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Mastech Digital Reports 8% Year-over-Year Revenue Growth and 5% Sequential Revenue Growth for the Third Quarter 2024

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Consolidated Gross Margins of 28.5% Set a New Mastech Digital Record for the Quarter

PITTSBURGH, Nov. 6, 2024 /PRNewswire/ — Mastech Digital, Inc. (NYSE AMERICAN: MHH), a leading provider of Digital Transformation IT Services, announced today its financial results for the third quarter ended September 30, 2024.  

Third Quarter 2024 Highlights:

Total consolidated revenues increased by $4.1 million on a year-over-year basis and by $2.3 million on a sequential quarterly basis to $51.8 million and represented our third consecutive quarter of revenue growth;The Company’s Data and Analytics Services segment reported revenues of $9.4 million, which were 17% higher than revenues in the third quarter of 2023 and 6% higher on a sequential basis from the second quarter of 2024;The IT Staffing Services segment delivered revenues of $42.4 million, achieving year-over-year growth of 7% and sequential quarterly growth of 4% when compared to revenues reported in the second quarter of 2024;Gross margins achieved during the third quarter of 2024 were a Company performance record 28.5%, surpassing our previous gross margin record from the previous quarter;GAAP diluted earnings per share was $0.16 in the third quarter of 2024, versus $0.01 in the third quarter of 2023 and $0.12 in the second quarter of 2024; andNon-GAAP diluted earnings per share was $0.23 in the third quarter of 2024, versus $0.11 in the third quarter of 2023 and $0.19 in the second quarter of 2024.

Third Quarter Results: 

Revenues for the third quarter of 2024 totaled $51.8 million, compared to $47.8 million during the corresponding quarter of 2023. Gross profits in the third quarter of 2024 were $14.8 million, compared to $12.6 million in the same quarter of 2023. Gross margins improved to a Company performance record 28.5% in the 2024 third quarter, versus 26.3% in the 2023 third quarter. GAAP net income for the third quarter of 2024 totaled $1.9 million or $0.16 per diluted share, compared to $125,000 or $0.01 per diluted share, during the same period of 2023. Non-GAAP net income for the third quarter of 2024 totaled $2.8 million or $0.23 per diluted share compared to $1.3 million, or $0.11 per diluted share, in the third quarter of 2023.

Activity levels at the Company’s Data and Analytics Services segment continued to be solid in the third quarter of 2024. Order bookings totaled $11.1 million during the quarter, as the Company saw numerous existing clients increase spending due to an improved economic outlook. This bookings performance exceeded our 2023 third quarter bookings by $6 million. Our IT Staffing Services clients have also shown a willingness to start new assignments during 2024 compared to the previous year, as we grew our billable consultant base by 13% over the first nine months of 2024.

Vivek Gupta, the Company’s President and Chief Executive Officer, stated: “The third quarter of 2024 was a continuation of the positive momentum that we experienced during the first half of the year. A healthier macro-economic outlook and increased operational efficiencies within both of our business segments have elevated our demand trajectory in 2024. Additionally, our higher gross margin performance has highlighted several upgrades we made to the delivery-side of our organization during the year. In summary, I’m excited about our third quarter 2024 financial performance and the opportunities that we have in front of us.”

Commenting on the Company’s financial position, Jack Cronin, Mastech Digital’s Chief Financial Officer, stated: “On September 30, 2024, we had $23.9 million of cash balances on hand, no bank debt, and borrowing availability of approximately $25 million under our revolving credit facility. Our Days Sales Outstanding (DSO) measurement was a healthy 55 days on September 30, 2024. Our free cash flow for the first nine months of 2024 totaled $2.3 million and included $4.3 million of funding investments in operating working capital levels to support revenue growth.”

About Mastech Digital, Inc.:

Mastech Digital (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. The Company offers Data Management and Analytics Solutions, Digital Learning, and IT Staffing Services with a Digital First approach. A minority-owned enterprise, Mastech Digital is headquartered in Pittsburgh, PA, with offices across the U.S., Canada, Europe, and India.

