MCFT MasterCraft Boat Holdings Inc

 

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: December 31, 2023

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

 

Commission File Number 001-37502

 

 

 

 

MASTERCRAFT BOAT HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware		06-1571747
(State or Other Jurisdiction		(I.R.S. Employer
of Incorporation or Organization)		Identification No.)

 

100 Cherokee Cove Drive, Vonore, TN 37885

(Address of Principal Executive Office) (Zip Code)

 

(423) 884-2221

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		MCFT		NASDAQ

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☐	Accelerated filer	☑
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

As of February 2, 2024, there were 17,033,805 shares of the Registrant’s common stock, par value $0.01 per share, issued and outstanding.

 

 

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TABLE OF CONTENTS

 

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Condensed Consolidated Statements of Operations	4
	Unaudited Condensed Consolidated Balance Sheets	5
	Unaudited Condensed Consolidated Statements of Equity	6
	Unaudited Condensed Consolidated Statements of Cash Flows	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Securities and Use of Proceeds	26
Item 3.	Defaults Upon Senior Securities	26
Item 4.	Mine Safety Disclosures	26
Item 5.	Other Information	26
Item 6.	Exhibits, Financial Statement Schedules	28
	SIGNATURES	29

 

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements can generally be identified by the use of statements that include words such as “could,” “may,” “might,” “will,” “expect,” “likely,” “believe,” “continue,” “anticipate,” “estimate,” “intend,” “plan,” “project” and other similar words or phrases. Forward-looking statements involve estimates and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on assumptions that we have made considering our industry experience and our perceptions of historical trends, current conditions, expected future developments and other important factors we believe are appropriate under the circumstances. As you read and consider this Quarterly Report on Form 10-Q, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many important factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance anticipated in the forward-looking statements, including but not limited to the following: changes in interest rates, the potential effects of supply chain disruptions and production inefficiencies, general economic conditions, demand for our products, inflation, changes in consumer preferences, competition within our industry, our reliance on our network of independent dealers, our ability to manage our manufacturing levels and our fixed cost base, the successful introduction of our new products, geopolitical conflicts, such as the conflict between Russia and Ukraine and the conflict in the Gaza Strip, financial institution disruptions and the other important factors described under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, filed with the Securities and Exchange Commission (“SEC”) on August 30, 2023 (our “2023 Annual Report”). Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, our actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements.

Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update any forward-looking statement contained in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New important factors that could cause our business not to develop as we expect may emerge from time to time, and it is not possible for us to predict all of them.

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MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 

		Three Months Ended								Six Months Ended
		December 31,				January 1,				December 31,				January 1,
(Dollar amounts in thousands, except per share data)		2023				2023				2023				2023
NET SALES		$	99,481			$	159,188			$	203,698			$	328,704
COST OF SALES			80,752				120,961				163,133				244,504
GROSS PROFIT			18,729				38,227				40,565				84,200
OPERATING EXPENSES:
Selling and marketing			3,150				3,042				6,614				6,821
General and administrative			8,111				8,235				17,468				17,718
Amortization of other intangible assets			450				489				912				978
Total operating expenses			11,711				11,766				24,994				25,517
OPERATING INCOME			7,018				26,461				15,571				58,683
OTHER INCOME (EXPENSE):
Interest expense			(854	)			(666	)			(1,732	)			(1,228	)
Interest income			1,415				621				2,766				772
INCOME BEFORE INCOME TAX EXPENSE			7,579				26,416				16,605				58,227
INCOME TAX EXPENSE			1,652				6,433				3,602				13,609
NET INCOME FROM CONTINUING OPERATIONS			5,927				19,983				13,003				44,618
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (Note 3)			(41	)			(300	)			(922	)			(20,867	)
NET INCOME		$	5,886			$	19,683			$	12,081			$	23,751
NET INCOME (LOSS) PER SHARE:
Basic
Continuing operations		$	0.35			$	1.13			$	0.76			$	2.51
Discontinued operations			—				(0.02	)			(0.05	)			(1.18	)
Net income		$	0.35			$	1.11			$	0.71			$	1.33
Diluted
Continuing operations		$	0.35			$	1.12			$	0.76			$	2.49
Discontinued operations			(0.01	)			(0.01	)			(0.06	)			(1.16	)
Net income		$	0.34			$	1.11			$	0.70			$	1.33
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share			17,010,116				17,669,645				17,083,204				17,807,853
Diluted earnings per share			17,091,633				17,774,329				17,158,124				17,903,027

 

Notes to Unaudited Condensed Consolidated Financial Statements form an integral part of the condensed consolidated financial statements.

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MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

 

		December 31,				June 30,
(Dollar amounts in thousands, except per share data)		2023				2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	36,246			$	19,817
Held-to-maturity securities (Note 4)			72,538				91,560
Accounts receivable, net of allowance of $38 and $122, respectively			8,786				15,741
Inventories, net (Note 5)			43,056				58,298
Prepaid expenses and other current assets			9,684				10,083
Total current assets			170,310				195,499
Property, plant and equipment, net (Note 6)			77,746				77,921
Goodwill (Note 7)			28,493				28,493
Other intangible assets, net (Note 7)			34,550				35,462
Deferred income taxes			12,769				12,428
Deferred debt issuance costs, net			341				304
Other long-term assets			7,577				3,869
Total assets		$	331,786			$	353,976
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable			10,205				20,391
Income tax payable			438				5,272
Accrued expenses and other current liabilities (Note 8)			65,590				72,496
Current portion of long-term debt, net of unamortized debt issuance costs (Note 10)			4,368				4,381
Total current liabilities			80,601				102,540
Long-term debt, net of unamortized debt issuance costs (Note 10)			47,075				49,295
Unrecognized tax positions			7,936				7,350
Other long-term liabilities			2,843				2,702
Total liabilities			138,455				161,887
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 17,033,805 shares at December 31, 2023 and 17,312,850 shares at June 30, 2023			170				173
Additional paid-in capital			65,060				75,976
Retained earnings			127,901				115,820
MasterCraft Boat Holdings, Inc. equity			193,131				191,969
Noncontrolling interest			200				120
Total equity			193,331				192,089
Total liabilities and equity		$	331,786			$	353,976

 

Notes to Unaudited Condensed Consolidated Financial Statements form an integral part of the condensed consolidated financial statements.

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MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

 

		Common Stock								Additional Paid-in				Retained				MasterCraft Boat Holdings,				Noncontrolling
(Dollar amounts in thousands)		Shares				Amount				Capital				Earnings				Inc. Equity				Interest				Total
Balance at June 30, 2023			17,312,850			$	173			$	75,976			$	115,820			$	191,969			$	120			$	192,089
Share-based compensation activity			185,055				—				(683	)			—				(683	)			—				(683	)
Repurchase and retirement of common stock			(241,764	)			(2	)			(5,783	)			—				(5,785	)			—				(5,785	)
Capital contribution from noncontrolling interest			—				—				—				—				—				80				80
Net income			—				—				—				6,195				6,195				—				6,195
Balance at October 1, 2023			17,256,141				171				69,510				122,015				191,696				200				191,896
Share-based compensation activity			(8,117	)			1				8				—				9				—				9
Repurchase and retirement of common stock			(214,219	)			(2	)			(4,458	)			—				(4,460	)			—				(4,460	)
Net income			—				—								5,886				5,886				—				5,886
Balance at December 31, 2023			17,033,805			$	170			$	65,060			$	127,901			$	193,131			$	200			$	193,331

 

		Common Stock								Additional Paid-in				Retained				MasterCraft Boat Holdings,				Noncontrolling
		Shares				Amount				Capital				Earnings				Inc. Equity				Interest				Total
Balance at June 30, 2022			18,061,437			$	181			$	96,584			$	46,883			$	143,648			$	—			$	143,648
Share-based compensation activity			128,040				1				649				—				650				—				650
Repurchase and retirement of common stock			(191,360	)			(2	)			(4,176	)			—				(4,178	)			—				(4,178	)
Net income			—				—				—				4,068				4,068				—				4,068
Balance at October 2, 2022			17,998,117				180				93,057				50,951				144,188				—				144,188
Share-based compensation activity			2,466				—				745				—				745				—				745
Repurchase and retirement of common stock			(224,284	)			(2	)			(4,792	)			—				(4,794	)			—				(4,794	)
Net income			—				—				—				19,683				19,683				—				19,683
Balance at January 1, 2023			17,776,299			$	178			$	89,010			$	70,634			$	159,822			$	—			$	159,822

 

 

Notes to Unaudited Condensed Consolidated Financial Statements form an integral part of the condensed consolidated financial statements.

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MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		Six Months Ended
		December 31,				January 1,
(Dollar amounts in thousands)		2023				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$	12,081			$	23,751
Loss from discontinued operations, net of tax			922				20,867
Net income from continuing operations			13,003				44,618
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization			5,484				5,211
Share-based compensation			948				1,865
Unrecognized tax benefits			586				(370	)
Deferred income taxes			(341	)			4,634
Amortization of debt issuance costs			124				115
Changes in certain operating assets and liabilities			(89	)			22,705
Other, net			(513	)			985
Net cash provided by operating activities of continuing operations			19,202				79,763
Net cash used in operating activities of discontinued operations			(509	)			(1,865	)
Net cash provided by operating activities			18,693				77,898
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment			(8,118	)			(11,915	)
Purchases of investments			(67,237	)			(59,687	)
Maturities of investments			87,195				—
Other, net			5				—
Net cash provided by (used in) investing activities of continuing operations			11,845				(71,602	)
Net cash used in investing activities of discontinued operations			—				(501	)
Net cash provided by (used in) investing activities			11,845				(72,103	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt			(2,250	)			(1,500	)
Repurchase and retirement of common stock			(10,173	)			(8,972	)
Other, net			(1,686	)			(465	)
Net cash used in financing activities of continuing operations			(14,109	)			(10,937	)
NET CHANGE IN CASH AND CASH EQUIVALENTS			16,429				(5,142	)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD			19,817				34,203
CASH AND CASH EQUIVALENTS — END OF PERIOD		$	36,246			$	29,061
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest, net of amounts capitalized		$	1,580			$	1,125
Cash payments for income taxes			8,116				5,845
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Activity related to sales-type lease			3,898				—
Capital expenditures in accounts payable and accrued expenses			1,171				1,130

 

Notes to Unaudited Condensed Consolidated Financial Statements form an integral part of the condensed consolidated financial statements.

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MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise noted, dollars in thousands, except per share data)

As of June 30, 2023, the Company had $3.3 million of contract liabilities associated with customer deposits and services. During the six months ended December 31, 2023, $1.2 million was recognized as revenue. As of December 31, 2023, total contract liabilities associated with customer deposits and services of $4.7 million were reported in Accrued expenses and other current liabilities and Other long-term liabilities on the condensed consolidated balance sheet, and $2.2 million is expected to be recognized as revenue during the remainder of the year ending June 30, 2024.

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As of December 31, 2023, there was $1.6 million of total unrecognized compensation expense related to nonvested PSUs. The Company expects this expense to be recognized over a weighted average period of 2.4 years.

 

 

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 

The following discussion and analysis should be read together with the unaudited condensed consolidated financial statements and notes thereto included elsewhere in this Quarterly Report on Form 10-Q. In addition, the statements in this discussion and analysis regarding our expectations concerning the performance of our business, anticipated financial results, liquidity and the other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above and in “Risk Factors” set forth in our 2023 Annual Report on Form 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements.

 

Certain statements in the following discussions are based on non-GAAP financial measures. A “non-GAAP financial measure” is a numerical measure of a registrant’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP in the statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Non-GAAP financial measures do not include operating and statistical measures. The Company includes non-GAAP financial measures in Management’s Discussion and Analysis, as the Company’s management believes that these measures and the information they provide are useful to users of the financial statements, including investors, because they permit users of the financial statements to view the Company’s performance using the same tools that management utilizes and to better evaluate the Company’s ongoing business performance. In order to better align the Company’s reported results with the internal metrics used by the Company's management to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures exclude the impact of purchase accounting amortization related to business acquisitions.

Discontinued Operations

The Company's results for all periods presented, as discussed in Management's Discussion and Analysis, are presented on a continuing operations basis. Results related to our former NauticStar business that was sold on September 2, 2022 are reported as discontinued operations for all periods presented. See Note 3 in Notes to Unaudited Condensed Consolidated Financial Statements for more information on Discontinued Operations.

Overview

As anticipated, general market volatility and economic headwinds continue to create uncertainty and softness in the retail environment. As previously disclosed, because of the anticipated softness in retail demand, the Company has approached its wholesale production plan for fiscal 2024 with a prudent level of caution and a focus on rebalancing dealer inventories consistent with the expected retail demand. As a result, net sales decreased $125.0 million, or 38.0 percent, for the first half of fiscal 2024 compared to the same prior-year period. Gross margin declined in the quarter as a result of lower cost absorption due to decreased sales volumes and higher dealer incentives, partially offset by higher prices and favorable mix and options. Dealer incentives include higher floor plan financing costs as a result of increased dealer inventories and interest rates, and other incentives as the retail environment remains competitive.

