Last10K.com

Mastech Digital, Inc. (MHH) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE:

Mastech Digital Reports Fourth Quarter and Full Year 2020 Results

Data & Analytics Segment Completes AmberLeaf Acquisition and Generates Record Q4 Revenues

PITTSBURGH, PA – February 10, 2021—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, 2020.

Fourth Quarter 2020 Highlights:

 

   

Total consolidated revenues declined by 3% to $48.7 million, compared to revenues of $50.4 million in the 2019 fourth quarter;

 

   

The Company’s Data and Analytics Services segment reported record revenues of $8.9 million on the strength of its AmberLeaf acquisition;

 

   

The IT Staffing Services segment had a $3.4 million decline in revenues during the fourth quarter of 2020 compared to the fourth of quarter 2019. However, the segment achieved a 3% increase in consultants-on-billing during the quarter, its second consecutive quarter of increasing billable consultant headcount after material declines in the first half of 2020;

 

   

GAAP diluted earnings per share were $0.17 in the fourth quarter of 2020 versus $0.20 in the 2019 fourth quarter. The fourth quarter of 2020 was impacted by transaction expenses related to the AmberLeaf acquisition;

 

   

Non-GAAP diluted earnings per share were $0.29 in the fourth quarter of 2020 versus $0.26 in the 2019 fourth quarter.

Full Year 2020 Highlights:

 

   

Total consolidated revenues of $194.1 million were up slightly from 2019 revenues of $193.6 million. Our Data and Analytics Services segment revenues increased year-over-year by 13% (or by 6% excluding the October 2020 AmberLeaf acquisition), while our IT Staffing Services segment’s revenues declined by 2%.

 

   

Consolidated gross margins grew to a record 26.6% in 2020, an increase of 180-basis points from 2019.

 

   

GAAP diluted earnings per share were $0.83 in 2020, compared to $0.99 in 2019. Full year 2019 included a favorable $6.1 million pretax benefit from the revaluation of a contingent consideration liability, which revaluation had the effect of increasing 2019 diluted earnings per share by approximately $0.40 per diluted share;

 

   

Non-GAAP diluted earnings per share were $1.16 in 2020 versus $0.82 in 2019, representing a 41% improvement on a year-over-year basis.

Fourth Quarter Results:

Revenues for the fourth quarter of 2020 totaled $48.7 million, compared to $50.4 million during the corresponding quarter last year. Gross profits in the fourth quarter of 2020 were $13.1 million, compared to $12.8 million in the same quarter of 2019. GAAP net income for the fourth quarter of 2020 totaled $2.0 million or $0.17 per diluted share, compared to $2.3 million or $0.20 per diluted share during the same period last year. Non-GAAP net income for the fourth quarter of 2020 was $3.4 million or $0.29 per diluted share, compared to $2.9 million or $0.26 per diluted share in the fourth quarter of 2019.


The following information was filed by Mastech Digital, Inc. (MHH) on Wednesday, February 10, 2021 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.

View differences made from one year to another to evaluate Mastech Digital, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Mastech Digital, Inc..

Continue

Assess how Mastech Digital, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Mastech Digital, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
M & A
Revenue
Other
Filter Subcategory:
All
Shares
Income
Expense
Earnings
Product
Debt
Cash Flow
Geography
Other
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)
Quarterly Financial Information
Quarterly Financial Information (Tables)
Quarterly Financial Information From Continuing Operations - Summary Of Quarterly Financial Information From Continuing Operations (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)
Schedule Ii-Valuation And Qualifying Accounts
Schedule Ii-Valuation And Qualifying Accounts (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: 0001193125-21-082076
Submitted to the SEC: Tue Mar 16 2021 7:01:28 AM EST
Accepted by the SEC: Tue Mar 16 2021
Period: Thursday, December 31, 2020
Industry: Management Consulting Services

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/mhh/0001193125-21-082076.htm