0000950170-23-020164 | 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. 02, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 02, 2023
Document Fiscal Year Focus	2023
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		17,495,267
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	MCFT
Security Exchange Name	NASDAQ
Entity File Number	001-37502
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1571747
Entity Address, Address Line One	100 Cherokee Cove Drive
Entity Address, City or Town	Vonore
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37885
City Area Code	423
Local Phone Number	884-2221
Document Quarterly Report	true
Document Transition Report	false

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Apr. 02, 2023	Apr. 03, 2022
Income Statement [Abstract]
NET SALES	$ 166,776	$ 169,343	$ 495,480	$ 444,393
COST OF SALES	124,178	125,269	368,682	333,376
GROSS PROFIT	42,598	44,074	126,798	111,017
OPERATING EXPENSES:
Selling and marketing	3,927	3,017	10,748	9,966
General and administrative	9,156	8,964	26,874	26,881
Amortization of other intangible assets	489	489	1,467	1,467
Goodwill impairment	0	0	0	1,100
Total operating expenses	13,572	12,470	39,089	39,414
OPERATING INCOME	29,026	31,604	87,709	71,603
OTHER INCOME (EXPENSE):
Interest expense	(695)	(341)	(1,923)	(1,080)
Interest income	1,195	0	1,967	0
INCOME BEFORE INCOME TAX EXPENSE	29,526	31,263	87,753	70,523
INCOME TAX EXPENSE	6,744	6,957	20,353	16,126
Net income from continuing operations	22,782	24,306	67,400	54,397
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (Note 3)	(272)	(3,371)	(21,139)	(7,674)
NET INCOME	$ 22,510	$ 20,935	$ 46,261	$ 46,723
Basic
Continuing operations	$ 1.30	$ 1.33	$ 3.80	$ 2.92
Discontinued operations	(0.02)	(0.19)	(1.19)	(0.41)
Net income	1.28	1.14	2.61	2.51
Diluted
Continuing operations	1.28	1.31	3.78	2.89
Discontinued operations	(0.01)	(0.18)	(1.19)	(0.40)
Net income	$ 1.27	$ 1.13	$ 2.59	$ 2.49
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share	17,559,920	18,295,949	17,725,208	18,622,878
Diluted earnings per share	17,748,910	18,487,346	17,851,655	18,796,867

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 02, 2023	Jun. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 27,453	$ 34,203
Held-to-maturity securities (Note 4)	73,914	0
Accounts receivable, net of allowance of $36 and $214, respectively	18,688	22,472
Inventories, net (Note 5)	55,268	58,595
Prepaid expenses and other current assets	10,673	7,232
Current assets associated with discontinued operations (Note 3)	0	23,608
Total current assets	185,996	146,110
Property, plant and equipment, net	70,510	55,823
Goodwill (Note 6)	28,493	28,493
Other intangible assets, net (Note 6)	35,951	37,418
Deferred income taxes	14,331	21,525
Deferred debt issuance costs, net	330	406
Other long-term assets	2,663	1,290
Non-current assets associated with discontinued operations (Note 3)	0	5,987
Total assets	338,274	297,052
CURRENT LIABILITIES:
Accounts payable	27,335	23,375
Income tax payable	5,582	4,600
Accrued expenses and other current liabilities (Note 7)	66,070	54,437
Current portion of long-term debt, net of unamortized debt issuance costs (Note 9)	4,004	2,873
Current liabilities associated with discontinued operations (Note 3)	0	7,887
Total current liabilities	102,991	93,172
Long-term debt, net of unamortized debt issuance costs (Note 9)	50,391	53,676
Unrecognized tax positions	6,469	6,358
Other long-term liabilities	2,276	198
Total liabilities	162,127	153,404
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value per share - authorized, 100,000,000 shares; issued and outstanding, 17,776,299 shares at January 1,2023 and 18,061,437 shares at June 30, 2022	176	181
Additional paid-in capital	82,827	96,584
Retained earnings	93,144	46,883
Total stockholders' equity	176,147	143,648
Total liabilities and stockholders' equity	$ 338,274	$ 297,052

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Apr. 02, 2023	Jun. 30, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 155	$ 214
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	17,571,882	18,061,437
Common stock, outstanding shares	17,571,882	18,061,437

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained earning
Balance, beginning at Jun. 30, 2021	$ 107,788	$ 189	$ 118,930	$ (11,331)
Balance, beginning (in shares) at Jun. 30, 2021		18,956,719
Share-based compensation activity	706	$ 1	705
Share-based compensation activity (shares)		62,865
Repurchase and retirement of common stock	(1,487)	$ (1)	(1,486)
Repurchase and retirement of common stock (shares)		(58,379)
Net income	10,386			10,386
Balance, ending at Oct. 03, 2021	117,393	$ 189	118,149	(945)
Balance, ending (in shares) at Oct. 03, 2021		18,961,205
Balance, beginning at Jun. 30, 2021	107,788	$ 189	118,930	(11,331)
Balance, beginning (in shares) at Jun. 30, 2021		18,956,719
Repurchase and retirement of common stock (shares)		(810,623)
Net income	46,723
Balance, ending at Apr. 03, 2022	135,688	$ 182	100,114	35,392
Balance, ending (in shares) at Apr. 03, 2022		18,208,788
Balance, beginning at Oct. 03, 2021	117,393	$ 189	118,149	(945)
Balance, beginning (in shares) at Oct. 03, 2021		18,961,205
Share-based compensation activity	1,159		1,159
Share-based compensation activity (shares)		5,913
Repurchase and retirement of common stock	(9,888)	$ (3)	(9,885)
Repurchase and retirement of common stock (shares)		(356,296)
Net income	15,402			15,402
Balance, ending at Jan. 02, 2022	124,066	$ 186	109,423	14,457
Balance, ending (in shares) at Jan. 02, 2022		18,610,822
Share-based compensation activity	766		766
Share-based compensation activity (shares)		(6,086)
Repurchase and retirement of common stock	(10,079)	$ (4)	(10,075)
Repurchase and retirement of common stock (shares)		(395,948)
Net income	20,935			20,935
Balance, ending at Apr. 03, 2022	135,688	$ 182	100,114	35,392
Balance, ending (in shares) at Apr. 03, 2022		18,208,788
Balance, beginning at Jun. 30, 2022	143,648	$ 181	96,584	46,883
Balance, beginning (in shares) at Jun. 30, 2022		18,061,437
Share-based compensation activity	650	$ 1	649
Share-based compensation activity (shares)		128,040
Repurchase and retirement of common stock	(4,178)	$ (2)	(4,176)
Repurchase and retirement of common stock (shares)		(191,360)
Net income	4,068			4,068
Balance, ending at Oct. 02, 2022	144,188	$ 180	93,057	50,951
Balance, ending (in shares) at Oct. 02, 2022		17,998,117
Balance, beginning at Jun. 30, 2022	143,648	$ 181	96,584	46,883
Balance, beginning (in shares) at Jun. 30, 2022		18,061,437
Repurchase and retirement of common stock (shares)		(625,794)
Net income	46,261
Balance, ending at Apr. 02, 2023	176,147	$ 176	82,827	93,144
Balance, ending (in shares) at Apr. 02, 2023		17,571,882
Balance, beginning at Oct. 02, 2022	144,188	$ 180	93,057	50,951
Balance, beginning (in shares) at Oct. 02, 2022		17,998,117
Share-based compensation activity	745		745
Share-based compensation activity (shares)		2,466
Repurchase and retirement of common stock	(4,794)	$ (2)	(4,792)
Repurchase and retirement of common stock (shares)		(224,284)
Net income	19,683			19,683
Balance, ending at Jan. 01, 2023	159,822	$ 178	89,010	70,634
Balance, ending (in shares) at Jan. 01, 2023		17,776,299
Share-based compensation activity	883		883
Share-based compensation activity (shares)		5,733
Repurchase and retirement of common stock	(7,068)	$ (2)	(7,066)
Repurchase and retirement of common stock (shares)		(210,150)
Net income	22,510			22,510
Balance, ending at Apr. 02, 2023	$ 176,147	$ 176	$ 82,827	$ 93,144
Balance, ending (in shares) at Apr. 02, 2023		17,571,882

