Mayville Engineering Company, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
MEC$13.12+0.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001104659-26-056257
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001104659-26-091110
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 60 previous paragraphs and 67 current paragraphs.
33 unchanged; 21 reworded; 9 added; 4 removed; 2 previous and 4 current paragraphs rearranged.
Tables are not compared: 11 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Free Cash Flow Analysis Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Current report
Net Sales. Net sales were $162,981 for the three months ended June 30, 2026 as compared to $132,328 for the three months ended June 30, 2025, an increase of $30,653, or 23.2%. This increase was driven by organic growth in the Datacenter & Critical Power, Commercial Vehicle, and Construction & Access end markets and the impact of the Accu-Fab acquisition completed in the third quarter of 2025. These increases were partially offset by lower demand in the Powersports, Agriculture and Military end markets.
Current report
Manufacturing Margins. Manufacturing margins were $17,697 for the three months ended June 30, 2026 as compared to $13,624 for the three months ended June 30, 2025, an increase of $4,073, or 29.9%. Manufacturing margin percentages were 10.9% for the three months ended June 30, 2026, as compared to 10.3% for the three months ended June 30, 2025, an increase of 60 basis points. The increase was primarily driven by higher margin sales contribution from the Accu-Fab acquisition and improved capacity utilization as several legacy end markets demand improved. This increase was partially offset by project launch costs and higher costs associated with ongoing workforce expansion to support demand.
Current report
The increase was driven by higher bonus accruals aligning with Company financial performance and the addition of employees associated with the Accu-Fab acquisition.
Current report
Interest Expense. Interest expense was $3,475 for the three months ended June 30, 2026 as compared to $1,398 for the three months ended June 30, 2025, an increase of $2,077, or 148.6%. The increase was due to increased average borrowings and interest rate under the Company’s revolving credit facility and the timing of debt repayments made during the period.
Current report
Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025
Current report
Net Sales. Net sales were $307,761 for the six months ended June 30, 2026 as compared to $267,907 for the six months ended June 30, 2025, an increase of $39,854, or 14.9%. This increase was driven by organic growth in the Datacenter & Critical Power and Construction & Access end markets and the impact of the Accu-Fab acquisition completed in the third quarter of 2025. These increases were partially offset by lower demand in the Agriculture and Military end markets.
Current report
Other Selling, General and Administrative Expenses. Other SG&A expenses were $18,489 for the six months ended June 30, 2026 as compared to $19,182 for the six months ended June 30, 2025, a decrease of $693, or 3.6%. The decrease was primarily attributable to non-recurring executive transition expenses and Accu-Fab acquisition-related costs in the prior year, partially offset by incremental SG&A expenses associated with the acquisition.
Current report
Interest Expense. Interest expense was $7,137 for the six months ended June 30, 2026 as compared to $2,965 for the six months ended June 30, 2025, an increase of $4,172, or 140.7%. The increase was due to increased average borrowings and interest rate under the Company’s revolving credit facility and the timing of debt repayment during the six months ended June 30, 2026.
Removed paragraphs (4)
Previous report
Net Sales. Net sales were $144,780 for the three months ended March 31, 2026 as compared to $135,579 for the three months ended March 31, 2025, an increase of $9,201, or 6.8%. This increase was driven by the recent acquisition of Accu-Fab and organic growth within the Datacenter & Critical Power, Construction & Access and Powersports end markets. This was partially offset by lower customer demand within the Commercial Vehicle and Military end markets.
Previous report
Manufacturing margin percentages were 7.6% for the three months ended March 31, 2026, as compared to 11.3% for the three months ended March 31, 2025, a decrease of 370 basis points. The decrease was attributable to the items discussed in the preceding paragraph.
Previous report
warehouses. As the assets are no longer in use, an impairment was recorded for the entirety of the ROU asset balance in relation to these facilities. Additionally, the Plan was expanded during the three months ended March 31, 2026, to include an additional warehouse facility in Fond du Lac, Wisconsin. A partial impairment was recorded related to this location. The remaining net asset balance of this location is included in assets held for sale on the Condensed Consolidated Balance Sheets.
Previous report
Interest Expense. Interest expense was $3,661 for the three months ended March 31, 2026 as compared to $1,567 for the three months ended March 31, 2025, an increase of $2,094, or 133.6%. The increase was due to an increase in borrowings associated with the Accu-Fab acquisition.
