$MEC
Mayville Engineering Company, Inc.

2019 Q3 Form 10-Q Financial Statement

#000119312519217950 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q4
Revenue $128.5M $145.1M $91.43M
YoY Change 52.38% 58.55%
Cost Of Revenue $113.9M $124.6M $81.04M
YoY Change 59.32% 63.97%
Gross Profit $14.57M $20.54M $10.40M
YoY Change 13.64% 32.07%
Gross Profit Margin 11.34% 14.15% 11.37%
Selling, General & Admin $8.200M $34.50M $7.500M
YoY Change 32.26% 576.47%
% of Gross Profit 56.28% 168.01% 72.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.290M $8.710M $5.600M
YoY Change 66.8% 77.39%
% of Gross Profit 56.9% 42.42% 53.87%
Operating Expenses $11.00M $37.10M $8.900M
YoY Change 52.78% 518.33%
Operating Profit $13.25M -$16.65M $1.585M
YoY Change 132.9% -274.7%
Interest Expense $987.0K $1.991M $1.274M
YoY Change 16.67% 133.41%
% of Operating Profit 7.45% 80.38%
Other Income/Expense, Net
YoY Change
Pretax Income $12.26M -$18.80M $85.00K
YoY Change 153.21% -332.32%
Income Tax $2.512M -$3.513M -$505.0K
% Of Pretax Income 20.49% -594.12%
Net Earnings $9.746M -$15.28M $590.0K
YoY Change 102.03% -288.9%
Net Earnings / Revenue 7.58% -10.53% 0.65%
Basic Earnings Per Share
Diluted Earnings Per Share $492.4K -$910.7K $16.39K
COMMON SHARES
Basic Shares Outstanding 19.74M 16.80M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00
YoY Change
Cash & Equivalents $1.000K $1.000K $3.089M
Short-Term Investments
Other Short-Term Assets $3.300M $3.400M
YoY Change
Inventory $50.65M $50.58M $53.41M
Prepaid Expenses
Receivables $62.60M $65.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $118.0M $121.7M $112.8M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $128.1M $127.7M $123.9M
YoY Change
Goodwill $70.92M $72.43M $69.44M
YoY Change
Intangibles $74.85M $77.53M $82.88M
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.976M $5.441M $814.0K
YoY Change
Total Long-Term Assets $282.1M $284.9M $279.0M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $118.0M $121.7M $112.8M
Total Long-Term Assets $282.1M $284.9M $279.0M
Total Assets $400.1M $406.7M $391.7M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.49M $48.41M $45.99M
YoY Change
Accrued Expenses $15.40M $14.40M
YoY Change
Deferred Revenue $977.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $700.0K $8.392M $8.606M
YoY Change
Total Short-Term Liabilities $62.99M $88.79M $83.16M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $89.70M $82.20M
YoY Change
Other Long-Term Liabilities $100.0K $100.0K $100.0K
YoY Change
Total Long-Term Liabilities $100.0K $100.0K $100.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $62.99M $88.79M $83.16M
Total Long-Term Liabilities $100.0K $100.0K $100.0K
Total Liabilities $197.9M $215.5M $288.7M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $23.76M $14.02M $26.84M
YoY Change
Common Stock $182.3M $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.882M $57.66M
YoY Change
Treasury Stock Shares
Shareholders Equity $202.2M $191.1M
YoY Change
Total Liabilities & Shareholders Equity $400.1M $406.7M $391.7M
YoY Change

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income $9.746M -$15.28M $590.0K
YoY Change 102.03% -288.9%
Depreciation, Depletion And Amortization $8.290M $8.710M $5.600M
YoY Change 66.8% 77.39%
Cash From Operating Activities $9.960M $7.960M $8.150M
YoY Change -15.59% -47.28%
INVESTING ACTIVITIES
Capital Expenditures -$6.180M -$8.490M -$4.550M
YoY Change -15.8% 142.57%
Acquisitions
YoY Change
Other Investing Activities -$1.610M -$2.350M -$114.7M
YoY Change -16200.0%
Cash From Investing Activities -$7.790M -$10.84M -$119.3M
YoY Change 6.28% 209.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.170M 2.850M 114.1M
YoY Change -51.45% -124.7%
NET CHANGE
Cash From Operating Activities 9.960M 7.960M 8.150M
Cash From Investing Activities -7.790M -10.84M -119.3M
Cash From Financing Activities -2.170M 2.850M 114.1M
Net Change In Cash 0.0000000009313 -30.00K 3.010M
YoY Change -200.0% -150.0%
FREE CASH FLOW
Cash From Operating Activities $9.960M $7.960M $8.150M
Capital Expenditures -$6.180M -$8.490M -$4.550M
Free Cash Flow $16.14M $16.45M $12.70M
YoY Change -15.67% -11.56%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
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dei Entity Registrant Name
EntityRegistrantName
Mayville Engineering Company, Inc.
