Mayville Engineering Company Announces Fourth Quarter and Full-Year 2024 Results
FOURTH QUARTER 2024 RESULTS
(All comparisons versus the prior-year period)
-
Net sales of
$121.3 million -
Net income of
$16.0 million $0.76 $0.07 -
Adjusted EBITDA of
$9.2 million -
Adjusted EBITDA margin of
7.6% of net sales -
Quarterly Free Cash Flow of
$35.6 million $25.5 million - Ratio of net debt to trailing twelve-month Adjusted EBITDA of 1.3x as of December 31, 2024
-
Completed
Wautoma, WI facility closure resulting in$0.5 million
FULL-YEAR 2024 RESULTS
(All comparisons versus the prior-year period)
-
Net sales of
$581.6 million 1.2% ) y/y -
Net income of
$26.0 million $1.24 $0.62 -
Adjusted EBITDA of
$64.4 million -
Adjusted EBITDA margin of
11.1% of net sales -
Free Cash Flow of
$77.7 million $25.5 million
FULL-YEAR 2025 FINANCIAL GUIDANCE
-
Net sales of between
$560 million $590 million -
Adjusted EBITDA of between
$60 million $66 million -
Free Cash flow of between
$43 million $50 million
MANAGEMENT COMMENTARY
“During a period of softer demand within our core vertical markets, our team maintained focused execution throughout the year as we delivered stable margins, consistent profitability, disciplined net working capital management, and significant year-over-year growth in free cash flow generation,” stated Jag Reddy, President and Chief Executive Officer.
“Since launching our MBX value creation framework, we’ve deployed targeted initiatives around strategic pricing, commercial growth, and capital efficiency,” continued Reddy. “While lower customer activity impacted our performance during the second half of 2025, our MBX-related actions have positioned MEC to deliver long-term profitable growth, consistent with our strategic plan. MBX continues to drive EBITDA margin expansion, positioning us to become a leaner, more efficient organization equipped to capitalize on a future demand recovery.”
“Entering 2025, our business development team is actively engaged in discussions with both new and current customers regarding projects within high-value, emerging growth end-markets,” continued Reddy. “These new opportunities, which would include exposure to industrial infrastructure investment activity, such as the ongoing domestic data-center build-out, have the potential to increase our revenue base across growing, less cyclical end-markets. In 2024, we booked more than
“During the fourth quarter, we continued to prioritize a combination of continued debt reduction and opportunistic repurchases of our common stock, consistent with our capital allocation strategy,” stated Reddy. “During the fourth quarter, we repaid more than
“We currently anticipate the first half of 2025 will reflect muted demand conditions, similar to what we experienced during the second half of 2024, as channel inventory levels further normalize, and will be a headwind for year-over-year growth and margin expansion in the first half of the year,” continued Reddy. “We expect demand to gradually improve entering the second half of the year, supported by expectations for improved customer order activity and a more favorable business environment for domestic manufacturers.”
PERFORMANCE SUMMARY
Net sales decreased by
Manufacturing margin was
Profit sharing, bonus and deferred compensation expense was
Interest expense was
Net income for the fourth quarter of 2024 was
MEC reported Adjusted EBITDA of
Fourth quarter Adjusted net loss was
Free cash flow during the fourth quarter of 2024 was
END MARKET UPDATE
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Three Months Ended |
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December 31, |
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2024 |
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2023 |
||
Commercial Vehicle |
|
$ |
47,215 |
|
$ |
52,758 |
Construction & Access |
|
|
16,972 |
|
|
25,902 |
Powersports |
|
|
17,414 |
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|
24,552 |
Agriculture |
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|
7,660 |
|
|
14,307 |
Military |
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|
7,407 |
|
|
8,871 |
Other |
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|
24,638 |
|
|
22,191 |
Net Sales |
|
$ |
121,306 |
|
$ |
148,582 |
Commercial Vehicles
MEC is a Tier 1 supplier to many of the country’s top original equipment manufacturers (OEM) of commercial vehicles providing exhaust & aftertreatment, engine components, cooling, fuel and structural systems for both heavy- and medium-duty commercial vehicles.
