0001564590-21-026768 | 10-Q | XBRL Viewer | Mastercraft Boat Holdings INC

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Apr. 04, 2021	May 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 04, 2021
Document Fiscal Year Focus	2021
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		18,950,409
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

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 04, 2021	Mar. 29, 2020	Apr. 04, 2021	Mar. 29, 2020
Income Statement [Abstract]
NET SALES	$ 147,854	$ 102,562	$ 370,276	$ 311,979
COST OF SALES	110,627	81,288	277,546	244,030
GROSS PROFIT	37,227	21,274	92,730	67,949
OPERATING EXPENSES:
Selling and marketing	3,693	4,933	9,589	13,340
General and administrative	9,984	6,094	27,268	19,356
Amortization of other intangible assets	987	987	2,961	2,961
Goodwill and other intangible asset impairment		56,437		56,437
Total operating expenses	14,664	68,451	39,818	92,094
OPERATING INCOME (LOSS)	22,563	(47,177)	52,912	(24,145)
OTHER EXPENSE:
Interest expense	755	1,086	2,644	3,667
INCOME (LOSS) BEFORE INCOME TAX EXPENSE	21,808	(48,263)	50,268	(27,812)
INCOME TAX EXPENSE (BENEFIT)	4,240	(11,550)	10,632	(6,601)
NET INCOME (LOSS)	$ 17,568	$ (36,713)	$ 39,636	$ (21,211)
NET INCOME (LOSS) PER SHARE:
Basic	$ 0.93	$ (1.96)	$ 2.11	$ (1.13)
Diluted	$ 0.93	$ (1.96)	$ 2.09	$ (1.13)
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share	18,817,975	18,739,480	18,799,875	18,731,338
Diluted earnings per share	18,989,629	18,739,480	18,928,288	18,731,338

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 04, 2021	Jun. 30, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 28,970	$ 16,319
Accounts receivable, net of allowances of $83 and $247, respectively	10,508	6,145
Income tax receivable	671	4,924
Inventories, net (Note 3)	44,954	25,636
Prepaid expenses and other current assets	6,345	3,719
Total current assets	91,448	56,743
Property, plant and equipment, net (Note 4)	58,430	40,481
Goodwill (Note 5)	29,593	29,593
Other intangible assets, net (Note 5)	60,887	63,849
Deferred income taxes	15,061	16,080
Deferred debt issuance costs, net	327	425
Other long-term assets	677	752
Total assets	256,423	207,923
CURRENT LIABILITIES:
Accounts payable	23,195	10,510
Accrued expenses and other current liabilities (Note 6)	46,830	35,985
Current portion of long-term debt, net of unamortized debt issuance costs (Note 7)	10,537	8,932
Total current liabilities	80,562	55,427
Long-term debt, net of unamortized debt issuance costs (Note 7)	81,367	99,666
Unrecognized tax positions	3,721	3,683
Other long-term liabilities	319	277
Total liabilities	165,969	159,053
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 18,952,148 shares at April 4, 2021 and 18,871,637 shares at June 30, 2020	189	189
Additional paid-in capital	118,130	116,182
Accumulated deficit	(27,865)	(67,501)
Total stockholders' equity	90,454	48,870
Total liabilities and stockholders' equity	$ 256,423	$ 207,923

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 04, 2021	Jun. 30, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 83	$ 247
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	18,952,148	18,871,637
Common stock, outstanding shares	18,952,148	18,871,637

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance, beginning at Jun. 30, 2019	$ 72,316	$ 188	$ 115,582	$ (43,454)
Balance, beginning (in shares) at Jun. 30, 2019		18,764,037
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
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
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
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
Balance, beginning at Jun. 30, 2020	48,870	$ 189	116,182	(67,501)
Balance, beginning (in shares) at Jun. 30, 2020		18,871,637
Share-based compensation activity	486		486
Share-based compensation activity (shares)		80,701
Net income (loss)	9,567			9,567
Balance, ending at Oct. 04, 2020	58,923	$ 189	116,668	(57,934)
Balance, ending (in shares) at Oct. 04, 2020		18,952,338
Balance, beginning at Jun. 30, 2020	48,870	$ 189	116,182	(67,501)
Balance, beginning (in shares) at Jun. 30, 2020		18,871,637
Net income (loss)	39,636
Balance, ending at Apr. 04, 2021	90,454	$ 189	118,130	(27,865)
Balance, ending (in shares) at Apr. 04, 2021		18,952,148
Balance, beginning at Oct. 04, 2020	58,923	$ 189	116,668	(57,934)
Balance, beginning (in shares) at Oct. 04, 2020		18,952,338
Share-based compensation activity	577		577
Share-based compensation activity (shares)		(3,043)
Net income (loss)	12,501			12,501
Balance, ending at Jan. 03, 2021	72,001	$ 189	117,245	(45,433)
Balance, ending (in shares) at Jan. 03, 2021		18,949,295
Share-based compensation activity	885		885
Share-based compensation activity (shares)		2,853
Net income (loss)	17,568			17,568
Balance, ending at Apr. 04, 2021	$ 90,454	$ 189	$ 118,130	$ (27,865)
Balance, ending (in shares) at Apr. 04, 2021		18,952,148

- Definition

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

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 39,636	$ (21,211)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	8,547	7,686
Share-based compensation	2,184	703
Unrecognized tax benefits	38	219
Amortization of debt issuance costs	469	420
Deferred income taxes	1,019	(7,552)
Goodwill and other intangible asset impairment		56,437
Changes in certain operating assets and liabilities	1,454	(13,657)
Other, net	1,046	855
Net cash provided by operating activities	54,393	23,900
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(23,779)	(13,601)
Proceeds from disposal of property, plant and equipment		25
Net cash used in investing activities	(23,779)	(13,576)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on revolving credit facility	(32,500)
Borrowings on revolving credit facility	22,500	35,000
Principal payments on long-term debt	(7,065)	(10,647)
Other, net	(898)	488
Net cash provided by (used in) financing activities	(17,963)	24,841
NET CHANGE IN CASH AND CASH EQUIVALENTS	12,651	35,165
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	16,319	5,826
CASH AND CASH EQUIVALENTS — END OF PERIOD	28,970	40,991
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest	2,147	3,263
Cash payments for income taxes	5,170	6,146
SIGNIFICANT NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures in accounts payable and accrued expenses	$ 157	$ 80

ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Apr. 04, 2021

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.; MasterCraft International Sales Administration, Inc.; and Aviara, LLC (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.”

