$MEC
Mayville Engineering Company, Inc.

2021 Q4 Form 10-K Financial Statement

#000156459022008290 Filed on March 02, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $113.0M $454.8M $95.34M
YoY Change 18.49% 27.19% -6.83%
Cost Of Revenue $103.6M $402.1M $84.27M
YoY Change 22.9% 23.3% -14.27%
Gross Profit $9.409M $52.75M $11.08M
YoY Change -15.06% 67.45% 174.59%
Gross Profit Margin 8.33% 11.6% 11.62%
Selling, General & Admin $7.706M $31.91M $7.800M
YoY Change -1.21% 16.88% 30.0%
% of Gross Profit 81.9% 60.49% 70.42%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.233M $21.08M $7.760M
YoY Change 6.1% -1.43% -7.07%
% of Gross Profit 87.5% 39.96% 70.06%
Operating Expenses $10.38M $42.61M $10.50M
YoY Change -1.12% 12.14% 22.09%
Operating Profit -$973.0K $10.13M $556.0K
YoY Change -275.0% -255.96% -112.06%
Interest Expense -$441.0K -$2.003M $558.0K
YoY Change -179.03% -25.81% -39.22%
% of Operating Profit -19.77% 100.36%
Other Income/Expense, Net
YoY Change
Pretax Income -$17.57M -$9.394M -$2.000K
YoY Change 878150.0% 2.11% -99.96%
Income Tax -$4.002M -$1.943M -$973.0K
% Of Pretax Income
Net Earnings -$13.56M -$7.451M $971.0K
YoY Change -1496.81% 5.06% -158.04%
Net Earnings / Revenue -12.01% -1.64% 1.02%
Basic Earnings Per Share -$0.37
Diluted Earnings Per Share -$662.9K -$0.36 $49.75K
COMMON SHARES
Basic Shares Outstanding 20.40M
Diluted Shares Outstanding 20.83M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.0K $118.0K $100.0K
YoY Change 18.0% 18.0%
Cash & Equivalents $118.0K $118.0K $121.0K
Short-Term Investments
Other Short-Term Assets $2.924M $2.924M $2.600M
YoY Change 12.46% 12.46% -13.33%
Inventory $70.16M $74.11M $41.37M
Prepaid Expenses
Receivables $55.42M $55.42M $42.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $132.6M $132.6M $89.25M
YoY Change 48.54% 48.62% -1.36%
LONG-TERM ASSETS
Property, Plant & Equipment $120.7M $120.7M $106.7M
YoY Change 13.18% 10.47% -14.69%
Goodwill $71.54M $71.54M
YoY Change 0.0% 0.0%
Intangibles $50.76M $61.47M
YoY Change -17.42% -14.83%
Long-Term Investments
YoY Change
Other Assets $3.865M $3.865M $3.462M
YoY Change 11.64% -44.79% 212.74%
Total Long-Term Assets $246.9M $246.9M $249.3M
YoY Change -0.95% -0.96% -8.72%
TOTAL ASSETS
Total Short-Term Assets $132.6M $132.6M $89.25M
Total Long-Term Assets $246.9M $246.9M $249.3M
Total Assets $379.5M $379.5M $338.5M
YoY Change 12.09% 12.1% -6.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $50.12M $50.12M $33.50M
YoY Change 49.63% 49.61% 4.11%
Accrued Expenses $13.97M $13.97M $13.30M
YoY Change 5.06% 5.06% 10.83%
Deferred Revenue $2.718M $1.060M
YoY Change 156.42% 15.97%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $315.0K $315.0K $600.0K
YoY Change -47.5% -47.5% 0.0%
Total Short-Term Liabilities $77.37M $77.37M $52.74M
YoY Change 46.7% 46.82% 9.44%
LONG-TERM LIABILITIES
Long-Term Debt $68.50M $68.50M $47.30M
YoY Change 44.82% 44.82% -37.18%
Other Long-Term Liabilities $2.462M $26.69M $100.0K
YoY Change 2362.0% 3.84% 0.0%
Total Long-Term Liabilities $2.462M $95.19M $100.0K
YoY Change 2362.0% 30.4% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.37M $77.37M $52.74M
Total Long-Term Liabilities $2.462M $95.19M $100.0K
Total Liabilities $181.2M $181.2M $137.7M
YoY Change 31.61% 31.59% -15.37%
SHAREHOLDERS EQUITY
Retained Earnings $7.547M $15.00M
YoY Change -49.68% -32.11%
Common Stock $197.2M $190.8M
YoY Change 3.35% 3.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $198.3M $198.3M $200.9M
YoY Change
Total Liabilities & Shareholders Equity $379.5M $379.5M $338.5M
YoY Change 12.09% 12.1% -6.89%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$13.56M -$7.451M $971.0K
YoY Change -1496.81% 5.06% -158.04%
Depreciation, Depletion And Amortization $8.233M $21.08M $7.760M
YoY Change 6.1% -1.43% -7.07%
Cash From Operating Activities $1.664M $14.46M $17.23M
YoY Change -90.34% -60.42% 1.47%
INVESTING ACTIVITIES
Capital Expenditures -$12.72M $39.31M -$2.440M
YoY Change 421.35% 404.35% -18.12%
Acquisitions
YoY Change
Other Investing Activities $0.00 $5.348M $100.0K
YoY Change -100.0% 164.75% -93.98%
Cash From Investing Activities -$12.72M -$33.96M -$2.340M
YoY Change 443.63% 488.17% 77.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $268.0K
YoY Change
Cash From Financing Activities 11.05M 19.50M -14.88M
YoY Change -174.25% -163.67% -4.98%
NET CHANGE
Cash From Operating Activities 1.664M 14.46M 17.23M
Cash From Investing Activities -12.72M -33.96M -2.340M
Cash From Financing Activities 11.05M 19.50M -14.88M
Net Change In Cash -9.000K -3.000K 10.00K
YoY Change -190.0% -102.5% -89478485333524.97%
FREE CASH FLOW
Cash From Operating Activities $1.664M $14.46M $17.23M
Capital Expenditures -$12.72M $39.31M -$2.440M
Free Cash Flow $14.38M -$24.85M $19.67M
YoY Change -26.87% -186.5% -1.45%

