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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 29, 2020	May 04, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 29, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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		18,872,119
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Income Statement [Abstract]
NET SALES	$ 102,562	$ 128,390	$ 311,979	$ 343,572
COST OF SALES	81,288	97,033	244,030	261,939
GROSS PROFIT	21,274	31,357	67,949	81,633
OPERATING EXPENSES:
Selling and marketing	4,933	5,210	13,340	13,757
General and administrative	6,094	6,696	19,356	20,576
Amortization of other intangible assets	987	987	2,961	2,504
Goodwill and other intangible asset impairment	56,437		56,437
Total operating expenses	68,451	12,893	92,094	36,837
OPERATING INCOME (LOSS)	(47,177)	18,464	(24,145)	44,796
OTHER EXPENSE:
Interest expense	1,086	1,867	3,667	4,829
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	(48,263)	16,597	(27,812)	39,967
INCOME TAX EXPENSE (BENEFIT)	(11,550)	3,834	(6,601)	8,552
NET INCOME (LOSS)	$ (36,713)	$ 12,763	$ (21,211)	$ 31,415
NET INCOME (LOSS) PER SHARE:
Basic	$ (1.96)	$ 0.68	$ (1.13)	$ 1.68
Diluted	$ (1.96)	$ 0.68	$ (1.13)	$ 1.67
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share	18,739,480	18,657,719	18,731,338	18,652,289
Diluted earnings per share	18,739,480	18,756,605	18,731,338	18,765,897

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 29, 2020	Jun. 30, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 40,991	$ 5,826
Accounts receivable, net of allowances of $340 and $281, respectively	10,148	12,463
Income tax receivable	5,703	951
Inventories, net (Note 4)	37,159	30,660
Prepaid expenses and other current assets	4,979	4,464
Total current assets	98,980	54,364
Property, plant and equipment, net	41,669	33,636
Goodwill (Note 6)	29,593	74,030
Other intangible assets, net (Note 6)	64,836	79,799
Deferred income taxes	13,792	6,240
Deferred debt issuance costs, net	371	451
Operating lease assets (Note 8)	779
Other long-term assets	248	253
Total assets	250,268	248,773
CURRENT LIABILITIES:
Accounts payable	14,008	17,974
Income tax payable		426
Accrued expenses and other current liabilities (Note 5)	42,912	41,421
Current portion of long-term debt, net of unamortized debt issuance costs (Note 7)	9,004	8,725
Total current liabilities	65,924	68,546
Long-term debt, net of unamortized debt issuance costs (Note 7)	129,429	105,016
Operating lease liabilities (Note 8)	445
Unrecognized tax positions	3,114	2,895
Total liabilities	198,912	176,457
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 18,872,119 shares at March 29, 2020 and 18,764,037 shares at June 30, 2019	189	188
Additional paid-in capital	115,832	115,582
Accumulated deficit	(64,665)	(43,454)
Total stockholders' equity	51,356	72,316
Total liabilities and stockholders' equity	$ 250,268	$ 248,773

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2020	Jun. 30, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 340	$ 281
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	18,872,119	18,764,037
Common stock, outstanding shares	18,872,119	18,764,037

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
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
Adoption of accounting standards \| ASU 14-09	(3,091)			(3,091)
Share-based compensation activity	279		279
Share-based compensation activity (shares)		39,082
Net income (loss)	8,465			8,465
Balance, ending at Sep. 30, 2018	58,175	$ 187	114,331	(56,343)
Balance, ending (in shares) at Sep. 30, 2018		18,721,420
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
Net income (loss)	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 Sep. 30, 2018	58,175	$ 187	114,331	(56,343)
Balance, beginning (in shares) at Sep. 30, 2018		18,721,420
Increase (decrease) in stockholders' equity
Share-based compensation activity	362		363	(1)
Share-based compensation activity (shares)		4,770
Net income (loss)	10,188			10,188
Balance, ending at Dec. 30, 2018	68,725	$ 187	114,694	(46,156)
Balance, ending (in shares) at Dec. 30, 2018		18,726,190
Increase (decrease) in stockholders' equity
Share-based compensation activity	371		371
Share-based compensation activity (shares)		(2,196)
Net income (loss)	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
Balance, beginning at Jun. 30, 2019	72,316	$ 188	115,582	(43,454)
Balance, beginning (in shares) at Jun. 30, 2019		18,764,037
Increase (decrease) in stockholders' equity
Share-based compensation activity	170	$ 1	169
Share-based compensation activity (shares)		74,960
Net income (loss)	8,623			8,623
Balance, ending at Sep. 29, 2019	81,109	$ 189	115,751	(34,831)
Balance, ending (in shares) at Sep. 29, 2019		18,838,997
Balance, beginning at Jun. 30, 2019	72,316	$ 188	115,582	(43,454)
Balance, beginning (in shares) at Jun. 30, 2019		18,764,037
Increase (decrease) in stockholders' equity
Net income (loss)	(21,211)
Balance, ending at Mar. 29, 2020	51,356	$ 189	115,832	(64,665)
Balance, ending (in shares) at Mar. 29, 2020		18,872,119
Balance, beginning at Sep. 29, 2019	81,109	$ 189	115,751	(34,831)
Balance, beginning (in shares) at Sep. 29, 2019		18,838,997
Increase (decrease) in stockholders' equity
Share-based compensation activity	(78)		(78)
Share-based compensation activity (shares)		33,169
Net income (loss)	6,879			6,879
Balance, ending at Dec. 29, 2019	87,910	$ 189	115,673	(27,952)
Balance, ending (in shares) at Dec. 29, 2019		18,872,166
Increase (decrease) in stockholders' equity
Share-based compensation activity	159		159
Share-based compensation activity (shares)		(47)
Net income (loss)	(36,713)			(36,713)
Balance, ending at Mar. 29, 2020	$ 51,356	$ 189	$ 115,832	$ (64,665)
Balance, ending (in shares) at Mar. 29, 2020		18,872,119

- 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. 29, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (21,211)	$ 31,415
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	7,686	5,450
Share-based compensation	703	1,159
Deferred income taxes	(7,552)	62
Unrecognized tax benefits	219	646
Amortization of debt issuance costs	420	410
Goodwill and other intangible asset impairment	56,437
Changes in certain operating assets and liabilities	(13,657)	(382)
Other, net	855	792
Net cash provided by operating activities	23,900	39,552
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for acquisitions, net of cash acquired		(81,729)
Purchases of property, plant and equipment	(13,601)	(10,387)
Proceeds from disposal of property, plant and equipment	25	5
Net cash used in investing activities	(13,576)	(92,111)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		80,000
Principal payments on long-term debt	(10,647)	(29,015)
Borrowings on revolving credit facility	35,000
Proceeds from insurance premium financing	1,130
Principal payments on insurance premium financing	(189)
Payments of debt issuance costs		(146)
Cash paid for withholding taxes on vested stock	(453)	(728)
Net cash provided by financing activities	24,841	50,111
NET CHANGE IN CASH AND CASH EQUIVALENTS	35,165	(2,448)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	5,826	7,909
CASH AND CASH EQUIVALENTS — END OF PERIOD	40,991	5,461
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest	3,263	3,957
Cash payments for income taxes	6,146	7,765
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures in accounts payable and accrued expenses	$ 80	$ 399

ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Mar. 29, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES

1.ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES

Organization — MasterCraft Boat Holdings, Inc. (“Holdings”) was formed on January 28, 2000, as a Delaware holding company and operates primarily through its wholly owned subsidiaries, MasterCraft Boat Company, LLC, MasterCraft Services, LLC, MasterCraft Parts, Ltd., and MasterCraft International Sales Administration, Inc. (collectively, “MasterCraft”); Nautic Star, LLC and NS Transport, LLC (collectively, “NauticStar”); and Crest Marine LLC (“Crest”). Holdings and its subsidiaries collectively are referred to herein as the “Company”.

The Company is a leading innovator, designer, manufacturer, and marketer of recreational powerboats that operates in three reportable segments: MasterCraft, NauticStar and Crest. See Note 12 for information regarding the Company’s reportable segments.

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 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, 2019 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of March 29, 2020, its results of operations for the three and nine months ended March 29, 2020 and March 31, 2019, its cash flows for the nine months ended March 29, 2020 and March 31, 2019, and its statements of stockholders’ equity for the three and nine months ended March 29, 2020 and March 31, 2019. 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 U.S. Securities and Exchange Commission (“SEC”) for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2019 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, 2019, filed with the SEC on September 13, 2019 (our “2019 Annual Report”).

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.

