MasterCraft Boat (MCFT) 10-Q 8 Nov 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 01, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 01, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
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		17,256,141
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
	Oct. 01, 2023	Oct. 02, 2022
Income Statement [Abstract]
NET SALES	$ 104,217	$ 169,516
COST OF SALES	82,381	123,543
GROSS PROFIT	21,836	45,973
OPERATING EXPENSES:
Selling and marketing	3,464	3,779
General and administrative	9,357	9,483
Amortization of other intangible assets	462	489
Total operating expenses	13,283	13,751
OPERATING INCOME	8,553	32,222
OTHER INCOME (EXPENSE):
Interest expense	(878)	(562)
Interest income	1,351	151
INCOME BEFORE INCOME TAX EXPENSE	9,026	31,811
INCOME TAX EXPENSE	1,950	7,176
Net income from continuing operations	7,076	24,635
Loss from discontinued operations, net of tax	(881)	(20,567)
NET INCOME	$ 6,195	$ 4,068
Basic
Continuing operations	$ 0.41	$ 1.38
Discontinued operations	(0.05)	(1.15)
Net income	0.36	0.23
Diluted
Continuing operations	0.41	1.37
Discontinued operations	(0.05)	(1.14)
Net income	$ 0.36	$ 0.23
WEIGHTED AVERAGE SHARES USED FOR COMPUTATION OF:
Basic earnings per share	17,156,283	17,946,061
Diluted earnings per share	17,224,608	18,031,725

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 01, 2023	Jun. 30, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 23,459	$ 19,817
Held-to-maturity securities (Note 4)	66,532	91,560
Accounts receivable, net of allowance of $137 and $122, respectively	16,304	15,741
Inventories, net (Note 5)	55,472	58,298
Prepaid expenses and other current assets	12,593	10,083
Total current assets	174,360	195,499
Property, plant and equipment, net (Note 6)	76,050	77,921
Goodwill (Note 7)	28,493	28,493
Other intangible assets, net (Note 7)	35,000	35,462
Deferred income taxes	12,460	12,428
Deferred debt issuance costs, net	279	304
Other long-term assets	7,586	3,869
Total assets	334,228	353,976
CURRENT LIABILITIES:
Accounts payable	16,950	20,391
Income tax payable	500	5,272
Accrued expenses and other current liabilities (Note 8)	61,964	72,496
Current portion of long-term debt, net of unamortized debt issuance costs (Note 9)	4,384	4,381
Total current liabilities	83,798	102,540
Long-term debt, net of unamortized debt issuance costs (Note 9)	48,198	49,295
Unrecognized tax positions	7,546	7,350
Other long-term liabilities	2,790	2,702
Total liabilities	142,332	161,887
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, $.01 par value per share - authorized, 100,000,000 shares; issued and outstanding, 17,256,141 shares at October 1, 2023 and 17,312,850 shares at June 30, 2023	171	173
Additional paid-in capital	69,510	75,976
Retained earnings	122,015	115,820
MasterCraft Boat Holdings, Inc. equity	191,696	191,969
Noncontrolling interest	200	120
Total equity	191,896	192,089
Total liabilities and equity	$ 334,228	$ 353,976

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 01, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 137	$ 122
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	17,256,141	17,312,850
Common stock, outstanding shares	17,256,141	17,312,850

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest Member
Balance, beginning at Jun. 30, 2022	$ 143,648	$ 181	$ 96,584	$ 46,883
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2022	143,648
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 (Loss)	4,068			4,068
Balance, ending at Oct. 02, 2022	144,188	$ 180	93,057	50,951
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Oct. 02, 2022	144,188
Balance, ending (in shares) at Oct. 02, 2022		17,998,117
Balance, beginning at Jun. 30, 2023	191,969	$ 173	75,976	115,820	$ 120
Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2023	192,089
Balance, beginning (in shares) at Jun. 30, 2023		17,312,850
Share-based compensation activity	(683)		(683)
Share-based compensation activity (shares)		185,055
Repurchase and retirement of common stock	(5,785)	$ (2)	(5,783)
Repurchase and retirement of common stock (shares)		(241,764)
Capital contribution from noncontrolling interest	80				80
Net Income (Loss)	6,195			6,195
Balance, ending at Oct. 01, 2023	191,696	$ 171	$ 69,510	$ 122,015	$ 200
Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Oct. 01, 2023	$ 191,896
Balance, ending (in shares) at Oct. 01, 2023		17,256,141

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 6,195	$ 4,068
Loss from discontinued operations, net of tax	881	20,567
Net income from continuing operations	7,076	24,635
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,727	2,601
Share-based compensation	939	1,120
Unrecognized tax benefits	196	(818)
Deferred income taxes	(32)	2,416
Amortization of debt issuance costs	56	59
Changes in certain operating assets and liabilities	(18,763)	(10,021)
Other, net	(1,003)	726
Net Cash Provided by (used in) Operating Activities, Continuing Operations	(8,804)	20,718
Net cash used in operating activities of discontinued operations	(318)	(2,230)
Net cash provided by (used in) operating activities	(9,122)	18,488
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(4,398)	(5,968)
Purchases of investments	(9,761)	0
Maturities of investments	35,347	0
Cash Provided by (Used in) Investing Activities, Discontinued Operations	0	(501)
Net cash used in investing activities of continuing operations	21,188	(5,968)
Net cash used in investing activitie of discontinued operations	0	(501)
Net cash provided by (used in) investing activities	21,188	(6,469)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt	(1,125)	(750)
Cash paid for withholding taxes on vested stock	(1,622)	(465)
Repurchase and retirement of common stock	(5,757)	(4,178)
Other, net	80	0
Net cash used in financing activities of continuing operations	(8,424)	(5,393)
NET CHANGE IN CASH AND CASH EQUIVALENTS	3,642	6,626
CASH AND CASH EQUIVALENTS — BEGINNING OF PERIOD	19,817	34,203
CASH AND CASH EQUIVALENTS — END OF PERIOD	23,459	40,829
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash payments for interest	820	542
Cash payments for income taxes	6,380	5,627
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Activity related to sales-type lease	3,898	0
Capital expenditures in accounts payable and accrued expenses	$ 883	$ 643