Use of Non-GAAP Measures:

This press release contains non-GAAP financial measures to supplement our financial results presented on a GAAP basis. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Reconciliations of these non-GAAP measures to their comparable GAAP measures are included in the attached financial tables.

We believe that providing non-GAAP net income and non-GAAP diluted earnings per share offers investors useful supplemental information about the financial performance of our business, enables comparison of financial results between periods where certain items may vary independent of business performance, and allows for greater transparency with respect to key metrics used by management in operating our business. Additionally, management uses these non-GAAP financial measures in evaluating the Company’s performance.

Specifically, the non-GAAP financial measures contained herein exclude the following expense items:

Amortization of acquired intangible assets: We amortize intangible assets acquired in connection with our June 2015 acquisition of Hudson IT, our July 2017 acquisition of the services division of InfoTrellis, Inc. and our October 2020 acquisition of AmberLeaf Partners. We exclude these amortization expenses in our non-GAAP financial measures because we believe it allows investors to make more meaningful comparisons between our operating results and those of other companies within our industry and facilitates a helpful comparison of our results with other periods.

Stock-based compensation expenses: We incur material recurring expenses related to non-cash, stock-based compensation. We exclude these expenses in our non-GAAP financial measures because we believe that it provides investors with meaningful supplemental information regarding operational performance. In particular, because of varying available valuation methodologies, subjective assumptions, and the variety of award types that companies can use under ASC 718, we believe that providing non-GAAP financial measures that exclude these expenses allows investors to make more meaningful comparisons between our operating results and those of other companies within our industry and facilitates comparison of our results with other periods.

Settlement reserve on employment-related claim, net of recoveries: In the second quarter of 2023, we recognized a pre-tax reserve of $3.1 million related to an employment claim asserted by a former employee who alleged various employment-related claims against the Company, including a claim of wrongful termination. During the third quarter of 2023, we formally settled this claim in accordance with the economic terms and conditions that were reflected in our second quarter 2023 financial statements. We have excluded this reserve in our non-GAAP financial measures because we believe it is not indicative of our ongoing operating performance and thus its exclusion allows investors to make more meaningful comparison between our operating results and those of other companies within our industry and facilitates a helpful comparison of our results with other periods.

Forward-Looking Statements:

Certain statements contained in this release are forward-looking statements based on management’s expectations, estimates, projections, and assumptions.  Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to projections of and statements regarding the Company’s ability to generate revenues, earnings, and cash flow.  These statements are based on information currently available to the Company and it assumes no obligation to update the forward-looking statements as circumstances change.  These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict.  Therefore, actual future results and trends may differ materially from what is forecasted in forward-looking statements due to a variety of factors, including, without limitation, the level of market demand for the Company’s services, the highly competitive market for the types of services offered by the Company, the impact of competitive factors on profit margins, market and general economic conditions that could cause the Company’s customers to reduce their spending for its services, the Company’s ability to create, acquire and build new lines of business, to attract and retain qualified personnel, reduce costs and conserve cash, the extent to which the Company’s business is adversely affected by the impacts of the COVID-19 pandemic or any other pandemics or outbreaks disrupting day-to-day activities and other risks that are described in more detail in the Company’s filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2023.

 

 

MASTECH DIGITAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

(Unaudited)

September 30,

December 31,

2024

2023

ASSETS

Current assets:

     Cash and cash equivalents 

$                    23,885

$                   21,147

     Accounts receivable, net 

34,054

29,815

     Prepaid and other current assets

7,876

5,501

           Total current assets

65,815

56,463

Equipment, enterprise software and leasehold improvements, net

2,083

1,913

Operating lease right-of-use assets, net

4,147

5,106

Deferred income taxes

607

793

Deferred financing costs, net

213

284

Non-current deposits

452

457

Goodwill, net of impairment

27,210

27,210

Intangible assets, net of amortization

10,958

13,001

           Total  assets

$                 1,11,485

$                1,05,227

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

     Accounts payable

$                      4,636

$                     4,659

     Current portion of operating lease liability

1,257

1,236

     Accrued payroll and related costs

14,717

12,354

     Other accrued liabilities

1,491

1,622

           Total current liabilities

22,101

19,871

Long-term liabilities:

    Long-term operating lease liability, less current portion

2,857

3,843

    Long-term accrued income taxes

–

69

           Total liabilities

24,958

23,783

Shareholders’ equity:

     Common stock, par value $0.01 per share

134

133

     Additional paid-in capital

37,473

35,345

     Retained earnings

55,520

52,415

     Accumulated other comprehensive income (loss)

(1,715)

(1,644)

     Treasury stock, at cost

(4,885)

(4,805)

          Total shareholders’ equity

86,527

81,444

           Total liabilities and shareholders’ equity

$                 1,11,485

$                1,05,227

 

 

MASTECH DIGITAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

(Unaudited)

Three Months ended September 30,

Nine Months ended September 30,

2024

2023

2024

2023

Revenues

$                         51,839

$                        47,779

$                     1,48,196

$                    1,55,046

Cost of revenues

37,068

35,213

1,07,314

1,15,354

Gross profit

14,771

12,566

40,882

39,692

Selling, general and administrative expenses:

   Operating expenses

12,332

12,615

37,156

38,937

   Employment-related claim, net of recoveries

–

–

–

3,100

Total selling, general and administrative expenses

12,332

12,615

37,156

42,037

Income (loss) from operations 

2,439

(49)

3,726

#

(2,345)

Other income/(expense), net

133

203

373

200

Income (loss) before income taxes

2,572

154

4,099

(2,145)

Income tax expense (benefit)

697

29

994

(358)

Net income (loss)

$                           1,875

$                             125

$                          3,105

$                       (1,787)

Earnings (loss) per share:

Basic

$                             0.16

$                            0.01

$                            0.27

$                         (0.15)

Diluted

$                             0.16

$                            0.01

$                            0.26

$                         (0.15)

Weighted average common shares outstanding:

Basic

11,695

11,597

11,654

11,618

Diluted

12,011

11,968

11,949

11,618

 

 

MASTECH DIGITAL, INC.

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(Amounts in thousands, except per share data)

(Unaudited)

Three Months ended September 30,

Nine Months ended September 30,

2024

2023

2024

2023

GAAP Net Income (Loss)

$                           1,875

$                             125

$                          3,105

#

$                        (1,787)

Adjustments:

Amortization of acquired intangible assets

657

693

2,043

2,079

Stock-based compensation

542

824

1,553

2,501

Employment-related claim, net of recoveries 

–

–

–

3,100

Income tax adjustments

(305)

(385)

(920)

(1,944)

Non-GAAP Net Income

$                           2,769

$                          1,257

$                          5,781

$                          3,949

GAAP Diluted Earnings (Loss) Per Share

$                             0.16

$                            0.01

$                            0.26

$                          (0.15)

Non-GAAP Diluted Earnings Per Share

$                             0.23

$                            0.11

$                            0.48

$                            0.33

Weighted average common shares outstanding:

GAAP Diluted Shares

12,011

11,968

11,949

11,618

Non-GAAP Diluted Shares

12,011

11,968

11,949

#

11,998

 

 

MASTECH DIGITAL, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(Amounts in thousands)

(Unaudited)

Three Months ended September 30,

Nine Months ended September 30,

2024

2023

2024

2023

Revenues:

Data and analytics services

$                          9,398

$                     8,038

$                   26,341

$                    26,206

IT staffing services

42,441

39,741

1,21,855

1,28,840

Total revenues

$                        51,839

$                   47,779

$                1,48,196

$                 1,55,046

Gross Margin %:

Data and analytics services

50.7 %

45.8 %

48.9 %

43.1 %

IT staffing services

23.6 %

22.4 %

23.0 %

22.0 %

Total gross margin %

28.5 %

26.3 %

27.6 %

25.6 %

Segment Operating Income:

Data and analytics services

$                          1,145

$                      (832)

$                     1,435

$                    (2,393)

IT staffing services

1,951

1,476

4,334

5,227

Subtotal

3,096

644

5,769

2,834

Amortization of acquired intangible assets

(657)

(693)

(2,043)

(2,079)

Employment-related claim, net of recoveries

–

–

–

(3,100)

Interest income (expense) and other, net

133

203

373

200

Income before income taxes

$                          2,572

$                        154

$                     4,099

$                    (2,145)

 

 

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SOURCE Mastech Digital, Inc.

