MasterCraft Boat (MCFT) 10-Q 8 Feb 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jan. 01, 2023	Feb. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 01, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		17,776,299
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 CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022
Income Statement [Abstract]
NET SALES	$ 159,188	$ 144,400	$ 328,704	$ 275,050
COST OF SALES	120,961	108,039	244,504	208,107
GROSS PROFIT	38,227	36,361	84,200	66,943
OPERATING EXPENSES:
Selling and marketing	3,042	3,056	6,821	6,949
General and administrative	8,235	9,197	17,718	17,917
Amortization of other intangible assets	489	489	978	978
Goodwill impairment	0	0	0	1,100
Total operating expenses	11,766	12,742	25,517	26,944
OPERATING INCOME	26,461	23,619	58,683	39,999
OTHER INCOME (EXPENSE):
Interest expense	(666)	(357)	(1,228)	(739)
Interest income	621	0	772	0
INCOME BEFORE INCOME TAX EXPENSE	26,416	23,262	58,227	39,260
INCOME TAX EXPENSE	6,433	5,403	13,609	9,169
NET INCOME FROM CONTINUING OPERATIONS	19,983	17,859	44,618	30,091
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (Note 3)	(300)	(2,457)	(20,867)	(4,303)
NET INCOME	$ 19,683	$ 15,402	$ 23,751	$ 25,788
Basic
Continuing operations	$ 1.13	$ 0.95	$ 2.51	$ 1.60
Discontinued operations	(0.02)	(0.13)	(1.18)	(0.23)
Net income	1.11	0.82	1.33	1.37
Diluted
Continuing operations	1.12	0.94	2.49	1.59
Discontinued operations	(0.01)	(0.13)	(1.16)	(0.23)
Net income	$ 1.11	$ 0.81	$ 1.33	$ 1.36
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share	17,669,645	18,722,386	17,807,853	18,786,343
Diluted earnings per share	17,774,329	18,899,136	17,903,027	18,951,627

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 01, 2023	Jun. 30, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 29,061	$ 34,203
Held-to-maturity securities (Note 4)	59,744	0
Accounts receivable, net of allowance of $36 and $214, respectively	6,745	22,472
Inventories, net (Note 5)	50,298	58,595
Prepaid expenses and other current assets	5,754	7,232
Current assets associated with discontinued operations (Note 3)	0	23,608
Total current assets	151,602	146,110
Property, plant and equipment, net	63,973	55,823
Goodwill (Note 6)	28,493	28,493
Other intangible assets, net (Note 6)	36,440	37,418
Deferred income taxes	16,891	21,525
Deferred debt issuance costs, net	355	406
Other long-term assets	2,003	1,290
Non-current assets associated with discontinued operations (Note 3)	0	5,987
Total assets	299,757	297,052
CURRENT LIABILITIES:
Accounts payable	13,637	23,375
Income tax payable	2,389	4,600
Accrued expenses and other current liabilities (Note 7)	60,983	54,437
Current portion of long-term debt, net of unamortized debt issuance costs (Note 9)	3,627	2,873
Current liabilities associated with discontinued operations (Note 3)	0	7,887
Total current liabilities	80,636	93,172
Long-term debt, net of unamortized debt issuance costs (Note 9)	51,486	53,676
Unrecognized tax positions	5,988	6,358
Other long-term liabilities	1,825	198
Total liabilities	139,935	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	178	181
Additional paid-in capital	89,010	96,584
Retained earnings	70,634	46,883
Total stockholders' equity	159,822	143,648
Total liabilities and stockholders' equity	$ 299,757	$ 297,052

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jan. 01, 2023	Jun. 30, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 36	$ 214
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	17,776,299	18,061,437
Common stock, outstanding shares	17,776,299	18,061,437

UNAUDITED CONDENSED CONSOLIDA_4

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)		(414,675)
Net income	25,788
Balance, ending at Jan. 02, 2022	124,066	$ 186	109,423	14,457
Balance, ending (in shares) at Jan. 02, 2022		18,610,822
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
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)		(415,644)
Net income	23,751
Balance, ending at Jan. 01, 2023	159,822	$ 178	89,010	70,634
Balance, ending (in shares) at Jan. 01, 2023		17,776,299
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

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 19,683	$ 15,402	$ 23,751	$ 25,788
Loss from discontinued operations			20,867	4,303
NET INCOME FROM CONTINUING OPERATIONS	19,983	17,859	44,618	30,091
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,610	2,364	5,211	4,823
Share-based compensation			1,865	2,033
Unrecognized tax benefits			(370)	919
Deferred income taxes			4,634	(299)
Amortization of debt issuance costs			115	119
Goodwill impairment	0	0	0	1,100
Changes in certain operating assets and liabilities			22,705	12,533
Other, net			985	399
Net Cash Provided by (used in) Operating Activities, Continuing Operations			79,763	26,652
Net cash used in operating activities of discontinued operations			(1,865)	(14,428)
Net cash provided by (used in) operating activities			77,898	12,224
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(5,947)	(2,395)	(11,915)	(4,945)
Purchases of investments			(59,687)	0
Net cash used in investing activities of continuing operations			(71,602)	(4,945)
Net cash used in investing activities of discontinued operations			(501)	(1,770)
Net cash used in investing activities			(72,103)	(6,715)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on revolving credit facility			0	(30,000)
Borrowings on revolving credit facility			0	12,000
Principal payments on long-term debt			(1,500)	(1,500)
Repurchase and retirement of common stock	(4,800)	(9,900)	(8,972)	(11,375)
Other, net			(465)	(239)
Net cash used in financing activities of continuing operations			(10,937)	(31,114)
NET CHANGE IN CASH AND CASH EQUIVALENTS			(5,142)	(25,605)
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD			34,203	39,252
CASH AND CASH EQUIVALENTS — END OF PERIOD	$ 29,061	$ 13,647	29,061	13,647
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest			1,125	600
Cash payments for income taxes			5,845	9,002
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures in accounts payable and accrued expenses			$ 1,130	$ 393