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,195	$ 4,068

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Oct. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Oct. 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, 2023 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of October 1, 2023, its results of operations for the three months ended October 1, 2023 and October 2, 2022, its cash flows for the three months ended October 1, 2023 and October 2, 2022, and its statements of equity for the three months ended October 1, 2023 and October 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, 2023 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 2023 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 months ended October 1, 2023 as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2023 . Investment in Sales-Type Lease — On July 1, 2023, the Company became a lessor in a sales-type lease arrangement consisting of land valued at $ 3.9 million. In accordance with Accounting Standards Codification (“ASC”) 842, Leases, the underlying land was derecognized as Property, Plant and Equipment and a sales-type lease was recognized as a net investment in a lease. The net investment balances are represented as lease receivable and unguaranteed residual asset amounts on the balance sheet within other current assets and other long-term assets. The interest earned on the net investment will be recognized as interest income.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Oct. 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 October 1, 2023 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 69,825 $ 18,118 $ 9,912 $ 97,855 Parts 5,192 253 — 5,445 Other revenue 819 98 — 917 Total $ 75,836 $ 18,469 $ 9,912 $ 104,217 Three Months Ended October 2, 2022 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 108,204 $ 43,143 $ 12,935 $ 164,282 Parts 4,237 253 — 4,490 Other revenue 579 165 — 744 Total $ 113,020 $ 43,561 $ 12,935 $ 169,516 Contract Liabilities As of June 30, 2023, the Company had $ 3.3 million of contract liabilities associated with customer deposits and services. During the three months ended October 1, 2023 , $ 0.7 million was recognized as revenue. As of October 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 $ 1.3 million is expected to be recognized as revenue during the remainder of the year ending June 30, 2024 .

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Oct. 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. During the quarter ended October 2, 2022 , the Company recognized a $ 22.1 million loss on sale. The final settlement of the purchase price was subject to customary working capital adjustments that had been in arbitration, but were settled in October 2023 without a significant impact to the loss on sale previously recorded. The value of the assets and liabilities that were retained at the time of sale, which are primarily related to certain claims, are subject to change. Certain of these claims have been settled or are expected to settle for higher amounts than previously estimated, with the related activity being recorded as discontinued operations. The following table summarizes the operating results of discontinued operations for the following periods: Three Months Ended October 1, October 2, 2023 2022 NET SALES $ 37 $ 7,870 COST OF SALES 338 9,114 GROSS LOSS ( 301 ) ( 1,244 ) OPERATING EXPENSES: Selling, general and administrative 1,046 2,345 Total operating expenses 1,046 2,345 OPERATING LOSS ( 1,347 ) ( 3,589 ) Loss on sale of discontinued operations 157 ( 22,087 ) LOSS BEFORE INCOME TAX BENEFIT ( 1,190 ) ( 25,676 ) INCOME TAX BENEFIT 309 5,109 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX $ ( 881 ) $ ( 20,567 )

HELD-TO-MATURITY SECURITIES

HELD-TO-MATURITY SECURITIES	3 Months Ended
	Oct. 01, 2023
Investments Disclosure [Abstract]
HELD-TO-MATURITY SECURITIES	4. HELD-TO-MATURITY SECURITIES The amortized cost and net carrying amount, gross unrealized gains and losses, and estimated fair value of our investments classified as held-to-maturity at October 1, 2023 and June 30, 2023 are summarized as follows: October 1, 2023 Amortized Gross Gross Estimated Cost / Net Unrealized Unrealized Fair Carrying Amount Gains Losses Value Held-to-maturity securities: Fixed income securities: Corporate bonds $ 56,588 $ 3 $ ( 85 ) $ 56,506 U.S. treasury bills 9,944 97 ( 1 ) 10,040 Total held-to-maturity securities $ 66,532 $ 100 $ ( 86 ) $ 66,546 June 30, 2023 Amortized Gross Gross Estimated Cost / Net Unrealized Unrealized Fair Carrying Amount Gains Losses Value Held-to-maturity securities: Fixed income securities: Corporate bonds $ 81,743 $ 1 $ ( 160 ) $ 81,584 U.S. treasury bills 9,817 31 ( 1 ) 9,847 Total held-to-maturity securities $ 91,560 $ 32 $ ( 161 ) $ 91,431

INVENTORIES

INVENTORIES	3 Months Ended
	Oct. 01, 2023
Inventory Disclosure [Abstract]
INVENTORIES	5. INVENTORIES Inventories consisted of the following: October 1, June 30, 2023 2023 Raw materials and supplies $ 36,540 $ 40,201 Work in process 10,668 9,465 Finished goods 9,542 10,335 Obsolescence reserve ( 1,278 ) ( 1,703 ) Total inventories $ 55,472 $ 58,298