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Conga Named a Leader in the IDC MarketScape for Worldwide Contract Lifecycle Management for Corporate Legal 2024 Vendor Assessment

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November 6, 2024

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Conga recognized for strengths in breadth and flexibility of its contract lifecycle management solutions

BROOMFIELD, Colo., Nov. 6, 2024 /PRNewswire-PRWeb/ — Conga, the pioneer and market leader in Revenue Lifecycle Management, today announced it has been named a Leader in the IDC MarketScape: Worldwide Contract Lifecycle Management for Corporate Legal 2024 Vendor Assessment (doc# US51541124, September 2024).

We believe the recognition of Conga as a Leader in the Corporate Legal market serves as a true testament to our ongoing efforts to help businesses transform and automate contract management to gain greater visibility into contract processes.

The IDC MarketScape evaluated 11 companies in the market based on vendors’ contract lifecycle management (CLM) applications for Corporate Legal. According to the report, “Conga’s solution is focused on transforming the entire contract management function within an enterprise. Conga focuses on functionality and solves the needs of every stakeholder along the contract assembly line, especially legal.”

Other strengths of Conga’s CLM platform emphasized in the assessment include its interfaces for every horizontal and vertical, including differentiated capabilities for legal within manufacturing, biotech, financial services, and others. Conga’s integrations and large partner ecosystem provide a CLM solution that easily integrates into any technology stack and enables each user to work where they want, which was also noted as a strength, along with its customizable platform that can be tailored to any and every organization.

Conga is a decade-long leader in CLM and AI, empowering all departments to get what they need from contracting by helping customers deliver a revenue advantage, streamline operations, reduce risk, and lower supplier costs. Conga CLM provides data and insights to help organizations effectively manage their obligations, team, customers, suppliers, and contracts.

“Demands for productivity are increasing, the global business and legal environment is constantly evolving, and there is never-ending pressure to improve revenue and profit on a tight budget,” said Noel Goggin, CEO and Culture Leader at Conga. “We believe the recognition of Conga as a Leader in the Corporate Legal market serves as a true testament to our ongoing efforts to help businesses transform and automate contract management to gain greater visibility into contract processes, improve customer experience, drive faster sales cycle times, and ultimately faster time to revenue for better business outcomes.”

Conga CLM offers end-to-end functionality that delivers better contract outcomes with state-of-the-art data extraction, integrated AI models, and legal data verification services to ensure the data businesses rely on is accurate and easy to access and report on. Rather than wasting time searching through contracts to answer questions, legal teams can leverage Conga CLM’s AI Copilot functionality to quickly retrieve information about specific contracts, clauses, terms or numbers to streamline tracking and reporting and ensure commitments are met. The ability to automatically connect contract data and processes across departments breaks down internal silos, empowering everyone to work where they want and access the information they need with a user interface that integrates with any CRM, ERP, or procurement system.

Read the full IDC MarketScape: Worldwide Contract Lifecycle Management for Corporate Legal 2024 Vendor Assessment. To learn more about Conga CLM, visit: https://conga.com/products/contract-management/conga-contract-lifecycle-management

About Conga

Conga, the Revenue Company, is the pioneer and market leader in Revenue Lifecycle Management. Its platform is chosen by the world’s growth champions to accelerate the end-to-end revenue lifecycle and achieve a Revenue Advantage. Conga brings Configure, Price, Quote, Contract Lifecycle Management, and Document Automation capabilities together on a single open platform that works with any ERP, any CRM, and any Cloud. Conga is born for the top line—powered by a unified revenue data model, complete revenue intelligence, and purpose-built AI—to help companies grow, protect, and expand their revenue.