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Results of Continuing Operations

Consolidated Results

 

The table below presents our consolidated results of operations for the three and six months ended:

		Three Months Ended								2024 vs. 2023								Six Months Ended								2024 vs. 2023
		December 31,				January 1,								%				December 31,				January 1,								%
		2023				2023				Change				Change				2023				2023				Change				Change
(Dollar amounts in thousands)
Consolidated statements of operations:
NET SALES		$	99,481			$	159,188			$	(59,707	)			(37.5	%)		$	203,698			$	328,704			$	(125,006	)			(38.0	%)
COST OF SALES			80,752				120,961				(40,209	)			(33.2	%)			163,133				244,504				(81,371	)			(33.3	%)
GROSS PROFIT			18,729				38,227				(19,498	)			(51.0	%)			40,565				84,200				(43,635	)			(51.8	%)
OPERATING EXPENSES:
Selling and marketing			3,150				3,042				108				3.6	%			6,614				6,821				(207	)			(3.0	%)
General and administrative			8,111				8,235				(124	)			(1.5	%)			17,468				17,718				(250	)			(1.4	%)
Amortization of other intangible assets			450				489				(39	)			(8.0	%)			912				978				(66	)			(6.7	%)
Total operating expenses			11,711				11,766				(55	)			(0.5	%)			24,994				25,517				(523	)			(2.0	%)
OPERATING INCOME			7,018				26,461				(19,443	)			(73.5	%)			15,571				58,683				(43,112	)			(73.5	%)
OTHER INCOME (EXPENSE):
Interest expense			(854	)			(666	)			(188	)			28.2	%			(1,732	)			(1,228	)			(504	)			41.0	%
Interest income			1,415				621				794				127.9	%			2,766				772				1,994				258.3	%
INCOME BEFORE INCOME TAX EXPENSE			7,579				26,416				(18,837	)			(71.3	%)			16,605				58,227				(41,622	)			(71.5	%)
INCOME TAX EXPENSE			1,652				6,433				(4,781	)			(74.3	%)			3,602				13,609				(10,007	)			(73.5	%)
NET INCOME FROM CONTINUING OPERATIONS		$	5,927			$	19,983			$	(14,056	)			(70.3	%)		$	13,003			$	44,618			$	(31,615	)			(70.9	%)
Additional financial and other data:
Unit sales volume:
MasterCraft			491				776				(285	)			(36.7	%)			985				1,557				(572	)			(36.7	%)
Crest			365				776				(411	)			(53.0	%)			727				1,622				(895	)			(55.2	%)
Aviara			28				34				(6	)			(17.6	%)			53				66				(13	)			(19.7	%)
Consolidated unit sales volume			884				1,586				(702	)			(44.3	%)			1,765				3,245				(1,480	)			(45.6	%)
Net sales:
MasterCraft		$	72,699			$	108,665			$	(35,966	)			(33.1	%)		$	148,535			$	221,685			$	(73,150	)			(33.0	%)
Crest			17,051				36,665				(19,614	)			(53.5	%)			35,520				80,226				(44,706	)			(55.7	%)
Aviara			9,731				13,858				(4,127	)			(29.8	%)			19,643				26,793				(7,150	)			(26.7	%)
Consolidated net sales		$	99,481			$	159,188			$	(59,707	)			(37.5	%)		$	203,698			$	328,704			$	(125,006	)			(38.0	%)
Net sales per unit:
MasterCraft		$	148			$	140			$	8				5.7	%		$	151			$	142			$	9				6.3	%
Crest			47				47				—				—				49				49				—				—
Aviara			348				408				(60	)			(14.7	%)			371				406				(35	)			(8.6	%)
Consolidated net sales per unit			113				100				13				13.0	%			115				101				14				13.9	%
Gross margin			18.8	%			24.0	%		(520) bps									19.9	%			25.6	%		(570) bps

Net sales decreased $59.7 million and $125.0 million during the second quarter and first six months of fiscal 2024, respectively, when compared with the same prior-year periods. The decrease in net sales is due to lower unit volume and an increase in dealer incentives, partially offset by higher prices and favorable mix and options. Dealer incentives include higher floor plan financing costs as a result of increased dealer inventories and interest rates, and other incentives as the retail environment remains competitive.

Gross margin percentage declined 520 and 570 basis points during the second quarter and first half of fiscal 2024, respectively, when compared to the same prior-year periods. Lower margins were the result of lower cost absorption due to planned decreased sales volume, higher dealer incentives, and higher costs related to material, labor and overhead inflation, partially offset by higher prices.

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Operating expenses decreased slightly during the second quarter and $0.5 million during the first six months of fiscal 2024, when compared to the same prior-year periods.

Segment Results

MasterCraft Segment

The following table sets forth MasterCraft segment results for the three and six months ended:

 

		Three Months Ended								2024 vs. 2023								Six Months Ended								2024 vs. 2023
		December 31,				January 1,								%				December 31,				January 1,								%
(Dollar amounts in thousands)		2023				2023				Change				Change				2023				2023				Change				Change
Net sales		$	72,699			$	108,665			$	(35,966	)			(33.1	%)		$	148,535			$	221,685			$	(73,150	)			(33.0	%)
Operating income			10,294				22,899				(12,605	)			(55.0	%)			20,584				46,971				(26,387	)			(56.2	%)
Purchases of property, plant and equipment			1,407				3,173				(1,766	)			(55.7	%)			3,616				5,283				(1,667	)			(31.6	%)
Unit sales volume			491				776				(285	)			(36.7	%)			985				1,557				(572	)			(36.7	%)
Net sales per unit		$	148			$	140			$	8				5.7	%		$	151			$	142			$	9				6.3	%

 

Net sales decreased $36.0 million and $73.2 million during the second quarter and first six months of fiscal 2024, respectively, when compared with the same prior-year periods. The decrease was driven by lower unit volume and increased dealer incentives, partially offset by higher prices and favorable mix and options. Dealer incentives include higher floor plan financing costs as a result of increased dealer inventories and interest rates, and other incentives as the retail environment remains competitive.

Operating income decreased $12.6 million and $26.4 million during the second quarter and first half of fiscal 2024, respectively, when compared to the same prior-year periods. The decrease was driven by decreased sales volume, higher dealer incentives, and higher costs related to material, labor and overhead inflation, partially offset by higher prices.

Crest Segment

The following table sets forth Crest segment results for the three and six months ended:

 

		Three Months Ended								2024 vs. 2023								Six Months Ended								2024 vs. 2023
		December 31,				January 1,								%				December 31,				January 1,								%
(Dollar amounts in thousands)		2023				2023				Change				Change				2023				2023				Change				Change
Net sales		$	17,051			$	36,665			$	(19,614	)			(53.5	%)		$	35,520			$	80,226			$	(44,706	)			(55.7	%)
Operating income			469				5,071				(4,602	)			(90.8	%)			732				12,614				(11,882	)			(94.2	%)
Purchases of property, plant and equipment			314				1,681				(1,367	)			(81.3	%)			1,178				4,203				(3,025	)			(72.0	%)
Unit sales volume			365				776				(411	)			(53.0	%)			727				1,622				(895	)			(55.2	%)
Net sales per unit		$	47			$	47			$	-				0.0	%		$	49			$	49			$	-				0.0	%

Net sales decreased $19.6 million and $44.7 million during the second quarter and first six months of fiscal 2024, respectively, when compared to the same prior-year periods, due to decreased net sales and increased dealer incentives, partially offset by higher prices.

Operating income for the second quarter of fiscal 2024 decreased $4.6 million when compared to the same prior-year period. The decrease is primarily the result of decreased net sales, as discussed above.

Operating income for the first half of fiscal 2024 decreased $11.9 million when compared to the same prior-year period. The decrease is primarily the result of lower net sales, as discussed above, and higher warranty costs related to prior model year expenses.

20

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Aviara Segment

The following table sets forth Aviara segment results for the three and six months ended:

 

		Three Months Ended								2024 vs. 2023								Six Months Ended								2024 vs. 2023
		December 31,				January 1,								%				December 31,				January 1,								%
(Dollar amounts in thousands)		2023				2023				Change				Change				2023				2023				Change				Change
Net sales		$	9,731			$	13,858			$	(4,127	)			(29.8	%)		$	19,643			$	26,793			$	(7,150	)			(26.7	%)
Operating income (loss)			(3,745	)			(1,509	)			(2,236	)			148.2	%			(5,745	)			(902	)			(4,843	)			(536.9	%)
Purchases of property, plant and equipment			1,994				1,093				901				82.4	%			3,324				2,429				895				36.8	%
Unit sales volume			28				34				(6	)			(17.6	%)			53				66				(13	)			(19.7	%)
Net sales per unit		$	348			$	408			$	(60	)			(14.7	%)		$	371			$	406			$	(35	)			(8.6	%)

Net sales decreased $4.1 million and $7.2 million during the second quarter and first six months of fiscal 2024, respectively, when compared to the same prior-year periods, due to decreased unit volume, unfavorable mix and higher dealer incentives, partially offset by higher prices and lower warranty costs.

Operating losses for both comparative periods were primarily a result of higher costs related to material, labor and overhead inflation, inefficiencies related to the ramp up of new product launches, and higher dealer incentives, partially offset by higher prices.

Non-GAAP Measures

EBITDA, Adjusted EBITDA, EBITDA margin, and Adjusted EBITDA margin

We define EBITDA as net income from continuing operations, before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA further adjusted to eliminate certain non-cash charges or other items that we do not consider to be indicative of our core and/or ongoing operations. For the periods presented herein, the adjustment is for share-based compensation. We define EBITDA margin and Adjusted EBITDA margin as EBITDA and Adjusted EBITDA, respectively, each expressed as a percentage of Net sales.

Adjusted Net Income and Adjusted Net Income per share

We define Adjusted Net Income and Adjusted Net Income per share as net income from continuing operations, adjusted to eliminate certain non-cash charges or other items that we do not consider to be indicative of our core and/or ongoing operations and reflecting income tax expense on adjusted net income before income taxes at our estimated annual effective tax rate. For the periods presented herein, these adjustments include other intangible asset amortization and share-based compensation.

EBITDA, Adjusted EBITDA, EBITDA margin, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Net Income per share, which we refer to collectively as the Non-GAAP Measures, are not measures of net income or operating income as determined under accounting principles generally accepted in the United States, or U.S. GAAP. The Non-GAAP Measures are not measures of performance in accordance with U.S. GAAP and should not be considered as an alternative to net income, net income per share, or operating cash flows determined in accordance with U.S. GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of cash flow. We believe that the inclusion of the Non-GAAP Measures is appropriate to provide additional information to investors because securities analysts and investors use the Non-GAAP Measures to assess our operating performance across periods on a consistent basis and to evaluate the relative risk of an investment in our securities. We use Adjusted Net Income and Adjusted Net Income per share to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with U.S. GAAP, provides a more complete understanding of factors and trends affecting our business than does U.S. GAAP measures alone. We believe Adjusted Net Income and Adjusted Net Income per share assists our board of directors, management, investors, and other users of the financial statements in comparing our net income on a consistent basis from period to period because it removes certain non-cash items and other items that we do not consider to be indicative of our core and/or ongoing operations and reflecting income tax expense on adjusted net income before income taxes at our estimated annual effective tax rate. The Non-GAAP Measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

21

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In addition, because not all companies use identical calculations, our presentation of the Non-GAAP Measures may not be comparable to similarly titled measures of other companies, including companies in our industry.

Beginning in the first quarter of fiscal 2023, due to the effects of discontinued operations, as discussed above, the Company's non-GAAP financial measures are presented on a continuing operations basis, for all periods presented.

The following table presents a reconciliation of net income from continuing operations as determined in accordance with U.S. GAAP to EBITDA, and Adjusted EBITDA, and net income from continuing operations margin (expressed as a percentage of net sales) to EBITDA margin and Adjusted EBITDA margin (each expressed as a percentage of net sales) for the periods indicated:

 

		Three Months Ended												Six Months Ended
		December 31,				% of Net		January 1,				% of Net		December 31,				% of Net		January 1,				% of Net
(Dollar amounts in thousands)		2023				sales		2023				sales		2023				sales		2023				sales
Net income from continuing operations		$	5,927			6.0%		$	19,983			12.6%		$	13,003			6.4%		$	44,618			13.6%
Income tax expense			1,652						6,433						3,602						13,609
Interest expense			854						666						1,732						1,228
Interest income			(1,415	)					(621	)					(2,766	)					(772	)
Depreciation and amortization			2,758						2,610						5,484						5,211
EBITDA			9,776			9.8%			29,071			18.3%			21,055			10.3%			63,894			19.4%
Share-based compensation			9						745						948						1,865
Adjusted EBITDA		$	9,785			9.8%		$	29,816			18.7%		$	22,003			10.8%		$	65,759			20.0%

The following table presents a reconciliation of net income from continuing operations as determined in accordance with U.S. GAAP to Adjusted Net Income for the periods indicated:

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	Three Months Ended								Six Months Ended
	December 31,				January 1,				December 31,				January 1,
(Dollar amounts in thousands, except per share data)	2023				2023				2023				2023
Net income from continuing operations	$	5,927			$	19,983			$	13,003			$	44,618
Income tax expense		1,652				6,433				3,602				13,609
Amortization of acquisition intangibles		450				462				912				924
Share-based compensation		9				745				948				1,865
Adjusted Net Income before income taxes		8,038				27,623				18,465				61,016
Adjusted income tax expense(a)		1,768				6,353				4,062				14,034
Adjusted Net Income	$	6,270			$	21,270			$	14,403			$	46,982
Adjusted Net Income per share:
Basic	$	0.37			$	1.20			$	0.84			$	2.64
Diluted	$	0.37			$	1.20			$	0.84			$	2.62
Weighted average shares used for the computation of(b):
Basic Adjusted Net Income per share		17,010,116				17,669,645				17,083,204				17,807,853
Diluted Adjusted Net Income per share		17,091,633				17,774,329				17,158,124				17,903,027

 

The following table presents the reconciliation of net income from continuing operations per diluted share to Adjusted Net Income per diluted share for the periods indicated:

 

		Three Months Ended								Six Months Ended
		December 31,				January 1,				December 31,				January 1,
		2023				2023				2023				2023
Net income from continuing operations per diluted share		$	0.35			$	1.12			$	0.76			$	2.49
Impact of adjustments:
Income tax expense			0.09				0.36				0.21				0.76
Amortization of acquisition intangibles			0.03				0.03				0.05				0.05
Share-based compensation			—				0.04				0.06				0.10
Adjusted Net Income per diluted share before income taxes		$	0.47				1.55				1.08				3.40
Impact of adjusted income tax expense on net income per diluted share before income taxes(a)			(0.10	)			(0.35	)			(0.24	)			(0.78	)
Adjusted Net Income per diluted share		$	0.37			$	1.20			$	0.84			$	2.62

Liquidity and Capital Resources

Our primary liquidity and capital resource needs are to finance working capital, fund capital expenditures, service our debt, fund potential acquisitions, and fund our share repurchase program. Our principal sources of liquidity are our cash balance, held-to-maturity securities, cash generated from operating activities, our revolving credit agreement and the refinancing and/or new issuance of long-term debt. We believe our cash balance, held-to-maturity securities, cash from operations, and our ability to borrow will be sufficient to provide for our liquidity and capital resource needs.

Cash and cash equivalents totaled $36.2 million as of December 31, 2023, an increase of $16.4 million from $19.8 million as of June 30, 2023. Held-to-maturity securities totaled $72.5 million as of December 31, 2023, a decrease of $19.1 million from $91.6 million as of June 30, 2023. Total debt as of December 31, 2023 and June 30, 2023, was $51.4 million and $53.7 million, respectively.

As of December 31, 2023, we had no amounts outstanding under the Revolving Credit Facility, leaving $100.0 million of available borrowing capacity. Refer to Note 10 — Long Term Debt in the Notes to Unaudited Condensed Consolidated Financial Statements for further details.

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On June 24, 2021, the board of directors of the Company authorized a share repurchase program that allowed for the repurchase of up to $50.0 million of our common stock during the three-year period ending June 24, 2024. While having $1.6 million of availability as of June 30, 2023, this program was fully utilized during the first quarter ended October 1, 2023.

On July 24, 2023, the board of directors of the Company authorized a new share repurchase program under which the Company may repurchase up to $50 million of its outstanding shares of common stock. The new authorization became effective upon the completion of the Company's prior $50 million stock repurchase authorization.

During the six months ended December 31, 2023, the Company repurchased 455,983 shares of common stock for $10.2 million in cash, excluding related fees and expenses under both plans.

The following table and discussion below relate to our cash flows from continuing operations from operating, investing, and financing activities:

 

		Six Months Ended
		December 31,				January 1,
(Dollar amounts in thousands)		2023				2023
Total cash provided by (used in):
Operating activities		$	19,202			$	79,763
Investing activities			11,845				(71,602	)
Financing activities			(14,109	)			(10,937	)
Net change in cash from continuing operations		$	16,938			$	(2,776	)

Six Months Ended December 31, 2023 Cash Flows from Continuing Operations

Net cash provided by operating activities for the six months ended December 31, 2023 was $19.2 million, primarily due to net income. Working capital had a net nominal effect on cash provided by operating activities. Working capital is defined as accounts receivable, income tax receivable, inventories, and prepaid expenses and other current assets net of accounts payable, income tax payable, and accrued expenses and other current liabilities as presented in the condensed consolidated balance sheets. Favorable changes in working capital primarily consisted of a decrease in accounts receivable, inventories and prepaid expenses. Partially offsetting favorable changes in working capital was a decrease in accounts payable, accrued expenses and other current liabilities and income tax payable. Accounts receivable decreased primarily as a result of timing of collections and lower sales at the end of the period compared to the end of the prior-year period. Inventories decreased as we continue to rebalance inventory levels to align with lower production levels, partially offset by increased materials costs from inflation. Accrued expenses and other current liabilities primarily decreased due to payment of dealer incentives and lower compensation related accruals, partially offset by an increase in contract liabilities. Accounts payable decreased as a result of decreased production levels as well as timing associated with the holiday season. Income tax payable decreased due to the timing of payments.

Net cash provided by investing activities was $11.8 million, which included net changes of $20.0 million in held-to maturity securities, partially offset by $8.1 million in net capital expenditures. Our capital spending was primarily focused on tooling, facility enhancements and information technology.

Net cash used in financing activities was $14.1 million, which included net payments of $2.3 million on long-term debt and stock repurchases totaling $10.2 million.

Six Months Ended January 1, 2023 Cash Flows from Continuing Operations

Net cash provided by operating activities for the six months ended January 1, 2023 was $79.8 million, primarily due to net income and cash provided by favorable changes in working capital. Working capital is defined as accounts receivable, income tax receivable, inventories, and prepaid expenses and other current assets net of accounts payable, income tax payable, and accrued expenses and other current liabilities as presented in the condensed consolidated balance sheets, excluding the impact of acquisitions and non-cash adjustments. Favorable changes in working capital primarily consisted of a decrease in accounts receivable and inventories, and an increase in accrued expenses and other current liabilities. Partially offsetting favorable changes in working capital was a decrease in accounts payable and income tax payable. Accounts receivable decreased primarily as a result of lower sales at the end of the period compared to the end of the prior-year period. Inventories decreased as we rebalanced inventory levels after the summer selling season,

24

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partially offset by increased materials costs from inflation. Accrued expenses and other current liabilities primarily increased due to increased warranty and floor plan interest costs, offset by payments of other dealer incentives. Accounts payable decreased as a result of decreased production levels during the holiday season. Income tax payable decreased due to the tax benefit generated from the sale of NauticStar.

Net cash used in investing activities was $71.6 million, due to investments in held-to-maturity securities of $59.7 million and $11.9 million of capital expenditures. Our capital spending was focused on expanding our capacity, maintenance capital, and information technology.

Net cash used in financing activities was $10.9 million, which included net payments of $1.5 million on long-term debt and stock repurchases totaling $9.0 million.

Off Balance Sheet Arrangements

The Company did not have any off balance sheet financing arrangements as of December 31, 2023.

Critical Accounting Estimates

As of December 31, 2023, there were no significant changes in or changes to the application of our critical accounting policies or estimation procedures from those presented in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, which was filed with the SEC on August 30, 2023.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Refer to our 2023 Annual Report for discussion of the Company’s market risk. There have been no material changes in market risk from those disclosed therein.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) (of the Exchange Act) that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

 

As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of our disclosure controls and procedures. Based upon this evaluation, our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of December 31, 2023.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

25

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PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

For a discussion of the Company’s legal proceedings, see Part I – Item 1. – Note 9 – Commitments and Contingencies to the Company’s unaudited condensed consolidated financial statements.

ITEM 1A. RISK FACTORS.

During the six months ended December 31, 2023, there were no material changes to the risk factors disclosed in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023.

ITEM 2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS.

Share Repurchase Program

On June 24, 2021, the board of directors of the Company authorized a share repurchase program that allowed for the repurchase of up to $50.0 million of our common stock during the three-year period ending June 24, 2024. While having $1.6 million of availability as of June 30, 2023, this program was fully utilized during the first quarter ended October 1, 2023.

On July 24, 2023, the board of directors of the Company authorized a new share repurchase program under which the Company may repurchase up to $50.0 million of its outstanding shares of common stock. The new authorization became effective upon the completion of the Company's prior $50.0 million stock repurchase authorization.

During the first six months of fiscal 2024, we repurchased approximately $10.2 million of our common stock, including approximately $4.4 million during the three months ended December 31, 2023. As of December 31, 2023, the remaining authorization under the new program was approximately $41.5 million.

During the three months ended December 31, 2023, the Company repurchased the following shares of common stock:

Period		Total Number of Shares Purchased				Average Price Paid Per Share(a)(b)				Total Number of Shares Purchased as part of Publicly Announced Program				Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan (dollars in thousands)
October 2, 2023 - October 29, 2023			—			$	—				—			$	45,883
October 30, 2023 - November 26, 2023			80,900				20.53				80,900				44,222
November 27, 2023 - December 31, 2023			133,319				20.63				133,319				41,471
Total			214,219								214,219

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

Except as set forth below, during the three months ended December 31, 2023, none of our directors or "officers" (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified or terminated "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements" (each as defined in Item 408 of Regulation S-K).

 

26

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			Trading Arrangement
	Action	Date	Rule 10b5-1(a)	Non-Rule 10b5-1(b)	Total Shares to be Sold	Expiration Date
Tim Oxley (Chief Financial Officer)	Adopt	12/13/2023	X		15,000	12/13/2024

 

(a) Intended to satisfy the affirmative defense of Rule 10b5-1(c)

(b) Not intended to satisfy the affirmative defense of Rule 10b5-1(c)

 

27

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ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.

 

Incorporated by Reference

Exhibit No.

Description

Form

File No.

Exhibit

Filing Date

Filed Herewith

3.1

Amended and Restated Certificate of Incorporation of MCBC Holdings, Inc.

10-K

001-37502

3.1

9/18/15

3.2

Certificate of Amendment to Amended and Restated Certificate of Incorporation of MasterCraft Boat Holdings, Inc.

10-Q

001-37502

3.2

11/9/18

3.3

Certificate of Amendment to Amended and Restated Certificate of Incorporation of MasterCraft Boat Holdings, Inc.

8-K

001-37502

3.1

10/25/19

3.4

Fourth Amended and Restated By-laws of MasterCraft Boat Holdings, Inc.

8-K

001-37502

3.2

10/25/19

31.1

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

*

31.2

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer

*

32.1

Section 1350 Certification of Chief Executive Officer

**

32.2

Section 1350 Certification of Chief Financial Officer

**

101.INS

Inline XBRL Instance Document

*

101.SCH

Inline XBRL Taxonomy Extension Schema With Embedded Linkbases Document

*

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*

 

* Filed herewith.

