The following is a summary of the Mastech Digital, Inc. (MHH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• In Q1 2024, Mastech Digital's revenues totaled $46.8 million, a 15% year-over-year decline but a 2% growth over the previous quarter.

• Revenues in the Data and Analytics service segment were $8.1 million, while the IT Staffing Services segment revenues totaled $38.8 million.

• Gross margins improved to 25.9% in Q1 2024 from 24.5% the previous year.

• The company reported a GAAP net loss of $161,000, or $0.01 loss per diluted share, and a non-GAAP net income of $800,000, or $0.06 per diluted share.

• The company had $19.4 million in cash balances, no bank debt, and a borrowing availability of $24.2 million under its revolving credit facility as of March 31, 2024.

Business Progress:

• The company's Q1 2024 bookings totaled $9.6 million, surpassing last year's Q1 bookings by $1.2 million.

• Mastech Digital increased its billing consultant headcount by 6% in Q1 2024 and is optimistic about its clients' willingness to start new assignments and tackle pent-up IT needs.

• The company remains committed to its share buyback program and plans to continue purchases once out of the earnings blackout period.

• In terms of strategic partnerships and brand development, the company sponsored Gartner's Data & Analytics Summit, which resulted in new client introductions and enhanced its go-to-market strategy.

More details: Mastech Digital IR

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