0000950170-24-122549 | 10-Q | XBRL Viewer | Mastercraft Boat Holdings INC

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Sep. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents the carrying amounts of goodwill as of September 29, 2024 and June 30, 2024 for each of the Company's reportable segments.


	Gross Amount		Accumulated Impairment Losses			Total
MasterCraft	$	28,493	$	—		$	28,493
Pontoon		36,238		(36,238	)		—
Total	$	64,731	$	(36,238	)	$	28,493

The following table presents the carrying amounts of Other intangible assets, net:


	September 29,							June 30,
	2024							2024
	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	$	(12,300	)	$	7,200	$	19,500	$	(11,850	)	$	7,650
Software		245		(245	)		—		245		(245	)		—
		19,745		(12,545	)		7,200		19,745		(12,095	)		7,650

Unamortized intangible assets
Trade names		33,000		(7,000	)		26,000		33,000		(7,000	)		26,000
Total other intangible assets	$	52,745	$	(19,545	)	$	33,200	$	52,745	$	(19,095	)	$	33,650

Amortization expense related to Other intangible assets, net for each of the three months ended September 29, 2024 and October 1, 2023, was $0.5 million. Estimated amortization expense for the fiscal year ending June 30, 2025 is $1.8 million.

REVENUE RECOGNITION (Tables)

3 Months Ended

Sep. 29, 2024

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 September 29, 2024
	MasterCraft		Pontoon		Total
Major Product Categories:
Boats and trailers	$	50,223	$	9,192	$	59,415
Parts		4,023		507		4,530
Other revenue		1,287		127		1,414
Total	$	55,533	$	9,826	$	65,359


	Three Months Ended October 1, 2023
	MasterCraft		Pontoon		Total
Major Product Categories:
Boats and trailers	$	69,825	$	18,118	$	87,943
Parts		5,192		253		5,445
Other revenue		819		98		917
Total	$	75,836	$	18,469	$	94,305

SHARE-BASED COMPENSATION - Summary of Status of Nonvested Restricted Stock Awards and Changes (Details) - Restricted stock awards	3 Months Ended
	Sep. 29, 2024 $ / shares shares
Nonvested Restricted Shares
Nonvested at beginning of period \| shares	104,372
Granted \| shares	244,331
Forfeited \| shares	(5,573)
Nonvested at end of period \| shares	343,130
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period \| $ / shares	$ 21.76
Granted \| $ / shares	17.54
Forfeited \| $ / shares	21.67
Nonvested at end of period \| $ / shares	$ 18.75

SEGMENT INFORMATION - Schedule of Operating Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Jun. 30, 2024
Segment Reporting Information [Line Items]
Net sales	$ 65,359	$ 94,305
Operating income (loss)	1,004	10,553
Depreciation and amortization	2,074	2,109
Purchases of property, plant and equipment	2,205	3,068
Total assets	309,147		$ 317,984
MasterCraft
Segment Reporting Information [Line Items]
Net sales	55,533	75,836
Operating income (loss)	3,693	10,290
Depreciation and amortization	1,189	1,301
Purchases of property, plant and equipment	1,453	2,209
Total assets	229,379		233,088
Pontoon
Segment Reporting Information [Line Items]
Net sales	9,826	18,469
Operating income (loss)	(2,689)	263
Depreciation and amortization	885	808
Purchases of property, plant and equipment	752	$ 859
Total assets	53,501		51,994
Assets held-for-sale
Segment Reporting Information [Line Items]
Total assets	$ 26,267		$ 32,902

- Definition

Amount of asset recognized for present right to economic benefit.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ (5,145,000)	$ 6,195,000
Loss from discontinued operations, net of tax	6,161,000	2,336,000
Net income from continuing operations	1,016,000	8,531,000
Adjustments to reconcile net income from continuing operations to cash provided by operating activities:
Depreciation and amortization	2,074,000	2,109,000
Share-based compensation	430,000	910,000
Unrecognized tax benefits	(159,000)	196,000
Deferred income taxes	(177,000)	(32,000)
Changes in certain operating assets and liabilities	(2,410,000)	(15,456,000)
Other, net	(1,276,000)	(1,027,000)
Net cash provided by operating activities of continuing operations	(502,000)	(4,769,000)
Net cash provided by (used in) operating activities of discontinued operations	2,906,000	(4,353,000)
Net cash provided by (used in) operating activities	2,404,000	(9,122,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(2,205,000)	(3,068,000)
Purchases of investments	0	(9,761,000)
Maturities of investments	10,596,000	35,347,000
Net cash used in investing activities of continuing operations	8,391,000	22,518,000
Net cash used in investing activities of discontinued operations	(78,000)	(1,330,000)
Net cash used in investing activities	8,313,000	21,188,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt	(49,500,000)	(1,125,000)
Repurchase and retirement of common stock	(3,729,000)	(5,757,000)
Borrowings on revolving credit facility	49,500,000	0
Other, net	(222,000)	(1,542,000)
Net Cash Provided by (Used in) Financing Activities, Continuing Operations, Total	(3,951,000)	(8,424,000)
Net cash provided by (used in) financing activities of discontinued operations	0	0
Net cash used in financing activities	(3,951,000)	(8,424,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS	6,766,000	3,642,000
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	7,394,000	19,817,000
CASH AND CASH EQUIVALENTS — END OF PERIOD	14,160,000	23,459,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest, net of amounts capitalized	738,000	820,000
Cash payments for income taxes	7,000	6,380,000
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Activity related to sales-type lease	0	3,898,000
Capital expenditures in accounts payable and accrued expenses	$ 254,000	$ 328,000

SEGMENT INFORMATION

3 Months Ended

Sep. 29, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

Reportable Segments

During the fourth quarter of fiscal 2024, the Company changed the name of its “Crest” operating segment to “Pontoon.” The segment change had no impact on the composition of the Company's segments or on previously reported financial position, results of operations, cash flows, or segment operating results.

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 months ended September 29, 2024, the Company’s CODM regularly assessed the operating performance of the Company’s boat brands under two operating and reportable segments:

•

The MasterCraft segment, consisting of our MasterCraft brand, 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 Pontoon segment, consisting of our Crest and Balise brands, produces pontoon boats at its Owosso, Michigan facility. Pontoon 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 September 29, 2024
	MasterCraft		Pontoon			Consolidated
Net sales	$	55,533	$	9,826		$	65,359
Operating income (loss)		3,693		(2,689	)		1,004
Depreciation and amortization		1,189		885			2,074
Purchases of property, plant and equipment		1,453		752			2,205


	For the Three Months Ended October 1, 2023
	MasterCraft		Pontoon		Consolidated
Net sales	$	75,836	$	18,469	$	94,305
Operating income		10,290		263		10,553
Depreciation and amortization		1,301		808		2,109
Purchases of property, plant and equipment		2,209		859		3,068

The following table presents total assets for the Company’s reportable segments.


	September 29, 2024		June 30, 2024
Assets:
MasterCraft	$	229,379	$	233,088
Pontoon		53,501		51,994
Assets held-for-sale		26,267		32,902
Total assets	$	309,147	$	317,984

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

SHARE-BASED COMPENSATION - Performance Stock Units - Additional Information (Details) - shares		3 Months Ended
	Sep. 23, 2024	Sep. 29, 2024
Stock-Based Compensation
Aggregate issuance of common stock	1,198,175
Executive officers and certain other key employees \| Performance stock units
Stock-Based Compensation
Vesting period (in years)		3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SEGMENT INFORMATION (Tables)

3 Months Ended

Sep. 29, 2024

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 September 29, 2024
	MasterCraft		Pontoon			Consolidated
Net sales	$	55,533	$	9,826		$	65,359
Operating income (loss)		3,693		(2,689	)		1,004
Depreciation and amortization		1,189		885			2,074
Purchases of property, plant and equipment		1,453		752			2,205


	For the Three Months Ended October 1, 2023
	MasterCraft		Pontoon		Consolidated
Net sales	$	75,836	$	18,469	$	94,305
Operating income		10,290		263		10,553
Depreciation and amortization		1,301		808		2,109
Purchases of property, plant and equipment		2,209		859		3,068

The following table presents total assets for the Company’s reportable segments.


	September 29, 2024		June 30, 2024
Assets:
MasterCraft	$	229,379	$	233,088
Pontoon		53,501		51,994
Assets held-for-sale		26,267		32,902
Total assets	$	309,147	$	317,984

INCOME TAXES	3 Months Ended
INCOME TAXES	Sep. 29, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	10. 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 rate and the statutory federal tax rate of 21.0% for the first quarter of fiscal 2025 primarily relate to the inclusion of the benefit of federal and state credits and changes in uncertain tax positions, partially offset by the state tax rate in the overall effective rate. During the three months ended September 29, 2024 and October 1, 2023, the Company's effective tax rate was 16.0% and 22.6%, respectively. The Company’s effective tax rates for the three months ended September 29, 2024 are lower compared to the effective tax rate for the same prior-year period, primarily due to changes in uncertain tax positions and an increased benefit of federal and state credits.

- Definition

The entire disclosure for income tax.

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+ Details

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 25,137	$ 26,326
Work in process	4,964	4,039
Finished goods	8,834	8,707
Obsolescence reserve	(1,639)	(2,100)
Total inventories	$ 37,296	$ 36,972

PROPERTY, PLANT, AND EQUIPMENT

3 Months Ended

Sep. 29, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

PROPERTY, PLANT, AND EQUIPMENT

Property, plant, and equipment, net consisted of the following:


	September 29,			June 30,
	2024			2024
Land and improvements	$	4,985		$	4,985
Buildings and improvements		34,074			34,040
Machinery and equipment		31,273			31,157
Furniture and fixtures		5,897			5,498
Construction in progress		11,188			10,295
Total property, plant, and equipment		87,417			85,975
Less accumulated depreciation		(34,919	)		(33,661	)
Property, plant, and equipment — net		52,498		$	52,314

SHARE-BASED COMPENSATION - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 29, 2024 USD ($) $ / shares shares
Stock-Based Compensation
Stock awards granted	244,331
Weighted average grant date value \| $ / shares	$ 17.54
Unrecognized compensation expense \| $	$ 5.8
Weighted average period	2 years
Non-executive directors, officers and certain other key employees
Stock-Based Compensation
Stock awards granted	244,331
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

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Sep. 29, 2024

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	September 29,		June 30,
	2024		2024
Warranty	$	25,082	$	25,486
Dealer incentives		13,575		16,059
Compensation and related accruals		2,796		4,673
Contract liabilities		2,066		2,034
Self-insurance		1,279		1,216
Inventory repurchase contingent obligation		1,179		1,657
Liabilities retained associated with NauticStar discontinued operations		307		309
Other		3,957		3,634
Total accrued expenses and other current liabilities	$	50,241	$	55,068

Summary of Accrued Warranty Liability Activity

Accrued warranty liability activity was as follows for the three months ended:


	September 29,			October 1,
	2024			2023
Balance at the beginning of the period	$	25,486		$	28,688
Provisions		1,469			1,824
Payments made		(2,821	)		(3,668	)
Changes for pre-existing warranties		948			1,677
Balance at the end of the period	$	25,082		$	28,521

INVENTORIES (Tables)

3 Months Ended

Sep. 29, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	September 29,			June 30,
	2024			2024
Raw materials and supplies	$	25,137		$	26,326
Work in process		4,964			4,039
Finished goods		8,834			8,707
Obsolescence reserve		(1,639	)		(2,100	)
Total inventories	$	37,296		$	36,972

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule10b51Arr Modified Flag	false
NonRule10b51Arr Modified Flag	false

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
Goodwill [Line Items]
Goodwill	$ 64,731	$ 64,731
Accumulated impairment losses	(36,238)	(36,238)
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
Pontoon
Goodwill [Line Items]
Goodwill	36,238	36,238
Accumulated impairment losses	(36,238)	(36,238)
Goodwill, net	$ 0	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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- Definition

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+ Details

REVENUE RECOGNITION - Summary of Revenues From Contracts with Customers by Major Product Category and Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Revenue by Categories
Revenue	$ 65,359	$ 94,305
MasterCraft
Revenue by Categories
Revenue	55,533	75,836
Pontoon
Revenue by Categories
Revenue	9,826	18,469
Boats and trailers
Revenue by Categories
Revenue	59,415	87,943
Boats and trailers \| MasterCraft
Revenue by Categories
Revenue	50,223	69,825
Boats and trailers \| Pontoon
Revenue by Categories
Revenue	9,192	18,118
Parts
Revenue by Categories
Revenue	4,530	5,445
Parts \| MasterCraft
Revenue by Categories
Revenue	4,023	5,192
Parts \| Pontoon
Revenue by Categories
Revenue	507	253
Other
Revenue by Categories
Revenue	1,414	917
Other \| MasterCraft
Revenue by Categories
Revenue	1,287	819
Other \| Pontoon
Revenue by Categories
Revenue	$ 127	$ 98

