$MEC
Mayville Engineering Company, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020021596 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $108.6M $143.7M
YoY Change -24.44% 64.79%
Cost Of Revenue $96.76M $124.2M
YoY Change -22.06% 64.64%
Gross Profit $11.84M $19.58M
YoY Change -39.51% 65.78%
Gross Profit Margin 10.9% 13.62%
Selling, General & Admin $7.600M $10.00M
YoY Change -24.0% 81.82%
% of Gross Profit 64.17% 51.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.603M $7.650M
YoY Change -26.76% 53.25%
% of Gross Profit 47.31% 39.07%
Operating Expenses $10.20M $12.60M
YoY Change -19.05% 93.85%
Operating Profit $1.567M $6.060M
YoY Change -74.14% 12.98%
Interest Expense $826.0K $2.832M
YoY Change -70.83% 212.58%
% of Operating Profit 52.71% 46.73%
Other Income/Expense, Net $7.000K
YoY Change -12.5%
Pretax Income $741.0K $3.228M
YoY Change -77.04% -27.59%
Income Tax $691.0K $769.0K
% Of Pretax Income 93.25% 23.82%
Net Earnings $50.00K $2.459M
YoY Change -97.97% -44.49%
Net Earnings / Revenue 0.05% 1.71%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $186.6K
COMMON SHARES
Basic Shares Outstanding 19.53M
Diluted Shares Outstanding 19.53M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.00M $0.00
YoY Change
Cash & Equivalents $13.00M $28.00K
Short-Term Investments
Other Short-Term Assets $2.400M $2.600M
YoY Change -7.69%
Inventory $48.90M $53.48M
Prepaid Expenses
Receivables $49.40M $67.80M
Other Receivables $0.00 $0.00
Total Short-Term Assets $113.8M $126.5M
YoY Change -10.04%
LONG-TERM ASSETS
Property, Plant & Equipment $124.8M $125.6M
YoY Change -0.62%
Goodwill $70.53M
YoY Change
Intangibles $80.20M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $762.0K
YoY Change 31.23%
Total Long-Term Assets $266.8M $279.0M
YoY Change -4.36%
TOTAL ASSETS
Total Short-Term Assets $113.8M $126.5M
Total Long-Term Assets $266.8M $279.0M
Total Assets $380.6M $405.5M
YoY Change -6.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.40M $50.33M
YoY Change -33.63%
Accrued Expenses $9.100M $11.50M
YoY Change -20.87%
Deferred Revenue $1.242M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $10.55M
YoY Change -94.31%
Total Short-Term Liabilities $46.10M $87.45M
YoY Change -47.28%
LONG-TERM LIABILITIES
Long-Term Debt $90.30M $177.7M
YoY Change -49.18%
Other Long-Term Liabilities $24.40M $100.0K
YoY Change 24300.0%
Total Long-Term Liabilities $114.7M $100.0K
YoY Change 114600.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.10M $87.45M
Total Long-Term Liabilities $114.7M $100.0K
Total Liabilities $175.7M $300.0M
YoY Change -41.44%
SHAREHOLDERS EQUITY
Retained Earnings $29.30M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $57.66M
YoY Change
Treasury Stock Shares
Shareholders Equity $204.9M
YoY Change
Total Liabilities & Shareholders Equity $380.6M $405.5M
YoY Change -6.13%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $50.00K $2.459M
YoY Change -97.97% -44.49%
Depreciation, Depletion And Amortization $5.603M $7.650M
YoY Change -26.76% 53.25%
Cash From Operating Activities $2.633M -$1.500M
YoY Change -275.53% -189.66%
INVESTING ACTIVITIES
Capital Expenditures $2.376M $8.151M
YoY Change -70.85% 227.61%
Acquisitions
YoY Change
Other Investing Activities $100.0K $10.00K
YoY Change 900.0%
Cash From Investing Activities -$2.272M -$8.142M
YoY Change -72.1% 227.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.435M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.64M 6.580M
YoY Change 92.08% 751.23%
NET CHANGE
Cash From Operating Activities 2.633M -1.500M
Cash From Investing Activities -2.272M -8.142M
Cash From Financing Activities 12.64M 6.580M
Net Change In Cash 13.00M -3.061M
YoY Change -524.7% 7188.1%
FREE CASH FLOW
Cash From Operating Activities $2.633M -$1.500M
Capital Expenditures $2.376M $8.151M
Free Cash Flow $257.0K -$9.651M
YoY Change -102.66% 1084.17%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2019Q1 us-gaap Interest Expense
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CY2020Q1 us-gaap Loss Contingency Disclosures
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 10. Contingencies </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;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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The Mayville Engineering 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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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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757000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2094000
CY2020Q1 mec Description Of Conditions In Respect Of Long Term Cash Incentives To Eligible Participants
DescriptionOfConditionsInRespectOfLongTermCashIncentivesToEligibleParticipants
Prior to the IPO, the Company’s long-term incentive plan (LTIP) was available for any employee who had been designated to be eligible to participate by the Compensation Committee of the Board of Directors. Annually, the LTIP provided for long-term cash incentive awards to eligible participants based on the Company’s performance over a three-year performance period.
CY2020Q1 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1492000
CY2019Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1316000
CY2020Q1 mec Reinsurance Policy Retention To Limit Annual Aggregate Expense
ReinsurancePolicyRetentionToLimitAnnualAggregateExpense
5904000
CY2019Q1 mec Reinsurance Policy Retention To Limit Annual Aggregate Expense
ReinsurancePolicyRetentionToLimitAnnualAggregateExpense
5163000
CY2019Q2 us-gaap Stockholders Equity Note Changes In Capital Structure Retroactive Impact
StockholdersEquityNoteChangesInCapitalStructureRetroactiveImpact
On May 13, 2019 the Company issued a stock dividend specific to pre-IPO shares, of approximately 1,334.34-for-1. The share dividend was accounted for as a 1,334.34-for-1 stock split and is retroactively reflected in these consolidated financial statements. All share redemption provisions were removed effective with the IPO.
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
1589000
CY2020Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
1529000
CY2020Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3118000
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
914000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
328000
CY2020Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1242000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.412
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.012
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P2Y
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
0
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1582000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6797000
CY2020Q1 mec Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriod
2022-02-27
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
Black-Scholes option pricing model
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.84
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.50
CY2020Q1 us-gaap Share Price
SharePrice
7.12
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M

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