COVID-19 Pandemic — The outbreak of a novel coronavirus throughout the world, including the United States, during early calendar year 2020 has caused widespread business and economic disruption through mandated and voluntary business closings and restrictions on the movement and activities of people (“COVID-19 Pandemic”). We are subject to risks and uncertainties as a result of the COVID-19 Pandemic. The extent of the impact of the COVID-19 Pandemic on the Company's business is highly uncertain and difficult to predict, as the response to the COVID-19 Pandemic is rapidly evolving in many countries, including the United States and other markets where the Company operates. It is expected that many of the Company's customers, dealers, and suppliers could be impacted by these closings and restrictions which could materially and adversely affect demand for our products, our ability to obtain or deliver inventory, and our ability to collect accounts receivables as customers face higher liquidity and solvency risk. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 Pandemic, and it is possible that it could cause an economic downturn, recession, or depression. Such economic disruption could have a material adverse effect on our business as retail demand for our products could decline which would in-turn reduce wholesale demand from our dealers. Policymakers around the world have responded with fiscal and monetary policy actions to support the economy. The magnitude and overall effectiveness of these actions remains uncertain.

To protect the health of its manufacturing employees and to balance wholesale production with retail demand, the Company suspended operations at its manufacturing facilities for all of its brands in late March 2020. As a result of this action, the Company temporarily laid off nearly all of its hourly workforce. After further evaluation, the Company intends to resume operations at its Owosso, Michigan facility (Crest Marine boats) on May 11, 2020, its Amory, Mississippi facility (NauticStar boats) on May 11, 2020, and its Vonore, Tennessee facility (MasterCraft and Aviara boats) on May 12, 2020. As the Company resumes its operations, it will continue to evaluate and monitor the health and safety of its employees and will adhere to federal and local government mandates and guidelines.

The severity of the impact of the COVID-19 Pandemic on the Company's business will depend on a number of factors, including, but not limited to, the duration, spread, severity, and impact of the pandemic, the remedial actions and stimulus measures adopted by local and federal governments, the effects of the pandemic on the Company's customers, dealers and suppliers, and to the extent normal economic and operating conditions can resume, all of which are uncertain and cannot be predicted. The Company's future results of operations, cash flows, and liquidity could be adversely impacted by delays in payments of outstanding receivable amounts beyond normal payment terms, supply chain disruptions and uncertain demand, additional goodwill and intangible impairment charges (see Note 6), and the impact of any initiatives that the Company may undertake to address financial and operational challenges faced by it and its customers, dealers, and suppliers. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 Pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain.

With the exception of Accounting Standards Codification (“ASC”) 842 discussed below, there were no significant changes in or changes in the application of the Company’s significant or critical accounting policies or estimation procedures for the nine months ended March 29, 2020 as compared with the significant accounting policies described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2019.

Recently Adopted Accounting Standards

Leases

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases, (“ASC 842”) which requires lessees to recognize assets and liabilities on the balance sheet for all leases with terms greater than twelve months. On July 1, 2019, the Company adopted ASC 842 and all related amendments. The Company elected the optional transition method provided by the FASB in ASU 2018-11, Leases (Topic 842): Targeted Improvements, and as a result, has not restated its condensed consolidated financial statements for prior periods presented. The Company has elected the package of practical expedients upon transition which allowed the Company to retain the lease classification for any leases that existed prior to adoption, to not reassess whether any contracts entered into prior to adoption are leases, and to not reassess initial direct costs for any leases that existed prior to adoption.

ASC 842 did not have a material impact on the Company's condensed consolidated statements of operations. The cumulative effect of the changes made to the Company's consolidated balance sheet as of July 1, 2019 for the adoption of ASC 842 was as follows:

	Balance as of		Adjustments		Balance as of
	June 30, 2019		Due to ASC 842		July 1, 2019
Assets
Operating lease assets	$	-	$	3,931	$	3,931

Current liabilities
Accrued expenses and other current liabilities		41,421		547		41,968

Long-term liabilities
Operating lease liabilities		-		3,384		3,384

The Company determines if an arrangement is a lease at lease inception. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company's lease contracts generally do not include an implicit rate, the Company uses its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The operating lease ROU asset also includes any initial direct costs and lease payments made prior to lease commencement and excludes lease incentives incurred.

The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company may enter into lease agreements that contain both lease and non-lease components, which it has elected to account for as a single lease component for all asset classes. See Note 8 for information regarding the Company’s leases.

Share-Based Compensation

In June 2018, the Financial Accounting Standards Board 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. The Company adopted this guidance for its fiscal year beginning July 1, 2019. The adoption of this standard did not have a material impact on its financial statements.

Recently Issued Accounting Standards

Fair Value Measurements

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 does not expect the adoption of this new guidance to have a material impact on its financial statements.

REVENUE RECOGNITION

9 Months Ended

Mar. 29, 2020

Revenue From Contract With Customer [Abstract]

REVENUE RECOGNITION

2.	REVENUE RECOGNITION

The following tables present the Company’s revenue from contracts with customers by major product category and reportable segment.

	Three Months Ended March 29, 2020
	MasterCraft		NauticStar		Crest		Total
Major Product Categories:
Boats and trailers	$	68,684	$	14,053	$	17,696	$	100,433
Parts		1,705		103		136		1,944
Other revenue		142		—		43		185
Total	$	70,531	$	14,156	$	17,875	$	102,562

	Nine Months Ended March 29, 2020
	MasterCraft		NauticStar		Crest^(a)		Total
Major Product Categories:
Boats and trailers	$	204,303	$	47,372	$	52,417	$	304,092
Parts		6,411		349		437		7,197
Other revenue		487		6		197		690
Total	$	211,201	$	47,727	$	53,051	$	311,979

	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^(a)		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

(a)

Crest was acquired on October 1, 2018.

Contract Liabilities

As of June 30, 2019, the Company had $0.8 million of contract liabilities associated with customer deposits. During the nine months ended March 29, 2020, all of this amount was recognized as revenue. As of March 29, 2020, total contract liabilities associated with customer deposits were $0.4 million, were reported in Accrued expenses and other current liabilities on the condensed consolidated balance sheet, and are expected to be recognized as revenue during the remainder of the year ended June 30, 2020.

RELATED PARTY TRANSACTIONS

9 Months Ended

Mar. 29, 2020

Related Party Transactions

3.	RELATED PARTY TRANSACTIONS

Crest Facility Lease

In connection with the operations of Crest, the Company made rental payments to Crest Marine Real Estate LLC (“Real Estate”) for a manufacturing facility, storage and office building (the “Crest Facility”). One of the minority owners of Real Estate is a member of the Crest management team. The lease was to expire on September 30, 2028, and was subject to four consecutive, five-year renewal periods. The lease terms included an option for the Company to purchase the Crest Facility for an amount equal to its fair market value, as determined by appraisals and negotiation between the Company and Real Estate (the “Purchase Option”). The annual rent under the lease was $0.3 million for the first five years of the lease term, and was to increase to $0.4 million for the remaining five years. Additionally, at the beginning of each of the optional renewal terms the rent was to be adjusted based on the change in the Consumer Price Index. In accordance with the Purchase Option, on October 24, 2019 the Company purchased the Crest Facility for $4.1 million. See Note 8 for additional information regarding the purchase.

Crest Supplier Relationship

Crest purchases fiberglass component parts from a supplier whose minority owner was the same member of the Crest management team that has a minority ownership interest in Real Estate. On January 31, 2020 this minority ownership interest was divested and this supplier ceased being a related party. During the period beginning July 1, 2019 and ending January 31, 2020, the Company purchased $1.8 million of products from the supplier.

INVENTORIES

9 Months Ended

Mar. 29, 2020

Inventory Disclosure [Abstract]

INVENTORIES

4.	INVENTORIES

Inventories consisted of the following:

	March 29,			June 30,
	2020			2019
Raw materials and supplies	$	24,028		$	20,034
Work in process		5,898			4,571
Finished goods		8,982			7,207
Obsolescence reserve		(1,749	)		(1,152	)
Total inventories	$	37,159		$	30,660

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Mar. 29, 2020

Accrued Liabilities And Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

5.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:

	March 29,		June 30,
	2020		2019
Warranty	$	19,318	$	17,205
Dealer incentives		11,172		12,623
Compensation and related accruals		2,757		3,494
Floor plan interest		2,570		2,060
Inventory repurchase contingent obligation		1,779		1,936
Insurance premium financing		941		—
Self-insurance		1,027		606
Debt interest		342		405
Current operating lease liabilities		334		—
Other		2,672		3,092
Total accrued expenses and other current liabilities	$	42,912	$	41,421

The following activity related to warranty liabilities was recorded in Accrued expenses and other current liabilities during the nine months ended March 29, 2020 and March 31, 2019:

	Nine Months Ended
	March 29,			March 31,
	2020			2019
Balance at the beginning of the period	$	17,205		$	13,077
Provisions		5,828			5,735
Additions for Crest acquisition		—			727
Payments made		(5,921	)		(5,223	)
Aggregate changes for preexisting warranties		2,206			2,417
Balance at the end of the period	$	19,318		$	16,733

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Mar. 29, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

6.GOODWILL AND OTHER INTANGIBLE ASSETS

Impairment

The current economic environment, including the significant declines in share price, market volatility and the disruption to the Company’s supply chain resulting from the COVID-19 Pandemic, triggered an interim impairment analysis for the Company’s intangible assets including goodwill. Holistically, the Company evaluated the events and changes in circumstances since the most recent quantitative impairment test performed as of June 30, 2019 and determined that is more likely than not that our trade names and goodwill at certain reporting units were impaired.

Determining the fair value of trade names and goodwill required the use of significant judgement, including estimation of cash flows, which are dependent on internal forecasts, estimation of long-term growth rate for each reporting unit, and determination of the weighted average cost of capital. A number of significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, production costs, discount rate, and estimated capital needs. Management considers historical experience and all available information at the time that the fair values of the Company’s reporting units are estimated. Inputs used to estimate these fair values included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy.

If the carrying amount of trade names or goodwill exceed their fair value, then they are considered impaired and an impairment loss is recognized in an amount by which the carrying value exceeds the reporting unit’s fair value, not to exceed the carrying amount of the trade name or goodwill allocated to that reporting unit. As a result of this analysis, the Company recorded impairment charges totaling $56.4 million during the three months ended March 29, 2020 related to the NauticStar and Crest segments. The charges recorded to each segment are detailed below, and are included in Goodwill and other intangible asset impairment on the condensed consolidated statements of operations. The impairment was principally a result of a decline, in the fiscal third quarter, in market conditions, including our share price, and the outlook for sales and operating performance relative to the Company’s acquisition plans and impairment test performed as of June 30, 2019.

Goodwill and other intangible asset impairment for the three and nine months ended March 29, 2020 was as follows:

	NauticStar		Crest		Consolidated
Goodwill	$	8,199	$	36,238	$	44,437
Trade name		5,000		7,000		12,000
Total	$	13,199	$	43,238	$	56,437

While the extent and duration of the economic impact from the COVID-19 pandemic remain unclear, changes in assumptions and estimates may affect the fair value of goodwill and other intangibles and could result in additional impairment charges in future periods.

The carrying amounts of goodwill as of March 29, 2020 and June 30, 2019, attributable to each of the Company’s reportable segments, were as follows:

Balance as of March 29, 2020	Gross Amount		Accumulated Impairment Losses			Total
MasterCraft	$	29,593	$	-		$	29,593
NauticStar		36,199		(36,199	)		-
Crest		36,238		(36,238	)		-
Total	$	102,030	$	(72,437	)	$	29,593

Balance as of June 30, 2019	Gross Amount		Accumulated Impairment Losses			Total
MasterCraft	$	29,593	$	-		$	29,593
NauticStar		36,199		(28,000	)		8,199
Crest		36,238		-			36,238
Total	$	102,030	$	(28,000	)	$	74,030

The following table presents the carrying amount of Other intangible assets, net as of March 29, 2020 and June 30, 2019.

	March 29,							June 30,
	2020							2019
	Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net		Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net
Amortized intangible assets
Dealer networks	$	39,500	$	(8,835	)	$	30,665	$	39,500	$	(5,909	)	$	33,591
Software		245		(74	)		171		245		(37	)		208
		39,745		(8,909	)		30,836		39,745		(5,946	)		33,799

Unamortized intangible assets
Trade names		49,000		(15,000	)		34,000		49,000		(3,000	)		46,000
Total other intangible assets	$	88,745	$	(23,909	)	$	64,836	$	88,745	$	(8,946	)	$	79,799

Amortization expense related to Other intangible assets, net for the three and nine months ended March 29, 2020 was $1.0 and $3.0 million, respectively. Amortization expense related to Other intangible assets, net for the three and nine months ended March 31, 2019 was $1.0 and $2.5, respectively. Estimated amortization expense for the fiscal year ended June 30, 2020 is $4.0 million.

LONG-TERM DEBT

9 Months Ended

Mar. 29, 2020

Debt Disclosure [Abstract]

LONG-TERM DEBT

7.LONG-TERM DEBT

Long-term debt is as follows:

	March 29,			June 30,
	2020			2019
Revolver	$	35,000		$	-
Senior secured term loans		104,703			115,349
Debt issuance costs on term loans		(1,270	)		(1,608	)
Total debt		138,433			113,741
Less current portion of long-term debt		9,420			9,167
Less current portion of debt issuance costs on term loans		(416	)		(442	)
Long-term debt, net of current portion	$	129,429		$	105,016

On October 1, 2018, the Company entered into the Fourth Amended and Restated Credit and Guaranty Agreement with a syndicate of certain financial institutions (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 $190.0 million senior secured credit facility, consisting of a $75.0 million term loan, and an $80.0 million term loan (together, the “Term Loans”), and a $35.0 million revolving credit facility (the “Revolving Credit Facility”).

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 Total Net Leverage Ratio, as defined under the Fourth Amended Credit Agreement. Based on the Company’s Total Net Leverage Ratio as of March 29, 2020, the applicable margin for loans accruing interest at the prime rate is 0.75% and the applicable margin for loans accruing interest at LIBOR is 1.75%.

As of March 19, 2020, the Company drew $35.0 million on its revolving credit agreement as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of uncertainty in the global markets resulting from the COVID-19 Pandemic. As of March 29, 2020, the Company had $35.0 million of borrowings outstanding on its Revolving Credit Facility. The Company’s unamortized debt issuance costs related to the Revolving Credit Facility were $0.4 million and $0.5 million as of March 29, 2020 and June 30, 2019, respectively. All amounts outstanding under the Fourth Amended Credit Agreement mature in October 2023. As of March 29, 2020, the Company was in compliance with its financial covenants under the Fourth Amended Credit Agreement.

Amendment to Fourth Amended Credit Agreement

On May 7, 2020, the Company entered into Amendment No. 3 to the Fourth Amended Credit Agreement (the “Amendment”). The changes effected by the Amendment include, among others, the temporary removal and replacement of the Company’s financial covenants, the addition of a 50 basis point floor on LIBOR, modifications to the range of applicable LIBOR and prime interest rate margins, and a revision of the Total Net Leverage Ratio calculation. Under the Amendment, the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant of the Fourth Amended Credit Agreement are temporarily replaced with three separate covenants: (i) an Interest Coverage Ratio, (ii) a Minimum Liquidity threshold, and (iii) a Maximum Unfinanced Capital Expenditures limitation (the “Package of Financial Covenants”). The Package of Financial Covenants are in place through the quarter ended March 31, 2021, at which time the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant will be reinstated and the Package of Financial Covenants will sunset, and with the minimum liquidity covenant being tested on the last day of each fiscal month through May 31, 2021. In addition, the Total Net Leverage Ratio calculation was temporarily revised to include all unrestricted cash balances, without limitation, until June 30, 2021.

Pursuant to the Amendment, the applicable interest, at the Company’s option, is at either the prime rate plus an applicable margin ranging from 0.5% to 2.25% or at an adjusted LIBOR rate plus an applicable margin ranging from 1.5% to 3.25%, in each case based on the Company’s Total Net Leverage Ratio.

Insurance Premium Financing

On March 27, 2020, the Company executed an insurance premium financing agreement of $1.1 million with a premium finance company in order to finance certain of its annual insurance premiums. Beginning on April 1, 2020, the financing agreement is payable in eleven monthly installments of principal and interest of approximately $0.1 million. The agreement bears interest at 3.6%. The balance of the insurance premium financing as of March 29, 2020 was $0.9 million and is recorded in Accrued expenses and other current liabilities.

LEASES

9 Months Ended

Mar. 29, 2020

Leases [Abstract]

LEASES

8.LEASES

The Company has lease agreements for certain personal and real property. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. Our lease agreements do not include any significant renewal options. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Upon adoption of ASC 842 on July 1, 2019, the Company’s most significant lease was for the Crest Facility, which was classified as an operating lease. This lease included the Purchase Option for the Company to acquire the premises. During the three months ended September 29, 2019, the decision was made to exercise the Purchase Option which resulted in $2.8 million of operating lease assets and liabilities being reclassified to finance lease assets and liabilities on the September 29, 2019 condensed consolidated balance sheet. In addition, the decision to exercise the Purchase Option resulted in the remeasurement of the related lease balances which added $1.3 million of additional finance lease assets and finance lease liabilities to the September 29, 2019 condensed consolidated balance sheet.

In accordance with the Purchase Option, on October 24, 2019 the Company completed the purchase of the Crest Facility for $4.1 million. Upon completion of this purchase, the Company recognized approximately $4.1 million in Property, plant and equipment, net and derecognized approximately $4.1 million of both Finance lease assets and Accrued expenses and other current liabilities on the condensed consolidated balance sheet.