PROPERTY, PLANT, AND EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT	3 Months Ended
	Oct. 01, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	6. PROPERTY, PLANT, AND EQUIPMENT Property, plant, and equipment, net consisted of the following: October 1, June 30, 2023 2023 Land and improvements $ 7,542 $ 10,456 Buildings and improvements 48,305 46,759 Machinery and equipment 40,021 40,632 Furniture and fixtures 5,530 5,284 Construction in progress 10,581 10,180 Total property, plant, and equipment 111,979 113,311 Less accumulated depreciation ( 35,929 ) ( 35,390 ) Property, plant, and equipment — net $ 76,050 $ 77,921

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Oct. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	7. GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the carrying amounts of goodwill as of October 1, 2023, and June 30, 2023 for each of the Company’s reportable segments. Gross Amount Accumulated Impairment Losses Total MasterCraft $ 28,493 $ — $ 28,493 Crest 36,238 ( 36,238 ) — Aviara 1,100 ( 1,100 ) — Total $ 65,831 $ ( 37,338 ) $ 28,493 The following table presents the carrying amounts of Other intangible assets, net: October 1, June 30, 2023 2023 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 $ ( 10,500 ) $ 9,000 $ 19,500 $ ( 10,050 ) $ 9,450 Software 245 ( 245 ) — 245 ( 233 ) 12 19,745 ( 10,745 ) 9,000 19,745 ( 10,283 ) 9,462 Unamortized intangible assets Trade names 33,000 ( 7,000 ) 26,000 33,000 ( 7,000 ) 26,000 Total other intangible assets $ 52,745 $ ( 17,745 ) $ 35,000 $ 52,745 $ ( 17,283 ) $ 35,462 Amortization expense related to Other intangible assets, net for the three months ended October 1, 2023 and October 2, 2022 was $ 0.5 million. Estimated amortization expense for the fiscal year ending June 30, 2024 is $ 1.8 million.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Oct. 01, 2023
Accrued Liabilities and Other Liabilities [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following: October 1, June 30, 2023 2023 Warranty $ 31,710 $ 31,780 Dealer incentives 17,330 24,987 Compensation and related accruals 2,897 5,838 Self-insurance 1,454 1,586 Inventory repurchase contingent obligation 1,518 1,515 Contract liabilities 1,484 1,477 Liabilities retained associated with discontinued operations 1,042 690 Other 4,529 4,623 Total accrued expenses and other current liabilities $ 61,964 $ 72,496 Accrued warranty liability activity was as follows for the three months ended: October 1, October 2, 2023 2022 Balance at the beginning of the period $ 31,779 $ 25,824 Provisions 2,143 3,345 Payments made ( 3,956 ) ( 3,177 ) Changes for pre-existing warranties 1,744 928 Balance at the end of the period $ 31,710 $ 26,920

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Oct. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. 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. 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 aggregate, and after considering expected insurance reimbursements and other contract indemnifications, 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	3 Months Ended
	Oct. 01, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	10. LONG-TERM DEBT Long-term debt is as follows: October 1, June 30, 2023 2023 Term loan $ 52,875 $ 54,000 Debt issuance costs on term loan ( 293 ) ( 324 ) Total debt 52,582 53,676 Less current portion of long-term debt 4,500 4,500 Less current portion of debt issuance costs on term loan ( 116 ) ( 119 ) Long-term debt, net of current portion $ 48,198 $ 49,295 The Company has a credit agreement with a syndicate of certain financial institutions (the “Credit Agreement”) that 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 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. On October 4, 2023, the Company entered into the Third Amendment to the Credit Agreement to exclude certain amounts of stock repurchases during the fiscal year ending June 30, 2024 from the calculation of the minimum required fixed charge coverage ratio. 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 months ended October 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 October 1, 2023 , the interest rate on the Company’s term loan was 6.67 %. The Credit Agreement will mature and all remaining amounts outstanding thereunder will be due and payable on June 28, 2026. As of October 1, 2023, the Company was in compliance with its financial covenants under the Credit Agreement. Revolving Credit Facility As of October 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	3 Months Ended
	Oct. 01, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	11. 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 October 1, 2023 and October 2, 2022, the Company’s effective tax rate was 21.6 % and 22.6 % , respectively. The Company’s effective tax rate for the three months ended October 1, 2023 is lower compared to the effective tax rate for the three months ended October 2, 2022 , primarily due to a decrease in taxable income and the greater relative impact of certain tax credits.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Oct. 01, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	12. SHARE-BASED COMPENSATION The following table presents the components of share-based compensation expense by award type. Three Months Ended October 1, October 2, 2023 2022 Restricted stock awards $ 413 $ 552 Performance stock units 526 568 Share-based compensation expense $ 939 $ 1,120 Restricted Stock Awards During the three months ended October 1, 2023 , the Company granted 114,622 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 three months ended October 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 three months ended October 1, 2023 , was $ 21.06 per share. The following table summarizes the status of nonvested RSAs as of October 1, 2023, and changes during the three months then ended. Average Nonvested Grant-Date Restricted Fair Value Shares (per share) Nonvested at June 30, 2023 91,907 $ 23.66 Granted 114,622 21.06 Vested ( 18,830 ) 20.00 Forfeited ( 4,344 ) 24.50 Nonvested at October 1, 2023 183,355 23.38 As of October 1, 2023 , there was $ 3.7 million of total unrecognized compensation expense related to nonvested RSAs. The Company expects this expense to be recognized over a weighted average period of 1.9 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 October 1, 2023, and changes during the three months then ended. Average Nonvested Grant-Date Performance Fair Value Stock Units (per share) Nonvested at June 30, 2023 122,971 $ 27.12 Granted 84,704 21.06 Forfeited ( 8,007 ) 27.37 Nonvested at October 1, 2023 199,668 26.68 As of October 1, 2023 , there was $ 2.9 million of total unrecognized compensation expense related to nonvested PSUs. The Company expects this expense to be recognized over a weighted average period of 2.3 years.

