EVI Industries (EVI) 10-Q 9 Feb 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2021	Feb. 01, 2022
Cover [Abstract]
Entity Central Index Key	0000065312
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-14757
Entity Registrant Name	EVI INDUSTRIES, INC.
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	11-2014231
Entity Address, Address Line One	4500 Biscayne Blvd.
Entity Address, Address Line Two	Suite 340
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33137
City Area Code	305
Local Phone Number	402-9300
Title of 12(b) Security	Common Stock, $.025 par value
Trading Symbol	EVI
Name of Exchange on which Security is Registered	NYSE
Entity Information Former Legal Or Registered Name	N/A
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,293,369

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 60,702	$ 57,165	$ 124,443	$ 115,043
Cost of sales	43,895	42,785	89,997	87,330
Gross profit	16,807	14,380	34,446	27,713
Selling, general and administrative expenses	15,836	13,868	30,806	26,305
Operating income	971	512	3,640	1,408
Interest expense, net	150	150	265	319
Income before income taxes	821	362	3,375	1,089
Provision for (benefit from) income taxes	293	(99)	828	110
Net income	$ 528	$ 461	$ 2,547	$ 979
Net earnings per share - basic	$ 0.04	$ 0.03	$ 0.19	$ 0.07
Net earnings per share - diluted	$ 0.04	$ 0.03	$ 0.18	$ 0.07

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Current assets
Cash	$ 6,004	$ 6,057
Accounts receivable, net of allowance for doubtful accounts of $1.1 million and $1.0 million, respectively	29,347	28,904
Inventories, net	33,097	25,129
Vendor deposits	1,094	367
Contract assets	19	347
Other current assets	5,878	4,419
Total current assets	75,439	65,223
Equipment and improvements, net	11,044	10,594
Operating lease assets	6,659	7,060
Intangible assets, net	22,724	23,677
Goodwill	63,895	63,881
Other assets	7,036	7,415
Total assets	186,797	177,850
Current liabilities
Accounts payable and accrued expenses	26,367	26,227
Accrued employee expenses	6,332	7,528
Customer deposits	16,654	10,344
Contract liabilities		3,232
Current portion of operating lease liabilities	2,259	2,131
Total current liabilities	51,612	49,462
Deferred tax liabilities, net	4,632	4,208
Long-term operating lease liabilities	5,129	5,567
Long-term debt, net	14,900	11,873
Total liabilities	76,273	71,110
Commitments and contingencies (Note 10)
Shareholders' equity
Preferred stock, $1.00 par value; authorized shares - 200,000; none issued and outstanding
Common stock, $.025 par value; authorized shares - 20,000,000; 12,418,075 shares issued at December 31, 2021 and 12,399,137 shares issued at June 30, 2021, including shares held in treasury	310	310
Additional paid-in capital	91,880	90,501
Treasury stock, 124,706 shares at December 31, 2021 and 120,706 shares at June 30, 2021, at cost	(3,007)	(2,865)
Retained earnings	21,341	18,794
Total shareholders' equity	110,524	106,740
Total liabilities and shareholders' equity	$ 186,797	$ 177,850

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2021	Jun. 30, 2021
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts	$ 1.1	$ 1
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.025	$ 0.025
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	12,418,075	12,399,137
Treasury stock, shares	124,706	120,706

