Company: MCFT
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015130
Chunk: 40

Company: MasterCraft Boat Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 8
Chunk 40
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 securities, cash from operations, and our ability to borrow will be sufficient to provide for our liquidity and capital resource needs.

Cash and cash equivalents totaled $34.3 million as of December 29, 2024, an increase of $26.9 million from $7.4 million as of June 30, 2024. The increase includes $26.1 million in net proceeds from the Aviara Facility Sale. Refer to Note 3 — Discontinued Operations in the Notes to the unaudited condensed consolidated financial statements for further details. Available-for-sale securities totaled $28.5 million as of December 29, 2024, a decrease of $50.3 million from $78.8 million as of June 30, 2024. Proceeds from Available-for-sale securities were used to repay outstanding amounts under the Revolving Credit Facility. Refer to Note 4 — Short-term investments in the Notes to the unaudited condensed consolidated financial statements for further details.  Total debt as of June 30, 2024, was $49.3 million, with no amounts outstanding as of December 29, 2024. 

As of December 29, 2024, we had no amounts outstanding under the Revolving Credit Facility, leaving $100.0 million of available borrowing capacity. Refer to Note 9 — Long-Term Debt in the Notes to unaudited condensed consolidated financial statements for further details.

On July 24, 2023, the Board of the Company authorized a share repurchase program under which the Company may repurchase up to $50 million of its outstanding shares of common stock. The authorization became effective upon the completion of the Company's previously existing $50 million stock repurchase authorization.

During the six months ended December 29, 2024, the Company repurchased 223,222 shares of common stock for $4.2 million in cash, excluding related fees and expenses under both plans.

24

The following table and discussion below relate to our cash flows from continuing operations from operating, investing, and financing activities:

    Six Months Ended

    December 29,

    December 31,

    (Dollar amounts in thousands)
     
    2024

    2023

    Total cash provided by (used in):

    Operating activities
     
    $
    13,437

    $
    22,350

    Investing activities

    46,291

    15,169

    Financing activities

    (54