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jan. 01, 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 January 1, 2023, its results of operations for the three and six months ended January 1, 2023 and January 2, 2022, its cash flows for the six months ended January 1, 2023 and January 2, 2022, and its statements of stockholders’ equity for the three and six months ended January 1, 2023 and January 2, 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 on Form 10-K. Due to the seasonality of the Company’s business, the interim results are not necessarily indicative of the results that may be expected for the remainder of the fiscal year. There were no significant changes in or changes to the application of the Company’s significant or critical accounting policies or estimation procedures for the three and six months ended January 1, 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 . This statement requires debt securities to be classified into three categories: Held-to-maturity — Debt securities that the Company has the positive intent and ability to hold to maturity are measured at amortized cost and are presented at the net amount expected to be collected. Any change in the allowance for credit losses during the period is reflected in earnings. Discounts and premiums to par value of the debt securities are amortized to interest income/expense over the term of the security. Trading Securities — Debt securities that are bought and held primarily for the purpose of selling in the near term are reported at fair value, with unrealized gains and losses included in earnings. Available-for-Sale — Debt securities not classified as either securities held-to-maturity or trading securities are reported at fair value. For available-for-sale debt securities in an unrealized loss position, we evaluate as of the balance sheet date whether the unrealized losses are attributable to a credit loss or other factors. The portion of unrealized losses related to a credit loss is recognized in earnings, and the portion of unrealized loss not related to a credit loss is recognized in other comprehensive income. 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. During the quarter ended January 1, 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 on Form 10-K 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

REVENUE RECOGNITION	6 Months Ended
	Jan. 01, 2023
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 January 1, 2023 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 105,536 $ 36,364 $ 13,858 $ 155,758 Parts 2,658 133 — 2,791 Other revenue 471 168 — 639 Total $ 108,665 $ 36,665 $ 13,858 $ 159,188 Six Months Ended January 1, 2023 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 213,740 $ 79,507 $ 26,793 $ 320,040 Parts 6,895 386 — 7,281 Other revenue 1,050 333 — 1,383 Total $ 221,685 $ 80,226 $ 26,793 $ 328,704 Three Months Ended January 2, 2022 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 104,464 $ 29,368 $ 7,909 $ 141,741 Parts 2,055 151 — 2,206 Other revenue 254 199 — 453 Total $ 106,773 $ 29,718 $ 7,909 $ 144,400 Six Months Ended January 2, 2022 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 192,392 $ 61,737 $ 13,764 $ 267,893 Parts 5,883 387 — 6,270 Other revenue 513 374 — 887 Total $ 198,788 $ 62,498 $ 13,764 $ 275,050 Contract Liabilities As of June 30, 2022, the Company had $ 1.4 million of contract liabilities associated with customer deposits. During the six months ended January 1, 2023, all of this amount was recognized as revenue. As of January 1, 2023 , total contract liabilities associated with customer deposits and services were $ 3.4 million, were reported in Accrued expenses and other current liabilities and Other long-term liabilities on the condensed consolidated balance sheet, and $ 2.4 million of the amounts are expected to be recognized as revenue during the remainder of the year ending June 30, 2023 .

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jan. 01, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	3. 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 six months ended January 1, 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 three and six months ended January 1, 2023 , the Company recognized a $ 0.4 million and $ 22.5 million loss on sale, respectively, 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 Six Months Ended January 2, January 1, January 2, 2022 2023 2022 NET SALES $ 15,065 $ 7,780 $ 28,425 COST OF SALES 16,228 9,412 30,048 GROSS LOSS ( 1,163 ) ( 1,632 ) ( 1,623 ) OPERATING EXPENSES: Selling, general and administrative 1,405 2,522 2,744 Amortization of other intangible assets 498 — 1,035 Total operating expenses 1,903 2,522 3,779 OPERATING LOSS ( 3,066 ) ( 4,154 ) ( 5,402 ) Loss on sale of discontinued operations — 22,487 — LOSS BEFORE INCOME TAX BENEFIT ( 3,066 ) ( 26,641 ) ( 5,402 ) INCOME TAX BENEFIT 609 5,774 1,099 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX $ ( 2,457 ) $ ( 20,867 ) $ ( 4,303 ) The operating results, and components thereof, of discontinued operations for the three months ended January 1, 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

INVESTMENTS	6 Months Ended
	Jan. 01, 2023
Investments Disclosure [Abstract]
Investments	4. INVESTMENTS During the quarter ended January 1, 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 January 1, 2023. As of June 30, 2022, there were no outstanding held-to-maturity investments. The following is a summary of investments as of January 1, 2023: Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Held-to-maturity securities: Fixed income securities: Corporate bonds $ 59,744 $ 9 $ ( 65 ) $ 59,688 Total held-to-maturity securities $ 59,744 $ 9 $ ( 65 ) $ 59,688