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

PROPERTY, PLANT, AND EQUIPMENT - Summary of Property, plant, and equipment, net (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 87,417	$ 85,975
Less accumulated depreciation	(34,919)	(33,661)
Property, Plant and Equipment, Net	52,498	52,314
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	4,985	4,985
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	34,074	34,040
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	31,273	31,157
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	5,897	5,498
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross, Total	$ 11,188	$ 10,295

PROPERTY, PLANT, AND EQUIPMENT (Tables)

3 Months Ended

Sep. 29, 2024

Property, Plant and Equipment [Abstract]

Schedule of property plant and equipment, net

Property, plant, and equipment, net consisted of the following:


	September 29,			June 30,
	2024			2024
Land and improvements	$	4,985		$	4,985
Buildings and improvements		34,074			34,040
Machinery and equipment		31,273			31,157
Furniture and fixtures		5,897			5,498
Construction in progress		11,188			10,295
Total property, plant, and equipment		87,417			85,975
Less accumulated depreciation		(34,919	)		(33,661	)
Property, plant, and equipment — net		52,498		$	52,314

HELD-TO-MATURITY SECURITIES

3 Months Ended

Sep. 29, 2024

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 September 29, 2024 and June 30, 2024 are summarized as follows:


	September 29, 2024
	Amortized
	Cost / Net		Gross		Gross			Estimated
	Carrying		Unrealized		Unrealized			Fair
	Amount		Gains		Losses			Value
Held-to-maturity securities:
Fixed income securities:
Corporate bonds	$	68,649	$	101	$	(1	)	$	68,749
Total held-to-maturity securities	$	68,649	$	101	$	(1	)	$	68,749


	June 30, 2024
	Amortized
	Cost / Net		Gross		Gross			Estimated
	Carrying		Unrealized		Unrealized			Fair
	Amount		Gains		Losses			Value
Held-to-maturity securities:
Fixed income securities:
Corporate bonds	$	78,846	$	2	$	(82	)	$	78,766
Total held-to-maturity securities	$	78,846	$	2	$	(82	)	$	78,766

LONG-TERM DEBT (Tables)

3 Months Ended

Sep. 29, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt is as follows:


	September 29,		June 30,
	2024		2024

Revolving credit facility	$	49,500	$	—
Term loan		—		49,500
Debt issuance costs on term loan		—		(239	)
Total debt		49,500		49,261
Less current portion of long-term debt		—		4,500
Less current portion of debt issuance costs on term loan		—		(126	)
Long-term debt, net of current portion	$	49,500	$	44,887

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
Long-term debt
Total debt	$ 49,500	$ 49,261
Less current portion of long-term debt	0	4,500
Long-term debt, net of current portion	49,500	44,887
Revolving Credit Facility
Long-term debt
Revolving credit facility	49,500	0
Term Loan
Long-term debt
Term loan	0	49,500
Debt issuance costs on term loans	0	(239)
Less current portion of debt issuance costs on term loans	$ 0	$ (126)

SEGMENT INFORMATION - Additional Information (Details)	3 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Sep. 29, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

SUBSEQUENT EVENT

3 Months Ended

Sep. 29, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENT

14. SUBSEQUENT EVENT

On October 18, 2024, the Company completed the Aviara Transaction. As part of the Aviara Asset Purchase Agreement, MarineMax paid for select branding and operational assets, including Aviara's website, tooling, and inventory. MarineMax also assumed Aviara's customer care, warranty liability and administration. The amounts paid to the Company by MarineMax for ownership of the Aviara brand were offset by MarineMax's assumption of warranties liability and administration accruals.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 14,160	$ 7,394
Held-to-maturity securities (Note 4)	68,649	78,846
Accounts receivable, net of allowance of $164 and $101, respectively	13,538	11,455
Income tax receivable	1,275	499
Inventories, net (Note 5)	37,296	36,972
Prepaid expenses and other current assets	6,475	8,686
Current assets held-for-sale (Note 3)	4,980	11,222
Total current assets	146,373	155,074
Property, plant and equipment, net (Note 6)	52,498	52,314
Goodwill (Note 7)	28,493	28,493
Other intangible assets, net (Note 7)	33,200	33,650
Deferred income taxes	18,761	18,584
Deferred debt issuance costs, net	432	272
Other long-term assets	8,103	7,917
Non-current assets held-for-sale (Note 3)	21,287	21,680
Total assets	309,147	317,984
CURRENT LIABILITIES:
Accounts payable	13,052	10,431
Income tax payable	4	0
Accrued expenses and other current liabilities (Note 8)	50,241	55,068
Current portion of long-term debt, net of unamortized debt issuance costs (Note 9)	0	4,374
Current liabilities held-for-sale (Note 3)	9,671	8,063
Total current liabilities	72,968	77,936
Long-term debt, net of unamortized debt issuance costs (Note 9)	49,500	44,887
Unrecognized tax positions	8,390	8,549
Other long-term liabilities	2,462	2,551
Long-term liabilities held-for-sale (Note 3)	180	182
Total liabilities	133,500	134,105
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 16,816,392 shares at September 29, 2024 and 16,759,109 shares at June 30, 2024	168	167
Additional paid-in capital	56,804	59,892
Retained earnings	118,475	123,620
MasterCraft Boat Holdings, Inc. equity	175,447	183,679
Noncontrolling interest	200	200
Total equity	175,647	183,879
Total liabilities and stockholders' equity	$ 309,147	$ 317,984

INCOME TAXES - Additional Information (Details)	3 Months Ended
INCOME TAXES - Additional Information (Details)	Sep. 29, 2024	Oct. 01, 2023
Income Tax Disclosure [Abstract]
Effective tax rates	16.00%	22.60%
Statutory income tax rate	21.00%

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 164	$ 101
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	16,816,392	16,759,109
Common stock, outstanding shares	16,816,392	16,759,109

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Warranty Liability Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Roll forward of the accrued warranty liability
Balance at the beginning of the period	$ 25,486	$ 28,688
Provisions	1,469	1,824
Payments made	(2,821)	(3,668)
Changes for pre-existing warranties	948	1,677
Balance at the end of the period	$ 25,082	$ 28,521

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Sep. 29, 2024

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
	September 29,		October 1,
	2024		2023
Restricted stock awards	$	430	$	392
Performance stock units		—		518
Share-based compensation expense	$	430	$	910

Summary of Status of Nonvested Restricted Stock Awards and Changes

The following table summarizes the status of nonvested RSAs as of September 29, 2024, and changes during the three months then ended.


				Average
	Nonvested			Grant-Date
	Restricted			Fair Value
	Shares			(per share)
Nonvested at June 30, 2024		104,372		$	21.76
Granted		244,331			17.54
Forfeited		(5,573	)		21.67
Nonvested at September 29, 2024		343,130			18.75

Summary of Status of Nonvested Performance Stock Units and Changes

The following table summarizes the status of nonvested PSUs as of September 29, 2024, and changes during the three months then ended.