EARNINGS PER SHARE AND COMMON S

EARNINGS PER SHARE AND COMMON STOCK	3 Months Ended
	Oct. 01, 2023
Equity [Abstract]
EARNINGS PER SHARE AND COMMON STOCK	13. EARNINGS PER SHARE AND COMMON STOCK The following table sets forth the computation of the Company’s net income per share: Three Months Ended October 1, October 2, 2023 2022 Net income from continuing operations $ 7,076 $ 24,635 Loss from discontinued operations, net of tax ( 881 ) ( 20,567 ) Net income $ 6,195 $ 4,068 Weighted average shares — basic 17,156,283 17,946,061 Dilutive effect of assumed exercises of stock options — 8,093 Dilutive effect of assumed restricted share awards/units 68,325 77,571 Weighted average outstanding shares — diluted 17,224,608 18,031,725 Basic net income (loss) per share Continuing operations $ 0.41 $ 1.38 Discontinued operations $ ( 0.05 ) $ ( 1.15 ) Net income $ 0.36 $ 0.23 Diluted net income (loss) per share Continuing operations $ 0.41 $ 1.37 Discontinued operations ( 0.05 ) $ ( 1.14 ) Net income $ 0.36 $ 0.23 For the three months ended October 1, 2023, no shares were excluded from the computation of diluted earnings per share. For the three months ended October 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. Share Repurchase Program On June 24, 2021, the board of directors of the Company authorized a share 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. While having $ 1.6 million of availability as of June 30, 2023, this program was fully utilized as of October 1, 2023. On July 24, 2023, the board of directors of the Company authorized a new share repurchase program under which the Company may repurchase up to $ 50 million of its outstanding shares of common stock. The new authorization became effective upon the completion of the Company's existing $ 50 million stock repurchase authorization. During the three months ended October 1, 2023 , the Company repurchased 241,764 shares of common stock for $ 5.8 million in cash, excluding related fees and expenses. During the three months ended October 2, 2022 , the Company repurchased 191,360 shares of common stock for $ 4.2 million. As of October 1, 2023 , $ 45.9 million remained available under the new program.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Oct. 01, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	14. 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 months ended October 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 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 October 1, 2023 MasterCraft Crest Aviara Consolidated Net sales $ 75,836 $ 18,469 $ 9,912 $ 104,217 Operating income (loss) 10,290 263 ( 2,000 ) 8,553 Depreciation and amortization 1,301 808 618 2,727 Purchases of property, plant and equipment 2,209 859 1,330 4,398 For the Three Months Ended October 2, 2022 MasterCraft Crest Aviara Consolidated Net sales $ 113,020 $ 43,561 $ 12,935 $ 169,516 Operating income 24,072 7,543 607 32,222 Depreciation and amortization 1,382 682 537 2,601 Purchases of property, plant and equipment 2,109 2,523 1,336 5,968 The following table presents total assets for the Company’s reportable segments. October 1, 2023 June 30, 2023 Assets: MasterCraft $ 236,174 $ 259,201 Crest 52,922 53,435 Aviara 45,132 41,340 Total assets $ 334,228 $ 353,976

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Oct. 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, 2023 and, in the opinion of management, reflect all adjustments considered necessary to present fairly the Company’s financial position as of October 1, 2023, its results of operations for the three months ended October 1, 2023 and October 2, 2022, its cash flows for the three months ended October 1, 2023 and October 2, 2022, and its statements of equity for the three months ended October 1, 2023 and October 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, 2023 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 2023 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 months ended October 1, 2023 as compared with those described in the Company’s audited consolidated financial statements for the fiscal year ended June 30, 2023 .
Investment in Sales-Type Lease	Investment in Sales-Type Lease — On July 1, 2023, the Company became a lessor in a sales-type lease arrangement consisting of land valued at $ 3.9 million. In accordance with Accounting Standards Codification (“ASC”) 842, Leases, the underlying land was derecognized as Property, Plant and Equipment and a sales-type lease was recognized as a net investment in a lease. The net investment balances are represented as lease receivable and unguaranteed residual asset amounts on the balance sheet within other current assets and other long-term assets. The interest earned on the net investment will be recognized as interest income.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Oct. 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 October 1, 2023 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 69,825 $ 18,118 $ 9,912 $ 97,855 Parts 5,192 253 — 5,445 Other revenue 819 98 — 917 Total $ 75,836 $ 18,469 $ 9,912 $ 104,217 Three Months Ended October 2, 2022 MasterCraft Crest Aviara Total Major Product Categories: Boats and trailers $ 108,204 $ 43,143 $ 12,935 $ 164,282 Parts 4,237 253 — 4,490 Other revenue 579 165 — 744 Total $ 113,020 $ 43,561 $ 12,935 $ 169,516