- Definition

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

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- 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.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 46,261	$ 46,723
Loss from discontinued operations, net of tax	21,139	7,674
Net income from continuing operations	67,400	54,397
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,833	7,329
Share-based compensation	2,892	2,927
Unrecognized tax benefits	111	1,340
Deferred income taxes	7,194	(3)
Amortization of debt issuance costs	172	178
Goodwill impairment	0	1,100
Changes in certain operating assets and liabilities	21,610	(15,946)
Other, net	153	541
Net cash provided by operating activities of continuing operations	107,365	51,863
Net cash used in operating activities of discontinued operations	(2,403)	(16,561)
Net cash provided by operating activities	104,962	35,302
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(18,871)	(8,021)
Purchases of investments	(83,509)	0
Maturities of investments	10,000	0
Net cash used in investing activities of continuing operations	(92,380)	(8,021)
Net cash used in investing activities of discontinued operations	(501)	(2,818)
Net cash used in investing activities	(92,881)	(10,839)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on revolving credit facility	0	(38,000)
Borrowings on revolving credit facility	0	12,000
Principal payments on long-term debt	(2,250)	(2,250)
Repurchase and retirement of common stock	(15,972)	(21,454)
Other, net	(609)	(245)
Net cash used in financing activities of continuing operations	(18,831)	(49,949)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(6,750)	(25,486)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	34,203	39,252
CASH AND CASH EQUIVALENTS — END OF PERIOD	27,453	13,766
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest	1,773	874
Cash payments for income taxes	6,209	13,139
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures in accounts payable and accrued expenses	$ 2,855	$ 421

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Apr. 02, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the fiscal quarter end will not always coincide with the date of the end of a calendar month. The accompanying unaudited condensed consolidated financial statements include the accounts of MasterCraft Boat Holdings, Inc. ("Holdings") and its wholly owned subsidiaries. Holdings and its subsidiaries collectively are referred to herein as the "Company." The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements for the year ended June 30, 2022, and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of April 2, 2023, its results of operations for the three and nine months ended April 2, 2023 and April 3, 2022, its cash flows for the nine months ended April 2, 2023 and April 3, 2022, and its statements of stockholders’ equity for the three and nine months ended April 2, 2023 and April 3, 2022. 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, 2022 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 2022 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. There were no significant changes in or changes to the application of the Company’s significant or critical accounting policies or estimation procedures for the three and nine months ended April 2, 2023, as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2022. Investments — The Company has, and may continue to invest excess cash balances in short-term debt securities, such as money market funds, government-sponsored securities, corporate bonds, and/or certificates of deposit. The Company accounts for its investments in debt securities in accordance with ASC 320, Investments — Debt and Equity Securities. We classify our investments in debt securities based on the facts and circumstances present at the time of purchase of the securities. We subsequently reassess the appropriateness of that classification at each reporting date. As of April 2, 2023, all of our investments in debt securities were classified as held-to-maturity and are due to mature within one year (see Note 4). Estimated fair value measurements related to our debt securities are Level 2 measurements. See Part IV. Item 15, Note 1 — Significant Accounting Policies, Fair Value Measurements in Notes to Consolidated Financial Statements in our 2022 Annual Report for further fair value measurement details. Discontinued Operations — On September 2, 2022, the Company sold substantially all of the assets and liabilities of its NauticStar segment. The disposal represented the Company's exit from the saltwater fishing and deck boat category, a strategic shift that has a significant effect on the Company's operations and financial results, and as such, qualifies for reporting as discontinued operations. The NauticStar segment results, for the periods presented, are reflected in our condensed consolidated statements of operations and condensed consolidated statements of cash flows as discontinued operations. Additionally, the related assets and liabilities associated with the discontinued operations are classified as discontinued operations in our condensed consolidated balance sheet for the prior period presented (see Note 3). Unless otherwise indicated, the financial disclosures and related information provided herein relate to our continuing operations and we have recast prior period amounts to reflect discontinued operations. Reclassifications — Certain historical amounts have been reclassified in these condensed consolidated financial statements and the accompanying notes herewith to conform to the current presentation.

REVENUE RECOGNITION

9 Months Ended

Apr. 02, 2023

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

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


	Three Months Ended April 2, 2023
	MasterCraft		Crest		Aviara		Total
Major Product Categories:
Boats and trailers	$	114,514	$	35,936	$	12,777	$	163,227
Parts		2,798		285		—		3,083
Other revenue		318		148		—		466
Total	$	117,630	$	36,369	$	12,777	$	166,776


	Nine Months Ended April 2, 2023
	MasterCraft		Crest		Aviara		Total
Major Product Categories:
Boats and trailers	$	328,254	$	115,444	$	39,570	$	483,268
Parts		9,693		671		—		10,364
Other revenue		1,368		480		—		1,848
Total	$	339,315	$	116,595	$	39,570	$	495,480


	Three Months Ended April 3, 2022
	MasterCraft		Crest		Aviara		Total
Major Product Categories:
Boats and trailers	$	116,964	$	38,351	$	10,428	$	165,743
Parts		2,742		262		—		3,004
Other revenue		250		346		—		596
Total	$	119,956	$	38,959	$	10,428	$	169,343


	Nine Months Ended April 3, 2022
	MasterCraft		Crest		Aviara		Total
Major Product Categories:
Boats and trailers	$	309,356	$	100,088	$	24,192	$	433,636
Parts		8,625		649		—		9,274
Other revenue		763		720		—		1,483
Total	$	318,744	$	101,457	$	24,192	$	444,393

Contract Liabilities

As of June 30, 2022, the Company had $1.4 million of contract liabilities associated with customer deposits. During the nine months ended April 2, 2023, all of this amount was recognized as revenue. As of April 2, 2023, total contract liabilities associated with customer deposits and services were $2.8 million, were reported in Accrued expenses and other current liabilities and Other long-term liabilities on the condensed consolidated balance sheet, and $1.1 million of the amounts are expected to be recognized as revenue during the remainder of the year ending June 30, 2023.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

DISCONTINUED OPERATIONS

9 Months Ended

Apr. 02, 2023

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

On September 2, 2022, the Company sold its NauticStar business to certain affiliates of Iconic Marine Group, LLC ("Purchaser"). Pursuant to the terms of the purchase agreement, substantially all of the assets of NauticStar were sold, including, among other things, all of the issued and outstanding membership interests in its wholly-owned subsidiary NS Transport, LLC, all owned real property, equipment, inventory, intellectual property and accounts receivable, and the Purchaser assumed substantially all of the liabilities of NauticStar, including, among other things, product liability and warranty claims.

In conjunction with the purchase agreement, the Company entered into a joint employer services agreement and a transition services agreement, which provide certain services to the Purchaser for various periods of time after the sale. Both agreements ended during the second quarter of fiscal 2023. These agreements did not a have a material impact on expenditures, earnings, nor cash flows during the three and nine months ended April 2, 2023.

Further, the Company entered into the Second Amendment to the Credit Agreement as described further in Note 9 related to waivers of restrictions within the Credit Agreement, as amended, on the sale of assets.

During the nine months ended April 2, 2023, the Company recognized a $22.5 million loss on sale, subject to further changes based upon a customary working capital adjustment. Furthermore, assets and liabilities retained, primarily related to certain claims, are subject to change, with activity after the date of sale being recorded as discontinued operations.

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


	Three Months Ended			Nine Months Ended
	April 3,			April 2,			April 3,
	2022			2023			2022
NET SALES	$	17,392		$	7,767		$	45,817
COST OF SALES		19,433			9,732			49,481
GROSS LOSS		(2,041	)		(1,965	)		(3,664	)
OPERATING EXPENSES:
Selling, general and administrative		1,578			2,639			4,322
Amortization of other intangible assets		498			—			1,533
Total operating expenses		2,076			2,639			5,855
OPERATING LOSS		(4,117	)		(4,604	)		(9,519	)
Loss on sale of discontinued operations		—			22,487			—
LOSS BEFORE INCOME TAX BENEFIT		(4,117	)		(27,091	)		(9,519	)
INCOME TAX BENEFIT		746			5,952			1,845
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	$	(3,371	)	$	(21,139	)	$	(7,674	)

The operating results, and components thereof, of discontinued operations for the three months ended April 2, 2023 were not significant.

The following table summarizes the assets and liabilities associated with discontinued operations:


	June 30,
	2022
CURRENT ASSETS:
Accounts receivable, net of allowance	$	3,130
Inventories, net		20,044
Other current assets		434
Total current assets classified as discontinued operations	$	23,608

NON-CURRENT ASSETS:
Property, plant and equipment, net	$	5,924
Other long-term assets		63
Total non-current assets classified as discontinued operations	$	5,987

CURRENT LIABILITIES:
Accounts payable	$	4,675
Accrued expenses and other current liabilities		3,212
Total current liabilities classified as discontinued operations	$	7,887

INVESTMENTS

9 Months Ended

Apr. 02, 2023

Investments Disclosure [Abstract]

Investments

INVESTMENTS

During the three and nine months ended April 2, 2023, we invested a portion of our cash and cash equivalents in short-term investments, which primarily consist of investment grade corporate bonds. We have the ability and intention to hold these investments until maturity and therefore have classified these investments as held-to-maturity and recorded them at amortized cost and presented them in “Held-to-maturity securities” on our condensed consolidated balance sheet as of April 2, 2023. As of June 30, 2022, there were no outstanding held-to-maturity investments.

The following is a summary of investments as of April 2, 2023:


			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Held-to-maturity securities:
Fixed income securities:
Corporate bonds	$	73,914	$	22	$	(132	)	$	73,804
Total held-to-maturity securities	$	73,914	$	22	$	(132	)	$	73,804

INVENTORIES

9 Months Ended

Apr. 02, 2023

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following:


	April 2,			June 30,
	2023			2022
Raw materials and supplies	$	37,617		$	45,021
Work in process		11,478			7,634
Finished goods		8,306			7,710
Obsolescence reserve		(2,133	)		(1,770	)
Total inventories	$	55,268		$	58,595

PROPERTY, PLANT, AND EQUIPMENT

9 Months Ended

Apr. 02, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

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


	April 2,			June 30,
	2023			2022
Land and improvements	$	6,457		$	6,367
Buildings and improvements		36,437			35,379
Machinery and equipment		41,438			39,457
Furniture and fixtures		3,863			3,394
Construction in progress		21,062			6,315
Total property, plant, and equipment		109,257			90,912
Less accumulated depreciation		(38,747	)		(35,089	)
Property, plant, and equipment — net	$	70,510		$	55,823

Property, plant, and equipment, net increased mainly due to capital spending focused on maintenance capital, which includes tooling, capacity expansion, and information technology.

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Apr. 02, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying amounts of goodwill as of April 2, 2023 and June 30, 2022, along with accumulated goodwill reallocations and accumulated impairment losses attributable to each of the Company’s reportable segments, were as follows:


	MasterCraft			Crest			Aviara			Total
Goodwill	$	29,593		$	36,238		$	—		$	65,831
Goodwill reallocation		(1,100	)		—			1,100			—
Accumulated impairment losses		—			(36,238	)		(1,100	)		(37,338	)
Goodwill, net		28,493			—			—			28,493

Fiscal 2022 Goodwill Impairment

During the first quarter of fiscal 2022, a $1.1 million impairment charge was recognized for our Aviara reporting unit. See Part IV. Item 15, Note 5 — Goodwill and Other Intangible Assets in Notes to Consolidated Financial Statements in our 2022 Annual Report for further details. No goodwill impairment charges were recognized during the three and nine months ended April 2, 2023.

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


	April 2,							June 30,
	2023							2022
	Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net		Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net
Amortized intangible assets
Dealer networks	$	19,500	$	(9,573	)	$	9,927	$	19,500	$	(8,143	)	$	11,357
Software		245		(221	)		24		245		(184	)		61
		19,745		(9,794	)		9,951		19,745		(8,327	)		11,418

Unamortized intangible assets
Trade names		33,000		(7,000	)		26,000		33,000		(7,000	)		26,000
Total other intangible assets	$	52,745	$	(16,794	)	$	35,951	$	52,745	$	(15,327	)	$	37,418

Amortization expense related to Other intangible assets, net for the three and nine months ended April 2, 2023 and April 3, 2022, was $0.5 million and $1.5 million, respectively. Estimated amortization expense for the fiscal year ending June 30, 2023 is $2.0 million.

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

Apr. 02, 2023

Accrued Liabilities and Other Liabilities [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:


	April 2,		June 30,
	2023		2022
Warranty	$	30,652	$	25,824
Dealer incentives		20,914		15,508
Compensation and related accruals		5,151		4,908
Contract liabilities		1,465		1,447
Inventory repurchase contingent obligation		1,315		661
Self-insurance		1,179		1,171
Liabilities retained associated with discontinued operations		776		—
Other		4,618		4,918
Total accrued expenses and other current liabilities	$	66,070	$	54,437

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


	April 2,			April 3,
	2023			2022
Balance at the beginning of the period	$	25,824		$	20,655
Provisions		10,766			8,453
Payments made		(9,069	)		(6,192	)
Aggregate changes for preexisting warranties		3,131			1,266
Balance at the end of the period	$	30,652		$	24,182

LONG-TERM DEBT

9 Months Ended

Apr. 02, 2023

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt is as follows:


	April 2,			June 30,
	2023			2022


Term loan	$	54,750		$	57,000
Debt issuance costs on term loan		(355	)		(451	)
Total debt		54,395			56,549
Less current portion of long-term debt		4,125			3,000
Less current portion of debt issuance costs on term loan		(121	)		(127	)
Long-term debt, net of current portion	$	50,391		$	53,676

On June 28, 2021, the Company entered into a credit agreement with a syndicate of certain financial institutions (the “Credit Agreement”). The Credit Agreement provides the Company with a $160.0 million senior secured credit facility, consisting of a $60.0 million term loan (the “Term Loan”) and a $100.0 million revolving credit facility (the “Revolving Credit Facility”). The Credit Agreement refinanced and replaced the previously existing credit agreement. The Credit Agreement is secured by a first priority security interest in substantially all of the Company’s assets.

The Credit Agreement contains a number of covenants that, among other things, restrict the Company’s ability to, subject to specified exceptions, incur additional debt; incur additional liens and contingent liabilities; sell or dispose of assets; merge with or acquire other companies; liquidate or dissolve; engage in businesses that are not in a related line of business; make loans, advances or guarantees; pay dividends or make other distributions; engage in transactions with affiliates; and make investments. The Company is also required to maintain a minimum fixed charge coverage ratio and a maximum net leverage ratio.

On August 31, 2022, the Company entered into the Second Amendment to the Credit Agreement to obtain the necessary consents and waivers related to the sale of the NauticStar segment on September 2, 2022, as discussed in Note 3.

The Credit Agreement, as amended, bears interest, at the Company’s option, at either the prime rate plus an applicable margin ranging from 0.25% to 1.00% or at an adjusted term benchmark rate plus an applicable margin ranging from 1.25% to 2.00%, in each case based on the Company’s net leverage ratio. The Company is also required to pay a commitment fee for any unused portion of the revolving credit facility ranging from 0.15% to 0.30% based on the Company’s net leverage ratio. Effective during the three and nine months ended April 2, 2023, the applicable margin for loans accruing at the prime rate was 0.25% and the applicable margin for loans accruing interest at the benchmark rate was 1.25%. As of April 2, 2023, the interest rate on the Company’s term loan was 6.16%.

The Credit Agreement will mature and all remaining amounts outstanding thereunder will be due and payable on June 28, 2026. As of April 2, 2023, the Company was in compliance with its financial covenants under the Credit Agreement.

Revolving Credit Facility

As of April 2, 2023, the Company had no amounts outstanding on its Revolving Credit Facility and had remaining availability of $100.0 million.

- Definition

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

+ References

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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

INCOME TAXES	9 Months Ended
INCOME TAXES	Apr. 02, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The Company’s consolidated interim effective tax rate is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items. The differences between the Company’s effective tax 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 2, 2023 and April 3, 2022, the Company's effective tax rate was 22.8% and 22.3%, respectively. During the nine months ended April 2, 2023 and April 3, 2022, the Company's effective tax rate was 23.2% and 22.9%, respectively.

- 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

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

SHARE-BASED COMPENSATION

9 Months Ended

Apr. 02, 2023

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

11.

SHARE-BASED COMPENSATION

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


	Three Months Ended				Nine Months Ended
	April 2,		April 3,		April 2,		April 3,
	2023		2022		2023		2022
Restricted stock awards	$	587	$	441	$	1,723	$	1,399
Performance stock units		439		453		1,169		1,528
Share-based compensation expense	$	1,026	$	894	$	2,892	$	2,927

Restricted Stock Awards

During the nine months ended April 2, 2023, the Company granted 97,525 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 2, 2023, vest pro-rata over three years for officers and certain other key employees and over one year for non-executive directors. The Company determined the fair value of the shares awarded by using the close price of our common stock as of the date of grant. The weighted average grant date fair value of RSAs granted in the nine months ended April 2, 2023, was $23.55 per share.

The following table summarizes the status of nonvested RSAs as of April 2, 2023, and changes during the nine months then ended.


				Average
	Nonvested			Grant-Date
	Restricted			Fair Value
	Shares			(per share)
Nonvested at June 30, 2022		106,408		$	21.65
Granted		97,525			23.55
Vested		(34,418	)		18.71
Forfeited		(5,509	)		21.96
Nonvested at April 2, 2023		164,006			23.39

As of April 2, 2023, there was $2.2 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.

The following table summarizes the status of nonvested PSUs as of April 2, 2023, and changes during the nine months then ended.


				Average
	Nonvested			Grant-Date
	Performance			Fair Value
	Stock Units			(per share)
Nonvested at June 30, 2022		105,190		$	25.30
Granted		76,567			26.08
Forfeited		(1,996	)		26.15
Nonvested at April 2, 2023		179,761			25.62

As of April 2, 2023, there was $2.0 million of total unrecognized compensation expense related to nonvested PSUs. The Company expects this expense to be recognized over a weighted average period of 1.9 years.

Nonqualified Stock Options

In July 2015, the Company granted 137,786 nonqualified stock options ("NSOs") to certain employees. As of July 2019, all outstanding options were fully vested and exercisable. All outstanding options as of June 30, 2022, were exercised during the three months ended April 2, 2023.

The following table summarizes the NSO activity for the nine months ended April 2, 2023.


				Weighted
				Average
				Exercise
	Shares			Price
Outstanding at June 30, 2022		15,146		$	10.70
Granted		—			—
Exercised		(15,146	)		10.70
Forfeited or expired		—			—
Outstanding at April 2, 2023		—

EARNINGS PER SHARE AND COMMON STOCK

9 Months Ended

Apr. 02, 2023

Equity [Abstract]

EARNINGS PER SHARE AND COMMON STOCK

12.

EARNINGS PER SHARE AND COMMON STOCK

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


	Three Months Ended						Nine Months Ended
	April 2,			April 3,			April 2,			April 3,
	2023			2022			2023			2022
Net income from continuing operations	$	22,782		$	24,306		$	67,400		$	54,397
Loss from discontinued operations, net of tax		(272	)		(3,371	)		(21,139	)		(7,674	)
Net income	$	22,510		$	20,935		$	46,261		$	46,723

Weighted average shares — basic		17,559,920			18,295,949			17,725,208			18,622,878
Dilutive effect of assumed exercises of stock options		4,816			9,044			7,028			12,093
Dilutive effect of assumed restricted share awards/units		184,174			182,353			119,419			161,896
Weighted average outstanding shares — diluted		17,748,910			18,487,346			17,851,655			18,796,867
Basic net income (loss) per share
Continuing operations	$	1.30		$	1.33		$	3.80		$	2.92
Discontinued operations		(0.02	)	$	(0.19	)		(1.19	)		(0.41	)
Net income	$	1.28		$	1.14		$	2.61		$	2.51
Diluted net income (loss) per share
Continuing operations	$	1.28		$	1.31		$	3.78		$	2.89
Discontinued operations		(0.01	)	$	(0.18	)		(1.19	)		(0.40	)
Net income	$	1.27		$	1.13		$	2.59		$	2.49

For the three and nine months ended April 2, 2023 and April 3, 2022, an immaterial number of shares were excluded from the computation of diluted earnings per share as the effect would have been anti-dilutive.

Stock Repurchase Program

On June 24, 2021, the board of directors of the Company authorized a stock repurchase program that allows for the repurchase of up to $50.0 million of the Company’s common stock during the three-year period ending June 24, 2024. During the three months ended April 2, 2023 and April 3, 2022, the Company repurchased 210,150 shares and 395,948 shares of common stock for $7.0 million and $10.1 million, respectively, in cash, including related fees and expenses. During the nine months ended April 2, 2023 and April 3, 2022, the Company repurchased 625,794 shares and 810,623 shares of common stock for $16.0 million and $21.5 million, respectively, in cash, including related fees and expenses. As of April 2, 2023, $8.6 million remained available under the program.

SEGMENT INFORMATION

9 Months Ended

Apr. 02, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

13.

SEGMENT INFORMATION

Reportable Segments

Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the CODM in making decisions on how to allocate resources and assess performance. For the three and nine months ended April 2, 2023, the Company’s CODM regularly assessed the operating performance of the Company’s boat brands under three operating and reportable segments:

•

The MasterCraft segment produces boats at its Vonore, Tennessee facility. These are premium recreational performance sport boats primarily used for water skiing, wakeboarding, wake surfing, and general recreational boating.

•

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

•

The Aviara segment produces luxury day boats at its Merritt Island, Florida facility. Aviara boats are primarily used for general recreational boating.

Each segment distributes its products through its own independent dealer network. Each segment also has its own management structure which is responsible for the operations of the segment and is directly accountable to the CODM for the operating performance of the segment, which is regularly assessed by the CODM who allocates resources based on that performance.

The Company files a consolidated income tax return and does not allocate income taxes and other corporate-level expenses, including interest, to operating segments. All material corporate costs are included in the MasterCraft segment.

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


	For the Three Months Ended April 2, 2023
	MasterCraft		Crest		Aviara			Consolidated
Net sales	$	117,630	$	36,369	$	12,777		$	166,776
Operating income (loss)		25,298		4,962		(1,234	)		29,026
Depreciation and amortization		1,386		701		535			2,622
Purchases of property, plant and equipment		3,151		2,089		1,716			6,956


	For the Nine Months Ended April 2, 2023
	MasterCraft		Crest		Aviara			Consolidated
Net sales	$	339,315	$	116,595	$	39,570		$	495,480
Operating income (loss)		72,269		17,576		(2,136	)		87,709
Depreciation and amortization		4,132		2,104		1,597			7,833
Purchases of property, plant and equipment		8,434		6,292		4,145			18,871


	For the Three Months Ended April 3, 2022
	MasterCraft		Crest		Aviara			Consolidated
Net sales	$	119,956	$	38,959	$	10,428		$	169,343
Operating income (loss)		28,051		5,568		(2,015	)		31,604
Depreciation and amortization		1,248		657		602			2,507
Purchases of property, plant and equipment		1,434		1,146		496			3,076


	For the Nine Months Ended April 3, 2022
	MasterCraft		Crest		Aviara			Consolidated
Net sales	$	318,744	$	101,457	$	24,192		$	444,393
Operating income (loss)		65,533		14,004		(7,934	)		71,603
Depreciation and amortization		3,762		1,998		1,569			7,329
Goodwill impairment		—		—		1,100			1,100
Purchases of property, plant and equipment		4,966		2,190		865			8,021

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


	April 2, 2023		June 30, 2022
Assets:
MasterCraft	$	248,457	$	178,386
Crest		52,075		53,956
Aviara		37,742		35,115
Discontinued operations		—		29,595
Total assets	$	338,274	$	297,052