dei Entity Central Index Key
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CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
266399000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
153327000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
142516000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2019Q2 mec Pro Forma Provision For Income Tax
ProFormaProvisionForIncomeTax
3513000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1621
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1413
mec Percentage Of Annual Short Term Cash Incentive
PercentageOfAnnualShortTermCashIncentive
1.00
CY2019Q1 us-gaap Net Amount At Risk By Product And Guarantee Net Amount At Risk
NetAmountAtRiskByProductAndGuaranteeNetAmountAtRisk
5163000
CY2018Q1 us-gaap Net Amount At Risk By Product And Guarantee Net Amount At Risk
NetAmountAtRiskByProductAndGuaranteeNetAmountAtRisk
4467000
CY2019Q2 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
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1409000
CY2018Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1730000
CY2019Q2 us-gaap Net Amount At Risk By Product And Guarantee Net Amount At Risk
NetAmountAtRiskByProductAndGuaranteeNetAmountAtRisk
10166000
CY2018Q2 us-gaap Net Amount At Risk By Product And Guarantee Net Amount At Risk
NetAmountAtRiskByProductAndGuaranteeNetAmountAtRisk
8907000
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
31025000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
32589000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
625000
mec Pro Forma Provision For Income Tax
ProFormaProvisionForIncomeTax
2744000
CY2019Q2 mec Discrete Tax Expense
DiscreteTaxExpense
0
mec Discrete Tax Expense
DiscreteTaxExpense
84000
CY2019Q2 mec Effective Income Tax Rate Reconciliationnon Deductable Executive Compensation Expense Percent
EffectiveIncomeTaxRateReconciliationnonDeductableExecutiveCompensationExpensePercent
0.0844
mec Effective Income Tax Rate Reconciliationnon Deductable Executive Compensation Expense Percent
EffectiveIncomeTaxRateReconciliationnonDeductableExecutiveCompensationExpensePercent
0.0943
us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
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0.03
CY2019Q2 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
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1831000
CY2018 us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Inventory
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978000
CY2019Q2 us-gaap Other Long Term Debt
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48142000
CY2019Q2 mec Effective Income Tax Rate Reconciliation Nondeductible Executive Compensation Expense Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExecutiveCompensationExpenseAmount
1800000
mec Effective Income Tax Rate Reconciliation Nondeductible Executive Compensation Expense Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExecutiveCompensationExpenseAmount
1800000
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.000
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.0043
us-gaap Deferred Compensation Arrangement With Individual Description
DeferredCompensationArrangementWithIndividualDescription
The deferred compensation plan provides benefits payable upon separation of service or death. Payments are to be made 30 days after date of separation from service, either in a lump-sum payment or up to five annual installments as elected by the participant when the participant first elects to defer compensation.
CY2019Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
2674000
CY2019Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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869000
CY2018 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
21000
mec Description Of Conditions In Respect Of Long Term Cash Incentives To Eligible Participants
DescriptionOfConditionsInRespectOfLongTermCashIncentivesToEligibleParticipants
Historically, the long-term incentive plan (LTIP) was available for any employee who had been designated to be eligible to participate by the Compensation Committee of the Board of Directors. Annually, the LTIP provided for long-term cash incentive awards to eligible participants based on the Company’s performance over a three-year performance period.
CY2019Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2018Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.26
CY2018Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
5638000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
10135000
CY2019Q2 us-gaap Unamortized Debt Issuance Expense
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582000
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
825000
CY2019Q2 us-gaap Other Long Term Debt Current
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8392000
CY2018Q4 us-gaap Other Long Term Debt Current
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8606000
CY2018Q4 us-gaap Employee Stock Ownership Plan Esop Fair Value Of Shares Subject To Repurchase Obligation
EmployeeStockOwnershipPlanESOPFairValueOfSharesSubjectToRepurchaseObligation
133806000
CY2018 us-gaap Employee Stock Ownership Plan Esop Weighted Average Purchase Price Of Shares Purchased
EmployeeStockOwnershipPlanESOPWeightedAveragePurchasePriceOfSharesPurchased
9.95
CY2018Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
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13443484
CY2019Q2 us-gaap Additional Paid In Capital
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180997000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14017000
CY2019Q2 us-gaap Treasury Stock Value
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3882000
CY2019Q2 us-gaap Stockholders Equity
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191132000
CY2019Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2019Q2 us-gaap Common Stock Shares Issued
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20845693
CY2019Q2 us-gaap Gains Losses On Extinguishment Of Debt
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-154000
CY2018Q2 us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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-154000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-588000
us-gaap Share Based Compensation
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797000
mec Loss Gain On Extinguishment Or Forgiveness Of Debt
LossGainOnExtinguishmentOrForgivenessOfDebt
367000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
24000
mec Loss Gain On Extinguishment Or Forgiveness Of Debt
LossGainOnExtinguishmentOrForgivenessOfDebt
-558000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
4730000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2368000
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.91
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.56
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
569000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
101763000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1592000
us-gaap Payments For Repurchase Of Common Stock
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753000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.85
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.87
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16799915
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14341538
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15131012
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14341538
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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16799915
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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14341538
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15131012
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14341538
CY2019Q2 us-gaap Accounts Payable Current
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48411000
CY2018Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
45992000
CY2019Q2 us-gaap Capital Lease Obligations Current
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269000
CY2018Q4 us-gaap Capital Lease Obligations Current
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CY2019Q2 us-gaap Long Term Debt Current
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CY2018Q4 us-gaap Long Term Debt Current
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us-gaap Deferred Income Taxes And Tax Credits
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us-gaap Loss Contingency Disclosures
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<div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 10. Contingencies </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">From time to time, the Company may be involved in various claims and lawsuits, both for and against the Company, arising in the normal course of business. Although the results of litigation and claims cannot be predicted with certainty, in management&#8217;s opinion, either the likelihood of loss is remote, or any reasonably possible loss associated with the resolution of such proceedings is not expected to have a material adverse impact on the consolidated financial statements. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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101763000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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797000
CY2019Q2 us-gaap Gain Loss On Sale Of Business
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2674000
CY2019Q1 us-gaap Gain Loss On Sale Of Business
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869000
CY2018 us-gaap Gain Loss On Sale Of Business
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21000
CY2019Q2 us-gaap Business Combination Acquired Receivables Fair Value
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473000
CY2019Q2 mec Working Capital
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2368000
CY2019Q2 us-gaap Employee Stock Ownership Plan Esop Fair Value Of Shares Subject To Repurchase Obligation
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133806000
CY2019Q2 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
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us-gaap Employee Stock Ownership Plan Esop Weighted Average Purchase Price Of Shares Purchased
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mec Net Working Capital
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CY2019Q2 mec Deferred Tax Assests Tax Holiday
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784000
CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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CY2019Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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797000
CY2019Q2 us-gaap Stockholders Equity Note Changes In Capital Structure Retroactive Impact
StockholdersEquityNoteChangesInCapitalStructureRetroactiveImpact
On May 13, 2019 the Company issued a stock dividend specific to pre-IPO shares, of approximately 1,334.34-for-1. The share dividend was accounted for as a 1,334.34-for-1 stock split and is retroactively reflected in these consolidated financial statements. All share redemption provisions mentioned in Note 15 , Temporary Equity , were removed of common shares effective with the IPO. Therefore, common shares were reclassified from temporary equity to permanent equity as of May 2019.
dei Entity Address State Or Province
EntityAddressStateOrProvince
WI
dei Trading Symbol
TradingSymbol
MEC
dei Security12b Title
Security12bTitle
Common Stock
dei Security Exchange Name
SecurityExchangeName
NYSE
CY2018Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
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us-gaap Business Acquisitions Pro Forma Revenue
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265780000
CY2019Q2 us-gaap Common Stock Value
CommonStockValue
CY2018Q4 us-gaap Common Stock Value
CommonStockValue
CY2019Q2 us-gaap Stock Repurchased During Period Shares
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mec Stock Holders Equity Note Dividend Stock Split Conversion Ratio
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CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2018Q4 us-gaap Other Long Term Debt
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CY2019Q2 mec Proforma Earnings Per Share Basic And Diluted
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CY2018Q2 mec Proforma Earnings Per Share Basic And Diluted
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mec Proforma Earnings Per Share Basic And Diluted
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mec Proforma Earnings Per Share Basic And Diluted
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CY2019Q2 us-gaap Reclassifications Of Temporary To Permanent Equity
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CY2019Q2 us-gaap Deferred Compensation Cashbased Arrangements Liability Classified Noncurrent
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14498000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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287895
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Nature Of Operations
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CY2019Q3 dei Entity Common Stock Shares Outstanding
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
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Black-Scholes option pricing model
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
mec Temporary Equity
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<div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-right: 0px; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Note 16 &#8211; Temporary Equity </div></div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-right: 0px;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Prior to our IPO in May 2019, our </div>common stock<div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> was considered redeemable under GAAP because of certain repurchase obligations related to the Mayville Engineering Company, Inc. ESOP. As a result, all common shares were recorded as temporary equity (redeemable common shares) on the consolidated balance sheets at their redemption value as of the respective balance sheet dates. 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CY2019Q2 mec Net Income Loss Post Ipo
NetIncomeLossPostIPO
-15681000

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