** Furnished herewith.

28

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		MASTERCRAFT BOAT HOLDINGS, INC.
		(Registrant)
Date:	February 7, 2024	By:	/s/ FREDERICK A. BRIGHTBILL
			Frederick A. Brightbill
			Chief Executive Officer (Principal Executive Officer) and Chairman of the Board
Date:	February 7, 2024	By:	/s/ TIMOTHY M. OXLEY
			Timothy M. Oxley
			Chief Financial Officer (Principal Financial and Accounting Officer),
			Treasurer and Secretary

 

29

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Exhibit 31.1

CERTIFICATIONS

I, Frederick A. Brightbill, certify that:

 

 

 

 

 

 

 

 

 

 

 

 

Date: February 7, 2024		/s/ FREDERICK A. BRIGHTBILL
		Frederick A. Brightbill
		Chief Executive Officer (Principal Executive Officer) and Chairman of the Board

 

---

Exhibit 31.2

CERTIFICATIONS

I, Timothy M. Oxley, certify that:

 

 

 

 

 

 

 

 

 

 

 

 

Date: February 7, 2024		/s/ TIMOTHY M. OXLEY
		Timothy M. Oxley
		Chief Financial Officer, Treasurer and Secretary (Principal Financial and Accounting Officer)

 

---

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Frederick A. Brightbill, Chief Executive Officer of MasterCraft Boat Holdings, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

 

February 7, 2024				/s/ FREDERICK A. BRIGHTBILL
				Frederick A. Brightbill
				Chief Executive Officer (Principal Executive Officer) and Chairman of the Board

 

---

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Timothy M. Oxley, Chief Financial Officer of MasterCraft Boat Holdings, Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

February 7, 2024				/s/ TIMOTHY M. OXLEY
				Timothy M. Oxley
				Chief Financial Officer, Treasurer and Secretary (Principal Financial and Accounting Officer)

 

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v3.24.0.1

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2023	Feb. 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	MASTERCRAFT BOAT HOLDINGS, INC.
Entity Central Index Key	0001638290
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		17,033,805
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	MCFT
Security Exchange Name	NASDAQ
Entity File Number	001-37502
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1571747
Entity Address, Address Line One	100 Cherokee Cove Drive
Entity Address, City or Town	Vonore
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37885
City Area Code	423
Local Phone Number	884-2221
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Document Transition Report	false

v3.24.0.1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Income Statement [Abstract]
NET SALES	$ 99,481	$ 159,188	$ 203,698	$ 328,704
COST OF SALES	80,752	120,961	163,133	244,504
GROSS PROFIT	18,729	38,227	40,565	84,200
OPERATING EXPENSES:
Selling and marketing	3,150	3,042	6,614	6,821
General and administrative	8,111	8,235	17,468	17,718
Amortization of other intangible assets	450	489	912	978
Total operating expenses	11,711	11,766	24,994	25,517
OPERATING INCOME	7,018	26,461	15,571	58,683
OTHER INCOME (EXPENSE):
Interest expense	(854)	(666)	(1,732)	(1,228)
Interest income	1,415	621	2,766	772
INCOME BEFORE INCOME TAX EXPENSE	7,579	26,416	16,605	58,227
INCOME TAX EXPENSE	1,652	6,433	3,602	13,609
Net income from continuing operations	5,927	19,983	13,003	44,618
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (Note 3)	(41)	(300)	(922)	(20,867)
NET INCOME	$ 5,886	$ 19,683	$ 12,081	$ 23,751
Basic
Continuing operations	$ 0.35	$ 1.13	$ 0.76	$ 2.51
Discontinued operations	0	(0.02)	(0.05)	(1.18)
Net income	0.35	1.11	0.71	1.33
Diluted
Continuing operations	0.35	1.12	0.76	2.49
Discontinued operations	(0.01)	(0.01)	(0.06)	(1.16)
Net income	$ 0.34	$ 1.11	$ 0.7	$ 1.33
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share	17,010,116	17,669,645	17,083,204	17,807,853
Diluted earnings per share	17,091,633	17,774,329	17,158,124	17,903,027

v3.24.0.1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 36,246	$ 19,817
Held-to-maturity securities (Note 4)	72,538	91,560
Accounts receivable, net of allowance of $38 and $122, respectively	8,786	15,741
Inventories, net (Note 5)	43,056	58,298
Prepaid expenses and other current assets	9,684	10,083
Total current assets	170,310	195,499
Property, plant and equipment, net (Note 6)	77,746	77,921
Goodwill (Note 7)	28,493	28,493
Other intangible assets, net (Note 7)	34,550	35,462
Deferred income taxes	12,769	12,428
Deferred debt issuance costs, net	341	304
Other long-term assets	7,577	3,869
Total assets	331,786	353,976
CURRENT LIABILITIES:
Accounts payable	10,205	20,391
Income tax payable	438	5,272
Accrued expenses and other current liabilities (Note 8)	65,590	72,496
Current portion of long-term debt, net of unamortized debt issuance costs (Note 10)	4,368	4,381
Total current liabilities	80,601	102,540
Long-term debt, net of unamortized debt issuance costs (Note 10)	47,075	49,295
Unrecognized tax positions	7,936	7,350
Other long-term liabilities	2,843	2,702
Total liabilities	138,455	161,887
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value per share authorized 100,000,000 shares issued and outstanding 17,033,805 shares at December 31 2023 and 17312850 shares at June 30 2023	170	173
Additional paid-in capital	65,060	75,976
Retained earnings	127,901	115,820
MasterCraft Boat Holdings, Inc. equity	193,131	191,969
Noncontrolling interest	200	120
Total equity	193,331	192,089	$ 143,648
Total liabilities and stockholders' equity	$ 331,786	$ 353,976

v3.24.0.1

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 38	$ 122
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	17,033,805	17,312,850
Common stock, outstanding shares	17,033,805	17,312,850

v3.24.0.1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained earning	Non controlling Interest	MasterCraft Boat Holdings, Inc.
Balance, beginning at Jun. 30, 2022		$ 181	$ 96,584	$ 46,883		$ 143,648
Balance, beginning (in shares) at Jun. 30, 2022		18,061,437
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2022	$ 143,648
Share-based compensation activity	650	$ 1	649			650
Share-based compensation activity (shares)		128,040
Repurchase and retirement of common stock	(4,178)	$ (2)	(4,176)			4,178
Repurchase and retirement of common stock (shares)		(191,360)
Net income	4,068			4,068		4,068
Balance, ending at Oct. 02, 2022		$ 180	93,057	(50,951)		144,188
Balance, ending (in shares) at Oct. 02, 2022		17,998,117
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Oct. 02, 2022	144,188
Balance, beginning at Jun. 30, 2022		$ 181	96,584	46,883		143,648
Balance, beginning (in shares) at Jun. 30, 2022		18,061,437
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2022	143,648
Repurchase and retirement of common stock (shares)		(415,644)
Net income	23,751
Balance, ending at Jan. 01, 2023		$ 178	89,010	70,634		159,822
Balance, ending (in shares) at Jan. 01, 2023		17,776,299
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jan. 01, 2023	159,822
Balance, beginning at Oct. 02, 2022		$ 180	93,057	(50,951)		144,188
Balance, beginning (in shares) at Oct. 02, 2022		17,998,117
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Oct. 02, 2022	144,188
Share-based compensation activity	745		745			745
Share-based compensation activity (shares)		2,466
Repurchase and retirement of common stock	4,794	$ (2)	(4,792)			4,794
Repurchase and retirement of common stock (shares)		(224,284)
Net income	19,683			19,683		19,683
Balance, ending at Jan. 01, 2023		$ 178	89,010	70,634		159,822
Balance, ending (in shares) at Jan. 01, 2023		17,776,299
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jan. 01, 2023	159,822
Balance, beginning at Jun. 30, 2023	191,969	$ 173	75,976	115,820	$ 120	191,969
Balance, beginning (in shares) at Jun. 30, 2023		17,312,850
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2023	192,089
Share-based compensation activity	(683)		(683)			(683)
Share-based compensation activity (shares)		185,055
Repurchase and retirement of common stock	5,785	$ (2)	(5,783)			5,785
Repurchase and retirement of common stock (shares)		(241,764)
Capital contribution from noncontrolling interest	80				80
Net income	6,195			6,195		6,195
Balance, ending at Oct. 01, 2023		$ 171	69,510	122,015	200	191,696
Balance, ending (in shares) at Oct. 01, 2023		17,256,141
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Oct. 01, 2023	191,896
Balance, beginning at Jun. 30, 2023	191,969	$ 173	75,976	115,820	120	191,969
Balance, beginning (in shares) at Jun. 30, 2023		17,312,850
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2023	192,089
Repurchase and retirement of common stock (shares)		(455,983)
Net income	12,081
Balance, ending at Dec. 31, 2023	193,131	$ 170	65,060	127,901	200	193,131
Balance, ending (in shares) at Dec. 31, 2023		17,033,805
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2023	193,331
Balance, beginning at Oct. 01, 2023		$ 171	69,510	122,015	200	191,696
Balance, beginning (in shares) at Oct. 01, 2023		17,256,141
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Oct. 01, 2023	191,896
Share-based compensation activity	9	$ 1	8			9
Share-based compensation activity (shares)		(8,117)
Repurchase and retirement of common stock	4,460	$ (2)	(4,458)			4,460
Repurchase and retirement of common stock (shares)		(214,219)
Net income	5,886			5,886		5,886
Balance, ending at Dec. 31, 2023	193,131	$ 170	$ 65,060	$ 127,901	$ 200	$ 193,131
Balance, ending (in shares) at Dec. 31, 2023		17,033,805
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2023	$ 193,331

v3.24.0.1

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 12,081	$ 23,751
Loss from discontinued operations, net of tax	922	(20,867)
Net income from continuing operations	13,003	44,618
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:
Depreciation and amortization	5,484	5,211
Share-based compensation	948	1,865
Unrecognized tax benefits	586	(370)
Deferred income taxes	(341)	4,634
Amortization of debt issuance costs	124	115
Changes in certain operating assets and liabilities	(89)	22,705
Other, net	(513)	985
Net cash provided by operating activities of continuing operations	19,202	79,763
Net cash used in operating activities of discontinued operations	(509)	(1,865)
Net cash provided by operating activities	18,693	77,898
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(8,118)	(11,915)
Purchases of investments	(67,237)	(59,687)
Maturities of investments	87,195	0
Other, net	5	0
Net cash provided by (used in) investing activities of continuing operations	11,845	(71,602)
Net cash used in investing activities of discontinued operations	0	(501)
Net cash provided by (used in) investing activities	11,845	(72,103)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt	(2,250)	(1,500)
Repurchase and retirement of common stock	(10,173)	(8,972)
Other, net	(1,686)	(465)
Net cash used in financing activities of continuing operations	(14,109)	(10,937)
NET CHANGE IN CASH AND CASH EQUIVALENTS	16,429	(5,142)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	19,817	34,203
CASH AND CASH EQUIVALENTS — END OF PERIOD	36,246	29,061
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest	1,580	1,125
Cash payments for income taxes	8,116	5,845
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Activity related to sales-type lease	3,898	0
Capital expenditures in accounts payable and accrued expenses	$ 1,171	$ 1,130

v3.24.0.1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the fiscal quarter end will not always coincide with the date of the end of a calendar month. The accompanying unaudited condensed consolidated financial statements include the accounts of MasterCraft Boat Holdings, Inc. ("Holdings") and its wholly owned subsidiaries. Holdings and its subsidiaries collectively are referred to herein as the "Company." The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements for the year ended June 30, 2023, and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of December 31, 2023, its results of operations for the three and six months ended December 31, 2023 and January 1, 2023, its cash flows for the six months ended December 31, 2023 and January 1, 2023, and its statements of equity for the three and six months ended December 31, 2023 and January 1, 2023. All adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the SEC for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2023 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP for complete financial statements. However, management believes that the disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K. Due to the seasonality of the Company’s business, the interim results are not necessarily indicative of the results that may be expected for the remainder of the fiscal year. There were no significant changes in or changes to the application of the Company’s significant or critical accounting policies or estimation procedures for the three and six months ended December 31, 2023, as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2023. Investment in Sales-Type Lease — On July 1, 2023, the Company became a lessor in a sales-type lease arrangement consisting of land valued at $3.9 million. In accordance with Accounting Standards Codification (“ASC”) 842, Leases, the underlying land was derecognized as Property, plant and equipment and a sales-type lease was recognized as a net investment in a lease. The net investment balances are represented as lease receivable and unguaranteed residual asset amounts on the balance sheet within other current assets and other long-term assets. The interest earned on the net investment will be recognized as interest income. New Pronouncements Issued Income Taxes Accounting Standard Update ("ASU") No. 2023-09, Improvements to Income Tax Disclosures, requires entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and provide more details about the reconciling items in some categories if items meet a quantitative threshold. Entities would have to provide qualitative disclosures about the new categories. The guidance will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance makes several other changes to the disclosure requirements. Entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The guidance is effective for annual periods beginning after December 15, 2024, or fiscal 2026 for the Company. The Company is currently evaluating the impact, if any, that the adoption of this standard will have on financial disclosures.     Segment Reporting ASU No. 2023-07, Improvements to Reportable Segment Disclosures, requires incremental disclosures about an entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. This update is effective for fiscal years beginning after December 31, 2023, or fiscal 2025 for the Company, and should be adopted retrospectively unless impracticable. The Company is currently evaluating the impact, if any, that the adoption of this standard will have on financial disclosures.