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

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 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Apr. 02, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation — The Company’s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the fiscal quarter end will not always coincide with the date of the end of a calendar month. The accompanying unaudited condensed consolidated financial statements include the accounts of MasterCraft Boat Holdings, Inc. ("Holdings") and its wholly owned subsidiaries. Holdings and its subsidiaries collectively are referred to herein as the "Company." The unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s audited consolidated financial statements for the year ended June 30, 2022, and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of April 2, 2023, its results of operations for the three and nine months ended April 2, 2023 and April 3, 2022, its cash flows for the nine months ended April 2, 2023 and April 3, 2022, and its statements of stockholders’ equity for the three and nine months ended April 2, 2023 and April 3, 2022. 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, 2022 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 2022 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. There were no significant changes in or changes to the application of the Company’s significant or critical accounting policies or estimation procedures for the three and nine months ended April 2, 2023, as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2022.
Investments	Investments — The Company has, and may continue to invest excess cash balances in short-term debt securities, such as money market funds, government-sponsored securities, corporate bonds, and/or certificates of deposit. The Company accounts for its investments in debt securities in accordance with ASC 320, Investments — Debt and Equity Securities. We classify our investments in debt securities based on the facts and circumstances present at the time of purchase of the securities. We subsequently reassess the appropriateness of that classification at each reporting date. As of April 2, 2023, all of our investments in debt securities were classified as held-to-maturity and are due to mature within one year (see Note 4). Estimated fair value measurements related to our debt securities are Level 2 measurements. See Part IV. Item 15, Note 1 — Significant Accounting Policies, Fair Value Measurements in Notes to Consolidated Financial Statements in our 2022 Annual Report for further fair value measurement details.
Discontinued Operations	Discontinued Operations — On September 2, 2022, the Company sold substantially all of the assets and liabilities of its NauticStar segment. The disposal represented the Company's exit from the saltwater fishing and deck boat category, a strategic shift that has a significant effect on the Company's operations and financial results, and as such, qualifies for reporting as discontinued operations. The NauticStar segment results, for the periods presented, are reflected in our condensed consolidated statements of operations and condensed consolidated statements of cash flows as discontinued operations. Additionally, the related assets and liabilities associated with the discontinued operations are classified as discontinued operations in our condensed consolidated balance sheet for the prior period presented (see Note 3). Unless otherwise indicated, the financial disclosures and related information provided herein relate to our continuing operations and we have recast prior period amounts to reflect discontinued operations.
Reclassifications	Reclassifications — Certain historical amounts have been reclassified in these condensed consolidated financial statements and the accompanying notes herewith to conform to the current presentation.

REVENUE RECOGNITION (Tables)

9 Months Ended

Apr. 03, 2022

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 2, 2023
	MasterCraft		Crest		Aviara		Total
Major Product Categories:
Boats and trailers	$	114,514	$	35,936	$	12,777	$	163,227
Parts		2,798		285		—		3,083
Other revenue		318		148		—		466
Total	$	117,630	$	36,369	$	12,777	$	166,776


	Nine Months Ended April 2, 2023
	MasterCraft		Crest		Aviara		Total
Major Product Categories:
Boats and trailers	$	328,254	$	115,444	$	39,570	$	483,268
Parts		9,693		671		—		10,364
Other revenue		1,368		480		—		1,848
Total	$	339,315	$	116,595	$	39,570	$	495,480


	Three Months Ended April 3, 2022
	MasterCraft		Crest		Aviara		Total
Major Product Categories:
Boats and trailers	$	116,964	$	38,351	$	10,428	$	165,743
Parts		2,742		262		—		3,004
Other revenue		250		346		—		596
Total	$	119,956	$	38,959	$	10,428	$	169,343


	Nine Months Ended April 3, 2022
	MasterCraft		Crest		Aviara		Total
Major Product Categories:
Boats and trailers	$	309,356	$	100,088	$	24,192	$	433,636
Parts		8,625		649		—		9,274
Other revenue		763		720		—		1,483
Total	$	318,744	$	101,457	$	24,192	$	444,393

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Apr. 02, 2023

Discontinued Operations and Disposal Groups [Abstract]

Summary of Operating Results and Balance Sheet Data for Discontinued Operations and Disposals

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


	Three Months Ended			Nine Months Ended
	April 3,			April 2,			April 3,
	2022			2023			2022
NET SALES	$	17,392		$	7,767		$	45,817
COST OF SALES		19,433			9,732			49,481
GROSS LOSS		(2,041	)		(1,965	)		(3,664	)
OPERATING EXPENSES:
Selling, general and administrative		1,578			2,639			4,322
Amortization of other intangible assets		498			—			1,533
Total operating expenses		2,076			2,639			5,855
OPERATING LOSS		(4,117	)		(4,604	)		(9,519	)
Loss on sale of discontinued operations		—			22,487			—
LOSS BEFORE INCOME TAX BENEFIT		(4,117	)		(27,091	)		(9,519	)
INCOME TAX BENEFIT		746			5,952			1,845
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	$	(3,371	)	$	(21,139	)	$	(7,674	)

The operating results, and components thereof, of discontinued operations for the three months ended April 2, 2023 were not significant.

The following table summarizes the assets and liabilities associated with discontinued operations:


	June 30,
	2022
CURRENT ASSETS:
Accounts receivable, net of allowance	$	3,130
Inventories, net		20,044
Other current assets		434
Total current assets classified as discontinued operations	$	23,608

NON-CURRENT ASSETS:
Property, plant and equipment, net	$	5,924
Other long-term assets		63
Total non-current assets classified as discontinued operations	$	5,987

CURRENT LIABILITIES:
Accounts payable	$	4,675
Accrued expenses and other current liabilities		3,212
Total current liabilities classified as discontinued operations	$	7,887

- Definition

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

+ References

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+ Details

INVESTMENTS (Tables)

9 Months Ended

Apr. 02, 2023

Investments Disclosure [Abstract]

Summary of investments

The following is a summary of investments as of April 2, 2023:


			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
Held-to-maturity securities:
Fixed income securities:
Corporate bonds	$	73,914	$	22	$	(132	)	$	73,804
Total held-to-maturity securities	$	73,914	$	22	$	(132	)	$	73,804

INVENTORIES (Tables)

9 Months Ended

Apr. 02, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	April 2,			June 30,
	2023			2022
Raw materials and supplies	$	37,617		$	45,021
Work in process		11,478			7,634
Finished goods		8,306			7,710
Obsolescence reserve		(2,133	)		(1,770	)
Total inventories	$	55,268		$	58,595

PROPERTY, PLANT, AND EQUIPMENT (Tables)

9 Months Ended

Apr. 02, 2023

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

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


	April 2,			June 30,
	2023			2022
Land and improvements	$	6,457		$	6,367
Buildings and improvements		36,437			35,379
Machinery and equipment		41,438			39,457
Furniture and fixtures		3,863			3,394
Construction in progress		21,062			6,315
Total property, plant, and equipment		109,257			90,912
Less accumulated depreciation		(38,747	)		(35,089	)
Property, plant, and equipment — net	$	70,510		$	55,823

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Apr. 02, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amounts of Goodwill


	MasterCraft			Crest			Aviara			Total
Goodwill	$	29,593		$	36,238		$	—		$	65,831
Goodwill reallocation		(1,100	)		—			1,100			—
Accumulated impairment losses		—			(36,238	)		(1,100	)		(37,338	)
Goodwill, net		28,493			—			—			28,493

Schedule of Carrying Amount of Other Intangible Assets, Net

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


	April 2,							June 30,
	2023							2022
	Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net		Gross Amount		Accumulated Amortization / Impairment			Other intangible assets, net
Amortized intangible assets
Dealer networks	$	19,500	$	(9,573	)	$	9,927	$	19,500	$	(8,143	)	$	11,357
Software		245		(221	)		24		245		(184	)		61
		19,745		(9,794	)		9,951		19,745		(8,327	)		11,418

