$MEC
Mayville Engineering Company, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024007250 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $163.6M $161.3M
YoY Change 17.74% 13.06%
Cost Of Revenue $141.4M $140.3M
YoY Change 15.03% 11.14%
Gross Profit $22.28M $20.93M
YoY Change 38.41% 27.82%
Gross Profit Margin 13.61% 12.98%
Selling, General & Admin $12.39M $11.57M
YoY Change 22.91% 16.05%
% of Gross Profit 55.64% 55.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.658M $7.521M
YoY Change -4.41% 22.45%
% of Gross Profit 34.38% 35.93%
Operating Expenses $14.13M $13.30M
YoY Change 19.5% 13.62%
Operating Profit $8.150M $7.631M
YoY Change 90.73% 63.4%
Interest Expense -$2.969M $3.356M
YoY Change 50.86% 102.41%
% of Operating Profit -36.43% 43.98%
Other Income/Expense, Net
YoY Change
Pretax Income $5.181M $4.275M
YoY Change 148.01% 41.93%
Income Tax $1.399M $1.034M
% Of Pretax Income 27.0% 24.19%
Net Earnings $3.782M $3.241M
YoY Change 134.32% 26.06%
Net Earnings / Revenue 2.31% 2.01%
Basic Earnings Per Share $0.18 $0.16
Diluted Earnings Per Share $0.18 $0.16
COMMON SHARES
Basic Shares Outstanding 20.53M 20.36M
Diluted Shares Outstanding 21.03M 20.70M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $314.0K $314.0K
YoY Change -99.65% 149.21%
Cash & Equivalents $314.0K $314.0K
Short-Term Investments
Other Short-Term Assets $5.155M $3.523M
YoY Change 18.23% 1.53%
Inventory $60.82M $66.11M
Prepaid Expenses
Receivables $73.93M $75.56M
Other Receivables $0.00 $0.00
Total Short-Term Assets $140.2M $145.5M
YoY Change -41.14% -6.02%
LONG-TERM ASSETS
Property, Plant & Equipment $168.8M $172.1M
YoY Change -3.71% 20.38%
Goodwill $92.65M $92.65M
YoY Change 29.52% 29.52%
Intangibles $55.20M $56.93M
YoY Change 36.86% 35.33%
Long-Term Investments
YoY Change
Other Assets $1.463M $1.698M
YoY Change -55.3% -2.92%
Total Long-Term Assets $347.9M $354.4M
YoY Change 19.82% 20.88%
TOTAL ASSETS
Total Short-Term Assets $140.2M $145.5M
Total Long-Term Assets $347.9M $354.4M
Total Assets $488.2M $499.9M
YoY Change -7.65% 11.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.96M $54.46M
YoY Change 3.07% 3.97%
Accrued Expenses $15.34M $12.60M
YoY Change 2.16% -59.57%
Deferred Revenue $3.062M $3.097M
YoY Change -44.74% -45.61%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $81.83M $79.15M
YoY Change 3.97% -17.71%
LONG-TERM LIABILITIES
Long-Term Debt $122.1M $139.8M
YoY Change -31.4% 71.39%
Other Long-Term Liabilities $2.398M $2.340M
YoY Change -92.92% 161.45%
Total Long-Term Liabilities $2.398M $2.340M
YoY Change -98.87% 161.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.83M $79.15M
Total Long-Term Liabilities $2.398M $2.340M
Total Liabilities $250.1M $265.9M
YoY Change -17.53% 18.34%
SHAREHOLDERS EQUITY
Retained Earnings $41.14M $37.36M
YoY Change 35.07% 29.52%
Common Stock $207.5M $206.2M
YoY Change 1.98% 2.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $238.1M $234.0M
YoY Change
Total Liabilities & Shareholders Equity $488.2M $499.9M
YoY Change -7.65% 11.58%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $3.782M $3.241M
YoY Change 134.32% 26.06%
Depreciation, Depletion And Amortization $7.658M $7.521M
YoY Change -4.41% 22.45%
Cash From Operating Activities $23.28M $10.63M
YoY Change 12975.84% -275.82%
INVESTING ACTIVITIES
Capital Expenditures $4.099M $2.775M
YoY Change 4.78% 15.24%
Acquisitions
YoY Change
Other Investing Activities $0.00 $107.0K
YoY Change -30.07%
Cash From Investing Activities -$4.099M -$2.668M
YoY Change 4.78% 18.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $195.0K
YoY Change -31.82%
Cash From Financing Activities -19.18M -8.315M
YoY Change -120.46% -200.22%
NET CHANGE
Cash From Operating Activities 23.28M 10.63M
Cash From Investing Activities -4.099M -2.668M
Cash From Financing Activities -19.18M -8.315M
Net Change In Cash 0.000 -358.0K
YoY Change -100.0% 35700.0%
FREE CASH FLOW
Cash From Operating Activities $23.28M $10.63M
Capital Expenditures $4.099M $2.775M
Free Cash Flow $19.18M $7.850M
YoY Change -613.55% -192.89%

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 9. Commitments and contingencies</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Litigation</span></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 parties cross-appealed the court’s order on the motion to dismiss – Peloton appealed the portion of the order that denied the motion to dismiss the claim for breach and anticipatory repudiation of contract and MEC appealed the portion of the order that dismissed the claim for breach of duty of good faith and fair dealing. On April 11, 2024, the First Department, Appellate Division issued a decision and order affirming the court’s order on the motion to dismiss and affirming the court’s dismissal of the alternate claim of good faith and fair dealing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">On November 3, 2023, Peloton filed a counterclaim alleging that Peloton was induced by fraud to enter into the Supply Agreement and seeking recission of the Supply Agreement and damages, among other forms of relief. On November 22, 2023, the Company answered Peloton’s counterclaim, denying the allegations in the counterclaim. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">The total amount for damages claimed by MEC 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>
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CY2024Q1 us-gaap Deferred Compensation Arrangement With Individual Description
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