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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	May 08, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	Mastercraft Boat Holdings, Inc.
Entity Central Index Key	0001638290
Trading Symbol	MCFT
Current Fiscal Year End Date	--06-30
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		18,724,325

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Mar. 31, 2019	Apr. 01, 2018
Income Statement [Abstract]
Net Sales	$ 128,390	$ 93,811	$ 343,572	$ 237,295
COST OF SALES	97,033	69,429	261,939	174,816
GROSS PROFIT	31,357	24,382	81,633	62,479
OPERATING EXPENSES:
Selling and marketing	5,210	3,560	13,757	9,969
General and administrative	6,696	5,099	20,576	14,388
Amortization of intangible assets	987	524	2,504	1,077
Total operating expenses	12,893	9,183	36,837	25,434
OPERATING INCOME	18,464	15,199	44,796	37,045
OTHER EXPENSE:
Interest expense, net	1,867	897	4,829	2,527
INCOME BEFORE INCOME TAX EXPENSE	16,597	14,302	39,967	34,518
INCOME TAX EXPENSE	3,834	2,848	8,552	8,009
NET INCOME	$ 12,763	$ 11,454	$ 31,415	$ 26,509
EARNINGS PER COMMON SHARE:
Basic (in dollars per share)	$ 0.68	$ 0.62	$ 1.68	$ 1.42
Diluted (in dollars per share)	$ 0.68	$ 0.61	$ 1.67	$ 1.42
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share (in shares)	18,657,719	18,622,083	18,652,289	18,619,006
Diluted earnings per share (in shares)	18,756,605	18,728,424	18,765,897	18,705,801

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Jun. 30, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 5,461	$ 7,909
Accounts receivable — net of allowances of $272 and $51, respectively	17,669	5,515
Income tax receivable	429
Inventories, net	30,000	20,467
Prepaid expenses and other current assets	4,547	3,295
Total current assets	58,106	37,186
Property, plant and equipment — net	30,804	22,265
Intangible assets — net	83,786	51,046
Goodwill	101,760	65,792
Deferred debt issuance costs — net	477	383
Other	256	252
Total assets	275,189	176,924
CURRENT LIABILITIES:
Accounts payable	20,684	17,266
Income tax payable	1,213	705
Accrued expenses and other current liabilities	42,337	27,866
Current portion of long term debt, net of unamortized debt issuance costs	9,495	5,069
Total current liabilities	73,729	50,906
Long term debt, net of unamortized debt issuance costs	116,422	70,087
Deferred income taxes	551	1,427
Unrecognized tax positions	2,628	1,982
Total liabilities	193,330	124,402
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 18,723,994 shares at March 31, 2019 and 18,682,338 shares at June 30, 2018	187	187
Additional paid-in capital	115,065	114,052
Accumulated deficit	(33,393)	(61,717)
Total stockholders' equity	81,859	52,522
Total liabilities and stockholders' equity	$ 275,189	$ 176,924

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Balance, beginning at Jun. 30, 2017	$ 11,761	$ 186	$ 112,945	$ (101,370)
Balance, beginning (in shares) at Jun. 30, 2017		18,637,445
Increase (decrease) in stockholders' equity
Equity-based compensation activity	804	$ 1	803
Equity-based compensation activity (shares)		46,233
Net income	26,509			26,509
Balance, ending at Apr. 01, 2018	39,074	$ 187	113,748	(74,861)
Balance, ending (in shares) at Apr. 01, 2018		18,683,678
Balance, beginning at Dec. 31, 2017	27,301	$ 187	113,429	(86,315)
Balance, beginning (in shares) at Dec. 31, 2017		18,679,131
Increase (decrease) in stockholders' equity
Equity-based compensation activity	319		319
Equity-based compensation activity (shares)		4,547
Net income	11,454			11,454
Balance, ending at Apr. 01, 2018	39,074	$ 187	113,748	(74,861)
Balance, ending (in shares) at Apr. 01, 2018		18,683,678
Balance, beginning at Jun. 30, 2018	52,522	$ 187	114,052	(61,717)
Balance, beginning (in shares) at Jun. 30, 2018		18,682,338
Increase (decrease) in stockholders' equity
Equity-based compensation activity	1,013		1,013
Equity-based compensation activity (shares)		41,656
Net income	31,415			31,415
Balance, ending at Mar. 31, 2019	81,859	$ 187	115,065	(33,393)
Balance, ending (in shares) at Mar. 31, 2019		18,723,994
Balance, beginning at Dec. 30, 2018	68,725	$ 187	114,694	(46,156)
Balance, beginning (in shares) at Dec. 30, 2018		18,726,190
Increase (decrease) in stockholders' equity
Equity-based compensation activity	371		371
Equity-based compensation activity (shares)		(2,196)
Net income	12,763			12,763
Balance, ending at Mar. 31, 2019	81,859	$ 187	$ 115,065	(33,393)
Balance, ending (in shares) at Mar. 31, 2019		18,723,994
Increase (decrease) in stockholders' equity
Adoption of accounting standards (Note 2) \| ASU 14-09	$ (3,091)			$ (3,091)

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2019	Apr. 01, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 31,415	$ 26,509
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,450	3,665
Inventory obsolescence reserve	222	(484)
Amortization of debt issuance costs	410	369
Stock-based compensation	1,159	882
Change in interest rate cap fair value	341
Unrecognized tax benefits	646	(1,047)
Deferred income taxes	62	(698)
Net provision for doubtful accounts	221	(11)
Loss on disposal of fixed assets	8
Changes in operating assets and liabilities:
Accounts receivable	(7,103)	(691)
Inventories	98	(1,744)
Prepaid expenses and other current assets	(1,408)	(1,064)
Income taxes receivable and payable, net	79	439
Other assets	(4)	(6)
Accounts payable	224	4,433
Accrued expenses and other current liabilities	7,732	5,736
Net cash provided by operating activities	39,552	36,288
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposal of equipment	5	96
Payments for acquisitions, net of cash acquired	(81,729)	(80,511)
Purchases of property and equipment	(10,387)	(2,600)
Net cash used in investing activities	(92,111)	(83,015)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt	80,000	80,832
Cash paid for withholding taxes on vested stock	(146)	(78)
Principal payments on long-term debt	(29,015)	(28,325)
Payments of debt issuance costs	(728)	(1,240)
Net cash provided from financing activities	50,111	51,189
NET CHANGE IN CASH AND CASH EQUIVALENTS	(2,448)	4,462
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	7,909	4,038
CASH AND CASH EQUIVALENTS — END OF PERIOD	5,461	8,500
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest	3,957	2,078
Cash payments for income taxes	$ 7,765	$ 9,304

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Mar. 31, 2019

Presentation Of Financial Statements And Significant Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

2.	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the quarter end will not always coincide with the date of the end of the calendar month.

The information furnished in the condensed consolidated financial statements includes normal recurring adjustments and reflects all adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of operations and statements of financial position for the interim periods presented. 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 U.S. Securities and Exchange Commission (“SEC”) for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2018 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 Annual Report on Form 10-K for the fiscal year ended June 30, 2018, which was filed with the SEC on September 7, 2018.

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, 2018 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of March 31, 2019, its results of its operations for the three and nine months ended March 31, 2019 and April 1, 2018, its cash flows for the nine months ended March 31, 2019 and April 1, 2018, and its statement of shareholders’ equity for the three and nine months ended March 31, 2019 and April 1, 2018. All adjustments are of a normal recurring nature. The Company’s interim operating results for the three and nine months ended March 31, 2019 and April 1, 2018 are not necessarily indicative of the results to be expected in future operating quarters.

With the exception of Accounting Standards Update (“ASU”) 2014-09 discussed below, there were no significant changes in or changes in the application of the Company’s critical accounting policies or estimation procedures for the three and nine months ended March 31, 2019 as compared with the significant accounting policies described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2018.

