Company: MCFT
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015130
Chunk: 42

Company: MasterCraft Boat Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 8
Chunk 42
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 Accounts receivables decreased primarily as a result of timing of collections and lower sales at the end of the period compared to the end of the prior-year period. Accounts payable decreased as a result of decreased production levels as well as timing associated with the holiday season. Accrued expenses and other current liabilities decreased due to payment of dealer incentives and lower compensation related accruals, partially offset by an increase in contract liabilities. Income tax payable decreased due to the timing of payments.

Net cash provided by investing activities was $15.2 million, due to net changes in available-for-sale securities of $20.0 million, partially offset by $4.8 million of capital expenditures. Our capital spending was mainly focused on facility enhancements, information technology, and tooling.

Net cash used in financing activities was $14.1 million, which included net payments of $2.3 million on long-term debt and $10.2 million of share repurchases.

Off Balance Sheet Arrangements

The Company did not have any off balance sheet financing arrangements as of December 29, 2024.

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Critical Accounting Estimates

As of December 29, 2024, there were no significant changes in or changes to the application of our critical accounting policies or estimation procedures from those presented in our 2024 Annual Report.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Refer to our 2024 Annual Report for discussion of the Company’s market risk. There have been no material changes in market risk from those disclosed therein.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures 

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) (of the Exchange Act) that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. 

As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer