$MEC
Mayville Engineering Company, Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022007093 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $136.3M $113.0M $112.6M
YoY Change 20.98% 18.49% 3.7%
Cost Of Revenue $121.4M $103.6M $97.84M
YoY Change 24.04% 22.9% 1.12%
Gross Profit $14.88M $9.409M $14.78M
YoY Change 0.72% -15.06% 24.77%
Gross Profit Margin 10.92% 8.33% 13.12%
Selling, General & Admin $8.763M $7.706M $8.000M
YoY Change 9.54% -1.21% 5.26%
% of Gross Profit 58.88% 81.9% 54.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.468M $8.233M $5.074M
YoY Change 7.77% 6.1% -9.44%
% of Gross Profit 36.74% 87.5% 34.34%
Operating Expenses $10.50M $10.38M $10.80M
YoY Change -2.77% -1.12% 5.88%
Operating Profit $5.564M -$973.0K $4.066M
YoY Change 36.84% -275.0% 159.48%
Interest Expense $567.0K -$441.0K $532.0K
YoY Change 6.58% -179.03% -35.59%
% of Operating Profit 10.19% 13.08%
Other Income/Expense, Net
YoY Change
Pretax Income $4.997M -$17.57M $3.534M
YoY Change 41.4% 878150.0% 376.92%
Income Tax $1.175M -$4.002M $989.0K
% Of Pretax Income 23.51% 27.99%
Net Earnings $3.822M -$13.56M $2.545M
YoY Change 50.18% -1496.81% 4990.0%
Net Earnings / Revenue 2.81% -12.01% 2.26%
Basic Earnings Per Share $0.19 $0.13
Diluted Earnings Per Share $0.19 -$662.9K $0.12
COMMON SHARES
Basic Shares Outstanding 20.40M 20.18M
Diluted Shares Outstanding 20.55M 20.67M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.0K $118.0K $100.0K
YoY Change 20.0% 18.0% -99.23%
Cash & Equivalents $120.0K $118.0K $124.0K
Short-Term Investments
Other Short-Term Assets $3.188M $2.924M $2.100M
YoY Change 51.81% 12.46% -12.5%
Inventory $72.30M $70.16M $45.96M
Prepaid Expenses
Receivables $72.40M $55.42M $56.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $153.2M $132.6M $107.6M
YoY Change 42.38% 48.54% -5.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.136M $120.7M $106.8M
YoY Change -98.94% 13.18% -14.39%
Goodwill $71.54M $71.54M $71.54M
YoY Change 0.0% 0.0%
Intangibles $49.02M $50.76M $58.79M
YoY Change -16.61% -17.42%
Long-Term Investments
YoY Change
Other Assets $3.472M $3.865M $6.600M
YoY Change -47.39% 11.64% 560.0%
Total Long-Term Assets $290.2M $246.9M $246.2M
YoY Change 17.89% -0.95% -7.72%
TOTAL ASSETS
Total Short-Term Assets $153.2M $132.6M $107.6M
Total Long-Term Assets $290.2M $246.9M $246.2M
Total Assets $443.4M $379.5M $353.8M
YoY Change 25.34% 12.09% -7.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.83M $50.12M $41.10M
YoY Change 45.56% 49.63% 23.05%
Accrued Expenses $15.92M $13.97M $13.70M
YoY Change 16.21% 5.06% 50.55%
Deferred Revenue $3.383M $2.718M $1.012M
YoY Change 234.29% 156.42% -18.52%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $320.0K $315.0K $600.0K
YoY Change -46.67% -47.5% 0.0%
Total Short-Term Liabilities $88.79M $77.37M $61.30M
YoY Change 44.84% 46.7% 32.97%
LONG-TERM LIABILITIES
Long-Term Debt $84.14M $68.50M $48.40M
YoY Change 73.85% 44.82% -46.4%
Other Long-Term Liabilities $2.096M $2.462M $25.20M
YoY Change -91.68% 2362.0% 3.28%
Total Long-Term Liabilities $2.096M $2.462M $73.60M
YoY Change -97.15% 2362.0% -35.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $88.79M $77.37M $61.30M
Total Long-Term Liabilities $2.096M $2.462M $73.60M
Total Liabilities $240.4M $181.2M $147.2M
YoY Change 63.29% 31.61% -16.22%
SHAREHOLDERS EQUITY
Retained Earnings $11.37M $7.547M $17.54M
YoY Change -35.19% -49.68%
Common Stock $198.4M $197.2M $193.3M
YoY Change 2.65% 3.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $203.1M $198.3M $206.5M
YoY Change
Total Liabilities & Shareholders Equity $443.4M $379.5M $353.8M
YoY Change 25.34% 12.09% -7.05%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $3.822M -$13.56M $2.545M
YoY Change 50.18% -1496.81% 4990.0%
Depreciation, Depletion And Amortization $5.468M $8.233M $5.074M
YoY Change 7.77% 6.1% -9.44%
Cash From Operating Activities -$425.0K $1.664M $4.194M
YoY Change -110.13% -90.34% 59.29%
INVESTING ACTIVITIES
Capital Expenditures $12.98M -$12.72M $5.559M
YoY Change 133.48% 421.35% 133.96%
Acquisitions
YoY Change
Other Investing Activities $359.0K $0.00 $300.0K
YoY Change 19.67% -100.0% 200.0%
Cash From Investing Activities -$12.62M -$12.72M -$5.255M
YoY Change 140.15% 443.63% 131.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.323M
YoY Change
Debt Paid & Issued, Net $272.0K
YoY Change
Cash From Financing Activities 13.05M 11.05M 1.064M
YoY Change 1126.22% -174.25% -91.58%
NET CHANGE
Cash From Operating Activities -425.0K 1.664M 4.194M
Cash From Investing Activities -12.62M -12.72M -5.255M
Cash From Financing Activities 13.05M 11.05M 1.064M
Net Change In Cash 2.000K -9.000K 3.000K
YoY Change -33.33% -190.0% -99.98%
FREE CASH FLOW
Cash From Operating Activities -$425.0K $1.664M $4.194M
Capital Expenditures $12.98M -$12.72M $5.559M
Free Cash Flow -$13.40M $14.38M -$1.365M
YoY Change 881.98% -26.87% -631.13%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 6pt 0pt;">Note 8. Contingencies</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt;">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’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.</p>
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