$MCFT
MasterCraft Boat Holdings, Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019017686 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q2 2017 Q4
Revenue $128.4M $93.81M $65.05M
YoY Change 60.36% 7.16%
Cost Of Revenue $97.03M $69.43M $46.90M
YoY Change 59.24% 9.32%
Gross Profit $31.36M $24.38M $18.16M
YoY Change 63.64% 2.04%
Gross Profit Margin 24.42% 25.99% 27.92%
Selling, General & Admin $11.91M $8.659M $7.100M
YoY Change -18.31% 16.39%
% of Gross Profit 37.97% 35.51% 39.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.091M $1.456M $730.0K
YoY Change 77.56% -8.75%
% of Gross Profit 6.67% 5.97% 4.02%
Operating Expenses $12.89M $9.183M $7.100M
YoY Change -13.37% 14.52%
Operating Profit $18.46M $15.20M $10.78M
YoY Change 253.47% -7.05%
Interest Expense -$1.867M -$897.0K -$500.0K
YoY Change 49.5% -16.67%
% of Operating Profit -10.11% -5.9% -4.64%
Other Income/Expense, Net
YoY Change
Pretax Income $16.60M $14.30M $10.60M
YoY Change 286.54% -3.64%
Income Tax $3.834M $2.848M $3.500M
% Of Pretax Income 23.1% 19.91% 33.02%
Net Earnings $12.76M $11.45M $7.046M
YoY Change 420.64% 0.66%
Net Earnings / Revenue 9.94% 12.21% 10.83%
Basic Earnings Per Share $0.68 $0.62 $0.38
Diluted Earnings Per Share $0.68 $0.61 $0.38
COMMON SHARES
Basic Shares Outstanding 18.66M 18.62M 18.62M
Diluted Shares Outstanding 18.76M 18.73M 18.69M

Balance Sheet

Concept 2019 Q1 2018 Q2 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.500M $8.500M $12.70M
YoY Change -32.54% 6250.0%
Cash & Equivalents $5.461M $7.909M $12.70M
Short-Term Investments
Other Short-Term Assets $4.600M $3.600M $2.600M
YoY Change 50.0% -3.7%
Inventory $30.00M $20.47M $11.60M
Prepaid Expenses
Receivables $17.67M $5.515M $6.700M
Other Receivables $400.0K $0.00 $0.00
Total Short-Term Assets $58.11M $37.19M $33.60M
YoY Change 6.86% 62.32%
LONG-TERM ASSETS
Property, Plant & Equipment $30.80M $22.27M $14.60M
YoY Change 68.67% 8.15%
Goodwill $101.8M $65.79M
YoY Change 122.32%
Intangibles $83.79M $51.05M
YoY Change
Long-Term Investments
YoY Change
Other Assets $256.0K $252.0K $600.0K
YoY Change -68.5% -80.0%
Total Long-Term Assets $217.1M $139.7M $61.40M
YoY Change 132.12% -2.23%
TOTAL ASSETS
Total Short-Term Assets $58.11M $37.19M $33.60M
Total Long-Term Assets $217.1M $139.7M $61.40M
Total Assets $275.2M $176.9M $95.00M
YoY Change 86.24% 13.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.68M $17.27M $15.70M
YoY Change 25.12% 20.77%
Accrued Expenses $20.10M $10.60M $5.800M
YoY Change 23.26% -7.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.495M $5.069M $4.200M
YoY Change 5.6% -12.5%
Total Short-Term Liabilities $73.73M $50.91M $43.00M
YoY Change 9.95% 8.59%
LONG-TERM LIABILITIES
Long-Term Debt $116.4M $70.09M $29.40M
YoY Change 71.78% -31.79%
Other Long-Term Liabilities $2.600M $2.100M $3.200M
YoY Change -22.22% 39.13%
Total Long-Term Liabilities $116.4M $70.09M $32.60M
YoY Change 61.12% -28.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.73M $50.91M $43.00M
Total Long-Term Liabilities $116.4M $70.09M $32.60M
Total Liabilities $193.3M $124.4M $76.00M
YoY Change 38.69% -10.69%
SHAREHOLDERS EQUITY
Retained Earnings -$33.39M -$61.72M
YoY Change
Common Stock $115.3M $114.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $81.86M $52.52M $27.30M
YoY Change
Total Liabilities & Shareholders Equity $275.2M $176.9M $95.00M
YoY Change 86.24% 13.77%