				Average
	Nonvested			Grant-Date
	Performance			Fair Value
	Stock Units			(per share)
Nonvested at June 30, 2024		139,910		$	23.62
Forfeited		(8,968	)		23.67
Nonvested at September 29, 2024		130,942			23.61

ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS - Summary of Operating Results of Discontinued Operations (Details) - NauticStar and Aviara [Member] - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Discontinued Operations
NET SALES	$ 7,306	$ 9,949
COST OF SALES	10,154	10,889
GROSS LOSS	(2,848)	(940)
OPERATING EXPENSES:
Selling, general and administrative	1,488	2,407
Total operating expenses	1,488	2,407
OPERATING LOSS	(4,336)	(3,347)
Gain (loss) on sale of discontinued operations	(3,486)	157
LOSS BEFORE INCOME TAX BENEFIT	(7,822)	(3,190)
INCOME TAX BENEFIT	1,661	854
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	$ (6,161)	$ (2,336)

LONG-TERM DEBT - Revolving Credit Facility - Additional Information (Details) - Revolving Credit Facility - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Revolving credit facility	$ 49,500	$ 0
Remaining borrowing capacity	$ 50,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Sep. 29, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 29, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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		16,795,781
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
Document Quarterly Report	true
Document Transition Report	false

EARNINGS PER SHARE AND COMMON STOCK

3 Months Ended

Sep. 29, 2024

Equity [Abstract]

EARNINGS PER SHARE AND COMMON STOCK

12.

EARNINGS PER SHARE AND COMMON STOCK

The following table sets forth the computation of the Company’s net income (loss) per share:


	Three Months Ended
	September 29,			October 1,
	2024			2023
Income from continuing operations	$	1,016		$	8,531
Loss from discontinued operations, net of tax		(6,161	)		(2,336	)
Net income (loss)	$	(5,145	)	$	6,195

Weighted average shares — basic		16,544,941			17,156,283
Dilutive effect of assumed restricted share awards/units		—			68,325
Weighted average outstanding shares — diluted		16,544,941			17,224,608
Basic income (loss) per share
Continuing operations	$	0.06		$	0.50
Discontinued operations		(0.37	)		(0.14	)
Net income (loss)	$	(0.31	)	$	0.36
Diluted income (loss) per share
Continuing operations	$	0.06		$	0.50
Discontinued operations		(0.37	)		(0.14	)
Net income (loss)	$	(0.31	)	$	0.36

For the three months ended October 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 July 24, 2023, the Board of the Company authorized a share repurchase program under which the Company may repurchase up to $50.0 million of its outstanding shares of common stock. The authorization became effective upon the completion of the Company's previously existing $50.0 million stock repurchase authorization on August 9, 2023.

During the three months ended September 29, 2024 and October 1, 2023, the Company repurchased 183,629 shares and 241,764 shares of common stock for $3.5 million and $5.8 million, respectively, in cash, excluding related fees and expenses. As of September 29, 2024, $31.9 million remained available under the program.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Sep. 29, 2024

Accrued Liabilities and Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


	September 29,		June 30,
	2024		2024
Warranty	$	25,082	$	25,486
Dealer incentives		13,575		16,059
Compensation and related accruals		2,796		4,673
Contract liabilities		2,066		2,034
Self-insurance		1,279		1,216
Inventory repurchase contingent obligation		1,179		1,657
Liabilities retained associated with NauticStar discontinued operations		307		309
Other		3,957		3,634
Total accrued expenses and other current liabilities	$	50,241	$	55,068

Accrued warranty liability activity was as follows for the three months ended:


	September 29,			October 1,
	2024			2023
Balance at the beginning of the period	$	25,486		$	28,688
Provisions		1,469			1,824
Payments made		(2,821	)		(3,668	)
Changes for pre-existing warranties		948			1,677
Balance at the end of the period	$	25,082		$	28,521

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 29, 2024
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, 2024, and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of September 29, 2024, its results of operations for the three months ended September 29, 2024 and October 1, 2023, its cash flows for the three months ended September 29, 2024 and October 1, 2023, and its statements of equity for the three months ended September 29, 2024 and October 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, 2024 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 2024 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 months ended September 29, 2024, as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2024.
Assets Held-For-Sale and Discontinued Operations	Assets Held-For-Sale and Discontinued Operations — On August 8, 2024, the Company announced that it had entered into an asset purchase agreement (the “Aviara Asset Purchase Agreement”), pursuant to which the Company will transfer rights to the Aviara brand of luxury dayboats and certain related assets to a subsidiary of MarineMax, Inc. (the “Aviara Transaction”). The transaction was completed October 18, 2024. In conjunction with completing all outstanding production in the fiscal first quarter, the Company's sale of the business represents an exit from the luxury dayboat category, a strategic shift that has a significant effect on the Company's operations and financial results, and as such, qualifies for reporting as discontinued operations. The Aviara and former NauticStar businesses results for the periods presented are reflected in our condensed consolidated statements of operations and condensed consolidated statement of cash flows as discontinued operations. Additionally, the related assets and liabilities held-for-sale are classified as held-for-sale in our condensed consolidated balance sheets (see Note 3). Further, on September 12, 2024, the Company announced that it had entered into an agreement to sell its Aviara manufacturing facility located in Merritt Island, Florida, to RMI Holdings, Inc. (the “Aviara Facility Sale Agreement”). The Company determined the assets met the criteria to be classified as held-for-sale with the execution of the Aviara Facility Sale Agreement in conjunction with completing all outstanding production in the fiscal first quarter. The related assets and liabilities held-for-sale are classified as held-for-sale in our condensed consolidated balance sheets (see Note 3). Unless otherwise indicated, the financial disclosures and related information provided herein relate to our continuing operations, which exclude our former Aviara segment, and we have recast prior period amounts to reflect discontinued operations. Reclassifications — Certain historical amounts have been reclassified in these condensed consolidated financial statements to conform to the current presentation.
Reclassifications	New Accounting Pronouncements Issued But Not Yet Adopted Segment Reporting — Accounting Standard Update (“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 (“CODM”) 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. Income Taxes — 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.