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Oct. 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 October 1, October 2, 2023 2022 NET SALES $ 37 $ 7,870 COST OF SALES 338 9,114 GROSS LOSS ( 301 ) ( 1,244 ) OPERATING EXPENSES: Selling, general and administrative 1,046 2,345 Total operating expenses 1,046 2,345 OPERATING LOSS ( 1,347 ) ( 3,589 ) Loss on sale of discontinued operations 157 ( 22,087 ) LOSS BEFORE INCOME TAX BENEFIT ( 1,190 ) ( 25,676 ) INCOME TAX BENEFIT 309 5,109 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX $ ( 881 ) $ ( 20,567 )

HELD-TO-MATURITY SECURITIES (Ta

HELD-TO-MATURITY SECURITIES (Tables)	3 Months Ended
	Oct. 01, 2023
Investments Disclosure [Abstract]
Summary of Investments	The amortized cost and net carrying amount, gross unrealized gains and losses, and estimated fair value of our investments classified as held-to-maturity at October 1, 2023 and June 30, 2023 are summarized as follows: October 1, 2023 Amortized Gross Gross Estimated Cost / Net Unrealized Unrealized Fair Carrying Amount Gains Losses Value Held-to-maturity securities: Fixed income securities: Corporate bonds $ 56,588 $ 3 $ ( 85 ) $ 56,506 U.S. treasury bills 9,944 97 ( 1 ) 10,040 Total held-to-maturity securities $ 66,532 $ 100 $ ( 86 ) $ 66,546 June 30, 2023 Amortized Gross Gross Estimated Cost / Net Unrealized Unrealized Fair Carrying Amount Gains Losses Value Held-to-maturity securities: Fixed income securities: Corporate bonds $ 81,743 $ 1 $ ( 160 ) $ 81,584 U.S. treasury bills 9,817 31 ( 1 ) 9,847 Total held-to-maturity securities $ 91,560 $ 32 $ ( 161 ) $ 91,431

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Oct. 01, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: October 1, June 30, 2023 2023 Raw materials and supplies $ 36,540 $ 40,201 Work in process 10,668 9,465 Finished goods 9,542 10,335 Obsolescence reserve ( 1,278 ) ( 1,703 ) Total inventories $ 55,472 $ 58,298

PROPERTY, PLANT, AND EQUIPMENT

PROPERTY, PLANT, AND EQUIPMENT (Tables)	3 Months Ended
	Oct. 01, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property, plant, and equipment, net consisted of the following: October 1, June 30, 2023 2023 Land and improvements $ 7,542 $ 10,456 Buildings and improvements 48,305 46,759 Machinery and equipment 40,021 40,632 Furniture and fixtures 5,530 5,284 Construction in progress 10,581 10,180 Total property, plant, and equipment 111,979 113,311 Less accumulated depreciation ( 35,929 ) ( 35,390 ) Property, plant, and equipment — net $ 76,050 $ 77,921

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Oct. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amounts of Goodwill	The following table presents the carrying amounts of goodwill as of October 1, 2023, and June 30, 2023 for each of the Company’s reportable segments. Gross Amount Accumulated Impairment Losses Total MasterCraft $ 28,493 $ — $ 28,493 Crest 36,238 ( 36,238 ) — Aviara 1,100 ( 1,100 ) — Total $ 65,831 $ ( 37,338 ) $ 28,493
Schedule of Carrying Amount of Other Intangible Assets, Net	The following table presents the carrying amounts of Other intangible assets, net: October 1, June 30, 2023 2023 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 $ ( 10,500 ) $ 9,000 $ 19,500 $ ( 10,050 ) $ 9,450 Software 245 ( 245 ) — 245 ( 233 ) 12 19,745 ( 10,745 ) 9,000 19,745 ( 10,283 ) 9,462 Unamortized intangible assets Trade names 33,000 ( 7,000 ) 26,000 33,000 ( 7,000 ) 26,000 Total other intangible assets $ 52,745 $ ( 17,745 ) $ 35,000 $ 52,745 $ ( 17,283 ) $ 35,462

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Oct. 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: October 1, June 30, 2023 2023 Warranty $ 31,710 $ 31,780 Dealer incentives 17,330 24,987 Compensation and related accruals 2,897 5,838 Self-insurance 1,454 1,586 Inventory repurchase contingent obligation 1,518 1,515 Contract liabilities 1,484 1,477 Liabilities retained associated with discontinued operations 1,042 690 Other 4,529 4,623 Total accrued expenses and other current liabilities $ 61,964 $ 72,496
Summary of Accrued Warranty Liability Activity	Accrued warranty liability activity was as follows for the three months ended: October 1, October 2, 2023 2022 Balance at the beginning of the period $ 31,779 $ 25,824 Provisions 2,143 3,345 Payments made ( 3,956 ) ( 3,177 ) Changes for pre-existing warranties 1,744 928 Balance at the end of the period $ 31,710 $ 26,920

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	3 Months Ended
	Oct. 01, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Outstanding	Long-term debt is as follows: October 1, June 30, 2023 2023 Term loan $ 52,875 $ 54,000 Debt issuance costs on term loan ( 293 ) ( 324 ) Total debt 52,582 53,676 Less current portion of long-term debt 4,500 4,500 Less current portion of debt issuance costs on term loan ( 116 ) ( 119 ) Long-term debt, net of current portion $ 48,198 $ 49,295