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, 2020 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of April 4, 2021, its results of operations for the three and nine months ended April 4, 2021 and March 29, 2020, its cash flows for the nine months ended April 4, 2021 and March 29, 2020, and its statements of stockholders’ equity for the three and nine months ended April 4, 2021 and March 29, 2020. All adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the SEC for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2020 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 2020 Annual Report on Form 10-K.

Due to the seasonality of the Company’s business, the interim results are not necessarily indicative of the results that may be expected for the remainder of the fiscal year.

There were no significant changes in or changes in the application of the Company’s significant or critical accounting policies or estimation procedures for the three and nine months ended April 4, 2021 as compared with the significant accounting policies described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2020.

Reclassifications — Certain historical amounts have been reclassified in these condensed consolidated financial statements and the accompanying notes herewith to conform to the current presentation.

Supply Chain Disruption — As we navigate the unprecedented confluence of demand and disruption precipitated by the COVID-19 pandemic, our production rates going forward will depend, in large part, on our suppliers’ capacity. Demand for raw materials and components used in the production of our products has surged. At the same time, severe and unprecedented events, including the February 2021 ice storm which impacted much of the United States, have recently disrupted the global supply chain. As a result, some of the materials and components that we use, including certain resins, fiberglass, and plywood, are in short supply.

New Accounting Pronouncements Issued But Not Yet Adopted

Income Taxes — In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by, among other things, eliminating certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws, and clarifying the accounting for transactions outside of business combination that result in a step-up in the

tax basis of goodwill. The transition requirements are primarily prospective, and the effective date is for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements.

Recently Adopted 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 Company adopted this guidance for its fiscal year beginning July 1, 2020. The adoption of this standard did not have an impact on the consolidated financial statements.

Current Expected Credit Loss — In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which updated the ASC to use an impairment model that is based on expected losses rather than incurred losses. The Company adopted this guidance for its fiscal year beginning July 1, 2020. The adoption of this standard did not have an impact on the consolidated financial statements.

REVENUE RECOGNITION

9 Months Ended

Apr. 04, 2021

Revenue From Contract With Customer [Abstract]

REVENUE RECOGNITION

2.	REVENUE RECOGNITION

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

	Three Months Ended April 4, 2021								Three Months Ended March 29, 2020
	MasterCraft		NauticStar		Crest		Total		MasterCraft		NauticStar		Crest		Total
Major Product Categories:
Boats and trailers	$	96,195	$	17,913	$	29,973	$	144,081	$	68,684	$	14,053	$	17,696	$	100,433
Parts		2,973		129		274		3,376		1,705		103		136		1,944
Other revenue		279		3		115		397		142		—		43		185
Total	$	99,447	$	18,045	$	30,362	$	147,854	$	70,531	$	14,156	$	17,875	$	102,562

	Nine Months Ended April 4, 2021								Nine Months Ended March 29, 2020
	MasterCraft		NauticStar		Crest		Total		MasterCraft		NauticStar		Crest		Total
Major Product Categories:
Boats and trailers	$	245,583	$	44,986	$	68,341	$	358,910	$	204,303	$	47,372	$	52,417	$	304,092
Parts		9,244		340		803		10,387		6,411		349		437		7,197
Other revenue		743		10		226		979		487		6		197		690
Total	$	255,570	$	45,336	$	69,370	$	370,276	$	211,201	$	47,727	$	53,051	$	311,979

Contract Liabilities

As of June 30, 2020, the Company had $0.6 million of contract liabilities associated with customer deposits. During the nine months ended April 4, 2021, all of this amount was recognized as revenue. As of April 4, 2021, total contract liabilities associated with customer deposits were $1.9 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 ending June 30, 2021.

- Definition

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

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-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

INVENTORIES

9 Months Ended

Apr. 04, 2021

Inventory Disclosure [Abstract]

INVENTORIES

3.	INVENTORIES

Inventories consisted of the following:

	April 4,			June 30,
	2021			2020
Raw materials and supplies	$	30,428		$	18,318
Work in process		7,207			3,866
Finished goods		9,793			4,876
Obsolescence reserve		(2,474	)		(1,424	)
Total inventories	$	44,954		$	25,636

PROPERTY, PLANT, AND EQUIPMENT

9 Months Ended

Apr. 04, 2021

Property Plant And Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

4.PROPERTY, PLANT, AND EQUIPMENT

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

	April 4,			June 30,
	2021			2020
Land and improvements	$	5,633		$	3,030
Buildings and improvements		35,743			22,366
Machinery and equipment		40,035			38,262
Furniture and fixtures		2,744			2,229
Construction in progress		6,300			1,312
Total property, plant, and equipment		90,455			67,199
Less accumulated depreciation		(32,025	)		(26,718	)
Property, plant, and equipment — net	$	58,430		$	40,481

Merritt Island Facility

During October 2020 we completed the purchase of certain real property located in Merritt Island, Florida, including a boat manufacturing facility, for a purchase price of $14.2 million (the “Merritt Island Facility”). The new Merritt Island Facility provides a dedicated manufacturing center for our Aviara brand, and allows for increased capacity for our MasterCraft brand.

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Apr. 04, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

5.GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying amounts of goodwill as of April 4, 2021 and June 30, 2020, attributable to each of the Company’s reportable segments, were as follows:

	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

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

	April 4,							June 30,
	2021							2020
	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	$	(12,736	)	$	26,764	$	39,500	$	(9,810	)	$	29,690
Software		245		(122	)		123		245		(86	)		159
		39,745		(12,858	)		26,887		39,745		(9,896	)		29,849

Unamortized intangible assets
Trade names		49,000		(15,000	)		34,000		49,000		(15,000	)		34,000
Total other intangible assets	$	88,745	$	(27,858	)	$	60,887	$	88,745	$	(24,896	)	$	63,849

Amortization expense related to Other intangible assets, net for the three and nine months ended both April 4, 2021 and March 29, 2020 was $1.0 million and $3.0 million, respectively. Estimated amortization expense for the fiscal year ended June 30, 2021 is $4.0 million.

