Mastech Digital Files Q2 2024 10-Q

TL;DR

Mastech Digital's Q2 10-Q is in: check the latest revenue and profit numbers for H1 2024 vs H1 2023.

AI Summary

Mastech Digital, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year, detailing revenues and other financial metrics. Specific figures for revenue, net income, and other key performance indicators for the periods ending June 30, 2024, and June 30, 2023, are presented within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Mastech Digital, crucial for evaluating the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data, including revenue and income statements, which are essential for assessing the company's financial health and potential risks.

Key Numbers

• 2024-06-30 — Period End Date (The 10-Q covers financial performance up to this date.)
• 2024-08-12 — Filing Date (The date Mastech Digital submitted this 10-Q to the SEC.)
• 2023-12-31 — Previous Fiscal Year End (Provides context for year-over-year comparisons.)

Key Players & Entities

• Mastech Digital, Inc. (company) — Filer of the 10-Q report.
• 20240630 (date) — End of the reporting period for the 10-Q.
• 20240812 (date) — Filing date of the 10-Q.
• PA (location) — State of incorporation for Mastech Digital, Inc.
• 8742 (number) — Standard Industrial Classification code for Management Consulting Services.

FAQ

Filing Documents

• d832284d10q.htm (10-Q) — 1136KB
• d832284dex311.htm (EX-31.1) — 11KB
• d832284dex312.htm (EX-31.2) — 11KB
• d832284dex321.htm (EX-32.1) — 4KB
• d832284dex322.htm (EX-32.2) — 4KB
• 0001193125-24-198344.txt ( ) — 5955KB
• mhh-20240630.xsd (EX-101.SCH) — 40KB
• mhh-20240630_cal.xml (EX-101.CAL) — 53KB
• mhh-20240630_def.xml (EX-101.DEF) — 154KB
• mhh-20240630_lab.xml (EX-101.LAB) — 341KB
• mhh-20240630_pre.xml (EX-101.PRE) — 275KB
• d832284d10q_htm.xml (XML) — 1090KB

Financial Statements

Financial Statements: 3 (a) Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 3 (b) Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 4 (c) Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023 5 (d) Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 6 (e) Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 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 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27 PART II OTHER INFORMATION 28 Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 5. Other Information 29 Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues $ 49,534 $ 52,204 $ 96,357 $ 107,267 Cost of revenues 35,554 38,560 70,246 80,141 Gross profit 13,980 13,644 26,111 27,126 Selling, general and administrative expenses: Operating expenses 12,287 13,372 24,824 26,322 Employment-related claim, net of recoveries — 3,100 — 3,100 Total selling, general and administrative expenses 12,287 16,472 24,824 29,422 Income (loss) from operations 1,693 ( 2,828 ) 1,287 ( 2,296 ) Interest income (expense), net 130 80 284 84 Other income (expense), net ( 14 ) ( 30 ) ( 44 ) ( 87 ) Income (loss) before income taxes 1,809 ( 2,778 ) 1,527 ( 2,299 ) Income tax expense (benefit) 418 ( 605 ) 297 ( 387 ) Net income (loss) $ 1,391 $ ( 2,173 ) $ 1,230 $ ( 1,912 ) Earnings (loss) per share: Basic $ .12 $ ( .19 ) $ .11 $ ( .16 ) Diluted $ .12 $ ( .19 ) $ .10 $ ( .16 ) Weighted average common shares outstanding: Basic 11,652 11,620 11,633 11,629 Diluted 11,922 11,620 11,915 11,629 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 MASTECH DIGITAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amounts in thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) $ 1,391 $ ( 2,173 ) $ 1,230 $ ( 1,912 ) Other comprehensive income (loss): Foreign currency translation adjustments 1 ( 12 ) ( 27 ) ( 7 ) Total other comprehensive income (loss), net of taxes 1 ( 12 ) ( 27 ) ( 7 ) Total comprehensive income (loss) $ 1,392 $ ( 2,185 ) $ 1,203

View Full Filing

View this 10-Q filing on SEC EDGAR