Facts In Submission

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CY2021 us-gaap Use Of Estimates
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<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>
CY2021 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>
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
631000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1298000
CY2021 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021Q4 us-gaap Goodwill
Goodwill
71535000
CY2021Q4 mec Reserve For Obsolete And Slow Moving Inventories
ReserveForObsoleteAndSlowMovingInventories
2265000
CY2020Q4 mec Reserve For Obsolete And Slow Moving Inventories
ReserveForObsoleteAndSlowMovingInventories
3199000
CY2021Q4 mec Tooling In Progress Net
ToolingInProgressNet
3950000
CY2020Q4 mec Tooling In Progress Net
ToolingInProgressNet
3126000
CY2021 us-gaap Depreciation
Depreciation
21077000
CY2020 us-gaap Depreciation
Depreciation
21383000
CY2019 us-gaap Depreciation
Depreciation
22296000
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
0
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
207000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
142000
CY2021 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
336000
CY2020 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
358000
CY2019 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
381000
CY2021Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
720000
CY2020Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
616000
CY2019Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
474000
CY2021 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0
CY2020 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0
CY2019 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
154000
CY2020 us-gaap Advertising Expense
AdvertisingExpense
100000
CY2019 us-gaap Advertising Expense
AdvertisingExpense
110000
CY2019Q2 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
10075
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
41041000
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
24561000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
18905000
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11266000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
10211000
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5539000
CY2021Q4 us-gaap Inventory Net
InventoryNet
70157000
CY2020Q4 us-gaap Inventory Net
InventoryNet
41366000
CY2021Q4 mec Impairment Of Inventory
ImpairmentOfInventory
700000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
318857000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
199247000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119610000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
106688000
CY2020Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group
AssetsHeldForSaleNotPartOfDisposalGroup
3552000
CY2021Q4 mec Amount Invested For Ramp Up Of Production
AmountInvestedForRampUpOfProduction
19658000
CY2021Q4 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
12875000
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021Q4 us-gaap Goodwill
Goodwill
71535000
CY2021 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2020 us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
0
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
54994000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
44288000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
46950000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
57656000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
50761000
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
61467000
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
61467000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10706000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
50761000
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10706000
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10706000
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10706000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6952000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6866000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5192000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
5192000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
5192000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
17556000
CY2021 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0
CY2020 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
0
CY2019 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
1776000
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
358000
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
358000
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
358000
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
225000
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
1299000
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
92000
CY2021Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
1207000
CY2021Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
315000
CY2021Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
892000
CY2021Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
1207000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5693000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5699000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5661000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4832000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4655000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
18801000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
45341000
CY2021 mec Lessee Operating Lease Term Of Contract Month And Year
LesseeOperatingLeaseTermOfContractMonthAndYear
2031-08
CY2021 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
5282000
CY2020 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4471000
CY2019 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
4801000
CY2018 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
0.03
CY2019 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
0.03
CY2021Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
7292392
CY2020Q4 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
8253533
CY2021 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.50
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
2057000
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1833000
CY2019 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.226
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
51000
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
100000
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
129000
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1203000
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
98000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1303000
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
227000
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-2790000
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-2457000
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-456000
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
156000
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-3246000
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2301000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1943000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2074000
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1971000
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-1925000
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
523000
