$MEC
Mayville Engineering Company Inc

2020 Q4 Form 10-K Financial Statement

#000156459021011139 Filed on March 05, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 Q2
Revenue $95.34M $91.08M $62.58M
YoY Change -6.83% -29.13% -56.88%
Cost Of Revenue $84.27M $81.34M $63.74M
YoY Change -14.27% -28.61% -48.85%
Gross Profit $11.08M $9.735M -$1.154M
YoY Change 174.59% -33.18% -105.62%
Gross Profit Margin 11.62% 10.69% -1.84%
Selling, General & Admin $7.800M $6.800M $5.100M
YoY Change 30.0% -17.07% -85.22%
% of Gross Profit 70.42% 69.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.760M $7.890M $8.160M
YoY Change -7.07% -4.83% -6.31%
% of Gross Profit 70.06% 81.05%
Operating Expenses $10.50M $9.500M $7.800M
YoY Change 22.09% -13.64% -78.98%
Operating Profit $556.0K $280.0K -$8.902M
YoY Change -112.06% -97.89% -46.54%
Interest Expense $558.0K $647.0K $637.0K
YoY Change -39.22% -34.45% -68.01%
% of Operating Profit 100.36% 231.07%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.000K -$367.0K -$9.539M
YoY Change -99.96% -102.99% -49.25%
Income Tax -$973.0K $733.0K -$2.525M
% Of Pretax Income
Net Earnings $971.0K -$1.100M -$7.014M
YoY Change -158.04% -111.29% -54.11%
Net Earnings / Revenue 1.02% -1.21% -11.21%
Basic Earnings Per Share -$0.35
Diluted Earnings Per Share $49.75K -$54.73K -$0.35
COMMON SHARES
Basic Shares Outstanding 19.90M
Diluted Shares Outstanding 20.08M 19.90M

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $100.0K $100.0K
YoY Change
Cash & Equivalents $121.0K $110.0K $120.0K
Short-Term Investments
Other Short-Term Assets $2.600M $2.700M $3.300M
YoY Change -13.33% -18.18% -2.94%
Inventory $41.37M $41.60M $43.40M
Prepaid Expenses
Receivables $42.10M $48.70M $39.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $89.25M $93.10M $86.40M
YoY Change -1.36% -21.1% -29.03%
LONG-TERM ASSETS
Property, Plant & Equipment $106.7M $110.6M $118.0M
YoY Change -14.69% -13.66% -7.61%
Goodwill $71.54M
YoY Change 0.0%
Intangibles $61.47M
YoY Change -14.83%
Long-Term Investments
YoY Change
Other Assets $3.462M $4.600M $1.100M
YoY Change 212.74% -7.56% -79.78%
Total Long-Term Assets $249.3M $250.8M $257.5M
YoY Change -8.72% -11.1% -9.63%
TOTAL ASSETS
Total Short-Term Assets $89.25M $93.10M $86.40M
Total Long-Term Assets $249.3M $250.8M $257.5M
Total Assets $338.5M $343.9M $343.9M
YoY Change -6.89% -14.05% -15.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.50M $27.60M $17.30M
YoY Change 4.11% -35.05% -64.26%
Accrued Expenses $13.30M $11.80M $8.300M
YoY Change 10.83% -23.38% -42.36%
Deferred Revenue $1.060M $1.754M $1.315M
YoY Change 15.97%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $600.0K $600.0K
YoY Change 0.0% -14.29% -92.85%
Total Short-Term Liabilities $52.74M $44.59M $30.76M
YoY Change 9.44% -29.21% -65.36%
LONG-TERM LIABILITIES
Long-Term Debt $47.30M $62.20M $76.80M
YoY Change -37.18% -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 $52.74M $44.59M $30.76M
Total Long-Term Liabilities $100.0K $100.0K $100.0K
Total Liabilities $137.7M $44.69M $144.9M
YoY Change -15.37% -77.42% -32.79%
SHAREHOLDERS EQUITY
Retained Earnings $15.00M $15.13M
YoY Change -32.11% 7.91%
Common Stock $190.8M $189.8M $188.8M
YoY Change 3.87% 4.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $200.9M $198.9M $199.0M
YoY Change
Total Liabilities & Shareholders Equity $338.5M $343.9M $343.9M
YoY Change -6.89% -14.04% -15.44%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $971.0K -$1.100M -$7.014M
YoY Change -158.04% -111.29% -54.11%
Depreciation, Depletion And Amortization $7.760M $7.890M $8.160M
YoY Change -7.07% -4.83% -6.31%
Cash From Operating Activities $17.23M $16.18M $480.0K
YoY Change 1.47% 62.45% -93.97%
INVESTING ACTIVITIES
Capital Expenditures -$2.440M -$1.700M -$1.270M
YoY Change -18.12% -72.49% -85.04%
Acquisitions
YoY Change
Other Investing Activities $100.0K $150.0K $1.670M
YoY Change -93.98% -109.32% -171.06%
Cash From Investing Activities -$2.340M -$1.540M $380.0K
YoY Change 77.27% -80.23% -103.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.88M -14.64M -13.75M
YoY Change -4.98% 574.65% -582.46%
NET CHANGE
Cash From Operating Activities 17.23M 16.18M 480.0K
Cash From Investing Activities -2.340M -1.540M 380.0K
