$MEC
Mayville Engineering Company Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023007805 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $139.0M $142.6M
YoY Change 0.46% 4.69%
Cost Of Revenue $122.9M $126.3M
YoY Change 2.34% 4.04%
Gross Profit $16.09M $16.38M
YoY Change -11.85% 10.05%
Gross Profit Margin 11.58% 11.48%
Selling, General & Admin $10.08M $9.969M
YoY Change 12.87% 13.76%
% of Gross Profit 62.65% 60.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.011M $6.142M
YoY Change 45.47% 12.33%
% of Gross Profit 49.77% 37.5%
Operating Expenses $11.82M $11.71M
YoY Change 10.78% 11.48%
Operating Profit $4.273M $4.670M
YoY Change -49.68% -16.07%
Interest Expense -$1.968M $1.658M
YoY Change -357.25% 192.42%
% of Operating Profit -46.06% 35.5%
Other Income/Expense, Net
YoY Change
Pretax Income $2.089M $3.012M
YoY Change -72.96% -39.72%
Income Tax $475.0K $441.0K
% Of Pretax Income 22.74% 14.64%
Net Earnings $1.614M $2.571M
YoY Change -72.78% -32.73%
Net Earnings / Revenue 1.16% 1.8%
Basic Earnings Per Share $0.08 $0.13
Diluted Earnings Per Share $0.08 $0.12
COMMON SHARES
Basic Shares Outstanding 20.47M 20.17M
Diluted Shares Outstanding 20.83M 20.75M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.13M $126.0K
YoY Change 85733.33% 5.0%
Cash & Equivalents $90.13M $126.0K
Short-Term Investments
Other Short-Term Assets $4.360M $3.470M
YoY Change -4.8% 8.85%
Inventory $74.66M $68.95M
Prepaid Expenses
Receivables $69.07M $74.24M
Other Receivables $0.00 $0.00
Total Short-Term Assets $238.2M $154.8M
YoY Change 53.36% 1.06%
LONG-TERM ASSETS
Property, Plant & Equipment $175.3M $143.0M
YoY Change 35.32% 12484.15%
Goodwill $71.54M $71.54M
YoY Change 0.0% 0.0%
Intangibles $40.33M $42.07M
YoY Change -14.7% -14.18%
Long-Term Investments
YoY Change
Other Assets $3.273M $1.749M
YoY Change -6.41% -49.63%
Total Long-Term Assets $290.4M $293.2M
YoY Change -0.19% 1.01%
TOTAL ASSETS
Total Short-Term Assets $238.2M $154.8M
Total Long-Term Assets $290.4M $293.2M
Total Assets $528.6M $448.0M
YoY Change 18.45% 1.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.35M $52.38M
YoY Change -10.78% -12.45%
Accrued Expenses $15.02M $31.15M
YoY Change -60.82% 95.67%
Deferred Revenue $5.541M $5.694M
YoY Change 4.23% 68.31%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.71M $96.17M
YoY Change -28.78% 8.32%
LONG-TERM LIABILITIES
Long-Term Debt $177.9M $81.58M
YoY Change 131.72% -3.05%
Other Long-Term Liabilities $33.88M $895.0K
YoY Change 1863.77% -57.3%
Total Long-Term Liabilities $211.8M $895.0K
YoY Change 12179.3% -57.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.71M $96.17M
Total Long-Term Liabilities $211.8M $895.0K
Total Liabilities $303.2M $224.7M
YoY Change 28.59% -6.53%
SHAREHOLDERS EQUITY
Retained Earnings $30.46M $28.85M
YoY Change 76.08% 153.72%
Common Stock $203.4M $202.0M
YoY Change 1.76% 1.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $225.4M $223.3M
YoY Change
Total Liabilities & Shareholders Equity $528.6M $448.0M
YoY Change 18.45% 1.03%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $1.614M $2.571M
YoY Change -72.78% -32.73%
Depreciation, Depletion And Amortization $8.011M $6.142M
YoY Change 45.47% 12.33%
Cash From Operating Activities $178.0K -$6.043M
YoY Change -98.9% 1321.88%
INVESTING ACTIVITIES
Capital Expenditures $3.912M $2.408M
YoY Change -129.26% -81.45%
Acquisitions
YoY Change
Other Investing Activities $0.00 $153.0K
YoY Change -100.0% -57.38%
Cash From Investing Activities -$3.912M -$2.255M
YoY Change -53.99% -82.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $286.0K
YoY Change 5.15%
Cash From Financing Activities 93.73M 8.297M
YoY Change -1329.93% -36.41%
NET CHANGE
Cash From Operating Activities 178.0K -6.043M
Cash From Investing Activities -3.912M -2.255M
Cash From Financing Activities 93.73M 8.297M
Net Change In Cash 90.00M -1.000K
YoY Change -600093.33% -150.0%
FREE CASH FLOW
Cash From Operating Activities $178.0K -$6.043M
Capital Expenditures $3.912M $2.408M
Free Cash Flow -$3.734M -$8.451M
YoY Change -112.67% -36.95%

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;">On August 4, 2022, the Company filed a lawsuit against Peloton Interactive, Inc. (“Peloton”) in the Supreme Court of 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 originally asserted two claims (1) breach and anticipatory repudiation of contract and (2) breach of the duty of </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">good faith and fair dealing (pleaded in the alternative). In January 2023, in response to Peloton’s motion to dismiss, the court allowed the first claim to proceed and dismissed the alternative claim. In the remaining claim, 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. 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 this claim 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 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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CY2023Q1 us-gaap Deferred Compensation Arrangement With Individual Description
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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.
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CY2023Q1 mec Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period
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CY2023Q1 mec Unrecognized Stock Based Compensation Expense Grants
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CY2023Q1 mec Unrecognized Stock Based Compensation Expense Forfeitures
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