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Oct. 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 October 1, October 2, 2023 2022 Restricted stock awards $ 413 $ 552 Performance stock units 526 568 Share-based compensation expense $ 939 $ 1,120
Summary of Status of Nonvested Restricted Stock Awards and Changes	The following table summarizes the status of nonvested RSAs as of October 1, 2023, and changes during the three months then ended. Average Nonvested Grant-Date Restricted Fair Value Shares (per share) Nonvested at June 30, 2023 91,907 $ 23.66 Granted 114,622 21.06 Vested ( 18,830 ) 20.00 Forfeited ( 4,344 ) 24.50 Nonvested at October 1, 2023 183,355 23.38
Summary of Status of Nonvested Performance Stock Units and Changes	The following table summarizes the status of nonvested PSUs as of October 1, 2023, and changes during the three months then ended. Average Nonvested Grant-Date Performance Fair Value Stock Units (per share) Nonvested at June 30, 2023 122,971 $ 27.12 Granted 84,704 21.06 Forfeited ( 8,007 ) 27.37 Nonvested at October 1, 2023 199,668 26.68

EARNINGS PER SHARE AND COMMON_2

EARNINGS PER SHARE AND COMMON STOCK (Tables)	3 Months Ended
	Oct. 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 October 1, October 2, 2023 2022 Net income from continuing operations $ 7,076 $ 24,635 Loss from discontinued operations, net of tax ( 881 ) ( 20,567 ) Net income $ 6,195 $ 4,068 Weighted average shares — basic 17,156,283 17,946,061 Dilutive effect of assumed exercises of stock options — 8,093 Dilutive effect of assumed restricted share awards/units 68,325 77,571 Weighted average outstanding shares — diluted 17,224,608 18,031,725 Basic net income (loss) per share Continuing operations $ 0.41 $ 1.38 Discontinued operations $ ( 0.05 ) $ ( 1.15 ) Net income $ 0.36 $ 0.23 Diluted net income (loss) per share Continuing operations $ 0.41 $ 1.37 Discontinued operations ( 0.05 ) $ ( 1.14 ) Net income $ 0.36 $ 0.23

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Oct. 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 October 1, 2023 MasterCraft Crest Aviara Consolidated Net sales $ 75,836 $ 18,469 $ 9,912 $ 104,217 Operating income (loss) 10,290 263 ( 2,000 ) 8,553 Depreciation and amortization 1,301 808 618 2,727 Purchases of property, plant and equipment 2,209 859 1,330 4,398 For the Three Months Ended October 2, 2022 MasterCraft Crest Aviara Consolidated Net sales $ 113,020 $ 43,561 $ 12,935 $ 169,516 Operating income 24,072 7,543 607 32,222 Depreciation and amortization 1,382 682 537 2,601 Purchases of property, plant and equipment 2,109 2,523 1,336 5,968 The following table presents total assets for the Company’s reportable segments. October 1, 2023 June 30, 2023 Assets: MasterCraft $ 236,174 $ 259,201 Crest 52,922 53,435 Aviara 45,132 41,340 Total assets $ 334,228 $ 353,976

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions	Jul. 01, 2023 USD ($)
Organization Basis Of Presentation And Significant Accounting Policies [Line Items]
Net investment in a lease	$ 3.9

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
	Oct. 01, 2023	Oct. 02, 2022
Revenue by Categories
Revenue	$ 104,217	$ 169,516
MasterCraft
Revenue by Categories
Revenue	75,836	113,020
Crest
Revenue by Categories
Revenue	18,469	43,561
Aviara
Revenue by Categories
Revenue	9,912	12,935
Boats and trailers
Revenue by Categories
Revenue	97,855	164,282
Boats and trailers | MasterCraft
Revenue by Categories
Revenue	69,825	108,204
Boats and trailers | Crest
Revenue by Categories
Revenue	18,118	43,143
Boats and trailers | Aviara
Revenue by Categories
Revenue	9,912	12,935
Parts
Revenue by Categories
Revenue	5,445	4,490
Parts | MasterCraft
Revenue by Categories
Revenue	5,192	4,237
Parts | Crest
Revenue by Categories
Revenue	253	253
Other
Revenue by Categories
Revenue	917	744
Other | MasterCraft
Revenue by Categories
Revenue	819	579
Other | Crest
Revenue by Categories
Revenue	$ 98	$ 165

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Jun. 30, 2023
Contract liabilities
Contract liabilities		$ 3,300
Contract liabilities, current	$ 1,484	$ 1,477
Contract liabilities with customer, revenue recognized during the period	700
Revenue to be recognized	1,300
Accrued Expenses and Other Current Liabilities
Contract liabilities
Contract liabilities, current	$ 3,400

DISCONTINUED OPERATIONS - Addit

DISCONTINUED OPERATIONS - Additional Information (Details) $ in Millions	3 Months Ended
	Oct. 02, 2022 USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Non-cash pretax loss	$ 22.1

DISCONTINUED OPERATIONS - Summa

DISCONTINUED OPERATIONS - Summary of Operating Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Discontinued Operations
Loss on sale of discontinued operations		$ 22,100
NauticStar
Discontinued Operations
NET SALES	$ 37	7,870
COST OF SALES	338	9,114
GROSS PROFIT	(301)	(1,244)
Selling, general and administrative	1,046	2,345
Total operating expenses	1,046	2,345
OPERATING LOSS	(1,347)	(3,589)
Loss on sale of discontinued operations	157	(22,087)
LOSS BEFORE INCOME TAX BENEFIT	(1,190)	(25,676)
INCOME TAX BENEFIT	309	5,109
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX	$ (881)	$ (20,567)

