10-Q Filing

MASTERCRAFT BOAT HOLDINGS, INC. CIK: 1638290 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-005216`
Period End Date	20201231
Filing Date	20210210
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	mcft-10q_20210103_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 66 Cash Flow Statement 49 Stockholders Equity 22

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$247.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$164.00K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.32M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.07M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.95M	shares	Point-in-time
Accounts receivable, net of allowances of $164 and $247, respectively	`AccountsReceivableNetCurrent`	$6.14M	USD	Point-in-time
Common stock, issued shares	`CommonStockSharesIssued`	18.87M	shares	Point-in-time
Accounts receivable, net of allowances of $164 and $247, respectively	`AccountsReceivableNetCurrent`	$7.40M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$4.83M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$4.92M	USD	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.87M	shares	Point-in-time
Common stock, outstanding shares	`CommonStockSharesOutstanding`	18.95M	shares	Point-in-time
Inventories, net (Note 3)	`InventoryNet`	$34.57M	USD	Point-in-time
Inventories, net (Note 3)	`InventoryNet`	$25.64M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.72M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$62.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$56.74M	USD	Point-in-time
Property, plant and equipment, net (Note 4)	`PropertyPlantAndEquipmentNet`	$55.98M	USD	Point-in-time
Property, plant and equipment, net (Note 4)	`PropertyPlantAndEquipmentNet`	$40.48M	USD	Point-in-time
Goodwill (Note 5)	`Goodwill`	$29.59M	USD	Point-in-time
Goodwill (Note 5)	`Goodwill`	$29.59M	USD	Point-in-time
Other intangible assets, net (Note 5)	`OtherIntangibleAssetsNet`	$63.85M	USD	Point-in-time
Other intangible assets, net (Note 5)	`OtherIntangibleAssetsNet`	$61.87M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$15.78M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$16.08M	USD	Point-in-time
Deferred debt issuance costs, net	`DeferredFinanceCostsNoncurrentNet`	$425.00K	USD	Point-in-time
Deferred debt issuance costs, net	`DeferredFinanceCostsNoncurrentNet`	$359.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$752.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$888.00K	USD	Point-in-time
Total assets	`Assets`	$227.04M	USD	Point-in-time
Total assets	`Assets`	$207.92M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$14.39M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$10.51M	USD	Point-in-time
Accrued expenses and other current liabilities (Note 6)	`AccruedExpensesAndOtherLiabilitiesCurrent`	$41.59M	USD	Point-in-time
Accrued expenses and other current liabilities (Note 6)	`AccruedExpensesAndOtherLiabilitiesCurrent`	$35.98M	USD	Point-in-time
Current portion of long-term debt, net of unamortized debt issuance costs (Note 7)	`LongTermDebtCurrent`	$8.93M	USD	Point-in-time
Current portion of long-term debt, net of unamortized debt issuance costs (Note 7)	`LongTermDebtCurrent`	$9.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$55.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$65.72M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs (Note 7)	`LongTermDebtNoncurrent`	$84.40M	USD	Point-in-time
Long-term debt, net of unamortized debt issuance costs (Note 7)	`LongTermDebtNoncurrent`	$99.67M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$4.55M	USD	Point-in-time
Unrecognized tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$3.68M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$373.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$277.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$159.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$155.04M	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
COMMITMENTS AND CONTINGENCIES	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 18,949,295 shares at January 3, 2021 and 18,871,637 shares at June 30, 2020	`CommonStockValue`	$189.00K	USD	Point-in-time
Common stock, $.01 par value per share authorized, 100,000,000 shares; issued and outstanding, 18,949,295 shares at January 3, 2021 and 18,871,637 shares at June 30, 2020	`CommonStockValue`	$189.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$116.18M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$117.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-67.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-45.43M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$48.87M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$58.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$87.91M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$72.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$72.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$81.11M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$207.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$227.04M	USD	Point-in-time

Income Statement 66 line items

Line Item	Tag	Value	Unit	Period
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$118.68M	USD	1 Quarter
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$99.63M	USD	1 Quarter
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$209.42M	USD	2 Qtrs
NET SALES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$222.42M	USD	2 Qtrs
COST OF SALES	`CostOfGoodsAndServicesSold`	$89.40M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$78.49M	USD	1 Quarter
COST OF SALES	`CostOfGoodsAndServicesSold`	$162.74M	USD	2 Qtrs
COST OF SALES	`CostOfGoodsAndServicesSold`	$166.92M	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$46.67M	USD	2 Qtrs
GROSS PROFIT	`GrossProfit`	$21.14M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$29.27M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$55.50M	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$8.41M	USD	2 Qtrs
Selling and marketing	`SellingAndMarketingExpense`	$4.34M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$2.99M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$5.90M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$5.48M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$13.26M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$8.35M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$17.28M	USD	2 Qtrs
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$987.00K	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$1.97M	USD	2 Qtrs
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$987.00K	USD	1 Quarter
Amortization of other intangible assets	`AmortizationOfIntangibleAssets`	$1.97M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$25.15M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$10.81M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.33M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$23.64M	USD	2 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$10.34M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$16.95M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$30.35M	USD	2 Qtrs
OPERATING INCOME	`OperatingIncomeLoss`	$23.03M	USD	2 Qtrs
Interest expense	`InterestExpense`	$2.58M	USD	2 Qtrs
Interest expense	`InterestExpense`	$870.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.24M	USD	1 Quarter
Interest expense	`InterestExpense`	$1.89M	USD	2 Qtrs
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$9.10M	USD	1 Quarter
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$28.46M	USD	2 Qtrs
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$20.45M	USD	2 Qtrs
INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.07M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$4.95M	USD	2 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$6.39M	USD	2 Qtrs
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$3.57M	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$2.22M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$9.57M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$22.07M	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$8.62M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$15.50M	USD	2 Qtrs
NET INCOME	`NetIncomeLoss`	$6.88M	USD	1 Quarter
NET INCOME	`NetIncomeLoss`	$12.50M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.17	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.83	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.66	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.37	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.66	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.83	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.37	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.17	USD	2 Qtrs
Basic earnings per share	`WeightedAverageNumberOfSharesOutstandingBasic`	18.79M	shares	2 Qtrs
Basic earnings per share	`WeightedAverageNumberOfSharesOutstandingBasic`	18.81M	shares	1 Quarter
Basic earnings per share	`WeightedAverageNumberOfSharesOutstandingBasic`	18.73M	shares	2 Qtrs
Basic earnings per share	`WeightedAverageNumberOfSharesOutstandingBasic`	18.73M	shares	1 Quarter
Diluted earnings per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.93M	shares	1 Quarter
Diluted earnings per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.90M	shares	2 Qtrs
Diluted earnings per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.77M	shares	2 Qtrs
Diluted earnings per share	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.77M	shares	1 Quarter

Cash Flow Statement 49 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$15.50M	USD	2 Qtrs
Net income	`ProfitLoss`	$22.07M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.86M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.60M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.68M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.05M	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$544.00K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$1.28M	USD	2 Qtrs
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$367.00K	USD	2 Qtrs
Unrecognized tax benefits	`UnrecognizedTaxExpenseBenefit`	$865.00K	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$316.00K	USD	2 Qtrs
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$282.00K	USD	2 Qtrs
Changes in certain operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$740.00K	USD	2 Qtrs
Changes in certain operating assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$2.78M	USD	2 Qtrs
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$764.00K	USD	2 Qtrs
Other, net	`OtherOperatingActivitiesCashFlowStatement`	$873.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$19.84M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$30.16M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$11.49M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.17M	USD	1 Quarter
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.90M	USD	2 Qtrs
Purchases of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.95M	USD	1 Quarter
Proceeds from disposal of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$14.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.90M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.48M	USD	2 Qtrs
Principal payments on revolving credit facility	`RepaymentsOfLongTermLinesOfCredit`	$30.00M	USD	2 Qtrs
Borrowings on revolving credit facility	`ProceedsFromLongTermLinesOfCredit`	$20.00M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$4.71M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfSecuredDebt`	$8.29M	USD	2 Qtrs
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-453.00K	USD	2 Qtrs
Other, net	`ProceedsFromPaymentsForOtherFinancingActivities`	$-787.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.74M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-15.50M	USD	2 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-378.00K	USD	2 Qtrs
NET CHANGE IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-4.25M	USD	2 Qtrs
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.83M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.45M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.32M	USD	Point-in-time
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.07M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.83M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.45M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$16.32M	USD	Point-in-time
CASH AND CASH EQUIVALENTS END OF PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$12.07M	USD	Point-in-time
Cash payments for interest	`InterestPaidNet`	$2.02M	USD	2 Qtrs
Cash payments for interest	`InterestPaidNet`	$1.35M	USD	2 Qtrs
Cash payments for income taxes	`IncomeTaxesPaidNet`	$5.13M	USD	2 Qtrs
Cash payments for income taxes	`IncomeTaxesPaidNet`	$5.38M	USD	2 Qtrs
Capital expenditures in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$594.00K	USD	2 Qtrs
Capital expenditures in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$427.00K	USD	2 Qtrs

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Balance, beginning	`StockholdersEquity`	$48.87M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$58.92M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$87.91M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$72.00M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$72.32M	USD	Point-in-time
Balance, beginning	`StockholdersEquity`	$81.11M	USD	Point-in-time
Share-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$486.00K	USD	1 Quarter
Share-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$-78.00K	USD	1 Quarter
Share-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$577.00K	USD	1 Quarter
Share-based compensation activity	`StockIssuedDuringPeriodValueShareBasedCompensation`	$170.00K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$9.57M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$22.07M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$8.62M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$15.50M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$6.88M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$12.50M	USD	1 Quarter
Balance, ending	`StockholdersEquity`	$48.87M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$58.92M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$87.91M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$72.00M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$72.32M	USD	Point-in-time
Balance, ending	`StockholdersEquity`	$81.11M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.