SHARE-BASED COMPENSATION - Summary of Status of Nonvested Performance Stock Units and Changes (Details) - Performance stock units	3 Months Ended
	Sep. 29, 2024 $ / shares shares
Nonvested Performance Stock Units
Nonvested at beginning of period \| shares	139,910
Forfeited \| shares	(8,968)
Nonvested at end of period \| shares	130,942
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period \| $ / shares	$ 23.62
Forfeited \| $ / shares	23.67
Nonvested at end of period \| $ / shares	$ 23.61

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 29, 2024
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, 2024, and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of September 29, 2024, its results of operations for the three months ended September 29, 2024 and October 1, 2023, its cash flows for the three months ended September 29, 2024 and October 1, 2023, and its statements of equity for the three months ended September 29, 2024 and October 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, 2024 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 2024 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 months ended September 29, 2024, as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2024. Assets Held-For-Sale and Discontinued Operations — On August 8, 2024, the Company announced that it had entered into an asset purchase agreement (the “Aviara Asset Purchase Agreement”), pursuant to which the Company will transfer rights to the Aviara brand of luxury dayboats and certain related assets to a subsidiary of MarineMax, Inc. (the “Aviara Transaction”). The transaction was completed October 18, 2024. In conjunction with completing all outstanding production in the fiscal first quarter, the Company's sale of the business represents an exit from the luxury dayboat category, a strategic shift that has a significant effect on the Company's operations and financial results, and as such, qualifies for reporting as discontinued operations. The Aviara and former NauticStar businesses results for the periods presented are reflected in our condensed consolidated statements of operations and condensed consolidated statement of cash flows as discontinued operations. Additionally, the related assets and liabilities held-for-sale are classified as held-for-sale in our condensed consolidated balance sheets (see Note 3). Further, on September 12, 2024, the Company announced that it had entered into an agreement to sell its Aviara manufacturing facility located in Merritt Island, Florida, to RMI Holdings, Inc. (the “Aviara Facility Sale Agreement”). The Company determined the assets met the criteria to be classified as held-for-sale with the execution of the Aviara Facility Sale Agreement in conjunction with completing all outstanding production in the fiscal first quarter. The related assets and liabilities held-for-sale are classified as held-for-sale in our condensed consolidated balance sheets (see Note 3). Unless otherwise indicated, the financial disclosures and related information provided herein relate to our continuing operations, which exclude our former Aviara segment, and we have recast prior period amounts to reflect discontinued operations. Reclassifications — Certain historical amounts have been reclassified in these condensed consolidated financial statements to conform to the current presentation. New Accounting Pronouncements Issued But Not Yet Adopted Segment Reporting — Accounting Standard Update (“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 (“CODM”) 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. Income Taxes — 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.

LONG-TERM DEBT - Senior Secured Credit Facility - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Sep. 27, 2024	Sep. 29, 2024	Jun. 30, 2024	Jul. 24, 2023	Jun. 28, 2021
Long-term debt
Stock repurchase program, number of shares authorized				$ 50,000
Term Loan
Long-term debt
Long-term debt		$ 0	$ 49,500
Revolving Credit Facility
Long-term debt
Interest rate		6.96%
Restricted Payments	$ 5,000
Senior Secured Credit Facility
Long-term debt
Maximum borrowing capacity					$ 160,000
Senior Secured Credit Facility \| Prime Rate \| Minimum
Long-term debt
Variable margin rate	0.25%	0.25%
Senior Secured Credit Facility \| Prime Rate \| Maximum
Long-term debt
Variable margin rate	1.00%	1.00%
Senior Secured Credit Facility \| London Interba Rate LIBOR Member \| Minimum
Long-term debt
Variable margin rate	1.25%	1.25%
Senior Secured Credit Facility \| London Interba Rate LIBOR Member \| Maximum
Long-term debt
Variable margin rate	2.00%	2.00%
Senior Secured Credit Facility \| Term Loan
Long-term debt
Long-term debt					60,000
Senior Secured Credit Facility \| Revolving Credit Facility
Long-term debt
Maximum borrowing capacity					$ 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%

EARNINGS PER SHARE AND COMMON STOCK - Factors Used in Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Earnings Per Share Basic [Line Items]
Net income from continuing operations	$ 1,016	$ 8,531
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (Note 3)	(6,161)	(2,336)
Net income (loss)	$ (5,145)	$ 6,195
Weighted average shares — basic	16,544,941	17,156,283
Weighted average outstanding shares — diluted	16,544,941	17,224,608
Basic income (loss) per share
Continuing operations	$ 0.06	$ 0.5
Discontinued operations	(0.37)	(0.14)
Net income (loss)	(0.31)	0.36
Diluted income (loss) per share
Continuing operations	0.06	0.5
Discontinued operations	(0.37)	(0.14)
Net income (loss)	$ (0.31)	$ 0.36
Restricted stock awards
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed restricted share awards\units	0	68,325

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amount of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 29, 2024	Jun. 30, 2024
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	(12,545)	(12,095)
Amortized intangible assets, Other intangible assets, net	7,200	7,650
Gross Amount	52,745	52,745
Accumulated Amortization / Impairment	(19,545)	(19,095)
Other intangible assets, net	33,200	33,650
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	(12,300)	(11,850)
Amortized intangible assets, Other intangible assets, net	7,200	7,650
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)	(245)
Amortized intangible assets, Other intangible assets, net	0	0
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

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2024	Jun. 30, 2024
Contract liabilities
Contract with Customer, Liability, Current	$ 2,066	$ 2,034
Contract liabilities		$ 4,100
Contract with Customer, Liability, Revenue Recognized	1,000
Revenue, Remaining Performance Obligation, Amount	1,800
Accrued expenses, Other current liabilities and Other long-term liabilities [Member]
Contract liabilities
Contract with Customer, Liability, Current	$ 4,100

EARNINGS PER SHARE AND COMMON STOCK (Tables)

3 Months Ended

Sep. 29, 2024

Equity [Abstract]

Factors Used in Net Income Per Share Computation

The following table sets forth the computation of the Company’s net income (loss) per share:


	Three Months Ended
	September 29,			October 1,
	2024			2023
Income from continuing operations	$	1,016		$	8,531
Loss from discontinued operations, net of tax		(6,161	)		(2,336	)
Net income (loss)	$	(5,145	)	$	6,195

Weighted average shares — basic		16,544,941			17,156,283
Dilutive effect of assumed restricted share awards/units		—			68,325
Weighted average outstanding shares — diluted		16,544,941			17,224,608
Basic income (loss) per share
Continuing operations	$	0.06		$	0.50
Discontinued operations		(0.37	)		(0.14	)
Net income (loss)	$	(0.31	)	$	0.36
Diluted income (loss) per share
Continuing operations	$	0.06		$	0.50
Discontinued operations		(0.37	)		(0.14	)
Net income (loss)	$	(0.31	)	$	0.36

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Income Statement [Abstract]
Net sales	$ 65,359	$ 94,305
COST OF SALES	53,561	71,830
GROSS PROFIT	11,798	22,475
OPERATING EXPENSES:
Selling and marketing	2,874	3,084
General and administrative	7,470	8,376
Amortization of other intangible assets	450	462
Total operating expenses	10,794	11,922
OPERATING INCOME	1,004	10,553
OTHER INCOME (EXPENSE):
Interest expense	(987)	(878)
Interest income	1,192	1,352
INCOME BEFORE INCOME TAX EXPENSE	1,209	11,027
INCOME TAX EXPENSE	193	2,496
Net income from continuing operations	1,016	8,531
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (Note 3)	(6,161)	(2,336)
NET INCOME (LOSS)	$ (5,145)	$ 6,195
Basic
Continuing operations	$ 0.06	$ 0.5
Discontinued operations	(0.37)	(0.14)
Net income (loss)	(0.31)	0.36
Diluted
Continuing operations	0.06	0.5
Discontinued operations	(0.37)	(0.14)
Net income (loss)	$ (0.31)	$ 0.36
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share	16,544,941	17,156,283
Diluted earnings per share	16,544,941	17,224,608

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Indefinite-Lived Intangible Assets [Line Items]
Amortization of other intangible assets	$ 450	$ 462
Estimated amortization expense June 30, 2023	$ 1,800

ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS (Additional Information) (Details) $ in Millions	3 Months Ended
	Sep. 29, 2024 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Loss on discontinued operations related to discounts, warranty accruals, and inventory	$ 3.5

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 25,082	$ 25,486
Dealer incentives	13,575	16,059
Compensation and related accruals	2,796	4,673
Contract liabilities	2,066	2,034
Self-insurance	1,279	1,216
Inventory repurchase contingent obligation	1,179	1,657
Liabilities retained associated with discontinued operations	307	309
Other	3,957	3,634
Total accrued expenses and other current liabilities	$ 50,241	$ 55,068

INVENTORIES

3 Months Ended

Sep. 29, 2024

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	September 29,			June 30,
	2024			2024
Raw materials and supplies	$	25,137		$	26,326
Work in process		4,964			4,039
Finished goods		8,834			8,707
Obsolescence reserve		(1,639	)		(2,100	)
Total inventories	$	37,296		$	36,972

SHARE-BASED COMPENSATION - Components of Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023
Stock-Based Compensation
Share-based compensation expense	$ 430	$ 910
Restricted stock awards
Stock-Based Compensation
Share-based compensation expense	430	392
Performance stock units
Stock-Based Compensation
Share-based compensation expense	$ 0	$ 518

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

EARNINGS PER SHARE AND COMMON STOCK - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2024	Oct. 01, 2023	Aug. 09, 2023	Jul. 24, 2023
Class Of Stock [Line Items]
Stock repurchase program, number of shares authorized				$ 50,000
Repurchase of shares in cash, including related fees and expenses	$ 3,729	$ 5,757
Stock repurchase program, remained available under the program	$ 31,900
Stock Repurchase Program Authorized Amount Existing			$ 50,000
Common Stock
Class Of Stock [Line Items]
Number of shares repurchased	183,629	241,764
Repurchase of shares in cash, including related fees and expenses	$ 3,500	$ 5,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

HELD-TO-MATURITY SECURITIES (Tables)

3 Months Ended

Sep. 29, 2024

Investments Disclosure [Abstract]

Summary of investments


	September 29, 2024
	Amortized
	Cost / Net		Gross		Gross			Estimated
	Carrying		Unrealized		Unrealized			Fair
	Amount		Gains		Losses			Value
Held-to-maturity securities:
Fixed income securities:
Corporate bonds	$	68,649	$	101	$	(1	)	$	68,749
Total held-to-maturity securities	$	68,649	$	101	$	(1	)	$	68,749


	June 30, 2024
	Amortized
	Cost / Net		Gross		Gross			Estimated
	Carrying		Unrealized		Unrealized			Fair
	Amount		Gains		Losses			Value
Held-to-maturity securities:
Fixed income securities:
Corporate bonds	$	78,846	$	2	$	(82	)	$	78,766
Total held-to-maturity securities	$	78,846	$	2	$	(82	)	$	78,766

ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS - Schedule Of Assets And Liabilities Held-For-Sale Associated With Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
CURRENT ASSETS HELD-FOR-SALE:
Total current assets held-for-sale	$ 4,980	$ 11,222
NON-CURRENT ASSETS HELD-FOR-SALE:
Total non-current assets held-for-sale	21,287	21,680
CURRENT LIABILITIES HELD-FOR-SALE:
Total current liabilities held-for-sale	9,671	8,063
Aviara [Member]
CURRENT ASSETS HELD-FOR-SALE:
Accounts receivable, net of allowance	1,611	3,927
Inventories, net	3,369	7,295
Total current assets held-for-sale	4,980	11,222
NON-CURRENT ASSETS HELD-FOR-SALE:
Property, plant and equipment, net	21,108	21,499
Other long-term assets	179	181
Total non-current assets held-for-sale	21,287	21,680
CURRENT LIABILITIES HELD-FOR-SALE:
Accounts payable	379	1,747
Accrued expenses and other current liabilities	9,292	6,316
Total current liabilities held-for-sale	9,671	8,063
LONG-TERM LIABILITIES HELD-FOR-SALE:
Long-term leases	180	182
Total long-term liabilities held-for-sale	$ 180	$ 182

HELD-TO-MATURITY SECURITIES - Summary of investments (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Jun. 30, 2024
Amortized Cost	$ 68,649	$ 78,846
Gross Unrealized Gains	101	2
Gross Unrealized Losses	(1)	(82)
Estimated Fair Value	68,749	78,766
Corporate Bond
Amortized Cost	68,649	78,846
Gross Unrealized Gains	101	2
Gross Unrealized Losses	(1)	(82)
Estimated Fair Value	$ 68,749	$ 78,766

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 29, 2024	Oct. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,145)	$ 6,195

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Sep. 29, 2024

Discontinued Operations and Disposal Groups [Abstract]

Summarizes the operating results of discontinued operations

The following table summarizes the operating results of discontinued operations for the following periods:


	Three Months Ended
	September 29,			October 1,
	2023			2023
NET SALES	$	7,306		$	9,949
COST OF SALES		10,154			10,889
GROSS LOSS		(2,848	)		(940	)
OPERATING EXPENSES:
Selling, general and administrative		1,488			2,407
Total operating expenses		1,488			2,407
OPERATING LOSS		(4,336	)		(3,347	)
Gain (loss) on sale of discontinued operations		(3,486	)		157
LOSS BEFORE INCOME TAX BENEFIT		(7,822	)		(3,190	)
INCOME TAX BENEFIT		1,661			854
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	$	(6,161	)	$	(2,336	)

