$MEC
Mayville Engineering Company, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021040866 Filed on August 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $120.2M $62.58M
YoY Change 92.09% -56.88%
Cost Of Revenue $103.9M $63.74M
YoY Change 63.07% -48.85%
Gross Profit $16.28M -$1.154M
YoY Change -1510.75% -105.62%
Gross Profit Margin 13.54% -1.84%
Selling, General & Admin $8.800M $5.100M
YoY Change 72.55% -85.22%
% of Gross Profit 54.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.161M $8.160M
YoY Change -36.75% -6.31%
% of Gross Profit 31.7%
Operating Expenses $11.48M $7.800M
YoY Change 47.14% -78.98%
Operating Profit $4.803M -$8.902M
YoY Change -153.95% -46.54%
Interest Expense $504.0K $637.0K
YoY Change -20.88% -68.01%
% of Operating Profit 10.49%
Other Income/Expense, Net
YoY Change
Pretax Income $4.299M -$9.539M
YoY Change -145.07% -49.25%
Income Tax $1.007M -$2.525M
% Of Pretax Income 23.42%
Net Earnings $3.292M -$7.014M
YoY Change -146.93% -54.11%
Net Earnings / Revenue 2.74% -11.21%
Basic Earnings Per Share $0.16 -$0.35
Diluted Earnings Per Share $0.16 -$0.35
COMMON SHARES
Basic Shares Outstanding 20.45M 19.90M
Diluted Shares Outstanding 20.86M 19.90M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.0K $100.0K
YoY Change 19.0%
Cash & Equivalents $119.0K $120.0K
Short-Term Investments
Other Short-Term Assets $3.400M $3.300M
YoY Change 3.03% -2.94%
Inventory $50.94M $43.40M
Prepaid Expenses
Receivables $58.36M $39.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $114.9M $86.40M
YoY Change 33.0% -29.03%
LONG-TERM ASSETS
Property, Plant & Equipment $114.7M $118.0M
YoY Change -2.8% -7.61%
Goodwill $71.54M
YoY Change
Intangibles $56.11M
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.737M $1.100M
YoY Change 512.45% -79.78%
Total Long-Term Assets $251.4M $257.5M
YoY Change -2.38% -9.63%
TOTAL ASSETS
Total Short-Term Assets $114.9M $86.40M
Total Long-Term Assets $251.4M $257.5M
Total Assets $366.3M $343.9M
YoY Change 6.51% -15.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.25M $17.30M
YoY Change 184.71% -64.26%
Accrued Expenses $15.58M $8.300M
YoY Change 87.75% -42.36%
Deferred Revenue $1.315M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $641.0K $600.0K
YoY Change 6.83% -92.85%
Total Short-Term Liabilities $70.85M $30.76M
YoY Change 130.34% -65.36%
LONG-TERM LIABILITIES
Long-Term Debt $45.59M $76.80M
YoY Change -40.64% -6.57%
Other Long-Term Liabilities $25.56M $100.0K
YoY Change 25461.0% 0.0%
Total Long-Term Liabilities $71.15M $100.0K
YoY Change 71051.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.85M $30.76M
Total Long-Term Liabilities $71.15M $100.0K
Total Liabilities $155.0M $144.9M
YoY Change 6.99% -32.79%
SHAREHOLDERS EQUITY
Retained Earnings $15.13M
YoY Change 7.91%
Common Stock $188.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $211.3M $199.0M
YoY Change
Total Liabilities & Shareholders Equity $366.3M $343.9M
YoY Change 6.52% -15.44%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $3.292M -$7.014M
YoY Change -146.93% -54.11%
Depreciation, Depletion And Amortization $5.161M $8.160M
YoY Change -36.75% -6.31%
Cash From Operating Activities $14.04M $480.0K
YoY Change 2825.0% -93.97%
INVESTING ACTIVITIES
Capital Expenditures -$11.43M -$1.270M
YoY Change 799.69% -85.04%
Acquisitions
YoY Change
Other Investing Activities $114.0K $1.670M
YoY Change -93.17% -171.06%
Cash From Investing Activities -$11.31M $380.0K
YoY Change -3076.84% -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 -2.720M -13.75M
YoY Change -80.22% -582.46%
NET CHANGE
Cash From Operating Activities 14.04M 480.0K
Cash From Investing Activities -11.31M 380.0K
Cash From Financing Activities -2.720M -13.75M
Net Change In Cash 8.000K -12.89M
YoY Change -100.06% 42866.67%
FREE CASH FLOW
Cash From Operating Activities $14.04M $480.0K
Capital Expenditures -$11.43M -$1.270M
Free Cash Flow $25.47M $1.750M
YoY Change 1355.2% -89.36%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EarningsPerShareBasic
0.16
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CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Cost Of Revenue
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Other Selling General And Administrative Expense
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<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 9. 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’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>
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.
CY2021Q2 us-gaap Deferred Compensation Cashbased Arrangements Liability Classified Noncurrent
DeferredCompensationCashbasedArrangementsLiabilityClassifiedNoncurrent
25461000
CY2020Q4 us-gaap Deferred Compensation Cashbased Arrangements Liability Classified Noncurrent
DeferredCompensationCashbasedArrangementsLiabilityClassifiedNoncurrent
25631000
CY2021Q2 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
3290000
CY2020Q2 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
5411000
mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
7011000
mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
11135000
CY2021Q2 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1262000
CY2020Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1721000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
11.08
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y10M17D
CY2020Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3126000
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1060000
us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
1033000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
260000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
120213000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
62582000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
232833000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
171187000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1129487
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1388000
mec Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriod
2023-02-28
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2977000
CY2021Q1 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
4694000
CY2021Q1 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
81000
CY2021Q1 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1200000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6390000
CY2021Q2 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
892000
CY2021Q2 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
182000
CY2021Q2 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1388000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
5712000

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