Net sales to the commercial vehicle market were
Construction & Access
MEC manufactures components and sub-assemblies for OEMs within the construction & access market including fenders, hoods, supports, frames, platforms, frame structures, doors and tubular products such as exhaust & aftertreatment, engine components, cooling system components, handrails and full electro-mechanical assemblies.
Net sales to the construction & access market were
Powersports
MEC manufactures stampings and complex metal assemblies and coatings for OEMs within the marine propulsion, all-terrain vehicles (ATV), multi-utility vehicles (MUV) and motorcycle markets. MEC’s powersports expertise includes axle housings, steering columns, swing arms, fenders, suspension components, ATV/MUV racks, cowl assemblies and vehicle frames.
Net sales to the powersports market were
Agriculture
MEC is an integral partner in the supply chain of the world’s leading agriculture OEMs manufacturing components and sub-assemblies including fenders, hoods, supports, frames, platforms, frame structures, doors, and tubular products such as exhaust, engine components, cooling system components, handrails and full electro-mechanical assemblies.
Net sales to the agriculture market were
Military
MEC holds the International Traffic in Arms Regulations (ITAR) certification and produces components for
Net sales to the military market were
Other
MEC also produces a wide variety of components and assemblies for customers in the power generation, industrial equipment & fixtures, consumer tools, mining, forestry, automotive, and medical market
Net sales to other end markets for the fourth quarter of 2024 were
BALANCE SHEET UPDATE
As of December 31, 2024, MEC had debt outstanding of
________________________________
1 This amount is reduced to approximately |
FINANCIAL GUIDANCE
Today, the Company issued financial guidance for the full year 2025. All guidance is current as of the time provided and is subject to change.
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FY 2024 |
|
FY 2025 Forecast |
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(in Millions) |
|
Actual |
|
Low |
|
Mid |
|
High |
||||
Net Sales |
|
$ |
581.6 |
|
$ |
560 |
|
$ |
575 |
|
$ |
590 |
Adjusted EBITDA |
|
$ |
64.4 |
|
$ |
60 |
|
$ |
63 |
|
$ |
66 |
Free Cash Flow |
|
$ |
77.7 |
|
$ |
43 |
|
$ |
46.5 |
|
$ |
50 |
The Company’s 2025 guidance reflects the continued muted demand conditions, similar to what the Company experienced during the second half of 2024, as a result of OEMs continued efforts to de-stock their channel inventories. The Company expects demand to gradually improve going into the second half of 2025 as customer order activity improves due to a more favorable business environment for domestic manufacturers. The guidance does not reflect any impact from tariffs.
The Company’s 2025 Free Cash Flow guidance reflects continued working capital efficiencies and capital expenditures of between
FOURTH QUARTER 2024 RESULTS CONFERENCE CALL
The Company will host a conference call on Wednesday, March 5, 2025 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).
For a live webcast of the conference call and to access the accompanying investor presentation, please visit www.mecinc.com and click on the link to the live webcast on the Investors page.
For telephone access to the conference, call (833) 470-1428 within
FORWARD-LOOKING STATEMENTS
This press-release includes forward-looking statements that reflect plans, estimates and beliefs. Such statements involve risk and uncertainties. Actual results may differ materially from those contemplated by these forward-looking statements as a result of various factors. Important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements include, but are not limited to: macroeconomic conditions, including inflation, elevated interest rates, labor availability, material cost pressures and inconsistent customer demand, have had, and may continue to have, a negative impact on our business, financial condition, cash flows and results of operations (including future uncertain impacts); risks relating to developments in the industries in which our customers operate; risks related to scheduling production accurately and maximizing efficiency; our ability to realize net sales represented by our awarded business; failure to compete successfully in our markets; our ability to maintain our manufacturing, engineering and technological expertise; the loss of any of our large customers or the loss of their respective market shares; risks related to entering new markets; our ability to recruit and retain our key executive officers, managers and trade-skilled personnel; volatility in the prices or availability of raw materials critical to our business; manufacturing risks, including delays and technical problems, issues with third-party suppliers, environmental risks and applicable statutory and regulatory requirements; our ability to successfully identify or integrate acquisitions; our ability to develop new and innovative processes and gain customer acceptance of such processes; risks related to our information technology systems and infrastructure; geopolitical and economic developments, including foreign trade relations and associated tariffs; results of legal disputes, including product liability, intellectual property infringement and other claims; risks associated with our capital-intensive industry; risks related to our treatment as an S Corporation prior to the consummation of our initial public offering; risks related to our employee stock ownership plan’s treatment as a tax-qualified retirement plan; and other factors described in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, as such may be amended or supplemented in our subsequently filed Quarterly Reports on Form 10-Q. This discussion should be read in conjunction with our audited consolidated financial statements included in the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2023. We undertake no obligation to update or revise any forward-looking statements after the date on which any such statement is made, whether as a result of new information, future events or otherwise, except as required by federal securities laws.