Cashflow Statement

Concept 2019 Q1 2018 Q2 2017 Q4
OPERATING ACTIVITIES
Net Income $12.76M $11.45M $7.046M
YoY Change 420.64% 0.66%
Depreciation, Depletion And Amortization $2.091M $1.456M $730.0K
YoY Change 77.56% -8.75%
Cash From Operating Activities $11.69M $13.84M $10.17M
YoY Change 66.75% 101.79%
INVESTING ACTIVITIES
Capital Expenditures $4.365M -$1.130M -$510.0K
YoY Change 71.21% 10.87%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.390M -$79.03M
YoY Change
Cash From Investing Activities -$4.360M -$2.510M -$510.0K
YoY Change 280.3% 10.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.36M -9.080M -1.020M
YoY Change 530.56% -77.08%
NET CHANGE
Cash From Operating Activities 11.69M 13.84M 10.17M
Cash From Investing Activities -4.360M -2.510M -510.0K
Cash From Financing Activities -20.36M -9.080M -1.020M
Net Change In Cash -13.03M 2.250M 8.640M
YoY Change -63.71% 6546.15%
FREE CASH FLOW
Cash From Operating Activities $11.69M $13.84M $10.17M
Capital Expenditures $4.365M -$1.130M -$510.0K
Free Cash Flow $7.325M $14.97M $10.68M
YoY Change 67.08% 94.18%

Facts In Submission

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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><a name="NOTES_O_UNAUDITED_CONDENSED_CONSOLIDATE"></a>1.<font style="margin-left:36pt;"><a name="NOTES_O_UNAUDITED_CONDENSED_CONSOLIDATE"></a>ORGANIZAT</font>ION AND NATURE OF BUSINESS</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MasterCraft Boat Holdings,&#160;Inc. (the &#8220;Company&#8221;) was formed on January&#160;28, 2000, as a Delaware holding company and operates primarily through its wholly owned subsidiaries, MasterCraft Boat Company,&#160;LLC (&#8220;MasterCraft&#8221;); Nautic Star, LLC (&#8220;NauticStar&#8221;); NS Transport, LLC; Crest Marine LLC (&#8220;Crest&#8221;); MasterCraft Services,&#160;LLC; MasterCraft Parts,&#160;Ltd.; and MasterCraft International Sales Administration,&#160;Inc. The Company and its subsidiaries collectively are referred to herein as the &#8220;Company&#8221;. </p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 2, 2017, the Company acquired all of the outstanding membership interests and other equity securities of Nautic Star, LLC, a Mississippi limited liability company and its subsidiaries. On October 1, 2018, the Company acquired all of the outstanding membership interest of Crest Marine LLC, a Michigan limited liability company. As a result of the acquisitions, the Company consolidated the financial results of NauticStar and Crest. See Note 4.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is a leading innovator, designer, manufacturer and marketer of recreational powerboats that operates in three reportable segments: MasterCraft, NauticStar and Crest.</p>
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.214
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.232
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12763000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11454000
us-gaap Fiscal Period
FiscalPeriod
<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s fiscal year begins July 1 and ends June 30, with the interim quarterly reporting periods consisting of 13 weeks. Therefore, the quarter end will not always coincide with the date of the end of the calendar month. </p>
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.35
CY2018Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2018Q4 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2028-09-30
CY2018Q4 mcft Number Of Consecutive Lease Extensions
NumberOfConsecutiveLeaseExtensions
4
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.79
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2018Q3 mcft Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
31895000
CY2018Q3 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
489000
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-64808000
CY2019Q1 mcft Income Tax Liability Net
IncomeTaxLiabilityNet
3963000
us-gaap Revenue Practical Expedient Financing Component
RevenuePracticalExpedientFinancingComponent
true
us-gaap Revenue Practical Expedient Initial Application And Transition Nondisclosure Of Transaction Price Allocation To Remaining Performance Obligation
RevenuePracticalExpedientInitialApplicationAndTransitionNondisclosureOfTransactionPriceAllocationToRemainingPerformanceObligation
true
CY2018Q4 mcft Number Of Boat Brands
NumberOfBoatBrands
3
CY2019Q1 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
128390000
CY2018Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
114276000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
364565000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
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CY2019Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
12784000
CY2018Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
11922000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
33628000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
25320000
CY2019Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.69
CY2018Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.64
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.80
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.36
CY2019Q1 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.68
CY2018Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.64
CY2018Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2018Q4 mcft Lessee Operating Lease Annual Rent First Five Years
LesseeOperatingLeaseAnnualRentFirstFiveYears
330000
CY2018Q4 mcft Lessee Operating Lease Annual Rent Remaining Five Years
LesseeOperatingLeaseAnnualRentRemainingFiveYears
425000
CY2018Q4 mcft Lessee Operating Lease Period After Which Rent Will Be Adjusted
LesseeOperatingLeasePeriodAfterWhichRentWillBeAdjusted
P5Y
CY2019Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
19745000
CY2018Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
9587000
CY2019Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
5642000
CY2018Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
2822000
CY2019Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5802000
CY2018Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
9026000
CY2019Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1189000
CY2018Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
968000
CY2019Q1 mcft Prepaid Photo Shoot
PrepaidPhotoShoot
1051000
CY2018Q2 mcft Prepaid Photo Shoot
PrepaidPhotoShoot
273000
CY2019Q1 us-gaap Prepaid Insurance
PrepaidInsurance
2136000
CY2018Q2 us-gaap Prepaid Insurance
PrepaidInsurance
974000
CY2019Q1 us-gaap Security Deposit
SecurityDeposit
13000
CY2018Q2 us-gaap Security Deposit
SecurityDeposit
111000
CY2019Q1 us-gaap Derivative Assets
DerivativeAssets
184000
CY2018Q2 us-gaap Derivative Assets
DerivativeAssets
525000
CY2019Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1163000
CY2018Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1412000
CY2019Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
16733000
CY2018Q2 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
13077000
CY2019Q1 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
633000
CY2018Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
703000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4009000
CY2018Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2995000
CY2019Q1 mcft Inventory Repurchase Contingent Obligation
InventoryRepurchaseContingentObligation
2574000
CY2018Q2 mcft Inventory Repurchase Contingent Obligation
InventoryRepurchaseContingentObligation
1274000
CY2019Q1 mcft Interest Payable Floor Plan Current
InterestPayableFloorPlanCurrent
3017000
CY2018Q2 mcft Interest Payable Floor Plan Current
InterestPayableFloorPlanCurrent
1228000
CY2019Q1 mcft Interest Payable Debt Current
InterestPayableDebtCurrent
509000
CY2018Q2 mcft Interest Payable Debt Current
InterestPayableDebtCurrent
244000
CY2019Q1 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
11931000
CY2018Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
4628000
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2931000
CY2018Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3717000
CY2018Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
13077000
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
5735000
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
727000
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5223000
mcft Standard Product Warranty Accrual Adjustments To Preexisting Warranties
StandardProductWarrantyAccrualAdjustmentsToPreexistingWarranties
2417000
CY2019Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
16733000
CY2019Q1 mcft Product Warranty Term
ProductWarrantyTerm
P5Y
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
35968000
CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
39745000
CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4959000
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
34786000
CY2019Q1 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
49000000
CY2019Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
88745000
CY2019Q1 mcft Intangible Assets Excluding Goodwill Accumulated Amortization
IntangibleAssetsExcludingGoodwillAccumulatedAmortization
4959000
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
21590000
CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2544000
CY2018Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
19046000
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2091000
CY2018Q2 us-gaap Indefinite Lived Trade Names
IndefiniteLivedTradeNames
32000000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1456000
CY2018Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
53590000
CY2018Q2 mcft Intangible Assets Excluding Goodwill Accumulated Amortization
IntangibleAssetsExcludingGoodwillAccumulatedAmortization
2544000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
989000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3956000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3956000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3956000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3956000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
17973000
CY2019Q1 invest Derivative Notional Amount
DerivativeNotionalAmount
36016000
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
125917000
CY2018Q2 us-gaap Long Term Debt
LongTermDebt
75156000
CY2019Q1 mcft Long Term Debt Current Maturities Gross
LongTermDebtCurrentMaturitiesGross
9946000
CY2018Q2 mcft Long Term Debt Current Maturities Gross
LongTermDebtCurrentMaturitiesGross
5475000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1159000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
881000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3

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