10-Q Filing

MASTECH DIGITAL, INC. CIK: 1437226 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001193125-19-146182`
Period End Date	20190331
Filing Date	20190514
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	mhh-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 28 Cash Flow Statement 50 Stockholders Equity 15 Comprehensive Income 12

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for uncollectible accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$408.00K	USD	Point-in-time
Accounts receivable, allowance for uncollectible accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$390.00K	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	20.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.29M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.55M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowance for uncollectible accounts of $390 in 2019 and $408 in 2018	`AccountsReceivableNetCurrent`	$28.96M	USD	Point-in-time
Accounts receivable, net of allowance for uncollectible accounts of $390 in 2019 and $408 in 2018	`AccountsReceivableNetCurrent`	$28.91M	USD	Point-in-time
Unbilled receivables	`UnbilledContractsReceivable`	$10.17M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Unbilled receivables	`UnbilledContractsReceivable`	$9.17M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.17M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.64M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.64M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.32M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.64M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$41.85M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$40.70M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.64M	shares	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$1.54M	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$1.66M	USD	Point-in-time
Enterprise software	`CapitalizedComputerSoftwareGross`	$2.36M	USD	Point-in-time
Enterprise software	`CapitalizedComputerSoftwareGross`	$2.10M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$464.00K	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$481.00K	USD	Point-in-time
Total equipment, enterprise software, and leasehold improvements	`PropertyPlantAndEquipmentGross`	$4.10M	USD	Point-in-time
Total equipment, enterprise software, and leasehold improvements	`PropertyPlantAndEquipmentGross`	$4.50M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.06M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$1.89M	USD	Point-in-time
Net equipment, enterprise software, and leasehold improvements	`PropertyPlantAndEquipmentNet`	$2.44M	USD	Point-in-time
Net equipment, enterprise software, and leasehold improvements	`PropertyPlantAndEquipmentNet`	$2.21M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$5.33M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$5.70M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$392.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsLiabilitiesNetNoncurrent`	$297.00K	USD	Point-in-time
Non-current deposits	`DepositsAssetsNoncurrent`	$531.00K	USD	Point-in-time
Non-current deposits	`DepositsAssetsNoncurrent`	$540.00K	USD	Point-in-time
Goodwill, net of impairment	`Goodwill`	$26.11M	USD	Point-in-time
Goodwill, net of impairment	`Goodwill`	$26.11M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$22.07M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$22.74M	USD	Point-in-time
Total assets	`Assets`	$98.72M	USD	Point-in-time
Total assets	`Assets`	$92.58M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.58M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$4.58M	USD	Point-in-time
Current portion of contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityCurrent`	$6.07M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.93M	USD	Point-in-time
Accrued payroll and related costs	`EmployeeRelatedLiabilitiesCurrent`	$7.62M	USD	Point-in-time
Accrued payroll and related costs	`EmployeeRelatedLiabilitiesCurrent`	$7.73M	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$1.37M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$1.22M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$1.54M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$258.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$338.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$17.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$25.44M	USD	Point-in-time
Long-term debt, less current portion, net	`LongTermDebtNoncurrent`	$33.67M	USD	Point-in-time
Long-term debt, less current portion, net	`LongTermDebtNoncurrent`	$34.13M	USD	Point-in-time
Contingent consideration liability	`BusinessCombinationContingentConsiderationLiabilityNoncurrent`	$6.07M	USD	Point-in-time
Long-term operating lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$3.96M	USD	Point-in-time
Long-term accrued income taxes	`AccruedIncomeTaxesNoncurrent`	$204.00K	USD	Point-in-time
Long-term accrued income taxes	`AccruedIncomeTaxesNoncurrent`	$204.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$58.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$63.27M	USD	Point-in-time
Commitments and contingent liabilities (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred Stock, no par value; 20,000,000 shares authorized; none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, no par value; 20,000,000 shares authorized; none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common Stock, par value $.01; 250,000,000 shares authorized and 12,644,792 shares issued as of March 31, 2019 and 12,636,332 shares issued as of December 31, 2018	`CommonStockValue`	$126.00K	USD	Point-in-time
Common Stock, par value $.01; 250,000,000 shares authorized and 12,644,792 shares issued as of March 31, 2019 and 12,636,332 shares issued as of December 31, 2018	`CommonStockValue`	$126.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$21.07M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$20.83M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$18.58M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$17.61M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-119.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-150.00K	USD	Point-in-time
Treasury stock, at cost; 1,643,846 shares as of March 31, 2019 and December 31, 2018	`TreasuryStockValue`	$4.17M	USD	Point-in-time
Treasury stock, at cost; 1,643,846 shares as of March 31, 2019 and December 31, 2018	`TreasuryStockValue`	$4.17M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$28.69M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$35.45M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$34.28M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$27.15M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$92.58M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$98.72M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$43.33M	USD	1 Quarter