v3.24.0.1

REVENUE RECOGNITION	6 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	2. REVENUE RECOGNITION The following tables present the Company's revenue by major product category for each reportable segment:       Three Months Ended December 31, 2023       MasterCraft     Crest     Aviara     Total   Major Product Categories:                         Boats and trailers   $ 70,374     $ 16,698     $ 9,731     $ 96,803   Parts     1,939       224       —       2,163   Other revenue     386       129       —       515   Total   $ 72,699     $ 17,051     $ 9,731     $ 99,481         Six Months Ended December 31, 2023       MasterCraft     Crest     Aviara     Total   Major Product Categories:                         Boats and trailers   $ 140,198     $ 34,816     $ 19,643     $ 194,657   Parts     7,130       477       —       7,607   Other revenue     1,207       227       —       1,434   Total   $ 148,535     $ 35,520     $ 19,643     $ 203,698         Three Months Ended January 1, 2023       MasterCraft     Crest     Aviara     Total   Major Product Categories:                         Boats and trailers   $ 105,536     $ 36,364     $ 13,858     $ 155,758   Parts     2,658       133       —       2,791   Other revenue     471       168       —       639   Total   $ 108,665     $ 36,665     $ 13,858     $ 159,188         Six Months Ended January 1, 2023       MasterCraft     Crest     Aviara     Total   Major Product Categories:                         Boats and trailers   $ 213,740     $ 79,507     $ 26,793     $ 320,040   Parts     6,895       386       —       7,281   Other revenue     1,050       333       —       1,383   Total   $ 221,685     $ 80,226     $ 26,793     $ 328,704     Contract Liabilities As of June 30, 2023, the Company had $3.3 million of contract liabilities associated with customer deposits and services. During the six months ended December 31, 2023, $1.2 million was recognized as revenue. As of December 31, 2023, total contract liabilities associated with customer deposits and services of $4.7 million were reported in Accrued expenses and other current liabilities and Other long-term liabilities on the condensed consolidated balance sheet, and $2.2 million is expected to be recognized as revenue during the remainder of the year ending June 30, 2024.

v3.24.0.1

DISCONTINUED OPERATIONS	6 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	3. DISCONTINUED OPERATIONS On September 2, 2022, the Company sold its NauticStar business to certain affiliates of Iconic Marine Group, LLC ("Purchaser"). Pursuant to the terms of the purchase agreement, substantially all of the assets of NauticStar were sold, including, among other things, all of the issued and outstanding membership interests in its wholly-owned subsidiary NS Transport, LLC, all owned real property, equipment, inventory, intellectual property and accounts receivable, and the Purchaser assumed substantially all of the liabilities of NauticStar, including, among other things, product liability and warranty claims. During the six months ended January 1, 2023, the Company recognized a $22.5 million loss on sale. The final settlement of the purchase price was subject to customary working capital adjustments that had been in arbitration, but were settled in October 2023 without a significant impact to the loss on sale previously recorded. The value of the assets and liabilities that were retained at the time of sale, which are primarily related to certain claims, are subject to change. Certain of these claims have been settled or are expected to settle for higher amounts than previously estimated, with the related activity being recorded as discontinued operations. The following table summarizes the operating results of discontinued operations for the following periods:     Six Months Ended     December 31,     January 1,     2023     2023   NET SALES $ 37     $ 7,780   COST OF SALES   260       9,412   GROSS PROFIT (LOSS)   (223 )     (1,632 ) OPERATING EXPENSES:           Selling, general and administrative   1,132       2,522   Total operating expenses   1,132       2,522   OPERATING LOSS   (1,355 )     (4,154 ) Loss on sale of discontinued operations   157       (22,487 ) LOSS BEFORE INCOME TAX BENEFIT   (1,198 )     (26,641 ) INCOME TAX BENEFIT   276       5,774   LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX $ (922 )   $ (20,867 ) The operating results, and components thereof, of discontinued operations for the three months ended December 31, 2023 and January 1, 2023 were not significant.

v3.24.0.1

HELD-TO-MATURITY SECURITIES	6 Months Ended
	Dec. 31, 2023
Investments Disclosure [Abstract]
HELD-TO-MATURITY SECURITIES	The amortized cost and net carrying amount, gross unrealized gains and losses, and estimated fair value of our investments classified as held-to-maturity at December 31, 2023 and June 30, 2023 are summarized as follows:               December 31, 2023       Amortized     Gross     Gross     Estimated       Cost / Net     Unrealized     Unrealized     Fair       Carrying Amount     Gains     Losses     Value   Held-to-maturity securities:                         Fixed income securities:                         Corporate bonds   $ 72,538     $ 18     $ (13 )   $ 72,543   Total held-to-maturity securities   $ 72,538     $ 18     $ (13 )   $ 72,543                 June 30, 2023       Amortized     Gross     Gross     Estimated       Cost / Net     Unrealized     Unrealized     Fair       Carrying Amount     Gains     Losses     Value   Held-to-maturity securities:                         Fixed income securities:                         Corporate bonds   $ 81,743     $ 1     $ (160 )   $ 81,584   U.S. treasury bills     9,817       31       (1 )     9,847   Total held-to-maturity securities   $ 91,560     $ 32     $ (161 )   $ 91,431

v3.24.0.1

INVENTORIES	6 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	5. INVENTORIES Inventories consisted of the following:       December 31,     June 30,       2023     2023   Raw materials and supplies   $ 28,455     $ 40,201   Work in process     10,038       9,465   Finished goods     6,134       10,335   Obsolescence reserve     (1,571 )     (1,703 ) Total inventories   $ 43,056     $ 58,298

v3.24.0.1

PROPERTY, PLANT, AND EQUIPMENT	6 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	6. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment, net consisted of the following:     December 31,     June 30,         2023     2023     Land and improvements   $ 7,587     $ 10,456     Buildings and improvements     48,618       46,759     Machinery and equipment     42,238       40,632     Furniture and fixtures     5,597       5,284     Construction in progress     11,801       10,180     Total property, plant, and equipment     115,841       113,311     Less accumulated depreciation     (38,095 )     (35,390 )   Property, plant, and equipment — net   $ 77,746     $ 77,921

v3.24.0.1

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	7. GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the carrying amounts of goodwill as of December 31, 2023 and June 30, 2023 for each of the Company's reportable segments.     Gross Amount     Accumulated Impairment Losses     Total   MasterCraft   $ 28,493     $ —     $ 28,493   Crest     36,238       (36,238 )     —   Aviara     1,100       (1,100 )     —   Total   $ 65,831     $ (37,338 )   $ 28,493     The following table presents the carrying amounts of Other intangible assets, net:       December 31,     June 30,       2023     2023       Gross Amount     Accumulated Amortization / Impairment     Other intangible assets, net     Gross Amount     Accumulated Amortization / Impairment     Other intangible assets, net   Amortized intangible assets                               Dealer networks   $ 19,500     $ (10,950 )   $ 8,550     $ 19,500     $ (10,050 )   $ 9,450   Software   245       (245 )     —     245       (233 )     12         19,745       (11,195 )     8,550       19,745       (10,283 )     9,462                                         Unamortized intangible assets                                     Trade names     33,000       (7,000 )     26,000       33,000       (7,000 )     26,000   Total other intangible assets   $ 52,745     $ (18,195 )   $ 34,550     $ 52,745     $ (17,283 )   $ 35,462   Amortization expense related to Other intangible assets, net for each of the three months and each of the six months ended December 31, 2023 and January 1, 2023, was $0.5 million and $1.0 million, respectively. Estimated amortization expense for the fiscal year ending June 30, 2024 is $1.8 million.

v3.24.0.1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following:       December 31,     June 30,       2023     2023   Warranty   $ 31,235     $ 31,780   Dealer incentives     20,079       24,987   Compensation and related accruals     3,384       5,838   Self-insurance     1,247       1,586   Inventory repurchase contingent obligation     2,123       1,515   Contract liabilities     2,692       1,477   Liabilities retained associated with discontinued operations     845       690   Other     3,985       4,623   Total accrued expenses and other current liabilities   $ 65,590     $ 72,496     Accrued warranty liability activity was as follows for the six months ended:       December 31,     January 1,       2023     2023   Balance at the beginning of the period   $ 31,780     $ 25,824   Provisions     4,325       7,183   Payments made     (7,683 )     (5,604 ) Changes for pre-existing warranties     2,813       2,342   Balance at the end of the period   $ 31,235     $ 29,745

v3.24.0.1

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is subject to various litigation, claims and proceedings, which have arisen in the ordinary course of business. The Company accrues for litigation, claims and proceedings when a liability is both probable and the amount can be reasonably estimated. The Company’s accruals for litigation matters are not material. While these matters are subject to inherent uncertainties, management believes that current litigation, claims and proceedings, individually and in aggregate, and after considering expected insurance reimbursements and other contract indemnifications, are not likely to have a material adverse impact on the Company’s financial position, results of operations or cash flows.

v3.24.0.1

LONG-TERM DEBT	6 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	10. LONG-TERM DEBT Long-term debt is as follows:       December 31,     June 30,       2023     2023   Term loan   $ 51,750     $ 54,000   Debt issuance costs on term loan     (307 )     (324 ) Total debt     51,443       53,676   Less current portion of long-term debt     4,500       4,500   Less current portion of debt issuance costs on term loan     (132 )     (119 ) Long-term debt, net of current portion   $ 47,075     $ 49,295     The Company has a credit agreement with a syndicate of certain financial institutions (the "Credit Agreement") that provides the Company with a $160.0 million senior secured credit facility, consisting of a $60.0 million term loan (the "Term Loan") and a $100.0 million revolving credit facility (the "Revolving Credit Facility"). The Credit Agreement is secured by a first priority security interest in substantially all of the Company's assets. The Credit Agreement contains a number of covenants that, among other things, restrict the Company’s ability to, subject to specified exceptions, incur additional debt; incur additional liens and contingent liabilities; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve; engage in businesses that are not in a related line of business; make loans, advances or guarantees; pay dividends or make other distributions; engage in transactions with affiliates; and make investments. The Company is also required to maintain a minimum fixed charge coverage ratio and a maximum net leverage ratio. On August 31, 2022, the Company entered into the Second Amendment to the Credit Agreement to obtain the necessary consents and waivers related to the sale of the NauticStar segment on September 2, 2022, as discussed in Note 3. On October 4, 2023, the Company entered into the Third Amendment to the Credit Agreement to exclude certain amounts of stock repurchases during the fiscal year ending June 30, 2024 from the calculation of the minimum required fixed charge coverage ratio. The Credit Agreement, as amended, bears interest, at the Company’s option, at either the prime rate plus an applicable margin ranging from 0.25% to 1.00% or at an adjusted term benchmark rate plus an applicable margin ranging from 1.25% to 2.00%, in each case based on the Company’s net leverage ratio. The Company is also required to pay a commitment fee for any unused portion of the revolving credit facility ranging from 0.15% to 0.30% based on the Company’s net leverage ratio. Effective during both the three and six months ended December 31, 2023, the applicable margin for loans accruing at the prime rate was 0.25% and the applicable margin for loans accruing interest at the benchmark rate was 1.25%. As of December 31, 2023, the interest rate on the Company’s term loan was 6.71%. The Credit Agreement will mature and all remaining amounts outstanding thereunder will be due and payable on June 28, 2026. As of December 31, 2023, the Company was in compliance with its financial covenants under the Credit Agreement. Revolving Credit Facility As of December 31, 2023, the Company had no amounts outstanding on its Revolving Credit Facility and had remaining availability of $100.0 million.

v3.24.0.1

INCOME TAXES	6 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES The Company’s consolidated interim effective tax rate is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. The differences between the Company’s effective tax rates and the statutory federal tax rate of 21.0% primarily relate to the inclusion of the state tax rate in the overall effective rate, the benefit of federal and state credits, and a permanent add-back for Section 162(m) limitations, partially offset by a benefit associated with the foreign derived intangible income deduction. During the three months ended December 31, 2023 and January 1, 2023, the Company's effective tax rate was 21.8% and 24.4%, respectively, and for the six months ended December 31, 2023 and January 1, 2023, the Company’s effective tax rate was 21.7% and 23.4%, respectively. The Company’s effective tax rates for the three and six months ended December 31, 2023 are lower compared to the effective tax rate for the same prior-year periods, primarily due to a decrease in the effective state tax rate and an increase in the impact of federal tax credits, partially offset by an increase in the tax impact of uncertain state tax positions.

