Mayville Engineering Company Inc

For the period ended Sep 30, 2024. Filed Nov 6, 2024.

About 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.

Sep 30, 2024 · Filed Nov 6, 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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Contents

Condensed Consolidated Statements of Cash Flows


· · Nine Months Ended ·
· · September 30, ·
· 2024 · 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$9,997	$5,617
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	22,927	19,849
Amortization	5,200	5,649
Allowance for doubtful accounts	(255)	127
Inventory excess and obsolescence reserve	(30)	277
Stock-based compensation expense	3,847	3,755
Gain on disposal of property, plant and equipment	(177)	(342)
Deferred compensation	752	(17,433)
Loss on extinguishment of debt	—	216
Non-cash lease expense	4,034	3,348
Other non-cash adjustments	447	202
Changes in operating assets and liabilities:
Accounts receivable	3,355	(6,819)
Inventories	6,639	7,818
Tooling in progress	(169)	2,348
Prepaids and other current assets	(1,694)	(769)
Accounts payable	534	(4,134)
Deferred income taxes	1,454	1,017
Operating lease obligations	(3,792)	(3,119)
Accrued liabilities	(1,222)	(3,911)
Net cash provided by operating activities	51,847	13,696
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(9,753)	(9,814)
Proceeds from sale of property, plant and equipment	108	753
Payment for acquisition, net of cash acquired	—	(88,593)
Net cash used in investing activities	(9,645)	(97,654)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank revolving credit notes	514,466	454,587
Payments on bank revolving credit notes	(550,914)	(358,411)
Repayments of other long-term debt	(306)	(5,877)
Payments of financing costs	—	(1,206)
Shares withheld for employees' taxes	(3,816)	—
Purchase of treasury stock	(1,996)	(2,661)
Payments on finance leases	(475)	(296)
Proceeds from the exercise of stock options	345	—
Net cash provided by (used in) financing activities	(42,696)	86,136
Net increase (decrease) in cash and cash equivalents	(494)	2,178
Cash and cash equivalents at beginning of period	672	127
Cash and cash equivalents at end of period	$178	$2,305

Condensed Consolidated Statements of Cash Flows


· · Nine Months Ended ·
· · September 30, ·
· 2024 · 2023
Supplemental disclosure of cash flow information: · · ·
Cash paid for interest	$8,032	$7,209
Cash paid for taxes	$1,205	$508
Non-cash property, plant & equipment, net	$1,376	$1,981
Non-cash 401(k) contribution of treasury stock	$—	$2,500
In conjunction with the acquisition, assets acquired and liabilities assumed were as follows:
Fair value of assets acquired, net of cash acquired	$—	$102,356
Liabilities assumed	—	(13,763)
Cash paid for acquisition, net of cash acquired	$—	$88,593

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.