Mayville Engineering Company Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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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.
Mar 31, 2024 · Filed May 8, 2024
MEC$13.74-2.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| | | | | | | | |
|---|---|---|---|---|---|---|---|
| · · Three Months Ended · | |||||||
| · · March 31, · | |||||||
| · 2024 · 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | |
| Net income | | $3,241 | | $2,571 | | ||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | ||
| Depreciation | | 7,521 | | | 6,142 | | |
| Amortization | | 1,733 | | | 1,738 | | |
| Allowance for doubtful accounts | | (16) | | | 27 | | |
| Inventory excess and obsolescence reserve | | (247) | | | 11 | | |
| Stock-based compensation expense | | 1,157 | | | 1,066 | | |
| Loss (gain) on disposal of property, plant and equipment | | 2 | | | (138) | | |
| Deferred compensation | | 316 | | | (163) | | |
| Non-cash lease expense | | | 1,215 | | | 1,286 | |
| Other non-cash adjustments | | 69 | | | 83 | | |
| Changes in operating assets and liabilities: | | | | | | ||
| Accounts receivable | | (12,870) | | | (16,265) | | |
| Inventories | | 1,923 | | | 2,749 | | |
| Tooling in progress | | 225 | | | (100) | | |
| Prepaids and other current assets | | (199) | | | 110 | | |
| Accounts payable | | 6,727 | | | (2,290) | | |
| Deferred income taxes | | 1,159 | | | 441 | | |
| Operating lease obligations | | | (1,128) | | | (1,206) | |
| Accrued liabilities | | (203) | | | (2,105) | | |
| Net cash provided by (used in) operating activities | | 10,625 | | (6,043) | | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | ||||
| Purchase of property, plant and equipment | | (2,775) | | | (2,408) | | |
| Proceeds from sale of property, plant and equipment | | 107 | | | 153 | | |
| Net cash used in investing activities | | (2,668) | | (2,255) | | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | |||
| Proceeds from bank revolving credit notes | | 119,351 | | | 119,700 | | |
| Payments on bank revolving credit notes | | (127,026) | | | (110,360) | | |
| Repayments of other long-term debt | | (195) | | | (286) | | |
| Shares withheld for employees' taxes | | (683) | | | (661) | | |
| Payments on finance leases | | (107) | | | (96) | | |
| Proceeds from the exercise of stock options | | 345 | | | — | | |
| Net cash provided by (used in) financing activities | | (8,315) | | 8,297 | | ||
| Net decrease in cash and cash equivalents | | (358) | | (1) | | ||
| Cash and cash equivalents at beginning of period | | 672 | | 127 | | ||
| Cash and cash equivalents at end of period | | $314 | | $126 | | ||
| | | | | | | | |
| Supplemental disclosure of cash flow information: | | | | ||||
| Cash paid for interest | | $2,094 | | $112 | | ||
| Cash paid for taxes | | $2 | | $— | | ||
| Non-cash property, plant & equipment, net | | $1,650 | | $1,534 | | ||
| Non-cash 401(k) contribution of treasury stock | | $— | | $2,500 | | ||
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