Reworded paragraphs (21)
Previous wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in the understanding and assessing the trends and significant changes in our results of operations and financial condition. Historical results may not be indicative of future performance. This discussion includes forward-looking statements that reflect our plans, estimates and beliefs. Such statements involve risks and uncertainties. Our actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors, including those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q. This discussion should be read in conjunction with our audited Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 and our unaudited Condensed Consolidated Financial Statements and the notes thereto included in Part I, Item I of this Quarterly Report on Form 10-Q. In this discussion, we use certain non-GAAP financial measures. Explanation of these non-GAAP financial measures and reconciliation to the most directly comparable GAAP financial measures are included in this Management Discussion and Analysis of Financial Condition and Results of Operations. Investors should not consider non-GAAP financial measures in isolation or as substitutes for financial information presented in compliance with GAAP.
Current wording
Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to assist in the understanding and assessing the trends and significant changes in our results of operations and financial condition. Historical results may not be indicative of future performance. This discussion includes forward-looking statements that reflect our plans, estimates and beliefs. Such statements involve risks and uncertainties. Our actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors, including those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and “Cautionary Statement Regarding Forward-Looking Statements” in this Quarterly Report on Form 10-Q. This discussion should be read in conjunction with our audited Consolidated Financial Statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 and our unaudited Condensed Consolidated Financial Statements and the notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q. In this discussion, we use certain non-GAAP financial measures. Explanation of these non-GAAP financial measures and reconciliation to the most directly comparable GAAP financial measures are included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations. Investors should not consider non-GAAP financial measures in isolation or as substitutes for financial information presented in compliance with GAAP.
Previous wording
MEC is a leading U.S.-based vertically-integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, datacenter & critical power, agriculture, military and other end markets. We have developed long-standing relationships with our blue-chip customers based upon our commitment to “Unmatched Excellence”.
Current wording
MEC is a leading U.S.-based vertically-integrated, value-added manufacturing partner providing a full suite of manufacturing solutions from concept to production, including design, prototyping and tooling, fabrication, aluminum extrusion, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicles, datacenter & critical power, construction & access equipment, powersports, agriculture, military and other end markets. We have developed long-standing relationships with our blue-chip customers based upon our commitment to “Unmatched Excellence”.
Previous wording
Our one operating segment focuses on producing metal components that are used in a broad range of heavy- and medium-duty commercial vehicles, construction & access equipment, powersports, datacenter & critical power, agricultural, military and other products.
Current wording
Our one operating segment focuses on producing metal components that are used in a broad range of heavy- and medium-duty commercial vehicles, datacenter & critical power, construction & access equipment, powersports, agricultural, military and other products.
Previous wording
Adjusted EBITDA represents EBITDA before stock-based compensation expense, loss on extinguishment of debt and restructuring and impairment. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net sales for each period.
Current wording
Adjusted EBITDA represents EBITDA before stock-based compensation expense, loss on extinguishment of debt, CFO transition costs, natural disaster costs, acquisition related costs and restructuring and impairment costs. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net sales for each period.
Previous wording
Free cash flow represents net cash provided by operating activities less cash flow used in the purchase of property, plant and equipment.
Current wording
Free cash flow represents net cash provided by (used in) operating activities less cash flow used in the purchase of property, plant and equipment.
Previous wording
Free cash flow for the three months ended March 31, 2026 was ($6,940) as compared to $5,371 for the three months ended March 31, 2025, a decrease of $12,311 or 229.2%. The decrease in free cash flow was due to a decrease in cash provided by operating activities and higher capital expenditures. Please see the “Liquidity and Capital Resources” section below for further information.
Current wording
Free cash flow for the six months ended June 30, 2026 was ($13,588) as compared to $17,899 for the six months ended June 30, 2025, a decrease of $31,487 or 175.9%. Please see the “Liquidity and Capital Resources” section below for further information.
Previous wording
Amortization of Intangibles Assets. Amortization of intangible assets were $3,130 for the three months ended March 31, 2026, as compared to $1,733 for the three months ended March 31, 2025, an increase of $1,397 or 80.6%. The increase was due to amortization expense associated with identifiable intangible assets from the Accu-Fab acquisition. Refer to Note 2 – Acquisition, for additional information related to these identifiable intangible assets.
Current wording
Amortization of Intangible Assets. Amortization of intangible assets was $3,140 for the three months ended June 30, 2026, as compared to $1,733 for the three months ended June 30, 2025, an increase of $1,407 or 81.2%. The increase was due to amortization expense associated with identifiable intangible assets from the Accu-Fab acquisition. Refer to Note 2 – Acquisition, for additional information related to these identifiable intangible assets.
Previous wording
Other Selling, General and Administrative Expenses. Other SG&A expenses were $9,171 for the three months ended March 31, 2026 as compared to $8,689 for the three months ended March 31, 2025, an increase of $482, or 5.5%. The increase was primarily attributable to incremental SG&A expenses associated with the acquisition of Accu-Fab.
Current wording
Other Selling, General and Administrative Expenses. Other SG&A expenses were $9,324 for the three months ended June 30, 2026 as compared to $10,290 for the three months ended June 30, 2025, a decrease of $966, or 9.4%. The decrease was primarily attributable non-recurring executive transition expenses and Accu-Fab acquisition-related costs in the prior year, partially offset by incremental SG&A expenses associated with the acquisition.
Previous wording
Provision (Benefit) for Income Taxes. Income tax expense (benefit) was ($3,308) for the three months ended March 31, 2026 as compared to ($10) for the three months ended March 31, 2025. The increase in benefit of $3,298 is primarily due to a pre-tax loss in the current year period compared to pre-tax income in the prior year period. Refer to Note 8 – Income Taxes of the Condensed Consolidated Financial Statements for further details.
Current wording
Provision (Benefit) for Income Taxes. Income tax expense (benefit) was ($992) for the three months ended June 30, 2026 as compared to ($225) for the three months ended June 30, 2025. The increase in benefit of $767 is primarily due to a greater pre-tax loss in the current year period compared to the pre-tax loss in the prior year period. Refer to Note 8 – Income Taxes of the Condensed Consolidated Financial Statements for further details.
Previous wording
Due to the factors described in the preceding paragraphs, net income (loss) and comprehensive income (loss), EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin decreased during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
Current wording
Due to the factors described in the preceding paragraphs, net income (loss) and comprehensive income (loss), Adjusted EBITDA, Adjusted EBITDA Margin and EBITDA Margin decreased while EBITDA increased during the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.
Previous wording
Manufacturing Margins. Manufacturing margins were $10,961 for the three months ended March 31, 2026 as compared to $15,324 for the three months ended March 31, 2025, a decrease of $4,363, or 28.5%. The decrease was primarily driven by non-recurring restructuring costs, project launch costs related to the Datacenter & Critical Power end market and lower capacity utilization due to softer demand primarily within the Commercial Vehicle end market, partially offset by higher-margin net sales contribution from the Accu-Fab acquisition.
Current wording
Manufacturing Margins. Manufacturing margins were $28,654 for the six months ended June 30, 2026 as compared to $29,152 for the six months ended June 30, 2025, a decrease of $498, or 1.7%. Manufacturing margin percentages were 9.3% for the six months ended June 30, 2026, as compared to 10.9% for the six months ended June 30, 2025, a decrease of 160 basis points. The decrease was primarily driven by non-recurring restructuring costs, project launch costs related to the Datacenter & Critical Power end market and lower capacity utilization due to softer demand primarily within the Commercial Vehicle end market, partially offset by higher margin sales contribution from the Accu-Fab acquisition.
Previous wording
Bonuses and Deferred Compensation Expenses. Bonuses and deferred compensation expenses were $4,804 for the three months ended March 31, 2026 as compared to $3,325 for the three months ended March 31, 2025, an increase of $1,479, or 44.5%. The increase was driven by higher bonus expense, primarily from a one-time cash bonus in connection with the successful completion of the acquisition of Accu-Fab in July 2025. This was partially offset by lower stock-based compensation expense compared to the prior-year period.
Current wording
Bonuses and Deferred Compensation Expenses. Bonuses and deferred compensation expenses were $9,650 for the six months ended June 30, 2026 as compared to $4,850 for the six months ended June 30, 2025, an increase of $4,800, or 99.0%. The increase was driven by a one-time cash bonus in connection with the successful completion of the acquisition of Accu-Fab in July 2025 and higher bonus accruals aligning with Company financial performance and the addition of employees associated with the Accu-Fab acquisition.
Previous wording
Impairment of Long-Lived Assets. During the three months ended March 31, 2026, as part of the Company’s restructuring plan (the Plan) designed to reduce fixed costs and optimize its operational footprint, in January 2026, the Company fully exited three
Current wording
Impairment of Long-Lived Assets. During the six months ended June 30, 2026, as part of the Company’s restructuring plan (the Plan) designed to reduce fixed costs and optimize its operational footprint, in January 2026, the Company fully exited four warehouses. As the assets are no longer in use, an impairment was recorded for the entirety of the ROU asset balance in relation to these facilities.