The purchase price of the Crest Facility was determined by appraisal and negotiation between the Company and Real Estate. The Company funded the purchase by utilizing cash from operations.

A summary of the Company's lease assets and lease liabilities as of March 29, 2020 is as follows:

		March 29,
	Classification	2020
Lease Assets
Operating lease assets	Operating lease assets	$	779

Lease Liabilities
Current operating lease liabilities	Accrued expenses and other current liabilities		334
Non-current operating lease liabilities	Operating lease liabilities		445
Total lease liabilities		$	779

A summary of the Company's total lease cost for the three and nine months ended March 29, 2020 is as follows:

	Classification	Three Months Ended		Nine Months Ended
Operating lease cost	Cost of sales	$	93	$	382
	General and administrative		9		25
Total lease cost^(a)		$	102	$	407

(a)

Includes total variable lease cost and total short-term lease cost, both of which were immaterial.

The Company's maturity analysis of its operating lease liabilities as of March 29, 2020 is as follows:

Remainder of 2020	$	92
2021		359
2022		298
2023		72
2024		1
Total lease payments		822
Less: Interest		(43	)
Present value of lease payments	$	779

The total weighted-average discount rate and remaining lease term for the Company's operating leases were 4.73% and 2.36 years, respectively, as of March 29, 2020. For the nine months ended March 29, 2020, total operating cash flows related to operating leases were $0.4 million.

Future minimum rental payments under all non-cancelable operating leases with remaining lease terms in excess of one year at June 30, 2019, were as follows:

2020	$	703
2021		690
2022		628
2023		402
2024		402
Thereafter		1,806
Total	$	4,631

INCOME TAXES

9 Months Ended

Mar. 29, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

9.	INCOME TAXES

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (the “CARES Act”). Among the changes to the U.S. federal income tax rules, the CARES Act restored net operating loss carryback rules that were eliminated by the Tax Cuts and Jobs Act (the “Tax Reform Act”), modified the limit on the deduction for net interest expense and accelerated the timeframe for refunds of AMT credits. The Company has evaluated the impact of the CARES Act and has not identified any material effect on its results of operations, financial condition, or cash flows.

The Company’s consolidated interim effective tax rate is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. The differences between the Company’s effective tax rates and the statutory federal tax rate of 21.0% primarily relate to the inclusion of the state tax rate in the overall effective rate offset by a permanent benefit associated with the foreign derived intangible income deduction. During the three months ended March 29, 2020 and March 31, 2019, the Company’s effective tax rates were 23.9% and 23.1%, respectively. During the nine months ended March 29, 2020 and March 31, 2019, the Company’s effective tax rates were 23.7% and 21.4%, respectively. The Company’s effective tax rates for the three and nine months ended March 29, 2020 are higher compared to the effective tax rates for the three and nine months ended March 31, 2019, primarily due to favorable discrete adjustments which reduced the effective tax rates for the three and nine months ended March 31, 2019.

NET INCOME (LOSS) PER SHARE

9 Months Ended

Mar. 29, 2020

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

10.	NET INCOME (LOSS) PER SHARE

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

	Three Months Ended					Nine Months Ended
	March 29,			March 31,		March 29,			March 31,
	2020			2019		2020			2019
Net income (loss)	$	(36,713	)	$	12,763	$	(21,211	)	$	31,415
Weighted average shares — basic		18,739,480			18,657,719		18,731,338			18,652,289
Dilutive effect of assumed exercises of stock options		—			39,160		—			47,258
Dilutive effect of assumed restricted share awards/units		—			59,726		—			66,350
Weighted average outstanding shares — diluted		18,739,480			18,756,605		18,731,338			18,765,897
Basic net income per share	$	(1.96	)	$	0.68	$	(1.13	)	$	1.68
Diluted net income (loss) per share	$	(1.96	)	$	0.68	$	(1.13	)	$	1.67

For the three and nine months ended March 29, 2020 and March 31, 2019, the weighted average shares that were anti-dilutive, and therefore excluded from the computation of diluted net income (loss) per share, included:

	Three Months Ended				Nine Months Ended
	March 29,		March 31,		March 29,		March 31,
	2020		2019		2020		2019
Restricted stock awards		61,420		1,757		44,428		1,090
Performance stock units		52,288		33,365		45,258		1,036

SHARE-BASED COMPENSATION

9 Months Ended

Mar. 29, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [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					Nine Months Ended
	March 29,			March 31,		March 29,			March 31,
	2020			2019		2020			2019
Restricted stock awards	$	378		$	50	$	898		$	667
Performance stock units		(219	)		116		(204	)		341
Stock options		-			205		9			151
Share-based compensation expense	$	159		$	371	$	703		$	1,159

Adjustment to Share-Based Compensation

Based upon current economic trends, the probability of attaining the performance criteria of the Performance Stock Units (PSUs”) has been lowered. As a result, the amount of share-based compensation expense has been lowered by approximately $0.4 million on a cumulative basis from original estimates during the three months ended March 29, 2020.

Restricted Stock Awards

During the nine months ended March 29, 2020, the Company granted 138,457 RSAs to the Company’s non-executive directors, officers and certain other key employees. Generally, the shares of restricted stock granted during the nine months ended March 29, 2020, vest pro-rata over three years for officers and certain other key employees and over one year for non-executive directors. The Company determined the fair value of the shares awarded by using the close price of our common stock as of the date of grant. The weighted average grant date fair value of RSAs granted in the nine months ended March 29, 2020, was $17.41 per share.

The following table summarizes the status of nonvested RSAs as of March 29, 2020, and changes during the nine months then ended.

				Average
	Nonvested			Grant-Date
	Restricted			Fair Value
	Shares			(per share)
Nonvested at June 30, 2019		53,804		$	22.94
Granted		138,457			17.41
Vested		(24,854	)		20.84
Forfeited		(34,797	)		20.24
Nonvested at March 29, 2020		132,610			18.27

As of March 29, 2020, there was $1.6 million of total unrecognized compensation expense related to nonvested RSAs. The Company expects this expense to be recognized over a weighted average period of 1.7 years.

Performance Stock Units

PSUs are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of the Company’s stockholders, and to create long-term stockholder value. The awards will be earned based on the Company’s achievement of certain performance criteria over a three-year performance period. The performance period for the awards commences on July 1 of the fiscal year in which they were granted and continue for a three-year period, ending on June 30 of the applicable year. The probability of achieving the performance criteria is assessed quarterly. Following the determination of the Company’s achievement with respect to the performance criteria, the number of shares awarded is subject to further adjustment based on the application of a total shareholder return (“TSR”) modifier. The grant date fair value is determined based on both the probability assessment of the Company achieving the performance criteria and an estimate of the expected TSR modifier. The TSR modifier estimate is determined using a Monte Carlo Simulation model, which considers the likelihood of numerous possible outcomes of long-term market performance. Compensation expense related to nonvested PSUs is recognized ratably over the performance period.

The following table summarizes the status of nonvested PSUs as of March 29, 2020, and changes during the nine months then ended.

				Average
	Nonvested			Grant-Date
	Performance			Fair Value
	Stock Units			(per share)
Nonvested at June 30, 2019		50,621		$	23.34
Granted		72,048			18.14
Vested		-			-
Forfeited		(46,882	)		20.82
Nonvested at March 29, 2020		75,787			19.95

As of March 29, 2020, there was $0.3 million of total unrecognized compensation expense related to nonvested PSUs. The Company expects this expense to be recognized over a weighted average period of 2.0 years.

SEGMENT INFORMATION

9 Months Ended

Mar. 29, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

12.SEGMENT INFORMATION

The Company designs, manufactures, and markets recreational performance sport boats, luxury day boats, and outboard boats under three operating and reportable segments: MasterCraft, NauticStar, and Crest. The Company’s segments are defined by the Company’s operational and reporting structures.

MasterCraft Segment

The MasterCraft segment produces boats under two product brands, MasterCraft and Aviara, at its Vonore, Tennessee facility. MasterCraft boats are premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating. Aviara boats are luxury day boats primarily used for general recreational boating. Production of Aviara boats began during the year ended June 30, 2019 and the Company began selling these boats in July 2019.

NauticStar Segment

The NauticStar segment produces boats at its Amory, Mississippi facility. NauticStar’s boats are primarily used for saltwater fishing and general recreational boating.

Crest Segment

The Crest segment produces pontoon boats at its Owosso, Michigan facility. Crest’s boats are primarily used for general recreational boating.

The following tables present financial information for the Company’s reportable segments for the three and nine months ended March 29, 2020 and March 31, 2019 and total assets at March 29, 2020 and June 30, 2019.