HELD-TO-MATURITY SECURITIES - S

HELD-TO-MATURITY SECURITIES - Summary of investments (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jun. 30, 2023
Schedule of Investments [Line Items]
Amortized Cost/Net Carrying Amount	$ 66,532	$ 91,560
Gross Unrealized Gains	100	32
Gross Unrealized Losses	(86)	(161)
Estimated Fair Value	66,546	91,431
Corporate bonds
Schedule of Investments [Line Items]
Amortized Cost/Net Carrying Amount	56,588	81,743
Gross Unrealized Gains	3	1
Gross Unrealized Losses	(85)	(160)
Estimated Fair Value	56,506	81,584
U.S. treasury bills
Schedule of Investments [Line Items]
Amortized Cost/Net Carrying Amount	9,944	9,817
Gross Unrealized Gains	97	31
Gross Unrealized Losses	(1)	(1)
Estimated Fair Value	$ 10,040	$ 9,847

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jun. 30, 2023
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 36,540	$ 40,201
Work in process	10,668	9,465
Finished goods	9,542	10,335
Obsolescence reserve	(1,278)	(1,703)
Total inventories	$ 55,472	$ 58,298

PROPERTY, PLANT, AND EQUIPMEN_2

PROPERTY, PLANT, AND EQUIPMENT - Property, plant, and equipment, net consisted (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 111,979	$ 113,311
Less accumulated depreciation	(35,929)	(35,390)
Property, plant, and equipment net	76,050	77,921
Land and improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	7,542	10,456
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	48,305	46,759
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	40,021	40,632
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	5,530	5,284
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Total property, plant, and equipment	$ 10,581	$ 10,180

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Indefinite-Lived Intangible Assets [Line Items]
Amortization of other intangible assets	$ 462	$ 489
Estimated amortization expense for fiscal year ending June 30, 2024	$ 1,800

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jun. 30, 2023
Goodwill [Line Items]
Goodwill	$ 65,831	$ 65,831
Accumulated impairment losses	(37,338)	(37,338)
Goodwill, net	28,493	28,493
MasterCraft
Goodwill [Line Items]
Goodwill	28,493	28,493
Accumulated impairment losses	0	0
Goodwill, net	28,493	28,493
Crest
Goodwill [Line Items]
Goodwill	36,238	36,238
Accumulated impairment losses	(36,238)	(36,238)
Goodwill, net	0	0
Aviara
Goodwill [Line Items]
Goodwill	1,100	1,100
Accumulated impairment losses	(1,100)	(1,100)
Goodwill, net	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Carrying Amount of Other Intangible Assets, Net (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Oct. 01, 2023	Jun. 30, 2023
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	$ 19,745	$ 19,745
Accumulated Amortization / Impairment	(10,745)	(10,283)
Amortized intangible assets, Other intangible assets, net	9,000	9,462
Gross Amount	52,745	52,745
Accumulated Amortization / Impairment	(17,745)	(17,283)
Other intangible assets, net	35,000	35,462
Dealer network
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	19,500	19,500
Accumulated Amortization / Impairment	(10,500)	(10,050)
Amortized intangible assets, Other intangible assets, net	9,000	9,450
Software
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortized intangible assets, Gross Amount	245	245
Accumulated Amortization / Impairment	(245)	(233)
Amortized intangible assets, Other intangible assets, net	0	12
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	Oct. 01, 2023	Jun. 30, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Warranty	$ 31,710	$ 31,780
Dealer incentives	17,330	24,987
Compensation and related accruals	2,897	5,838
Self-insurance	1,454	1,586
Inventory repurchase contingent obligation	1,518	1,515
Contract liabilities	1,484	1,477
Liabilities retained associated with discontinued operations	1,042	690
Other	4,529	4,623
Total accrued expenses and other current liabilities	$ 61,964	$ 72,496

ACCRUED EXPENSES AND OTHER CU_4

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Summary of Accrued Warranty Liability Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Roll forward of the accrued warranty liability
Balance at the beginning of the period	$ 31,779	$ 25,824
Provisions	2,143	3,345
Payments made	(3,956)	(3,177)
Changes for pre-existing warranties	1,744	928
Balance at the end of the period	$ 31,710	$ 26,920

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jun. 30, 2023
Long-term debt
Total debt	$ 52,582	$ 53,676
Less current portion of long-term debt	4,500	4,500
Long-term debt, net of current portion	48,198	49,295
Term Loan
Long-term debt
Long-term debt	52,875	54,000
Debt issuance costs on term loans	(293)	(324)
Less current portion of debt issuance costs on term loans	$ (116)	$ (119)

LONG-TERM DEBT - Senior Secured

LONG-TERM DEBT - Senior Secured Credit Facility - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 28, 2021	Oct. 01, 2023	Jun. 30, 2023
Term Loan
Long-term debt
Long-term debt		$ 52,875	$ 54,000
Interest rate		6.67%
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 | London Interbank Rate LIBOR | Minimum
Long-term debt
Variable margin rate	1.25%
Senior Secured Credit Facility | London Interbank Rate LIBOR | Maximum
Long-term debt
Variable margin rate	2%
Senior Secured Credit Facility | term benchmark
Long-term debt
Variable margin rate		1.25%
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) - Revolving Credit Facility $ in Thousands	Oct. 01, 2023 USD ($)
Debt Instrument [Line Items]
Outstanding borrowings	$ 0
Remaining borrowing capacity	$ 100,000