INVENTORIES

INVENTORIES	6 Months Ended
	Jan. 01, 2023
Inventory Disclosure [Abstract]
INVENTORIES	5. INVENTORIES Inventories consisted of the following: January 1, June 30, 2023 2022 Raw materials and supplies $ 36,382 $ 45,021 Work in process 9,298 7,634 Finished goods 6,807 7,710 Obsolescence reserve ( 2,189 ) ( 1,770 ) Total inventories $ 50,298 $ 58,595 Inventories have decreased for the six months ended January 1, 2023 , as we rebalance inventory levels after the summer selling season, partially offset by increased material costs caused by inflation.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jan. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	6. GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amounts of goodwill as of January 1, 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 on Form 10-K for further details. No goodwill impairment charges were recognized during the three and six months ended January 1, 2023. The following table presents the carrying amount of Other intangible assets, net: January 1, 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 $ ( 9,097 ) $ 10,403 $ 19,500 $ ( 8,143 ) $ 11,357 Software 245 ( 208 ) 37 245 ( 184 ) 61 19,745 ( 9,305 ) 10,440 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 $ ( 16,305 ) $ 36,440 $ 52,745 $ ( 15,327 ) $ 37,418 Amortization expense related to Other intangible assets, net for the three and six months ended January 1, 2023 and January 2, 2022 , was $ 0.5 million and $ 1.0 million, respectively. Estimated amortization expense for the fiscal year ending June 30, 2023 is $ 2.0 million.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jan. 01, 2023
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: January 1, June 30, 2023 2022 Warranty $ 29,745 $ 25,824 Dealer incentives 15,577 15,508 Compensation and related accruals 4,029 4,908 Contract liabilities 2,578 1,447 Self-insurance 1,218 1,171 Inventory repurchase contingent obligation 1,143 661 Freight 966 1,157 Liabilities retained associated with discontinued operations 930 — Other 4,797 3,761 Total accrued expenses and other current liabilities $ 60,983 $ 54,437 Accrued warranty liability activity was as follows for the six months ended: January 1, January 2, 2023 2022 Balance at the beginning of the period $ 25,824 $ 20,655 Provisions 7,183 5,226 Payments made ( 5,604 ) ( 4,092 ) Aggregate changes for preexisting warranties 2,342 1,038 Balance at the end of the period $ 29,745 $ 22,827

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jan. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is subject to various litigation, claims and proceedings, which have arisen in the ordinary course of business. The Company accrues for litigation, claims and proceedings when a liability is both probable and the amount can be reasonably estimated. As of January 1, 2023 , the Company’s accruals for litigation matters are not material. While these matters are subject to inherent uncertainties, management believes that current litigation, claims and proceedings, individually and in the aggregate, and after considering expected insurance reimbursements, are not likely to have a material adverse impact on the Company’s financial position, results of operations or cash flows.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jan. 01, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	9. LONG-TERM DEBT Long-term debt is as follows: January 1, June 30, 2023 2022 Term loan $ 55,500 $ 57,000 Debt issuance costs on term loan ( 387 ) ( 451 ) Total debt 55,113 56,549 Less current portion of long-term debt 3,750 3,000 Less current portion of debt issuance costs on term loan ( 123 ) ( 127 ) Long-term debt, net of current portion $ 51,486 $ 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 six months ended January 1, 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 January 1, 2023 , the interest rate on the Company’s term loan was 5.67 %. The Credit Agreement will mature and all remaining amounts outstanding thereunder will be due and payable on June 28, 2026. As of January 1, 2023, the Company was in compliance with its financial covenants under the Credit Agreement. Revolving Credit Facility As of January 1, 2023 , the Company had no amounts outstanding on its Revolving Credit Facility and had remaining availability of $ 100.0 million .

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jan. 01, 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 January 1, 2023 and January 2, 2022, the Company's effective tax rate was 24.4 % and 23.2 % , respectively. The Company’s effective tax rate for the three months ended January 1, 2023 is higher compared to the effective tax rate for the three months ended January 2, 2022, primarily due to an increase in the tax impact of uncertain state tax positions and an increase in the effective state tax rate. During the six months ended January 1, 2023 and January 2, 2022, the Company’s effective tax rate was 23.4 % .

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jan. 01, 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 Six Months Ended January 1, January 2, January 1, January 2, 2023 2022 2023 2022 Restricted stock awards $ 583 $ 504 $ 1,135 $ 958 Performance stock units 162 667 730 1,075 Share-based compensation expense $ 745 $ 1,171 $ 1,865 $ 2,033 Restricted Stock Awards During the six months ended January 1, 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 six months ended January 1, 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 six months ended January 1, 2023 , was $ 23.55 per share. The following table summarizes the status of nonvested RSAs as of January 1, 2023, and changes during the six 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 ( 5,119 ) 22.02 Nonvested at January 1, 2023 164,396 23.38 As of January 1, 2023 , there was $ 2.8 million of total unrecognized compensation expense related to nonvested RSAs. The Company expects this expense to be recognized over a weighted average period of 1.8 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 January 1, 2023, and changes during the six 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 January 1, 2023 179,761 25.62 As of January 1, 2023 , there was $ 2.8 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.

EARNINGS PER SHARE AND COMMON S

EARNINGS PER SHARE AND COMMON STOCK	6 Months Ended
	Jan. 01, 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 Six Months Ended January 1, January 2, January 1, January 2, 2023 2022 2023 2022 Net income from continuing operations $ 19,983 $ 17,859 $ 44,618 $ 30,091 Loss from discontinued operations, net of tax ( 300 ) ( 2,457 ) ( 20,867 ) ( 4,303 ) Net income $ 19,683 $ 15,402 $ 23,751 $ 25,788 Weighted average shares — basic 17,669,645 18,722,386 17,807,853 18,786,343 Dilutive effect of assumed exercises of stock options 8,175 12,994 8,134 13,618 Dilutive effect of assumed restricted share awards/units 96,509 163,756 87,040 151,666 Weighted average outstanding shares — diluted 17,774,329 18,899,136 17,903,027 18,951,627 Basic net income (loss) per share Continuing operations $ 1.13 $ 0.95 $ 2.51 $ 1.60 Discontinued operations ( 0.02 ) $ ( 0.13 ) ( 1.18 ) ( 0.23 ) Net income $ 1.11 $ 0.82 $ 1.33 $ 1.37 Diluted net income (loss) per share Continuing operations $ 1.12 $ 0.94 $ 2.49 $ 1.59 Discontinued operations ( 0.01 ) $ ( 0.13 ) ( 1.16 ) ( 0.23 ) Net income $ 1.11 $ 0.81 $ 1.33 $ 1.36 For the three and six months ended January 1, 2023 and January 2, 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 January 1, 2023 and January 2, 2022 , the Company repurchased 224,284 shares and 356,296 shares of common stock for $ 4.8 million and $ 9.9 million, respectively, in cash, including related fees and expenses. During the six months ended January 1, 2023 and January 2, 2022 , the Company repurchased 415,644 shares and 414,675 shares of common stock for $ 9.0 million and $ 11.4 million, respectively, in cash, including related fees and expenses. As of January 1, 2023 , $ 15.6 million remained available under the program.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jan. 01, 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 six months ended January 1, 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 January 1, 2023 MasterCraft Crest Aviara Consolidated Net sales $ 108,665 $ 36,665 $ 13,858 $ 159,188 Operating income (loss) 22,899 5,071 ( 1,509 ) 26,461 Depreciation and amortization 1,364 721 525 2,610 Purchases of property, plant and equipment 3,173 1,681 1,093 5,947 For the Six Months Ended January 1, 2023 MasterCraft Crest Aviara Consolidated Net sales $ 221,685 $ 80,226 $ 26,793 $ 328,704 Operating income (loss) 46,971 12,614 ( 902 ) 58,683 Depreciation and amortization 2,746 1,403 1,062 5,211 Purchases of property, plant and equipment 5,283 4,203 2,429 11,915 For the Three Months Ended January 2, 2022 MasterCraft Crest Aviara Consolidated Net sales $ 106,773 $ 29,718 $ 7,909 $ 144,400 Operating income (loss) 21,302 4,637 ( 2,320 ) 23,619 Depreciation and amortization 1,226 647 491 2,364 Purchases of property, plant and equipment 1,468 673 254 2,395 For the Six Months Ended January 2, 2022 MasterCraft Crest Aviara Consolidated Net sales $ 198,788 $ 62,498 $ 13,764 $ 275,050 Operating income (loss) 37,482 8,436 ( 5,919 ) 39,999 Depreciation and amortization 2,514 1,341 968 4,823 Goodwill impairment — — 1,100 1,100 Purchases of property, plant and equipment 3,532 1,044 369 4,945 The following table presents total assets for the Company’s reportable segments. January 1, 2023 June 30, 2022 Assets: MasterCraft $ 214,520 $ 178,386 Crest 52,329 53,956 Aviara 32,908 35,115 Discontinued operations — 29,595 Total assets $ 299,757 $ 297,052

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jan. 01, 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 January 1, 2023, its results of operations for the three and six months ended January 1, 2023 and January 2, 2022, its cash flows for the six months ended January 1, 2023 and January 2, 2022, and its statements of stockholders’ equity for the three and six months ended January 1, 2023 and January 2, 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 on Form 10-K. Due to the seasonality of the Company’s business, the interim results are not necessarily indicative of the results that may be expected for the remainder of the fiscal year. There were no significant changes in or changes to the application of the Company’s significant or critical accounting policies or estimation procedures for the three and six months ended January 1, 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 . This statement requires debt securities to be classified into three categories: Held-to-maturity — Debt securities that the Company has the positive intent and ability to hold to maturity are measured at amortized cost and are presented at the net amount expected to be collected. Any change in the allowance for credit losses during the period is reflected in earnings. Discounts and premiums to par value of the debt securities are amortized to interest income/expense over the term of the security. Trading Securities — Debt securities that are bought and held primarily for the purpose of selling in the near term are reported at fair value, with unrealized gains and losses included in earnings. Available-for-Sale — Debt securities not classified as either securities held-to-maturity or trading securities are reported at fair value. For available-for-sale debt securities in an unrealized loss position, we evaluate as of the balance sheet date whether the unrealized losses are attributable to a credit loss or other factors. The portion of unrealized losses related to a credit loss is recognized in earnings, and the portion of unrealized loss not related to a credit loss is recognized in other comprehensive income. 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. During the quarter ended January 1, 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 on Form 10-K 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)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jan. 01, 2023
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 January 1, 2023 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 105,536 $ 36,364 $ 13,858 $ 155,758 Parts 2,658 133 — 2,791 Other revenue 471 168 — 639 Total $ 108,665 $ 36,665 $ 13,858 $ 159,188 Six Months Ended January 1, 2023 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 213,740 $ 79,507 $ 26,793 $ 320,040 Parts 6,895 386 — 7,281 Other revenue 1,050 333 — 1,383 Total $ 221,685 $ 80,226 $ 26,793 $ 328,704 Three Months Ended January 2, 2022 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 104,464 $ 29,368 $ 7,909 $ 141,741 Parts 2,055 151 — 2,206 Other revenue 254 199 — 453 Total $ 106,773 $ 29,718 $ 7,909 $ 144,400 Six Months Ended January 2, 2022 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 192,392 $ 61,737 $ 13,764 $ 267,893 Parts 5,883 387 — 6,270 Other revenue 513 374 — 887 Total $ 198,788 $ 62,498 $ 13,764 $ 275,050

