Financial Performance - Consolidated revenues for Q4 2024 increased by 10.2% to $50.7 million, compared to $46.1 million in Q4 2023[3] - Gross profits for Q4 2024 were $14.7 million, up from $11.3 million in Q4 2023, with gross margins reaching a record 29.0%[5] - Revenues for Q4 2024 reached $50,747 thousand, a 10.8% increase from $46,052 thousand in Q4 2023[23] - Gross profit for Q4 2024 was $14,715 thousand, up 29.5% from $11,344 thousand in Q4 2023[23] - Total revenues for the year ended December 31, 2024 were $198,943 thousand, a slight decrease from $201,098 thousand in 2023[23] Segment Performance - The Data and Analytics Services segment reported revenues of $10.3 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 $8,152 thousand in Q4 2023[27] - IT Staffing Services segment revenues rose by 6.8% to $40.5 million compared to $37.9 million in Q4 2023[5] - IT staffing services revenue for Q4 2024 was $40,463 thousand, up from $37,900 thousand in Q4 2023, representing a 6.8% increase[27] Profitability - GAAP net income for 2024 was $3.4 million, or $0.28 per diluted share, compared to a loss of $7.1 million, or ($0.61) per diluted share in 2023[6] - Non-GAAP net income for 2024 totaled $8.6 million, or $0.71 per diluted share, compared to $5.3 million, or $0.44 per diluted share in 2023[6] - Net income for Q4 2024 was $297 thousand, compared to a net loss of $5,351 thousand in Q4 2023[25] - Non-GAAP net income for Q4 2024 increased to $2,802 thousand from $1,326 thousand in Q4 2023[25] - Basic earnings per share for Q4 2024 was $0.03, compared to a loss of $0.46 per share in Q4 2023[25] Cash and Debt Management - Cash balances increased by $6.6 million during 2024, reaching $27.7 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]
Mastech Digital(MHH) - 2024 Q4 - Annual Results