$MEC
Mayville Engineering Company, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022015959 Filed on November 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $128.5M $136.3M $109.0M
YoY Change 13.77% 25.0% 19.7%
Cost Of Revenue $115.5M $120.8M $96.74M
YoY Change 11.56% 24.89% 18.93%
Gross Profit $12.99M $15.46M $12.28M
YoY Change 38.02% 25.9% 26.17%
Gross Profit Margin 10.1% 11.35% 11.27%
Selling, General & Admin $8.447M $6.547M $7.368M
YoY Change 9.62% -11.14% 8.35%
% of Gross Profit 65.05% 42.34% 59.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.755M $5.367M $7.961M
YoY Change -5.81% -32.58% 0.9%
% of Gross Profit 59.72% 34.71% 64.81%
Operating Expenses $10.19M $8.285M $10.04M
YoY Change -1.9% -17.52% 5.74%
Operating Profit $2.801M $8.916M $864.0K
YoY Change -387.87% 931.94% 208.57%
Interest Expense -$1.217M $830.0K $526.0K
YoY Change 175.96% 57.79% -18.7%
% of Operating Profit -43.45% 9.31% 60.88%
Other Income/Expense, Net
YoY Change
Pretax Income $1.584M $8.086M $338.0K
YoY Change -109.02% 2292.31% -192.1%
Income Tax -$797.0K $1.490M $63.00K
% Of Pretax Income -50.32% 18.43% 18.64%
Net Earnings $2.381M $6.596M $275.0K
YoY Change -117.56% 2298.55% -125.0%
Net Earnings / Revenue 1.85% 4.84% 0.25%
Basic Earnings Per Share $0.32 $0.01
Diluted Earnings Per Share $0.11 $0.32 $13.12K
COMMON SHARES
Basic Shares Outstanding 20.17M 20.53M 20.52M
Diluted Shares Outstanding 20.39M 20.96M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.0K $112.0K $127.0K
YoY Change 7.63% -11.81% 27.0%
Cash & Equivalents $127.0K $112.0K $127.0K
Short-Term Investments
Other Short-Term Assets $3.529M $3.964M $3.066M
YoY Change 20.69% 29.29% 13.56%
Inventory $71.71M $74.92M $62.91M
Prepaid Expenses
Receivables $58.00M $67.41M $58.84M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $141.3M $153.1M $128.4M
YoY Change 6.59% 19.25% 37.9%
LONG-TERM ASSETS
Property, Plant & Equipment $145.8M $137.2M $120.2M
YoY Change 20.73% 14.2% 8.63%
Goodwill $71.54M $71.54M $71.54M
YoY Change 0.0% 0.0%
Intangibles $43.81M $45.55M $53.44M
YoY Change -13.7% -14.77%
Long-Term Investments
YoY Change
Other Assets $2.007M $1.929M $3.595M
YoY Change -48.07% -46.34% -21.85%
Total Long-Term Assets $299.3M $293.6M $250.8M
YoY Change 21.21% 17.06% 0.01%
TOTAL ASSETS
Total Short-Term Assets $141.3M $153.1M $128.4M
Total Long-Term Assets $299.3M $293.6M $250.8M
Total Assets $440.6M $446.7M $379.2M
YoY Change 16.1% 17.8% 10.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.74M $60.10M $49.81M
YoY Change 7.21% 20.64% 80.49%
Accrued Expenses $37.07M $37.80M $15.00M
YoY Change 165.28% 152.02% 27.09%
Deferred Revenue $6.141M $6.066M $2.472M
YoY Change 125.94% 145.39% 40.94%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $388.0K $326.0K $648.0K
YoY Change 23.17% -49.69% 8.0%
Total Short-Term Liabilities $102.4M $111.0M $72.38M
YoY Change 32.41% 53.35% 62.33%
LONG-TERM LIABILITIES
Long-Term Debt $73.02M $71.37M $56.29M
YoY Change 6.6% 26.79% -9.5%
Other Long-Term Liabilities $1.189M $1.349M $25.47M
YoY Change -51.71% -94.7% 25373.0%
Total Long-Term Liabilities $1.189M $1.349M $81.76M
YoY Change -51.71% -98.35% 81663.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $102.4M $111.0M $72.38M
Total Long-Term Liabilities $1.189M $1.349M $81.76M
Total Liabilities $222.7M $232.1M $167.1M
YoY Change 22.91% 38.94% 273.85%
SHAREHOLDERS EQUITY
Retained Earnings $26.27M $23.89M
YoY Change 248.14%
Common Stock $200.9M $200.0M
YoY Change 1.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $217.9M $214.6M $212.1M
YoY Change
Total Liabilities & Shareholders Equity $440.6M $446.7M $379.2M
YoY Change 16.1% 17.8% 10.25%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $2.381M $6.596M $275.0K
YoY Change -117.56% 2298.55% -125.0%
Depreciation, Depletion And Amortization $7.755M $5.367M $7.961M
YoY Change -5.81% -32.58% 0.9%
Cash From Operating Activities $19.11M $17.63M -$5.437M
YoY Change 1048.5% -424.28% -133.6%
INVESTING ACTIVITIES
Capital Expenditures $19.80M -$12.46M -$9.602M
YoY Change -255.66% 29.73% 464.82%
Acquisitions
YoY Change
Other Investing Activities $206.0K $2.508M $4.934M
YoY Change -49.17% 3189.33%
Cash From Investing Activities -$19.60M -$9.949M -$4.668M
YoY Change 54.04% 113.13% 203.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 500.0K -7.675M 10.11M
YoY Change -95.47% -175.89% -169.08%
NET CHANGE
Cash From Operating Activities 19.11M 17.63M -5.437M
Cash From Investing Activities -19.60M -9.949M -4.668M
Cash From Financing Activities 500.0K -7.675M 10.11M
Net Change In Cash 15.00K 7.000K 8.000K
YoY Change -266.67% -12.5%
FREE CASH FLOW
Cash From Operating Activities $19.11M $17.63M -$5.437M
Capital Expenditures $19.80M -$12.46M -$9.602M
Free Cash Flow -$691.0K $30.09M $4.165M
YoY Change -104.8% 622.4% -76.71%

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CY2021Q4 us-gaap Property Plant And Equipment Net
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us-gaap Depreciation
Depreciation
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us-gaap Amortization Of Intangible Assets
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CY2022Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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us-gaap Finance Lease Right Of Use Asset Amortization
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CY2022Q3 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Short Term Lease Cost
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CY2022Q3 us-gaap Variable Lease Cost
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CY2022Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2022Q3 mec Lessee Lease Liability To Be Paid Year Three
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CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Three
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CY2022Q3 mec Lessee Lease Liability To Be Paid Year Five
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<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 0pt 12pt 0pt;">On August 4, 2022, the Company filed a lawsuit against Peloton Interactive, Inc. (“Peloton”) in the Supreme Court for the State of New York, New York County. The lawsuit arises from a March 2021 Supply Agreement between the parties, pursuant to which MEC was to manufacture and supply custom component parts for Peloton’s exercise bikes (the “Manufacturing Project”). In the lawsuit, the Company asserts two claims (1) breach and anticipatory repudiation of contract and (2) breach of the duty of good faith and fair dealing (pleaded in the alternative). MEC asserts that Peloton breached and anticipatorily repudiated the Supply Agreement by unilaterally cancelling the Manufacturing Project, and refusing to pay MEC certain monthly fixed revenue payments owed under the terms of the Supply Agreement. In the alternative, the Company alleges that Peloton breached the duty of good faith and fair dealing implied into the Supply Agreement by refusing to reimburse the Company for certain fixed costs and expenses that MEC incurred in connection with the Manufacturing Project. The total amount for damages claimed is substantial but the amount and timing of the ultimate recovery is uncertain. As a result, any recovery from this litigation or settlement of these claims is a contingent gain and will be recognized if, and when, realized or realizable.</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 also be involved in various claims and lawsuits, both for and against the Company, arising in the normal course of business. Although the results of any such 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>
CY2022Q3 mec Gain Contingency Pending Claims Number
GainContingencyPendingClaimsNumber
2
us-gaap Deferred Compensation Arrangement With Individual Description
DeferredCompensationArrangementWithIndividualDescription
The Mayville Engineering Company Deferred Compensation Plan is available for certain employees designated to be eligible to participate by the Company and approved by the Board of Directors.
CY2022Q3 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
3976000
CY2021Q3 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
5513000
mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
12124000
mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
12524000
CY2022Q3 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1873000
CY2021Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1471000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
6596000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
275000
us-gaap Net Income Loss
NetIncomeLoss
16346000
us-gaap Net Income Loss
NetIncomeLoss
6112000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20390221
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20520985
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20457001
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20385732
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.32
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.80
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.30
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20390221
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20520985
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
88982
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
426650
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20394386
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20961470
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20545983
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20812382
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.80
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
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
-2745000
mec Contract With Customer Liability Net Activity Amount
ContractWithCustomerLiabilityNetActivityAmount
3348000
CY2022Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
6695000
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6066000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
136276000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
109018000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
410865000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
341851000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1107714
CY2022Q3 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
P7Y5M19D
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
141000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1182000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2855000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3771000
mec Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriod
2025-07-19
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
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
CY2022Q3 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
669000
CY2022Q3 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
3581000
CY2022Q3 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
141000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3738000

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