10-Q Filing

MASTECH DIGITAL, INC. CIK: 1437226 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001193125-23-142700`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	d480369d10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 92 Income Statement 28 Cash Flow Statement 52 Stockholders Equity 15 Comprehensive Income 8

Balance Sheet 92 line items

Line Item	Tag	Value	Unit	Period
Accounts receivable, allowance for uncollectible accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$444.00K	USD	Point-in-time
Accounts receivable, allowance for uncollectible accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$444.00K	USD	Point-in-time
Preferred Stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred Stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.10M	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`	$7.06M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net of allowance for uncollectible accounts of $444 in 2023 and $444 in 2022	`AccountsReceivableNetCurrent`	$33.60M	USD	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net of allowance for uncollectible accounts of $444 in 2023 and $444 in 2022	`AccountsReceivableNetCurrent`	$31.44M	USD	Point-in-time
Unbilled receivables	`UnbilledContractsReceivable`	$10.64M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Unbilled receivables	`UnbilledContractsReceivable`	$8.72M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.35M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.79M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.27M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	13.30M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$53.17M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$54.53M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.65M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.65M	shares	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$2.87M	USD	Point-in-time
Equipment	`MachineryAndEquipmentGross`	$2.79M	USD	Point-in-time
Enterprise software	`CapitalizedComputerSoftwareGross`	$4.18M	USD	Point-in-time
Enterprise software	`CapitalizedComputerSoftwareGross`	$4.18M	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$735.00K	USD	Point-in-time
Leasehold improvements	`LeaseholdImprovementsGross`	$732.00K	USD	Point-in-time
Total equipment, enterprise software, and leasehold improvements	`PropertyPlantAndEquipmentGross`	$7.71M	USD	Point-in-time
Total equipment, enterprise software, and leasehold improvements	`PropertyPlantAndEquipmentGross`	$7.79M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.04M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$5.34M	USD	Point-in-time
Net equipment, enterprise software, and leasehold improvements	`PropertyPlantAndEquipmentNet`	$2.45M	USD	Point-in-time
Net equipment, enterprise software, and leasehold improvements	`PropertyPlantAndEquipmentNet`	$2.67M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$3.89M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$3.50M	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNoncurrentNet`	$293.00K	USD	Point-in-time
Deferred financing costs, net	`DeferredFinanceCostsNoncurrentNet`	$275.00K	USD	Point-in-time
Non-current deposits	`DepositsAssetsNoncurrent`	$578.00K	USD	Point-in-time
Non-current deposits	`DepositsAssetsNoncurrent`	$491.00K	USD	Point-in-time
Goodwill, net of impairment	`Goodwill`	$32.51M	USD	Point-in-time
Goodwill, net of impairment	`Goodwill`	$32.51M	USD	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetExcludingGoodwill`	$15.77M	USD	Point-in-time
Intangible assets, net of amortization	`IntangibleAssetsNetExcludingGoodwill`	$15.08M	USD	Point-in-time
Total assets	`Assets`	$108.83M	USD	Point-in-time
Total assets	`Assets`	$108.88M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.47M	USD	Point-in-time
Accrued payroll and related costs	`EmployeeRelatedLiabilitiesCurrent`	$11.09M	USD	Point-in-time
Accrued payroll and related costs	`EmployeeRelatedLiabilitiesCurrent`	$11.48M	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$1.50M	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$1.47M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$926.00K	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$1.19M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$412.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$207.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$19.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$18.98M	USD	Point-in-time
Long-term operating lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$1.97M	USD	Point-in-time
Long-term operating lease liability, less current portion	`OperatingLeaseLiabilityNoncurrent`	$2.29M	USD	Point-in-time
Long-term accrued income taxes	`AccruedIncomeTaxesNoncurrent`	$105.00K	USD	Point-in-time
Long-term accrued income taxes	`AccruedIncomeTaxesNoncurrent`	$105.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$674.00K	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$920.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$21.73M	USD	Point-in-time
Total liabilities	`Liabilities`	$22.88M	USD	Point-in-time
Commitments and contingent liabilities (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingent liabilities (Note 6)	`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 13,297,682 shares issued as of March 31, 2023 and 13,269,118 shares issued as of December 31, 2022	`CommonStockValue`	$133.00K	USD	Point-in-time
Common Stock, par value $.01; 250,000,000 shares authorized and 13,297,682 shares issued as of March 31, 2023 and 13,269,118 shares issued as of December 31, 2022	`CommonStockValue`	$133.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$32.89M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$32.06M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$59.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$59.81M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.55M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-1.55M	USD	Point-in-time
Treasury stock, at cost; 1,646,420 shares as of March 31, 2023 and as of December 31, 2022	`TreasuryStockValue`	$4.19M	USD	Point-in-time
Treasury stock, at cost; 1,646,420 shares as of March 31, 2023 and as of December 31, 2022	`TreasuryStockValue`	$4.19M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$78.03M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$74.43M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$87.10M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$86.00M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$108.88M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$108.83M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$59.76M	USD	1 Quarter
Revenues	`Revenues`	$55.06M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$43.82M	USD	1 Quarter