Recently Adopted Accounting Standards — In May 2014, the Financial Accounting Standards Board (the “FASB”) and International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which provides a principle-based accounting guidance for revenue recognition. ASU 2014-09, as amended, became effective for public companies for annual and interim periods beginning after December 15, 2017. Effective July 1, 2018, the Company adopted the new revenue standard using the modified retrospective transition approach by recognizing a cumulative adjustment to the opening balance of retained earnings.

Due to the implementation of ASU 2014-09, the Company has changed the timing of when it records retail promotions and rebates. The cumulative effect of the changes made to the Company’s Condensed Consolidated Balance Sheets as of July 1, 2018 for the adoption of the new revenue standard was as follows:

	Balance as of			Adjustments			Balance as of
	June 30, 2018			Due to ASC 606			July 1, 2018
Accrued expenses and other current liabilities	$	27,866		$	4,029		$	31,895
Deferred income taxes		1,427			(938	)		489
Accumulated deficit		(61,717	)		(3,091	)		(64,808	)

The following table summarizes the impact of ASU 2014-09 on the Company’s Condensed Consolidated Statement of Operations for the three and nine months ended March 31, 2019, respectively:

	Three Months Ended March 31, 2019
						Balances without
Statement of Operations	As Reported		Effect of Change			adoption of ASC 606
Net sales	$	128,390	$	(611	)	$	127,779
Income before income tax expense		16,597		(611	)		15,986
Income tax expense		3,834		(123	)		3,711
Net income		12,763		(488	)		12,275

	Nine Months Ended March 31, 2019
					Balances without
Statement of Operations	As Reported		Effect of Change		adoption of ASC 606
Net sales	$	343,572	$	570	$	344,142
Income before income tax expense		39,967		570		40,537
Income tax expense		8,552		115		8,667
Net income		31,415		455		31,870

The following table summarizes the impact of ASU 2014-09 on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2019:

							Balances without
Balance Sheet	As Reported			Effect of Change			adoption of ASC 606
Accrued expenses and other current liabilities	$	42,337		$	(4,599	)	$	37,738
Income taxes		3,963			1,053			5,016
Accumulated deficit		(33,393	)		3,546			(29,847	)

Recently Issued Accounting Standards — In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. This guidance modifies the disclosure requirements on fair value measurements in Topic 820 by removing disclosures regarding transfers between Level 1 and Level 2 of the fair value hierarchy, by modifying the measurement uncertainty disclosure, and by requiring additional disclosures for Level 3 fair value measurements, among others. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating the effect that the adoption of this new guidance is expected to have on our financial position or results of operations and related disclosures.

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This guidance provides clarity and reduces complexity when applying the guidance in Topic 718, Compensation—Stock Compensation to the term or condition of share-based payments to nonemployees. ASU 2018-07 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2018. This guidance will be adopted for the fiscal year beginning July 1, 2019. We do not expect the adoption of this guidance to have a material impact on our financial condition, results of operation, or cash flows.

In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This guidance eliminates Step 2 from the goodwill impairment test. Instead, an entity should recognize an impairment charge for the amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019. The Company is currently evaluating the effect that the adoption of this new guidance is expected to have on its financial position or results of operations and related disclosures.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In July 2018, the FASB issued ASU 2018-11, Targeted Improvements, providing for an additional transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings. The Company expects to adopt the new standard on July 1, 2019 and use the effective date as the date of initial application. The new standard provides a number of optional practical expedients in transition. The Company expects to elect the ‘package of practical expedients’, which permits it not to reassess under the new standard the Company’s prior conclusions about lease identification, lease classification and initial direct costs. The Company does not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements; the latter not being applicable to the Company. The Company expects that this standard will have a material effect on our financial statements. However, the Company is still in the process of assessing the impact of the new standard, and, therefore, the full quantitative impact cannot be reasonably estimated at this time. While the Company continues to assess all of the effects of adoption, it currently believes the most significant effects relate to the recognition of the new ROU assets and lease liabilities on the Company’s balance sheet for its building and equipment operating leases and providing significant new disclosures about its leasing activities.

REVENUE RECOGNITION

9 Months Ended

Mar. 31, 2019

Revenue From Contract With Customer [Abstract]

REVENUE RECOGNITION

The following table presents the Company’s revenue by major product categories for the three and nine months ended March 31, 2019:

	Three Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Total
Major Product Categories
Boats and trailers	$	77,329	$	21,624	$	27,065	$	126,018
Parts		1,798		22		166		1,986
Other revenue		304		6		76		386
Total	$	79,431	$	21,652	$	27,307	$	128,390

	Nine Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Total
Major Product Categories
Boats and trailers	$	224,604	$	58,187	$	52,819	$	335,610
Parts		6,464		57		252		6,773
Other revenue		994		11		184		1,189
Total	$	232,062	$	58,255	$	53,255	$	343,572

The Company recognizes revenue when obligations under the terms of a contract are satisfied and control over promised goods is transferred to a customer. For the majority of sales, this occurs when the product is released to the carrier responsible for transporting it to a customer. The Company typically receives payment within 5 days of shipment. Revenue is measured as the amount of consideration it expects to receive in exchange for a product. The consideration recognized represents the amount specified in a contract with a customer, net of estimated dealer and retail sales incentives the Company reasonably expects to pay. The estimated liability and reduction in revenue for sales incentives is recorded at the time of sale. The Company estimates the amount of sales incentives based on historical data for specific boat models adjusted for forecasted sales volume, product mix, customer behavior and assumptions concerning market conditions. Subsequent adjustments to incentive estimates are possible as facts and circumstances change over time.

A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced once control of the goods is transferred to the customer. The difference between the opening and closing balances of the Company’s contract liabilities primarily results from the timing difference between the Company’s performance and the point at which it receives pre-payment from the customer. The Company’s contract liabilities were $529 and $2,194 as of March 31, 2019 and June 30, 2018, respectively and are classified as “Accrued expenses and other current liabilities” in its Condensed Consolidated Balance Sheets.

The Company has excluded sales and other taxes assessed by a governmental authority in connection with revenue-producing activities from the determination of the transaction price for all contracts. The Company has elected to account for shipping and handling costs associated with outbound freight after control over a product has transferred to a customer as a fulfillment cost that are included in cost of sales. Because our contracts are fulfilled within one year from the date of the contract, revenue adjustments for a potential financing component or the costs to obtain the contract are not made. The Company applied the practical expedient in ASU 2014-09 and has not disclosed information about remaining performance obligations that have original expected durations of 12 months or less.

ACQUISITION

9 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

ACQUISITION

4.	ACQUISITION

Crest Acquisition:

On October 1, 2018, the Company completed its acquisition of Crest, a manufacturer of premium pontoon boats, providing the Company with additional product diversification. With the acquisition of Crest, the Company expanded its product portfolio and now operates in three segments of the powerboat industry – performance sport boats, outboard saltwater fishing boats and pontoon boats. The purchase price was $81,729, including customary adjustments for the amount of working capital in the acquired business at the closing date. A portion of the purchase price was deposited into an escrow account in order to secure certain post-closing obligations of the former members of Crest. The Company accounted for the transaction using the acquisition method in accordance with ASC 805, Business Combinations.

The total consideration has been allocated to the assets acquired and liabilities assumed based on preliminary estimates of their fair values as of the date of acquisition. Because of the complexities involved with performing the valuation, the Company has recorded the tangible and intangible assets acquired and liabilities assumed based on their preliminary fair values as of October 1, 2018. The preliminary measurements of fair value were based upon estimates utilizing the assistance of third-party valuation specialists and are subject to change. Any adjustments are recognized in the period in which they are identified. The Company expects the valuation of tangible and intangible assets and working capital adjustments to be finalized during fiscal year 2019.

