$MEG
Montrose Environmental Group, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020042036 Filed on August 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $73.77M $57.40M
YoY Change 28.51%
Cost Of Revenue $45.89M $39.35M
YoY Change 16.62%
Gross Profit $27.88M $18.05M
YoY Change 54.43%
Gross Profit Margin 37.79% 31.45%
Selling, General & Admin $19.32M $12.13M
YoY Change 59.27%
% of Gross Profit 69.3% 67.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.000M $1.900M
YoY Change 5.26%
% of Gross Profit 7.17% 10.53%
Operating Expenses $19.32M $12.13M
YoY Change 59.27%
Operating Profit -$5.208M $375.0K
YoY Change -1488.8%
Interest Expense -$3.900M
YoY Change
% of Operating Profit
Other Income/Expense, Net $16.67M -$1.228M
YoY Change -1457.74%
Pretax Income $11.47M -$2.034M
YoY Change -663.67%
Income Tax -$1.759M -$1.712M
% Of Pretax Income -15.34%
Net Earnings $13.22M -$322.0K
YoY Change -4206.83%
Net Earnings / Revenue 17.93% -0.56%
Basic Earnings Per Share $0.71 -$0.59
Diluted Earnings Per Share $0.40 -$0.59
COMMON SHARES
Basic Shares Outstanding 10.65M 8.647M
Diluted Shares Outstanding 19.14M 8.647M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.80M
YoY Change
Cash & Equivalents $44.81M $1.677M
Short-Term Investments
Other Short-Term Assets $4.500M
YoY Change
Inventory $2.300M
Prepaid Expenses $1.288M
Receivables $64.60M
Other Receivables $4.800M
Total Short-Term Assets $121.0M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $34.80M
YoY Change
Goodwill $17.89M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.20M
YoY Change
Total Long-Term Assets $490.4M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $121.0M
Total Long-Term Assets $490.4M
Total Assets $611.4M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.26M
YoY Change
Accrued Expenses $9.931M
YoY Change
Deferred Revenue $7.736M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $4.700M
YoY Change
Total Short-Term Liabilities $133.5M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $198.1M
YoY Change
Other Long-Term Liabilities $10.99M
YoY Change
Total Long-Term Liabilities $10.99M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $133.5M
Total Long-Term Liabilities $10.99M
Total Liabilities $356.7M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$92.43M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$38.12M -$1.972M
YoY Change
Total Liabilities & Shareholders Equity $611.4M
YoY Change

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $13.22M -$322.0K
YoY Change -4206.83%
Depreciation, Depletion And Amortization $2.000M $1.900M
YoY Change 5.26%
Cash From Operating Activities $7.400M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$1.660M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$170.7M
YoY Change
Cash From Investing Activities -$172.3M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 208.2M
YoY Change
NET CHANGE
Cash From Operating Activities 7.400M
Cash From Investing Activities -172.3M
Cash From Financing Activities 208.2M
Net Change In Cash 43.26M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $7.400M
Capital Expenditures -$1.660M
Free Cash Flow $9.060M
YoY Change

Facts In Submission

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CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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2206000
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EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
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0.149
us-gaap Effective Income Tax Rate Continuing Operations
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0.140
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0.21
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DeferredTaxAssetsValuationAllowance
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CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
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FinanceLeaseLiability
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OtherLeases
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LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
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LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
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LongTermDebtAndCapitalLeaseObligationsCurrent
4653000
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P10Y
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1690000
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
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197968000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
207324000
meg Lessee Operating Lease Expiration Year
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ProceedsFromIssuanceOrSaleOfEquity
175000000
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PreferredStockDividendRatePercentage
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6500000
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P2Y
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AllocatedShareBasedCompensationExpense
1140000
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AllocatedShareBasedCompensationExpense
2290000
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SharePrice
31.60
CY2019Q2 us-gaap Share Price
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4.25
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DebtWeightedAverageInterestRate
0.0591
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1.25
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MaximumConsolidatedLeverageRatio
4.00
meg Finance Lease Principal And Interest Payment Liability
FinanceLeasePrincipalAndInterestPaymentLiability
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us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
938000
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FinanceLeasePrincipalPayments
7319000
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LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4653000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2130000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6439000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5157000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3714000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2092000
CY2020Q2 meg Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1576000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18978000
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
2100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
4200000
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
3600000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.4526
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.4842
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0049
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0219
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y
meg Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.00
meg Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeiture Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2020Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5118954
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3706994
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NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
7580000
CY2019Q2 meg Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-5099000
meg Net Income Loss Available To Common Stockholders Basic And Diluted
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1.000
meg Defined Contribution Plan Participants Compensation Percent
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NonCapitalizableFinancingExpenses
277000
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277000
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13224000
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0.850
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3
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13895000
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AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
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meg Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
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CY2020Q2 us-gaap Share Based Compensation
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FairValueChangesInWarrantOptions
4000
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FairValueChangesInWarrantOptions
1549000
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FairValueChangesInWarrantOptions
2000
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FairValueChangesInWarrantOptions
1549000
CY2020Q2 meg Fair Value Changes In Compound Embedded Option
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FairValueChangesInContingentLiabilities
3983000
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FairValueChangesInContingentLiabilities
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meg Short Term Purchase Accounting Fair Value Adjustment To Deferred Revenue
ShortTermPurchaseAccountingFairValueAdjustmentToDeferredRevenue
243000
CY2019Q2 meg Initial Public Offering Preparation Costs
InitialPublicOfferingPreparationCosts
73000
meg Initial Public Offering Preparation Costs
InitialPublicOfferingPreparationCosts
531000
meg Initial Public Offering Preparation Costs
InitialPublicOfferingPreparationCosts
86000
CY2020Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-1078000
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
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OtherNonoperatingExpense
147000

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