Mastech Digital, Inc. reported a total revenue of $198.9 million for the fiscal year ending December 31, 2024, reflecting a slight decline of 1.1% from $201.1 million in 2023. The company's Data and Analytics Services segment saw a revenue increase of 6.6%, reaching $36.6 million, while the IT Staffing Services segment experienced a revenue decrease of 2.6%, totaling $162.3 million. The overall gross profit improved to $55.6 million, up 8.9% from the previous year, resulting in a gross margin of 27.9%, compared to 25.4% in 2023.
The company noted significant operational changes, including an increase in the number of billable consultants, which rose to 1,008 by the end of 2024, up from 946 in 2023. The average bill rate for IT staffing increased to $82.77 per hour, compared to $78.84 in the prior year. Mastech Digital's top ten clients accounted for 54% of total revenues, with the financial services sector representing approximately 49% of total revenues, a slight decrease from 50% in 2023.
In terms of strategic developments, Mastech Digital has expanded its service offerings to include engineering staffing services and launched a ServiceNow practice focused on artificial intelligence technologies. The company also plans to transition its finance and accounting functions to India in 2025, which is expected to incur additional costs of $500,000 to $750,000 during the transition period but will yield annual savings of approximately $1.2 million post-transition.
Looking ahead, Mastech Digital's management expressed cautious optimism regarding economic conditions in North America, which have shown signs of improvement. However, they acknowledged ongoing uncertainties related to the political landscape and potential impacts on client spending. The company remains focused on enhancing its service capabilities and maintaining strong client relationships to navigate these challenges effectively.
About Mastech Digital, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.