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jan. 01, 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 Six Months Ended January 2, January 1, January 2, 2022 2023 2022 NET SALES $ 15,065 $ 7,780 $ 28,425 COST OF SALES 16,228 9,412 30,048 GROSS LOSS ( 1,163 ) ( 1,632 ) ( 1,623 ) OPERATING EXPENSES: Selling, general and administrative 1,405 2,522 2,744 Amortization of other intangible assets 498 — 1,035 Total operating expenses 1,903 2,522 3,779 OPERATING LOSS ( 3,066 ) ( 4,154 ) ( 5,402 ) Loss on sale of discontinued operations — 22,487 — LOSS BEFORE INCOME TAX BENEFIT ( 3,066 ) ( 26,641 ) ( 5,402 ) INCOME TAX BENEFIT 609 5,774 1,099 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX $ ( 2,457 ) $ ( 20,867 ) $ ( 4,303 ) The operating results, and components thereof, of discontinued operations for the three months ended January 1, 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 (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jan. 01, 2023
Investments Disclosure [Abstract]
Summary of investments	The following is a summary of investments as of January 1, 2023: Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value Held-to-maturity securities: Fixed income securities: Corporate bonds $ 59,744 $ 9 $ ( 65 ) $ 59,688 Total held-to-maturity securities $ 59,744 $ 9 $ ( 65 ) $ 59,688

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jan. 01, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: January 1, June 30, 2023 2022 Raw materials and supplies $ 36,382 $ 45,021 Work in process 9,298 7,634 Finished goods 6,807 7,710 Obsolescence reserve ( 2,189 ) ( 1,770 ) Total inventories $ 50,298 $ 58,595

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jan. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amounts of Goodwill	The carrying amounts of goodwill as of January 1, 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
Schedule of Carrying Amount of Other Intangible Assets, Net	The following table presents the carrying amount of Other intangible assets, net: January 1, 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 $ ( 9,097 ) $ 10,403 $ 19,500 $ ( 8,143 ) $ 11,357 Software 245 ( 208 ) 37 245 ( 184 ) 61 19,745 ( 9,305 ) 10,440 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 $ ( 16,305 ) $ 36,440 $ 52,745 $ ( 15,327 ) $ 37,418

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jan. 01, 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: January 1, June 30, 2023 2022 Warranty $ 29,745 $ 25,824 Dealer incentives 15,577 15,508 Compensation and related accruals 4,029 4,908 Contract liabilities 2,578 1,447 Self-insurance 1,218 1,171 Inventory repurchase contingent obligation 1,143 661 Freight 966 1,157 Liabilities retained associated with discontinued operations 930 — Other 4,797 3,761 Total accrued expenses and other current liabilities $ 60,983 $ 54,437
Summary of Accrued Warranty Liability Activity	Accrued warranty liability activity was as follows for the six months ended: January 1, January 2, 2023 2022 Balance at the beginning of the period $ 25,824 $ 20,655 Provisions 7,183 5,226 Payments made ( 5,604 ) ( 4,092 ) Aggregate changes for preexisting warranties 2,342 1,038 Balance at the end of the period $ 29,745 $ 22,827

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jan. 01, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt is as follows: January 1, June 30, 2023 2022 Term loan $ 55,500 $ 57,000 Debt issuance costs on term loan ( 387 ) ( 451 ) Total debt 55,113 56,549 Less current portion of long-term debt 3,750 3,000 Less current portion of debt issuance costs on term loan ( 123 ) ( 127 ) Long-term debt, net of current portion $ 51,486 $ 53,676

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jan. 01, 2023
Share-Based Payment Arrangement [Abstract]
Components of Share-based Compensation Expense by Award Type	The following table presents the components of share-based compensation expense by award type. Three Months Ended Six Months Ended January 1, January 2, January 1, January 2, 2023 2022 2023 2022 Restricted stock awards $ 583 $ 504 $ 1,135 $ 958 Performance stock units 162 667 730 1,075 Share-based compensation expense $ 745 $ 1,171 $ 1,865 $ 2,033
Summary of Status of Nonvested Restricted Stock Awards and Changes	The following table summarizes the status of nonvested RSAs as of January 1, 2023, and changes during the six 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 ( 5,119 ) 22.02 Nonvested at January 1, 2023 164,396 23.38
Summary of Status of Nonvested Performance Stock Units and Changes	The following table summarizes the status of nonvested PSUs as of January 1, 2023, and changes during the six 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 January 1, 2023 179,761 25.62