ABOUT MAYVILLE ENGINEERING COMPANY
Founded in 1945, MEC is a leading
NON-GAAP FINANCIAL MEASURES
This press release contains financial information calculated in a manner other than in accordance with
The non-GAAP measures used in this press release are EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Diluted EPS, and Free Cash Flow.
EBITDA represents net income before interest expense, provision (benefit) for income taxes, depreciation, and amortization. EBITDA Margin represents EBITDA as a percentage of net sales for each period. Adjusted EBITDA represents EBITDA before loss on extinguishment of debt, stock-based compensation expense, MSA acquisition related costs, field replacement claim, legal costs due to the former fitness customer, costs recognized on step-up of MSA acquired inventory, Chief Operating Officer (COO) restructuring costs,
Please reference our reconciliation of net income, the most directly comparable measure calculated in accordance with GAAP, to EBITDA, Adjusted EBITDA, Adjusted Net Income and Diluted EPS, Free Cash Flow and the calculation of EBITDA Margin and Adjusted EBITDA Margin included in this press release.
Mayville Engineering Company, Inc. Consolidated Balance Sheet (in thousands, except share amounts) |
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December 31, |
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December 31, |
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2024 |
|
2023 |
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ASSETS |
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Cash and cash equivalents |
|
$ |
206 |
|
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$ |
672 |
|
Receivables, net of allowances for doubtful accounts of |
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49,782 |
|
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|
57,445 |
|
Inventories, net |
|
|
54,756 |
|
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|
67,782 |
|
Tooling in progress |
|
|
4,761 |
|
|
|
5,457 |
|
Prepaid expenses and other current assets |
|
|
3,439 |
|
|
|
3,267 |
|
Total current assets |
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112,944 |
|
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|
134,623 |
|
Property, plant and equipment, net |
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|
156,528 |
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|
175,745 |
|
Assets held for sale |
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|
1,402 |
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— |
|
Goodwill |
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92,650 |
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|
92,650 |
|
Intangible assets, net |
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51,734 |
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|
58,667 |
|
Operating lease assets |
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|
28,615 |
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|
32,233 |
|
Other long-term assets |
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|
1,697 |
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|
2,743 |
|
Total assets |
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$ |
445,570 |
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$ |
496,661 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Accounts payable |
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$ |
39,119 |
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$ |
46,526 |
|
Current portion of operating lease obligation |
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4,914 |
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5,064 |
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Accrued liabilities: |
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Salaries, wages, and payroll taxes |
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5,094 |
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|
6,368 |
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Profit sharing and bonus |
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4,375 |
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|
3,107 |
|
Other current liabilities |
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|
11,090 |
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|
10,644 |
|
Total current liabilities |
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64,592 |
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|
71,709 |
|
Bank revolving credit notes |
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|
79,725 |
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|
147,493 |
|
Operating lease obligation, less current maturities |
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|
25,412 |
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|
28,606 |
|
Deferred compensation, less current portion |
|
|
4,719 |
|
|
|
3,816 |
|
Deferred income tax liability |
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|
16,831 |
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|
12,606 |
|
Other long-term liabilities |
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|
2,538 |
|
|
|
2,453 |
|
Total liabilities |
|
$ |
193,817 |
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|
$ |
266,683 |
|
Commitments and contingencies |
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Common shares, no par value, 75,000,000 authorized, 22,300,106 shares issued at December 31, 2024 and 21,853,477 at December 31, 2023 |
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— |
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— |
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Additional paid-in-capital |
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|
207,076 |
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|
205,373 |
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Retained earnings |
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|
60,086 |
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|
34,118 |
|
Treasury shares at cost, 1,883,198 shares at December 31, 2024 and 1,542,893 at December 31, 2023 |
|
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(15,409 |
) |
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|
(9,513 |
) |
Total shareholders’ equity |
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251,753 |
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|
229,978 |
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Total liabilities and shareholders' equity |
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$ |
445,570 |
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$ |
496,661 |
|
Mayville Engineering Company, Inc. Consolidated Statement of Net Income (in thousands, except share amounts and per share data) |
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Three Months Ended |
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Twelve Months Ended |
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December 31, |
|
December 31, |
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|
2024 |
|
2023 |
|
2024 |
|
2023 |
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Net sales |
|
$ |
121,306 |
|
|
$ |
148,582 |
|
|
$ |
581,604 |
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|
$ |
588,425 |
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Cost of sales |
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|
110,514 |
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|
130,371 |
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|
510,507 |
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|
518,722 |
|
Amortization of intangible assets |
|
|
1,733 |
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|
|
2,093 |
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|
|
6,933 |
|
|
|
7,742 |
|
Profit sharing, bonuses, and deferred compensation |
|
|
3,583 |
|
|
|
3,551 |
|
|
|
13,593 |
|
|
|
11,588 |
|
Other selling, general and administrative expenses |
|
|
7,930 |
|
|
|
7,213 |
|
|
|
31,518 |
|
|
|
30,182 |
|
Gain on lawsuit settlement |
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|
(25,500 |
) |
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|
— |
|
|
|
(25,500 |
) |
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|
— |
|
Income from operations |
|
|
23,046 |
|
|
|
5,354 |
|
|
|
44,553 |
|
|
|
20,191 |
|
Interest expense |
|
|
(2,011 |
) |
|
|
(3,559 |
) |
|
|
(10,989 |
) |
|
|
(11,092 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(216 |