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
79000
CY2021 mec Income Tax Reconciliation Additions Deductions Other
IncomeTaxReconciliationAdditionsDeductionsOther
-14000
CY2020 mec Income Tax Reconciliation Additions Deductions Other
IncomeTaxReconciliationAdditionsDeductionsOther
113000
CY2020 mec Income Tax Reconciliation Income Taxed By Shareholder Before Ipo
IncomeTaxReconciliationIncomeTaxedByShareholderBeforeIPO
-387000
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
29000
CY2021 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
301000
CY2020 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
409000
CY2021 mec Income Tax Reconciliation Uncertain Tax Positions Current Year Income Taxes
IncomeTaxReconciliationUncertainTaxPositionsCurrentYearIncomeTaxes
75000
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
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-546000
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
CY2021 mec Income Tax Rate Reconciliation State Tax Return To Provision
IncomeTaxRateReconciliationStateTaxReturnToProvision
-140000
CY2020 mec Income Tax Rate Reconciliation State Tax Return To Provision
IncomeTaxRateReconciliationStateTaxReturnToProvision
121000
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
94000
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-296000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1943000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2074000
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
CY2020Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
15773000
CY2021Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
22000
CY2020Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
311000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
25190000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
25569000
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
8641000
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
11887000
CY2021 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
314000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
221000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
100000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
7000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
314000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
8349000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
8295000
CY2021Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1694000
CY2020Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1506000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
1530000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
409000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
656000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
508000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
4080000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2626000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
240000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
338000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
16549000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
13682000
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
11612000
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
9485000
CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
13556000
CY2021 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’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>
CY2021 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.
CY2021Q4 us-gaap Deferred Compensation Cashbased Arrangements Liability Classified Noncurrent
DeferredCompensationCashbasedArrangementsLiabilityClassifiedNoncurrent
25117000
CY2020Q4 us-gaap Deferred Compensation Cashbased Arrangements Liability Classified Noncurrent
DeferredCompensationCashbasedArrangementsLiabilityClassifiedNoncurrent
25631000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
454826000
CY2021 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.
CY2021 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
17157000
CY2020 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
20849000
CY2019 mec Reinsurance Policy Retention To Limit Aggregate Expense
ReinsurancePolicyRetentionToLimitAggregateExpense
19208000
CY2021Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1471000
CY2020Q4 us-gaap Assumed Liability For Unpaid Claims And Claims Adjustment Expense
AssumedLiabilityForUnpaidClaimsAndClaimsAdjustmentExpense
1721000
CY2021 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
CY2021 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
824000
CY2021 mec Contract With Customer Liability Net Activity Amount
ContractWithCustomerLiabilityNetActivityAmount
1658000
CY2021Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3950000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2718000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
357606000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
519704000
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.
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y11M4D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsMethodUsed
Black-Scholes valuation model
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.93
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.84
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4962000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4732000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3487000
CY2021 mec Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriod
2023-02-28
CY2019 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
7382000
CY2019 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
176000
CY2019 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
3487000
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3719000
CY2020 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
5063000
CY2020 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
1073000
CY2020 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
4732000
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2977000
CY2021 mec Unrecognized Stock Based Compensation Expense Grants
UnrecognizedStockBasedCompensationExpenseGrants
5586000
CY2021 mec Unrecognized Stock Based Compensation Expense Forfeitures
UnrecognizedStockBasedCompensationExpenseForfeitures
388000
CY2021 mec Unrecognized Stock Based Compensation Non Vested Awards Expense
UnrecognizedStockBasedCompensationNonVestedAwardsExpense
4962000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3213000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
250505
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
17.00
CY2021Q4 us-gaap Share Price
SharePrice
14.01
CY2020Q4 us-gaap Share Price
SharePrice
7.12
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.539
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.412
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.008
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.012
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P2Y
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
0.50
CY2021 mec Share Based Compensation Arrangement By Share Based Payment Award Options Average Expected Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAverageExpectedTerm
P5Y9M
CY2020 us-gaap Restructuring Charges
RestructuringCharges
2524000
CY2020 mec Receipts Payments For Restructuring
ReceiptsPaymentsForRestructuring
1886000
CY2020 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-638000
CY2021 dei Auditor Firm
AuditorFirmId
34

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