$MEC
Mayville Engineering Company, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021054099 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $109.0M $91.08M $62.58M
YoY Change 19.7% -29.13% -56.88%
Cost Of Revenue $96.74M $81.34M $63.74M
YoY Change 18.93% -28.61% -48.85%
Gross Profit $12.28M $9.735M -$1.154M
YoY Change 26.17% -33.18% -105.62%
Gross Profit Margin 11.27% 10.69% -1.84%
Selling, General & Admin $7.368M $6.800M $5.100M
YoY Change 8.35% -17.07% -85.22%
% of Gross Profit 59.99% 69.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.961M $7.890M $8.160M
YoY Change 0.9% -4.83% -6.31%
% of Gross Profit 64.81% 81.05%
Operating Expenses $10.04M $9.500M $7.800M
YoY Change 5.74% -13.64% -78.98%
Operating Profit $864.0K $280.0K -$8.902M
YoY Change 208.57% -97.89% -46.54%
Interest Expense $526.0K $647.0K $637.0K
YoY Change -18.7% -34.45% -68.01%
% of Operating Profit 60.88% 231.07%
Other Income/Expense, Net
YoY Change
Pretax Income $338.0K -$367.0K -$9.539M
YoY Change -192.1% -102.99% -49.25%
Income Tax $63.00K $733.0K -$2.525M
% Of Pretax Income 18.64%
Net Earnings $275.0K -$1.100M -$7.014M
YoY Change -125.0% -111.29% -54.11%
Net Earnings / Revenue 0.25% -1.21% -11.21%
Basic Earnings Per Share $0.01 -$0.35
Diluted Earnings Per Share $13.12K -$54.73K -$0.35
COMMON SHARES
Basic Shares Outstanding 20.52M 19.90M
Diluted Shares Outstanding 20.96M 20.08M 19.90M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.0K $100.0K $100.0K
YoY Change 27.0%
Cash & Equivalents $127.0K $110.0K $120.0K
Short-Term Investments
Other Short-Term Assets $3.066M $2.700M $3.300M
YoY Change 13.56% -18.18% -2.94%
Inventory $62.91M $41.60M $43.40M
Prepaid Expenses
Receivables $58.84M $48.70M $39.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $128.4M $93.10M $86.40M
YoY Change 37.9% -21.1% -29.03%
LONG-TERM ASSETS
Property, Plant & Equipment $120.2M $110.6M $118.0M
YoY Change 8.63% -13.66% -7.61%
Goodwill $71.54M
YoY Change
Intangibles $53.44M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.595M $4.600M $1.100M
YoY Change -21.85% -7.56% -79.78%
Total Long-Term Assets $250.8M $250.8M $257.5M
YoY Change 0.01% -11.1% -9.63%
TOTAL ASSETS
Total Short-Term Assets $128.4M $93.10M $86.40M
Total Long-Term Assets $250.8M $250.8M $257.5M
Total Assets $379.2M $343.9M $343.9M
YoY Change 10.27% -14.05% -15.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.81M $27.60M $17.30M
YoY Change 80.49% -35.05% -64.26%
Accrued Expenses $15.00M $11.80M $8.300M
YoY Change 27.09% -23.38% -42.36%
Deferred Revenue $2.472M $1.754M $1.315M
YoY Change 40.94%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $648.0K $600.0K $600.0K
YoY Change 8.0% -14.29% -92.85%
Total Short-Term Liabilities $72.38M $44.59M $30.76M
YoY Change 62.33% -29.21% -65.36%
LONG-TERM LIABILITIES
Long-Term Debt $56.29M $62.20M $76.80M
YoY Change -9.5% -30.66% -6.57%
Other Long-Term Liabilities $25.47M $100.0K $100.0K
YoY Change 25373.0% 0.0% 0.0%
Total Long-Term Liabilities $81.76M $100.0K $100.0K
YoY Change 81663.0% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $72.38M $44.59M $30.76M
Total Long-Term Liabilities $81.76M $100.0K $100.0K
Total Liabilities $167.1M $44.69M $144.9M
YoY Change 273.85% -77.42% -32.79%
SHAREHOLDERS EQUITY
Retained Earnings $15.13M
YoY Change 7.91%
Common Stock $189.8M $188.8M
YoY Change 4.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $212.1M $198.9M $199.0M
YoY Change
Total Liabilities & Shareholders Equity $379.2M $343.9M $343.9M
YoY Change 10.25% -14.04% -15.44%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $275.0K -$1.100M -$7.014M
YoY Change -125.0% -111.29% -54.11%
Depreciation, Depletion And Amortization $7.961M $7.890M $8.160M
YoY Change 0.9% -4.83% -6.31%
Cash From Operating Activities -$5.437M $16.18M $480.0K
YoY Change -133.6% 62.45% -93.97%
INVESTING ACTIVITIES
Capital Expenditures -$9.602M -$1.700M -$1.270M
YoY Change 464.82% -72.49% -85.04%
Acquisitions
YoY Change
Other Investing Activities $4.934M $150.0K $1.670M
YoY Change 3189.33% -109.32% -171.06%
Cash From Investing Activities -$4.668M -$1.540M $380.0K
YoY Change 203.12% -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 10.11M -14.64M -13.75M
YoY Change -169.08% 574.65% -582.46%
NET CHANGE
Cash From Operating Activities -5.437M 16.18M 480.0K
Cash From Investing Activities -4.668M -1.540M 380.0K
Cash From Financing Activities 10.11M -14.64M -13.75M
Net Change In Cash 8.000K 0.000 -12.89M
YoY Change -100.0% 42866.67%
FREE CASH FLOW
Cash From Operating Activities -$5.437M $16.18M $480.0K
Capital Expenditures -$9.602M -$1.700M -$1.270M
Free Cash Flow $4.165M $17.88M $1.750M
YoY Change -76.71% 10.78% -89.36%

Facts In Submission

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IncomeTaxExpenseBenefit
-1101000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.9982
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1217
CY2021Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
301000
CY2021Q3 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
5513000
CY2020Q3 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
4757000
mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
12524000
mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
16072000
CY2021Q3 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1420000
CY2020Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1721000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
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
-309000
mec Contract With Customer Liability Net Activity Amount
ContractWithCustomerLiabilityNetActivityAmount
1412000
CY2021Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3435000
CY2021Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2472000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
109018000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
91075000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
341851000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
262262000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1121683
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
11.11
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y7M17D
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1182000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
978000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3771000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3719000
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
CY2021Q3 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
125000
CY2021Q3 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
1182000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4405000

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