☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
26-2753540 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1305 Cherrington Parkway, Building 210, Suite 400 Moon Township, Pennsylvania | 15108 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $.01 per share | MHH | NYSE American |
Large accelerated filer | ☐ | Accelerated r | ☒ | |||
Non-accelerated filer | ☐ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
Page | |||||||||||||
PART 1 | 3 | ||||||||||||
Item 1. | 3 | ||||||||||||
(a) | 3 | ||||||||||||
(b) | 4 | ||||||||||||
(c) | 5 | ||||||||||||
(d) | 6 | ||||||||||||
(e) | 7 | ||||||||||||
(f) | 8 | ||||||||||||
Item 2. | 20 | ||||||||||||
Item 3. | |||||||||||||
Item 4. | |||||||||||||
PART II | |||||||||||||
Item 1. | |||||||||||||
Item 1A. | |||||||||||||
Item 2. | |||||||||||||
Item 6. | |||||||||||||
ITEM 1. | FINANCIAL STATEMENTS |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenues | $ | 49,775 | $ | 50,425 | $ | 53,658 | $ | 47,583 | $ | 103,433 | $ | 98,008 | ||||||||||||
Cost of revenues | 36,971 | 37,706 | 39,343 | 34,927 | 76,314 | 72,633 | ||||||||||||||||||
Gross profit | 12,804 | 12,719 | 14,315 | 12,656 | 27,119 | 25,375 | ||||||||||||||||||
Selling, general and administrative expense | 10,935 | 10,243 | ||||||||||||||||||||||
Selling, general and administrative expenses: | ||||||||||||||||||||||||
Operating expenses | 10,986 | 9,042 | 21,921 | 19,285 | ||||||||||||||||||||
Revaluation of contingent consideration liability | (1,982 | ) | — | (1,982 | ) | — | ||||||||||||||||||
Total selling, general and administrative expenses | 9,004 | 9,042 | 19,939 | 19,285 | ||||||||||||||||||||
Income from operations | 1,869 | 2,476 | 5,311 | 3,614 | 7,180 | 6,090 | ||||||||||||||||||
Interest income (expense), net | (195 | ) | (279 | ) | (159 | ) | (198 | ) | (354 | ) | (477 | ) | ||||||||||||
Other income (expense), net | (37 | ) | 53 | 15 | 41 | (22 | ) | 94 | ||||||||||||||||
Income before income taxes | 1,637 | 2,250 | 5,167 | 3,457 | 6,804 | 5,707 | ||||||||||||||||||
Income tax expense | 443 | 381 | 1,429 | 488 | 1,872 | 869 | ||||||||||||||||||
Net income | $ | 1,194 | $ | 1,869 | $ | 3,738 | $ | 2,969 | $ | 4,932 | $ | 4,838 | ||||||||||||
Earnings Per Share: | ||||||||||||||||||||||||
Earnings per share: | ||||||||||||||||||||||||
Basic | $ | .10 | $ | .17 | $ | .33 | $ | .26 | $ | .43 | $ | .43 | ||||||||||||
Diluted | $ | .10 | $ | .16 | $ | .31 | $ | .25 | $ | .41 | $ | .41 | ||||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||||
Basic | 11,415 | 11,127 | 11,442 | 11,271 | 11,425 | 11,199 | ||||||||||||||||||
Diluted | 11,997 | 11,675 | 12,002 | 11,948 | 11,999 | 11,849 | ||||||||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income | $ | 1,194 | $ | 1,869 | $ | 3,738 | $ | 2,969 | $ | 4,932 | $ | 4,838 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Net unrealized gain (loss) on interest-rate swap contracts | 35 | (94 | ) | — | 26 | 35 | (68 | ) | ||||||||||||||||
Foreign currency translation adjustments | (19 | ) | (267 | ) | (95 | ) | (38 | ) | (114 | ) | (305 | ) | ||||||||||||
Total pretax net unrealized gain (loss) | 16 | (361 | ) | |||||||||||||||||||||
Total pretax net unrealized (loss) | (95 | ) | (12 | ) | (79 | ) | (373 | ) | ||||||||||||||||
Income tax expense (benefit) | 9 | (25 | ) | — | 7 | 9 | (18 | ) | ||||||||||||||||
Total other comprehensive gain (loss), net of taxes | 7 | (336 | ) | |||||||||||||||||||||
Total other comprehensive (loss), net of taxes | (95 | ) | (19 | ) | (88 | ) | (355 | ) | ||||||||||||||||
Total comprehensive income | $ | 1,201 | $ | 1,533 | $ | 3,643 | $ | 2,950 | $ | 4,844 | $ | 4,483 | ||||||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 7,242 | $ | 7,677 | $ | 5,302 | $ | 7,677 | ||||||||
Accounts receivable, net of allowance for uncollectible accounts of $426 in 2021 and $413 in 2020 | 23,425 | 22,036 | ||||||||||||||
Accounts receivable, net of allowance for uncollectible accounts of $393 in 2021 and $413 in 2020 | 26,402 | 22,036 | ||||||||||||||
Unbilled receivables | 12,781 | 10,098 | 12,182 | 10,098 | ||||||||||||
Prepaid and other current assets | 1,238 | 1,346 | 3,416 | 1,346 | ||||||||||||
Total current assets | 44,686 | 41,157 | 47,302 | 41,157 | ||||||||||||
Equipment, enterprise software, and leasehold improvements, at cost: | ||||||||||||||||
Equipment | 2,055 | 1,931 | 2,107 | 1,931 | ||||||||||||
Enterprise software | 2,730 | 2,730 | 2,842 | 2,730 | ||||||||||||