	Three Months Ended March 29, 2020
	MasterCraft		NauticStar			Crest			Consolidated
Net sales	$	70,531	$	14,156		$	17,875		$	102,562
Operating income (loss)		11,062		(15,246	)		(42,993	)		(47,177	)
Depreciation and amortization		1,205		807			620			2,632
Purchases of property, plant and equipment		1,289		799			10			2,098

	Nine Months Ended March 29, 2020
	MasterCraft		NauticStar			Crest^(a)			Consolidated
Net sales	$	211,201	$	47,727		$	53,051		$	311,979
Operating income (loss)		33,869		(15,892	)		(42,122	)		(24,145	)
Depreciation and amortization		3,383		2,532			1,771			7,686
Purchases of property, plant and equipment		5,655		2,713			5,233			13,601

	Three Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	79,431	$	21,652		27,307	$	128,390
Operating income		14,620		1,544		2,300		18,464
Depreciation and amortization		868		682		541		2,091
Purchases of property, plant and equipment		4,079		150		136		4,365

	Nine Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest^(a)		Consolidated
Net sales	$	232,062	$	58,255	$	53,255	$	343,572
Operating income		37,563		2,698		4,535		44,796
Depreciation and amortization		2,405		1,967		1,078		5,450
Purchases of property, plant and equipment		8,551		1,663		173		10,387

(a)

Crest was acquired on October 1, 2018.

	March 29, 2020			June 30, 2019
Assets:
MasterCraft	$	331,796		$	273,046
NauticStar		40,334			52,761
Crest		41,151			85,979
Eliminations		(163,013	)		(163,013	)
Total assets	$	250,268		$	248,773

ACQUISITION

9 Months Ended

Mar. 29, 2020

Business Combinations [Abstract]

ACQUISITION

13.ACQUISITION

On October 1, 2018, we acquired Crest, a manufacturer of pontoon boats. For accounting purposes, Crest meets the definition of a business and has been accounted for as a business combination. We finalized the purchase price allocation and recorded measurement period adjustments to the initial allocation as disclosed in the notes to our consolidated financial statements included in our 2019 Annual Report. Beginning October 1, 2018, our consolidated results of operations include the results of Crest.

The unaudited pro forma financial results shown in the table below for the three and nine months ended March 31, 2019, combine the consolidated results of the Company and Crest giving effect to the Crest acquisition as if it had been completed on July 1, 2017. The unaudited pro forma financial results do not give effect to any of our other acquisition activity that occurred after July 1, 2017, and do not include any anticipated synergies or other assumed benefits of the Crest acquisition. This unaudited pro forma financial information is presented for informational purposes only and is not indicative of future operations or results had the Crest acquisition been completed as of July 1, 2017. The unaudited pro forma financial results include certain adjustments for acquisition-related costs, debt service costs and additional amortization expense based upon definite-life amortizable assets acquired. The provision for income taxes has also been adjusted for all periods, based upon the foregoing adjustments to historical results.

	Three Months Ended		Nine Months Ended
	March 31,		March 31,
	2019		2019
Net sales	$	128,390	$	364,565
Net income	$	12,765	$	32,944
Basic earnings per share	$	0.68	$	1.77
Diluted earnings per share	$	0.68	$	1.76

ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Mar. 29, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

Fiscal Period

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.

Principles of Consolidation

Basis of Accounting

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.

COVID-19 Pandemic

New Accounting Pronouncements Issued, Adopted and Not Yet Adopted

Recently Adopted Accounting Standards

Leases

	Balance as of		Adjustments		Balance as of
	June 30, 2019		Due to ASC 842		July 1, 2019
Assets
Operating lease assets	$	-	$	3,931	$	3,931

Current liabilities
Accrued expenses and other current liabilities		41,421		547		41,968

Long-term liabilities
Operating lease liabilities		-		3,384		3,384

Share-Based Compensation

Recently Issued Accounting Standards

Fair Value Measurements

ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Mar. 29, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of Cumulative Effect of Changes Made to Company's Consolidated Balance Sheets

The cumulative effect of the changes made to the Company's consolidated balance sheet as of July 1, 2019 for the adoption of ASC 842 was as follows:

	Balance as of		Adjustments		Balance as of
	June 30, 2019		Due to ASC 842		July 1, 2019
Assets
Operating lease assets	$	-	$	3,931	$	3,931

Current liabilities
Accrued expenses and other current liabilities		41,421		547		41,968

Long-term liabilities
Operating lease liabilities		-		3,384		3,384

REVENUE RECOGNITION (Tables)

9 Months Ended

Mar. 29, 2020

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 from contracts with customers by major product category and reportable segment.

	Three Months Ended March 29, 2020
	MasterCraft		NauticStar		Crest		Total
Major Product Categories:
Boats and trailers	$	68,684	$	14,053	$	17,696	$	100,433
Parts		1,705		103		136		1,944
Other revenue		142		—		43		185
Total	$	70,531	$	14,156	$	17,875	$	102,562

	Nine Months Ended March 29, 2020
	MasterCraft		NauticStar		Crest^(a)		Total
Major Product Categories:
Boats and trailers	$	204,303	$	47,372	$	52,417	$	304,092
Parts		6,411		349		437		7,197
Other revenue		487		6		197		690
Total	$	211,201	$	47,727	$	53,051	$	311,979

	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^(a)		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

(a)

Crest was acquired on October 1, 2018.

INVENTORIES (Tables)

9 Months Ended

Mar. 29, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	March 29,			June 30,
	2020			2019
Raw materials and supplies	$	24,028		$	20,034
Work in process		5,898			4,571
Finished goods		8,982			7,207
Obsolescence reserve		(1,749	)		(1,152	)
Total inventories	$	37,159		$	30,660

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Mar. 29, 2020

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 29,		June 30,
	2020		2019
Warranty	$	19,318	$	17,205
Dealer incentives		11,172		12,623
Compensation and related accruals		2,757		3,494
Floor plan interest		2,570		2,060
Inventory repurchase contingent obligation		1,779		1,936
Insurance premium financing		941		—
Self-insurance		1,027		606
Debt interest		342		405
Current operating lease liabilities		334		—
Other		2,672		3,092
Total accrued expenses and other current liabilities	$	42,912	$	41,421

Schedule of Activity Related to Warranty Liabilities Recorded in Accrued Expenses and Other Current Liabilities

The following activity related to warranty liabilities was recorded in Accrued expenses and other current liabilities during the nine months ended March 29, 2020 and March 31, 2019:

	Nine Months Ended
	March 29,			March 31,
	2020			2019
Balance at the beginning of the period	$	17,205		$	13,077
Provisions		5,828			5,735
Additions for Crest acquisition		—			727
Payments made		(5,921	)		(5,223	)
Aggregate changes for preexisting warranties		2,206			2,417
Balance at the end of the period	$	19,318		$	16,733

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Mar. 29, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Other Intangible Asset Impairment

Goodwill and other intangible asset impairment for the three and nine months ended March 29, 2020 was as follows:

	NauticStar		Crest		Consolidated
Goodwill	$	8,199	$	36,238	$	44,437
Trade name		5,000		7,000		12,000
Total	$	13,199	$	43,238	$	56,437

Schedule of Carrying Amounts of Goodwill

The carrying amounts of goodwill as of March 29, 2020 and June 30, 2019, attributable to each of the Company’s reportable segments, were as follows:

Balance as of March 29, 2020	Gross Amount		Accumulated Impairment Losses			Total
MasterCraft	$	29,593	$	-		$	29,593
NauticStar		36,199		(36,199	)		-
Crest		36,238		(36,238	)		-
Total	$	102,030	$	(72,437	)	$	29,593

Balance as of June 30, 2019	Gross Amount		Accumulated Impairment Losses			Total
MasterCraft	$	29,593	$	-		$	29,593
NauticStar		36,199		(28,000	)		8,199
Crest		36,238		-			36,238
Total	$	102,030	$	(28,000	)	$	74,030

Schedule of Carrying Amount of Other Intangible Assets, Net

The following table presents the carrying amount of Other intangible assets, net as of March 29, 2020 and June 30, 2019.