Revenues	`Revenues`	$45.20M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$34.36M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$33.07M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.84M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.26M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$8.96M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$7.82M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.87M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$2.44M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$-539.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$-473.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-39.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-15.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.32M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.93M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$546.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$352.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$964.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.38M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.13	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.12	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	10.92M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.00M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.06M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	11.22M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$964.00K	USD	1 Quarter
Net income	`ProfitLoss`	$1.38M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$839.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$748.00K	USD	1 Quarter
Bad debt expense	`ProvisionForDoubtfulAccounts`	$10.00K	USD	1 Quarter
Interest amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$26.00K	USD	1 Quarter
Interest amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$22.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$236.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$105.00K	USD	1 Quarter
Deferred income taxes, net	`DeferredIncomeTaxExpenseBenefit`	$-7.00K	USD	1 Quarter
Deferred income taxes, net	`DeferredIncomeTaxExpenseBenefit`	$-95.00K	USD	1 Quarter
Accounts receivable and unbilled receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$1.05M	USD	1 Quarter
Accounts receivable and unbilled receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$2.91M	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-756.00K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-110.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-196.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-633.00K	USD	1 Quarter
Accrued payroll and related costs	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-112.00K	USD	1 Quarter
Accrued payroll and related costs	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.84M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$617.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$327.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$80.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-239.00K	USD	1 Quarter
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.13M	USD	1 Quarter
Net cash flows provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.99M	USD	1 Quarter
(Payment for) recovery of non-current deposits	`PaymentsForRecoveryOfNoncurrentDeposits`	$-9.00K	USD	1 Quarter
(Payment for) recovery of non-current deposits	`PaymentsForRecoveryOfNoncurrentDeposits`	$39.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$130.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$404.00K	USD	1 Quarter
Net cash flows (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-169.00K	USD	1 Quarter
Net cash flows (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-395.00K	USD	1 Quarter
Borrowings on revolving credit facility, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$656.00K	USD	1 Quarter
Borrowings on revolving credit facility, net	`ProceedsFromRepaymentsOfLinesOfCredit`	$1.94M	USD	1 Quarter
(Repayments) on term loan facility	`RepaymentsOfDebt`	$953.00K	USD	1 Quarter
(Repayments) on term loan facility	`RepaymentsOfDebt`	$1.14M	USD	1 Quarter
Proceeds from the exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.00K	USD	1 Quarter
Net cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$990.00K	USD	1 Quarter
Net cash flows provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-488.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-42.00K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$254.00K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.21M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.48M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.55M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.29M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.27M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.48M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.55M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.29M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.27M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balances	`StockholdersEquity`	$28.69M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$35.45M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$34.28M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$27.15M	USD	Point-in-time
Net income	`NetIncomeLoss`	$964.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.38M	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$49.00K	USD	1 Quarter
Other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-31.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$105.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$236.00K	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$2.00K	USD	1 Quarter
Ending Balances	`StockholdersEquity`	$28.69M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$35.45M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$34.28M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$27.15M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$964.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$1.38M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$9.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-42.00K	USD	1 Quarter
Total pretax net unrealized gain (loss)	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-45.00K	USD	1 Quarter
Total pretax net unrealized gain (loss)	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$80.00K	USD	1 Quarter
Income tax expense (benefit)	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$31.00K	USD	1 Quarter
Income tax expense (benefit)	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax`	$-14.00K	USD	1 Quarter
Total other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$49.00K	USD	1 Quarter
Total other comprehensive income (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-31.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$933.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$1.43M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.