Leasehold improvements | 563 | 563 | 589 | 563 | ||||||||||||
5,348 | 5,224 | 5,538 | 5,224 | |||||||||||||
Less – accumulated depreciation and amortization | (3,453 | ) | (3,253 | ) | (3,651 | ) | (3,253 | ) | ||||||||
Net equipment, enterprise software, and leasehold improvements | 1,895 | 1,971 | 1,887 | 1,971 | ||||||||||||
Operating lease right-of-use | 3,199 | 3,286 | 5,595 | 3,286 | ||||||||||||
Deferred income taxes | 804 | 796 | 463 | 796 | ||||||||||||
Non-current deposits | 459 | 396 | 595 | 396 | ||||||||||||
Goodwill, net of impairment | 32,510 | 32,510 | 32,510 | 32,510 | ||||||||||||
Intangible assets, net of amortization | 21,137 | 21,930 | 20,344 | 21,930 | ||||||||||||
Total assets | $ | 104,690 | $ | 102,046 | $ | 108,696 | $ | 102,046 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Current portion of long-term debt | $ | 4,400 | $ | 4,400 | $ | 4,400 | $ | 4,400 | ||||||||
Accounts payable | 3,915 | 2,589 | 4,638 | 2,589 | ||||||||||||
Accrued payroll and related costs | 12,882 | 12,374 | 12,461 | 12,374 | ||||||||||||
Current portion of operating lease liability | 1,056 | 1,079 | 1,435 | 1,079 | ||||||||||||
Other accrued liabilities | 1,166 | 1,051 | 789 | 1,051 | ||||||||||||
Deferred revenue | 405 | 478 | 437 | 478 | ||||||||||||
Total current liabilities | 23,824 | 21,971 | 24,160 | 21,971 | ||||||||||||
Long-term liabilities: | ||||||||||||||||
Long-term debt, less current portion, net | 11,795 | 12,875 | 10,716 | 12,875 | ||||||||||||
Contingent consideration liability | 2,882 | 2,882 | 900 | 2,882 | ||||||||||||
Long-term operating lease liability, less current portion | 2,273 | 2,325 | 4,419 | 2,325 | ||||||||||||
Long-term accrued income taxes | 165 | 165 | 165 | 165 | ||||||||||||
Long-term payroll tax liabilities | 2,295 | 2,295 | 2,295 | 2,295 | ||||||||||||
Total liabilities | 43,234 | 42,513 | 42,655 | 42,513 | ||||||||||||
Commitments and contingent liabilities (Note 6) | 0 | 0 | 0 | 0 | ||||||||||||
Shareholders’ equity: | ||||||||||||||||
Preferred Stock, 0 par value; 20,000,000 shares authorized; NaN outstanding | 0— | 0— | 0— | 0— | ||||||||||||
Common Stock, par value $.01; 250,000,000 shares authorized and 13,076,972 shares issued as of March 31, 2021 and 13,039,893 shares issued as of December 31, 2020 | 130 | 130 | ||||||||||||||
Common Stock, par value $.01; 250,000,000 shares authorized and 13,084,433 shares issued as of June 30, 2021 and 13,039,893 shares issued as of December 31, 2020 | 131 | 130 | ||||||||||||||
Additional paid-in-capital | 26,231 | 25,509 | 27,172 | 25,509 | ||||||||||||
Retained earnings | 39,814 | 38,620 | 43,552 | 38,620 | ||||||||||||
Accumulated other comprehensive income (loss) | (532 | ) | (539 | ) | (627 | ) | (539 | ) | ||||||||
Treasury stock, at cost; 1,646,420 shares as of March 31, 2021 and as of December 31, 2020 | (4,187 | ) | (4,187 | ) | ||||||||||||
Treasury stock, at cost; 1,646,420 shares as of June 30, 2021 and as of December 31, 2020 | (4,187 | ) | (4,187 | ) | ||||||||||||
Total shareholders’ equity | 61,456 | 59,533 | 66,041 | 59,533 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 104,690 | $ | 102,046 | $ | 108,696 | $ | 102,046 | ||||||||
Common Stock | Additional Paid-in Capital | Accumulated Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | Common Stock | Additional Paid-in Capital | Accumulated Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||
Balances, December 31, 2020 | $ | 130 | $ | 25,509 | $ | 38,620 | $ | (4,187 | ) | $ | (539 | ) | $ | 59,533 | $ | 130 | $ | 25,509 | $ | 38,620 | $ | (4,187 | ) | $ | (539 | ) | $ | 59,533 | ||||||||||||||||||||
Net income | — | — | 1,194 | — | — | 1,194 | — | — | 1,194 | — | — | 1,194 | ||||||||||||||||||||||||||||||||||||
Other comprehensive gain, net of taxes | — | — | — | — | 7 | 7 | — | — | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 621 | — | — | — | 621 | — | 621 | — | — | — | 621 | ||||||||||||||||||||||||||||||||||||
Stock options exercised | — | 101 | — | — | — | 101 | — | 101 | — | — | — | 101 | ||||||||||||||||||||||||||||||||||||
Balances, March 31, 2021 | $ | 130 | $ | 26,231 | $ | 39,814 | $ | (4,187 | ) | $ | (532 | ) | $ | 61,456 | $ | 130 | $ | 26,231 | $ | 39,814 | $ | (4,187 | ) | $ | (532 | ) | $ | 61,456 | ||||||||||||||||||||
Net income | — | — | 3,738 | — | — | 3,738 | ||||||||||||||||||||||||||||||||||||||||||