) |
Income before taxes |
|
|
21,035 |
|
|
|
1,795 |
|
|
|
33,564 |
|
|
|
8,883 |
|
Income tax expense (benefit) |
|
|
5,064 |
|
|
|
(432 |
) |
|
|
7,596 |
|
|
|
1,039 |
|
Net income and comprehensive income |
|
$ |
15,971 |
|
|
$ |
2,227 |
|
|
$ |
25,968 |
|
|
$ |
7,844 |
|
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Earnings per share: |
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||||
Basic |
|
$ |
0.77 |
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|
$ |
0.11 |
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|
$ |
1.26 |
|
|
$ |
0.38 |
|
Diluted |
|
$ |
0.76 |
|
|
$ |
0.11 |
|
|
$ |
1.24 |
|
|
$ |
0.38 |
|
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Weighted average shares outstanding: |
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||||
Basic |
|
|
20,639,456 |
|
|
|
20,409,942 |
|
|
|
20,611,192 |
|
|
|
20,415,157 |
|
Diluted |
|
|
21,069,686 |
|
|
|
20,673,443 |
|
|
|
20,972,192 |
|
|
|
20,698,970 |
|
Mayville Engineering Company, Inc. Consolidated Statement of Cash Flows (in thousands) |
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Twelve Months Ended |
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December 31, |
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|
2024 |
|
2023 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
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Net income |
|
$ |
25,968 |
|
|
$ |
7,844 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
30,655 |
|
|
|
27,338 |
|
Amortization |
|
|
6,933 |
|
|
|
7,742 |
|
Allowance for doubtful accounts |
|
|
(437 |
) |
|
|
140 |
|
Inventory excess and obsolescence reserve |
|
|
(220 |
) |
|
|
183 |
|
Stock-based compensation expense |
|
|
5,186 |
|
|
|
4,485 |
|
Gain on disposal of property, plant and equipment |
|
|
(172 |
) |
|
|
(526 |
) |
Deferred compensation |
|
|
864 |
|
|
|
(17,089 |
) |
Loss on extinguishment of debt |
|
|
— |
|
|
|
216 |
|
Non-cash lease expense |
|
|
5,367 |
|
|
|
3,840 |
|
Other non-cash adjustments |
|
|
291 |
|
|
|
259 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
8,101 |
|
|
|
7,791 |
|
Inventories |
|
|
13,246 |
|
|
|
13,441 |
|
Tooling in progress |
|
|
696 |
|
|
|
2,555 |
|
Prepaids and other current assets |
|
|
(185 |
) |
|
|
532 |
|
Accounts payable |
|
|
(7,994 |
) |
|
|
(9,438 |
) |
Deferred income taxes |
|
|
4,225 |
|
|
|
687 |
|
Operating lease obligations |
|
|
(5,092 |
) |
|
|
(3,078 |
) |
Accrued liabilities |
|
|
2,375 |
|
|
|
(6,559 |
) |
Net cash provided by operating activities |
|
|
89,807 |
|
|
|
40,363 |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
||
Purchase of property, plant and equipment |
|
|
(12,098 |
) |
|
|
(16,598 |
) |
Proceeds from sale of property, plant and equipment |
|
|
386 |
|
|
|
1,059 |
|
Payment for acquisition, net of cash acquired |
|
|
— |
|
|
|
(88,593 |
) |
Net cash used in investing activities |
|
|
(11,712 |
) |
|
|
(104,132 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
||
Proceeds from bank revolving credit notes |
|
|
810,558 |
|
|
|
588,040 |
|
Payments on bank revolving credit notes |
|
|
(878,326 |
) |
|
|
(512,783 |
) |
Repayments of other long-term debt |
|
|
(806 |
) |
|
|
(6,673 |
) |
Payments of financing costs |
|
|
— |
|
|
|
(1,205 |
) |
Shares withheld for employees' taxes |
|
|
(3,829 |
) |
|
|
— |
|
Purchase of treasury stock |
|
|
(5,896 |
) |
|
|
(2,661 |
) |
Payments on finance leases |
|
|
(607 |
) |
|
|
(404 |
) |
Proceeds from the exercise of stock options |
|
|
345 |
|
|
|
— |
|
Net cash provided by (used in) financing activities |
|
|
(78,561 |
) |
|
|
64,314 |
|
Net increase (decrease) in cash and cash equivalents |
|
|
(466 |
) |
|
|
545 |
|
Cash and cash equivalents at beginning of period |
|
|
672 |
|
|
|
127 |
|
Cash and cash equivalents at end of period |
|
$ |
206 |
|
|
$ |
672 |
|
Mayville Engineering Company, Inc. Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands) |
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Three Months Ended |
|
Twelve Months Ended |
|||||||||||||
|
|
December 31, |
|
December 31, |
|||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Net income and comprehensive income |
|
$ |
15,971 |
|
|
$ |
2,227 |
|
|
$ |
25,968 |
|
|
$ |
7,844 |
|
|
Interest expense |