EARNINGS PER SHARE AND COMMON_2

EARNINGS PER SHARE AND COMMON STOCK (Tables)	6 Months Ended
	Jan. 01, 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 Six Months Ended January 1, January 2, January 1, January 2, 2023 2022 2023 2022 Net income from continuing operations $ 19,983 $ 17,859 $ 44,618 $ 30,091 Loss from discontinued operations, net of tax ( 300 ) ( 2,457 ) ( 20,867 ) ( 4,303 ) Net income $ 19,683 $ 15,402 $ 23,751 $ 25,788 Weighted average shares — basic 17,669,645 18,722,386 17,807,853 18,786,343 Dilutive effect of assumed exercises of stock options 8,175 12,994 8,134 13,618 Dilutive effect of assumed restricted share awards/units 96,509 163,756 87,040 151,666 Weighted average outstanding shares — diluted 17,774,329 18,899,136 17,903,027 18,951,627 Basic net income (loss) per share Continuing operations $ 1.13 $ 0.95 $ 2.51 $ 1.60 Discontinued operations ( 0.02 ) $ ( 0.13 ) ( 1.18 ) ( 0.23 ) Net income $ 1.11 $ 0.82 $ 1.33 $ 1.37 Diluted net income (loss) per share Continuing operations $ 1.12 $ 0.94 $ 2.49 $ 1.59 Discontinued operations ( 0.01 ) $ ( 0.13 ) ( 1.16 ) ( 0.23 ) Net income $ 1.11 $ 0.81 $ 1.33 $ 1.36

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jan. 01, 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 January 1, 2023 MasterCraft Crest Aviara Consolidated Net sales $ 108,665 $ 36,665 $ 13,858 $ 159,188 Operating income (loss) 22,899 5,071 ( 1,509 ) 26,461 Depreciation and amortization 1,364 721 525 2,610 Purchases of property, plant and equipment 3,173 1,681 1,093 5,947 For the Six Months Ended January 1, 2023 MasterCraft Crest Aviara Consolidated Net sales $ 221,685 $ 80,226 $ 26,793 $ 328,704 Operating income (loss) 46,971 12,614 ( 902 ) 58,683 Depreciation and amortization 2,746 1,403 1,062 5,211 Purchases of property, plant and equipment 5,283 4,203 2,429 11,915 For the Three Months Ended January 2, 2022 MasterCraft Crest Aviara Consolidated Net sales $ 106,773 $ 29,718 $ 7,909 $ 144,400 Operating income (loss) 21,302 4,637 ( 2,320 ) 23,619 Depreciation and amortization 1,226 647 491 2,364 Purchases of property, plant and equipment 1,468 673 254 2,395 For the Six Months Ended January 2, 2022 MasterCraft Crest Aviara Consolidated Net sales $ 198,788 $ 62,498 $ 13,764 $ 275,050 Operating income (loss) 37,482 8,436 ( 5,919 ) 39,999 Depreciation and amortization 2,514 1,341 968 4,823 Goodwill impairment — — 1,100 1,100 Purchases of property, plant and equipment 3,532 1,044 369 4,945 The following table presents total assets for the Company’s reportable segments. January 1, 2023 June 30, 2022 Assets: MasterCraft $ 214,520 $ 178,386 Crest 52,329 53,956 Aviara 32,908 35,115 Discontinued operations — 29,595 Total assets $ 299,757 $ 297,052

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Revenues From Contracts with Customers by Major Product Category and Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022
Revenue by Categories
Revenue	$ 159,188	$ 144,400	$ 328,704	$ 275,050
MasterCraft
Revenue by Categories
Revenue	108,665	106,773	221,685	198,788
Crest
Revenue by Categories
Revenue	36,665	29,718	80,226	62,498
Aviara
Revenue by Categories
Revenue	13,858	7,909	26,793	13,764
Boats and trailers
Revenue by Categories
Revenue	155,758	141,741	320,040	267,893
Boats and trailers | MasterCraft
Revenue by Categories
Revenue	105,536	104,464	213,740	192,392
Boats and trailers | Crest
Revenue by Categories
Revenue	36,364	29,368	79,507	61,737
Boats and trailers | Aviara
Revenue by Categories
Revenue	13,858	7,909	26,793	13,764
Parts
Revenue by Categories
Revenue	2,791	2,206	7,281	6,270
Parts | MasterCraft
Revenue by Categories
Revenue	2,658	2,055	6,895	5,883
Parts | Crest
Revenue by Categories
Revenue	133	151	386	387
Other
Revenue by Categories
Revenue	639	453	1,383	887
Other | MasterCraft
Revenue by Categories
Revenue	471	254	1,050	513
Other | Crest
Revenue by Categories
Revenue	$ 168	$ 199	$ 333	$ 374

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jan. 01, 2023	Jun. 30, 2022
Contract liabilities
Customer contract liabilities		$ 2,578	$ 1,447
Subsequent Event [Member]
Contract liabilities
Revenue, Remaining Performance Obligation, Amount	$ 2,400
Accrued Expenses and Other Current Liabilities
Contract liabilities
Customer contract liabilities		3,400
Other Noncurrent Liabilities [Member]
Contract liabilities
Other long term liabilities		$ 3,400

DISCONTINUED OPERATIONS - Addit

DISCONTINUED OPERATIONS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jan. 01, 2023	Jan. 01, 2023
Discontinued Operations and Disposal Groups [Abstract]
Non-cash pretax loss	$ 0.4	$ 22.5

DISCONTINUED OPERATIONS - Summa

DISCONTINUED OPERATIONS - Summary of Operating Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022
OPERATING EXPENSES:
Loss on sale of discontinued operations	$ 400		$ 22,500
NauticStar
Discontinued Operations
NET SALES		$ 15,065	7,780	$ 28,425
COST OF SALES		16,228	9,412	30,048
GROSS LOSS		(1,163)	(1,632)	(1,623)
OPERATING EXPENSES:
Selling, general and administrative		1,405	2,522	2,744
Amortization of other intangible assets		498		1,035
Total operating expenses		1,903	2,522	3,779
OPERATING LOSS		(3,066)	(4,154)	(5,402)
Loss on sale of discontinued operations		0	22,487
LOSS BEFORE INCOME TAX BENEFIT		(3,066)	(26,641)	(5,402)
INCOME TAX BENEFIT		609	5,774	1,099
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX		$ (2,457)	$ (20,867)	$ (4,303)

DISCONTINUED OPERATIONS - Sum_2

DISCONTINUED OPERATIONS - Summary of Assets and Liabilities Associated with Discontinued Operations (Details) - USD ($) $ in Thousands	Jan. 01, 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 invest

INVESTMENTS - Summary of investments (Details) $ in Thousands	Jan. 01, 2023 USD ($)
Amortized Cost	$ 59,744
Gross Unrealized Gains	9
Gross Unrealized Losses	(65)
Estimated Fair Value	59,688
Corporate Bond
Amortized Cost	59,744
Gross Unrealized Gains	9
Gross Unrealized Losses	(65)
Estimated Fair Value	$ 59,688

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jun. 30, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 36,382	$ 45,021
Work in process	9,298	7,634
Finished goods	6,807	7,710
Obsolescence reserve	(2,189)	(1,770)
Total inventories	$ 50,298	$ 58,595

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jan. 01, 2023	Mar. 31, 2022	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022	Jun. 30, 2023
Indefinite-Lived Intangible Assets [Line Items]
Goodwill impairment	$ 0	$ 1,100	$ 0	$ 0	$ 1,100
Amortization of other intangible assets	$ 489		$ 489	$ 978	$ 978
ScenarioForecastMember
Indefinite-Lived Intangible Assets [Line Items]
Estimated amortization expense June 30, 2023						$ 2,000

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jan. 01, 2023	Mar. 31, 2022	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022	Jun. 30, 2022
Goodwill [Line Items]
Goodwill	$ 65,831			$ 65,831
Accumulated impairment losses	(37,338)			(37,338)
Impairment	0	$ (1,100)	$ 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)

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amount of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jan. 01, 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	(9,305)	(8,327)
Amortized intangible assets, Other intangible assets, net	10,440	11,418
Gross Amount	52,745	52,745
Accumulated Amortization / Impairment	(16,305)	(15,327)
Other intangible assets, net	36,440	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	(9,097)	(8,143)
Amortized intangible assets, Other intangible assets, net	10,403	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	(208)	(184)
Amortized intangible assets, Other intangible assets, net	37	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 CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jun. 30, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 29,745	$ 25,824
Dealer incentives	15,577	15,508
Compensation and related accruals	4,029	4,908
Contract liabilities	2,578	1,447
Self-insurance	1,218	1,171
Inventory repurchase contingent obligation	1,143	661
Freight	966	1,157
Liabilities retained associated with discontinued operations	930	0
Other	4,797	3,761
Total accrued expenses and other current liabilities	$ 60,983	$ 54,437

ACCRUED EXPENSES AND OTHER CU_4

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Warranty Liability Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2023	Jan. 02, 2022
Roll forward of the accrued warranty liability
Balance at the beginning of the period	$ 25,824	$ 20,655
Provisions	7,183	5,226
Payments made	(5,604)	(4,092)
Aggregate changes for preexisting warranties	2,342	1,038
Balance at the end of the period	$ 29,745	$ 22,827

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jan. 01, 2023	Jun. 30, 2022
Long-term debt
Total debt	$ 55,113	$ 56,549
Less current portion of long-term debt	3,750	3,000
Long-term debt, net of current portion	51,486	53,676
Term Loan
Long-term debt
Long-term debt	55,500	57,000
Debt issuance costs on term loans	(387)	(451)
Less current portion of debt issuance costs on term loans	$ (123)	$ (127)

LONG-TERM DEBT - Senior Secured

LONG-TERM DEBT - Senior Secured Credit Facility - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jan. 01, 2023	Jan. 01, 2023	Jun. 30, 2022	Jun. 28, 2021
Term Loan
Long-term debt
Long-term debt	$ 55,500	$ 55,500	$ 57,000
Interest rate		5.67%
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%
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%
Senior Secured Credit Facility | term benchmark
Long-term debt
Variable margin rate		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%
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 Cred

LONG-TERM DEBT - Revolving Credit Facility - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jan. 01, 2023	Jan. 02, 2022
Debt Instrument [Line Items]
Repaid outstanding borrowings	$ 0	$ 30,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings	0
Remaining borrowing capacity	$ 100,000

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022
Income Tax Disclosure [Abstract]
Effective tax rates	24.40%	23.20%	23.40%	23.40%
Statutory income tax rate			21%

SHARE-BASED COMPENSATION - Comp

SHARE-BASED COMPENSATION - Components of Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022
Stock-Based Compensation
Share-based compensation expense	$ 745	$ 1,171	$ 1,865	$ 2,033
Restricted stock awards
Stock-Based Compensation
Share-based compensation expense	583	504	1,135	958
Performance stock units
Stock-Based Compensation
Share-based compensation expense	$ 162	$ 667	$ 730	$ 1,075