Employee common stock purchases | — | 181 | — | — | — | 181 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss), net of taxes | — | — | — | — | (95 | ) | (95 | ) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 757 | — | — | — | 757 | ||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 1 | 3 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2021 | $ | 131 | $ | 27,172 | $ | 43,552 | $ | (4,187 | ) | $ | (627 | ) | $ | 66,041 | ||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | Common Stock | Additional Paid-in Capital | Accumulated Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||
Balances, December 31, 2019 | $ | 127 | $ | 21,939 | $ | 28,759 | $ | (4,187 | ) | $ | (358 | ) | $ | 46,280 | $ | 127 | $ | 21,939 | $ | 28,759 | $ | (4,187 | ) | $ | (358 | ) | $ | 46,280 | ||||||||||||||||||||
Net income | — | — | 1,869 | — | — | 1,869 | — | — | 1,869 | — | — | 1,869 | ||||||||||||||||||||||||||||||||||||
Other comprehensive (loss), net of taxes | — | — | — | — | (336 | ) | (336 | ) | — | — | — | — | (336 | ) | (336 | ) | ||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 456 | — | — | — | 456 | — | 456 | — | — | — | 456 | ||||||||||||||||||||||||||||||||||||
Stock options exercised | 1 | 555 | — | — | — | 556 | 1 | 555 | — | — | — | 556 | ||||||||||||||||||||||||||||||||||||
Balances, March 31, 2020 | $ | 128 | $ | 22,950 | $ | 30,628 | $ | (4,187 | ) | $ | (694 | ) | $ | 48,825 | $ | 128 | $ | 22,950 | $ | 30,628 | $ | (4,187 | ) | $ | (694 | ) | $ | 48,825 | ||||||||||||||||||||
Net income | — | — | 2,969 | — | — | 2,969 | ||||||||||||||||||||||||||||||||||||||||||
Employee common stock purchases | — | 105 | — | — | — | 105 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss), net of taxes | — | — | — | — | (19 | ) | (19 | ) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 612 | — | — | — | 612 | ||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | 2 | 765 | — | — | — | 767 | ||||||||||||||||||||||||||||||||||||||||||
Balances, June 30, 2020 | $ | 130 | $ | 24,432 | $ | 33,597 | $ | (4,187 | ) | $ | (713 | ) | $ | 53,259 | ||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||||
Net income | $ | 1,194 | $ | 1,869 | $ | 4,932 | $ | 4,838 | ||||||||
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation and amortization | 997 | 873 | 1,996 | 1,741 | ||||||||||||
Interest amortization of deferred financing costs | 20 | 26 | 41 | 52 | ||||||||||||
Stock-based compensation expense | 621 | 456 | 1,378 | 1,068 | ||||||||||||
Deferred income taxes, net | (8 | ) | (182 | ) | 333 | (188 | ) | |||||||||
Revaluation of contingent consideration liability | (1,982 | ) | — | |||||||||||||
Operating lease assets and liabilities, net | 12 | (37 | ) | 141 | (23 | ) | ||||||||||
Loss on disposition of fixed assets | — | 2 | — | 2 | ||||||||||||
Working capital items: | ||||||||||||||||
Accounts receivable and unbilled receivables | (4,072 | ) | (1,244 | ) | (6,450 | ) | 1,144 | |||||||||
Prepaid and other current assets | 108 | 492 | (2,070 | ) | 323 | |||||||||||
Accounts payable | 1,326 | (587 | ) | 2,049 | (954 | ) | ||||||||||
Accrued payroll and related costs | 508 | 1,554 | 87 | 3,209 | ||||||||||||
Other accrued liabilities | 141 | (276 | ) | (236 | ) | 392 | ||||||||||
Deferred revenue | (73 | ) | (151 | ) | (41 | ) | (29 | ) | ||||||||
Net cash flows provided by operating activities | 774 | 2,795 | 178 | 11,575 | ||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||||
Recovery of (payment for) non-current deposits | (63 | ) | 17 | (199 | ) | 20 | ||||||||||
Capital expenditures | (128 | ) | (119 | ) | (326 | ) | (155 | ) | ||||||||
Net cash flows (used in) investing activities | (191 | ) | (102 | ) | (525 | ) | (135 | ) | ||||||||
FINANCING ACTIVITIES: | ||||||||||||||||
(Repayments) borrowings on revolving credit facility, net | — | (2,244 | ) | — | (4,551 | ) | ||||||||||
(Repayments) on term loan facility | (1,100 | ) | (1,144 | ) | (2,200 | ) | (6,250 | ) | ||||||||
Proceeds from exercise of stock options | 101 | 556 | ||||||||||||||
Proceeds from the issuance of common shares | 181 | 107 | ||||||||||||||
Proceeds from the exercise of stock options | 105 | 1,321 | ||||||||||||||
Net cash flows (used in) financing activities | (999 | ) | (2,832 | ) | (1,914 | ) | (9,373 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (19 | ) | (267 | ) | (114 | ) | (305 | ) | ||||||||
Net change in cash and cash equivalents | (435 | ) | (406 | ) | (2,375 | ) | 1,762 | |||||||||
Cash and cash equivalents, beginning of period | 7,677 | 2,981 | 7,677 | 2,981 | ||||||||||||
Cash and cash equivalents, end of period | $ | 7,242 | $ | 2,575 | $ | 5,302 | $ | 4,743 | ||||||||
1. | Description of Business and Basis of Presentation: |
2. | Revenue from Contracts with Customers |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | ||||||||||||||||||||||
Data and Analytics Services Segment | ||||||||||||||||||||||||
Time-and-material | $ | 5,854 | $ | 4,127 | $ | 5,917 | $ | 3,685 | $ | 11,771 | $ | 7,812 | ||||||||||||
Fixed-price Contracts | 2,940 | 3,233 | 3,033 | 3,087 | 5,973 | 6,320 | ||||||||||||||||||
Subtotal Data and Analytics Services | $ | 8,794 | $ | 7,360 | $ | 8,950 | $ | 6,772 | $ | 17,744 | $ | 14,132 | ||||||||||||
IT Staffing Services Segment | ||||||||||||||||||||||||
Time-and-material | $ | 40,981 | $ | 43,065 | $ | 44,708 | $ | 40,811 | $ | 85,689 | $ | 83,876 | ||||||||||||
Fixed-price Contracts | — | — | — | — | — | — | ||||||||||||||||||
Subtotal IT Staffing Services | $ | 40,981 | $ | 43,065 | $ | 44,708 | $ | 40,811 | $ | 85,689 | $ | 83,876 | ||||||||||||
Total Revenues | $ | 49,775 | $ | 50,425 | $ | 53,658 | $ | 47,583 | $ | 103,433 | $ | 98,008 | ||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | ||||||||||||||||||||||
United States | $ | 47,942 | $ | 49,350 | $ | 51,532 | $ | 46,777 | $ | 99,474 | $ | 96,127 | ||||||||||||
Canada | 1,264 | 861 | 1,018 | 734 | 2,282 | 1,595 | ||||||||||||||||||
India and other | 569 | 214 | ||||||||||||||||||||||
India and Other | 1,108 | 72 | 1,677 | 286 | ||||||||||||||||||||
Total | $ | 49,775 | $ | 50,425 | ||||||||||||||||||||
Total revenues | $ | 53,658 | $ | 47,583 | $ | 103,433 | $ | 98,008 | ||||||||||||||||
3. | Business Combinations |
(in thousands) | Amounts | |||
Cash purchase price at closing | $ | 9,664 | ||
Working capital adjustments | 0— | |||
Estimated payout of contingent consideration (1) | 2,882 | |||
Total Fair Value of Consideration | $ | 12,546 | ||
(1) | Based on a valuation conducted by an independent third party, the fair value of contingent consideration at the closing date was determined to be $2,882,000. During the three month period ended June 30, 2021, the Company revalued the contingent consideration liability related to the AmberLeaf acquisition after determining that relevant conditions for payment of such liabilities were unlikely to be fully satisfied. The revaluation resulted in a $2.0 million reduction to the contingent consideration liability. |
(in thousands) | Amounts | |||
Cash balances on hand | $ | — | ||
Increase in term loan debt facility | 10,000 | |||
Revolving line of credit | (336 | ) | ||
Cash Paid at Closing | $ | 9,664 | ||
(in thousands) | Amounts | |||
Cash on hand | $ | 319 | ||
Working capital assets, net of liabilities | 1,153 | |||
Identifiable intangible assets: | ||||
Client relationships | 2,970 | |||
Covenant not-to-compete | 440 | |||
Trade name | 490 | |||
Technology | 770 | |||
Total identifiable intangible assets | 4,670 | |||
Goodwill | 6,404 | |||
Net Assets Acquired | $ | 12,546 | ||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 Actual | 2020 Pro Forma | 2021 Actual | 2020 Pro Forma | 2021 Actual | 2020 Pro Forma | |||||||||||||||||||
(Amounts in thousands, except per share data) | ||||||||||||||||||||||||
Revenue | $ | 49,775 | $ | 53,634 | $ | 53,658 | $ | 50,217 | $ | 103,433 | $ | 103,851 | ||||||||||||
Net income | $ | 1,194 | $ | 2,337 | $ | 3,738 | $ | 3,245 | $ | 4,932 | $ | 5,582 | ||||||||||||
Earnings per share—diluted | $ | .10 | $ | .20 | $ | .31 | $ | .27 | $ | .41 | $ | .47 |
4. | Goodwill and Other Intangible Assets, net |
As of March 31, 2021 | As of June 30, 2021 | |||||||||||||||||||||||||||||||
(Amounts in thousands) | Amortization Period (In Years) | Gross Carrying Value | Accumulative Amortization | Net Carrying Value | Amortization Period (In Years) | Gross Carrying Value | Accumulative Amortization | Net Carrying Value | ||||||||||||||||||||||||
IT Staffing Services: | IT Staffing Services: | |||||||||||||||||||||||||||||||
Client relationships | 12 | $ | 7,999 | $ | 3,861 | $ | 4,138 | 12 | $ | 7,999 | $ | 4,028 | $ | 3,971 | ||||||||||||||||||
Covenant-not-to-compete | 5 | 319 | 319 | — | 5 | 319 | 319 | — | ||||||||||||||||||||||||
Trade name | 3 | 249 | 249 | — | 3 | 249 | 249 | — | ||||||||||||||||||||||||
Data and Analytics Services: | Data and Analytics Services: | |||||||||||||||||||||||||||||||
Client relationships | 12 | 19,641 | 5,274 | 14,367 | 12 | 19,641 | 5,684 | 13,957 | ||||||||||||||||||||||||
Covenant-not-to-compete | 5 | 1,201 | 608 | 593 | 5 | 1,201 | 668 | 533 | ||||||||||||||||||||||||