Previous wording
Operating Activities. Cash used in operating activities was $2,756 for the three months ended March 31, 2026, as compared to cash provided by operating activities of $8,333 for the three months ended March 31, 2025. The decrease of $11,089 in cash provided by (used in) operating activities was primarily due to lower net income (loss) adjusted for reconciling items and a higher use of cash driven by an increase in inventory and accounts receivable to support higher sales volumes. This was partially offset by higher accrued liabilities.
Current wording
Operating Activities. Cash used in operating activities was $1,325 for the six months ended June 30, 2026, as compared to cash provided by operating activities of $23,307 for the six months ended June 30, 2025. The decrease of $24,632 in cash provided by (used in) operating activities was primarily due to lower net income (loss) adjusted for reconciling items and a higher use of cash driven by an increase in inventory and accounts receivable supporting higher sales volumes. This was partially offset by an increase in cash provided by higher in accounts payables and accrued liabilities.
Previous wording
Investing Activities. Cash used in investing activities was $4,179 for the three months ended March 31, 2026, as compared to $2,959 for the three months ended March 31, 2025. The $1,220 increase in cash used in investing activities was driven by an increase in capital investments needed to support rapidly accelerating demand in the Datacenter & Critical Power end market.
Current wording
Investing Activities. Cash used in investing activities was $12,257 for the six months ended June 30, 2026, as compared $5,402 for the six months ended June 30, 2025. The $6,855 increase in cash used in investing activities was driven by an increase in capital investments needed to support rapidly accelerating demand in the Datacenter & Critical Power end market.
Previous wording
Financing Activities. Cash provided by financing activities was $7,499 for the three months ended March 31, 2026, as compared to cash used in financing activities of $5,397 for the three months ended March 31, 2025. The $12,896 increase in cash provided by financing activities was mainly due to borrowings in excess of debt repayments during the current year period on the Company’s revolving credit facility. Additionally, under the share repurchase plan, the Company purchased $1,747 of common stock in the first three months of 2025 and did not purchase any common stock during the first three months of 2026.
Current wording
Financing Activities. Cash provided by financing activities was $14,283 for the six months ended June 30, 2026, as compared to cash used in financing activities of $17,905 for the six months ended June 30, 2025. The increase of $32,188 in cash provided by financing activities was primarily driven by proceeds received from the Company’s stock offering, partially offset by payments on the Company’s revolving credit facility that exceeded borrowings during the period.
Previous wording
Borrowings under the Credit Agreement bear interest at a fluctuating SOFR plus an applicable margin based on the current consolidated total leverage ratio (which may be adjusted for certain reserve requirements), plus 1.25% to 2.75% depending on the current Consolidated Total Leverage Ratio (as defined in the Credit Agreement). Under certain circumstances, we may not be able to pay interest based on SOFR. If that happens, we will be required to pay interest at the Base Rate, which is the sum of the higher of (i) the Prime Rate (as publicly announced by the Agent from time to time), (ii) the Federal Funds Rate plus 0.50% and (iii) Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%.
Current wording
Borrowings under the Credit Agreement bear interest at a fluctuating SOFR plus an applicable margin based on the current consolidated total leverage ratio (which may be adjusted for certain reserve requirements), plus 1.25% to 3.25% depending on the current Consolidated Total Leverage Ratio (as defined in the Credit Agreement). Under certain circumstances, we may not be able to pay interest based on SOFR. If that happens, we will be required to pay interest at the Base Rate, which is the sum of the higher of (i) the Prime Rate (as publicly announced by the Agent from time to time), (ii) the Federal Funds Rate plus 0.50% and (iii) Adjusted Term SOFR for a one-month tenor in effect on such day plus 1.00%.
Previous wording
At March 31, 2026, the interest rate on outstanding borrowings under the Revolving Loan was 6.42%. After accounting for our debt covenants, we had availability of $42,191 under the revolving credit facility at March 31, 2026.
Current wording
At June 30, 2026, the interest rate on outstanding borrowings under the Revolving Loan was 6.65%. After accounting for our debt covenants, we had availability of $108,505 under the revolving credit facility at June 30, 2026.
