Mastech Digital, Inc. (MHH) 10-K Annual Report March 2022

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 - Shares Highlight
Stock-Based Compensation Effective October 1, 2008, the Company adopted a Stock Incentive Plan (the "Plan") which, as amended, provides that up to 4,900,000 shares of the Company's common stock shall be allocated for issuance to directors, executive management and key personnel.

Financial - Expense Highlight
However, high levels of inflation may result in higher interest rates which would increase our cost of borrowings.
Financial - Expense Highlight
Expense reductions in the IT Staffing Services segment totaled $2.1 million largely due to austerity measures around recruiting staff and lower activity-based expenses.
Financial - Expense Highlight
The decline in interest expense was due to lower average outstanding borrowings resulting from debt repayments made during the year and a lower effective interest rate.
Financial - Expense Highlight
Operations expense decreased by $1.2 million compared to 2019.
Revenue - Product
Additionally, assignment completions tend to...Read more
Other - Other
Accordingly, an increase in operating...Read more
Financial - Expense
On an ongoing basis, we...Read more
Financial - Expense
The decline in interest expense...Read more
Revenue - Product
This 14% increase in total...Read more
Financial - Expense
This compared to negative transaction...Read more
Financial - Earnings
We believe DSO's will remain...Read more
M & A - Other
Goodwill and Intangible Assets not-to-compete,...Read more
Revenue - Product
Unbilled receivables represent amounts recognized...Read more
Financial - Cash Flow
These swap contracts, which matured...Read more
Financial - Income
low-tax 740-10, Accounting for Uncertainty...Read more
Financial - Cash Flow
Below is a tabular presentation...Read more
Financial - Expense
Our Data and Analytics Services...Read more
Revenue - Geography
Gains and losses resulting from...Read more
Financial - Expense
The 2021 expense was related...Read more
Financial - Shares
Under the Stock Purchase Plan,...Read more
Financial - Shares
On May 15, 2019, the...Read more
Financial - Expense
General & administrative expenses increased...Read more
Financial - Income
pre-COVID-19 Other Income / (Expense)...Read more
Revenue - Product
The increase in S,G&A as...Read more
Revenue - Geography
Approximately $0.7 million reflected investments...Read more
Revenue - Product
IT staffing sales expense declined...Read more
Financial - Expense
Under the cost-based input method,...Read more
Other - Other
Additionally, many large end users...Read more
Revenue - Product
time-and-material In certain situations related...Read more
Financial - Expense
Operations expense in the IT...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 10.25: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

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

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