Mastech Digital, Inc. (AMEX:MHH) Q4 2023 Earnings Call Transcript

Jack Cronin: Yes. And as far as major clients, it was a combination of orders from existing clients. And like Vivek said, not a short-term order six months to a year with longer term orders. And then the other thing that was encouraging is there were some major bookings from new clients and that’s very encouraging.

Marc Riddick: Great. And then the last one for me. I was wondering if you could maybe give us an update on maybe what you’re seeing as far as overall bill rates and then what we would — if there’s much in the way of pushback or as far as rate increases are the like, maybe it can sort of give us a little bit on the pricing environment of what you’re seeing currently? Thank you.

Vivek Gupta: So, Marc, it’s interesting — and it’s a very good question that you asked. In 2023, we did see constant price pressures as customers were trying to come down on the projects and also the costs on each project. And so we did lose headcount as a result of that, but there were pricing pressures all the time. But having said that, we’ve been also been able to increase our bill rates over the year, so — which actually says a lot about the quality of relationships that we have, the quality of deliveries that we have made. So, that pricing pressure would continue, I would think, even in this year, 2024. But the higher value services that we are providing, we are able to, in some ways, compensate for that and still be able to maintain and if not increase, the bill rates.

Marc Riddick: Thank you very much. No, that’s exactly where I was going. Thank you very much.

Vivek Gupta: Thank you, Marc.

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

Vivek Gupta: Thank you, operator. So, 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 2024 results with you in early May. Thank you very much.

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.