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance, beginning at Jun. 30, 2020	$ 301	$ 79,127	$ (2,012)	$ 10,410	$ 87,826
Balance, shares, beginning at Jun. 30, 2020	12,029,910		95,396
Share repurchases			$ (346)		(346)
Share repurchases, shares			10,239
Vesting of restricted shares	$ 1	(1)
Vesting of restricted shares, shares	31,603
Issuances of shares under employee stock plan		21			21
Issuances of shares under employee stock plan, shares	693
Issuances of shares in connection with acquisitions	$ 7	8,514			8,521
Issuances of shares in connection with acquisitions, shares	278,385
Stock compensation		1,194			1,194
Net income				979	979
Balance, ending at Dec. 31, 2020	$ 309	88,855	$ (2,358)	11,389	98,195
Balance, shares, ending at Dec. 31, 2020	12,340,591		105,635
Balance, beginning at Sep. 30, 2020	$ 301	79,705	$ (2,012)	10,928	88,922
Balance, shares, beginning at Sep. 30, 2020	12,029,910		95,396
Share repurchases			$ (346)		(346)
Share repurchases, shares			10,239
Vesting of restricted shares	$ 1	(1)
Vesting of restricted shares, shares	31,603
Issuances of shares under employee stock plan		21			21
Issuances of shares under employee stock plan, shares	693
Issuances of shares in connection with acquisitions	$ 7	8,514			8,521
Issuances of shares in connection with acquisitions, shares	278,385
Stock compensation		616			616
Net income				461	461
Balance, ending at Dec. 31, 2020	$ 309	88,855	$ (2,358)	11,389	98,195
Balance, shares, ending at Dec. 31, 2020	12,340,591		105,635
Balance, beginning at Jun. 30, 2021	$ 310	90,501	$ (2,865)	18,794	106,740
Balance, shares, beginning at Jun. 30, 2021	12,399,137		120,706
Share repurchases			$ (142)		(142)
Share repurchases, shares			4,000
Vesting of restricted shares, shares	8,643
Issuances of shares under employee stock plan		59			59
Issuances of shares under employee stock plan, shares	2,008
Stock compensation		1,320			1,320
Stock compensation, shares	8,287
Net income				2,547	2,547
Balance, ending at Dec. 31, 2021	$ 310	91,880	$ (3,007)	21,341	110,524
Balance, shares, ending at Dec. 31, 2021	12,418,075		124,706
Balance, beginning at Sep. 30, 2021	$ 310	90,980	$ (2,865)	20,813	109,238
Balance, shares, beginning at Sep. 30, 2021	12,399,137		120,706
Share repurchases			$ (142)		(142)
Share repurchases, shares			4,000
Vesting of restricted shares, shares	8,643
Issuances of shares under employee stock plan		59			59
Issuances of shares under employee stock plan, shares	2,008
Stock compensation		841			841
Stock compensation, shares	8,287
Net income				528	528
Balance, ending at Dec. 31, 2021	$ 310	$ 91,880	$ (3,007)	$ 21,341	$ 110,524
Balance, shares, ending at Dec. 31, 2021	12,418,075		124,706

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 2,547	$ 979
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Depreciation and amortization	2,476	2,157
Amortization of debt discount	27	28
Provision for bad debt expense	137	165
Non-cash lease expense	91	41
Stock compensation	1,320	1,194
Inventory reserve	(178)	(79)
Provision for deferred income taxes	424	1,041
Other	(14)	84
(Increase) decrease in operating assets:
Accounts receivable	(580)	3,035
Inventories	(7,790)	508
Vendor deposits	(727)	130
Contract assets	328	(5,991)
Other assets	(1,080)	(2,262)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	140	(593)
Accrued employee expenses	(1,196)	(246)
Customer deposits	6,310	4,498
Contract liabilities	(3,232)	2,736
Net cash (used) provided by operating activities	(997)	7,425
Investing activities:
Capital expenditures	(1,973)	(1,436)
Cash paid for acquisitions, net of cash acquired		(4,475)
Net cash used by investing activities	(1,973)	(5,911)
Financing activities:
Proceeds from long-term debt	25,000	25,500
Debt repayments	(22,000)	(31,500)
Repurchases of common stock in satisfaction of employee tax withholding obligations	(142)	(346)
Issuances of common stock under employee stock purchase plan	59	21
Net cash provided (used) by financing activities	2,917	(6,325)
Net decrease in cash	(53)	(4,811)
Cash at beginning of period	6,057	9,789
Cash at end of period	6,004	4,978
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	238	287
Cash paid during the period for income taxes	$ 261	$ 477
Supplemental disclosure of non-cash financing activities:
Common stock issued for acquisitions		8,521