Cost of revenues	`CostOfRevenue`	$41.58M	USD	1 Quarter
Gross profit	`GrossProfit`	$13.48M	USD	1 Quarter
Gross profit	`GrossProfit`	$15.93M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.62M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$12.95M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$532.00K	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$3.31M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$4.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$-114.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-57.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$54.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$479.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.25M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$218.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$915.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$261.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.33M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.20	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.19	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.64M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	11.51M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.05M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	12.04M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$261.00K	USD	1 Quarter
Net income	`ProfitLoss`	$2.33M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$1.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationAmortizationAndAccretionNet`	$1.02M	USD	1 Quarter
Interest amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$18.00K	USD	1 Quarter
Interest amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$18.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$835.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$526.00K	USD	1 Quarter
Deferred income taxes, net	`DeferredIncomeTaxExpenseBenefit`	$-245.00K	USD	1 Quarter
Deferred income taxes, net	`DeferredIncomeTaxExpenseBenefit`	$623.00K	USD	1 Quarter
Operating lease assets and liabilities, net	`IncreaseDecreaseInOperatingLeaseAssetsNet`	$76.00K	USD	1 Quarter
Operating lease assets and liabilities, net	`IncreaseDecreaseInOperatingLeaseAssetsNet`	$-12.00K	USD	1 Quarter
Loss on disposition of fixed assets	`GainLossOnDispositionOfAssets`	-	USD	1 Quarter
Loss on disposition of fixed assets	`GainLossOnDispositionOfAssets`	$-1.00K	USD	1 Quarter
Accounts receivable and unbilled receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$3.44M	USD	1 Quarter
Accounts receivable and unbilled receivables	`IncreaseDecreaseInAccountsAndOtherReceivables`	$-245.00K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-452.00K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-699.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$210.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.29M	USD	1 Quarter
Accrued payroll and related costs	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-873.00K	USD	1 Quarter
Accrued payroll and related costs	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$385.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-448.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$-262.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$205.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-101.00K	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.13M	USD	1 Quarter
Net cash flows provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.56M	USD	1 Quarter
Recovery of (payment for) non-current deposits	`PaymentsForRecoveryOfNoncurrentDeposits`	$-90.00K	USD	1 Quarter
Recovery of (payment for) non-current deposits	`PaymentsForRecoveryOfNoncurrentDeposits`	$-84.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$97.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$730.00K	USD	1 Quarter
Net cash flows (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.00K	USD	1 Quarter
Net cash flows (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-646.00K	USD	1 Quarter
(Repayments) on term loan facility	`RepaymentsOfDebt`	$1.10M	USD	1 Quarter
(Repayments) on term loan facility	`RepaymentsOfDebt`	$1.10M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$893.00K	USD	1 Quarter
Net cash flows (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-207.00K	USD	1 Quarter
Net cash flows (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.10M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-147.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.00K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$563.00K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.04M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.10M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.06M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.18M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.62M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.06M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.18M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.62M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning Balances	`StockholdersEquity`	$78.03M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$74.43M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$87.10M	USD	Point-in-time
Beginning Balances	`StockholdersEquity`	$86.00M	USD	Point-in-time
Net income	`NetIncomeLoss`	$261.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.33M	USD	1 Quarter
Other comprehensive gain (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-147.00K	USD	1 Quarter
Other comprehensive gain (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$5.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$835.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$526.00K	USD	1 Quarter
Stock options exercised	`StockIssuedDuringPeriodValueStockOptionsExercised`	$893.00K	USD	1 Quarter
Ending Balances	`StockholdersEquity`	$78.03M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$74.43M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$87.10M	USD	Point-in-time
Ending Balances	`StockholdersEquity`	$86.00M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$261.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$2.33M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$5.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-147.00K	USD	1 Quarter
Total other comprehensive gain (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-147.00K	USD	1 Quarter
Total other comprehensive gain (loss), net of taxes	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$5.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$266.00K	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$2.19M	USD	1 Quarter

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