$MEC
Mayville Engineering Company, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022011790 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $136.3M $138.3M $136.3M
YoY Change 25.0% 15.08% 20.98%
Cost Of Revenue $120.8M $120.1M $121.4M
YoY Change 24.89% 15.54% 24.04%
Gross Profit $15.46M $18.26M $14.88M
YoY Change 25.9% 12.15% 0.72%
Gross Profit Margin 11.35% 13.2% 10.92%
Selling, General & Admin $6.547M $8.934M $8.763M
YoY Change -11.14% 1.52% 9.54%
% of Gross Profit 42.34% 48.93% 58.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.367M $5.507M $5.468M
YoY Change -32.58% 6.7% 7.77%
% of Gross Profit 34.71% 30.16% 36.74%
Operating Expenses $8.285M $10.67M $10.50M
YoY Change -17.52% -7.01% -2.77%
Operating Profit $8.916M $8.492M $5.564M
YoY Change 931.94% 76.81% 36.84%
Interest Expense $830.0K $765.0K $567.0K
YoY Change 57.79% 51.79% 6.58%
% of Operating Profit 9.31% 9.01% 10.19%
Other Income/Expense, Net
YoY Change
Pretax Income $8.086M $7.727M $4.997M
YoY Change 2292.31% 79.74% 41.4%
Income Tax $1.490M $1.798M $1.175M
% Of Pretax Income 18.43% 23.27% 23.51%
Net Earnings $6.596M $5.929M $3.822M
YoY Change 2298.55% 80.1% 50.18%
Net Earnings / Revenue 4.84% 4.29% 2.81%
Basic Earnings Per Share $0.32 $0.29 $0.19
Diluted Earnings Per Share $0.32 $0.29 $0.19
COMMON SHARES
Basic Shares Outstanding 20.53M 20.58M 20.40M
Diluted Shares Outstanding 20.39M 20.65M 20.55M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.0K $105.0K $120.0K
YoY Change -11.81% -11.76% 20.0%
Cash & Equivalents $112.0K $105.0K $120.0K
Short-Term Investments
Other Short-Term Assets $3.964M $4.580M $3.188M
YoY Change 29.29% 34.71% 51.81%
Inventory $74.92M $74.10M $72.30M
Prepaid Expenses
Receivables $67.41M $71.22M $72.40M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $153.1M $155.3M $153.2M
YoY Change 19.25% 35.17% 42.38%
LONG-TERM ASSETS
Property, Plant & Equipment $137.2M $129.5M $1.136M
YoY Change 14.2% 12.92% -98.94%
Goodwill $71.54M $71.54M $71.54M
YoY Change 0.0% 0.0% 0.0%
Intangibles $45.55M $47.29M $49.02M
YoY Change -14.77% -15.73% -16.61%
Long-Term Investments
YoY Change
Other Assets $1.929M $3.497M $3.472M
YoY Change -46.34% -48.09% -47.39%
Total Long-Term Assets $293.6M $291.0M $290.2M
YoY Change 17.06% 15.75% 17.89%
TOTAL ASSETS
Total Short-Term Assets $153.1M $155.3M $153.2M
Total Long-Term Assets $293.6M $291.0M $290.2M
Total Assets $446.7M $446.3M $443.4M
YoY Change 17.8% 21.84% 25.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.10M $58.68M $59.83M
YoY Change 20.64% 19.14% 45.56%
Accrued Expenses $37.80M $38.33M $15.92M
YoY Change 152.02% 145.99% 16.21%
Deferred Revenue $6.066M $5.316M $3.383M
YoY Change 145.39% 234.29%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $326.0K $323.0K $320.0K
YoY Change -49.69% -49.61% -46.67%
Total Short-Term Liabilities $111.0M $110.5M $88.79M
YoY Change 53.35% 55.98% 44.84%
LONG-TERM LIABILITIES
Long-Term Debt $71.37M $76.79M $84.14M
YoY Change 26.79% 68.44% 73.85%
Other Long-Term Liabilities $1.349M $1.725M $2.096M
YoY Change -94.7% -93.25% -91.68%
Total Long-Term Liabilities $1.349M $1.725M $2.096M
YoY Change -98.35% -97.58% -97.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.0M $110.5M $88.79M
Total Long-Term Liabilities $1.349M $1.725M $2.096M
Total Liabilities $232.1M $235.8M $240.4M
YoY Change 38.94% 52.15% 63.29%
SHAREHOLDERS EQUITY
Retained Earnings $23.89M $17.30M $11.37M
YoY Change -35.19%
Common Stock $200.0M $199.9M $198.4M
YoY Change 2.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $214.6M $210.5M $203.1M
YoY Change
Total Liabilities & Shareholders Equity $446.7M $446.3M $443.4M
YoY Change 17.8% 21.84% 25.34%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $6.596M $5.929M $3.822M
YoY Change 2298.55% 80.1% 50.18%
Depreciation, Depletion And Amortization $5.367M $5.507M $5.468M
YoY Change -32.58% 6.7% 7.77%
Cash From Operating Activities $17.63M $16.11M -$425.0K
YoY Change -424.28% 14.74% -110.13%
INVESTING ACTIVITIES
Capital Expenditures -$12.46M -$13.37M $12.98M
YoY Change 29.73% 17.03% 133.48%
Acquisitions
YoY Change
Other Investing Activities $2.508M $4.869M $359.0K
YoY Change -49.17% 4171.05% 19.67%
Cash From Investing Activities -$9.949M -$8.503M -$12.62M
YoY Change 113.13% -24.83% 140.15%
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 -7.675M -7.621M 13.05M
YoY Change -175.89% 180.18% 1126.22%
NET CHANGE
Cash From Operating Activities 17.63M 16.11M -425.0K
Cash From Investing Activities -9.949M -8.503M -12.62M
Cash From Financing Activities -7.675M -7.621M 13.05M
Net Change In Cash 7.000K -15.00K 2.000K
YoY Change -12.5% -287.5% -33.33%
FREE CASH FLOW
Cash From Operating Activities $17.63M $16.11M -$425.0K
Capital Expenditures -$12.46M -$13.37M $12.98M
Free Cash Flow $30.09M $29.48M -$13.40M
YoY Change 622.4% 15.77% 881.98%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:18pt 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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CY2021Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
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1471000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
5929000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
3292000
us-gaap Net Income Loss
NetIncomeLoss
9751000
us-gaap Net Income Loss
NetIncomeLoss
5837000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20581945
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20454541
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20490944
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20316936
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20581945
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20454541
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20490944
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20316936
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
68606
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
409990
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20650551
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20864531
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20807677
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20685741
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2022Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
5317000
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5316000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
138337000
CY2021Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3950000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2718000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
-1367000
mec Contract With Customer Liability Net Activity Amount
ContractWithCustomerLiabilityNetActivityAmount
2598000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
120213000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
274589000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
232833000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1107714
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
10.31
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y8M23D
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1456000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1388000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2714000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2588000
mec Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriod
2023-04-19
CY2022Q2 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
750000
CY2022Q2 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1456000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6791000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3213000
CY2022Q1 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
5580000
CY2022Q1 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
39000
CY2022Q1 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1257000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7497000

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