General

General	6 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	Note (1) – General: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and the instructions to Form 10-Q and Article 10 of Regulation S-X related to interim period financial statements. Accordingly, the accompanying unaudited condensed consolidated financial statements do not include certain information and footnotes required by GAAP for complete financial statements. However, in management’s opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring accruals and adjustments) which are necessary in order to state fairly the Company’s results of operations, financial position, shareholders’ equity and cash flows as of and for the periods presented. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or any other future period, particularly in light of the COVID-19 pandemic and its effects and potential future effects (which are highly uncertain) on economic and market conditions and on the Company and its business, results and financial condition, as described below and elsewhere herein. The unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes, including the Summary of Significant Accounting Policies, included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The June 30, 2021 balance sheet information contained herein was derived from the Company’s audited consolidated financial statements as of that date included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021. The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The estimates and assumptions made may not prove to be correct, and actual results could differ from the estimates. The Company, through its wholly-owned subsidiaries, is a value-added distributor, and provides advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services. The Company’s customers include government, institutional, industrial, commercial and retail customers. Product purchases made by customers range from parts and accessories, to single or multiple units of equipment, to large complex systems. The Company also provides its customers with the services described above. The Company’s growth strategy includes organic growth initiatives and business acquisitions pursuant to the Company’s “buy-and-build” growth strategy, which was implemented in 2015. The COVID-19 pandemic has been, and continues to be, an unprecedented disruption in the economy and has negatively impacted, and may continue to negatively impact, the Company’s business and results. Specifically, beginning at the end of the quarter ended March 31, 2020, the COVID-19 pandemic and accompanying economic disruption caused delays and declines in the placement of customer orders, the completion of equipment and parts installations, and the fulfillment of parts orders. During the fiscal year 10 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) ended June 30, 2021, the COVID-19 pandemic had a resurgence with the increased presence and spread of the Delta variant. In addition, the Omicron variant emerged towards the end of the quarter ended December 31, 2021 and is continuing to spread at high rates and have adverse effects. Accordingly, the adverse impact of the COVID-19 pandemic is expected to continue in the near-term and possibly longer, including, without limitation, if other variants of concern arise in the future or the pandemic otherwise persists or increases in size or scope, the duration of the pandemic is prolonged, or, among other matters related thereto, additional governmental actions, including, without limitation, business restrictions, are imposed. In response to the economic and business disruption during 2020, the Company took actions to reduce costs and spending across the organization, including changes to inventory stock levels, renegotiating payment terms with suppliers, and reducing hiring activities. The Company continues to actively monitor the COVID-19 pandemic and may take further actions, including those that may alter business operations, if required by federal, state, local or foreign authorities or otherwise determined to be advisable by management. As of the date of this Quarterly Report on Form 10-Q, significant uncertainty exists concerning the magnitude of the impact and duration of the COVID-19 pandemic. Factors arising from the COVID-19 pandemic that have impacted, or may in the future negatively impact, the Company’s business and results, including sales and gross margin, include, but are not limited to: supply chain disruptions as the current operating environment is constantly shifting in response to the COVID-19 pandemic, which is placing significant pressure on the supply chain and has resulted in, and may continue to result in, delays in delivering products or services to the Company’s customers; limitations on the ability of the Company’s employees to perform their work due to sickness or other impacts caused by the pandemic or local, state, federal or foreign orders that may restrict the Company’s operations or the operations of its customers, or require that employees be quarantined; limitations on the ability of carriers to deliver products to the Company’s facilities and customers; risks associated with vaccine mandates, including the potential loss of employees, fines for noncompliance and loss of, or future inability to secure, certain contracts, including with the federal government; adverse impacts of the pandemic on certain industries and customers of the Company which operate in those industries, including the hospitality industry; and potential decreased demand for products and services, including potential limitations on the ability of, or adverse changes in the desire of, the Company’s customers to conduct their business, purchase products and services, and pay for purchases on a timely basis or at all. The situation surrounding the COVID-19 pandemic remains fluid and highly uncertain. The Company is unable to determine or predict the nature, duration, or scope of the overall impact that the COVID-19 pandemic will have on the Company’s business, results of operations, liquidity, or financial condition, as such impact will depend in large part on future developments, including the severity and duration of the pandemic and government and other actions taken in response thereto, all of which are highly uncertain. Further, even after the COVID-19 pandemic subsides, the Company may continue to experience adverse impacts to its business as a result of, among other things, any adverse impact that has occurred or may occur in the future in the economy or markets generally, and changes in customer or supplier behavior.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note (2) – Summary of Significant Accounting Policies:

Recently Issued Accounting Guid

Recently Issued Accounting Guidance	6 Months Ended
	Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Guidance	Note (3) – Recently Issued Accounting Guidance: 11 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) model to evaluate impairment, potentially resulting in earlier recognition of allowances for losses. The new standard will also require enhanced disclosures, including the requirement to disclose the information used to track credit quality by year of origination for most financing receivables. The guidance must be applied using a cumulative-effect transition method. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, and for interim periods within those fiscal years (the fiscal year ending June 30, 2024 for the Company), with early adoption permitted. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The new guidance provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. These transactions include contract modifications, hedging relationships, and the sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. The provisions of this update are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. The Company is currently evaluating the impact that adopting this guidance may have on its consolidated financial statements. Other than as described above, management does not believe that accounting standards and updates which have been issued but are not yet effective will have a material impact on the Company’s consolidated financial statements upon adoption.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note (4) – Earnings Per Share: For the six months ended December 31, For the three months ended December 31, 2021 (Unaudited) 2020 (Unaudited) 2021 (Unaudited) 2020 (Unaudited) Net income $ 2,547 $ 979 $ 528 $ 461 Less: distributed and undistributed income allocated to unvested restricted common stock 249 89 52 42 Net income allocated to EVI Industries, Inc. shareholders $ 2,298 $ 890 $ 476 $ 419 Weighted average shares outstanding used in basic earnings per share 12,281 12,027 12,283 12,120 Dilutive common share equivalents 432 400 485 454 Weighted average shares outstanding used in diluted earnings per share 12,713 12,427 12,768 12,574 Basic earnings per share $ 0.19 $ 0.07 $ 0.04 $ 0.03 Diluted earnings per share $ 0.18 $ 0.07 $ 0.04 $ 0.03 12 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) At December 31, 2021 and 2020, other than 1,334,034 shares and 1,219,973 shares, respectively, of common stock subject to unvested restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding.

Debt

Debt	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Note (5) – Debt: December 31, 2021 June 30, 2021 Revolving credit facility $ 15,000 $ 12,000 Less: unamortized discount and deferred financing costs (100 ) (127 ) Total long-term debt, net $ 14,900 $ 11,873 On November 2, 2018, the Company entered into a syndicated credit agreement (the “2018 Credit Agreement”) for a five-year revolving credit facility in the maximum aggregate principal amount of up to $100 million, with an accordion feature to increase the revolving credit facility by up to $40 million for a total of $140 million. A portion of the revolving credit facility is available for swingline loans of up to a sublimit of $5 million and for the issuance of standby letters of credit of up to a sublimit of $10 million. Borrowings (other than swingline loans) under the 2018 Credit Agreement bear interest at a rate, at the Company’s election at the time of borrowing, equal to (a) LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. Swingline loans bear interest calculated at the Base Rate plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. The 2018 Credit Agreement has a term of five years and matures on November 2, 2023. The Company is in negotiations with its lender under the 2018 Credit Agreement with respect to alternative rates in connection with the phasing out of LIBOR. The 2018 Credit Agreement contains certain covenants, including financial covenants requiring the Company to comply with maximum leverage ratios and minimum interest coverage ratios. The 2018 Credit Agreement also contains other provisions which may restrict the Company’s ability to, among other things, dispose of or acquire assets or businesses, incur additional indebtedness, make certain investments and capital expenditures, pay dividends, repurchase shares and enter into transactions with affiliates. As of December 31, 2021, the Company was in compliance with its covenants under the 2018 Credit Agreement and $34.4 million was available to borrow under the revolving credit facility. 13 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) The obligations of the Company under the 2018 Credit Agreement are secured by substantially all of the assets of the Company and certain of its subsidiaries, and are guaranteed, jointly and severally, by certain of the Company’s subsidiaries.

