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Mastech Digital(MHH) - 2024 Q4 - Annual Results
MHHMastech Digital(MHH)2025-02-19 13:01

Financial Performance - Consolidated revenues for Q4 2024 increased by 10.2% to 50.7million,comparedto50.7 million, compared to 46.1 million in Q4 2023[3] - Gross profits for Q4 2024 were 14.7million,upfrom14.7 million, up from 11.3 million in Q4 2023, with gross margins reaching a record 29.0%[5] - Revenues for Q4 2024 reached 50,747thousand,a10.850,747 thousand, a 10.8% increase from 46,052 thousand in Q4 2023[23] - Gross profit for Q4 2024 was 14,715thousand,up29.514,715 thousand, up 29.5% from 11,344 thousand in Q4 2023[23] - Total revenues for the year ended December 31, 2024 were 198,943thousand,aslightdecreasefrom198,943 thousand, a slight decrease from 201,098 thousand in 2023[23] Segment Performance - The Data and Analytics Services segment reported revenues of 10.3million,a26.210.3 million, a 26.2% increase year-over-year[5] - Data and analytics services revenue for Q4 2024 was 10,284 thousand, a 26.1% increase from 8,152thousandinQ42023[27]−ITStaffingServicessegmentrevenuesroseby6.88,152 thousand in Q4 2023[27] - IT Staffing Services segment revenues rose by 6.8% to 40.5 million compared to 37.9millioninQ42023[5]−ITstaffingservicesrevenueforQ42024was37.9 million in Q4 2023[5] - IT staffing services revenue for Q4 2024 was 40,463 thousand, up from 37,900thousandinQ42023,representinga6.837,900 thousand in Q4 2023, representing a 6.8% increase[27] Profitability - GAAP net income for 2024 was 3.4 million, or 0.28perdilutedshare,comparedtoalossof0.28 per diluted share, compared to a loss of 7.1 million, or (0.61)perdilutedsharein2023[6]−Non−GAAPnetincomefor2024totaled0.61) per diluted share in 2023[6] - Non-GAAP net income for 2024 totaled 8.6 million, or 0.71perdilutedshare,comparedto0.71 per diluted share, compared to 5.3 million, or 0.44perdilutedsharein2023[6]−NetincomeforQ42024was0.44 per diluted share in 2023[6] - Net income for Q4 2024 was 297 thousand, compared to a net loss of 5,351thousandinQ42023[25]−Non−GAAPnetincomeforQ42024increasedto5,351 thousand in Q4 2023[25] - Non-GAAP net income for Q4 2024 increased to 2,802 thousand from 1,326thousandinQ42023[25]−BasicearningspershareforQ42024was1,326 thousand in Q4 2023[25] - Basic earnings per share for Q4 2024 was 0.03, compared to a loss of 0.46pershareinQ42023[25]CashandDebtManagement−Cashbalancesincreasedby0.46 per share in Q4 2023[25] Cash and Debt Management - Cash balances increased by 6.6 million during 2024, reaching 27.7millionasofDecember31,2024,withnobankdebt[7]−TheBoardofDirectorsextendedthesharerepurchaseprogramforanadditionalyearthroughFebruary8,2026,with423,000sharesavailableforrepurchase[8]OperationalMetrics−Thecompanyexperiencedadeclineof63billableconsultantsintheITStaffingServicessegmentduringQ42024,consistentwithseasonaltrends[4]−DaysSalesOutstanding(DSO)stoodat52daysasofDecember31,2024,withinthetargetedrange[7]−Thecompanyreportedatotaloperatingincomeof27.7 million as of December 31, 2024, with no bank debt[7] - The Board of Directors extended the share repurchase program for an additional year through February 8, 2026, with 423,000 shares available for repurchase[8] Operational Metrics - The company experienced a decline of 63 billable consultants in the IT Staffing Services segment during Q4 2024, consistent with seasonal trends[4] - Days Sales Outstanding (DSO) stood at 52 days as of December 31, 2024, within the targeted range[7] - The company reported a total operating income of 65 thousand in Q4 2024, a significant recovery from an operating loss of $6,930 thousand in Q4 2023[23] - Total gross margin percentage improved to 29.0% in Q4 2024 from 24.6% in Q4 2023[27]