Previous wording
The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on our ability to, subject to certain exceptions, create, incur or assume indebtedness; create, incur, assume or suffer to exist liens; make certain investments; allow our subsidiaries to merge or consolidate with another entity; make certain asset dispositions; pay certain dividends or other distributions to shareholders; enter into transactions with affiliates; enter into sale leaseback transactions; and exceed the limits on annual capital expenditures. The Credit Agreement also requires us to satisfy certain financial covenants, including a minimum consolidated interest coverage ratio of 2.75 to 1.00, as well as a consolidated total leverage ratio not to exceed 5.25 to 1.00. As of March 31, 2026, under the terms of the Credit Agreement, our interest coverage ratio was 4.27 to 1.00 and our consolidated total leverage ratio was 4.40 to 1.00.
Current wording
The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on our ability to, subject to certain exceptions, create, incur or assume indebtedness; create, incur, assume or suffer to exist liens; make certain investments; allow our subsidiaries to merge or consolidate with another entity; make certain asset dispositions; pay certain dividends or other distributions to shareholders; enter into transactions with affiliates; enter into sale leaseback transactions; and exceed the limits on annual capital expenditures. The Credit Agreement also requires us to satisfy certain financial covenants, including a minimum consolidated interest coverage ratio of 2.75 to 1.00, as well as a consolidated total leverage ratio not to exceed 5.25 to 1.00. As of June 30, 2026, under the terms of the Credit Agreement, our interest coverage ratio was 3.27 to 1.00 and our consolidated total leverage ratio was 2.91 to 1.00.
Previous wording
During the three months ended March 31, 2026 and 2025, our capital expenditures were $4,184 and $2,962 respectively. The increase of $1,222 was driven by an increase in capital investments needed to support rapidly accelerating demand in the Datacenter & Critical Power end market. Capital expenditures for the full year 2026 are expected to be between $15,000 and $20,000.
Current wording
During the six months ended June 30, 2026 and 2025, our capital expenditures were $11,755 and $5,408 respectively. The increase of $6,347 was driven by an increase in capital investments needed to support rapidly accelerating demand in the Datacenter & Critical Power end market. Capital expenditures for the full year 2026 are expected to be between $25,000 and $35,000.
Previous wording
dependent on our ability to access outside sources of capital. We will continue to have access to the availability currently provided under the Credit Agreement as long as we remain compliant with the financial covenants. Based on our estimates at this time, we expect to be in compliance with these financial covenants through 2026 and the foreseeable future.
Current wording
We have historically relied upon cash available through credit facilities, in addition to cash from operations, to finance our working capital requirements and to support our growth. We regularly monitor potential capital sources, including equity and debt financings, in an effort to meet our planned capital expenditures and liquidity requirements. Our future success will be highly dependent on our ability to access outside sources of capital. We will continue to have access to the availability currently provided under the Credit Agreement as long as we remain compliant with the financial covenants. Based on our estimates at this time, we expect to be in compliance with these financial covenants through 2026 and the foreseeable future.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Bonuses and Deferred Compensation Expenses. Bonuses and deferred compensation expenses were $4,845 for the three months ended June 30, 2026 as compared to $1,525 for the three months ended June 30, 2025, an increase of $3,320, or 217.7%.
Current report — wording carried from elsewhere
Amortization of Intangible Assets. Amortization of intangible assets was $6,270 for the six months ended June 30, 2026, as compared to $3,466 for the six months ended June 30, 2025, an increase of $2,804 or 80.9%. The increase was due to amortization expense associated with identifiable intangible assets from the Accu-Fab acquisition. Refer to Note 2 – Acquisition, for additional information related to these identifiable intangible assets.
Current report — wording carried from elsewhere
Provision (Benefit) for Income Taxes. Income tax expense (benefit) was ($4,300) for the six months ended June 30, 2026 as compared to ($234) for the six months ended June 30, 2025. The increase in benefit of $4,066 is primarily due to greater pre-tax loss in the current year period compared to the pre-tax loss in the prior year period. Refer to Note 8 – Income Taxes of the Condensed Consolidated Financial Statements for further details.
Current report — wording carried from elsewhere
Due to the factors described in the preceding paragraphs, net income (loss) and comprehensive income (loss), EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin decreased during the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Free Cash Flow Analysis Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Previous report — wording carried elsewhere
We have historically relied upon cash available through credit facilities, in addition to cash from operations, to finance our working capital requirements and to support our growth. We regularly monitor potential capital sources, including equity and debt financings, in an effort to meet our planned capital expenditures and liquidity requirements. Our future success will be highly