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details)	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Income Tax Disclosure [Abstract]
Statutory income tax rate	21%
Effective tax rates	21.60%	22.60%

SHARE-BASED COMPENSATION - Comp

SHARE-BASED COMPENSATION - Components of Share-based Compensation Expense by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Stock-Based Compensation
Share-based compensation expense	$ 939	$ 1,120
Restricted stock awards
Stock-Based Compensation
Share-based compensation expense	413	552
Performance stock units
Stock-Based Compensation
Share-based compensation expense	$ 526	$ 568

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock Awards - Additional Information (Details) - Restricted stock awards $ / shares in Units, $ in Millions	3 Months Ended
	Oct. 01, 2023 USD ($) $ / shares shares
Stock-Based Compensation
Stock awards granted	114,622
Weighted average grant date value | $ / shares	$ 21.06
Unrecognized compensation expense | $	$ 3.7
Weighted average period	1 year 10 months 24 days
Non-executive directors, officers and certain other key employees
Stock-Based Compensation
Stock awards granted	114,622
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	3 Months Ended
	Oct. 01, 2023 $ / shares shares
Nonvested Restricted Shares
Nonvested at beginning of period | shares	91,907
Granted | shares	114,622
Vested | shares	(18,830)
Forfeited | shares	(4,344)
Nonvested at end of period | shares	183,355
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period | $ / shares	$ 23.66
Granted | $ / shares	21.06
Vested | $ / shares	20
Forfeited | $ / shares	24.5
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	3 Months Ended
	Oct. 01, 2023 USD ($)
Stock-Based Compensation
Unrecognized compensation expense	$ 2.9
Weighted average period	2 years 3 months 18 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	3 Months Ended
	Oct. 01, 2023 $ / shares shares
Nonvested Performance Stock Units
Nonvested at beginning of period | shares	122,971
Granted | shares	84,704
Forfeited | shares	(8,007)
Nonvested at end of period | shares	199,668
Average Grant-Date Fair Value (Per share)
Nonvested at beginning of period | $ / shares	$ 27.12
Granted | $ / shares	21.06
Forfeited | $ / shares	27.37
Nonvested at end of period | $ / shares	$ 26.68

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
	Oct. 01, 2023	Oct. 02, 2022
Earnings Per Share Basic [Line Items]
Net income from continuing operations	$ 7,076	$ 24,635
Loss from discontinued operations, net of tax	(881)	(20,567)
Net Income	$ 6,195	$ 4,068
Weighted average shares — basic	17,156,283	17,946,061
Weighted average outstanding shares — diluted	17,224,608	18,031,725
Basic net income (loss) per share
Continuing operations	$ 0.41	$ 1.38
Discontinued operations	(0.05)	(1.15)
Net income	0.36	0.23
Diluted net income (loss) per share
Continuing operations	0.41	1.37
Discontinued operations	(0.05)	(1.14)
Net income	$ 0.36	$ 0.23
Employee Stock Option
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	0	8,093
Restricted stock awards
Earnings Per Share Basic [Line Items]
Dilutive effect of assumed exercises of stock options and restricted share awards\units	68,325	77,571

EARNINGS PER SHARE AND COMMON_4

EARNINGS PER SHARE AND COMMON STOCK - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Jul. 24, 2023	Jun. 30, 2023	Jun. 24, 2021
Class Of Stock [Line Items]
Repurchase of shares in cash, including related fees and expenses	$ 5,757	$ 4,178
Stock repurchase program, remained available under the program	$ 45,900			$ 1,600
Common Stock
Class Of Stock [Line Items]
Stock repurchase program, number of shares authorized			$ 50,000		$ 50,000
Number of shares repurchased	241,764	191,360

SEGMENT INFORMATION - Additiona

SEGMENT INFORMATION - Additional Information (Details)	3 Months Ended
	Oct. 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
	Oct. 01, 2023	Oct. 02, 2022	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 104,217	$ 169,516
Operating income (loss)	8,553	32,222
Depreciation and amortization	2,727	2,601
Purchases of property, plant and equipment	4,398	5,968
Total assets	334,228		$ 353,976
MasterCraft
Segment Reporting Information [Line Items]
Net sales	75,836	113,020
Operating income (loss)	10,290	24,072
Depreciation and amortization	1,301	1,382
Purchases of property, plant and equipment	2,209	2,109
MasterCraft | Operating Segments
Segment Reporting Information [Line Items]
Total assets	236,174		259,201
Crest
Segment Reporting Information [Line Items]
Net sales	18,469	43,561
Operating income (loss)	263	7,543
Depreciation and amortization	808	682
Purchases of property, plant and equipment	859	2,523
Crest | Operating Segments
Segment Reporting Information [Line Items]
Total assets	52,922		53,435
Aviara
Segment Reporting Information [Line Items]
Net sales	9,912	12,935
Operating income (loss)	(2,000)	607
Depreciation and amortization	618	537
Purchases of property, plant and equipment	1,330	$ 1,336
Aviara | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 45,132		$ 41,340