefit) ( 121 ) 218 Net incom e ( loss) $ ( 161 ) $ 261 Earnings (loss) per share: Basic $ ( .01 ) $ .02 Diluted $ ( .01 ) $ .02 Weighted average common shares outstanding: Basic 11,615 11,638 Diluted 11,615 12,054 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 Table of Contents MASTECH DIGITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amounts in thousands) (Unaudited) Three Months Ended March 31, 2024 2023 Net income (loss) $ ( 161 ) $ 261 Other comprehensive income (loss): Foreign currency translation adjustments ( 28 ) 5 Total other comprehensive gain (loss), net of taxes ( 28 ) 5 Total comprehensive income (loss) $ ( 189 ) $ 266 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 Table of Contents MASTECH DIGITAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 19,424 $ 21,147 Accounts receivable, net of allowance for credit losses of $ 436 in 2024 and $ 528 in 2023 24,400 22,556 Unbilled receivables 7,615 7,259 Prepaid and other current assets 6,887 5,501 Total current assets 58,326 56,46