Unamortized intangible assets
Trade names		33,000		(7,000	)		26,000		33,000		(7,000	)		26,000
Total other intangible assets	$	52,745	$	(16,794	)	$	35,951	$	52,745	$	(15,327	)	$	37,418

- Definition

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

+ References

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+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Apr. 02, 2023

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	April 2,		June 30,
	2023		2022
Warranty	$	30,652	$	25,824
Dealer incentives		20,914		15,508
Compensation and related accruals		5,151		4,908
Contract liabilities		1,465		1,447
Inventory repurchase contingent obligation		1,315		661
Self-insurance		1,179		1,171
Liabilities retained associated with discontinued operations		776		—
Other		4,618		4,918
Total accrued expenses and other current liabilities	$	66,070	$	54,437

Summary of Accrued Warranty Liability Activity

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


	April 2,			April 3,
	2023			2022
Balance at the beginning of the period	$	25,824		$	20,655
Provisions		10,766			8,453
Payments made		(9,069	)		(6,192	)
Aggregate changes for preexisting warranties		3,131			1,266
Balance at the end of the period	$	30,652		$	24,182

LONG-TERM DEBT (Tables)

9 Months Ended

Apr. 02, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt is as follows:


	April 2,			June 30,
	2023			2022


Term loan	$	54,750		$	57,000
Debt issuance costs on term loan		(355	)		(451	)
Total debt		54,395			56,549
Less current portion of long-term debt		4,125			3,000
Less current portion of debt issuance costs on term loan		(121	)		(127	)
Long-term debt, net of current portion	$	50,391		$	53,676

- 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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+ Details

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Apr. 02, 2023

Share-Based Payment Arrangement [Abstract]

Summary of 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 2,		April 3,		April 2,		April 3,
	2023		2022		2023		2022
Restricted stock awards	$	587	$	441	$	1,723	$	1,399
Performance stock units		439		453		1,169		1,528
Share-based compensation expense	$	1,026	$	894	$	2,892	$	2,927

Summary of Status of Nonvested Restricted Stock Awards and Changes

The following table summarizes the status of nonvested RSAs as of April 2, 2023, and changes during the nine months then ended.


				Average
	Nonvested			Grant-Date
	Restricted			Fair Value
	Shares			(per share)
Nonvested at June 30, 2022		106,408		$	21.65
Granted		97,525			23.55
Vested		(34,418	)		18.71
Forfeited		(5,509	)		21.96
Nonvested at April 2, 2023		164,006			23.39

Summary of Status of Nonvested Performance Stock Units and Changes

The following table summarizes the status of nonvested PSUs as of April 2, 2023, and changes during the nine months then ended.


				Average
	Nonvested			Grant-Date
	Performance			Fair Value
	Stock Units			(per share)
Nonvested at June 30, 2022		105,190		$	25.30
Granted		76,567			26.08
Forfeited		(1,996	)		26.15
Nonvested at April 2, 2023		179,761			25.62

Summary of Nonqualified Stock Options Activity

The following table summarizes the NSO activity for the nine months ended April 2, 2023.


				Weighted
				Average
				Exercise
	Shares			Price
Outstanding at June 30, 2022		15,146		$	10.70
Granted		—			—
Exercised		(15,146	)		10.70
Forfeited or expired		—			—
Outstanding at April 2, 2023		—

EARNINGS PER SHARE AND COMMON STOCK (Tables)

9 Months Ended

Apr. 02, 2023

Equity [Abstract]

Factors Used in Net Income Per Share Computation

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


	Three Months Ended						Nine Months Ended
	April 2,			April 3,			April 2,			April 3,
	2023			2022			2023			2022
Net income from continuing operations	$	22,782		$	24,306		$	67,400		$	54,397
Loss from discontinued operations, net of tax		(272	)		(3,371	)		(21,139	)		(7,674	)
Net income	$	22,510		$	20,935		$	46,261		$	46,723

Weighted average shares — basic		17,559,920			18,295,949			17,725,208			18,622,878
Dilutive effect of assumed exercises of stock options		4,816			9,044			7,028			12,093
Dilutive effect of assumed restricted share awards/units		184,174			182,353			119,419			161,896
Weighted average outstanding shares — diluted		17,748,910			18,487,346			17,851,655			18,796,867
Basic net income (loss) per share
Continuing operations	$	1.30		$	1.33		$	3.80		$	2.92
Discontinued operations		(0.02	)	$	(0.19	)		(1.19	)		(0.41	)
Net income	$	1.28		$	1.14		$	2.61		$	2.51
Diluted net income (loss) per share
Continuing operations	$	1.28		$	1.31		$	3.78		$	2.89
Discontinued operations		(0.01	)	$	(0.18	)		(1.19	)		(0.40	)
Net income	$	1.27		$	1.13		$	2.59		$	2.49

SEGMENT INFORMATION (Tables)

9 Months Ended

Apr. 02, 2023

Segment Reporting [Abstract]

Schedule of Operating Information for Reportable Segments

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


	For the Three Months Ended April 2, 2023
	MasterCraft		Crest		Aviara			Consolidated
Net sales	$	117,630	$	36,369	$	12,777		$	166,776
Operating income (loss)		25,298		4,962		(1,234	)		29,026
Depreciation and amortization		1,386		701		535			2,622
Purchases of property, plant and equipment		3,151		2,089		1,716			6,956


	For the Nine Months Ended April 2, 2023
	MasterCraft		Crest		Aviara			Consolidated
Net sales	$	339,315	$	116,595	$	39,570		$	495,480
Operating income (loss)		72,269		17,576		(2,136	)		87,709
Depreciation and amortization		4,132		2,104		1,597			7,833
Purchases of property, plant and equipment		8,434		6,292		4,145			18,871


	For the Three Months Ended April 3, 2022
	MasterCraft		Crest		Aviara			Consolidated
Net sales	$	119,956	$	38,959	$	10,428		$	169,343
Operating income (loss)		28,051		5,568		(2,015	)		31,604
Depreciation and amortization		1,248		657		602			2,507
Purchases of property, plant and equipment		1,434		1,146		496			3,076


	For the Nine Months Ended April 3, 2022
	MasterCraft		Crest		Aviara			Consolidated
Net sales	$	318,744	$	101,457	$	24,192		$	444,393
Operating income (loss)		65,533		14,004		(7,934	)		71,603
Depreciation and amortization		3,762		1,998		1,569			7,329
Goodwill impairment		—		—		1,100			1,100
Purchases of property, plant and equipment		4,966		2,190		865			8,021

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


	April 2, 2023		June 30, 2022
Assets:
MasterCraft	$	248,457	$	178,386
Crest		52,075		53,956
Aviara		37,742		35,115
Discontinued operations		—		29,595
Total assets	$	338,274	$	297,052

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. 02, 2023	Apr. 03, 2022	Apr. 03, 2022	Apr. 02, 2023	Apr. 03, 2022
Revenue by Categories
Revenue	$ 166,776	$ 169,343	$ 169,343	$ 495,480	$ 444,393
MasterCraft
Revenue by Categories
Revenue	117,630	119,956	119,956	339,315	318,744
Crest
Revenue by Categories
Revenue	36,369	38,959	38,959	116,595	101,457
Aviara
Revenue by Categories
Revenue	12,777	$ 10,428	10,428	39,570	24,192
Boats and trailers
Revenue by Categories
Revenue	163,227		165,743	483,268	433,636
Boats and trailers \| MasterCraft
Revenue by Categories
Revenue	114,514		116,964	328,254	309,356
Boats and trailers \| Crest
Revenue by Categories
Revenue	35,936		38,351	115,444	100,088
Boats and trailers \| Aviara
Revenue by Categories
Revenue	12,777		10,428	39,570	24,192
Parts
Revenue by Categories
Revenue	3,083		3,004	10,364	9,274
Parts \| MasterCraft
Revenue by Categories
Revenue	2,798		2,742	9,693	8,625
Parts \| Crest
Revenue by Categories
Revenue	285		262	671	649
Other
Revenue by Categories
Revenue	466		596	1,848	1,483
Other \| MasterCraft
Revenue by Categories
Revenue	318		250	1,368	763
Other \| Crest
Revenue by Categories
Revenue	$ 148		$ 346	$ 480	$ 720