Prior Year Goodwill and Other Intangible Asset Impairment

The past economic environment, including the significant share price and market volatility, as well as disruptions to supply chains resulting from the COVID-19 pandemic, triggered an interim impairment analysis for the Company’s intangible assets including goodwill. 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 impairment charges recorded for each segment are detailed below and are included in Goodwill and other intangible asset impairment on the condensed consolidated statement of operations. The impairment recorded in fiscal 2020 was principally a result of a decline, in the fiscal third quarter, in market conditions, including our share price, and the then current 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

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Apr. 04, 2021

Accrued Liabilities And Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6.	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:

	April 4,		June 30,
	2021		2020
Warranty	$	21,969	$	20,004
Dealer incentives		10,702		9,180
Compensation and related accruals		5,950		1,488
Contract liabilities		1,897		559
Inventory repurchase contingent obligation		934		1,132
Self-insurance		702		704
Other		4,676		2,918
Total accrued expenses and other current liabilities	$	46,830	$	35,985

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

	April 4,			March 29,
	2021			2020
Balance at the beginning of the period	$	20,004		$	17,205
Provisions		7,158			5,828
Payments made		(6,328	)		(5,921	)
Aggregate changes for preexisting warranties		1,135			2,206
Balance at the end of the period	$	21,969		$	19,318

LONG-TERM DEBT

9 Months Ended

Apr. 04, 2021

Debt Disclosure [Abstract]

LONG-TERM DEBT

7.LONG-TERM DEBT

Long-term debt is as follows:

	April 4,			June 30,
	2021			2020
Revolving credit facility	$	-		$	10,000
Term loans		92,928			99,993
Debt issuance costs on term loans		(1,024	)		(1,395	)
Total debt		91,904			108,598
Less current portion of long-term debt		10,990			9,420
Less current portion of debt issuance costs on term loans		(453	)		(488	)
Long-term debt, net of current portion	$	81,367		$	99,666

On October 1, 2018, the Company entered into a 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 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 is secured by substantially all the assets of the Company. Holdings is a guarantor on the Fourth Amended Credit Agreement and the Fourth Amended Credit Agreement contains covenants that restrict the ability of Holdings’ subsidiaries to make distributions to Holdings. The Term Loans will mature and all remaining amounts outstanding thereunder will be due and payable on October 1, 2023.

Amendment No. 3 to Fourth Amended Credit Agreement

On May 7, 2020, the Company entered into Amendment No. 3 to the Fourth Amended Credit Agreement (the “Amendment No. 3”). The changes effected by Amendment No. 3 included, 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 Amendment No. 3, the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant of the Fourth Amended Credit Agreement were 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 were in place through March 31, 2021, after which time the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant have been reinstated and the Package of Financial Covenants has 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 during this time to include all unrestricted cash balances, without limitation, until June 30, 2021. As of April 4, 2021, the Company was in compliance with all its financial covenants.

Pursuant to Amendment No. 3, 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 a LIBOR rate, subject to a 50 basis point floor, plus an applicable margin ranging from 1.5% to 3.25%, in each case based on the Company’s Total Net Leverage Ratio. As of April 4, 2021 the applicable margin for loans accruing interest at the prime rate was 1.00% and the applicable margin for loans accruing interest at LIBOR was 2.00%.

Amendment No. 4 and Joinder to Fourth Amended Credit Agreement

On October 26, 2020, the Company entered into Amendment No. 4 and Joinder to the Fourth Amended Credit Ageement (the “Amendment No. 4”). In conjunction with the new Merritt Island Facility purchase (see Note 4), the assets were organized in a new wholly-owned subsidiary of the Company. The changes effected by Amendment No. 4 add this new subsidiary as a borrower under the Fourth Amended Credit Agreement.

Revolving Credit Facility

During October 2020 the Company borrowed $20.0 million under its $35.0 million Revolving Credit Facility to fund the purchase of the Merrit Island Facility. The Company subsequently repaid all outstanding amounts and, as of April 4, 2021, the availability under the Revolving Credit Facility was $35.0 million.

INCOME TAXES

9 Months Ended

Apr. 04, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

8.	INCOME TAXES

The Company’s consolidated interim effective tax rate is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. The differences between the Company’s effective tax rates and the statutory federal tax rate of 21.0% primarily relate to the inclusion of the state tax rate in the overall effective rate, the benefit of federal and state credits, and a permanent benefit associated with the foreign derived intangible income deduction, partially offset by a permanent add-back for Section 162(m) limitations. During the three months ended April 4, 2021 and March 29, 2020, the Company’s effective tax rates were 19.4% and 23.9%, respectively. During the nine months ended April 4, 2021 and March 29, 2020, the Company’s effective tax rates were 21.2% and 23.7%, respectively. The Company’s effective tax rate for the three and nine months ended April 4, 2021 is lower compared to the effective tax rate for the three and nine months ended March 29, 2020, primarily due to an increase in the benefit of federal and state tax credits, a reduction in the effective state tax rate, and an increase in the Company’s net permanent benefits, largely driven by changes in the foreign derived intangible income due to an increase in foreign sales and gross margin.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

NET INCOME (LOSS) PER SHARE

9 Months Ended

Apr. 04, 2021

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

9.	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
	April 4,		March 29,			April 4,		March 29,
	2021		2020			2021		2020
Net income (loss)	$	17,568	$	(36,713	)	$	39,636	$	(21,211	)
Weighted average shares — basic		18,817,975		18,739,480			18,799,875		18,731,338
Dilutive effect of assumed exercises of stock options		16,133		—			14,728		—
Dilutive effect of assumed restricted share awards/units		155,521		—			113,685		—
Weighted average outstanding shares — diluted		18,989,629		18,739,480			18,928,288		18,731,338
Basic net income (loss) per share	$	0.93	$	(1.96	)	$	2.11	$	(1.13	)
Diluted net income (loss) per share	$	0.93	$	(1.96	)	$	2.09	$	(1.13	)

For the three and nine months ended April 4, 2021, an immaterial number of shares were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive. The dilutive effect of 113,708 and 89,686 weighted average shares were excluded from the calculation of diluted net loss per share for the three and nine months ended March 29, 2020, respectively, as the effect would have been anti-dilutive because of the net loss for the periods.

SHARE-BASED COMPENSATION

9 Months Ended

Apr. 04, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

SHARE-BASED COMPENSATION

10.	SHARE-BASED COMPENSATION

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

	Three Months Ended					Nine Months Ended
	April 4,		March 29,			April 4,		March 29,
	2021		2020			2021		2020
Restricted stock awards	$	377	$	378		$	1,182	$	898
Performance stock units		525		(219	)		1,003		(204	)
Stock options		—		—			—		9
Share-based compensation expense	$	902	$	159		$	2,185	$	703

Restricted Stock Awards

During the nine months ended April 4, 2021, the Company granted 88,786 restricted stock awards (“RSAs”) to the Company’s non-executive directors, officers and certain other key employees. Generally, the shares of restricted stock granted during the nine months ended April 4, 2021, 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 April 4, 2021, was $20.06 per share.

The following table summarizes the status of nonvested RSAs as of April 4, 2021, and changes during the nine months then ended.

				Average
	Nonvested			Grant-Date
	Restricted			Fair Value
	Shares			(per share)
Nonvested at June 30, 2020		106,894		$	18.01
Granted		88,786			20.06
Vested		(53,831	)		18.03
Forfeited		(8,673	)		19.29
Nonvested at April 4, 2021		133,176			19.28

As of April 4, 2021, 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

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.

Supplemental PSUs

On July 16, 2020, after consulting with outside compensation advisors and outside legal counsel, reviewing market data and benchmarking expected relative compensation to the market data, the Company’s Compensation Committee made the decision to grant additional PSUs under the Long-term Incentive Plan (“LTIP Program”) to certain of the Company’s officers, (the “Supplemental PSUs”). The “Performance Period” for the Supplemental PSUs is a two-year period commencing July 1, 2020 and ending June 30, 2022. The Supplemental PSUs were granted to attract and motivate key employees whose existing fiscal 2019 and fiscal 2020 PSU grants (the “Existing PSUs”) were unlikely to achieve minimum performance goals due to the unprecedented effects of the COVID-19 pandemic.

The number of Supplemental PSUs that a grantee earns for the performance period will be determined by multiplying the target award by the product of (i) the Composite Payout Percentage and (ii) the Relative TSR Modifier. The “Composite Payout Percentage” is calculated based on the Company’s Total Market Share Percentage, Total Consumer Satisfaction Index Percentage and Total Dealer Inventory Turnover Percentage (each as defined in the Supplemental PSU Award Agreement). Following the determination of the Company’s achievement with respect to the Composite Payout Percentage over the Performance Period, the vesting of each award will be subject to adjustment based upon the application of a Relative TSR Modifier. The Supplemental PSUs are capped at 90% of the Existing PSUs’ original fair value and would be reduced for any shares issuable upon satisfaction of the performance criteria pursuant to the Existing PSUs. As of April 4, 2021, the probability of achieving the performance goals for the Existing PSUs has improved, which would in turn reduce the potentially issuable shares under the Supplemental PSU to zero.

The following table summarizes the status of nonvested PSUs as of April 4, 2021, and changes during the nine months then ended.

				Average
	Nonvested			Grant-Date
	Performance			Fair Value
	Stock Units			(per share)
Nonvested at June 30, 2020		67,404		$	20.02
Granted		123,096			22.11
Vested		-			-
Forfeited		(15,588	)		20.25
Nonvested at April 4, 2021		174,912			21.47

As of April 4, 2021, there was $1.4 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

Apr. 04, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

11.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.

•

The MasterCraft segment produces boats under two product brands, MasterCraft and Aviara. MasterCraft boats are produced at its Vonore, Tennessee facility. These 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. The Company has transitioned Aviara production from the Vonore facility to the Merritt Island Facility as of the end of March, allowing for increased production capacity for our MasterCraft branded products.

•

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

•

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

Each segment distributes its products through its own dealer network. The Chief Operating Decision Maker (“CODM”), which is our Chief Executive Officer, regularly reviews the operating performance of each segment including measures of performance based on operating income. Each segment has its own management structure which is responsible for the operations of the segment and which is directly accountable to the CODM. The Company files a consolidated income tax return and does not allocate income taxes and other corporate-level expenses, including interest, to operating segments. All material corporate costs are included in the MasterCraft segment.

Selected financial information for the Company’s reportable segments was as follows:

	For the Three Months Ended April 4, 2021
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	99,447	$	18,045	$	30,362	$	147,854
Operating income		18,082		331		4,150		22,563
Depreciation and amortization		1,505		817		626		2,948
Purchases of property, plant and equipment		3,598		958		320		4,876

	For the Nine Months Ended April 4, 2021
	MasterCraft		NauticStar			Crest		Consolidated
Net sales	$	255,570	$	45,336		$	69,370	$	370,276
Operating income (loss)		46,064		(1,614	)		8,462		52,912
Depreciation and amortization		4,240		2,433			1,874		8,547
Purchases of property, plant and equipment		21,718		1,717			344		23,779

	For the 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

	For the Nine Months Ended March 29, 2020
	MasterCraft		NauticStar			Crest			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

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

	April 4, 2021			June 30, 2020
Assets:
MasterCraft	$	336,693		$	294,139
NauticStar		40,668			36,720
Crest		42,075			40,077
Eliminations^(a)		(163,013	)		(163,013	)
Total assets	$	256,423		$	207,923

