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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