The following table summarizes the preliminary purchase price allocation based on the estimated fair values of the assets acquired and liabilities assumed of Crest at the acquisition date:

Purchase Price:	As Reported on		Subsequent Adjustments		As Reported on
	December 30, 2018		to Fair Value		March 31, 2019
Cash paid, net of cash acquired	$	81,729	$	-	$	81,729

Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Accounts receivable	$	5,272		$	-		$	5,272
Inventories		9,928			(75	)		9,853
Other current assets		185			—			185
Property, plant and equipment		1,840			—			1,840
Identifiable intangible assets		35,245			—			35,245
Current liabilities		(6,338	)		(296	)		(6,634	)
Fair value of assets acquired and liabilities assumed		46,132			(371	)		45,761
Goodwill		35,597			371			35,968
	$	81,729		$	-		$	81,729

The preliminary fair value estimates for the Company’s identifiable intangible assets acquired as part of the acquisition are as follows:

	Estimates of Fair Value		Estimated Useful Life (in years)
Definite-lived intangible:
Dealer network	$	18,000	10
Software		245	5
Indefinite-lived intangible:
Trade name		17,000
Total identifiable intangible assets	$	35,245

The value allocated to inventories reflect the estimated fair value of the acquired inventory based on the expected sales price of the inventory, less an estimated cost to complete and a reasonable profit margin. The value allocated to accounts receivable represents the estimated fair value of the acquired receivables based on the expected collection of those receivables, less an estimated allowance for bad debts. The fair value of the identifiable intangible assets were determined based on the following approaches:

•

Dealer Network – The value associated with Crest’s dealer network is attributed to its long-standing dealer relationships. The estimate of fair value assigned to this asset was determined using the income approach, which requires an estimate or forecast of the expected future cash flows from the dealer network through the application of the multi-period excess earnings approach. The estimated remaining useful life of dealer network is approximately ten years.

•

Software – The value attributed to Crest’s software was determined using the replacement cost method, a variation of cost approach, which requires an estimate of the replacement cost and incorporates an obsolescence factor and a developer’s profit margin. The estimated remaining useful life of software is approximately five years.

•

Trade Name – The value attributed to Crest’s trade name was determined using the relief from royalty method, a variation of the income approach, which requires an estimate or forecast of the expected future cash flows. The trade name has an indefinite life.

The fair value of the definite-lived intangible asset is being amortized using the straight-line method to amortization of intangible assets expense over the estimated useful life. Indefinite-lived intangible assets are not amortized, but instead are evaluated for potential impairment on an annual basis in accordance with the provision of ASC Topic 350, Intangibles—Goodwill and Other. The weighted average useful life of identifiable definite-lived intangible assets acquired was 9.9 years. Goodwill of $35,968 arising from the acquisition consists of future growth prospects including dealer expansion into new geographic markets and capacity expansion as well as intangible assets that do not qualify for separate recognition. The indefinite-lived intangible assets and goodwill acquired are expected to be deductible for income tax purposes.

Acquisition related costs of $2,044, which were incurred by the Company during the nine months ended March 31, 2019, were expensed in the period incurred, and are included in general and administrative expenses in the consolidated statement of operations and comprehensive income for the three and nine months ended March 31, 2019.

NauticStar Acquisition:

On October 2, 2017, the Company completed its acquisition of NauticStar which unites complementary boat brands and adds to its product diversity. The purchase price was $80,511, including customary adjustments for the amount of working capital in the acquired business at the closing date. A portion of the purchase price was deposited into an escrow account in order to secure certain post-closing obligations of the former members of NauticStar. The Company accounted for the transaction using the acquisition method in accordance with ASC 805, Business Combinations.

The total consideration was allocated to the assets acquired and liabilities assumed based on estimates of their fair values as of the date of acquisition. The Company recorded the tangible and intangible assets acquired and liabilities assumed based on their fair values as of October 2, 2017. The measurements of fair value were based upon estimates utilizing the assistance of third-party valuation specialists.

The following table summarizes the purchase price allocation based on the estimated fair values of the assets acquired and liabilities assumed of NauticStar at the acquisition date:

Purchase Price:
Cash paid, net of cash acquired					$	80,511

Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Accounts receivable	$	1,773
Inventories		6,358
Other current assets		94
Indemnification asset		166
Deferred income taxes		83
Property, plant and equipment		4,945
Identifiable intangible assets		36,000
Current liabilities		(4,858	)
Unrecognized tax positions		(249	)
Fair value of assets acquired and liabilities assumed		44,312
Goodwill		36,199
	$	80,511

Pro Forma Financial Information:

The following unaudited pro forma consolidated results of operations for the three and nine months ended March 31, 2019 and April 1, 2018, assumes that the acquisitions of NauticStar and Crest occurred as of July 1, 2017, the beginning of the comparable prior annual reporting period presented. The unaudited pro forma financial information combines historical results of MasterCraft, NauticStar and Crest, with adjustments for depreciation and amortization expense based upon the fair value step-up and estimated useful lives of depreciable fixed assets and definite-life amortizable assets acquired. Adjustments also include an increase of interest expense as if the Company’s debt obtained in connection with the acquisitions had been outstanding since July 1, 2017. The unaudited pro forma financial results include non-recurring adjustments for transaction costs directly attributable to the acquisitions and costs associated with the fair value step-up of inventory. The provision for income taxes has also been adjusted for all periods, based upon the foregoing adjustments to historical results. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal year 2018 or the results that may occur in the future:

	Three Months Ended				Nine Months Ended
	March 31, 2019		April 1, 2018		March 31, 2019		April 1, 2018
Net sales	$	128,390	$	114,276	$	364,565	$	303,783
Net income	$	12,784	$	11,922	$	33,628	$	25,320
Basic earnings per share	$	0.69	$	0.64	$	1.80	$	1.36
Diluted earnings per share	$	0.68	$	0.64	$	1.79	$	1.35

Effective October 1, 2018, in connection with the purchase of Crest, the Company entered into a lease agreement with Crest Marine Real Estate LLC (“Real Estate”) for a manufacturing facility, storage and office building. The ten-year lease expires September 30, 2028, subject to four consecutive five year extension periods. The annual rent is $330 for the first five years of the lease term and will increase to $425 for the remaining five years. Additionally, during the option terms the rent will be adjusted every five years based upon the increase in the Consumer Price Index. One of the minority owners of Real Estate is a member of the Crest management team.

Crest purchases fiberglass component parts from a supplier whose minority owner is the same member of the Crest management team that has a minority ownership in Real Estate. During the three and nine months ended March 31, 2019, the Company purchased $1,056 and $2,005 of products from the supplier. As of March 31, 2019, the outstanding balance due to the supplier is $272.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Mar. 31, 2019

Accrued Liabilities And Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

7.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:

	March 31, 2019		June 30, 2018
Warranty	$	16,733	$	13,077
Self-insurance		633		703
Compensation and related accruals		4,009		2,995
Inventory repurchase contingent obligation		2,574		1,274
Floor plan interest		3,017		1,228
Debt interest		509		244
Dealer incentives		11,931		4,628
Other		2,931		3,717
Total accrued expenses and other current liabilities	$	42,337	$	27,866

The following table provides a roll forward of the accrued warranty liability:

Beginning balance - June 30, 2018	$	13,077
Provisions		5,735
Additions for Crest acquisition		727
Payments made		(5,223	)
Adjustments to preexisting warranties		2,417
Ending balance - March 31, 2019	$	16,733

During the second quarter of fiscal 2019, the Company identified errors in how accrued warranty was calculated that resulted in a net out-of-period adjustment that decreased earnings for the three months ended December 30, 2018 and increased accrued expenses and other current liabilities as of December 30, 2018 by $225. The Company determined that inaccurate data on the cost of parts was used to estimate the warranty liability. The impact of this adjustment resulted in a $1,125 increase in earnings for the three months ended December 30, 2018, with a corresponding decrease in accrued expenses and other current liabilities on the consolidated balance sheet as of December 30, 2018. The Company also determined that faulty assumptions were used when estimating costs for warranty periods impacted by the change to a five-year warranty. The adjustment resulted in a $1,350 decrease in earnings for the three months ended December 30, 2018, with a corresponding increase in accrued expenses and other current liabilities on the consolidated balance sheet as of December 30, 2018.

Management evaluated the effect of the adjustments on the Company’s financial statements under the provision of ASC 250: Accounting Changes and Error Corrections and Staff Accounting Bulletin No. 108: Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements and concluded that they were immaterial to the current year and prior year’s annual and quarterly financial statements.

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Mar. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

8.	GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the nine months ended March 31, 2019, were as follows:

Goodwill as of June 30, 2018	$	65,792
Addition related to the acquisition of Crest		35,968
Goodwill as of March 31, 2019	$	101,760

As of March 31, 2019, and June 30, 2018, details of the Company’s intangible assets other than goodwill were as follows:

	March 31, 2019
	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
Dealer network	$	39,500	$	(4,935	)	$	34,565
Software		245		(24	)		221
Total amortizable intangible assets		39,745		(4,959	)		34,786
Trade names		49,000		—			49,000
Total intangible assets	$	88,745	$	(4,959	)	$	83,786

	June 30, 2018
	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
Dealer network	$	21,590	$	(2,544	)	$	19,046
Total amortizable intangible assets		21,590		(2,544	)		19,046
Trade names		32,000		—			32,000
Total intangible assets	$	53,590	$	(2,544	)	$	51,046

Amortization expense recognized on all amortizable intangibles was $987 and $2,504 for the three and nine months ended March 31, 2019, respectively. Amortization expense recognized on all amortizable intangibles was $524 and $1,077 for the three and nine months ended April 1, 2018, respectively.

The estimated future amortization of definite-lived intangible assets is as follows:

Fiscal years ending June 30,
Remainder of 2019	$	989
2020		3,956
2021		3,956
2022		3,956
2023		3,956
and thereafter		17,973
Total	$	34,786

FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 31, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

9.	FAIR VALUE MEASUREMENTS

Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1 — Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2 — Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

When determining the fair value measurements for assets or liabilities required or permitted to be recorded at and/or marked to fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. When possible, the Company looks to active and observable markets to price identical assets. When identical assets are not traded in active markets, the Company looks to market observable data for similar assets.

The following tables summarize the basis used to measure certain financial assets and liabilities at fair value on a recurring basis in the consolidated balance sheets:

	March 31, 2019
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Asset — interest rate cap	$	—	$	184	$	—

	June 30, 2018
	Fair Value Measurements Using
	Level 1		Level 2		Level 3
Asset — interest rate cap	$	—	$	525	$	—

The interest rate cap is valued utilizing pricing models taking into account inputs such as interest rates and notional amounts. In November 2017, the Company entered into an interest rate cap agreement with its existing lender to cap its London Interbank Offered Rate (“LIBOR”) at 2% for $34,594 of outstanding principal on its long-term debt, subject to amortization. As of March 31, 2019 the notional amount is $36,016. Fair value measurements for the Company’s interest rate cap are classified under Level 2 because such measurements are based on significant other observable inputs. There were no transfers of assets or liabilities between levels during the nine months ended March 31, 2019.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LONG-TERM DEBT

9 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

LONG-TERM DEBT

10.	LONG-TERM DEBT

Long-term debt outstanding is as follows:

	March 31, 2019			June 30, 2018
Revolving credit facility	$	—		$	—
Senior secured term loan		127,641			76,656
Debt issuance costs on term loan		(1,724	)		(1,500	)
Total debt		125,917			75,156
Less current portion of long-term debt		9,946			5,475
Less current portion of debt issuance costs on term loan		(451	)		(406	)
Long-term debt — less current portion	$	116,422		$	70,087

On October 1, 2018, the Company entered into a Fourth Amended and Restated Credit and Guaranty Agreement with Fifth Third Bank, as the agent and letter of credit issuer, and the lenders party thereto (the “Fourth Amended Credit Agreement”). The Fourth Amended Credit Agreement replaced the Company’s Third Amended and Restated Credit Agreement, dated October 2, 2017. The Fourth Amended Credit Agreement provides the Company with a $190,000 senior secured credit facility, consisting of a $75,000 term loan and an $80,000 term loan (together, the “Term Loans”) and a $35,000 revolving credit facility (the “Revolving Credit Facility”). Proceeds from the $80,000 term loan went to pay for the Crest acquisition.

The Fourth Amended Credit Agreement bears interest, at the Company’s option, at either the prime rate plus an applicable margin ranging from 0.5% to 1.5% or at an adjusted LIBOR rate plus an applicable margin ranging from 1.5% to 2.5%, in each case based on the Company’s senior leverage ratio. Based on the Company’s current senior leverage ratio, the applicable margin for loans accruing interest at the prime rate is 1.00% and the applicable margin for loans accruing interest at LIBOR is 2.00%. The Term Loans will mature and all remaining amounts outstanding thereunder will be due and payable on October 1, 2023. During the three and nine months ended March 31, 2019, the Company made voluntary payments on the Term Loans of $15,000 and $22,660, respectively, out of excess cash. As of March 31, 2019 and June 30, 2018, the Company’s unamortized debt issuance costs related to the Term Loans were $1,724 and $1,500, respectively. These costs are being amortized over the term of the Fourth Amended Credit Agreement. As of March 31, 2019, the Company was in compliance with all of its debt covenants under its Fourth Amended Credit Agreement.

As of March 31, 2019, the Company had no borrowings outstanding on its Revolving Credit Facility. As of March 31, 2019 and June 30, 2018, availability under the Revolving Credit Facility was $35,000 and $30,000, respectively. The Company’s unamortized debt issuance costs on its Revolving Credit Facility were $477 and $383 as of March 31, 2019 and June 30, 2018, respectively.

EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12.	EARNINGS PER SHARE

The following table sets forth the computation of the Company’s earnings per share:

	Three Months Ended				Nine Months Ended
	March 31, 2019		April 1, 2018		March 31, 2019		April 1, 2018
Net income	$	12,763	$	11,454	$	31,415	$	26,509
Weighted average common shares — basic		18,657,719		18,622,083		18,652,289		18,619,006
Dilutive effect of assumed exercises of stock options		39,160		41,372		47,258		35,770
Dilutive effect of assumed restricted share awards/units		59,726		64,969		66,350		51,026
Weighted average outstanding shares — diluted		18,756,605		18,728,424		18,765,897		18,705,801
Basic earnings per share	$	0.68	$	0.62	$	1.68	$	1.42
Diluted earnings per share	$	0.68	$	0.61	$	1.67	$	1.42

For the three and nine months ended March 31, 2019, the weighted average shares that were anti-dilutive, and therefore excluded from the computation of diluted earnings per share, included 1,757 and 1,561 restricted stock awards (“RSAs”) and 33,365 and 11,641 performance stock units (“PSUs”), respectively. For the three and nine months ended April 1, 2018, the weighted average shares that were anti-dilutive, and therefore excluded from the computation of diluted earnings per share, included 0 and 18,663 RSAs and 1,039 and 6,954 PSUs, respectively.

SEGMENT INFORMATION

9 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

14.	SEGMENT INFORMATION

The Company designs, manufactures, and markets recreational performance sport boats and outboard boats under three operating and reportable segments: MasterCraft, NauticStar and Crest. The Company’s segments are defined by management’s reporting structure and distribution channels. The MasterCraft segment consists of premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating. The NauticStar segment consists of outboard boats primarily used for salt water fishing, and general recreational boating. Crest manufactures outboard pontoon boats. The Company distributes the MasterCraft, NauticStar and Crest products through its dealer network. Company management regularly reviews the operating performance of each segment including measures of performance based on income from operations. The Company files a consolidated income tax return and does not allocate income taxes and certain other corporate level expenses, including interest, to operating segments.

The following tables present financial information for the Company’s reportable segments for the three and nine months ended March 31, 2019 and April 1, 2018, respectively, and the Company’s financial position at March 31, 2019 and June 30, 2018, respectively.

	Three Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	79,431	$	21,652	$	27,307	$	128,390
Cost of sales		56,216		18,216		22,601		97,033
Operating income		14,620		1,544		2,300		18,464
Depreciation and amortization		868		682		541		2,091

	Three Months Ended April 1, 2018
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	69,257	$	24,554	$	—	$	93,811
Cost of sales		49,823		19,606		—		69,429
Operating income		12,446		2,753		—		15,199
Depreciation and amortization		840		616		—		1,456

	Nine Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	232,062	$	58,255	$	53,255	$	343,572
Cost of sales		168,092		49,818		44,029		261,939
Operating income		37,563		2,698		4,535		44,796
Depreciation and amortization		2,405		1,967		1,078		5,450

	Nine Months Ended April 1, 2018
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	192,545	$	44,750	$	—	$	237,295
Cost of sales		138,565		36,251		—		174,816
Operating income		32,623		4,422		—		37,045
Depreciation and amortization		2,447		1,218		—		3,665

	As of March 31, 2019			As of June 30, 2018
Assets
MasterCraft	$	263,673		$	170,218
NauticStar		85,618			87,866
Crest		88,911			—
Eliminations		(163,013	)		(81,160	)
Total Assets	$	275,189		$	176,924

	As of March 31, 2019		As of June 30, 2018
Goodwill
MasterCraft	$	29,593	$	29,593
NauticStar		36,199		36,199
Crest		35,968		—
Total Goodwill	$	101,760	$	65,792

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Mar. 31, 2019

Presentation Of Financial Statements And Significant Accounting Policies [Abstract]

Fiscal Period

Principles of Consolidation

Basis of Accounting

New Accounting Pronouncements Issued, Adopted and Not Yet Adopted

	Balance as of			Adjustments			Balance as of
	June 30, 2018			Due to ASC 606			July 1, 2018
Accrued expenses and other current liabilities	$	27,866		$	4,029		$	31,895
Deferred income taxes		1,427			(938	)		489
Accumulated deficit		(61,717	)		(3,091	)		(64,808	)

The following table summarizes the impact of ASU 2014-09 on the Company’s Condensed Consolidated Statement of Operations for the three and nine months ended March 31, 2019, respectively:

	Three Months Ended March 31, 2019
						Balances without
Statement of Operations	As Reported		Effect of Change			adoption of ASC 606
Net sales	$	128,390	$	(611	)	$	127,779
Income before income tax expense		16,597		(611	)		15,986
Income tax expense		3,834		(123	)		3,711
Net income		12,763		(488	)		12,275

	Nine Months Ended March 31, 2019
					Balances without
Statement of Operations	As Reported		Effect of Change		adoption of ASC 606
Net sales	$	343,572	$	570	$	344,142
Income before income tax expense		39,967		570		40,537
Income tax expense		8,552		115		8,667
Net income		31,415		455		31,870

The following table summarizes the impact of ASU 2014-09 on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2019:

							Balances without
Balance Sheet	As Reported			Effect of Change			adoption of ASC 606
Accrued expenses and other current liabilities	$	42,337		$	(4,599	)	$	37,738
Income taxes		3,963			1,053			5,016
Accumulated deficit		(33,393	)		3,546			(29,847	)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Mar. 31, 2019

ASU 14-09

Cumulative Effect of Adoption

Summary of cumulative effect of the changes made to the Company’s Consolidated Balance Sheets and Statement of Operations

The cumulative effect of the changes made to the Company’s Condensed Consolidated Balance Sheets as of July 1, 2018 for the adoption of the new revenue standard was as follows:

	Balance as of			Adjustments			Balance as of
	June 30, 2018			Due to ASC 606			July 1, 2018
Accrued expenses and other current liabilities	$	27,866		$	4,029		$	31,895
Deferred income taxes		1,427			(938	)		489
Accumulated deficit		(61,717	)		(3,091	)		(64,808	)

The following table summarizes the impact of ASU 2014-09 on the Company’s Condensed Consolidated Statement of Operations for the three and nine months ended March 31, 2019, respectively:

	Three Months Ended March 31, 2019
						Balances without
Statement of Operations	As Reported		Effect of Change			adoption of ASC 606
Net sales	$	128,390	$	(611	)	$	127,779
Income before income tax expense		16,597		(611	)		15,986
Income tax expense		3,834		(123	)		3,711
Net income		12,763		(488	)		12,275

	Nine Months Ended March 31, 2019
					Balances without
Statement of Operations	As Reported		Effect of Change		adoption of ASC 606
Net sales	$	343,572	$	570	$	344,142
Income before income tax expense		39,967		570		40,537
Income tax expense		8,552		115		8,667
Net income		31,415		455		31,870

The following table summarizes the impact of ASU 2014-09 on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2019:

							Balances without
Balance Sheet	As Reported			Effect of Change			adoption of ASC 606
Accrued expenses and other current liabilities	$	42,337		$	(4,599	)	$	37,738
Income taxes		3,963			1,053			5,016
Accumulated deficit		(33,393	)		3,546			(29,847	)

REVENUE RECOGNITION (Tables)

9 Months Ended

Mar. 31, 2019

Revenue From Contract With Customer [Abstract]

Summary of revenues by categories

The following table presents the Company’s revenue by major product categories for the three and nine months ended March 31, 2019:

	Three Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Total
Major Product Categories
Boats and trailers	$	77,329	$	21,624	$	27,065	$	126,018
Parts		1,798		22		166		1,986
Other revenue		304		6		76		386
Total	$	79,431	$	21,652	$	27,307	$	128,390

	Nine Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Total
Major Product Categories
Boats and trailers	$	224,604	$	58,187	$	52,819	$	335,610
Parts		6,464		57		252		6,773
Other revenue		994		11		184		1,189
Total	$	232,062	$	58,255	$	53,255	$	343,572

ACQUISITION (Tables)

9 Months Ended

Mar. 31, 2019

Schedule of pro forma financial information

The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal year 2018 or the results that may occur in the future:

	Three Months Ended				Nine Months Ended
	March 31, 2019		April 1, 2018		March 31, 2019		April 1, 2018
Net sales	$	128,390	$	114,276	$	364,565	$	303,783
Net income	$	12,784	$	11,922	$	33,628	$	25,320
Basic earnings per share	$	0.69	$	0.64	$	1.80	$	1.36
Diluted earnings per share	$	0.68	$	0.64	$	1.79	$	1.35

Crest

Schedule of purchase price allocation based on the estimated fair values of assets acquired and liabilities assumed as of the acquisition date

The following table summarizes the preliminary purchase price allocation based on the estimated fair values of the assets acquired and liabilities assumed of Crest at the acquisition date:

Purchase Price:	As Reported on		Subsequent Adjustments		As Reported on
	December 30, 2018		to Fair Value		March 31, 2019
Cash paid, net of cash acquired	$	81,729	$	-	$	81,729

Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Accounts receivable	$	5,272		$	-		$	5,272
Inventories		9,928			(75	)		9,853
Other current assets		185			—			185
Property, plant and equipment		1,840			—			1,840
Identifiable intangible assets		35,245			—			35,245
Current liabilities		(6,338	)		(296	)		(6,634	)
Fair value of assets acquired and liabilities assumed		46,132			(371	)		45,761
Goodwill		35,597			371			35,968
	$	81,729		$	-		$	81,729

