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Mastech Digital, Inc. (MHH) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Mastech Digital, Inc.

CIK: 1437226 Ticker: MHH

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE:

Mastech Digital Reports Healthy Second Quarter 2021 Results

Achieved 13% Year-over-Year Revenue growth and higher sequential Net Income compared to First Quarter 2021

PITTSBURGH, PA –July 28, 2021—

Mastech Digital, Inc. (NYSE American: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights:

 

   

Consolidated revenues totaled $53.7 million, a 13% increase over the second quarter 2020, with sequential growth of 8% compared to the first quarter of 2021;

 

   

The Company’s Data and Analytics Services segment reported its second consecutive quarter of strong bookings as client demand increased in the second quarter of 2021;

 

   

The IT Staffing Services segment added an additional 89 consultants-on-billing, an increase of 8% during the quarter, as demand for its services remained strong;

 

   

Consolidated gross margins increased slightly during the quarter on a year-over-year basis and were 100 basis points higher than in the first quarter of 2021;

 

   

GAAP diluted earnings per share were $0.31 in the second quarter of 2021 versus $0.25 in the second quarter of 2020; the second quarter of 2021 included a $2.0 million pre-tax gain related to a reduction in a contingent consideration liability;

 

   

Non-GAAP diluted earnings per share were $0.29 in the second quarter of 2021 versus $0.33 in the second quarter of 2020, and represented an improvement of $0.10 over the first quarter of 2021.

Second Quarter Results:

Revenues for the second quarter of 2021 totaled $53.7 million, compared to $47.6 million during the corresponding quarter last year. Gross profits in the second quarter of 2021 were $14.3 million, compared to $12.7 million in the second quarter of 2020. GAAP net income for the second quarter of 2021 totaled $3.7 million or $0.31 per diluted share, compared to $3.0 million or $0.25 per diluted share during the same period last year. Non-GAAP net income for the second quarter of 2021 was $3.4 million or $0.29 per diluted share, compared to $3.9 million or $0.33 per diluted share in the second quarter of 2020.

Activity levels at the Company’s Data and Analytics Services segment improved during the quarter as bookings and pipeline opportunities were strong and sequential revenues grew by 2% during the quarter. Project delays, which impacted the segment’s first six-month 2021 results, have shown signs of abatement with a number of material orders received during the second quarter. Demand for the Company’s IT Staffing Services segment continued to be very strong, with an 8% expansion in billable-consultant headcount during the quarter. Thus far in 2021, the billable-consultant headcount has already increased by 18% from our year-end 2020 headcount, which has more than offset the billable headcount decline experienced during the pandemic-impacted 2020 fiscal year.

Vivek Gupta, the Company’s President and Chief Executive Officer stated “We continued to see further recovery in our Data and Analytics Services segment during the second quarter and our IT Staffing Services segment saw a strong increase in new engagements. Strong bookings, pipeline opportunities and “near term” workable orders secured during the second quarter bode well for our Data and Analytics business as we enter the second half of 2021.”


The following information was filed by Mastech Digital, Inc. (MHH) on Wednesday, July 28, 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Condensed 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)
Commitments And Contingencies
Credit Facility
Credit Facility - Additional Information (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)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Policies)
Earnings Per Share
Earnings Per Share - Additional Information (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 - Schedule Of Estimated Amortization Expense (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Income Before Income Taxes (Detail)
Income Taxes - Provision For Income Taxes (Detail)
Income Taxes - Reconciliation Of Income Taxes (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)
Recently Issued Accounting Standards
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 - Additional Information (Detail)

Material Contracts, Statements, Certifications & more

Mastech Digital, Inc. provided additional information to their SEC Filing as exhibits

Ticker: MHH
CIK: 1437226
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-21-238361
Submitted to the SEC: Fri Aug 06 2021 7:01:30 AM EST
Accepted by the SEC: Fri Aug 06 2021
Period: Wednesday, June 30, 2021
Industry: Management Consulting Services

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