Mastech Digital, Inc. (AMEX:MHH) Q4 2022 Earnings Call Transcript

Vivek Gupta: Yes, actually it’s interesting. This time around, it’s unlike the 2020 COVID times when it was focused, I guess, there was positive on the healthcare side and extreme negative on the entertainment and hospitality side. This time, it’s — the verticals are fairly similar in their behavior. I think everybody is being cautious and trying to control spend and not make any big investments on new initiatives. And that seems to be across the board. But clearly, two verticals do stand out where I think the caution has been a little more. One is on the IT InfoTech side, the technology side, and we hear that news every day from these big organizations. And the other one is, maybe to a lesser extent the financial services, banking financial services. But all the other industries are just almost equally being cautious.

Marc Riddick: Okay. And then the last one for me. I’m sort of curious if you could touch a little bit as to the — I mean, I can imagine sort of you wanting to take advantage of the opportunity, but maybe sort of talk a little bit about sort of the Board’s thinking around the implementation of the share repurchase program, the authorization and maybe sort of talk us to a little bit about sort of how that came to me and maybe the timing there? Thank you.

Vivek Gupta: So Jack, would you take that? The repurchase €“

Jack Cronin: As far as the timing?

Vivek Gupta: Yes.

Jack Cronin: Well, I mean, the program is in effect. So we can execute it at any time. And we’re going to be a little bit constrained by our daily volume because I think we can only purchase, I think it’s up to 25% of our daily volume. So we’re going to monitor the volume and get into the market when we think it’s most appropriate.

Marc Riddick: Right. But I’m sorry, I should have clarified it, but I think the press release said it was a two year period, so I just wanted to know…

Jack Cronin: Yes, it’s a two year period. Right. So the last time we did a share repurchase program, we had — I think it was a two year period and we extended it. So we can always extend it. But it’s a two year period, you’re correct.

Marc Riddick: Okay, great. Thank you very much.

Vivek Gupta: Thanks, Marc.

Operator: Mr. Gupta, it appears we have no further questions at this time. I would now turn the floor back over to you for closing comments.

Vivek Gupta: Thank you, operator. If there are no further questions, I would like to thank you for joining our call today. And we look forward to sharing our first quarter 2023 results with you in early May. Thank you.

Operator: Ladies and gentlemen, this does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.