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards $ / shares in Units, $ in Millions	6 Months Ended
	Jan. 01, 2023 USD ($) $ / shares shares
Stock-Based Compensation
Stock awards granted	97,525
Weighted average grant date value | $ / shares	$ 23.55
Unrecognized compensation expense | $	$ 2.8
Weighted average period	1 year 9 months 18 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 - Summ

SHARE-BASED COMPENSATION - Summary of Status of Nonvested Restricted Stock Awards and Changes (Details) - Restricted stock awards	6 Months Ended
	Jan. 01, 2023 $ / shares shares
Nonvested Restricted Shares
Nonvested at beginning of period | shares	106,408
Granted | shares	97,525
Vested | shares	(34,418)
Forfeited | shares	(5,119)
Nonvested at end of period | shares	164,396
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	22.02
Nonvested at end of period | $ / shares	$ 23.38

SHARE-BASED COMPENSATION - Perf

SHARE-BASED COMPENSATION - Performance Stock Units - Additional Information (Details) - Performance stock units $ in Millions	6 Months Ended
	Jan. 01, 2023 USD ($)
Stock-Based Compensation
Unrecognized compensation expense	$ 2.8
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 - Su_2

SHARE-BASED COMPENSATION - Summary of Status of Nonvested Performance Stock Units and Changes (Details) - Performance stock units	6 Months Ended
	Jan. 01, 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

EARNINGS PER SHARE AND COMMON_3

EARNINGS PER SHARE AND COMMON STOCK - Factors Used in Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 01, 2023	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022
Earnings Per Share Basic [Line Items]
NET INCOME FROM CONTINUING OPERATIONS	$ 19,983	$ 17,859	$ 44,618	$ 30,091
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX (Note 3)	(300)	(2,457)	(20,867)	(4,303)
Net Income	$ 19,683	$ 15,402	$ 23,751	$ 25,788
Weighted average shares — basic	17,669,645	18,722,386	17,807,853	18,786,343
Weighted average outstanding shares — diluted	17,774,329	18,899,136	17,903,027	18,951,627
Basic net income (loss) per share
Continuing operations	$ 1.13	$ 0.95	$ 2.51	$ 1.60
Discontinued operations	(0.02)	(0.13)	(1.18)	(0.23)
Net income	1.11	0.82	1.33	1.37
Diluted net income (loss) per share
Continuing operations	1.12	0.94	2.49	1.59
Discontinued operations	(0.01)	(0.13)	(1.16)	(0.23)
Net income	$ 1.11	$ 0.81	$ 1.33	$ 1.36
Stock options
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	8,175	12,994	8,134	13,618
Restricted stock awards
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	96,509	163,756	87,040	151,666

EARNINGS PER SHARE AND COMMON_4

EARNINGS PER SHARE AND COMMON STOCK - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 01, 2023	Oct. 02, 2022	Jan. 02, 2022	Oct. 03, 2021	Jan. 01, 2023	Jan. 02, 2022	Jun. 24, 2021
Class Of Stock [Line Items]
Repurchase of shares in cash, including related fees and expenses	$ 4,800		$ 9,900		$ 8,972	$ 11,375
Stock repurchase program, remained available under the program	$ 15,600				$ 15,600
Common Stock
Class Of Stock [Line Items]
Stock repurchase program, number of shares authorized							$ 50,000
Number of shares repurchased	224,284	191,360	356,296	58,379	415,644	414,675

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details)	6 Months Ended
	Jan. 01, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Operating Information for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jan. 01, 2023	Mar. 31, 2022	Jan. 02, 2022	Jan. 01, 2023	Jan. 02, 2022	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 159,188		$ 144,400	$ 328,704	$ 275,050
Operating income (loss)	26,461		23,619	58,683	39,999
Depreciation and amortization	2,610		2,364	5,211	4,823
Goodwill impairment	0	$ 1,100	0	0	1,100
Purchases of property, plant and equipment	5,947		2,395	11,915	4,945
Total assets	299,757			299,757		$ 297,052
MasterCraft
Segment Reporting Information [Line Items]
Net sales	108,665		106,773	221,685	198,788
Operating income (loss)	22,899		21,302	46,971	37,482
Depreciation and amortization	1,364		1,226	2,746	2,514
Goodwill impairment					0
Purchases of property, plant and equipment	3,173		1,468	5,283	3,532
MasterCraft | Operating Segments
Segment Reporting Information [Line Items]
Total assets	214,520			214,520		178,386
Crest
Segment Reporting Information [Line Items]
Net sales	36,665		29,718	80,226	62,498
Operating income (loss)	5,071		4,637	12,614	8,436
Depreciation and amortization	721		647	1,403	1,341
Goodwill impairment					0
Purchases of property, plant and equipment	1,681		673	4,203	1,044
Crest | Operating Segments
Segment Reporting Information [Line Items]
Total assets	52,329			52,329		53,956
Aviara
Segment Reporting Information [Line Items]
Net sales	13,858		7,909	26,793	13,764
Operating income (loss)	(1,509)		(2,320)	(902)	(5,919)
Depreciation and amortization	525		491	1,062	968
Goodwill impairment					1,100
Purchases of property, plant and equipment	1,093		$ 254	2,429	$ 369
Aviara | Operating Segments
Segment Reporting Information [Line Items]
Total assets	32,908			32,908		35,115
Discontinued operations | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 0			$ 0		$ 29,595