|
|
2,011 |
|
|
|
3,559 |
|
|
|
10,989 |
|
|
|
11,092 |
|
|
Provision (benefit) for income taxes |
|
|
5,064 |
|
|
|
(432 |
) |
|
|
7,596 |
|
|
|
1,039 |
|
|
Depreciation and amortization |
|
|
9,461 |
|
|
|
9,582 |
|
|
|
37,588 |
|
|
|
35,080 |
|
|
EBITDA |
|
|
32,507 |
|
|
|
14,936 |
|
|
|
82,141 |
|
|
|
55,055 |
|
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
216 |
|
|
MSA acquisition related costs |
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
1,411 |
|
|
Stock-based compensation expense |
|
|
1,339 |
|
|
|
730 |
|
|
|
5,186 |
|
|
|
4,485 |
|
|
Field replacement claim |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
490 |
|
|
Legal costs due to former fitness customer |
|
|
347 |
|
|
|
1,170 |
|
|
|
2,088 |
|
|
|
2,650 |
|
|
Costs recognized on step-up of MSA acquired inventory |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
891 |
|
|
COO restructuring costs |
|
|
— |
|
|
|
855 |
|
|
|
— |
|
|
|
855 |
|
|
|
|
|
492 |
|
|
|
— |
|
|
|
492 |
|
|
|
— |
|
|
Lawsuit settlement gain |
|
|
(25,500 |
) |
|
|
— |
|
|
|
(25,500 |
) |
|
|
— |
|
|
Adjusted EBITDA |
|
$ |
9,185 |
|
|
$ |
17,703 |
|
|
$ |
64,407 |
|
|
$ |
66,053 |
|
|
Net sales |
|
$ |
121,306 |
|
|
$ |
148,582 |
|
|
$ |
581,604 |
|
|
$ |
588,425 |
|
|
EBITDA Margin |
|
|
26.8 |
|
% |
|
10.1 |
|
% |
|
14.1 |
|
% |
|
9.4 |
% |
|
Adjusted EBITDA Margin |
|
|
7.6 |
|
% |
|
11.9 |
|
% |
|
11.1 |
|
% |
|
11.2 |
% |
|
Mayville Engineering Company, Inc. Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Diluted EPS (in thousands, except share amounts and per share data) |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||||||||||||||||||
|
|
December 31, |
|
December 31, |
||||||||||||||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
2024 |
|
|
2023 |
||||||||||||||||||||||||
|
|
Earnings |
|
Diluted EPS |
|
|
Earnings |
|
Diluted EPS |
|
Earnings |
|
Diluted EPS |
|
|
Earnings |
|
Diluted EPS |
||||||||||||||||
Net income and comprehensive income |
|
$ |
15,971 |
|
|
$ |
0.76 |
|
|
|
$ |
2,227 |
|
|
$ |
0.11 |
|
|
$ |
25,968 |
|
|
$ |
1.24 |
|
|
|
$ |
7,844 |
|
|
$ |
0.38 |
|
Loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
216 |
|
|
|
0.01 |
|
MSA acquisition related costs |
|
|
— |
|
|
|
— |
|
|
|
|
12 |
|
|
|
0.00 |
|
|
|
— |
|
|
|
— |
|
|
|
|
1,411 |
|
|
|
0.07 |
|
Stock-based compensation expense |
|
|
1,339 |
|
|
|
0.06 |
|
|
|
|
730 |
|
|
|
0.04 |
|
|
|
5,186 |
|
|
|
0.24 |
|
|
|
|
4,485 |
|
|
|
0.22 |
|
Field replacement claim |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
490 |
|
|
|
0.02 |
|
Legal costs due to former fitness customer |
|
|
347 |
|
|
|
0.02 |
|
|
|
|
1,170 |
|
|
|
0.06 |
|
|
|
2,088 |
|
|
|
0.10 |
|
|
|
|
2,650 |
|
|
|
0.13 |
|
Costs recognized on step-up of MSA acquired inventory |
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
891 |
|
|
|
0.04 |
|
COO restructuring costs |
|
|
— |
|
|
|
— |
|
|
|
|
855 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
|
|
|
855 |
|
|
|
0.04 |
|
|
|
|
492 |
|
|
|
0.02 |
|
|
|
|
— |
|
|
|
— |
|
|
|
492 |
|
|
|
0.02 |
|
|
|
|
— |
|
|
|
— |
|
Gain on lawsuit settlement |
|
|
(25,500 |
) |
|
|
(1.21 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
(25,500 |
) |
|
|
(1.21 |
) |
|
|
|
— |
|
|
|
— |
|
Tax effect of above adjustments |
|
|
5,782 |
|
|
|
0.27 |
|
|
|
|
(555 |
) |
|
|
(0.03 |
) |
|
|
4,805 |
|
|
|
0.22 |
|
|
|
|
(2,549 |
) |
|
|
(0.12 |
) |
Adjusted net income and comprehensive income |
|
$ |
(1,569 |
) |
|
$ |
(0.07 |
) |
|
|
$ |
4,439 |
|
|
$ |
0.21 |
|
|
$ |
13,039 |
|
|
$ |
0.62 |
|
|
|
$ |
16,293 |
|
|
$ |
0.79 |
|
Mayville Engineering Company, Inc. Reconciliation of Free Cash Flow (in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
||||||||
|
|
December 31, |
|
|
December 31, |
||||||||
|
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
||||
Net cash provided by operating activities |
|
$ |
37,959 |
|
$ |
26,667 |
|
|
$ |
89,807 |
|
$ |
40,363 |
Less: Capital expenditures |
|
|
2,345 |
|
|
6,784 |
|
|
|
12,098 |
|
|
16,598 |
Free cash flow |
|
$ |
35,614 |
|
$ |
19,883 |
|
|
$ |
77,709 |
|
$ |
23,765 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250304413135/en/
INVESTOR CONTACT
Stefan Neely or Noel Ryan
(615) 844-6248
MEC@val-adv.com
Source: Mayville Engineering Company