- 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
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Apr. 02, 2023	Jun. 30, 2022
Contract liabilities
Customer contract liabilities		$ 1,465	$ 1,447
Subsequent Event [Member]
Contract liabilities
Revenue, Remaining Performance Obligation, Amount	$ 1,100
Other Noncurrent Liabilities [Member]
Contract liabilities
Contract With Customer Liability Noncurrent And Liability Current		$ 2,800

DISCONTINUED OPERATIONS - Additional Information (Details) $ in Millions	9 Months Ended
	Apr. 02, 2023 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Non-cash pretax loss	$ 22.5

DISCONTINUED OPERATIONS - Summary of Operating Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 03, 2022	Apr. 02, 2023	Apr. 03, 2022
OPERATING EXPENSES:
Loss on sale of discontinued operations		$ 22,500
NauticStar
Discontinued Operations
NET SALES	$ 17,392	7,767	$ 45,817
COST OF SALES	19,433	9,732	49,481
GROSS LOSS	(2,041)	(1,965)	(3,664)
OPERATING EXPENSES:
Selling, general and administrative	1,578	2,639	4,322
Amortization of other intangible assets	498		1,533
Total operating expenses	2,076	2,639	5,855
OPERATING LOSS	(4,117)	(4,604)	(9,519)
Loss on sale of discontinued operations	0	22,487
LOSS BEFORE INCOME TAX BENEFIT	(4,117)	(27,091)	(9,519)
INCOME TAX BENEFIT	746	5,952	1,845
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	$ (3,371)	$ (21,139)	$ (7,674)

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities Associated with Discontinued Operations (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Jun. 30, 2022
CURRENT ASSETS:
Total current assets classified as discontinued operation	$ 0	$ 23,608
NON-CURRENT ASSETS:
Total non-current assets classified as discontinued operations	0	5,987
CURRENT LIABILITIES:
Total current liabilities classified as discontinued operations	$ 0	7,887
NauticStar
CURRENT ASSETS:
Accounts receivable, net of allowance		3,130
Inventories, net		20,044
Other current assets		434
Total current assets classified as discontinued operation		23,608
NON-CURRENT ASSETS:
Property, plant and equipment, net		5,924
Other long-term assets		63
Total non-current assets classified as discontinued operations		5,987
CURRENT LIABILITIES:
Accounts payable		4,675
Accrued expenses and other current liabilities		3,212
Total current liabilities classified as discontinued operations		$ 7,887

INVESTMENTS - Summary of investments (Details) $ in Thousands	Apr. 02, 2023 USD ($)
Amortized Cost	$ 73,914
Gross Unrealized Gains	22
Gross Unrealized Losses	(132)
Estimated Fair Value	73,804
Corporate Bond
Amortized Cost	73,914
Gross Unrealized Gains	22
Gross Unrealized Losses	(132)
Estimated Fair Value	$ 73,804

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Jun. 30, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 37,617	$ 45,021
Work in process	11,478	7,634
Finished goods	8,306	7,710
Obsolescence reserve	(2,133)	(1,770)
Total inventories	$ 55,268	$ 58,595

PROPERTY, PLANT, AND EQUIPMENT - Schedule of Property Plant And Equipment Net Consisted (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Land and improvements	$ 6,457	$ 6,367
Buildings and improvements	36,437	35,379
Machinery and equipment	41,438	39,457
Furniture and fixtures	3,863	3,394
Construction in progress	21,062	6,315
Total property, plant, and equipment	109,257	90,912
Less accumulated depreciation	(38,747)	(35,089)
Property, plant and equipment, net	$ 70,510	$ 55,823

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Apr. 02, 2023	Apr. 03, 2022	Jun. 30, 2023
Indefinite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 0	$ 0	$ 1,100
Amortization of other intangible assets	$ 489	489	$ 1,467	1,467
Aviara
Indefinite-Lived Intangible Assets [Line Items]
Goodwill impairment		$ 1,100		$ 1,100
ScenarioForecastMember
Indefinite-Lived Intangible Assets [Line Items]
Estimated amortization expense June 30, 2023					$ 2,000

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Apr. 02, 2023	Apr. 03, 2022	Jun. 30, 2022
Goodwill [Line Items]
Goodwill	$ 65,831		$ 65,831
Accumulated impairment losses	(37,338)		(37,338)
Impairment	0	$ 0	0	$ (1,100)
Goodwill, net	28,493		28,493		$ 28,493
MasterCraft
Goodwill [Line Items]
Goodwill	29,593		29,593
Goodwill reallocation			(1,100)
Impairment				0
Goodwill, net	28,493		28,493
Crest
Goodwill [Line Items]
Goodwill	36,238		36,238
Accumulated impairment losses	(36,238)		(36,238)
Impairment				0
Aviara
Goodwill [Line Items]
Goodwill reallocation			1,100
Accumulated impairment losses	$ (1,100)		$ (1,100)
Impairment		$ (1,100)		$ (1,100)

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amount of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Apr. 02, 2023	Jun. 30, 2022
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	$ 19,745	$ 19,745
Amortized intangible assets, Accumulated Amortization / Impairment	(9,794)	(8,327)
Amortized intangible assets, Other intangible assets, net	9,951	11,418
Gross Amount	52,745	52,745
Accumulated Amortization / Impairment	(16,794)	(15,327)
Other intangible assets, net	35,951	37,418
Dealer network
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	19,500	19,500
Amortized intangible assets, Accumulated Amortization / Impairment	(9,573)	(8,143)
Amortized intangible assets, Other intangible assets, net	9,927	11,357
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	(221)	(184)
Amortized intangible assets, Other intangible assets, net	24	61
Trade names
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Unamortized intangible assets, Gross Amount	33,000	33,000
Unamortized intangible assets, Accumulated Amortization / Impairment	(7,000)	(7,000)
Unamortized intangible assets, Other intangible assets, net	$ 26,000	$ 26,000

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Jun. 30, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 30,652	$ 25,824
Dealer incentives	20,914	15,508
Compensation and related accruals	5,151	4,908
Contract liabilities	1,465	1,447
Self-insurance	1,179	1,171
Inventory repurchase contingent obligation	1,315	661
Liabilities retained associated with discontinued operations	776	0
Other	4,618	4,918
Total accrued expenses and other current liabilities	$ 66,070	$ 54,437

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Warranty Liability Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Roll forward of the accrued warranty liability
Balance at the beginning of the period	$ 25,824	$ 20,655
Provisions	10,766	8,453
Payments made	(9,069)	(6,192)
Aggregate changes for preexisting warranties	3,131	1,266
Balance at the end of the period	$ 30,652	$ 24,182

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Jun. 30, 2022
Long-term debt
Total debt	$ 54,395	$ 56,549
Less current portion of long-term debt	4,125	3,000
Long-term debt, net of current portion	50,391	53,676
Term Loan
Long-term debt
Long-term debt	54,750	57,000
Debt issuance costs on term loans	(355)	(451)
Less current portion of debt issuance costs on term loans	$ (121)	$ (127)

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

LONG-TERM DEBT - Senior Secured Credit Facility - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 02, 2023	Apr. 02, 2023	Jun. 30, 2022	Jun. 28, 2021
Term Loan
Long-term debt
Long-term debt	$ 54,750	$ 54,750	$ 57,000
Interest rate	6.16%	6.16%
Senior Secured Credit Facility
Long-term debt
Maximum borrowing capacity				$ 160,000
Senior Secured Credit Facility \| Prime Rate
Long-term debt
Variable margin rate	0.25%	0.25%
Senior Secured Credit Facility \| Prime Rate \| Minimum
Long-term debt
Variable margin rate		0.25%
Senior Secured Credit Facility \| Prime Rate \| Maximum
Long-term debt
Variable margin rate		1.00%
Senior Secured Credit Facility \| term benchmark
Long-term debt
Variable margin rate	1.25%	1.25%
Senior Secured Credit Facility \| term benchmark \| Minimum
Long-term debt
Variable margin rate		1.25%
Senior Secured Credit Facility \| term benchmark \| Maximum
Long-term debt
Variable margin rate		2.00%
Senior Secured Credit Facility \| Term Loan
Long-term debt
Long-term debt				60,000
Senior Secured Credit Facility \| Revolving Credit Facility
Long-term debt
Maximum borrowing capacity				$ 100,000
Senior Secured Credit Facility \| Revolving Credit Facility \| Minimum
Long-term debt
Commitment fee percentage		0.15%
Senior Secured Credit Facility \| Revolving Credit Facility \| Maximum
Long-term debt
Commitment fee percentage		0.30%

