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Mastech Digital, Inc. (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. Headquartered in Pittsburgh, PA, the company offers comprehensive Data Management and Analytics Solutions, Digital Learning, and IT Staffing Services with a Digital-First approach. With offices across the U.S., Canada, Europe, and India, Mastech Digital is a minority-owned enterprise committed to leveraging technology for impactful results.
The company operates through two main segments: Data & Analytics Services and IT Staffing Services. The Data & Analytics Services segment delivers specialized data management, data engineering, customer experience consulting, data analytics, and cloud services to a global clientele. Meanwhile, the IT Staffing Services segment focuses on combining technical expertise with business process experience to deliver a broad range of services in both digital and mainstream technologies.
Mastech Digital has a robust track record, engaging with leading corporations across the U.S. to meet their IT staffing needs timely and efficiently. The company is known for its ability to source 'purple squirrels' – those rare and highly specialized skill sets that are otherwise hard to find. This expertise is underpinned by robust sourcing practices and stringent screening methodologies, ensuring high staffing efficiencies for clients.
Recent financial performance has been mixed. In the second quarter of 2023, the company reported revenues of $52.2 million, down from $62.1 million in the same period of the previous year. Gross profits stood at $13.6 million, and there was a GAAP net loss of $2.2 million. Despite these challenges, the Data & Analytics Services segment showed resilience with improved bookings. However, the IT Staffing Services segment faced demand decline due to economic uncertainties, particularly affecting the financial services industry.
During the third quarter of 2023, revenues further dipped to $47.8 million. However, the company maintained a positive outlook, highlighting a solid balance sheet with $15.9 million in cash and no bank debt. The fourth quarter saw revenues at $46.1 million, with a notable uptick in order bookings for the Data and Analytics segment, indicating potential growth as market conditions improve.
Mastech Digital’s leadership has been proactive in addressing economic challenges. CEO Vivek Gupta has emphasized cost-reduction measures and maintaining a fundamentally sound business. Additionally, CFO Jack Cronin highlighted a strong financial position with significant cash balances and no bank debt as of December 31, 2023.
The company's commitment to innovation is exemplified by the recognition of its co-founders, Sunil Wadhwani and Dr. Romesh Wadhwani, as TIME Magazine's inaugural TIME 100 AI Leaders. This accolade underscores their dedication to leveraging AI for societal benefits, particularly in healthcare, education, and economic upliftment for underserved populations.
Looking ahead, Mastech Digital remains focused on expanding its service offerings and improving operational efficiencies to navigate economic uncertainties and capitalize on growth opportunities in 2024.
Mastech Digital, Inc. (NYSE American: MHH) has appointed Vlad Rak as an independent board member effective April 1, 2022. With over 24 years of technology experience, Mr. Rak has held senior roles at Nike, Disney, and Merck and currently serves as the Chief Technology Officer at Dick's Sporting Goods. The company’s co-chairmen expressed confidence in Mr. Rak's expertise in advanced technologies, believing he will add significant value to Mastech's growth strategies. Mastech Digital specializes in Digital Transformation IT Services, Data Management, Digital Learning, and IT Staffing.
Mastech Digital (NYSE American: MHH) announced the appointment of Ganeshan Venkateshwaran as the new CEO of Mastech InfoTrellis, effective immediately. Venkateshwaran brings extensive leadership experience from previous roles at Trianz and Wipro Technologies, focusing on digital transformation and collaborative success. Co-Chairman Sunil Wadhwani praised his strategic vision, while Venkateshwaran expressed excitement about leading Mastech InfoTrellis to capitalize on growth opportunities in digital services. Mastech Digital specializes in IT services, data management, analytics, and staffing solutions.
Mastech Digital (MHH) reported strong financial results for Q4 and full year 2021. Q4 revenues grew by 21% to $59 million, driven by a 23% increase in IT Staffing and 13% in Data and Analytics. Annual revenue rose 14% to $222 million, with gross margins at a record 26.8%. GAAP diluted EPS increased to $0.32 in Q4 and $1.02 for the year. The company announced strategic investments and improved debt leverage through an amended credit facility with PNC Bank, enhancing financial flexibility for future growth.
Mastech Digital (NYSE American: MHH) announced a conference call to present its fourth quarter and full year financial results for 2021 on February 9, 2022, at 9:00 a.m. Eastern Time. The call will be led by CEO Vivek Gupta and CFO Jack Cronin, accessible via a listen-only dial-in number or a live webcast. A replay will be available for seven days post-call. Mastech Digital specializes in Digital Transformation IT Services, including Data Management, Digital Learning, and IT Staffing, and operates globally, including in Canada, India, and EMEA.
Mastech Digital (NYSE American: MHH) reported third-quarter 2021 results, achieving record revenues of $59.5 million, a 26% increase from Q3 2020. The Data and Analytics Services segment generated revenues of $10.5 million (+19% YoY), while IT Staffing Services reached $49 million (+22% YoY). Gross profits rose to $16.6 million from $13.1 million in Q3 2020. GAAP EPS was $0.28, up from $0.25, and Non-GAAP EPS was $0.38, compared to $0.32. Cash on hand was $5.4 million, with no borrowings under the credit facility, indicating a strong financial position.
Mastech Digital, Inc. (NYSE American: MHH) will hold a conference call on October 27, 2021, at 9:00 a.m. ET to discuss its third-quarter results for the period ended September 30, 2021. The call will be hosted by CEO Vivek Gupta, CFO Jack Cronin, and Paul Burton, head of Mastech InfoTrellis. Interested parties can join via a listen-only dial-in or a live webcast on the company's website, and a replay will be available for 7 days post-call.
Mastech Digital (NYSE American: MHH) will present at the Sidoti & Company Fall 2021 Virtual Conference on September 22 at 1:00 PM ET. CEO Vivek Gupta, CFO Jack Cronin, and Paul Burton will discuss the company’s transformation journey, recent developments, and future plans. Gupta expressed enthusiasm about sharing their story following a strong Q2-2021 performance. Mastech Digital specializes in Digital Transformation IT Services, including Data Management, Digital Learning, and IT Staffing, operating across the U.S., Canada, EMEA, India, and ASEAN.
Mastech Digital, Inc. (NYSE American: MHH) reported a 13% revenue increase, totaling $53.7 million for Q2 2021, compared to Q2 2020. The IT Staffing Services segment grew by 8%, adding 89 consultants-on-billing. Gross margins improved, and GAAP diluted earnings per share rose to $0.31, up from $0.25 year-over-year. Non-GAAP diluted earnings per share decreased to $0.29 from $0.33. Strong bookings and improved demand in Data and Analytics indicate a recovery trend. The company maintained a solid cash position with $5.3 million in cash and $15 million in bank debt.
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