$MEC
Mayville Engineering Company Inc

2024 Q3 Form 10-Q Financial Statement

#000155837024011270 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $163.6M
YoY Change 17.74%
Cost Of Revenue $141.4M
YoY Change 15.03%
Gross Profit $22.28M
YoY Change 38.41%
Gross Profit Margin 13.61%
Selling, General & Admin $12.39M
YoY Change 22.91%
% of Gross Profit 55.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.658M
YoY Change -4.41%
% of Gross Profit 34.38%
Operating Expenses $14.13M
YoY Change 19.5%
Operating Profit $8.150M
YoY Change 90.73%
Interest Expense -$2.969M
YoY Change 50.86%
% of Operating Profit -36.43%
Other Income/Expense, Net
YoY Change
Pretax Income $5.181M
YoY Change 148.01%
Income Tax $1.399M
% Of Pretax Income 27.0%
Net Earnings $3.782M
YoY Change 134.32%
Net Earnings / Revenue 2.31%
Basic Earnings Per Share $0.18
Diluted Earnings Per Share $0.18
COMMON SHARES
Basic Shares Outstanding 20.62M 20.53M
Diluted Shares Outstanding 21.03M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $314.0K
YoY Change -99.65%
Cash & Equivalents $314.0K
Short-Term Investments
Other Short-Term Assets $5.155M
YoY Change 18.23%
Inventory $60.82M
Prepaid Expenses
Receivables $73.93M
Other Receivables $0.00
Total Short-Term Assets $140.2M
YoY Change -41.14%
LONG-TERM ASSETS
Property, Plant & Equipment $168.8M
YoY Change -3.71%
Goodwill $92.65M
YoY Change 29.52%
Intangibles $55.20M
YoY Change 36.86%
Long-Term Investments
YoY Change
Other Assets $1.463M
YoY Change -55.3%
Total Long-Term Assets $347.9M
YoY Change 19.82%
TOTAL ASSETS
Total Short-Term Assets $140.2M
Total Long-Term Assets $347.9M
Total Assets $488.2M
YoY Change -7.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.96M
YoY Change 3.07%
Accrued Expenses $15.34M
YoY Change 2.16%
Deferred Revenue $3.062M
YoY Change -44.74%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $81.83M
YoY Change 3.97%
LONG-TERM LIABILITIES
Long-Term Debt $122.1M
YoY Change -31.4%
Other Long-Term Liabilities $2.398M
YoY Change -92.92%
Total Long-Term Liabilities $2.398M
YoY Change -98.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.83M
Total Long-Term Liabilities $2.398M
Total Liabilities $250.1M
YoY Change -17.53%
SHAREHOLDERS EQUITY
Retained Earnings $41.14M
YoY Change 35.07%
Common Stock $207.5M
YoY Change 1.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $238.1M
YoY Change
Total Liabilities & Shareholders Equity $488.2M
YoY Change -7.65%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $3.782M
YoY Change 134.32%
Depreciation, Depletion And Amortization $7.658M
YoY Change -4.41%
Cash From Operating Activities $23.28M
YoY Change 12975.84%
INVESTING ACTIVITIES
Capital Expenditures $4.099M
YoY Change 4.78%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$4.099M
YoY Change 4.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.18M
YoY Change -120.46%
NET CHANGE
Cash From Operating Activities 23.28M
Cash From Investing Activities -4.099M
Cash From Financing Activities -19.18M
Net Change In Cash 0.000
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities $23.28M
Capital Expenditures $4.099M
Free Cash Flow $19.18M
YoY Change -613.55%

Facts In Submission

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Mayville Engineering Company, Inc.
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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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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.
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
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mec Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period
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2027-06-17
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3817000
CY2024Q1 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
5846000
CY2024Q1 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
32000
CY2024Q1 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1157000
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
8474000
CY2024Q2 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
1115000
CY2024Q2 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
316000
CY2024Q2 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1338000
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7935000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-011270-index-headers.html Edgar Link pending
0001558370-24-011270-index.html Edgar Link pending
0001558370-24-011270.txt Edgar Link pending
0001558370-24-011270-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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tmb-20240630.xsd Edgar Link pending
tmb-20240630x10q.htm Edgar Link pending
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tmb-20240630_pre.xml Edgar Link unprocessable
tmb-20240630x10q_htm.xml Edgar Link completed