Trade name | 5 | 1,711 | 956 | 755 | 5 | 1,711 | 1,041 | 670 | ||||||||||||||||||||||||
Technology | 7 | 1,979 | 695 | 1,284 | 7 | 1,979 | 766 | 1,213 | ||||||||||||||||||||||||
Total Intangible Assets | $ | 33,099 | $ | 11,962 | $ | 21,137 | $ | 33,099 | $ | 12,755 | $ | 20,344 | ||||||||||||||||||||
As of December 31, 2020 | As of December 31, 2020 | |||||||||||||||||||||||||||||||
(Amounts in thousands) | Amortization Period (In Years) | Gross Carrying Value | Accumulative Amortization | Net Carrying Value | Amortization Period (In Years) | Gross Carrying Value | Accumulative Amortization | Net Carrying Value | ||||||||||||||||||||||||
IT Staffing Services: | IT Staffing Services: | |||||||||||||||||||||||||||||||
Client relationships | 12 | $ | 7,999 | $ | 3,694 | $ | 4,305 | 12 | $ | 7,999 | $ | 3,694 | $ | 4,305 | ||||||||||||||||||
Covenant-not-to-compete | 5 | 319 | 319 | — | 5 | 319 | 319 | — | ||||||||||||||||||||||||
Trade name | 3 | 249 | 249 | — | 3 | 249 | 249 | — | ||||||||||||||||||||||||
Data and Analytics Services: | Data and Analytics Services: | |||||||||||||||||||||||||||||||
Client relationships | 12 | 19,641 | 4,866 | 14,775 | 12 | 19,641 | 4,866 | 14,775 | ||||||||||||||||||||||||
Covenant-not-to-compete | 5 | 1,201 | 548 | 653 | 5 | 1,201 | 548 | 653 | ||||||||||||||||||||||||
Trade name | 5 | 1,711 | 869 | 842 | 5 | 1,711 | 869 | 842 | ||||||||||||||||||||||||
Technology | 7 | 1,979 | 624 | 1,355 | 7 | 1,979 | 624 | 1,355 | ||||||||||||||||||||||||
Total Intangible Assets | $ | 33,099 | $ | 11,169 | $ | 21,930 | $ | 33,099 | $ | 11,169 | $ | 21,930 | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Amortization expense | $ | 3,168 | $ | 2,987 | $ | 2,772 | $ | 2,693 | $ | 2,553 |
5. | Leases |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||
( in thousands) | ( in thousands) | |||||||||||||||
Assets: | Assets: | |||||||||||||||
Long-term operating lease right-of-use | $ | 3,199 | $ | 3,286 | $ | 5,595 | $ | 3,286 | ||||||||
Liabilities: | Liabilities: | |||||||||||||||
Short-term operating lease liability | $ | 1,056 | $ | 1,079 | $ | 1,435 | $ | 1,079 | ||||||||
Long-term operating lease liability | 2,273 | 2,325 | 4,419 | 2,325 | ||||||||||||
Total liabilities | $ | 3,329 | $ | 3,404 | $ | 5,854 | $ | 3,404 | ||||||||
Amount as of March 31, 2021 | Amount as of June 30, 2021 | |||||||
(in thousands) | (in thousands) | |||||||
2021 (For remainder of year) | $ | 888 | $ | 795 | ||||
2022 | 1,187 | 1,689 | ||||||
2023 | 1,139 | 1,641 | ||||||
2024 | 339 | 900 | ||||||
2025 | 52 | 630 | ||||||
Thereafter | 30 | 756 | ||||||
Total | 3,635 | 6,411 | ||||||
Less: Imputed interest | (306 | ) | (557 | ) | ||||
Present value of operating lease liabilities | $ | 3,329 | $ | 5,854 | ||||
6. | Commitments and Contingencies |
7. | Employee Benefit Plan |
8. | Stock-Based Compensation |
9. | Credit Facility |
10. | Income Taxes |
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | ||||||||||||||||||||||
Income before income taxes: | Income before income taxes: | |||||||||||||||||||||||
Domestic | $ | 1,881 | $ | 2,325 | $ | 5,566 | $ | 3,028 | $ | 7,447 | $ | 5,353 | ||||||||||||
Foreign | (244 | ) | (75 | ) | (399 | ) | 429 | (643 | ) | 354 | ||||||||||||||
Income before income taxes | $ | 1,637 | $ | 2,250 | $ | 5,167 | $ | 3,457 | $ | 6,804 | $ | 5,707 | ||||||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | ||||||||||||||||||||||
Current provision: | ||||||||||||||||||||||||
Current provision (benefit): | ||||||||||||||||||||||||
Federal | $ | 358 | $ | 328 | $ | 901 | $ | 186 | $ | 1,259 | $ | 514 | ||||||||||||
State | 93 | 100 | 211 | 86 | 304 | 186 | ||||||||||||||||||
Foreign | 10 | 110 | (26 | ) | 229 | (16 | ) | 339 | ||||||||||||||||
Total current provision | 461 | 538 | ||||||||||||||||||||||
Total current provision (benefit) | 1,086 | 501 | 1,547 | 1,039 | ||||||||||||||||||||
Deferred provision (benefit): | ||||||||||||||||||||||||
Federal | (6 | ) | (104 | ) | 293 | 11 | 287 | (93 | ) | |||||||||||||||
State | (2 | ) | (30 | ) | 70 | 0 | 68 | (30 | ) | |||||||||||||||
Foreign | (42 | ) | (82 | ) | (57 | ) | (77 | ) | (99 | ) | (159 | ) | ||||||||||||
Total deferred provision (benefit) | (50 | ) | (216 | ) | 306 | (66 | ) | 256 | (282 | ) | ||||||||||||||
Change in valuation allowance | 32 | 59 | 37 | 53 | 69 | 112 | ||||||||||||||||||
Total provision for income taxes | $ | 443 | $ | 381 | $ | 1,429 | $ | 488 | $ | 1,872 | $ | 869 | ||||||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Income taxes computed at the federal statutory rate | $ | 344 | 21.0 | % | $ | 473 | 21.0 | % | $ | 1,085 | 21.0 | % | $ | 725 | 21.0 | % | ||||||||||||||||
State income taxes, net of federal tax benefit | 104 | 6.3 | 136 | 6.0 | 277 | 5.4 | 220 | 6.3 | ||||||||||||||||||||||||
Excess tax benefits from stock options/restricted shares | (67 | ) | (4.1 | ) | (343 | ) | (15.2 | ) | ||||||||||||||||||||||||
Difference in tax rate on foreign earnings/other | 30 | 1.9 | 56 | 2.5 | ||||||||||||||||||||||||||||
Excess tax benefit from stock options/restricted shares | 19 | 0.4 | (582 | ) | (16.8 | ) | ||||||||||||||||||||||||||
Difference in income tax rate on foreign earnings/other | 11 | 0.2 | 72 | 2.1 | ||||||||||||||||||||||||||||
Change in valuation allowance | 32 | 2.0 | 59 | 2.6 | 37 | 0.7 | 53 | 1.5 | ||||||||||||||||||||||||
$ | 443 | 27.1 | % | $ | 381 | 16.9 | % | $ | 1,429 | 27.7 | % | $ | 488 | 14.1 | % | |||||||||||||||||
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||
Income taxes computed at the federal statutory rate | $ | 1,429 | 21.0 | % | $ | 1,198 | 21.0 | % | ||||||||||||||||||||||||
State income taxes, net of federal tax benefit | 381 | 5.6 | 356 | 6.2 |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||
Excess tax benefit from stock options/restricted shares | (48 | ) | (0.7 | ) | (925 | ) | (16.2 | ) | ||||||||
Difference in income tax rate on foreign earnings/other | 41 | 0.6 | 128 | 2.2 | ||||||||||||
Change in valuation allowance | 69 | 1.0 | 112 | 2.0 | ||||||||||||
$ | 1,872 | 27.5 | % | $ | 869 | 15.2 | % | |||||||||
11. | Derivative Instruments and Hedging Activities |
Derivatives in ASC Topic 815 Cash Flow Hedging Relationships | Amount of Gain / (Loss) recognized in OCI on Derivatives | Location of Gain / (Loss) reclassified from Accumulated OCI to Income (Expense) | Amount of Gain / (Loss) reclassified from Accumulated OCI to Income (Expense) | Location of Gain / (Loss) reclassified in Income (Expense) on Derivatives | Amount of Gain / (Loss) recognized in Income (Expense) on Derivatives | Amount of Gain / (Loss) recognized in OCI on Derivatives | Location of Gain / (Loss) reclassified from Accumulated OCI to Income (Expense) | Amount of Gain / (Loss) reclassified from Accumulated OCI to Income (Expense) | Location of Gain / (Loss) reclassified in Income (Expense) on Derivatives | Amount of Gain / (Loss) recognized in Income (Expense) on Derivatives | ||||||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Effective Portion) | (Ineffective Portion/Amounts excluded from effectiveness testing) | (Effective Portion) | (Effective Portion) | (Effective Portion) | (Ineffective Portion/Amounts excluded from effectiveness testing) | |||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2021: | ||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||
Interest-Rate Swap Contract | $ | 35 | Interest Expense | $ | 34 | Interest Expense | $ | 0 | $ | 0 | Interest Expense | $ | 0 | Interest Expense | $ | 0 | ||||||||||||||||||||||||
For the Six Months Ended June 30, 2021: | ||||||||||||||||||||||||||||||||||||||||
Interest-Rate Swap Contract | $ | 35 | Interest Expense | $ | 34 | Interest Expense | $ | 0 | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||
Interest-Rate Swap Contract | $ | 26 | Interest Expense | $ | (34 | ) | Interest Expense | $ | 0 | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020: | ||||||||||||||||||||||||||||||||||||||||
Interest-Rate Swap Contract | $ | (68 | ) | Interest Expense | $ | (42 | ) | Interest Expense | $ | 0 |
Derivatives in ASC Topic 815 Cash Flow Hedging Relationships | Amount of Gain / (Loss) recognized in OCI on Derivatives | Location of Gain / (Loss) reclassified from Accumulated OCI to Income (Expense) | Amount of Gain / (Loss) reclassified from Accumulated OCI to Income (Expense) | Location of Gain / (Loss) reclassified in Income (Expense) on Derivatives | Amount of Gain / (Loss) recognized in Income (Expense) on Derivatives | |||||||||||||||
(Effective Portion) | (Effective Portion) | (Effective Portion) | (Ineffective Portion/Amounts excluded from effectiveness testing) | |||||||||||||||||
For the Three Months Ended March 31, 2020: | ||||||||||||||||||||
Interest-Rate Swap Contract | $ | (94 | ) | Interest Expense | $ | (8 | ) | Interest Expense | $ | 0 |
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Derivative Instruments | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||
Interest-Rate Swap Contracts | Other Current Liabilities | $ | 0 | Other Current Liabilities | $ | 35 | Other Current Liabilities | $ | 0 | Other Current Liabilities | $ | 35 |
12. | Fair Value Measurements |
Fair Value as of March 31, 2021 | Fair Value as of June 30, 2021 | |||||||||||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Interest-Rate Swap Contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Contingent consideration liabilities | $ | — | $ | — | $ | (2,882 | ) | $ | (2,882 | ) | ||||||||||||||||||||||
Contingent C onsiderationL iabilities | $ | — | $ | — | $ | (900 | ) | $ | (900 | ) | ||||||||||||||||||||||
Fair Value as of December 31, 2020 | Fair Value as of December 31, 2020 | |||||||||||||||||||||||||||||||
(Amounts in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Interest-Rate Swap Contracts | $ | — | $ | (35 | ) | $ | — | $ | (35 | ) | $ | — | $ | (35 | ) | $ | — | $ | (35 | ) | ||||||||||||
Contingent consideration liabilities | $ | — | $ | — | $ | (2,882 | ) | $ | (2,882 | ) | ||||||||||||||||||||||
Contingent C onsiderationL iabilities | $ | — | $ | — | $ | (2,882 | ) | $ | (2,882 | ) | ||||||||||||||||||||||
Six Months Ended June 30, 2021 | Twelve Months Ended December 31, 2020 | |||||||
(Amounts in thousands) | ||||||||
Beginning balance | $ | 2,882 | $ | 0 | ||||
Contingent consideration liability incurred | 0 | 2,882 | ||||||
Payments made | 0 | 0 | ||||||
Revaluations | (1,982 | ) | 0 | |||||
Ending balance | $ | 900 | $ | 2,882 | ||||
13. | Shareholders’ Equity |
14. | Earnings Per Share |
15. | Business Segments and Geographic Information |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(Amounts in thousands) | (Amounts in thousands) | |||||||||||||||
Revenues: | ||||||||||||||||
Data and Analytics Services | $ | 8,950 | $ | 6,772 | $ | 17,744 | $ | 14,132 | ||||||||
IT Staffing Services | 44,708 | 40,811 | 85,689 | 83,876 | ||||||||||||
Total revenues | $ | 53,658 | $ | 47,583 | $ | 103,433 | $ | 98,008 | ||||||||
Gross Margin %: | ||||||||||||||||
Data and Analytics Services | 46.7 | % | 52.2 | % | 46.2 | % | 49.5 | % | ||||||||
IT Staffing Services | 22.7 | % | 22.4 | % | 22.1 | % | 21.9 | % | ||||||||
Total gross margin % | 26.7 | % | 26.6 | % | 26.2 | % | 25.9 | % | ||||||||
Segment operating income: | ||||||||||||||||
Data and Analytics Services | $ | 769 | $ | 1,173 | $ | 1,163 | $ | 2,082 | ||||||||
IT Staffing Services | 3,353 | 3,110 | 5,621 | 5,350 | ||||||||||||
Subtotal | 4,122 | 4,283 | 6,784 | 7,432 |
Three Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
(Amounts in thousands) | ||||||||
Revenues: | ||||||||
Data and Analytics Services | $ | 8,794 | $ | 7,360 | ||||
IT Staffing Services | 40,981 | 43,065 | ||||||
Total revenues | $ | 49,775 | $ | 50,425 | ||||
Gross Margin %: | ||||||||
Data and Analytics Services | 45.7 | % | 47.1 | % | ||||
IT Staffing Services | 21.4 | % | 21.5 | % | ||||
Total gross margin % | 25.7 | % | 25.2 | % | ||||
Segment operating income: | ||||||||
Data and Analytics Services | $ | 394 | $ | 909 | ||||
IT Staffing Services | 2,268 | 2,240 | ||||||
Subtotal | 2,662 | 3,149 | ||||||
Amortization of acquired intangible assets | (793 | ) | (673 | ) | ||||
Interest expenses and other, net | (232 | ) | (226 | ) | ||||
Income before income taxes | $ | 1,637 | $ | 2,250 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
(Amounts in thousands) | (Amounts in thousands) | |||||||||||||||
Amortization of acquired intangible assets | (793 | ) | (669 | ) | (1,586 | ) | (1,342 | ) | ||||||||
Revaluation of contingent consideration liability | 1,982 | — | 1,982 | — | ||||||||||||
Interest expenses and other, net | (144 | ) | (157 | ) | (376 | ) | (383 | ) | ||||||||
Income before income taxes | $ | 5,167 | $ | 3,457 | $ | 6,804 | $ | 5,707 | ||||||||
March 31, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | |||||||||||||
(Amounts in thousands) | (Amounts in thousands) | |||||||||||||||
Total assets: | ||||||||||||||||
Data and Analytics Services | $ | 54,810 | $ | 55,792 | $ | 57,492 | $ | 55,792 | ||||||||
IT Staffing Services | 49,880 | 46,254 | 51,204 | 46,254 | ||||||||||||
Total assets | $ | 104,690 | $ | 102,046 | $ | 108,696 | $ | 102,046 | ||||||||
Three Months Ended March 31, | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
(Amounts in thousands) | (Amounts in thousands) | (Amounts in thousands) | ||||||||||||||||||||||
United States | $ | 47,942 | $ | 49,350 | $ | 51,532 | $ | 46,777 | $ | 99,474 | $ | 96,127 | ||||||||||||