v3.24.0.1

SHARE-BASED COMPENSATION	6 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	12. SHARE-BASED COMPENSATION   The following table presents the components of share-based compensation expense by award type.       Three Months Ended     Six Months Ended         December 31,     January 1,     December 31,     January 1,         2023     2023     2023     2023     Restricted stock awards   $ 601     $ 583     $ 1,014     $ 1,135     Performance stock units     (592 )     162       (66 )     730     Share-based compensation expense   $ 9     $ 745     $ 948     $ 1,865       Restricted Stock Awards During the six months ended December 31, 2023, the Company granted 116,962 restricted stock awards (“RSAs”) to the Company’s non-executive directors, officers and certain other key employees. Generally, the shares of restricted stock granted during the six months ended December 31, 2023, vest pro-rata over three years for officers and certain other key employees and over one year for non-executive directors. The Company determined the fair value of the shares awarded by using the close price of our common stock as of the date of grant. The weighted average grant date fair value of RSAs granted in the six months ended December 31, 2023, was $21.07 per share. The following table summarizes the status of nonvested RSAs as of December 31, 2023, and changes during the six months then ended.             Average       Nonvested     Grant-Date       Restricted     Fair Value       Shares     (per share)   Nonvested at June 30, 2023     91,907     $ 23.66   Granted     116,962       21.07   Vested     (18,830 )     20.00   Forfeited     (14,801 )     23.26   Nonvested at December 31, 2023     175,238       22.36     As of December 31, 2023, there was $2.9 million of total unrecognized compensation expense related to nonvested RSAs. The Company expects this expense to be recognized over a weighted average period of 1.8 years. Performance Stock Units Performance stock units (“PSUs”) are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of the Company’s stockholders, and to create long-term stockholder value. The awards will be earned based on the Company’s achievement of certain performance criteria over a three-year performance period. The performance period for the awards commences on July 1 of the fiscal year in which they were granted and continue for a three-year period, ending on June 30 of the applicable year. The probability of achieving the performance criteria is assessed quarterly. Following the determination of the Company’s achievement with respect to the performance criteria, the number of shares awarded is subject to further adjustment based on the application of a total shareholder return (“TSR”) modifier. The grant date fair value is determined based on both the probability assessment of the Company achieving the performance criteria and an estimate of the expected TSR modifier. The TSR modifier estimate is determined using a Monte Carlo Simulation model, which considers the likelihood of numerous possible outcomes of long-term market performance. Compensation expense related to nonvested PSUs is recognized ratably over the performance period. The following table summarizes the status of nonvested PSUs as of December 31, 2023, and changes during the six months then ended.             Average       Nonvested     Grant-Date       Performance     Fair Value       Stock Units     (per share)   Nonvested at June 30, 2023     122,971     $ 27.12   Granted     86,555       21.62   Forfeited     (21,816 )     25.80   Nonvested at December 31, 2023     187,710       24.74     As of December 31, 2023, there was $1.6 million of total unrecognized compensation expense related to nonvested PSUs. The Company expects this expense to be recognized over a weighted average period of 2.4 years.

v3.24.0.1

EARNINGS PER SHARE AND COMMON STOCK	6 Months Ended
	Dec. 31, 2023
Equity [Abstract]
EARNINGS PER SHARE AND COMMON STOCK	13. EARNINGS PER SHARE AND COMMON STOCK The following table sets forth the computation of the Company’s net income per share:       Three Months Ended     Six Months Ended         December 31,     January 1,     December 31,     January 1,         2023     2023     2023     2023     Net income from continuing operations   $ 5,927     $ 19,983     $ 13,003     $ 44,618     Loss from discontinued operations, net of tax     (41 )     (300 )     (922 )     (20,867 )   Net income   $ 5,886     $ 19,683     $ 12,081     $ 23,751                                 Weighted average shares — basic     17,010,116       17,669,645       17,083,204       17,807,853     Dilutive effect of assumed exercises of stock options     —       8,175       —       8,134     Dilutive effect of assumed restricted share awards/units     81,517       96,509       74,920       87,040     Weighted average outstanding shares — diluted     17,091,633       17,774,329       17,158,124       17,903,027     Basic net income (loss) per share                           Continuing operations   $ 0.35     $ 1.13     $ 0.76     $ 2.51     Discontinued operations   $ —     $ (0.02 )     (0.05 )     (1.18 )   Net income   $ 0.35     $ 1.11     $ 0.71     $ 1.33     Diluted net income (loss) per share                           Continuing operations   $ 0.35     $ 1.12     $ 0.76     $ 2.49     Discontinued operations   $ (0.01 )   $ (0.01 )     (0.06 )     (1.16 )   Net income   $ 0.34     $ 1.11     $ 0.70     $ 1.33       For the three and six months ended December 31, 2023 and January 1, 2023, an immaterial number of shares were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive. Share Repurchase Program On June 24, 2021, the board of directors of the Company authorized a share repurchase program that allowed for the repurchase of up to $50.0 million of the Company’s common stock during the three-year period ending June 24, 2024. While having $1.6 million of availability as of June 30, 2023, this program was fully utilized during the first quarter ended October 1, 2023. On July 24, 2023, the board of directors of the Company authorized a new share repurchase program under which the Company may repurchase up to $50.0 million of its outstanding shares of common stock. The new authorization became effective upon the completion of the Company's existing $50.0 million stock repurchase authorization. During the three months ended December 31, 2023 and January 1, 2023, the Company repurchased 214,219 shares and 224,284 shares of common stock for $4.4 million and $4.8 million, respectively, in cash, excluding related fees and expenses. During the six months ended December 31, 2023 and January 1, 2023, the Company repurchased 455,983 shares and 415,644 shares of common stock for $10.2 million and $9.0 million, respectively, in cash, excluding related fees and expenses. As of December 31, 2023, $41.5 million remained available under the program.

v3.24.0.1

SEGMENT INFORMATION	6 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	14. SEGMENT INFORMATION Reportable Segments Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the CODM in making decisions on how to allocate resources and assess performance. For the three and six months ended December 31, 2023, the Company’s CODM regularly assessed the operating performance of the Company’s boat brands under three operating and reportable segments: • The MasterCraft segment produces boats at its Vonore, Tennessee facility. These are premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating. • The Crest segment produces pontoon boats at its Owosso, Michigan facility. Crest boats are primarily used for general recreational boating. • The Aviara segment produces luxury day boats at its Merritt Island, Florida facility. Aviara boats are primarily used for general recreational boating. Each segment distributes its products through its own independent dealer network. Each segment also has its own management structure which is responsible for the operations of the segment and is directly accountable to the CODM for the operating performance of the segment, which is regularly assessed by the CODM who allocates resources based on that performance. The Company files a consolidated income tax return and does not allocate income taxes and other corporate-level expenses, including interest, to operating segments. All material corporate costs are included in the MasterCraft segment. Selected financial information for the Company’s reportable segments was as follows:       For the Three Months Ended December 31, 2023       MasterCraft     Crest     Aviara     Consolidated   Net sales   $ 72,699     $ 17,051     $ 9,731       99,481   Operating income (loss)     10,294       469       (3,745 )     7,018   Depreciation and amortization     1,282       816       660       2,758   Purchases of property, plant and equipment     1,407       314       1,994       3,715         For the Six Months Ended December 31, 2023       MasterCraft     Crest     Aviara     Consolidated   Net sales   $ 148,535     $ 35,520     $ 19,643     $ 203,698   Operating income (loss)     20,584       732       (5,745 )     15,571   Depreciation and amortization     2,583       1,624       1,277       5,484   Purchases of property, plant and equipment     3,616       1,178       3,324       8,118           For the Three Months Ended January 1, 2023       MasterCraft     Crest     Aviara     Consolidated   Net sales   $ 108,665     $ 36,665     $ 13,858     $ 159,188   Operating income (loss)     22,899       5,071       (1,509 )     26,461   Depreciation and amortization     1,364       721       525       2,610   Purchases of property, plant and equipment     3,173       1,681       1,093       5,947         For the Six Months Ended January 1, 2023       MasterCraft     Crest     Aviara     Consolidated   Net sales   $ 221,685     $ 80,226     $ 26,793     $ 328,704   Operating income (loss)     46,971       12,614       (902 )     58,683   Depreciation and amortization     2,746       1,403       1,062       5,211   Purchases of property, plant and equipment     5,283       4,203       2,429       11,915   The following table presents total assets for the Company’s reportable segments.       December 31, 2023     June 30, 2023   Assets:             MasterCraft   $ 240,444     $ 259,201   Crest     48,130       53,435   Aviara     43,212       41,340   Total assets   $ 331,786     $ 353,976

v3.24.0.1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation — The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the fiscal quarter end will not always coincide with the date of the end of a calendar month. The accompanying unaudited condensed consolidated financial statements include the accounts of MasterCraft Boat Holdings, Inc. ("Holdings") and its wholly owned subsidiaries. Holdings and its subsidiaries collectively are referred to herein as the "Company." The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements for the year ended June 30, 2023, and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of December 31, 2023, its results of operations for the three and six months ended December 31, 2023 and January 1, 2023, its cash flows for the six months ended December 31, 2023 and January 1, 2023, and its statements of equity for the three and six months ended December 31, 2023 and January 1, 2023. All adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the SEC for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2023 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by U.S. GAAP for complete financial statements. However, management believes that the disclosures in these condensed consolidated financial statements are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K. Due to the seasonality of the Company’s business, the interim results are not necessarily indicative of the results that may be expected for the remainder of the fiscal year. There were no significant changes in or changes to the application of the Company’s significant or critical accounting policies or estimation procedures for the three and six months ended December 31, 2023, as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2023.
Investment in Sales-Type Lease	Investment in Sales-Type Lease — On July 1, 2023, the Company became a lessor in a sales-type lease arrangement consisting of land valued at $3.9 million. In accordance with Accounting Standards Codification (“ASC”) 842, Leases, the underlying land was derecognized as Property, plant and equipment and a sales-type lease was recognized as a net investment in a lease. The net investment balances are represented as lease receivable and unguaranteed residual asset amounts on the balance sheet within other current assets and other long-term assets. The interest earned on the net investment will be recognized as interest income.
New Pronouncements Issued	New Pronouncements Issued Income Taxes Accounting Standard Update ("ASU") No. 2023-09, Improvements to Income Tax Disclosures, requires entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and provide more details about the reconciling items in some categories if items meet a quantitative threshold. Entities would have to provide qualitative disclosures about the new categories. The guidance will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance makes several other changes to the disclosure requirements. Entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The guidance is effective for annual periods beginning after December 15, 2024, or fiscal 2026 for the Company. The Company is currently evaluating the impact, if any, that the adoption of this standard will have on financial disclosures.     Segment Reporting ASU No. 2023-07, Improvements to Reportable Segment Disclosures, requires incremental disclosures about an entity’s reportable segments but does not change the definition of a segment or the guidance for determining reportable segments. The new guidance requires disclosure of significant segment expenses that are (1) regularly provided to (or easily computed from information regularly provided to) the chief operating decision maker and (2) included in the reported measure of segment profit or loss. The new standard also allows companies to disclose multiple measures of segment profit or loss if those measures are used to assess performance and allocate resources. This update is effective for fiscal years beginning after December 31, 2023, or fiscal 2025 for the Company, and should be adopted retrospectively unless impracticable. The Company is currently evaluating the impact, if any, that the adoption of this standard will have on financial disclosures.

v3.24.0.1

REVENUE RECOGNITION (Tables)	6 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Revenues from Contracts with Customers by Major Product Category and Reportable Segment	The following tables present the Company's revenue by major product category for each reportable segment:       Three Months Ended December 31, 2023       MasterCraft     Crest     Aviara     Total   Major Product Categories:                         Boats and trailers   $ 70,374     $ 16,698     $ 9,731     $ 96,803   Parts     1,939       224       —       2,163   Other revenue     386       129       —       515   Total   $ 72,699     $ 17,051     $ 9,731     $ 99,481         Six Months Ended December 31, 2023       MasterCraft     Crest     Aviara     Total   Major Product Categories:                         Boats and trailers   $ 140,198     $ 34,816     $ 19,643     $ 194,657   Parts     7,130       477       —       7,607   Other revenue     1,207       227       —       1,434   Total   $ 148,535     $ 35,520     $ 19,643     $ 203,698         Three Months Ended January 1, 2023       MasterCraft     Crest     Aviara     Total   Major Product Categories:                         Boats and trailers   $ 105,536     $ 36,364     $ 13,858     $ 155,758   Parts     2,658       133       —       2,791   Other revenue     471       168       —       639   Total   $ 108,665     $ 36,665     $ 13,858     $ 159,188         Six Months Ended January 1, 2023       MasterCraft     Crest     Aviara     Total   Major Product Categories:                         Boats and trailers   $ 213,740     $ 79,507     $ 26,793     $ 320,040   Parts     6,895       386       —       7,281   Other revenue     1,050       333       —       1,383   Total   $ 221,685     $ 80,226     $ 26,793     $ 328,704

v3.24.0.1

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Summary of Operating Results and Balance Sheet Data for Discontinued Operations and Disposals	The following table summarizes the operating results of discontinued operations for the following periods:     Six Months Ended     December 31,     January 1,     2023     2023   NET SALES $ 37     $ 7,780   COST OF SALES   260       9,412   GROSS PROFIT (LOSS)   (223 )     (1,632 ) OPERATING EXPENSES:           Selling, general and administrative   1,132       2,522   Total operating expenses   1,132       2,522   OPERATING LOSS   (1,355 )     (4,154 ) Loss on sale of discontinued operations   157       (22,487 ) LOSS BEFORE INCOME TAX BENEFIT   (1,198 )     (26,641 ) INCOME TAX BENEFIT   276       5,774   LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX $ (922 )   $ (20,867 ) The operating results, and components thereof, of discontinued operations for the three months ended December 31, 2023 and January 1, 2023 were not significant.