Leases

Leases	6 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	Note (6) – Leases: Company as Lessee The Company leases warehouse and distribution facilities, administrative office space and service and other fleet vehicles, generally for terms of three The Company applies ASC Topic 842, Leases (“ASC 842” or “Topic 842”), which, among other things, requires lessees to recognize substantially all leases on their balance sheets and disclose certain additional key information about leasing arrangements. The standard established a right-of-use model that requires a lessee to recognize a right-of-use asset and liability on the balance sheet for all leases with a term longer than 12 months. Leases are required to be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The Company adopted this standard effective July 1, 2019 using the modified retrospective transition approach, which requires a cumulative-effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption without restatement of prior periods. The Company made the election to not apply the recognition requirements in Topic 842 to short-term leases (i.e., leases of 12 months or less). Instead, the Company, as permitted by Topic 842, recognizes the lease payments under its short-term leases in profit or loss on a straight-line basis over the lease term. The Company elected this accounting policy for all classes of underlying assets. In addition, in accordance with Topic 842, variable lease payments in the period in which the obligation for those payments is incurred are not included in the recognition of a lease liability or right-of-use asset. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and right-of-use liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. When available, the Company uses the rate implicit in the lease to discount lease payments to present value. However, certain of the Company’s leases do not provide a readily determinable implicit rate. For such leases, the Company estimates the incremental borrowing rate to discount lease payments based on information available at lease commencement. The Company uses instruments with similar characteristics when calculating its incremental borrowing rates. The Company has options to extend certain of its operating leases for additional periods of time and the right to terminate several of its operating leases prior to its contractual expiration, in each case, subject to the terms and conditions of the lease. The lease term consists of the non-cancellable period of the lease and the periods covered by Company options to extend the lease when it is reasonably certain that the Company will exercise such options. The Company's lease agreements do not contain residual value guarantees. The Company has elected to not separate non-lease components from the associated lease component for all underlying classes of assets with lease and non-lease components. As of December 31, 2021, the Company had 25 facilities, consisting of warehouse facilities and administrative offices, financed under operating leases with lease term expirations between 2022 and 2030. Rent expense consists of monthly rental payments under the terms of the Company’s lease agreements recognized on a straight-line basis. 14 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) The following table provides details of the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of December 31, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown. Fiscal years ending June 30, Total Operating Lease Obligations (in thousands) 2022 (remainder of) $ 1,260 2023 2,197 2024 1,318 2025 849 2026 618 Thereafter 1,698 Total minimum lease payments $ 7,940 Less: amounts representing interest 552 Present value of minimum lease payments $ 7,388 Less: current portion 2,259 Long-term portion $ 5,129 The table below presents additional information related to the Company’s operating leases (in thousands): Six months ended December 31, Three months ended December 31, 2021 2020 2021 2020 Operating lease cost Operating lease cost (1) $ 1,248 $ 993 $ 627 $ 519 Short-term lease cost (1) — 12 — — Variable lease cost (1) 138 165 103 49 Total lease cost $ 1,386 $ 1,170 $ 730 $ 568 (1) Expenses are classified within selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. The table below presents lease-related terms and discount rates as of December 31, 2021: December 31, 2021 Weighted average remaining lease terms Operating leases 5.0 years Weighted average discount rate Operating leases 2.9% The table below presents supplemental cash flow information related to the Company’s long-term operating lease liabilities for the six months ended December 31, 2021 and 2020 (in thousands): Six months ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: $ 1,248 $ 993 Operating lease right-of-use assets obtained in exchange for operating lease liabilities: $ 610 $ 3,557 15 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) Company as Lessor The Company derives a portion of its revenue from equipment leasing arrangements. Such arrangements provide for monthly payments covering the equipment provided, maintenance, and interest. These arrangements meet the criteria to be accounted for as sales type leases. Accordingly, revenue from the provision of the equipment is recognized upon delivery of the equipment and its acceptance by the customer. Upon the recognition of such revenue, an asset is established for the investment in sales type leases. Maintenance revenue and interest are recognized monthly over the lease term. The future minimum lease payments receivable for sales type leases are as follows (in thousands): Fiscal years ending June 30, Total Minimum Lease Payments Receivable Amortization of Unearned Income Net Investment in Sales Type Leases 2022 (remainder of) $ 1,745 $ 1,014 $ 731 2023 2,816 1,622 1,194 2024 2,165 1,191 974 2025 1,545 794 751 2026 1,030 446 584 Thereafter 740 328 412 $ 4,646* * Excludes residual values of $2.3 million. The total net investments in sales type leases, including stated residual values, as of December 31, 2021 and June 30, 2021 was $7.0 million and $6.7 million, respectively. The current portion of $1.5 million and $0.9 million is included in other current assets in the consolidated balance sheets as of December 31, 2021 and June 30, 2021, respectively, and the long term portion of $5.5 million and $5.8 million is included in other assets in the consolidated balance sheets as of December 31, 2021 and June 30, 2021, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note (7) – Income Taxes: As of December 31, 2021 and June 30, 2021, the Company had net deferred tax liabilities of approximately $4.6 million and $4.2 million, respectively. Consistent with the guidance of the FASB regarding accounting for income taxes, the Company regularly estimates its ability to recover deferred tax assets and establishes a valuation allowance against deferred tax assets to reduce the balance to amounts expected to be recoverable. This evaluation includes the consideration of several factors, including an estimate of the likelihood of generating sufficient taxable income in future periods over which temporary differences reverse, the expected reversal of deferred tax liabilities, past and projected taxable income, and available tax planning strategies. As of December 31, 2021, management believed that it was more-likely-than-not that the results of future operations will generate sufficient taxable income to realize the net amount of the Company’s deferred tax assets over the periods during which temporary differences reverse. The Company follows ASC Topic 740-10-25, “Accounting for Uncertainty in Income Taxes” (“ASC 740”). ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement 16 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) recognition and measurement of a tax position taken or expected to be taken in a tax return. During the six and three months ended December 31, 2021 and 2020, the Company’s accounting for income taxes in accordance with this standard did not result in a material adjustment to the Company’s provision for income taxes. As of December 31, 2021, the Company was subject to potential federal and state tax examinations for the tax years 2018 through 2021.