Canada | 1,264 | 861 | 1,018 | 734 | 2,282 | 1,595 | ||||||||||||||||||
India and Other | 569 | 214 | 1,108 | 72 | 1,677 | 286 | ||||||||||||||||||
Total revenues | $ | 49,775 | $ | 50,425 | $ | 53,658 | $ | 47,583 | $ | 103,433 | $ | 98,008 | ||||||||||||
16. | Recently Issued Accounting Standards |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Revenues (Amounts in thousands) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | ||||||||||||||
Revenues (Amounts in millions) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | ||||||||||||||
Data and Analytics Services | $ | 8,794 | $ | 7,360 | $ | 9.0 | $ | 6.8 | ||||||||
IT Staffing Services | 40,981 | 43,065 | 44.7 | 40.8 | ||||||||||||
Total revenues | $ | 49,775 | $ | 50,425 | $ | 53.7 | $ | 47.6 | ||||||||
Gross Margin | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | ||||||||||||
Data and Analytics Services | 45.7 | % | 47.1 | % | 46.7 | % | 52.2 | % | ||||||||
IT Staffing Services | 21.4 | 21.5 | 22.7 | 22.4 | ||||||||||||
Total gross margin | 25.7 | % | 25.2 | % | 26.7 | % | 26.6 | % | ||||||||
S,G&A Expenses (Amounts in millions) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | ||||||||||||
Data and Analytics Services Segment | ||||||||||||||||
Sales and Marketing | $ | 1.8 | $ | 1.3 | $ | 1.4 | $ | 1.2 | ||||||||
Operations | 0.8 | 0.4 | 0.8 | 0.4 | ||||||||||||
Amortization of Acquired Intangible Assets | 0.6 | 0.5 | 0.6 | 0.5 | ||||||||||||
Revaluation of Contingent Consideration | (2.0 | ) | — | |||||||||||||
General & Administrative | 1.0 | 0.8 | 1.3 | 0.7 | ||||||||||||
Subtotal Data and Analytics Services | $ | 4.2 | $ | 3.0 | $ | 2.1 | $ | 2.8 | ||||||||
IT Staffing Services Segment | ||||||||||||||||
Sales and Marketing | $ | 1.8 | $ | 2.0 | ||||||||||||
Operations | 2.0 | 2.4 | ||||||||||||||
Amortization of Acquired Intangible Assets | 0.2 | 0.2 | ||||||||||||||
General & Administrative | 2.7 | 2.6 | ||||||||||||||
Subtotal IT Staffing Services | $ | 6.7 | $ | 7.2 | ||||||||||||
Total S,G&A Expenses | $ | 10.9 | $ | 10.2 | ||||||||||||
S,G&A Expenses (Amounts in millions) | Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | ||||||
IT Staffing Services Segment | ||||||||
Sales and Marketing | $ | 1.9 | $ | 1.7 | ||||
Operations | 2.2 | 2.0 | ||||||
Amortization of Acquired Intangible Assets | 0.2 | 0.2 | ||||||
General & Administrative | 2.6 | 2.3 | ||||||
Subtotal IT Staffing Services | $ | 6.9 | $ | 6.2 | ||||
Total S,G&A Expenses | $ | 9.0 | $ | 9.0 | ||||
Revenues (Amounts in millions) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||
Data and Analytics Services | $ | 17.7 | $ | 14.1 | ||||
IT Staffing Services | 85.7 | 83.9 | ||||||
Total revenues | $ | 103.4 | $ | 98.0 | ||||
Gross Margin | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||
Data and Analytics Services | 46.2 | % | 49.5 | % | ||||
IT Staffing Services | 22.1 | 21.9 | ||||||
Total gross margin | 26.2 | % | 25.9 | % | ||||
S,G&A Expenses (Amounts in millions) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||
Data and Analytics Services Segment | ||||||||
Sales and Marketing | $ | 3.2 | $ | 2.5 | ||||
Operations | 1.6 | 0.9 | ||||||
Amortization of Acquired Intangible Assets | 1.2 | 1.0 | ||||||
Revaluation of Contingent Consideration | (2.0 | ) | — | |||||
General & Administrative | 2.3 | 1.5 | ||||||
Subtotal Data and Analytics Services | $ | 6.3 | $ | 5.9 | ||||
S,G&A Expenses (Amounts in millions) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | ||||||
IT Staffing Services Segment | ||||||||
Sales and Marketing | $ | 3.7 | $ | 3.7 | ||||
Operations | 4.2 | 4.4 | ||||||
Amortization of Acquired Intangible Assets | 0.4 | 0.4 | ||||||
General & Administrative | 5.3 | 4.9 | ||||||
Subtotal IT Staffing Services | $ | 13.6 | $ | 13.4 | ||||
Total S,G&A Expenses | $ | 19.9 | $ | 19.3 | ||||
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | Total Number of Shares Purchased | Average Price per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Number of Shares that May Yet Be Purchased Under this Plan or Programs (1) | ||||||||||||
— | — | — | — | |||||||||||||
May 1, 2021 — May 31, 2021 | — | — | — | — | ||||||||||||
— | — | — | — | |||||||||||||
Total | — | — | — | — |
(1) | As of |
ITEM 6. | EXHIBITS |
(a) Exhibits |
MASTECH DIGITAL, INC. | ||||
/s/ VIVEK GUPTA | ||||
Vivek Gupta | ||||
Chief Executive Officer | ||||
/s/ JOHN J. CRONIN, JR. | ||||
John J. Cronin, Jr. | ||||
Chief Financial Officer | ||||
(Principal Financial Officer) |