Cash From Financing Activities -14.88M -14.64M -13.75M
Net Change In Cash 10.00K 0.000 -12.89M
YoY Change -89478485333524.97% -100.0% 42866.67%
FREE CASH FLOW
Cash From Operating Activities $17.23M $16.18M $480.0K
Capital Expenditures -$2.440M -$1.700M -$1.270M
Free Cash Flow $19.67M $17.88M $1.750M
YoY Change -1.45% 10.78% -89.36%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
121000
CY2020 us-gaap Income Taxes Paid
IncomeTaxesPaid
744000
CY2019 us-gaap Income Taxes Paid
IncomeTaxesPaid
544000
CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
54000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3088000
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3013000
CY2020 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
598000
CY2019 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
469000
CY2018 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
123000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-30629000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8400000
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
98867000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-28090000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-132569000
CY2019 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
442154000
CY2018 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
257428000
CY2019 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
429211000
CY2018 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
228137000
CY2018 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
167094000
CY2019 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
120046000
CY2018 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
87389000
CY2020 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
207000
CY2018 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2173000
CY2019 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
101763000
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2509000
CY2019 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2591000
CY2018 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7833000
CY2019 mec Non Cash Transaction Construction In Progress And Accounts Payable
NonCashTransactionConstructionInProgressAndAccountsPayable
2809000
CY2018 mec Non Cash Transaction Construction In Progress And Accounts Payable
NonCashTransactionConstructionInProgressAndAccountsPayable
1240000
CY2020 us-gaap Interest Paid
InterestPaid
3011000
CY2019 us-gaap Interest Paid
InterestPaid
6629000
CY2018 us-gaap Interest Paid
InterestPaid
4117000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
CY2019 us-gaap Reclassifications Of Temporary To Permanent Equity
ReclassificationsOfTemporaryToPermanentEquity
105845000
CY2018 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
167781000
CY2018 us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
53081000
CY2018 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
114700000
CY2020 mec Non Cash Transaction Construction In Progress And Accounts Payable
NonCashTransactionConstructionInProgressAndAccountsPayable
1559000
CY2019 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
101763000
CY2019 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2592000
CY2019 mec Net Income Loss Post Ipo
NetIncomeLossPostIPO
-7609000
CY2020 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2509000
CY2020 us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
4831000
CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4732000
CY2020 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="margin-bottom:0pt;margin-top:12pt;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-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;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>
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of estimates</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;">The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates.</p>
CY2020 us-gaap Employee Stock Ownership Plan Esop Plan Description
EmployeeStockOwnershipPlanESOPPlanDescription
From January 2003 until the Company’s IPO in May 2019, the ESOP owned 100% of the Company’s outstanding shares of common stock which have been fully allocated to active or retired eligible employees.