Conga delivers a Revenue Advantage to over 10,000 customers and 6.4 million users around the world. More than 7 million contracts and 46 million quotes are generated annually with Conga. Founded in 2006, the company is headquartered in Broomfield, Colorado and has global operations in North America, Europe, Asia and Australia. Visit conga.com for more information.

About IDC MarketScape

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

Media Contact

Addie Reed, Conga, 1 312-766-5515, addie.reed@finnpartners.com, www.conga.com 

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SOURCE Conga

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TAILG Unveils New Product S96MAX at EICMA, with High-Efficiency Integrated Motor and Fast Charging Technology

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November 6, 2024

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MILAN, Nov. 6, 2024 /CNW/ — As the world’s leading electric two-wheeler brand, TAILG launched its flagship new product S96MAX at the International Motorcycle and Accessories Exhibition (EICMA) on November 6. TAILG also showcased its new integrated motor and fast-charging technology, marking a significant breakthrough in the performance and range of electric two-wheelers.

 

Two Cutting-Edge Technologies Create a Buzz

In recent years, the global trend towards low-carbon travel and growing environmental awareness have driven rapid growth in the electric two-wheeler industry.

On November 6, TAILG invited Luca Talotta, a prominent figure in green mobility, as the product experience officer to unveil the S96MAX globally and introduce its new integrated motor and fast-charging technology.

The S96MAX is equipped with the industry’s first three-in-one integrated motor, the Star Ring Magnetic Motor. It features an axial flux motor structure that integrates the motor, transmission, and electronic control system. With an efficiency of up to 95%, it accelerates from 0 to 50 km/h in just 3.5 seconds and reaches a top speed of 120 km/h.

Comprehensive data indicates that the S96MAX achieves a peak power of 15000W. Overall range has increased by 13.5%, energy recovery efficiency by 108%, and motor size and weight have been reduced by 50%.

Another highlight of S96MAX is the Nebula Fast Charging System, the industry’s first low-voltage, high-current, high-rate charging solution. TAILG’s custom fast-charging pile can charge up to 80% in just 10 minutes, with a charging power of up to 20 kW.

It significantly improves charging efficiency and reduces costs, and can be expanded to more electric two-wheeled models in the future. In just the time it takes to have a cup of coffee, the S96MAX is ready to hit the road again.

In addition, the S96MAX is equipped with various intelligent features, including a TFT smart dashboard with multi-screen interaction, 55W wireless charging, and 1080P front and rear HD cameras. This offers a new option for users who pursue high-quality mobility.

EICMA Accelerates TAILG’s Overseas Expansion

At the exhibition, TAILG showcased 12 different models, attracting global clients for collaboration. The urban commuting and high-speed electric motorcycles with EEC certification saw strong interest for partnerships, while the off-road series Y1, Y3, and Y5 attracted much attention.

From product exports to brand expansion abroad, TAILG strategically set the goal of “recreat another TAILG overseas” in 2023. From launching the TLG brand to establishing factories abroad and participating in major global industry exhibitions, TAILG has taken significant steps toward brand globalization.

With the commissioning of Vietnam Smart Manufacturing Base and the opening of Indonesia Operations Center, TAILG has established ten smart manufacturing bases globally, with an annual production capacity exceeding 15 million units. TAILG operates seven marketing centers worldwide, exporting products to over 90 countries and regions, and leading the two-wheeler industry in quality exports.

Regarding technological innovation, TAILG has rapidly built core technology and product competitiveness with industry-leading R&D centers such as the Global E-Mobility Programme Research Institute. It has launched achievements such as sodium electric vehicles, hydrogen-powered electric vehicles, driverless technology, fast charging and battery swapping technologies.

At the exhibition, the renowned American motorcycle brand ZERO unveiled the model Neutrino, jointly developed with TAILG. TAILG is committed to leading the industry’s high-quality development through technological innovation.

