Company: MCFT
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015130
Chunk: 16

Company: MasterCraft Boat Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 2
Chunk 16
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 )

    (0.07
    )

    (0.29
    )

    Adjusted Net Income per diluted share

    0.10

    $
    0.55

    $
    0.22

    $
    1.15

(a)Represents amounts paid for legal fees and recruiting costs associated with the CEO transition, as well as non-recurring severance costs incurred as part of the Company's strategic organizational realignment undertaken in connection with the transition.

(b)For fiscal 2025 and 2024, income tax expense reflects an income tax rate of  20.0% for each period presented.

(c)Represents the Weighted Average Shares used for the computation of Basic and Diluted earnings per share as presented on the Consolidated Statements of Operations to calculate Adjusted Net Income per basic and diluted share for all periods presented herein.

Liquidity and Capital Resources

Our primary liquidity and capital resource needs are to finance working capital, fund capital expenditures, service our debt, fund potential acquisitions, and fund our share repurchase program. Our principal sources of liquidity are our cash balance, available-for-sale securities, cash generated from operating activities, our revolving credit agreement and the refinancing and/or new issuance of long-term debt. We believe our cash balance, available-for-sale 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