Schedule of fair value estimates of identifiable intangible assets acquired

The preliminary fair value estimates for the Company’s identifiable intangible assets acquired as part of the acquisition are as follows:

	Estimates of Fair Value		Estimated Useful Life (in years)
Definite-lived intangible:
Dealer network	$	18,000	10
Software		245	5
Indefinite-lived intangible:
Trade name		17,000
Total identifiable intangible assets	$	35,245

NauticStar

Schedule of purchase price allocation based on the estimated fair values of assets acquired and liabilities assumed as of the acquisition date

The following table summarizes the purchase price allocation based on the estimated fair values of the assets acquired and liabilities assumed of NauticStar at the acquisition date:

Purchase Price:
Cash paid, net of cash acquired					$	80,511

Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Accounts receivable	$	1,773
Inventories		6,358
Other current assets		94
Indemnification asset		166
Deferred income taxes		83
Property, plant and equipment		4,945
Identifiable intangible assets		36,000
Current liabilities		(4,858	)
Unrecognized tax positions		(249	)
Fair value of assets acquired and liabilities assumed		44,312
Goodwill		36,199
	$	80,511

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Mar. 31, 2019

Accrued Liabilities And Other Liabilities [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:

	March 31, 2019		June 30, 2018
Warranty	$	16,733	$	13,077
Self-insurance		633		703
Compensation and related accruals		4,009		2,995
Inventory repurchase contingent obligation		2,574		1,274
Floor plan interest		3,017		1,228
Debt interest		509		244
Dealer incentives		11,931		4,628
Other		2,931		3,717
Total accrued expenses and other current liabilities	$	42,337	$	27,866

Schedule of roll forward of the accrued warranty liability

The following table provides a roll forward of the accrued warranty liability:

Beginning balance - June 30, 2018	$	13,077
Provisions		5,735
Additions for Crest acquisition		727
Payments made		(5,223	)
Adjustments to preexisting warranties		2,417
Ending balance - March 31, 2019	$	16,733

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Mar. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of carrying amounts of goodwill

The changes in the carrying amount of goodwill for the nine months ended March 31, 2019, were as follows:

Goodwill as of June 30, 2018	$	65,792
Addition related to the acquisition of Crest		35,968
Goodwill as of March 31, 2019	$	101,760

Schedule of intangible assets other than goodwill

As of March 31, 2019, and June 30, 2018, details of the Company’s intangible assets other than goodwill were as follows:

	March 31, 2019
	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
Dealer network	$	39,500	$	(4,935	)	$	34,565
Software		245		(24	)		221
Total amortizable intangible assets		39,745		(4,959	)		34,786
Trade names		49,000		—			49,000
Total intangible assets	$	88,745	$	(4,959	)	$	83,786

	June 30, 2018
	Gross					Net
	Carrying		Accumulated			Carrying
	Amount		Amortization			Amount
Dealer network	$	21,590	$	(2,544	)	$	19,046
Total amortizable intangible assets		21,590		(2,544	)		19,046
Trade names		32,000		—			32,000
Total intangible assets	$	53,590	$	(2,544	)	$	51,046

Schedule of estimated amortization expense

The estimated future amortization of definite-lived intangible assets is as follows:

Fiscal years ending June 30,
Remainder of 2019	$	989
2020		3,956
2021		3,956
2022		3,956
2023		3,956
and thereafter		17,973
Total	$	34,786

LONG-TERM DEBT (Tables)

9 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of long-term debt outstanding

Long-term debt outstanding is as follows:

	March 31, 2019			June 30, 2018
Revolving credit facility	$	—		$	—
Senior secured term loan		127,641			76,656
Debt issuance costs on term loan		(1,724	)		(1,500	)
Total debt		125,917			75,156
Less current portion of long-term debt		9,946			5,475
Less current portion of debt issuance costs on term loan		(451	)		(406	)
Long-term debt — less current portion	$	116,422		$	70,087

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Factors used in the earnings per share computation

The following table sets forth the computation of the Company’s earnings per share:

	Three Months Ended				Nine Months Ended
	March 31, 2019		April 1, 2018		March 31, 2019		April 1, 2018
Net income	$	12,763	$	11,454	$	31,415	$	26,509
Weighted average common shares — basic		18,657,719		18,622,083		18,652,289		18,619,006
Dilutive effect of assumed exercises of stock options		39,160		41,372		47,258		35,770
Dilutive effect of assumed restricted share awards/units		59,726		64,969		66,350		51,026
Weighted average outstanding shares — diluted		18,756,605		18,728,424		18,765,897		18,705,801
Basic earnings per share	$	0.68	$	0.62	$	1.68	$	1.42
Diluted earnings per share	$	0.68	$	0.61	$	1.67	$	1.42

SEGMENT INFORMATION (Tables)

9 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Schedule of operating information for reportable segments

	Three Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	79,431	$	21,652	$	27,307	$	128,390
Cost of sales		56,216		18,216		22,601		97,033
Operating income		14,620		1,544		2,300		18,464
Depreciation and amortization		868		682		541		2,091

	Three Months Ended April 1, 2018
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	69,257	$	24,554	$	—	$	93,811
Cost of sales		49,823		19,606		—		69,429
Operating income		12,446		2,753		—		15,199
Depreciation and amortization		840		616		—		1,456

	Nine Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	232,062	$	58,255	$	53,255	$	343,572
Cost of sales		168,092		49,818		44,029		261,939
Operating income		37,563		2,698		4,535		44,796
Depreciation and amortization		2,405		1,967		1,078		5,450

	Nine Months Ended April 1, 2018
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	192,545	$	44,750	$	—	$	237,295
Cost of sales		138,565		36,251		—		174,816
Operating income		32,623		4,422		—		37,045
Depreciation and amortization		2,447		1,218		—		3,665

	As of March 31, 2019			As of June 30, 2018
Assets
MasterCraft	$	263,673		$	170,218
NauticStar		85,618			87,866
Crest		88,911			—
Eliminations		(163,013	)		(81,160	)
Total Assets	$	275,189		$	176,924

	As of March 31, 2019		As of June 30, 2018
Goodwill
MasterCraft	$	29,593	$	29,593
NauticStar		36,199		36,199
Crest		35,968		—
Total Goodwill	$	101,760	$	65,792

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Impact of ASU (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Mar. 31, 2019	Apr. 01, 2018	Jul. 01, 2018	Jun. 30, 2018
Statement of Operations
Net Sales	$ 128,390	$ 93,811	$ 343,572	$ 237,295
Income before income tax expense	16,597	14,302	39,967	34,518
Income tax expense	3,834	2,848	8,552	8,009
Net income	12,763	$ 11,454	31,415	$ 26,509
Balance Sheet
Accrued expenses and other current liabilities	42,337		42,337		$ 31,895	$ 27,866
Income taxes	3,963		3,963
Accumulated deficit	(33,393)		(33,393)		(64,808)	$ (61,717)
Adjustments Due to ASC 606
Statement of Operations
Net Sales	(611)		570
Income before income tax expense	(611)		570
Income tax expense	(123)		115
Net income	(488)		455
Balance Sheet
Accrued expenses and other current liabilities	(4,599)		(4,599)		4,029
Income taxes	1,053		1,053
Accumulated deficit	3,546		3,546		$ (3,091)
Balances without adoption of ASC 606
Statement of Operations
Net Sales	127,779		344,142
Income before income tax expense	15,986		40,537
Income tax expense	3,711		8,667
Net income	12,275		31,870
Balance Sheet
Accrued expenses and other current liabilities	37,738		37,738
Income taxes	5,016		5,016
Accumulated deficit	$ (29,847)		$ (29,847)

