MasterCraft Boat Holdings, Inc. (NASDAQ:MCFT) Q1 2024 Earnings Conference Call November 8, 2023 8:30 AM ET

Company Participants

Bobby Potter - Vice President-Strategy & Investor Relations

Fred Brightbill - Chief Executive Officer & Chairman

Tim Oxley - Chief Financial Officer

Conference Call Participants

Joe Altobello - Raymond James

Eric Wold - B. Riley Securities

Operator

Good morning, and thank you for standing by. Welcome to the Fiscal First Quarter 2024 MasterCraft Boat Holdings Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Bobby Potter, Vice President of Strategy and Investor Relations. Please go ahead, Bobby.

Bobby Potter

Thank you, operator, and welcome everyone. Thank you for joining us today as we discuss MasterCraft's first quarter performance for fiscal 2024. As a reminder, today's call is being webcast live and will also be archived on our website for future listening. With me on this morning's call are Fred Brightbill, Chief Executive Officer and Chairman; and Tim Oxley, Chief Financial Officer. Fred will begin with a review of our operational highlights from the first quarter. Tim will then discuss our financial performance for the quarter. Then Fred will provide some closing remarks, before we open the call for Q&A.

Before we begin, we would like to remind participants that the information contained in this call is current only as of today November 8, 2023. The company assumes no obligation to update any statements including forward-looking statements. Statements that are not historical facts are forward-looking statements and subject to the safe harbor disclaimer in today's press release. Additionally, on this conference call, we will discuss non-GAAP measures that include or exclude special or items not indicative of our ongoing operations.

For each non-GAAP measure, we also provide the most directly comparable GAAP measure in today's press release, which includes a reconciliation of these non-GAAP measures to our GAAP results. There is also a slide deck summarizing our financial results in the Investors section of our website. As a reminder, unless otherwise noted, the following commentary is made on a continuing operations basis.

With that, I will turn the call over to Fred.

Fred Brightbill

Thank you, Bobby and good morning everyone. Our business performed well during the first quarter, as we delivered better-than-expected results, despite continuing macroeconomic and demand uncertainty. With the summer selling season now complete, we're focused on rebalancing dealer inventories with anticipated retail demand to ensure the health of our dealer network. We are maintaining a disciplined approach to capital allocation, as we prioritize balance sheet resilience and the return of cash to shareholders through our share repurchase program.