Schedule of assets and liabilities held-for-sale associated with discontinued operations

The following table summarizes the assets and liabilities associated with discontinued operations that are presented within held-for-sale in the condensed consolidated balance sheets:


	September 29,		June 30,
	2024		2024
CURRENT ASSETS HELD-FOR-SALE:
Accounts receivable, net of allowance	$	1,611	$	3,927
Inventories, net		3,369		7,295
Total current assets held-for-sale	$	4,980	$	11,222

NON-CURRENT ASSETS HELD-FOR-SALE:
Property, plant and equipment, net	$	21,108	$	21,499
Other long-term assets		179		181
Total non-current assets held-for-sale	$	21,287	$	21,680

CURRENT LIABILITIES HELD-FOR-SALE:
Accounts payable	$	379	$	1,747
Accrued expenses and other current liabilities		9,292		6,316
Total current liabilities held-for-sale	$	9,671	$	8,063

LONG-TERM LIABILITIES HELD-FOR-SALE:
Long-term leases	$	180	$	182
Total long-term liabilities held-for-sale	$	180	$	182

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

SHARE-BASED COMPENSATION

3 Months Ended

Sep. 29, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

11.

SHARE-BASED COMPENSATION

The following table presents the components of share-based compensation expense by award type.


	Three Months Ended
	September 29,		October 1,
	2024		2023
Restricted stock awards	$	430	$	392
Performance stock units		—		518
Share-based compensation expense	$	430	$	910

Restricted Stock Awards

During the three months ended September 29, 2024, the Company granted 244,331 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 three months ended September 29, 2024, vest pro-rata over two or 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 three months ended September 29, 2024, was $17.54 per share.

The following table summarizes the status of nonvested RSAs as of September 29, 2024, and changes during the three months then ended.


				Average
	Nonvested			Grant-Date
	Restricted			Fair Value
	Shares			(per share)
Nonvested at June 30, 2024		104,372		$	21.76
Granted		244,331			17.54
Forfeited		(5,573	)		21.67
Nonvested at September 29, 2024		343,130			18.75

As of September 29, 2024, there was $5.8 million of total unrecognized compensation expense related to nonvested RSAs. The Company expects this expense to be recognized over a weighted average period of 2.0 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 shareholders, and to create long-term shareholder 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 existing nonvested PSUs is recognized ratably over the performance period.

PSUs awarded in fiscal 2025 have performance criteria set annually over the three-year performance period. This performance criteria is cumulative and is based upon the respective year’s performance compared to budget, which has not yet been established for future performance periods. Therefore, the compensation expense for these awards will not begin until all the key terms and conditions of these awards are known, which will be year three of the performance period.

The following table summarizes the status of nonvested PSUs as of September 29, 2024, and changes during the three months then ended.


				Average
	Nonvested			Grant-Date
	Performance			Fair Value
	Stock Units			(per share)
Nonvested at June 30, 2024		139,910		$	23.62
Forfeited		(8,968	)		23.67
Nonvested at September 29, 2024		130,942			23.61

As of September 29, 2024, there was no unrecognized compensation expense related to nonvested PSUs.

Incentive Award Plan

On October 22, 2024, at the Company's annual meeting of shareholders, the Company's shareholders approved the Second Amended and Restated MasterCraft 2015 Incentive Award Plan (the “Restated Incentive Plan”), as described in the Company's Definitive Proxy Statement, filed with the SEC on September 23, 2024, to replace the Amended and Restated MCBC Holdings, Inc. 2015 Incentive Award Plan effective as of the date of shareholder approval. The Restated Incentive Plan authorizes an aggregate issuance of up to 1,198,175 shares of common stock, subject to adjustment, in the form of awards of performance awards, restricted shares, restricted stock units, stock options, stock appreciation rights, and other share-based awards. The Company's employees, consultants, and non-employee directors, and employees, consultants, and non-employee directors of our affiliates are eligible to receive awards under the Restated Incentive Plan.

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Sep. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amounts of Goodwill

The following table presents the carrying amounts of goodwill as of September 29, 2024 and June 30, 2024 for each of the Company's reportable segments.


	Gross Amount		Accumulated Impairment Losses			Total
MasterCraft	$	28,493	$	—		$	28,493
Pontoon		36,238		(36,238	)		—
Total	$	64,731	$	(36,238	)	$	28,493

Schedule of Carrying Amount of Other Intangible Assets, Net

The following table presents the carrying amounts of Other intangible assets, net:


	September 29,							June 30,
	2024							2024
	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	$	(12,300	)	$	7,200	$	19,500	$	(11,850	)	$	7,650
Software		245		(245	)		—		245		(245	)		—
		19,745		(12,545	)		7,200		19,745		(12,095	)		7,650

Unamortized intangible assets
Trade names		33,000		(7,000	)		26,000		33,000		(7,000	)		26,000
Total other intangible assets	$	52,745	$	(19,545	)	$	33,200	$	52,745	$	(19,095	)	$	33,650

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained earning	MasterCraft Boat Holdings, Inc.	Non controlling Interest
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	$ 173	$ 75,976	$ 115,820	$ 191,969	$ 120
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 (Loss)	6,195			6,195	6,195
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	$ 171	69,510	122,015	191,696	200
Balance, beginning at Jun. 30, 2024	183,679
Balance, beginning (in shares) at Jun. 30, 2024		16,759,109
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2024	183,879	$ 167	59,892	123,620	183,679	200
Share-based compensation activity	424	$ 3	421		424
Share-based compensation activity (shares)		240,912
Repurchase and retirement of common stock	(3,511)	$ (2)	(3,509)		(3,511)
Repurchase and retirement of common stock (shares)		(183,629)
Net Income (Loss)	(5,145)			(5,145)	(5,145)
Balance, ending at Sep. 29, 2024	175,447
Balance, ending (in shares) at Sep. 29, 2024		16,816,392
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Sep. 29, 2024	$ 175,647	$ 168	$ 56,804	$ 118,475	$ 175,447	$ 200

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

REVENUE RECOGNITION

3 Months Ended

Sep. 29, 2024

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

The following tables present the Company's revenue by major product category for each reportable segment:


	Three Months Ended September 29, 2024
	MasterCraft		Pontoon		Total
Major Product Categories:
Boats and trailers	$	50,223	$	9,192	$	59,415
Parts		4,023		507		4,530
Other revenue		1,287		127		1,414
Total	$	55,533	$	9,826	$	65,359