(a)	Represents the Company’s initial investment in NauticStar and Crest, which is included in total assets attributed to the MasterCraft segment.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Apr. 04, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	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.; MasterCraft International Sales Administration, Inc.; and Aviara, LLC (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.”
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.
Basis of Accounting	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, 2020 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of April 4, 2021, its results of operations for the three and nine months ended April 4, 2021 and March 29, 2020, its cash flows for the nine months ended April 4, 2021 and March 29, 2020, and its statements of stockholders’ equity for the three and nine months ended April 4, 2021 and March 29, 2020. All adjustments are of a normal, recurring nature. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the applicable rules and regulations of the SEC for financial information have been condensed or omitted pursuant to such rules and regulations. The June 30, 2020 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 2020 Annual Report on Form 10-K. Due to the seasonality of the Company’s business, the interim results are not necessarily indicative of the results that may be expected for the remainder of the fiscal year. There were no significant changes in or changes in the application of the Company’s significant or critical accounting policies or estimation procedures for the three and nine months ended April 4, 2021 as compared with the significant accounting policies described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2020.
Reclassification	Reclassifications — Certain historical amounts have been reclassified in these condensed consolidated financial statements and the accompanying notes herewith to conform to the current presentation.
Supply Chain Disruption	Supply Chain Disruption — As we navigate the unprecedented confluence of demand and disruption precipitated by the COVID-19 pandemic, our production rates going forward will depend, in large part, on our suppliers’ capacity. Demand for raw materials and components used in the production of our products has surged. At the same time, severe and unprecedented events, including the February 2021 ice storm which impacted much of the United States, have recently disrupted the global supply chain. As a result, some of the materials and components that we use, including certain resins, fiberglass, and plywood, are in short supply.
New Accounting Pronouncements Issued, Adopted and Not Yet Adopted	New Accounting Pronouncements Issued But Not Yet Adopted Income Taxes — In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). This ASU simplifies the accounting for income taxes by, among other things, eliminating certain existing exceptions related to the general approach in ASC 740 relating to franchise taxes, reducing complexity in the interim-period accounting for year-to-date loss limitations and changes in tax laws, and clarifying the accounting for transactions outside of business combination that result in a step-up in the tax basis of goodwill. The transition requirements are primarily prospective, and the effective date is for interim and annual reporting periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of the new guidance on our consolidated financial statements. Recently Adopted 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 Company adopted this guidance for its fiscal year beginning July 1, 2020. The adoption of this standard did not have an impact on the consolidated financial statements. Current Expected Credit Loss — In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which updated the ASC to use an impairment model that is based on expected losses rather than incurred losses. The Company adopted this guidance for its fiscal year beginning July 1, 2020. The adoption of this standard did not have an impact on the consolidated financial statements.

REVENUE RECOGNITION (Tables)

9 Months Ended

Apr. 04, 2021

Revenue From Contract With Customer [Abstract]

Summary of Revenues from Contracts with Customers by Major Product Category and Reportable Segment

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

	Three Months Ended April 4, 2021								Three Months Ended March 29, 2020
	MasterCraft		NauticStar		Crest		Total		MasterCraft		NauticStar		Crest		Total
Major Product Categories:
Boats and trailers	$	96,195	$	17,913	$	29,973	$	144,081	$	68,684	$	14,053	$	17,696	$	100,433
Parts		2,973		129		274		3,376		1,705		103		136		1,944
Other revenue		279		3		115		397		142		—		43		185
Total	$	99,447	$	18,045	$	30,362	$	147,854	$	70,531	$	14,156	$	17,875	$	102,562

	Nine Months Ended April 4, 2021								Nine Months Ended March 29, 2020
	MasterCraft		NauticStar		Crest		Total		MasterCraft		NauticStar		Crest		Total
Major Product Categories:
Boats and trailers	$	245,583	$	44,986	$	68,341	$	358,910	$	204,303	$	47,372	$	52,417	$	304,092
Parts		9,244		340		803		10,387		6,411		349		437		7,197
Other revenue		743		10		226		979		487		6		197		690
Total	$	255,570	$	45,336	$	69,370	$	370,276	$	211,201	$	47,727	$	53,051	$	311,979

INVENTORIES (Tables)

9 Months Ended

Apr. 04, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:

	April 4,			June 30,
	2021			2020
Raw materials and supplies	$	30,428		$	18,318
Work in process		7,207			3,866
Finished goods		9,793			4,876
Obsolescence reserve		(2,474	)		(1,424	)
Total inventories	$	44,954		$	25,636

PROPERTY, PLANT, AND EQUIPMENT (Tables)

9 Months Ended

Apr. 04, 2021

Property Plant And Equipment [Abstract]

Schedule of Property, Plant, and Equipment - Net

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

	April 4,			June 30,
	2021			2020
Land and improvements	$	5,633		$	3,030
Buildings and improvements		35,743			22,366
Machinery and equipment		40,035			38,262
Furniture and fixtures		2,744			2,229
Construction in progress		6,300			1,312
Total property, plant, and equipment		90,455			67,199
Less accumulated depreciation		(32,025	)		(26,718	)
Property, plant, and equipment — net	$	58,430		$	40,481

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Apr. 04, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amounts of Goodwill

The carrying amounts of goodwill as of April 4, 2021 and June 30, 2020, attributable to each of the Company’s reportable segments, were as follows:

	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

Schedule of Carrying Amount of Other Intangible Assets, Net

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

	April 4,							June 30,
	2021							2020
	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	$	(12,736	)	$	26,764	$	39,500	$	(9,810	)	$	29,690
Software		245		(122	)		123		245		(86	)		159
		39,745		(12,858	)		26,887		39,745		(9,896	)		29,849

Unamortized intangible assets
Trade names		49,000		(15,000	)		34,000		49,000		(15,000	)		34,000
Total other intangible assets	$	88,745	$	(27,858	)	$	60,887	$	88,745	$	(24,896	)	$	63,849

Schedule of Goodwill and Other Intangible Asset Impairment Charges

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

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Apr. 04, 2021

Accrued Liabilities And Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:

	April 4,		June 30,
	2021		2020
Warranty	$	21,969	$	20,004
Dealer incentives		10,702		9,180
Compensation and related accruals		5,950		1,488
Contract liabilities		1,897		559
Inventory repurchase contingent obligation		934		1,132
Self-insurance		702		704
Other		4,676		2,918
Total accrued expenses and other current liabilities	$	46,830	$	35,985

Summary of Accrued Warranty Liability Activity

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

	April 4,			March 29,
	2021			2020
Balance at the beginning of the period	$	20,004		$	17,205
Provisions		7,158			5,828
Payments made		(6,328	)		(5,921	)
Aggregate changes for preexisting warranties		1,135			2,206
Balance at the end of the period	$	21,969		$	19,318

LONG-TERM DEBT (Tables)

9 Months Ended

Apr. 04, 2021

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt is as follows:

	April 4,			June 30,
	2021			2020
Revolving credit facility	$	-		$	10,000
Term loans		92,928			99,993
Debt issuance costs on term loans		(1,024	)		(1,395	)
Total debt		91,904			108,598
Less current portion of long-term debt		10,990			9,420
Less current portion of debt issuance costs on term loans		(453	)		(488	)
Long-term debt, net of current portion	$	81,367		$	99,666

