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Mastech Digital, Inc. (MHH) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

Exhibit 99.1

 

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FOR IMMEDIATE RELEASE:

Mastech Digital Reports Solid Fourth Quarter and Record Full Year 2021 Results

Both the Data & Analytics and IT Staffing Segments Achieved Record Revenues for the Year

PITTSBURGH, PA – February 9, 2022 - Mastech Digital, Inc. (NYSE American: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021 Highlights:

 

   

Total consolidated revenues grew organically by 21% to $59.0 million, compared to revenues of $48.7 million in the 2020 fourth quarter;

 

   

The Company’s Data and Analytics services segment reported revenues of $10.1 million, an increase of 13% over last year’s $8.9 million;

 

   

The IT Staffing segment achieved a 23% top-line growth on the strength of gains in its consultants-on-billing headcount;

 

   

GAAP diluted earnings per share were $0.32 in the fourth quarter of 2021 versus $0.17 in the 2020 fourth quarter; and

 

   

Non-GAAP diluted earnings per share were $0.34 in the fourth quarter of 2021 versus $0.29 in the 2020 fourth quarter.

Full Year 2021 Highlights:

 

   

Total consolidated revenues were $222 million, up 14% from 2020 revenues as both business segments achieved double-digit growth;

 

   

Consolidated gross margins grew to a record 26.8% in 2021;

 

   

GAAP diluted earnings per share were $1.02 in 2021 compared to $0.83 in 2020; and

 

   

Non-GAAP diluted earnings per share were $1.19 in 2021 versus $1.16 in year 2020.

Fourth Quarter Results:

Revenues for the fourth quarter of 2021 totaled $59.0 million compared to $48.7 million during the corresponding quarter of 2020. Gross profits in the fourth quarter of 2021 were $15.7 million, compared to $13.1 million in the same quarter of 2020. GAAP net income for the fourth quarter of 2021 totaled $3.9 million or $0.32 per diluted share, compared to $2.0 million or $0.17 per diluted share during the same period of 2020. Non-GAAP net income for the fourth quarter of 2021 was $4.0 million or $0.34 per diluted share, compared to $3.4 million or $0.29 per diluted share in the fourth quarter of 2020.

Activity levels at the Company’s Data and Analytics Services segment were strong, with order bookings of $14.4 million, and included two significant healthcare customer assignments that were delayed from third quarter 2021. Additionally, order backlog improved during the quarter and the pipeline of opportunities continues to show promise on a global basis. Demand for the Company’s IT Staffing Services segment remained elevated during the quarter, despite seasonal holiday / vacation disruptions and normal year-end assignment ends.


The following information was filed by Mastech Digital, Inc. (MHH) on Wednesday, February 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Mastech Digital, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Detail)
Business Combinations - Schedule Of Valuation Of Net Assets Acquired (Detail)
Business Combinations - Summary Of Fair Value Of Consideration For Acquired Business (Detail)
Business Combinations - Summary Of Fair Value Of Consideration For Acquired Business (Parenthetical) (Detail)
Business Combinations - Summary Of Source Of Funds (Detail)
Business Combinations - Summary Of Unaudited Pro Forma Results (Detail)
Business Segments And Geographic Information
Business Segments And Geographic Information (Tables)
Business Segments And Geographic Information - Additional Information (Detail)
Business Segments And Geographic Information - Summary Of Assets By Segment (Detail)
Business Segments And Geographic Information - Summary Of Operating Segments (Detail)
Business Segments And Geographic Information - Summary Of Revenue From External Customers (Detail)
Cash And Cash Equivalents
Cash And Cash Equivalents - Additional Information (Detail)
Commitments And Contingencies
Credit Facility
Credit Facility (Tables)
Credit Facility - Additional Information (Detail)
Credit Facility - Schedule Of Annual Aggregate Outstanding Debt (Detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Additional Information (Detail)
Derivative Instruments And Hedging Activities - Effect Of Derivative Instruments On Consolidated Statements Of Operations And Comprehensive Income (Detail)
Derivative Instruments And Hedging Activities - Information On Location And Amounts Of Derivative Fair Values In Consolidated Balance Sheets (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Detail)
Earnings Per Share - Computation Of Basic Eps (Detail)
Earnings Per Share - Computation Of Diluted Eps (Detail)
Earnings Per Share - Schedule Of Denominators Of Basic And Diluted Eps Computations (Detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Schedule Of Changes In Contingent Consideration Liability (Detail)
Fair Value Measurements - Summary Of Financial Assets (Liabilities) At Fair Value Measured On Recurring Basis (Detail)
Goodwill And Other Intangible Assets - Components Of Identifiable Intangible Assets (Detail)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (Tables)
Goodwill And Other Intangible Assets, Net - Additional Information (Detail)
Goodwill And Other Intangible Assets, Net - Reconciliation Of Goodwill (Detail)
Goodwill And Other Intangible Assets, Net - Schedule Of Estimated Amortization Expense (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Components Of Income Before Income Taxes (Detail)
Income Taxes - Provision For Income Taxes (Detail)
Income Taxes - Reconciliation Of Income Taxes (Detail)
Income Taxes - Unrecognized Tax Benefits Related To Uncertain Tax Positions (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail)
Leases - Summary Of Balance Sheet Classification Of Lease Asset And Related Lease Liability (Detail)
Long-Term Payroll Tax Liability
Long-Term Payroll Tax Liability - Additional Information (Detail)
Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss) - Summary Of Accumulated Other Comprehensive Income (Loss) (Detail)
Other Comprehensive Income (Loss) (Tables)
Related-Party Transaction
Related-Party Transaction - Additional Information (Detail)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Detail)
Revenue From Contracts With Customers - Summary Of Disaggregation Of Our Revenues By Contract Type And Operating Segment (Detail)
Revenue From Contracts With Customers - Summary Of Revenue From External Customers (Detail)
Shareholders' Equity
Shareholders' Equity - Additional Information (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Assumptions With Respect To The Black-Scholes Option Pricing Model (Detail)
Stock-Based Compensation - Summary Of Company's Stock Option Activity (Detail)
Stock-Based Compensation - Summary Of Information Regarding The Company's Outstanding And Exercisable Stock Options (Detail)
Stock-Based Compensation - Summary Of Mastech's Restricted Stock Unit Activity (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Estimated Useful Lives Of Depreciable Assets (Detail)
Ticker: MHH
CIK: 1437226
Form Type: 10-K Annual Report
Accession Number: 0001193125-22-074092
Submitted to the SEC: Mon Mar 14 2022 8:03:34 AM EST
Accepted by the SEC: Mon Mar 14 2022
Period: Friday, December 31, 2021
Industry: Management Consulting Services

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