	Three Months Ended October 1, 2023
	MasterCraft		Pontoon		Total
Major Product Categories:
Boats and trailers	$	69,825	$	18,118	$	87,943
Parts		5,192		253		5,445
Other revenue		819		98		917
Total	$	75,836	$	18,469	$	94,305

Contract Liabilities

As of June 30, 2024, the Company had $4.1 million of contract liabilities associated with customer deposits and telematic services. During the three months ended September 29, 2024, $1.0 million was recognized as revenue. As of September 29, 2024, total contract liabilities associated with customer deposits and services of $4.1 million were reported in Accrued expenses and other current liabilities and Other long-term liabilities on the condensed consolidated balance sheet, and $1.8 million is expected to be recognized as revenue during the remainder of the year ending June 30, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

LONG-TERM DEBT

3 Months Ended

Sep. 29, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt is as follows:


	September 29,		June 30,
	2024		2024

Revolving credit facility	$	49,500	$	—
Term loan		—		49,500
Debt issuance costs on term loan		—		(239	)
Total debt		49,500		49,261
Less current portion of long-term debt		—		4,500
Less current portion of debt issuance costs on term loan		—		(126	)
Long-term debt, net of current portion	$	49,500	$	44,887

In fiscal 2021, the Company entered into a credit agreement with a syndicate of certain financial institutions (the “Credit Agreement”) that provided 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. Following the Fourth Amendment to the Credit Agreement (“Fourth Amendment”), as described below, all amounts under the Term Loan were repaid and the amended and restated Credit Agreement only provides the Company with the Revolving Credit Facility.

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.

As previously disclosed, the Credit Agreement was amended in August 2022 and October 2023, in each case to, among other things, provide consents and waivers to certain restrictions in the covenants of the Credit Agreement.

On September 27, 2024, the Company entered into the Fourth Amendment to obtain the necessary consents and waivers to the restrictions described above in the covenants of the Credit Agreement, as related to the Aviara Transaction and plans to sell certain facility assets, as discussed in Note 3. In addition, the Fourth Amendment provides a waiver to the fixed charge covenant ratio for certain periods. As a result of the fixed charge covenant ratio waiver, the applicable margin on interest and the commitment fee for any unused portion of the Revolving Credit Facility for these periods is fixed at the maximum allowable rate (“Fourth Amendment Interest Terms”). Further, the Company may make restricted payments, including share repurchases under the Company's share repurchase program (see Note 12), in an aggregate amount not to exceed $5.0 million through March 31, 2025.

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, subject to the Fourth Amendment Interest Terms. 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, subject to the Fourth Amendment Interest Terms. Effective prior to the Company's entry into the Fourth Amendment, during substantially all of the three months ended September 29, 2024, 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 September 29, 2024, in compliance with the Fourth Amendment Interest Terms, the applicable margin for loans accruing interest at the prime rate was 1.00% and the applicable margin for loans accruing interest at the benchmark rate was 2.00%, and the Company’s all-in interest rate on amounts drawn on the Revolving Credit Facility was 6.96%.

The Credit Agreement will mature and all remaining amounts outstanding thereunder will be due and payable on June 28, 2026. As of September 29, 2024, the Company was in compliance with its financial covenants under the Credit Agreement.

Revolving Credit Facility

In conjunction with the Fourth Amendment, the Company drew $49.5 million on its Revolving Credit Facility. Drawn amounts were used to repay outstanding borrowings under the Term Loan. As of September 29, 2024, the Company had remaining availability of $50.5 million on the Revolving Credit Facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS

3 Months Ended

Sep. 29, 2024

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD-FOR-SALE AND DISCONTINUED OPERATIONS

On August 8, 2024, the Company announced that it had entered into the Aviara Asset Purchase Agreement, pursuant to which it will transfer rights to the Aviara brand of luxury dayboats and certain related assets to a subsidiary of MarineMax, Inc. (“MarineMax”). The transaction was completed on October 18, 2024. As discussed in Note 1, the Company has reported results of operations for the Aviara

segment as discontinued operations in the condensed consolidated statement of operations and the related assets and liabilities held-for-sale are classified as held-for-sale in our condensed consolidated balance sheets.

Additionally, on September 12, 2024, we announced that we had entered into the Aviara Facility Sale Agreement. The transaction is expected to be completed in our fiscal 2025 second quarter and remains subject to customary closing conditions. As discussed in Note 1, the related assets and liabilities are classified as held-for-sale in our condensed consolidated balance sheets.

The Company evaluated the carrying value of net assets compared to the fair value less cost to sell and, as a result, recorded a $3.5 million loss on discontinued operations related to discounts, warranty accruals, and inventory.

In fiscal 2023, we sold our NauticStar business. Pursuant to the terms of the purchase agreement, substantially all of the assets were sold and the purchaser assumed substantially all of the liabilities of NauticStar. The value of the assets and liabilities that were retained at the time of sale, which were primarily related to certain claims, are subject to change. Certain of these claims, which were reported in Accrued expenses and other current liabilities, 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:


	Three Months Ended
	September 29,			October 1,
	2023			2023
NET SALES	$	7,306		$	9,949
COST OF SALES		10,154			10,889
GROSS LOSS		(2,848	)		(940	)
OPERATING EXPENSES:
Selling, general and administrative		1,488			2,407
Total operating expenses		1,488			2,407
OPERATING LOSS		(4,336	)		(3,347	)
Gain (loss) on sale of discontinued operations		(3,486	)		157
LOSS BEFORE INCOME TAX BENEFIT		(7,822	)		(3,190	)
INCOME TAX BENEFIT		1,661			854
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	$	(6,161	)	$	(2,336	)

The following table summarizes the assets and liabilities associated with discontinued operations that are presented within held-for-sale in the condensed consolidated balance sheets:


	September 29,		June 30,
	2024		2024
CURRENT ASSETS HELD-FOR-SALE:
Accounts receivable, net of allowance	$	1,611	$	3,927
Inventories, net		3,369		7,295
Total current assets held-for-sale	$	4,980	$	11,222

NON-CURRENT ASSETS HELD-FOR-SALE:
Property, plant and equipment, net	$	21,108	$	21,499
Other long-term assets		179		181
Total non-current assets held-for-sale	$	21,287	$	21,680

CURRENT LIABILITIES HELD-FOR-SALE:
Accounts payable	$	379	$	1,747
Accrued expenses and other current liabilities		9,292		6,316
Total current liabilities held-for-sale	$	9,671	$	8,063

LONG-TERM LIABILITIES HELD-FOR-SALE:
Long-term leases	$	180	$	182
Total long-term liabilities held-for-sale	$	180	$	182