v3.24.0.1

HELD-TO-MATURITY SECURITIES (Tables)	6 Months Ended
	Dec. 31, 2023
Investments Disclosure [Abstract]
Summary of investments	December 31, 2023       Amortized     Gross     Gross     Estimated       Cost / Net     Unrealized     Unrealized     Fair       Carrying Amount     Gains     Losses     Value   Held-to-maturity securities:                         Fixed income securities:                         Corporate bonds   $ 72,538     $ 18     $ (13 )   $ 72,543   Total held-to-maturity securities   $ 72,538     $ 18     $ (13 )   $ 72,543                 June 30, 2023       Amortized     Gross     Gross     Estimated       Cost / Net     Unrealized     Unrealized     Fair       Carrying Amount     Gains     Losses     Value   Held-to-maturity securities:                         Fixed income securities:                         Corporate bonds   $ 81,743     $ 1     $ (160 )   $ 81,584   U.S. treasury bills     9,817       31       (1 )     9,847   Total held-to-maturity securities   $ 91,560     $ 32     $ (161 )   $ 91,431

v3.24.0.1

INVENTORIES (Tables)	6 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following:       December 31,     June 30,       2023     2023   Raw materials and supplies   $ 28,455     $ 40,201   Work in process     10,038       9,465   Finished goods     6,134       10,335   Obsolescence reserve     (1,571 )     (1,703 ) Total inventories   $ 43,056     $ 58,298

v3.24.0.1

PROPERTY, PLANT, AND EQUIPMENT (Tables)	6 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property, plant, and equipment, net consisted of the following:     December 31,     June 30,         2023     2023     Land and improvements   $ 7,587     $ 10,456     Buildings and improvements     48,618       46,759     Machinery and equipment     42,238       40,632     Furniture and fixtures     5,597       5,284     Construction in progress     11,801       10,180     Total property, plant, and equipment     115,841       113,311     Less accumulated depreciation     (38,095 )     (35,390 )   Property, plant, and equipment — net   $ 77,746     $ 77,921

v3.24.0.1

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amounts of Goodwill	The following table presents the carrying amounts of goodwill as of December 31, 2023 and June 30, 2023 for each of the Company's reportable segments.     Gross Amount     Accumulated Impairment Losses     Total   MasterCraft   $ 28,493     $ —     $ 28,493   Crest     36,238       (36,238 )     —   Aviara     1,100       (1,100 )     —   Total   $ 65,831     $ (37,338 )   $ 28,493
Schedule of Carrying Amount of Other Intangible Assets, Net	The following table presents the carrying amounts of Other intangible assets, net:       December 31,     June 30,       2023     2023       Gross Amount     Accumulated Amortization / Impairment     Other intangible assets, net     Gross Amount     Accumulated Amortization / Impairment     Other intangible assets, net   Amortized intangible assets                               Dealer networks   $ 19,500     $ (10,950 )   $ 8,550     $ 19,500     $ (10,050 )   $ 9,450   Software   245       (245 )     —     245       (233 )     12         19,745       (11,195 )     8,550       19,745       (10,283 )     9,462                                         Unamortized intangible assets                                     Trade names     33,000       (7,000 )     26,000       33,000       (7,000 )     26,000   Total other intangible assets   $ 52,745     $ (18,195 )   $ 34,550     $ 52,745     $ (17,283 )   $ 35,462

v3.24.0.1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following:       December 31,     June 30,       2023     2023   Warranty   $ 31,235     $ 31,780   Dealer incentives     20,079       24,987   Compensation and related accruals     3,384       5,838   Self-insurance     1,247       1,586   Inventory repurchase contingent obligation     2,123       1,515   Contract liabilities     2,692       1,477   Liabilities retained associated with discontinued operations     845       690   Other     3,985       4,623   Total accrued expenses and other current liabilities   $ 65,590     $ 72,496
Summary of Accrued Warranty Liability Activity	Accrued warranty liability activity was as follows for the six months ended:       December 31,     January 1,       2023     2023   Balance at the beginning of the period   $ 31,780     $ 25,824   Provisions     4,325       7,183   Payments made     (7,683 )     (5,604 ) Changes for pre-existing warranties     2,813       2,342   Balance at the end of the period   $ 31,235     $ 29,745

v3.24.0.1

LONG-TERM DEBT (Tables)	6 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt is as follows:       December 31,     June 30,       2023     2023   Term loan   $ 51,750     $ 54,000   Debt issuance costs on term loan     (307 )     (324 ) Total debt     51,443       53,676   Less current portion of long-term debt     4,500       4,500   Less current portion of debt issuance costs on term loan     (132 )     (119 ) Long-term debt, net of current portion   $ 47,075     $ 49,295

v3.24.0.1

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Components of Share-based Compensation Expense by Award Type	The following table presents the components of share-based compensation expense by award type.       Three Months Ended     Six Months Ended         December 31,     January 1,     December 31,     January 1,         2023     2023     2023     2023     Restricted stock awards   $ 601     $ 583     $ 1,014     $ 1,135     Performance stock units     (592 )     162       (66 )     730     Share-based compensation expense   $ 9     $ 745     $ 948     $ 1,865
Summary of Status of Nonvested Restricted Stock Awards and Changes	The following table summarizes the status of nonvested RSAs as of December 31, 2023, and changes during the six months then ended.             Average       Nonvested     Grant-Date       Restricted     Fair Value       Shares     (per share)   Nonvested at June 30, 2023     91,907     $ 23.66   Granted     116,962       21.07   Vested     (18,830 )     20.00   Forfeited     (14,801 )     23.26   Nonvested at December 31, 2023     175,238       22.36
Summary of Status of Nonvested Performance Stock Units and Changes	The following table summarizes the status of nonvested PSUs as of December 31, 2023, and changes during the six months then ended.             Average       Nonvested     Grant-Date       Performance     Fair Value       Stock Units     (per share)   Nonvested at June 30, 2023     122,971     $ 27.12   Granted     86,555       21.62   Forfeited     (21,816 )     25.80   Nonvested at December 31, 2023     187,710       24.74

v3.24.0.1

EARNINGS PER SHARE AND COMMON STOCK (Tables)	6 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Factors Used in Net Income Per Share Computation	The following table sets forth the computation of the Company’s net income per share:       Three Months Ended     Six Months Ended         December 31,     January 1,     December 31,     January 1,         2023     2023     2023     2023     Net income from continuing operations   $ 5,927     $ 19,983     $ 13,003     $ 44,618     Loss from discontinued operations, net of tax     (41 )     (300 )     (922 )     (20,867 )   Net income   $ 5,886     $ 19,683     $ 12,081     $ 23,751                                 Weighted average shares — basic     17,010,116       17,669,645       17,083,204       17,807,853     Dilutive effect of assumed exercises of stock options     —       8,175       —       8,134     Dilutive effect of assumed restricted share awards/units     81,517       96,509       74,920       87,040     Weighted average outstanding shares — diluted     17,091,633       17,774,329       17,158,124       17,903,027     Basic net income (loss) per share                           Continuing operations   $ 0.35     $ 1.13     $ 0.76     $ 2.51     Discontinued operations   $ —     $ (0.02 )     (0.05 )     (1.18 )   Net income   $ 0.35     $ 1.11     $ 0.71     $ 1.33     Diluted net income (loss) per share                           Continuing operations   $ 0.35     $ 1.12     $ 0.76     $ 2.49     Discontinued operations   $ (0.01 )   $ (0.01 )     (0.06 )     (1.16 )   Net income   $ 0.34     $ 1.11     $ 0.70     $ 1.33

v3.24.0.1

SEGMENT INFORMATION (Tables)	6 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Operating Information for Reportable Segments	Selected financial information for the Company’s reportable segments was as follows:       For the Three Months Ended December 31, 2023       MasterCraft     Crest     Aviara     Consolidated   Net sales   $ 72,699     $ 17,051     $ 9,731       99,481   Operating income (loss)     10,294       469       (3,745 )     7,018   Depreciation and amortization     1,282       816       660       2,758   Purchases of property, plant and equipment     1,407       314       1,994       3,715         For the Six Months Ended December 31, 2023       MasterCraft     Crest     Aviara     Consolidated   Net sales   $ 148,535     $ 35,520     $ 19,643     $ 203,698   Operating income (loss)     20,584       732       (5,745 )     15,571   Depreciation and amortization     2,583       1,624       1,277       5,484   Purchases of property, plant and equipment     3,616       1,178       3,324       8,118           For the Three Months Ended January 1, 2023       MasterCraft     Crest     Aviara     Consolidated   Net sales   $ 108,665     $ 36,665     $ 13,858     $ 159,188   Operating income (loss)     22,899       5,071       (1,509 )     26,461   Depreciation and amortization     1,364       721       525       2,610   Purchases of property, plant and equipment     3,173       1,681       1,093       5,947         For the Six Months Ended January 1, 2023       MasterCraft     Crest     Aviara     Consolidated   Net sales   $ 221,685     $ 80,226     $ 26,793     $ 328,704   Operating income (loss)     46,971       12,614       (902 )     58,683   Depreciation and amortization     2,746       1,403       1,062       5,211   Purchases of property, plant and equipment     5,283       4,203       2,429       11,915   The following table presents total assets for the Company’s reportable segments.       December 31, 2023     June 30, 2023   Assets:             MasterCraft   $ 240,444     $ 259,201   Crest     48,130       53,435   Aviara     43,212       41,340   Total assets   $ 331,786     $ 353,976

v3.24.0.1

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	Jul. 01, 2023 USD ($)
Organization Basis Of Presentation And Significant Accounting Policies [Line Items]
Sales-type Lease, Net Investment in Lease, Sale	$ 3.9

v3.24.0.1

REVENUE RECOGNITION - Summary of Revenues From Contracts with Customers by Major Product Category and Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Revenue by Categories
Revenue	$ 99,481	$ 159,188	$ 203,698	$ 328,704
MasterCraft
Revenue by Categories
Revenue	72,699	108,665	148,535	221,685
Crest
Revenue by Categories
Revenue	17,051	36,665	35,520	80,226
Aviara
Revenue by Categories
Revenue	9,731	13,858	19,643	26,793
Boats and trailers
Revenue by Categories
Revenue	96,803	155,758	194,657	320,040
Boats and trailers | MasterCraft
Revenue by Categories
Revenue	70,374	105,536	140,198	213,740
Boats and trailers | Crest
Revenue by Categories
Revenue	16,698	36,364	34,816	79,507
Boats and trailers | Aviara
Revenue by Categories
Revenue	9,731	13,858	19,643	26,793
Parts
Revenue by Categories
Revenue	2,163	2,791	7,607	7,281
Parts | MasterCraft
Revenue by Categories
Revenue	1,939	2,658	7,130	6,895
Parts | Crest
Revenue by Categories
Revenue	224	133	477	386
Other
Revenue by Categories
Revenue	515	639	1,434	1,383
Other | MasterCraft
Revenue by Categories
Revenue	386	471	1,207	1,050
Other | Crest
Revenue by Categories
Revenue	$ 129	$ 168	$ 227	$ 333

v3.24.0.1

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Contract liabilities
Contract with Customer, Liability, Current	$ 2,692	$ 1,477
Contract liabilities		$ 3,300
Contract with Customer, Liability, Revenue Recognized	1,200
Revenue, Remaining Performance Obligation, Amount	2,200
Accrued Expenses and Other Current Liabilities
Contract liabilities
Contract with Customer, Liability, Current	4,700
Other Noncurrent Liabilities [Member]
Contract liabilities
Other long term liabilities	$ 4,700

v3.24.0.1

DISCONTINUED OPERATIONS - Additional Information (Details) $ in Millions	6 Months Ended
	Dec. 31, 2023 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Non-cash pretax loss	$ 22.5

v3.24.0.1

DISCONTINUED OPERATIONS - Summary of Operating Results of Discontinued Operations (Details) - USD ($)	6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
OPERATING EXPENSES:
Loss on sale of discontinued operations	$ 22,500,000
NauticStar
Discontinued Operations
NET SALES	37,000	$ 7,780,000
COST OF SALES	260,000	9,412,000
GROSS LOSS	(223,000)	(1,632,000)
OPERATING EXPENSES:
Selling, general and administrative	1,132,000	2,522,000
Total operating expenses	1,132,000	2,522,000
OPERATING LOSS	(1,355,000)	(4,154,000)
Loss on sale of discontinued operations	157	(22,487,000)
LOSS BEFORE INCOME TAX BENEFIT	(1,198,000)	(26,641,000)
INCOME TAX BENEFIT	276,000	5,774,000
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	$ (922,000)	$ (20,867,000)

v3.24.0.1

HELD-TO-MATURITY SECURITIES - Summary of investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Amortized Cost	$ 72,538	$ 91,560
Gross Unrealized Gains	18	32
Gross Unrealized Losses	(13)	(161)
Estimated Fair Value	72,543	91,431
Corporate Bond
Amortized Cost	72,538	81,743
Gross Unrealized Gains	18	1
Gross Unrealized Losses	(13)	(160)
Estimated Fair Value	$ 72,543	81,584
US Treasury Bill Securities [Member]
Amortized Cost		9,817
Gross Unrealized Gains		31
Gross Unrealized Losses		(1)
Estimated Fair Value		$ 9,847

v3.24.0.1

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 28,455	$ 40,201
Work in process	10,038	9,465
Finished goods	6,134	10,335
Obsolescence reserve	(1,571)	(1,703)
Total inventories	$ 43,056	$ 58,298

v3.24.0.1

PROPERTY, PLANT, AND EQUIPMENT - Summary of Property, plant, and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 115,841	$ 113,311
Less accumulated depreciation	(38,095)	(35,390)
Property, Plant and Equipment, Net	77,746	77,921
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	7,587	10,456
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	48,618	46,759
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	42,238	40,632
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	5,597	5,284
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 11,801	$ 10,180

v3.24.0.1

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023	Jun. 30, 2024
Indefinite-Lived Intangible Assets [Line Items]
Amortization of other intangible assets	$ 450	$ 489	$ 912	$ 978
Estimated amortization expense June 30, 2023					$ 1,800

v3.24.0.1

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Goodwill [Line Items]
Goodwill	$ 65,831	$ 65,831
Accumulated impairment losses	(37,338)	(37,338)
Goodwill, net	28,493	28,493
MasterCraft
Goodwill [Line Items]
Goodwill	28,493	28,493
Accumulated impairment losses	0	0
Goodwill, net	28,493	28,493
Crest
Goodwill [Line Items]
Goodwill	36,238	36,238
Accumulated impairment losses	(36,238)	(36,238)
Goodwill, net	0	0
Aviara
Goodwill [Line Items]
Goodwill	1,100	1,100
Accumulated impairment losses	(1,100)	(1,100)
Goodwill, net	$ 0	$ 0

v3.24.0.1

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amount of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	$ 19,745	$ 19,745
Amortized intangible assets, Accumulated Amortization / Impairment	(11,195)	(10,283)
Amortized intangible assets, Other intangible assets, net	8,550	9,462
Gross Amount	52,745	52,745
Accumulated Amortization / Impairment	(18,195)	(17,283)
Other intangible assets, net	34,550	35,462
Dealer network
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	19,500	19,500
Amortized intangible assets, Accumulated Amortization / Impairment	(10,950)	(10,050)
Amortized intangible assets, Other intangible assets, net	8,550	9,450
Software
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	245	245
Amortized intangible assets, Accumulated Amortization / Impairment	(245)	(233)
Amortized intangible assets, Other intangible assets, net	0	12
Trade names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Unamortized intangible assets, Gross Amount	33,000	33,000
Unamortized intangible assets, Accumulated Amortization / Impairment	(7,000)	(7,000)
Unamortized intangible assets, Other intangible assets, net	$ 26,000	$ 26,000

v3.24.0.1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 31,235	$ 31,780
Dealer incentives	20,079	24,987
Compensation and related accruals	3,384	5,838
Self-insurance	1,247	1,586
Inventory repurchase contingent obligation	2,123	1,515
Contract liabilities	2,692	1,477
Liabilities retained associated with discontinued operations	845	690
Other	3,985	4,623
Total accrued expenses and other current liabilities	$ 65,590	$ 72,496

v3.24.0.1

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Warranty Liability Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
Roll forward of the accrued warranty liability
Balance at the beginning of the period	$ 31,780	$ 25,824
Provisions	4,325	7,183
Payments made	(7,683)	(5,604)
Changes for pre-existing warranties	2,813	2,342
Balance at the end of the period	$ 31,235	$ 29,745

v3.24.0.1

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Long-term debt
Total debt	$ 51,443	$ 53,676
Less current portion of long-term debt	4,500	4,500
Long-term debt, net of current portion	47,075	49,295
Term Loan
Long-term debt
Term loan	51,750	54,000
Debt issuance costs on term loans	(307)	(324)
Less current portion of debt issuance costs on term loans	$ (132)	$ (119)

v3.24.0.1

LONG-TERM DEBT - Senior Secured Credit Facility - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Jun. 30, 2023
Term Loan
Long-term debt
Long-term debt	$ 51,750	$ 51,750	$ 54,000
Interest rate		6.71%
Senior Secured Credit Facility
Long-term debt
Maximum borrowing capacity	$ 160,000	$ 160,000
Senior Secured Credit Facility | Prime Rate
Long-term debt
Variable margin rate	0.25%
Senior Secured Credit Facility | Prime Rate | Minimum
Long-term debt
Variable margin rate		0.25%
Senior Secured Credit Facility | Prime Rate | Maximum
Long-term debt
Variable margin rate		1.00%
Senior Secured Credit Facility | Term Benchmark
Long-term debt
Variable margin rate		1.25%
Senior Secured Credit Facility | Term Benchmark | Minimum
Long-term debt
Variable margin rate		1.25%
Senior Secured Credit Facility | Term Benchmark | Maximum
Long-term debt
Variable margin rate		2.00%
Senior Secured Credit Facility | Term Loan
Long-term debt
Long-term debt	$ 60,000	$ 60,000
Senior Secured Credit Facility | Revolving Credit Facility
Long-term debt
Maximum borrowing capacity	$ 100,000	$ 100,000
Senior Secured Credit Facility | Revolving Credit Facility | Minimum
Long-term debt
Commitment fee percentage		0.15%
Senior Secured Credit Facility | Revolving Credit Facility | Maximum
Long-term debt
Commitment fee percentage		0.30%

v3.24.0.1

LONG-TERM DEBT - Revolving Credit Facility - Additional Information (Details) - Revolving Credit Facility $ in Millions	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Outstanding borrowings	$ 0.0
Remaining borrowing capacity	$ 100.0

v3.24.0.1

INCOME TAXES - Additional Information (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Income Tax Disclosure [Abstract]
Effective tax rates	21.80%	24.40%	21.70%	23.40%
Statutory income tax rate			21.00%

v3.24.0.1

SHARE-BASED COMPENSATION - Components of Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Stock-Based Compensation
Share-based compensation expense	$ 9	$ 745	$ 948	$ 1,865
Restricted stock awards
Stock-Based Compensation
Share-based compensation expense	(601)	583	(1,014)	1,135
Performance stock units
Stock-Based Compensation
Share-based compensation expense	$ 592	$ 162	$ 66	$ 730

v3.24.0.1

SHARE-BASED COMPENSATION - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards $ / shares in Units, $ in Millions	6 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Stock-Based Compensation
Stock awards granted	116,962
Weighted average grant date value | $ / shares	$ 21.07
Unrecognized compensation expense | $	$ 2.9
Weighted average period	1 year 9 months 18 days
Non-executive directors, officers and certain other key employees
Stock-Based Compensation
Stock awards granted	116,962
Officers and certain other key employees
Stock-Based Compensation
Vesting period (in years)	3 years
Non-executive directors
Stock-Based Compensation
Vesting period (in years)	1 year

v3.24.0.1

SHARE-BASED COMPENSATION - Summary of Status of Nonvested Restricted Stock Awards and Changes (Details) - Restricted stock awards	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Nonvested Restricted Shares
Nonvested at beginning of period | shares	91,907
Granted | shares	116,962
Vested | shares	(18,830)
Forfeited | shares	(14,801)
Nonvested at end of period | shares	175,238
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period | $ / shares	$ 23.66
Granted | $ / shares	21.07
Vested | $ / shares	20
Forfeited | $ / shares	23.26
Nonvested at end of period | $ / shares	$ 22.36

v3.24.0.1

SHARE-BASED COMPENSATION - Performance Stock Units - Additional Information (Details) - Performance stock units $ in Millions	6 Months Ended
	Dec. 31, 2023 USD ($)
Stock-Based Compensation
Unrecognized compensation expense	$ 1.6
Weighted average period	2 years 4 months 24 days
Executive officers and certain other key employees
Stock-Based Compensation
Vesting period (in years)	3 years

v3.24.0.1

SHARE-BASED COMPENSATION - Summary of Status of Nonvested Performance Stock Units and Changes (Details) - Performance stock units	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Nonvested Performance Stock Units
Nonvested at beginning of period | shares	122,971
Granted | shares	86,555
Forfeited | shares	(21,816)
Nonvested at end of period | shares	187,710
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period | $ / shares	$ 27.12
Granted | $ / shares	21.62
Forfeited | $ / shares	25.8
Nonvested at end of period | $ / shares	$ 24.74

v3.24.0.1

EARNINGS PER SHARE AND COMMON STOCK - Factors Used in Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Earnings Per Share Basic [Line Items]
NET INCOME FROM CONTINUING OPERATIONS	$ 5,927	$ 19,983	$ 13,003	$ 44,618
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (Note 3)	(41)	(300)	(922)	(20,867)
Net Income	$ 5,886	$ 19,683	$ 12,081	$ 23,751
Weighted average shares — basic	17,010,116	17,669,645	17,083,204	17,807,853
Weighted average outstanding shares — diluted	17,091,633	17,774,329	17,158,124	17,903,027
Basic net income (loss) per share
Continuing operations	$ 0.35	$ 1.13	$ 0.76	$ 2.51
Discontinued operations	0	(0.02)	(0.05)	(1.18)
Net income	0.35	1.11	0.71	1.33
Diluted net income (loss) per share
Continuing operations	0.35	1.12	0.76	2.49
Discontinued operations	(0.01)	(0.01)	(0.06)	(1.16)
Net income	$ 0.34	$ 1.11	$ 0.7	$ 1.33
Stock options
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awardsunits	0	8,175	0	8,134
Restricted stock awards
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awardsunits	81,517	96,509	74,920	87,040

v3.24.0.1

EARNINGS PER SHARE AND COMMON STOCK - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Dec. 31, 2023	Oct. 01, 2023	Jan. 01, 2023	Oct. 02, 2022	Dec. 31, 2023	Jan. 01, 2023	Jul. 24, 2023	Jun. 30, 2023	Jun. 24, 2021
Class Of Stock [Line Items]
Stock repurchase program, number of shares authorized							$ 50,000		$ 50,000
Repurchase of shares in cash, including related fees and expenses					$ 10,173	$ 8,972
Stock repurchase program, remained available under the program			$ 41,500			$ 41,500
Available Program was fully utilized								$ 1,600
Stock Repurchase Program Authorized Amount Existing								$ 50,000
Common Stock
Class Of Stock [Line Items]
Number of shares repurchased	214,219	241,764	224,284	191,360	455,983	415,644
Repurchase of shares in cash, including related fees and expenses	$ 4,400		$ 4,800		$ 10,200	$ 9,000

v3.24.0.1

SEGMENT INFORMATION - Additional Information (Details)	6 Months Ended
	Dec. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

v3.24.0.1

SEGMENT INFORMATION - Schedule of Operating Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 99,481	$ 159,188	$ 203,698	$ 328,704
Operating income (loss)	7,018	26,461	15,571	58,683
Depreciation and amortization	2,758	2,610	5,484	5,211
Purchases of property, plant and equipment	3,715	5,947	8,118	11,915
Total assets	331,786		331,786		$ 353,976
MasterCraft
Segment Reporting Information [Line Items]
Net sales	72,699	108,665	148,535	221,685
Operating income (loss)	10,294	22,899	20,584	46,971
Depreciation and amortization	1,282	1,364	2,583	2,746
Purchases of property, plant and equipment	1,407	3,173	3,616	5,283
MasterCraft | Operating Segments
Segment Reporting Information [Line Items]
Total assets	240,444		240,444		259,201
Crest
Segment Reporting Information [Line Items]
Net sales	17,051	36,665	35,520	80,226
Operating income (loss)	469	5,071	732	12,614
Depreciation and amortization	816	721	1,624	1,403
Purchases of property, plant and equipment	314	1,681	1,178	4,203
Crest | Operating Segments
Segment Reporting Information [Line Items]
Total assets	48,130		48,130		53,435
Aviara
Segment Reporting Information [Line Items]
Net sales	9,731	13,858	19,643	26,793
Operating income (loss)	(3,745)	(1,509)	(5,745)	(902)
Depreciation and amortization	660	525	1,277	1,062
Purchases of property, plant and equipment	1,994	$ 1,093	3,324	$ 2,429
Aviara | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 43,212		$ 43,212		$ 41,340

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