- Definition

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

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+ Details

NET INCOME (LOSS) PER SHARE (Tables)

9 Months Ended

Apr. 04, 2021

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
	April 4,		March 29,			April 4,		March 29,
	2021		2020			2021		2020
Net income (loss)	$	17,568	$	(36,713	)	$	39,636	$	(21,211	)
Weighted average shares — basic		18,817,975		18,739,480			18,799,875		18,731,338
Dilutive effect of assumed exercises of stock options		16,133		—			14,728		—
Dilutive effect of assumed restricted share awards/units		155,521		—			113,685		—
Weighted average outstanding shares — diluted		18,989,629		18,739,480			18,928,288		18,731,338
Basic net income (loss) per share	$	0.93	$	(1.96	)	$	2.11	$	(1.13	)
Diluted net income (loss) per share	$	0.93	$	(1.96	)	$	2.09	$	(1.13	)

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Apr. 04, 2021

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
	April 4,		March 29,			April 4,		March 29,
	2021		2020			2021		2020
Restricted stock awards	$	377	$	378		$	1,182	$	898
Performance stock units		525		(219	)		1,003		(204	)
Stock options		—		—			—		9
Share-based compensation expense	$	902	$	159		$	2,185	$	703

Summary of Status of Nonvested Restricted Stock Awards and Changes

The following table summarizes the status of nonvested RSAs as of April 4, 2021, and changes during the nine months then ended.

				Average
	Nonvested			Grant-Date
	Restricted			Fair Value
	Shares			(per share)
Nonvested at June 30, 2020		106,894		$	18.01
Granted		88,786			20.06
Vested		(53,831	)		18.03
Forfeited		(8,673	)		19.29
Nonvested at April 4, 2021		133,176			19.28

Summary of Status of Nonvested Performance Stock Units and Changes

The following table summarizes the status of nonvested PSUs as of April 4, 2021, and changes during the nine months then ended.

				Average
	Nonvested			Grant-Date
	Performance			Fair Value
	Stock Units			(per share)
Nonvested at June 30, 2020		67,404		$	20.02
Granted		123,096			22.11
Vested		-			-
Forfeited		(15,588	)		20.25
Nonvested at April 4, 2021		174,912			21.47

SEGMENT INFORMATION (Tables)

9 Months Ended

Apr. 04, 2021

Segment Reporting [Abstract]

Schedule of Operating Information for Reportable Segments

Selected financial information for the Company’s reportable segments was as follows:

	For the Three Months Ended April 4, 2021
	MasterCraft		NauticStar		Crest		Consolidated
Net sales	$	99,447	$	18,045	$	30,362	$	147,854
Operating income		18,082		331		4,150		22,563
Depreciation and amortization		1,505		817		626		2,948
Purchases of property, plant and equipment		3,598		958		320		4,876

	For the Nine Months Ended April 4, 2021
	MasterCraft		NauticStar			Crest		Consolidated
Net sales	$	255,570	$	45,336		$	69,370	$	370,276
Operating income (loss)		46,064		(1,614	)		8,462		52,912
Depreciation and amortization		4,240		2,433			1,874		8,547
Purchases of property, plant and equipment		21,718		1,717			344		23,779

	For the 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

	For the Nine Months Ended March 29, 2020
	MasterCraft		NauticStar			Crest			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

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

	April 4, 2021			June 30, 2020
Assets:
MasterCraft	$	336,693		$	294,139
NauticStar		40,668			36,720
Crest		42,075			40,077
Eliminations^(a)		(163,013	)		(163,013	)
Total assets	$	256,423		$	207,923

(a)	Represents the Company’s initial investment in NauticStar and Crest, which is included in total assets attributed to the MasterCraft segment.

ORGANIZATION, BASIS OF PRESENTATION, AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	Apr. 04, 2021
ASU 2018-13
Organization Basis Of Presentation And Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jul. 01, 2020
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ASU 2016-13
Organization Basis Of Presentation And Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jul. 01, 2020
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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+ Details

- Definition

Date accounting standards update was adopted, in CCYY-MM-DD format.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

REVENUE RECOGNITION - Summary of Revenues From Contracts with Customers by Major Product Category and Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 04, 2021	Mar. 29, 2020	Apr. 04, 2021	Mar. 29, 2020
Revenue by Categories
Revenue	$ 147,854	$ 102,562	$ 370,276	$ 311,979
MasterCraft
Revenue by Categories
Revenue	99,447	70,531	255,570	211,201
NauticStar
Revenue by Categories
Revenue	18,045	14,156	45,336	47,727
Crest
Revenue by Categories
Revenue	30,362	17,875	69,370	53,051
Boats and trailers
Revenue by Categories
Revenue	144,081	100,433	358,910	304,092
Boats and trailers \| MasterCraft
Revenue by Categories
Revenue	96,195	68,684	245,583	204,303
Boats and trailers \| NauticStar
Revenue by Categories
Revenue	17,913	14,053	44,986	47,372
Boats and trailers \| Crest
Revenue by Categories
Revenue	29,973	17,696	68,341	52,417
Parts
Revenue by Categories
Revenue	3,376	1,944	10,387	7,197
Parts \| MasterCraft
Revenue by Categories
Revenue	2,973	1,705	9,244	6,411
Parts \| NauticStar
Revenue by Categories
Revenue	129	103	340	349
Parts \| Crest
Revenue by Categories
Revenue	274	136	803	437
Other
Revenue by Categories
Revenue	397	185	979	690
Other \| MasterCraft
Revenue by Categories
Revenue	279	142	743	487
Other \| NauticStar
Revenue by Categories
Revenue	3		10	6
Other \| Crest
Revenue by Categories
Revenue	$ 115	$ 43	$ 226	$ 197

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 04, 2021	Jun. 30, 2020
Contract liabilities
Customer contract liabilities	$ 1,897	$ 559
Contract liabilities with customer, revenue recognized during the period	600
Accrued Expenses and Other Current Liabilities
Contract liabilities
Customer contract liabilities	$ 1,900

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jun. 30, 2020
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 30,428	$ 18,318
Work in process	7,207	3,866
Finished goods	9,793	4,876
Obsolescence reserve	(2,474)	(1,424)
Total inventories	$ 44,954	$ 25,636