CY2020 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of credit risk</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;">Financial instruments that potentially subject the Company to credit risk consist principally of bank balances above the Federal Deposit Insurance Corporation (FDIC) insurability limits of $250 per official custodian. The Company has not experienced any losses on these accounts and management believes the Company is not exposed to any significant credit risk on cash.</p>
CY2020 mec Number Of Facilities Operated
NumberOfFacilitiesOperated
19
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
57656000
CY2019Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
68362000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
10706000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6952000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6866000
CY2019Q2 mec Percentage Of Outstanding Shares Of Common Stock Owned By Employee Stock Ownership Plan Esop
PercentageOfOutstandingSharesOfCommonStockOwnedByEmployeeStockOwnershipPlanESOP
1.00
CY2020 mec Percentage Of Outstanding Shares Of Common Stock Owned By Employee Stock Ownership Plan Esop
PercentageOfOutstandingSharesOfCommonStockOwnedByEmployeeStockOwnershipPlanESOP
0.552
CY2020Q4 mec Reserve For Obsolete And Slow Moving Inventories
ReserveForObsoleteAndSlowMovingInventories
3199000
CY2019Q4 mec Reserve For Obsolete And Slow Moving Inventories
ReserveForObsoleteAndSlowMovingInventories
3119000
CY2020 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
207000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
142000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2173000
CY2020 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
358000
CY2019 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
381000
CY2018 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
198000
CY2020Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
616000
CY2019Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
474000
CY2018Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
114000
CY2020 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0
CY2019 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
154000
CY2018 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
814000
CY2020 us-gaap Advertising Expense
AdvertisingExpense
100000
CY2019 us-gaap Advertising Expense
AdvertisingExpense
110000
CY2018 us-gaap Advertising Expense
AdvertisingExpense
116000
CY2019Q2 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
10075
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
24561000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
28664000
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11266000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
10834000
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5539000
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
6194000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
283179000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
289063000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
176491000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
164000000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
44288000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
33582000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
5192000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
5192000
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
22748000
CY2020 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0
CY2019 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
1776000
CY2018 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
2051000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
734000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
734000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
734000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
514000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
227000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
2943000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
256000
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
2687000
CY2020Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
2687000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3256000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2366000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2294000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1501000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
895000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2162000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12474000
CY2020 mec Lessee Operating Lease Term Of Contract Month And Year
LesseeOperatingLeaseTermOfContractMonthAndYear
2028-12
CY2020 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4471000
CY2019 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4801000
CY2018 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2052000
CY2019 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
0.03
CY2018 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
0.03
CY2020Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
9920774
CY2019Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
11790113
CY2020 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.50
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1833000
CY2019 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2018 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
696000
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
129000
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
401000
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
98000
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1544000
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
227000
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1945000
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-2457000
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-4197000
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
156000
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-1836000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2301000
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-6033000
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1925000
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1854000
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
79000
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-58000
CY2020 mec Income Tax Reconciliation Additions Deductions Other
IncomeTaxReconciliationAdditionsDeductionsOther
113000
CY2019 mec Income Tax Reconciliation Additions Deductions Other
IncomeTaxReconciliationAdditionsDeductionsOther
-357000
CY2020 mec Income Tax Reconciliation Income Taxed By Shareholder Before Ipo
IncomeTaxReconciliationIncomeTaxedByShareholderBeforeIPO
-387000
CY2019 mec Income Tax Reconciliation Income Taxed By Shareholder Before Ipo
IncomeTaxReconciliationIncomeTaxedByShareholderBeforeIPO
-867000
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
51000
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
77000
CY2019 mec Income Tax Reconciliation Transaction Costs
IncomeTaxReconciliationTransactionCosts
607000
CY2019 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-2355000
CY2020 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
409000
CY2019 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
254000
CY2020 mec Income Tax Reconciliation Uncertain Tax Positions Current Year Income Taxes
IncomeTaxReconciliationUncertainTaxPositionsCurrentYearIncomeTaxes
106000
CY2020 mec Income Tax Reconciliation Uncertain Tax Positions Prior Year Income Taxes
IncomeTaxReconciliationUncertainTaxPositionsPriorYearIncomeTaxes
115000
CY2020 mec Income Tax Rate Reconciliation Loan Fee Amortization
IncomeTaxRateReconciliationLoanFeeAmortization
698000
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
764000
CY2020 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-184000
CY2020 mec Income Tax Rate Reconciliation Fixed Assets
IncomeTaxRateReconciliationFixedAssets
-452000
CY2020 mec Income Tax Rate Reconciliation State Tax Return To Provision
IncomeTaxRateReconciliationStateTaxReturnToProvision
121000
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-296000
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
259000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.226
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.475
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
8295000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
8645000
CY2020Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1506000
CY2019Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1837000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
409000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
211000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
508000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
279000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2626000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3120000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
338000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
13682000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
14092000
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
9485000
CY2019Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
8354000
CY2020Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
15773000
CY2019Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
19305000
CY2020Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
311000
CY2019Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
622000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
25569000
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
28281000
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
11887000
CY2019Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
14188000
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
208000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
106000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
115000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
221000
CY2020 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.