	March 29,							June 30,
	2020							2019
	Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net		Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net
Amortized intangible assets
Dealer networks	$	39,500	$	(8,835	)	$	30,665	$	39,500	$	(5,909	)	$	33,591
Software		245		(74	)		171		245		(37	)		208
		39,745		(8,909	)		30,836		39,745		(5,946	)		33,799

Unamortized intangible assets
Trade names		49,000		(15,000	)		34,000		49,000		(3,000	)		46,000
Total other intangible assets	$	88,745	$	(23,909	)	$	64,836	$	88,745	$	(8,946	)	$	79,799

LONG-TERM DEBT (Tables)

9 Months Ended

Mar. 29, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt is as follows:

	March 29,			June 30,
	2020			2019
Revolver	$	35,000		$	-
Senior secured term loans		104,703			115,349
Debt issuance costs on term loans		(1,270	)		(1,608	)
Total debt		138,433			113,741
Less current portion of long-term debt		9,420			9,167
Less current portion of debt issuance costs on term loans		(416	)		(442	)
Long-term debt, net of current portion	$	129,429		$	105,016

- 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

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
-Topic 835
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

LEASES (Tables)

9 Months Ended

Mar. 29, 2020

Leases [Abstract]

Summary of Company's Lease Assets and Lease Liabilities

A summary of the Company's lease assets and lease liabilities as of March 29, 2020 is as follows:

		March 29,
	Classification	2020
Lease Assets
Operating lease assets	Operating lease assets	$	779

Lease Liabilities
Current operating lease liabilities	Accrued expenses and other current liabilities		334
Non-current operating lease liabilities	Operating lease liabilities		445
Total lease liabilities		$	779

Summary of Company's Total Lease Cost

A summary of the Company's total lease cost for the three and nine months ended March 29, 2020 is as follows:

	Classification	Three Months Ended		Nine Months Ended
Operating lease cost	Cost of sales	$	93	$	382
	General and administrative		9		25
Total lease cost^(a)		$	102	$	407

(a)

Includes total variable lease cost and total short-term lease cost, both of which were immaterial.

Summary of Company's Maturity Analysis of Operating Lease Liabilities

The Company's maturity analysis of its operating lease liabilities as of March 29, 2020 is as follows:

Remainder of 2020	$	92
2021		359
2022		298
2023		72
2024		1
Total lease payments		822
Less: Interest		(43	)
Present value of lease payments	$	779

Future Minimum Rental Payments Under All Non-cancelable Operating Leases

Future minimum rental payments under all non-cancelable operating leases with remaining lease terms in excess of one year at June 30, 2019, were as follows:

2020	$	703
2021		690
2022		628
2023		402
2024		402
Thereafter		1,806
Total	$	4,631

NET INCOME (LOSS) PER SHARE (Tables)

9 Months Ended

Mar. 29, 2020

Earnings Per Share [Abstract]

Factors Used in Net Income (Loss) Per Share Computation

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

	Three Months Ended					Nine Months Ended
	March 29,			March 31,		March 29,			March 31,
	2020			2019		2020			2019
Net income (loss)	$	(36,713	)	$	12,763	$	(21,211	)	$	31,415
Weighted average shares — basic		18,739,480			18,657,719		18,731,338			18,652,289
Dilutive effect of assumed exercises of stock options		—			39,160		—			47,258
Dilutive effect of assumed restricted share awards/units		—			59,726		—			66,350
Weighted average outstanding shares — diluted		18,739,480			18,756,605		18,731,338			18,765,897
Basic net income per share	$	(1.96	)	$	0.68	$	(1.13	)	$	1.68
Diluted net income (loss) per share	$	(1.96	)	$	0.68	$	(1.13	)	$	1.67

Schedule of Antidilutive Weighted Average Shares Excluded from Computation of Diluted Net Income (Loss) Per Share

	Three Months Ended				Nine Months Ended
	March 29,		March 31,		March 29,		March 31,
	2020		2019		2020		2019
Restricted stock awards		61,420		1,757		44,428		1,090
Performance stock units		52,288		33,365		45,258		1,036

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Mar. 29, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [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					Nine Months Ended
	March 29,			March 31,		March 29,			March 31,
	2020			2019		2020			2019
Restricted stock awards	$	378		$	50	$	898		$	667
Performance stock units		(219	)		116		(204	)		341
Stock options		-			205		9			151
Share-based compensation expense	$	159		$	371	$	703		$	1,159

Summary of Status of Nonvested Restricted Stock Awards and Changes

The following table summarizes the status of nonvested RSAs as of March 29, 2020, and changes during the nine months then ended.

				Average
	Nonvested			Grant-Date
	Restricted			Fair Value
	Shares			(per share)
Nonvested at June 30, 2019		53,804		$	22.94
Granted		138,457			17.41
Vested		(24,854	)		20.84
Forfeited		(34,797	)		20.24
Nonvested at March 29, 2020		132,610			18.27

Summary of Status of Nonvested Performance Stock Units and Changes

The following table summarizes the status of nonvested PSUs as of March 29, 2020, and changes during the nine months then ended.

				Average
	Nonvested			Grant-Date
	Performance			Fair Value
	Stock Units			(per share)
Nonvested at June 30, 2019		50,621		$	23.34
Granted		72,048			18.14
Vested		-			-
Forfeited		(46,882	)		20.82
Nonvested at March 29, 2020		75,787			19.95

SEGMENT INFORMATION (Tables)

9 Months Ended

Mar. 29, 2020

Segment Reporting [Abstract]

Schedule of Operating Information for Reportable Segments

	Three Months Ended March 29, 2020
	MasterCraft		NauticStar			Crest			Consolidated
Net sales	$	70,531	$	14,156		$	17,875		$	102,562
Operating income (loss)		11,062		(15,246	)		(42,993	)		(47,177	)
Depreciation and amortization		1,205		807			620			2,632
Purchases of property, plant and equipment		1,289		799			10			2,098

	Nine Months Ended March 29, 2020
	MasterCraft		NauticStar			Crest^(a)			Consolidated
Net sales	$	211,201	$	47,727		$	53,051		$	311,979
Operating income (loss)		33,869		(15,892	)		(42,122	)		(24,145	)
Depreciation and amortization		3,383		2,532			1,771			7,686
Purchases of property, plant and equipment		5,655		2,713			5,233			13,601

	Three Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	79,431	$	21,652		27,307	$	128,390
Operating income		14,620		1,544		2,300		18,464
Depreciation and amortization		868		682		541		2,091
Purchases of property, plant and equipment		4,079		150		136		4,365

	Nine Months Ended March 31, 2019
	MasterCraft		NauticStar		Crest^(a)		Consolidated
Net sales	$	232,062	$	58,255	$	53,255	$	343,572
Operating income		37,563		2,698		4,535		44,796
Depreciation and amortization		2,405		1,967		1,078		5,450
Purchases of property, plant and equipment		8,551		1,663		173		10,387

(a)

Crest was acquired on October 1, 2018.

	March 29, 2020			June 30, 2019
Assets:
MasterCraft	$	331,796		$	273,046
NauticStar		40,334			52,761
Crest		41,151			85,979
Eliminations		(163,013	)		(163,013	)
Total assets	$	250,268		$	248,773

ACQUISITION (Tables)

9 Months Ended

Mar. 29, 2020

Business Combinations [Abstract]

Schedule of Pro Forma Financial Information

The unaudited pro forma financial results include certain adjustments for acquisition-related costs, debt service costs and additional amortization expense based upon definite-life amortizable assets acquired. The provision for income taxes has also been adjusted for all periods, based upon the foregoing adjustments to historical results.

	Three Months Ended		Nine Months Ended
	March 31,		March 31,
	2019		2019
Net sales	$	128,390	$	364,565
Net income	$	12,765	$	32,944
Basic earnings per share	$	0.68	$	1.77
Diluted earnings per share	$	0.68	$	1.76

ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	9 Months Ended
	Mar. 29, 2020 segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of reportable segments	3
Lessee operating lease existence of option to extend [true false]	true
Lessee, operating Lease, existence of option to terminate [true false]	true
Lessee, operating Lease, option to extend or terminate	The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option.

ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES - Summary of Cumulative Effect of Changes Made to Company's Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Jul. 01, 2019	Jun. 30, 2019
ASSETS
Operating lease assets (Note 8)	$ 779	$ 3,931
CURRENT LIABILITIES:
Accrued expenses and other current liabilities (Note 5)	42,912	41,968	$ 41,421
Long-term liabilities
Operating lease liabilities (Note 8)	$ 445	3,384
ASC 842
CURRENT LIABILITIES:
Accrued expenses and other current liabilities (Note 5)			$ 41,421
ASC 842 \| Adjustments Due to ASC 842
ASSETS
Operating lease assets (Note 8)		3,931
CURRENT LIABILITIES:
Accrued expenses and other current liabilities (Note 5)		547
Long-term liabilities
Operating lease liabilities (Note 8)		$ 3,384

REVENUE RECOGNITION - Summary of Revenues From Contracts with Customers by Major Product Category and Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Revenue by Categories
Revenue	$ 102,562	$ 128,390	$ 311,979	$ 343,572
Boats and trailers
Revenue by Categories
Revenue	100,433	126,018	304,092	335,610
Parts
Revenue by Categories
Revenue	1,944	1,986	7,197	6,773
Other
Revenue by Categories
Revenue	185	386	690	1,189
MasterCraft
Revenue by Categories
Revenue	70,531	79,431	211,201	232,062
MasterCraft \| Boats and trailers
Revenue by Categories
Revenue	68,684	77,329	204,303	224,604
MasterCraft \| Parts
Revenue by Categories
Revenue	1,705	1,798	6,411	6,464
MasterCraft \| Other
Revenue by Categories
Revenue	142	304	487	994
NauticStar
Revenue by Categories
Revenue	14,156	21,652	47,727	58,255
NauticStar \| Boats and trailers
Revenue by Categories
Revenue	14,053	21,624	47,372	58,187
NauticStar \| Parts
Revenue by Categories
Revenue	103	22	349	57
NauticStar \| Other
Revenue by Categories
Revenue		6	6	11
Crest
Revenue by Categories
Revenue	17,875	27,307	53,051	53,255
Crest \| Boats and trailers
Revenue by Categories
Revenue	17,696	27,065	52,417	52,819
Crest \| Parts
Revenue by Categories
Revenue	136	166	437	252
Crest \| Other
Revenue by Categories
Revenue	$ 43	$ 76	$ 197	$ 184

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 29, 2020	Jun. 30, 2019
Contract liabilities
Customer contract liabilities		$ 0.8
Contract liabilities with customer, revenue recognized during the period	$ 0.8
Accrued Expenses and Other Current Liabilities
Contract liabilities
Customer contract liabilities	$ 0.4

RELATED PARTY TRANSACTIONS - Additional Information (Details) - Crest $ in Millions		7 Months Ended	9 Months Ended
	Oct. 24, 2019 USD ($)	Jan. 31, 2020 USD ($)	Mar. 29, 2020 USD ($) item
Lease Agreement
Lease expiration date			Sep. 30, 2028
Number of consecutive lease renewal available \| item			4
Term of renewal			5 years
Annual rent, first five years			$ 0.3
Annual rent, remaining five years			$ 0.4
Facility purchased under Purchase Option	$ 4.1
Parts Supplier
Lease Agreement
Product purchases		$ 1.8

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Jun. 30, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 24,028	$ 20,034
Work in process	5,898	4,571
Finished goods	8,982	7,207
Obsolescence reserve	(1,749)	(1,152)
Total inventories	$ 37,159	$ 30,660

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Jul. 01, 2019	Jun. 30, 2019
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 19,318		$ 17,205
Dealer incentives	11,172		12,623
Compensation and related accruals	2,757		3,494
Floor plan interest	2,570		2,060
Inventory repurchase contingent obligation	1,779		1,936
Insurance premium financing	941
Self-insurance	1,027		606
Debt interest	342		405
Current operating lease liabilities	334
Other	2,672		3,092
Total accrued expenses and other current liabilities	$ 42,912	$ 41,968	$ 41,421

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Activity Related to Warranty Liabilities Recorded in Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019
Roll forward of the accrued warranty liability
Beginning balance	$ 17,205	$ 13,077
Provisions	5,828	5,735
Additions for Crest acquisition		727
Payments made	(5,921)	(5,223)
Aggregate changes for preexisting warranties	2,206	2,417
Ending balance	$ 19,318	$ 16,733

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Goodwill [Line Items]
Goodwill and other intangible asset impairment	$ 56,437		$ 56,437
Amortization of other intangible assets	1,000	$ 1,000	3,000	$ 2,500
Estimated amortization expense June 30,2020	4,000		$ 4,000
NauticStar and Crest Segments
Goodwill [Line Items]
Goodwill and other intangible asset impairment	$ 56,400

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill and Other Intangible Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 29, 2020	Mar. 29, 2020
Goodwill [Line Items]
Goodwill	$ 44,437	$ 44,437
Trade name	12,000	12,000
Total	56,437	56,437
NauticStar
Goodwill [Line Items]
Goodwill	8,199	8,199
Trade name	5,000	5,000
Total	13,199	13,199
Crest
Goodwill [Line Items]
Goodwill	36,238	36,238
Trade name	7,000	7,000
Total	$ 43,238	$ 43,238

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Jun. 30, 2019
Goodwill [Line Items]
Gross Amount	$ 102,030	$ 102,030
Accumulated Impairment Losses	(72,437)	(28,000)
Total	29,593	74,030
MasterCraft
Goodwill [Line Items]
Gross Amount	29,593	29,593
Total	29,593	29,593
NauticStar
Goodwill [Line Items]
Gross Amount	36,199	36,199
Accumulated Impairment Losses	(36,199)	(28,000)
Total		8,199
Crest
Goodwill [Line Items]
Gross Amount	36,238	36,238
Accumulated Impairment Losses	$ (36,238)
Total		$ 36,238

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amount of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Mar. 29, 2020	Jun. 30, 2019
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	$ 39,745	$ 39,745
Amortized intangible assets, Accumulated Amortization / Impairment	(8,909)	(5,946)
Amortized intangible assets, Other intangible assets, net	30,836	33,799
Gross Amount	88,745	88,745
Accumulated Amortization / Impairment	(23,909)	(8,946)
Other intangible assets, net	64,836	79,799
Dealer network
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	39,500	39,500
Amortized intangible assets, Accumulated Amortization / Impairment	(8,835)	(5,909)
Amortized intangible assets, Other intangible assets, net	30,665	33,591
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	(74)	(37)
Amortized intangible assets, Other intangible assets, net	171	208
Trade names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Unamortized intangible assets, Gross Amount	49,000	49,000
Unamortized intangible assets, Accumulated Amortization / Impairment	(15,000)	(3,000)
Unamortized intangible assets, Other intangible assets, net	$ 34,000	$ 46,000

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Jun. 30, 2019
Long-term debt
Total debt	$ 138,433	$ 113,741
Less current portion of long-term debt	9,420	9,167
Long-term debt, net of current portion	129,429	105,016
Senior Secured Term Loans
Long-term debt
Long-term debt	104,703	115,349
Debt issuance costs on term loans	(1,270)	(1,608)
Less current portion of debt issuance costs on term loans	(416)	$ (442)
Revolving Credit Facility
Long-term debt
Long-term debt	$ 35,000

LONG-TERM DEBT - Senior Secured Credit Facility - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended	9 Months Ended
	Mar. 19, 2020	Oct. 01, 2018	Mar. 29, 2020	Mar. 29, 2020	Jun. 30, 2019
Long-term debt
Borrowings on revolving credit facility				$ 35,000
Unamortized debt issuance costs			$ 371	371	$ 451
Revolving Credit Facility
Long-term debt
Borrowings on revolving credit facility	$ 35,000
Outstanding borrowings			35,000	35,000
Unamortized debt issuance costs			$ 400	$ 400	$ 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			0.75%	0.75%
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			1.75%	1.75%
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
Debt maturity month and year			2023-10

LONG-TERM DEBT - Amendment to Fourth Amended Credit Agreement - Additional Information (Details) - Scenario Forecast - Amendment	May 07, 2020
Debt Instrument [Line Items]
Variable rate basis description	The changes effected by the Amendment include, among others, the temporary removal and replacement of the Company’s financial covenants, the addition of a 50 basis point floor on LIBOR, modifications to the range of applicable LIBOR and prime interest rate margins, and a revision of the Total Net Leverage Ratio calculation.
Debt covenant description	Under the Amendment, the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant of the Fourth Amended Credit Agreement are temporarily replaced with three separate covenants: (i) an Interest Coverage Ratio, (ii) a Minimum Liquidity threshold, and (iii) a Maximum Unfinanced Capital Expenditures limitation (the “Package of Financial Covenants”). The Package of Financial Covenants are in place through the quarter ended March 31, 2021, at which time the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant will be reinstated and the Package of Financial Covenants will sunset, and with the minimum liquidity covenant being tested on the last day of each fiscal month through May 31, 2021. In addition, the Total Net Leverage Ratio calculation was temporarily revised to include all unrestricted cash balances, without limitation, until June 30, 2021.
LIBOR
Debt Instrument [Line Items]
Variable margin rate	0.50%
LIBOR \| Minimum
Debt Instrument [Line Items]
Variable margin rate	1.50%
LIBOR \| Maximum
Debt Instrument [Line Items]
Variable margin rate	3.25%
Prime Rate \| Minimum
Debt Instrument [Line Items]
Variable margin rate	0.50%
Prime Rate \| Maximum
Debt Instrument [Line Items]
Variable margin rate	2.25%

LONG-TERM DEBT - Insurance Premium Financing - Additional Information (Details) - Insurance Premium Financing Agreement - USD ($) $ in Millions	Mar. 27, 2020	Mar. 29, 2020
Debt Instrument [Line Items]
Loan commitment	$ 1.1
Financing agreement, frequency of periodic payment	monthly
Number of monthly installments	11 months
Principal and interest monthly payment	$ 0.1
Financing agreement interest rate	3.60%
Accrued Expenses and Other Current Liabilities
Debt Instrument [Line Items]
Insurance premium financing		$ 0.9

