$MEC
Mayville Engineering Company, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020036903 Filed on August 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q4
Revenue $91.08M $62.58M $102.3M
YoY Change -29.13% -56.88% 11.92%
Cost Of Revenue $81.34M $63.74M $98.30M
YoY Change -28.61% -48.85% 21.3%
Gross Profit $9.735M -$1.154M $4.034M
YoY Change -33.18% -105.62% -61.2%
Gross Profit Margin 10.69% -1.84% 3.94%
Selling, General & Admin $6.800M $5.100M $6.000M
YoY Change -17.07% -85.22% -20.0%
% of Gross Profit 69.85% 148.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.890M $8.160M $8.350M
YoY Change -4.83% -6.31% 49.11%
% of Gross Profit 81.05% 206.99%
Operating Expenses $9.500M $7.800M $8.600M
YoY Change -13.64% -78.98% -3.37%
Operating Profit $280.0K -$8.902M -$4.612M
YoY Change -97.89% -46.54% -390.98%
Interest Expense $647.0K $637.0K $918.0K
YoY Change -34.45% -68.01% -27.94%
% of Operating Profit 231.07%
Other Income/Expense, Net
YoY Change
Pretax Income -$367.0K -$9.539M -$5.530M
YoY Change -102.99% -49.25% -6605.88%
Income Tax $733.0K -$2.525M -$3.857M
% Of Pretax Income
Net Earnings -$1.100M -$7.014M -$1.673M
YoY Change -111.29% -54.11% -383.56%
Net Earnings / Revenue -1.21% -11.21% -1.63%
Basic Earnings Per Share -$0.35
Diluted Earnings Per Share -$54.73K -$0.35 -$86.29K
COMMON SHARES
Basic Shares Outstanding 19.90M 19.74M
Diluted Shares Outstanding 20.08M 19.90M

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $100.0K $0.00
YoY Change
Cash & Equivalents $110.0K $120.0K $1.000K
Short-Term Investments
Other Short-Term Assets $2.700M $3.300M $3.000M
YoY Change -18.18% -2.94%
Inventory $41.60M $43.40M $45.69M
Prepaid Expenses
Receivables $48.70M $39.60M $40.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $93.10M $86.40M $90.48M
YoY Change -21.1% -29.03% -19.76%
LONG-TERM ASSETS
Property, Plant & Equipment $110.6M $118.0M $125.1M
YoY Change -13.66% -7.61% 0.95%
Goodwill $71.54M
YoY Change 3.02%
Intangibles $72.17M
YoY Change -12.92%
Long-Term Investments
YoY Change
Other Assets $4.600M $1.100M $1.107M
YoY Change -7.56% -79.78% 36.0%
Total Long-Term Assets $250.8M $257.5M $273.1M
YoY Change -11.1% -9.63% -2.1%
TOTAL ASSETS
Total Short-Term Assets $93.10M $86.40M $90.48M
Total Long-Term Assets $250.8M $257.5M $273.1M
Total Assets $343.9M $343.9M $363.6M
YoY Change -14.05% -15.43% -7.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.60M $17.30M $32.17M
YoY Change -35.05% -64.26% -30.05%
Accrued Expenses $11.80M $8.300M $12.00M
YoY Change -23.38% -42.36%
Deferred Revenue $1.754M $1.315M $914.0K
YoY Change -6.45%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $600.0K $600.0K
YoY Change -14.29% -92.85% -93.03%
Total Short-Term Liabilities $44.59M $30.76M $48.19M
YoY Change -29.21% -65.36% -42.05%
LONG-TERM LIABILITIES
Long-Term Debt $62.20M $76.80M $75.30M
YoY Change -30.66% -6.57%
Other Long-Term Liabilities $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Liabilities $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.59M $30.76M $48.19M
Total Long-Term Liabilities $100.0K $100.0K $100.0K
Total Liabilities $44.69M $144.9M $162.7M
YoY Change -77.42% -32.79% -43.66%
SHAREHOLDERS EQUITY
Retained Earnings $15.13M $22.09M
YoY Change 7.91% -17.7%
Common Stock $189.8M $188.8M $183.7M
YoY Change 4.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $198.9M $199.0M $200.9M
YoY Change
Total Liabilities & Shareholders Equity $343.9M $343.9M $363.6M
YoY Change -14.04% -15.44% -7.18%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q4
OPERATING ACTIVITIES
Net Income -$1.100M -$7.014M -$1.673M
YoY Change -111.29% -54.11% -383.56%
Depreciation, Depletion And Amortization $7.890M $8.160M $8.350M
YoY Change -4.83% -6.31% 49.11%
Cash From Operating Activities $16.18M $480.0K $16.98M
YoY Change 62.45% -93.97% 108.34%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$1.270M -$2.980M
YoY Change -72.49% -85.04% -34.51%
Acquisitions
YoY Change
Other Investing Activities $150.0K $1.670M $1.660M
YoY Change -109.32% -171.06% -101.45%
Cash From Investing Activities -$1.540M $380.0K -$1.320M
YoY Change -80.23% -103.51% -98.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.64M -13.75M -15.66M
YoY Change 574.65% -582.46% -113.72%
NET CHANGE
Cash From Operating Activities 16.18M 480.0K 16.98M
Cash From Investing Activities -1.540M 380.0K -1.320M
Cash From Financing Activities -14.64M -13.75M -15.66M
Net Change In Cash 0.000 -12.89M -0.00000001118
YoY Change -100.0% 42866.67% -100.0%
FREE CASH FLOW
Cash From Operating Activities $16.18M $480.0K $16.98M
Capital Expenditures -$1.700M -$1.270M -$2.980M
Free Cash Flow $17.88M $1.750M $19.96M
YoY Change 10.78% -89.36% 57.17%

Facts In Submission

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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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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2227000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2099000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1307000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2280000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12658000
mec Lessee Operating Lease Term Of Contract Month And Year
LesseeOperatingLeaseTermOfContractMonthAndYear
2028-12
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2155000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2401000
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1094000
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1271000
CY2019 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
0.03
CY2020Q2 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
10165918
CY2019Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
11790113
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.50
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2769
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.2877
CY2020Q2 mec Effective Income Tax Rate Reconciliation Result Of Removal Deferred Tax Asset Amount
EffectiveIncomeTaxRateReconciliationResultOfRemovalDeferredTaxAssetAmount
483000
mec Effective Income Tax Rate Reconciliation Result Of Removal Deferred Tax Asset Amount
EffectiveIncomeTaxRateReconciliationResultOfRemovalDeferredTaxAssetAmount
483000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1621
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1413
CY2020Q2 mec Deferred Tax Assests Tax Holiday
DeferredTaxAssestsTaxHoliday
784000
CY2020Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
us-gaap Deferred Compensation Arrangement With Individual Description
DeferredCompensationArrangementWithIndividualDescription
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.
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.
CY2020Q2 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1710000
CY2019Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1316000
CY2020Q2 mec Reinsurance Policy Retention To Limit Annual Aggregate Expense
ReinsurancePolicyRetentionToLimitAnnualAggregateExpense
5411000
CY2019Q2 mec Reinsurance Policy Retention To Limit Annual Aggregate Expense
ReinsurancePolicyRetentionToLimitAnnualAggregateExpense
5004000
mec Reinsurance Policy Retention To Limit Annual Aggregate Expense
ReinsurancePolicyRetentionToLimitAnnualAggregateExpense
11135000
mec Reinsurance Policy Retention To Limit Annual Aggregate Expense
ReinsurancePolicyRetentionToLimitAnnualAggregateExpense
10166000
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
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
1462000
CY2020Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3051000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
401000
CY2020Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1315000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
843942
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.97
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P9Y6M25D
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
797000
mec Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriod
2022-02-27
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3720000
CY2020Q1 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
4463000
CY2020Q1 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
-1582000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6601000
CY2020Q2 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
600000
CY2020Q2 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
-1048000
CY2020Q2 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
-1159000
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4994000

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