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Apr. 01, 2018	Mar. 31, 2019	Apr. 01, 2018	Jun. 30, 2018
Revenue by Categories
Revenue	$ 128,390	$ 93,811	$ 343,572	$ 237,295
Revenue practical expedients
Revenue, Practical Expedient, Financing Component			true
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation			true
Accrued Expenses and Other Current Liabilities
Contract liabilities
Customer contract liabilities	529		$ 529		$ 2,194
Boats and trailers
Revenue by Categories
Revenue	126,018		335,610
Parts
Revenue by Categories
Revenue	1,986		6,773
Other
Revenue by Categories
Revenue	386		1,189
MasterCraft
Revenue by Categories
Revenue	79,431	69,257	232,062	192,545
MasterCraft \| Boats and trailers
Revenue by Categories
Revenue	77,329		224,604
MasterCraft \| Parts
Revenue by Categories
Revenue	1,798		6,464
MasterCraft \| Other
Revenue by Categories
Revenue	304		994
NauticStar
Revenue by Categories
Revenue	21,652	$ 24,554	58,255	$ 44,750
NauticStar \| Boats and trailers
Revenue by Categories
Revenue	21,624		58,187
NauticStar \| Parts
Revenue by Categories
Revenue	22		57
NauticStar \| Other
Revenue by Categories
Revenue	6		11
Crest
Revenue by Categories
Revenue	27,307		53,255
Crest \| Boats and trailers
Revenue by Categories
Revenue	27,065		52,819
Crest \| Parts
Revenue by Categories
Revenue	166		252
Crest \| Other
Revenue by Categories
Revenue	$ 76		$ 184

ACQUISITION - Purchase Price Allocation (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 02, 2017 USD ($)	Mar. 31, 2019 USD ($)	Dec. 30, 2018 USD ($)	Mar. 31, 2019 USD ($)	Apr. 01, 2018 USD ($)	Oct. 01, 2018 USD ($) item	Jun. 30, 2018 USD ($)
Acquisition
Number of boat brands \| item						3
Purchase Price:
Cash paid, net of cash acquired				$ 81,729	$ 80,511
Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Goodwill		$ 101,760		101,760			$ 65,792
Crest
Purchase Price:
Cash paid, net of cash acquired		81,729
Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Accounts receivable		5,272	$ 5,272	5,272
Inventories		9,853	9,928	9,853
Other current assets		185	185	185
Property, plant and equipment		1,840	1,840	1,840
Identifiable intangible assets		35,245	35,245	35,245		$ 35,245
Current liabilities		(6,634)	(6,338)	(6,634)
Fair value of assets acquired and liabilities assumed		45,761	46,132	45,761
Goodwill		35,968	35,597	35,968		$ 35,968
Total purchase price allocation		81,729	81,729	81,729
Crest \| As Reported
Purchase Price:
Cash paid, net of cash acquired			$ 81,729
Crest \| Subsequent Adjustments to Fair Value
Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Inventories		(75)		(75)
Current liabilities		(296)		(296)
Fair value of assets acquired and liabilities assumed		(371)		(371)
Goodwill		$ 371		$ 371
NauticStar
Purchase Price:
Cash paid, net of cash acquired	$ 80,511
Recognized preliminary amounts of identifiable assets acquired and (liabilities assumed), at fair value:
Accounts receivable	1,773
Inventories	6,358
Other current assets	94
Indemnification asset	166
Deferred income taxes	83
Property, plant and equipment	4,945
Identifiable intangible assets	36,000
Current liabilities	(4,858)
Unrecognized tax positions	(249)
Fair value of assets acquired and liabilities assumed	44,312
Goodwill	36,199
Total purchase price allocation	$ 80,511

ACQUISITION - Fair Value Estimates of Intangible Assets Acquired (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 01, 2018	Mar. 31, 2019	Dec. 30, 2018	Jun. 30, 2018
Identifiable intangible assets
Goodwill		$ 101,760		$ 65,792
Crest
Identifiable intangible assets
Total identifiable intangible assets	$ 35,245	35,245	$ 35,245
Weighted average useful life	9 years 10 months 24 days
Goodwill	$ 35,968	35,968	$ 35,597
Crest \| General and Administrative Expense
Identifiable intangible assets
Acquisition related costs		$ 2,044
Crest \| Trade names
Identifiable intangible assets
Indefinite-lived intangible	17,000
Crest \| Dealer network
Identifiable intangible assets
Definite-lived intangible	$ 18,000
Estimated useful life	10 years
Crest \| Software
Identifiable intangible assets
Definite-lived intangible	$ 245
Estimated useful life	5 years

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jul. 01, 2018	Jun. 30, 2018
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 16,733		$ 13,077
Self-insurance	633		703
Compensation and related accruals	4,009		2,995
Inventory repurchase contingent obligation	2,574		1,274
Floor plan interest	3,017		1,228
Debt interest	509		244
Dealer incentives	11,931		4,628
Other	2,931		3,717
Total accrued expenses and other current liabilities	$ 42,337	$ 31,895	$ 27,866

GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Mar. 31, 2019	Apr. 01, 2018	Jun. 30, 2018
Finite-lived intangible assets
Amortization of intangible assets	$ 987	$ 524	$ 2,504	$ 1,077
Estimated amortization expense
Remainder of 2019	989		989
2020	3,956		3,956
2021	3,956		3,956
2022	3,956		3,956
2023	3,956		3,956
and thereafter	17,973		17,973
Total	$ 34,786		$ 34,786		$ 19,046

FAIR VALUE MEASUREMENTS - Assets and Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jun. 30, 2018	Nov. 26, 2017
Assets and liabilities measured at fair value
Asset	$ 184	$ 525
Notional amount	36,016
Recurring
Assets and liabilities measured at fair value
Transfers of assets between Level 1 and Level 2	0
Transfers of liabilities between Level 1 and Level 2	0
Interest rate cap
Assets and liabilities measured at fair value
Outstanding principal of long-term debt			$ 34,594
Interest rate cap \| LIBOR
Assets and liabilities measured at fair value
Interest rate cap			2.00%
Level 2 \| Interest rate cap \| Recurring
Assets and liabilities measured at fair value
Asset	$ 184	$ 525

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jun. 30, 2018
Long-term debt
Long-term debt, net of unamortized debt issuance costs	$ 125,917	$ 75,156
Less current portion of long-term debt	9,946	5,475
Long-term debt - less current portion	116,422	70,087
Senior Secured Term Loans
Long-term debt
Long-term debt	127,641	76,656
Debt issuance costs on term loan	(1,724)	(1,500)
Less current portion of debt issuance costs on term loan	$ (451)	$ (406)

LONG-TERM DEBT - Senior Secured Credit Facility (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 01, 2018	Mar. 31, 2019	Mar. 31, 2019	Jun. 30, 2018
Long-term debt
Unamortized debt issuance costs		$ 477	$ 477	$ 383
Revolving Credit Facility
Long-term debt
Outstanding borrowings		0	0
Net availability under facility		35,000	35,000	30,000
Unamortized debt issuance costs		477	477	383
Senior Secured Term Loans
Long-term debt
Unamortized debt issuance costs		$ 1,724	$ 1,724	$ 1,500
Fourth Amended Credit Agreement
Long-term debt
Maximum borrowing capacity	$ 190,000
Fourth Amended Credit Agreement \| Prime Rate
Long-term debt
Effective interest rate		1.00%	1.00%
Fourth Amended Credit Agreement \| Prime Rate \| Minimum
Long-term debt
Variable margin rate	0.50%
Fourth Amended Credit Agreement \| Prime Rate \| Maximum
Long-term debt
Variable margin rate	1.50%
Fourth Amended Credit Agreement \| LIBOR
Long-term debt
Effective interest rate		2.00%	2.00%
Fourth Amended Credit Agreement \| LIBOR \| Minimum
Long-term debt
Variable margin rate	1.50%
Fourth Amended Credit Agreement \| LIBOR \| Maximum
Long-term debt
Variable margin rate	2.50%
Fourth Amended Credit Agreement \| Term Loan One
Long-term debt
Loan commitment	$ 75,000
Fourth Amended Credit Agreement \| Term Loan Two
Long-term debt
Loan commitment	80,000
Fourth Amended Credit Agreement \| Revolving Credit Facility
Long-term debt
Maximum borrowing capacity	$ 35,000
Fourth Amended Credit Agreement \| Senior Secured Term Loans
Long-term debt
Voluntary payments		$ 15,000	$ 22,660

EARNINGS PER SHARE - Factors (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Mar. 31, 2019	Apr. 01, 2018
Earnings Per Share Basic [Line Items]
Net income	$ 12,763	$ 11,454	$ 31,415	$ 26,509
Weighted average common shares - basic	18,657,719	18,622,083	18,652,289	18,619,006
Weighted average outstanding shares - diluted	18,756,605	18,728,424	18,765,897	18,705,801
Basic earnings per share (in dollars per share)	$ 0.68	$ 0.62	$ 1.68	$ 1.42
Diluted earnings per share (in dollars per share)	$ 0.68	$ 0.61	$ 1.67	$ 1.42
Stock options
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	39,160	41,372	47,258	35,770
Restricted stock awards
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	59,726	64,969	66,350	51,026

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

SEGMENT INFORMATION - Operating Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2019 USD ($)	Apr. 01, 2018 USD ($)	Mar. 31, 2019 USD ($) segment	Apr. 01, 2018 USD ($)	Jun. 30, 2018 USD ($)
Segment reporting information
Number of operating segments \| segment			3
Number of reportable segments \| segment			3
Net sales	$ 128,390	$ 93,811	$ 343,572	$ 237,295
Cost of sales	97,033	69,429	261,939	174,816
Operating income	18,464	15,199	44,796	37,045
Depreciation and amortization	2,091	1,456	5,450	3,665
Assets	275,189		275,189		$ 176,924
Goodwill	101,760		101,760		65,792
Eliminations
Segment reporting information
Assets	(163,013)		(163,013)		(81,160)
MasterCraft
Segment reporting information
Net sales	79,431	69,257	232,062	192,545
Cost of sales	56,216	49,823	168,092	138,565
Operating income	14,620	12,446	37,563	32,623
Depreciation and amortization	868	840	2,405	2,447
Goodwill	29,593		29,593		29,593
MasterCraft \| Operating Segments
Segment reporting information
Assets	263,673		263,673		170,218
NauticStar
Segment reporting information
Net sales	21,652	24,554	58,255	44,750
Cost of sales	18,216	19,606	49,818	36,251
Operating income	1,544	2,753	2,698	4,422
Depreciation and amortization	682	$ 616	1,967	$ 1,218
Goodwill	36,199		36,199		36,199
NauticStar \| Operating Segments
Segment reporting information
Assets	85,618		85,618		$ 87,866
Crest
Segment reporting information
Net sales	27,307		53,255
Cost of sales	22,601		44,029
Operating income	2,300		4,535
Depreciation and amortization	541		1,078
Goodwill	35,968		35,968
Crest \| Operating Segments
Segment reporting information
Assets	$ 88,911		$ 88,911

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Jun. 30, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 272	$ 51
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	18,723,994	18,682,338
Common stock, outstanding shares	18,723,994	18,682,338

ORGANIZATION AND NATURE OF BUSINESS (Details)	9 Months Ended
ORGANIZATION AND NATURE OF BUSINESS (Details)	Mar. 31, 2019 segment
Organization And Nature Of Business [Abstract]
Number of reportable segments	3

ACQUISITION - Related Party (Details) $ in Thousands		3 Months Ended	9 Months Ended
ACQUISITION - Related Party (Details) $ in Thousands	Oct. 01, 2018 USD ($) item	Mar. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)
Lease Agreement
Lease term	10 years
Lease expiration date	Sep. 30, 2028
Number of consecutive lease extensions available \| item	4
Term of extension	5 years
Annual rent, first five years	$ 330
Annual rent, remaining five years	$ 425
Period of time, during option periods, after which rent will be adjusted	5 years
Parts Supplier
Lease Agreement
Product purchases		$ 1,056	$ 2,005
Outstanding balance due		$ 272	$ 272

INVENTORIES - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jun. 30, 2018
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 19,745	$ 9,587
Work in process	5,642	2,822
Finished goods	5,802	9,026
Obsolescence reserve	(1,189)	(968)
Total inventories	$ 30,000	$ 20,467

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jun. 30, 2018
Prepaid Expense And Other Assets Current [Abstract]
Prepaid photo shoot	$ 1,051	$ 273
Insurance	2,136	974
Trade show deposits	13	111
Interest rate cap	184	525
Other	1,163	1,412
Total prepaid expenses and other current assets	$ 4,547	$ 3,295

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Interim Quarterly Reporting Periods (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jul. 01, 2018	Jun. 30, 2018
Cumulative effect of the changes
Accrued expenses and other current liabilities	$ 42,337	$ 31,895	$ 27,866
Deferred income taxes	551	489	1,427
Accumulated deficit	(33,393)	(64,808)	$ (61,717)
Adjustments Due to ASC 606
Cumulative effect of the changes
Accrued expenses and other current liabilities	(4,599)	4,029
Deferred income taxes		(938)
Accumulated deficit	$ 3,546	$ (3,091)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Warranty Liability (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2019 USD ($)
Roll forward of the accrued warranty liability
Beginning balance	$ 13,077
Provisions	5,735
Additions for Crest acquisition	727
Payments made	(5,223)
Adjustments to preexisting warranties	2,417
Ending balance	$ 16,733

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2019 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, beginning balance	$ 65,792
Addition related to the acquisition of Crest	35,968
Goodwill, ending balance	$ 101,760

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jun. 30, 2018
Amortizable intangible assets
Gross Carrying Amount	$ 39,745	$ 21,590
Accumulated Amortization	(4,959)	(2,544)
Total	34,786	19,046
Indefinite-lived intangible assets
Trade names	49,000	32,000
Total intangible assets
Gross Carrying Amount	88,745	53,590
Accumulated Amortization	(4,959)	(2,544)
Net Carrying Amount	83,786	51,046
Dealer network
Amortizable intangible assets
Gross Carrying Amount	39,500	21,590
Accumulated Amortization	(4,935)	(2,544)
Total	34,565	$ 19,046
Software
Amortizable intangible assets
Gross Carrying Amount	245
Accumulated Amortization	(24)
Total	$ 221

INCOME TAXES (Details)	9 Months Ended
INCOME TAXES (Details)	Mar. 31, 2019	Apr. 01, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	21.40%	23.20%
Statutory income tax rate	21.00%

STOCK-BASED COMPENSATION - RSAs and PSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						9 Months Ended
	Feb. 28, 2019	Jan. 31, 2019	Nov. 25, 2018	Oct. 28, 2018	Aug. 26, 2018	Jul. 29, 2018	Mar. 31, 2019	Apr. 01, 2018
Stock-Based Compensation
Stock-based compensation							$ 1,159	$ 881
Certain employees \| Restricted stock awards \| 2015 Plan
Stock-Based Compensation
Granted	136	345	1,702	1,559	262	31,207
Grant date market price	$ 22.63	$ 20.40	$ 27.66	$ 36.10	$ 25.27	$ 26.59
Vesting period (in years)	3 years	3 years		3 years	3 years	3 years
Certain employees \| Performance stock units \| 2015 Plan
Stock-Based Compensation
Granted	136	345		1,559	33,082
Grant date market price	$ 23.66	$ 21.33		$ 31.60	$ 31.60
Vesting period (in years)							3 years
Non-employee directors \| Restricted stock awards \| 2015 Plan
Stock-Based Compensation
Granted				1,801		12,414
Grant date market price				$ 33.22		$ 26.59