As a global pioneer of long-range electric vehicles and a partner of the United Nations in electric mobility, TAILG will continue to develop new energy solutions that lead the way in global low-carbon mobility.

 

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SOURCE TAILG

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SOCMA WELCOMES SIX NEW MEMBERS IN Q4 2024

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November 6, 2024

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ARLINGTON, Va., Nov. 6, 2024 /PRNewswire/ — The Society of Chemical Manufacturers & Affiliates (SOCMA) proudly announces the addition of six new members in Q4 2024, further strengthening its diverse membership base.

Manufacturer members:

Integrity BioChem: “Joining SOCMA aligns with our commitment to sustainable innovation,” said Jimmy Jett, President & CEO of Integrity BioChem, which develops and produces modified biopolymers and bio-based surfactants for the energy, mining, industrial, ag, and specialty markets using renewable and sustainable practices. “We’re excited to collaborate with fellow members to advance bio-based solutions and contribute to the domestic manufacturing resurgence.”

Kodak Specialty Chemicals: “Kodak Specialty Chemicals is excited to join SOCMA and leverage their robust network of industry leaders and innovators to grow our CDMO business,” said Jonathan Hall, Business Development Director at Kodak Specialty Chemicals. “We look to benefit from their significant resources, including industry reports, regulatory updates, and best practices, to help us remain informed and competitive in a complex, heavily regulated industry. SOCMA membership will enable us to connect with industry professionals and generate new leads and opportunities as we drive our business forward.”

West Texas Blending: “SOCMA’s longstanding reputation was a major factor in our decision to join,” noted Hugo Lozano, CEO at West Texas Blending, which offers full-service chemical blending capabilities for oil & gas, water management, and agricultural services. “Their industry presence enhances our credibility and opens doors to potential partnerships. We look forward to leveraging this membership for future growth.”

Affiliate members

Chemical South Transport: “We decided it was a no-brainer to join SOCMA,” said Nicole Evans, Vice President of Chemical South Transport, which delivers safe, reliable, and innovative solutions in the handling, transporting, and transloading of bulk liquid chemicals. “SOCMA’s network of industry professionals, advocacy efforts, and resources will not only help us stay updated on regulatory changes but also enhance our safety and operational efficiency. This partnership positions us to be more competitive and well-informed in the ever-growing chemical industry.”

Hoover CS: “We really value SOCMA’s commitment to safe and sustainable practices, fostering connections and collaboration, and sharing valuable insights and resources,” said Lana Belmokadem of Hoover CS, which provides sustainable packaging solutions through its rental fleet of reusable liquid and dry IBCs and ISO tanks, helping customers reduce plastic waste, conserve water, and lower greenhouse gas emissions. “Their industry leadership aligns perfectly with our mission to advance circularity across the supply chain.”

WAB US Corp.: “SOCMA membership allows WAB US to reinforce current connections with member manufacturers and make new connections with a broader peer network,” said Daniel Grskovic, President of WAB US Corp., which provides advanced mixing and milling technologies critical to the specialty chemical sector. “WAB supports the aims of SOCMA by offering highly customized resources, operational excellence, and commercial growth. We see ourselves as enablers, providing the processing technology tools essential to chemical manufacturing in North America.”

“These six new members exemplify the innovation and diversity driving our industry forward,” said Jennifer Abril, President & CEO of SOCMA. ” From bio-based solutions to advanced processing technologies, each brings unique value to the specialty chemical sector and to the SOCMA community. Their decision to join SOCMA highlights the critical role of collaboration in navigating today’s complex chemical landscape. We are ready to work alongside them in strengthening North American specialty chemical manufacturing.”

For membership inquiries, contact Jenny Gaines, jgaines@socma.org.

About SOCMA:
SOCMA is the only U.S.-based trade association dedicated to the specialty and fine chemicals industry. Visit https://www.socma.org.

Contact:
Nate Bell
Sr. Manager, Member Communications & Programs
571-348-5100
nbell@socma.org

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SOURCE Society of Chemical Manufacturers & Affiliates

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