Equity Plans

Equity Plans	6 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity Plans	Note (8) – Equity Plans: Equity Incentive Plan In November 2015, the Company’s stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). During December 2020, the Company’s stockholders approved an amendment to the Plan to increase the number of shares of the Company’s common stock authorized for issuance pursuant to awards granted under the Plan to 3,000,000 shares. The fair value of awards granted under the Plan is expensed on a straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. During the six months ended December 31, 2021, restricted stock awards of a total of 134,612 shares, 56,423 restricted stock units, and 8,287 stock awards were granted under the Plan. Stock awards represent shares of the Company’s common stock issued under the Plan which are held by the recipient upon grant without any future risk of forfeiture. During the three months ended December 31, 2021, restricted stock awards of a total of 124,309 shares, 56,423 restricted stock units, and 8,287 stock awards were granted under the Plan. During the six and three months ended December 31, 2021, restricted stock awards of a total of 13,203 shares were forfeited and returned to the Plan. There were 8,327 restricted stock units forfeited during the six months ended December 31, 2021. There were no restricted stock units forfeited during the three months ended December 31, 2021. During the six and three months ended December 31, 2020, restricted stock awards of a total of 8,624 shares and 201,614 restricted stock units were granted under the Plan. During the six and three months ended December 31, 2020, restricted stock awards of a total of 1,492 shares were forfeited and returned to the Plan. For the six and three months ended December 31, 2021, non-cash share-based compensation expense related to awards granted under the Plan (which included restricted stock awards, restricted stock units, and stock awards) totaled $1.3 million and $841,000, respectively. For the six and three months ended December 31, 2020, non-cash share-based compensation expense related to awards granted under the Plan (which included restricted stock awards and restricted stock units) totaled $1.2 million and $616,000, respectively. As of December 31, 2021, the Company had $18.8 million and $8.1 million of total unrecognized compensation expense related to restricted stock awards and restricted stock units, respectively, granted under the Plan, which is expected to be recognized over the weighted-average period of 17.1 years and 11.2 years, respectively. The following is a summary of non-vested restricted stock activity as of and for the six months ended December 31, 2021: 17 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) Restricted Stock Awards Restricted Stock Units Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Non-vested awards or units outstanding at June 30, 2021 919,259 $ 19.59 253,913 $ 30.92 Granted 134,612 35.32 56,423 - Vested (2,293 ) 34.43 (6,350 ) - Forfeited (13,203 ) 14.20 (8,327 ) 33.50 Non-vested awards or units outstanding at December 31, 2021 1,038,375 $ 21.67 295,659 $ 30.53 Employee Stock Purchase Plan During 2017, the Company’s stockholders approved the Company’s 2017 Employee Stock Purchase Plan, which, subject to the terms of the plan, allows eligible employees the opportunity to purchase shares of the Company’s common stock at a 5% discount. The Company’s employee stock purchase plan provides for six-month offering periods ending on December 31 and June 30 of each year. During the six and three months ended December 31, 2021, 2,008 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $59,000. During the six and three months ended December 31, 2020, 693 shares of common stock were issued under the Company’s employee stock purchase plan for which the Company received net proceeds of $21,000.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	Note (9) – Transactions with Related Parties: During October 2016 During October 2017 18 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) During February 2018 During September 2018 During February 2019 During November 2020

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note (10) – Commitments and Contingencies: 19 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) under the terms of the contract and that the Company will pay subcontractors and vendors. If the Company fails to perform under the contract or pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company is required to reimburse the surety for expenses or outlays it incurs. At December 31, 2021 and June 30, 2021, no such performance or payment bonds were outstanding. The Company may from time to time become subject to litigation and other legal proceedings. Litigation and other legal proceedings may require the Company to incur significant expenses, including those relating to legal and other professional fees, as well as damages or other payments. Litigation and other legal proceedings are inherently uncertain, and adverse outcomes in litigation or other legal proceedings could adversely affect the Company’s financial condition, cash flows, and operating results.

Goodwill

Goodwill	6 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Note (11) – Goodwill: Balance at June 30, 2021 $ 63,881 Working capital adjustments (1) 14 Balance at December 31, 2021 $ 63,895 (1) