$MEC
Mayville Engineering Company Inc

2023 Q4 Form 10-Q Financial Statement

#000155837023017215 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $148.6M $158.2M
YoY Change 15.6% 16.1%
Cost Of Revenue $130.4M $139.2M
YoY Change 12.84% 15.22%
Gross Profit $18.21M $19.02M
YoY Change 40.24% 23.0%
Gross Profit Margin 12.26% 12.02%
Selling, General & Admin $10.76M $10.50M
YoY Change 27.43% 60.38%
% of Gross Profit 59.11% 55.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.582M $7.434M
YoY Change 23.56% 38.51%
% of Gross Profit 52.62% 39.09%
Operating Expenses $12.86M $12.60M
YoY Change 26.23% 52.08%
Operating Profit $5.354M $5.893M
YoY Change 91.15% -33.91%
Interest Expense -$3.559M $3.907M
YoY Change 192.44% 370.72%
% of Operating Profit -66.47% 66.3%
Other Income/Expense, Net
YoY Change
Pretax Income $1.795M $1.986M
YoY Change 13.32% -75.44%
Income Tax -$432.0K $554.0K
% Of Pretax Income -24.07% 27.9%
Net Earnings $2.227M $1.432M
YoY Change -6.47% -78.29%
Net Earnings / Revenue 1.5% 0.91%
Basic Earnings Per Share $0.07
Diluted Earnings Per Share $0.11 $0.07
COMMON SHARES
Basic Shares Outstanding 20.31M 20.39M
Diluted Shares Outstanding 20.62M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $672.0K $2.300M
YoY Change 429.13% 1953.57%
Cash & Equivalents $672.0K $2.305M
Short-Term Investments
Other Short-Term Assets $3.267M $4.500M
YoY Change -7.42% 13.52%
Inventory $67.78M $73.31M
Prepaid Expenses
Receivables $57.45M $72.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $134.6M $157.9M
YoY Change -4.73% 3.11%
LONG-TERM ASSETS
Property, Plant & Equipment $175.7M $178.0M
YoY Change 20.56% 29.74%
Goodwill $92.65M $92.65M
YoY Change 29.52% 29.52%
Intangibles $58.67M $60.76M
YoY Change 33.92% 33.4%
Long-Term Investments
YoY Change
Other Assets $2.743M $2.705M
YoY Change 36.67% 40.23%
Total Long-Term Assets $362.0M $366.9M
YoY Change 20.97% 24.97%
TOTAL ASSETS
Total Short-Term Assets $134.6M $157.9M
Total Long-Term Assets $362.0M $366.9M
Total Assets $496.7M $524.8M
YoY Change 12.73% 17.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.53M $53.37M
YoY Change -13.42% -11.2%
Accrued Expenses $14.83M $15.60M
YoY Change -60.0% -58.73%
Deferred Revenue $3.635M $5.066M
YoY Change -40.81% -16.49%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $941.0K $500.0K
YoY Change 142.53% 53.37%
Total Short-Term Liabilities $71.71M $81.46M
YoY Change -30.0% -26.61%
LONG-TERM LIABILITIES
Long-Term Debt $147.5M $170.8M
YoY Change 101.99% 139.31%
Other Long-Term Liabilities $2.453M $3.066M
YoY Change 106.31% 127.28%
Total Long-Term Liabilities $2.453M $3.066M
YoY Change 106.31% 127.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.71M $81.46M
Total Long-Term Liabilities $2.453M $3.066M
Total Liabilities $266.7M $297.8M
YoY Change 19.74% 28.27%
SHAREHOLDERS EQUITY
Retained Earnings $34.12M $31.89M
YoY Change 29.85% 33.47%
Common Stock $205.4M $204.7M
YoY Change 2.2% 2.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $230.0M $227.0M
YoY Change
Total Liabilities & Shareholders Equity $496.7M $524.8M
YoY Change 12.73% 17.48%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $2.227M $1.432M
YoY Change -6.47% -78.29%
Depreciation, Depletion And Amortization $9.582M $7.434M
YoY Change 23.56% 38.51%
Cash From Operating Activities $26.67M $19.57M
YoY Change 39.54% 11.0%
INVESTING ACTIVITIES
Capital Expenditures $6.784M $3.490M
YoY Change -65.74% -128.02%
Acquisitions
YoY Change
Other Investing Activities $306.0K -$87.99M
YoY Change 48.54% -3608.37%
Cash From Investing Activities -$6.478M -$91.48M
YoY Change -66.94% 819.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -21.82M -15.89M
YoY Change -4464.4% 107.04%
NET CHANGE
Cash From Operating Activities 26.67M 19.57M
Cash From Investing Activities -6.478M -91.48M
Cash From Financing Activities -21.82M -15.89M
Net Change In Cash -1.633M -87.80M
YoY Change -10986.67% -1254385.71%
FREE CASH FLOW
Cash From Operating Activities $26.67M $19.57M
Capital Expenditures $6.784M $3.490M
Free Cash Flow $19.88M $16.08M
YoY Change -2977.42% -46.56%