CY2020 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.
CY2020Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1721000
CY2019Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1316000
CY2020 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
20849000
CY2019 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
19208000
CY2018 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
17726000
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
1589000
CY2020 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
1537000
CY2020Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3126000
CY2019Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
914000
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
146000
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2019Q2 us-gaap Stockholders Equity Note Changes In Capital Structure Retroactive Impact
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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.
CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2019 us-gaap Allocated Share Based Compensation Expense
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2022-02-27
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-1073000
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-4732000
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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2977000
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
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Black-Scholes valuation model
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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P5Y9M
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P10Y
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
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P10Y
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P2Y
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CY2020 us-gaap Restructuring Charges
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CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q1 us-gaap Cost Of Revenue
CostOfRevenue
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CY2020Q2 us-gaap Cost Of Revenue
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CY2020Q3 us-gaap Cost Of Revenue
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CY2020Q1 us-gaap Amortization Of Intangible Assets
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CY2020Q1 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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1325000
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1194000
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2288000
CY2020Q4 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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3443000
CY2020Q1 mec Employee Stock Ownership Plan Esop Compensation Income Expense
EmployeeStockOwnershipPlanESOPCompensationIncomeExpense
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CY2020Q1 us-gaap Other Selling General And Administrative Expense
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CY2020Q2 us-gaap Other Selling General And Administrative Expense
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CY2020Q3 us-gaap Other Selling General And Administrative Expense
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CY2020Q4 us-gaap Other Selling General And Administrative Expense
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CY2020Q1 us-gaap Operating Income Loss
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CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8902000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2020Q4 us-gaap Operating Income Loss
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CY2020Q1 us-gaap Interest Expense
InterestExpense
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CY2020Q3 us-gaap Interest Expense
InterestExpense
647000
CY2020Q4 us-gaap Interest Expense
InterestExpense
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CY2019Q4 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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3228000
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-9539000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-367000
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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-2525000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
733000
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-973000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q2 us-gaap Net Income Loss
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CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
971000
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.00
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.35
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.05
CY2020Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.05
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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19533533
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19902912
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20077039
CY2020Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20451203
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
143732000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
145130000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
128511000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
102331000
CY2019Q1 us-gaap Cost Of Revenue
CostOfRevenue
124153000
CY2019Q2 us-gaap Cost Of Revenue
CostOfRevenue
124595000
CY2019Q3 us-gaap Cost Of Revenue
CostOfRevenue
113941000
CY2019Q4 us-gaap Cost Of Revenue
CostOfRevenue
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CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2677000
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2677000
CY2019Q3 us-gaap Amortization Of Intangible Assets
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2677000
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2677000
CY2019Q1 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
1750000
CY2019Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
22830000
CY2019Q1 mec Employee Stock Ownership Plan Esop Compensation Income Expense
EmployeeStockOwnershipPlanESOPCompensationIncomeExpense
1500000
CY2019Q2 mec Employee Stock Ownership Plan Esop Compensation Income Expense
EmployeeStockOwnershipPlanESOPCompensationIncomeExpense
1500000
CY2019Q3 mec Employee Stock Ownership Plan Esop Compensation Income Expense
EmployeeStockOwnershipPlanESOPCompensationIncomeExpense
1500000
CY2019Q4 mec Employee Stock Ownership Plan Esop Compensation Income Expense
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CY2019Q1 us-gaap Other Selling General And Administrative Expense
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CY2019Q2 us-gaap Other Selling General And Administrative Expense
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CY2019Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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CY2019Q2 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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2674000
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-9598000
CY2019Q1 us-gaap Operating Income Loss
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6060000
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CY2019Q1 us-gaap Interest Expense
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CY2019Q2 us-gaap Interest Expense
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CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2019Q1 us-gaap Income Tax Expense Benefit
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CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
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0.18
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
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16799915
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19740296
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19711921
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0.18
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-0.92
CY2019Q3 mec Proforma Earnings Per Share Basic And Diluted
ProformaEarningsPerShareBasicAndDiluted
0.49
CY2019Q4 mec Proforma Earnings Per Share Basic And Diluted
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-0.08

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