PROPERTY, PLANT, AND EQUIPMENT - Schedule of Property, Plant, and Equipment - Net (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jun. 30, 2020
Property Plant And Equipment [Line Items]
Total property, plant, and equipment	$ 90,455	$ 67,199
Less accumulated depreciation	(32,025)	(26,718)
Property, plant, and equipment — net	58,430	40,481
Land and improvements
Property Plant And Equipment [Line Items]
Total property, plant, and equipment	5,633	3,030
Buildings and improvements
Property Plant And Equipment [Line Items]
Total property, plant, and equipment	35,743	22,366
Machinery and equipment
Property Plant And Equipment [Line Items]
Total property, plant, and equipment	40,035	38,262
Furniture and fixtures
Property Plant And Equipment [Line Items]
Total property, plant, and equipment	2,744	2,229
Construction in progress
Property Plant And Equipment [Line Items]
Total property, plant, and equipment	$ 6,300	$ 1,312

PROPERTY, PLANT, AND EQUIPMENT - Additional Information (Details) $ in Millions	Oct. 31, 2020 USD ($)
Merritt Island, Florida
Property Plant And Equipment [Line Items]
Purchase price	$ 14.2

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jun. 30, 2020
Goodwill [Line Items]
Gross Amount	$ 102,030	$ 102,030
Accumulated Impairment Losses	(72,437)	(72,437)
Total	29,593	29,593
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)	(36,199)
Crest
Goodwill [Line Items]
Gross Amount	36,238	36,238
Accumulated Impairment Losses	$ (36,238)	$ (36,238)

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amount of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 04, 2021	Jun. 30, 2020
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	(12,858)	(9,896)
Amortized intangible assets, Other intangible assets, net	26,887	29,849
Gross Amount	88,745	88,745
Accumulated Amortization / Impairment	(27,858)	(24,896)
Other intangible assets, net	60,887	63,849
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	(12,736)	(9,810)
Amortized intangible assets, Other intangible assets, net	26,764	29,690
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	(122)	(86)
Amortized intangible assets, Other intangible assets, net	123	159
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)	(15,000)
Unamortized intangible assets, Other intangible assets, net	$ 34,000	$ 34,000

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 04, 2021	Mar. 29, 2020	Apr. 04, 2021	Mar. 29, 2020
Goodwill [Line Items]
Amortization of other intangible assets	$ 987	$ 987	$ 2,961	$ 2,961
Estimated amortization expense June 30,2021	$ 4,000		$ 4,000
Goodwill and other intangible asset impairment		56,437		$ 56,437
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 Charges (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

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jun. 30, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 21,969	$ 20,004
Dealer incentives	10,702	9,180
Compensation and related accruals	5,950	1,488
Contract liabilities	1,897	559
Inventory repurchase contingent obligation	934	1,132
Self-insurance	$ 702	$ 704
Operating Lease Liability Current Statement Of Financial Position [Extensible List]	mcft:AccruedExpensesAndOtherLiabilitiesCurrent	mcft:AccruedExpensesAndOtherLiabilitiesCurrent
Other	$ 4,676	$ 2,918
Total accrued expenses and other current liabilities	$ 46,830	$ 35,985

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Warranty Liability Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 04, 2021	Mar. 29, 2020
Roll forward of the accrued warranty liability
Balance at the beginning of the period	$ 20,004	$ 17,205
Provisions	7,158	5,828
Payments made	(6,328)	(5,921)
Aggregate changes for preexisting warranties	1,135	2,206
Balance at the end of the period	$ 21,969	$ 19,318

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Apr. 04, 2021	Jun. 30, 2020
Long-term debt
Total debt	$ 91,904	$ 108,598
Less current portion of long-term debt	10,990	9,420
Long-term debt, net of current portion	81,367	99,666
Revolving Credit Facility
Long-term debt
Long-term debt		10,000
Term Loans
Long-term debt
Long-term debt	92,928	99,993
Debt issuance costs on term loans	(1,024)	(1,395)
Less current portion of debt issuance costs on term loans	$ (453)	$ (488)

LONG-TERM DEBT - Senior Secured Credit Facility - Additional Information (Details) - Fourth Amended Credit Agreement $ in Millions	Oct. 01, 2018 USD ($)
Long-term debt
Maximum borrowing capacity	$ 190.0
Term Loan One
Long-term debt
Loan commitment	75.0
Term Loan Two
Long-term debt
Loan commitment	80.0
Revolving Credit Facility
Long-term debt
Maximum borrowing capacity	$ 35.0

LONG-TERM DEBT - Amendment to Fourth Amended Credit Agreement - Additional Information (Details)			9 Months Ended
	Oct. 26, 2020	May 07, 2020	Apr. 04, 2021
Amendment
Debt Instrument [Line Items]
Variable margin rate			0.50%
Variable rate basis description		The changes effected by Amendment No. 3 included, 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		On May 7, 2020, the Company entered into Amendment No. 3 to the Fourth Amended Credit Agreement (the “Amendment No. 3”). The changes effected by Amendment No. 3 included, 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 Amendment No. 3, the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant of the Fourth Amended Credit Agreement were 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 were in place through March 31, 2021, after which time the Total Net Leverage Ratio covenant and Fixed Charge Coverage Ratio covenant have been reinstated and the Package of Financial Covenants has 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 during this time to include all unrestricted cash balances, without limitation, until June 30, 2021. As of April 4, 2021, the Company was in compliance with all its financial covenants.
Amendment \| LIBOR
Debt Instrument [Line Items]
Variable margin rate		0.50%	2.00%
Amendment \| LIBOR \| Minimum
Debt Instrument [Line Items]
Variable margin rate			1.50%
Amendment \| LIBOR \| Maximum
Debt Instrument [Line Items]
Variable margin rate			3.25%
Amendment \| Prime Rate
Debt Instrument [Line Items]
Variable margin rate			1.00%
Amendment \| Prime Rate \| Minimum
Debt Instrument [Line Items]
Variable margin rate			0.50%
Amendment \| Prime Rate \| Maximum
Debt Instrument [Line Items]
Variable margin rate			2.25%
Amendment No. 4
Debt Instrument [Line Items]
Debt covenant description	On October 26, 2020, the Company entered into Amendment No. 4 and Joinder to the Fourth Amended Credit Ageement (the “Amendment No. 4”). In conjunction with the new Merritt Island Facility purchase (see Note 4), the assets were organized in a new wholly-owned subsidiary of the Company. The changes effected by Amendment No. 4 add this new subsidiary as a borrower under the Fourth Amended Credit Agreement.