Facts In Submission

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dei Entity Registrant Name
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Mayville Engineering Company, Inc.
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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dei Security12b Title
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InventoryNet
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us-gaap Depreciation
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mec Purchase Commitments Property Plant And Equipment Canceled
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mec Property Plant And Equipment Sale Value
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AmortizationOfIntangibleAssets
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CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
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us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
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FinanceLeaseInterestExpense
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FinanceLeaseInterestExpense
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FinanceLeaseCost
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FinanceLeaseCost
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mec Finance Lease Cost
FinanceLeaseCost
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mec Finance Lease Cost
FinanceLeaseCost
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CY2022Q3 us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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CY2022Q3 us-gaap Sublease Income
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us-gaap Sublease Income
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us-gaap Sublease Income
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CY2023Q3 us-gaap Lease Cost
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CY2022Q3 us-gaap Lease Cost
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us-gaap Finance Lease Interest Payment On Liability
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mec Defined Contribution Plan Employer Match Amount
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CY2022Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2022Q3 us-gaap Net Income Loss
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us-gaap Loss Contingency Disclosures
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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 9. 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 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 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 0pt 18pt 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>
CY2022Q3 mec Gain Contingency Pending Claims Number
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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.
CY2023Q3 us-gaap Deferred Compensation Cash Based Arrangements Liability Current
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CY2022Q4 us-gaap Deferred Compensation Cash Based Arrangements Liability Current
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CY2022Q4 us-gaap Deferred Compensation Cashbased Arrangements Liability Classified Noncurrent
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us-gaap Deferred Compensation Arrangement With Individual Distribution Paid
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us-gaap Deferred Compensation Arrangement With Individual Distribution Paid
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CY2023Q3 mec Health Care Plan Expense
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CY2022Q3 mec Health Care Plan Expense
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mec Health Care Plan Expense
HealthCarePlanExpense
15508000
mec Health Care Plan Expense
HealthCarePlanExpense
12124000
CY2023Q3 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
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1522000
CY2022Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20644915
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20545983
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CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.80
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
7938000
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6141000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
2274000
mec Contract With Customer Liability Net Activity Amount
ContractWithCustomerLiabilityNetActivityAmount
-1075000
CY2023Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
5664000
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
5066000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
158217000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
136276000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
439843000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
410865000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
158217000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
136276000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
439843000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
410865000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1299713
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
10.51
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y8M15D
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1336000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
141000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3756000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2855000
mec Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriod
2025-07-19
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2789000
CY2023Q1 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
6145000
CY2023Q1 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
294000
CY2023Q1 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1066000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7574000
CY2023Q2 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
785000
CY2023Q2 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
48000
CY2023Q2 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1354000
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6957000
CY2023Q3 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
20000
CY2023Q3 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
50000
CY2023Q3 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1336000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
5591000
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000

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