LONG-TERM DEBT - Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Jan. 01, 2023
Debt Instrument [Line Items]
Repaid outstanding borrowings	$ 0	$ 38,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 0
Remaining borrowing capacity			$ 100,000

- Definition

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

+ References + Details

INCOME TAXES - Additional Information (Details)	3 Months Ended		9 Months Ended
INCOME TAXES - Additional Information (Details)	Apr. 02, 2023	Apr. 03, 2022	Apr. 02, 2023	Apr. 03, 2022
Income Tax Disclosure [Abstract]
Effective tax rates	22.80%	22.30%	23.20%	22.90%
Statutory income tax rate			21.00%

SHARE-BASED COMPENSATION - Components of Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Apr. 02, 2023	Apr. 03, 2022
Stock-Based Compensation
Share-based compensation expense	$ 1,026	$ 894	$ 2,892	$ 2,927
Restricted stock awards
Stock-Based Compensation
Share-based compensation expense	587	441	1,723	1,399
Performance stock units
Stock-Based Compensation
Share-based compensation expense	$ 439	$ 453	$ 1,169	$ 1,528

SHARE-BASED COMPENSATION - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards $ / shares in Units, $ in Millions	9 Months Ended
	Apr. 02, 2023 USD ($) $ / shares shares
Stock-Based Compensation
Stock awards granted	97,525
Weighted average grant date value \| $ / shares	$ 23.55
Unrecognized compensation expense \| $	$ 2.2
Weighted average period	1 year 8 months 12 days
Non-executive directors, officers and certain other key employees
Stock-Based Compensation
Stock awards granted	97,525
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. 02, 2023 $ / shares shares
Nonvested Restricted Shares
Nonvested at beginning of period \| shares	106,408
Granted \| shares	97,525
Vested \| shares	(34,418)
Forfeited \| shares	(5,509)
Nonvested at end of period \| shares	164,006
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period \| $ / shares	$ 21.65
Granted \| $ / shares	23.55
Vested \| $ / shares	18.71
Forfeited \| $ / shares	21.96
Nonvested at end of period \| $ / shares	$ 23.39

SHARE-BASED COMPENSATION - Performance Stock Units - Additional Information (Details) - Performance stock units $ in Millions	9 Months Ended
	Apr. 02, 2023 USD ($)
Stock-Based Compensation
Unrecognized compensation expense	$ 2.0
Weighted average period	1 year 10 months 24 days
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
	Apr. 02, 2023 $ / shares shares
Nonvested Performance Stock Units
Nonvested at beginning of period \| shares	105,190
Granted \| shares	76,567
Forfeited \| shares	(1,996)
Nonvested at end of period \| shares	179,761
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period \| $ / shares	$ 25.30
Granted \| $ / shares	26.08
Forfeited \| $ / shares	26.15
Nonvested at end of period \| $ / shares	$ 25.62

SHARE-BASED COMPENSATION-Nonqualified Stock Option (Details)	9 Months Ended
	Apr. 02, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at June 30, 2022	15,146
Exercised	(15,146)
Outstanding at April 2, 2023	0
Weighted Average Exercise Price
Outstanding at June 30, 2022 \| $ / shares	$ 10.70
Exercised \| $ / shares	$ 10.70

SHARE-BASED COMPENSATION-Nonqualified Stock Options (Additional Information) (Details)	1 Months Ended
	Jul. 31, 2015 shares
Equity Incentive Plan 2015 Member \| Nonqualified stock options \| Certain employees
Stock-Based Compensation
Options granted	137,786

EARNINGS PER SHARE AND COMMON STOCK - Factors Used in Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Apr. 02, 2023	Apr. 03, 2022
Earnings Per Share Basic [Line Items]
NET INCOME FROM CONTINUING OPERATIONS	$ 22,782	$ 24,306	$ 67,400	$ 54,397
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (Note 3)	(272)	(3,371)	(21,139)	(7,674)
Net Income	$ 22,510	$ 20,935	$ 46,261	$ 46,723
Weighted average shares — basic	17,559,920	18,295,949	17,725,208	18,622,878
Weighted average outstanding shares — diluted	17,748,910	18,487,346	17,851,655	18,796,867
Basic net income (loss) per share
Continuing operations	$ 1.30	$ 1.33	$ 3.80	$ 2.92
Discontinued operations	(0.02)	(0.19)	(1.19)	(0.41)
Net income	1.28	1.14	2.61	2.51
Diluted net income (loss) per share
Continuing operations	1.28	1.31	3.78	2.89
Discontinued operations	(0.01)	(0.18)	(1.19)	(0.40)
Net income	$ 1.27	$ 1.13	$ 2.59	$ 2.49
Stock options
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	4,816	9,044	7,028	12,093
Restricted stock awards
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	184,174	182,353	119,419	161,896

EARNINGS PER SHARE AND COMMON STOCK - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Apr. 02, 2023	Jan. 01, 2023	Oct. 02, 2022	Apr. 03, 2022	Jan. 02, 2022	Oct. 03, 2021	Apr. 02, 2023	Apr. 03, 2022	Jun. 24, 2021
Class Of Stock [Line Items]
Repurchase of shares in cash, including related fees and expenses	$ 7,000			$ 10,100			$ 15,972	$ 21,454
Stock repurchase program, remained available under the program	$ 8,600						$ 8,600
Common Stock
Class Of Stock [Line Items]
Stock repurchase program, number of shares authorized									$ 50,000
Number of shares repurchased	210,150	224,284	191,360	395,948	356,296	58,379	625,794	810,623

SEGMENT INFORMATION - Additional Information (Details)	9 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Apr. 02, 2023 Segment
Segment Reporting [Abstract]
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. 02, 2023	Apr. 03, 2022	Apr. 03, 2022	Apr. 02, 2023	Apr. 03, 2022	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 166,776	$ 169,343	$ 169,343	$ 495,480	$ 444,393
Operating income (loss)	29,026		31,604	87,709	71,603
Depreciation and amortization	2,622		2,507	7,833	7,329
Goodwill impairment	0		0	0	1,100
Purchases of property, plant and equipment	6,956		3,076	18,871	8,021
Total assets	338,274			338,274		$ 297,052
MasterCraft
Segment Reporting Information [Line Items]
Net sales	117,630	119,956	119,956	339,315	318,744
Operating income (loss)	25,298		28,051	72,269	65,533
Depreciation and amortization	1,386		1,248	4,132	3,762
Goodwill impairment					0
Purchases of property, plant and equipment	3,151		1,434	8,434	4,966
MasterCraft \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	248,457			248,457		178,386
Crest
Segment Reporting Information [Line Items]
Net sales	36,369	38,959	38,959	116,595	101,457
Operating income (loss)	4,962		5,568	17,576	14,004
Depreciation and amortization	701		657	2,104	1,998
Goodwill impairment					0
Purchases of property, plant and equipment	2,089		1,146	6,292	2,190
Crest \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	52,075			52,075		53,956
Aviara
Segment Reporting Information [Line Items]
Net sales	12,777	$ 10,428	10,428	39,570	24,192
Operating income (loss)	(1,234)		(2,015)	(2,136)	(7,934)
Depreciation and amortization	535		602	1,597	1,569
Goodwill impairment			1,100		1,100
Purchases of property, plant and equipment	1,716		$ 496	4,145	$ 865
Aviara \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	37,742			37,742		35,115
Discontinued operations \| Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 0			$ 0		$ 29,595