LEASES - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 24, 2019	Mar. 29, 2020	Sep. 29, 2019	Jul. 01, 2019
Lessee Lease Description [Line Items]
Reclassification from operating lease assets to finance lease assets due to exercise of purchase option			$ 2,800
Reclassification from operating lease liabilities to finance lease liabilities due to exercise of purchase option			2,800
Additional finance lease assets due to exercise of purchase option			1,300
Additional finance lease liabilities due to exercise of purchase option			$ 1,300
Operating lease assets, recognized		$ 779		$ 3,931
Weighted-average discount rate, operating lease		4.73%
Weighted-average remaining lease term, operating lease		2 years 4 months 9 days
Total operating cash flows from operating leases		$ 400
Crest Facility
Lessee Lease Description [Line Items]
Purchase of facility	$ 4,100
Finance lease assets, derecognized	4,100
Crest Facility \| Property, Plant and Equipment
Lessee Lease Description [Line Items]
Operating lease assets, recognized	4,100
Crest Facility \| Accrued Expenses and Other Current Liabilities
Lessee Lease Description [Line Items]
Finance lease liability, derecognized	$ 4,100

LEASES - Summary of Company's Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2020	Jul. 01, 2019
Lease Assets
Operating lease assets	$ 779	$ 3,931
Lease Liabilities
Current operating lease liabilities	$ 334
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	mcft:AccruedExpensesAndOtherLiabilitiesCurrent
Non-current operating lease liabilities	$ 445	$ 3,384
Total lease liabilities	$ 779

LEASES - Summary of Company's Total Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 29, 2020	Mar. 29, 2020
Lessee Lease Description [Line Items]
Total lease cost	$ 102	$ 407
Cost Of Sales
Lessee Lease Description [Line Items]
Operating lease cost	93	382
General And Administrative
Lessee Lease Description [Line Items]
Operating lease cost	$ 9	$ 25

LEASES - Summary of Company's Maturity Analysis of Operating Lease Liabilities (Details) $ in Thousands	Mar. 29, 2020 USD ($)
Leases [Abstract]
Remainder of 2020	$ 92
2021	359
2022	298
2023	72
2024	1
Total lease payments	822
Less: Interest	(43)
Present value of lease payments	$ 779

LEASES - Future Minimum Rental Payments Under All Non-cancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Future minimum rental payments
2020	$ 703
2021	690
2022	628
2023	402
2024	402
Thereafter	1,806
Total	$ 4,631

INCOME TAXES - Additional Information (Details)	3 Months Ended		9 Months Ended
INCOME TAXES - Additional Information (Details)	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rates	23.90%	23.10%	23.70%	21.40%
Statutory income tax rate			21.00%

NET INCOME (LOSS) PER SHARE - Factors Used in Net Income (Loss) Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Earnings Per Share Basic [Line Items]
Net income (loss)	$ (36,713)	$ 12,763	$ (21,211)	$ 31,415
Weighted average shares — basic	18,739,480	18,657,719	18,731,338	18,652,289
Weighted average outstanding shares — diluted	18,739,480	18,756,605	18,731,338	18,765,897
Basic net income per share	$ (1.96)	$ 0.68	$ (1.13)	$ 1.68
Diluted net income (loss) per share	$ (1.96)	$ 0.68	$ (1.13)	$ 1.67
Stock options
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units		39,160		47,258
Restricted stock awards
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units		59,726		66,350

- Definition

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

+ References

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+ Details

- 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.

+ References

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+ Details

NET INCOME (LOSS) PER SHARE - Schedule of Antidilutive Weighted Average Shares Excluded from Computation of Diluted Net Income (Loss) Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Restricted stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share	61,420	1,757	44,428	1,090
Performance stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of diluted net income (loss) per share	52,288	33,365	45,258	1,036

SHARE-BASED COMPENSATION - Components of Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019
Stock-Based Compensation
Share-based compensation expense	$ 159	$ 371	$ 703	$ 1,159
Restricted stock awards
Stock-Based Compensation
Share-based compensation expense	378	50	898	667
Performance stock units
Stock-Based Compensation
Share-based compensation expense	$ (219)	116	(204)	341
Stock options
Stock-Based Compensation
Share-based compensation expense		$ 205	$ 9	$ 151

SHARE-BASED COMPENSATION - Adjustment to Share-Based Compensation - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 29, 2020 USD ($)
Performance stock units
Stock-Based Compensation
Decrease in share-based compensation expense	$ 0.4

SHARE-BASED COMPENSATION - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards $ / shares in Units, $ in Millions	9 Months Ended
	Mar. 29, 2020 USD ($) $ / shares shares
Stock-Based Compensation
Stock awards granted	138,457
Weighted average grant date value \| $ / shares	$ 17.41
Unrecognized compensation expense \| $	$ 1.6
Weighted average period	1 year 8 months 12 days
Non-executive directors, officers and certain other key employees
Stock-Based Compensation
Stock awards granted	138,457
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

SHARE-BASED COMPENSATION - Summary of Status of Nonvested Restricted Stock Awards and Changes (Details) - Restricted stock awards	9 Months Ended
	Mar. 29, 2020 $ / shares shares
Nonvested Restricted Shares
Nonvested at beginning of period \| shares	53,804
Granted \| shares	138,457
Vested \| shares	(24,854)
Forfeited \| shares	(34,797)
Nonvested at end of period \| shares	132,610
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period \| $ / shares	$ 22.94
Granted \| $ / shares	17.41
Vested \| $ / shares	20.84
Forfeited \| $ / shares	20.24
Nonvested at end of period \| $ / shares	$ 18.27

SHARE-BASED COMPENSATION - Performance Stock Units - Additional Information (Details) - Performance stock units $ in Millions	9 Months Ended
	Mar. 29, 2020 USD ($)
Stock-Based Compensation
Unrecognized compensation expense	$ 0.3
Weighted average period	2 years
Executive officers and certain other key employees
Stock-Based Compensation
Vesting period (in years)	3 years

SHARE-BASED COMPENSATION - Summary of Status of Nonvested Performance Stock Units and Changes (Details) - Performance stock units	9 Months Ended
	Mar. 29, 2020 $ / shares shares
Nonvested Performance Stock Units
Nonvested at beginning of period \| shares	50,621
Granted \| shares	72,048
Forfeited \| shares	(46,882)
Nonvested at end of period \| shares	75,787
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period \| $ / shares	$ 23.34
Granted \| $ / shares	18.14
Forfeited \| $ / shares	20.82
Nonvested at end of period \| $ / shares	$ 19.95

SEGMENT INFORMATION - Additional Information (Details)	9 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Mar. 29, 2020 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

SEGMENT INFORMATION - Schedule of Operating Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 29, 2020	Mar. 31, 2019	Mar. 29, 2020	Mar. 31, 2019	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 102,562	$ 128,390	$ 311,979	$ 343,572
Operating income (loss)	(47,177)	18,464	(24,145)	44,796
Depreciation and amortization	2,632	2,091	7,686	5,450
Purchases of property, plant and equipment	2,098	4,365	13,601	10,387
Total assets	250,268		250,268		$ 248,773
Eliminations
Segment Reporting Information [Line Items]
Total assets	(163,013)		(163,013)		(163,013)
MasterCraft
Segment Reporting Information [Line Items]
Net sales	70,531	79,431	211,201	232,062
Operating income (loss)	11,062	14,620	33,869	37,563
Depreciation and amortization	1,205	868	3,383	2,405
Purchases of property, plant and equipment	1,289	4,079	5,655	8,551
MasterCraft \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	331,796		331,796		273,046
NauticStar
Segment Reporting Information [Line Items]
Net sales	14,156	21,652	47,727	58,255
Operating income (loss)	(15,246)	1,544	(15,892)	2,698
Depreciation and amortization	807	682	2,532	1,967
Purchases of property, plant and equipment	799	150	2,713	1,663
NauticStar \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	40,334		40,334		52,761
Crest
Segment Reporting Information [Line Items]
Net sales	17,875	27,307	53,051	53,255
Operating income (loss)	(42,993)	2,300	(42,122)	4,535
Depreciation and amortization	620	541	1,771	1,078
Purchases of property, plant and equipment	10	$ 136	5,233	$ 173
Crest \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 41,151		$ 41,151		$ 85,979

ACQUISITION - Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Mar. 31, 2019
Pro Forma financial information
Net sales	$ 128,390	$ 364,565
Net income	$ 12,765	$ 32,944
Basic earnings per share	$ 0.68	$ 1.77
Diluted earnings per share	$ 0.68	$ 1.76