LONG-TERM DEBT - Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2020	Apr. 04, 2021	Mar. 29, 2020	Oct. 01, 2018
Debt Instrument [Line Items]
Borrowings on revolving credit facility		$ 22,500	$ 35,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings on revolving credit facility	$ 20,000
Remaining borrowing capacity		$ 35,000
Fourth Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 190,000
Fourth Amended Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 35,000

INCOME TAXES - Additional Information (Details)	3 Months Ended		9 Months Ended
INCOME TAXES - Additional Information (Details)	Apr. 04, 2021	Mar. 29, 2020	Apr. 04, 2021	Mar. 29, 2020
Income Tax Disclosure [Abstract]
Effective tax rates	19.40%	23.90%	21.20%	23.70%
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
	Apr. 04, 2021	Mar. 29, 2020	Apr. 04, 2021	Mar. 29, 2020
Earnings Per Share Basic [Line Items]
Net income (loss)	$ 17,568	$ (36,713)	$ 39,636	$ (21,211)
Weighted average shares — basic	18,817,975	18,739,480	18,799,875	18,731,338
Weighted average outstanding shares — diluted	18,989,629	18,739,480	18,928,288	18,731,338
Basic	$ 0.93	$ (1.96)	$ 2.11	$ (1.13)
Diluted	$ 0.93	$ (1.96)	$ 2.09	$ (1.13)
Stock options
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	16,133		14,728
Restricted stock awards
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	155,521		113,685

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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NET INCOME (LOSS) PER SHARE - Additional Information (Details) - shares	3 Months Ended	9 Months Ended
	Mar. 29, 2020	Mar. 29, 2020
Earnings Per Share [Abstract]
Weighted average shares excluded from computation of diluted net income (loss) per share	113,708	89,686

SHARE-BASED COMPENSATION - Components of Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 04, 2021	Mar. 29, 2020	Apr. 04, 2021	Mar. 29, 2020
Stock-Based Compensation
Share-based compensation expense	$ 902	$ 159	$ 2,185	$ 703
Restricted stock awards
Stock-Based Compensation
Share-based compensation expense	377	378	1,182	898
Performance stock units
Stock-Based Compensation
Share-based compensation expense	$ 525	$ (219)	$ 1,003	(204)
Stock options
Stock-Based Compensation
Share-based compensation expense				$ 9

SHARE-BASED COMPENSATION - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards $ / shares in Units, $ in Millions	9 Months Ended
	Apr. 04, 2021 USD ($) $ / shares shares
Stock-Based Compensation
Stock awards granted	88,786
Weighted average grant date value \| $ / shares	$ 20.06
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	88,786
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
	Apr. 04, 2021 $ / shares shares
Nonvested Restricted Shares
Nonvested at beginning of period \| shares	106,894
Granted \| shares	88,786
Vested \| shares	(53,831)
Forfeited \| shares	(8,673)
Nonvested at end of period \| shares	133,176
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period \| $ / shares	$ 18.01
Granted \| $ / shares	20.06
Vested \| $ / shares	18.03
Forfeited \| $ / shares	19.29
Nonvested at end of period \| $ / shares	$ 19.28

SHARE-BASED COMPENSATION - Performance Stock Units - Additional Information (Details) - Performance stock units - USD ($) $ in Thousands		9 Months Ended
	Jul. 16, 2020	Apr. 04, 2021
Stock-Based Compensation
Unrecognized compensation expense		$ 1,400
Weighted average period		2 years
Executive officers and certain other key employees
Stock-Based Compensation
Vesting period (in years)		3 years
Officers
Stock-Based Compensation
Vesting period (in years)	2 years
Fair value capped for existing PSUs	90.00%
Potentially issuable shares under Supplemental PSU		$ 0

SHARE-BASED COMPENSATION - Summary of Status of Nonvested Performance Stock Units and Changes (Details) - Performance stock units	9 Months Ended
	Apr. 04, 2021 $ / shares shares
Nonvested Performance Stock Units
Nonvested at beginning of period \| shares	67,404
Granted \| shares	123,096
Forfeited \| shares	(15,588)
Nonvested at end of period \| shares	174,912
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period \| $ / shares	$ 20.02
Granted \| $ / shares	22.11
Forfeited \| $ / shares	20.25
Nonvested at end of period \| $ / shares	$ 21.47

SEGMENT INFORMATION - Additional Information (Details)	9 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Apr. 04, 2021 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
	Apr. 04, 2021	Mar. 29, 2020	Apr. 04, 2021	Mar. 29, 2020	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 147,854	$ 102,562	$ 370,276	$ 311,979
Operating income	22,563	(47,177)	52,912	(24,145)
Depreciation and amortization	2,948	2,632	8,547	7,686
Purchases of property, plant and equipment	4,876	2,098	23,779	13,601
Total assets	256,423		256,423		$ 207,923
Eliminations
Segment Reporting Information [Line Items]
Total assets	(163,013)		(163,013)		(163,013)
MasterCraft
Segment Reporting Information [Line Items]
Net sales	99,447	70,531	255,570	211,201
Operating income	18,082	11,062	46,064	33,869
Depreciation and amortization	1,505	1,205	4,240	3,383
Purchases of property, plant and equipment	3,598	1,289	21,718	5,655
MasterCraft \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	336,693		336,693		294,139
NauticStar
Segment Reporting Information [Line Items]
Net sales	18,045	14,156	45,336	47,727
Operating income	331	(15,246)	(1,614)	(15,892)
Depreciation and amortization	817	807	2,433	2,532
Purchases of property, plant and equipment	958	799	1,717	2,713
NauticStar \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	40,668		40,668		36,720
Crest
Segment Reporting Information [Line Items]
Net sales	30,362	17,875	69,370	53,051
Operating income	4,150	(42,993)	8,462	(42,122)
Depreciation and amortization	626	620	1,874	1,771
Purchases of property, plant and equipment	320	$ 10	344	$ 5,233
Crest \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 42,075		$ 42,075		$ 40,077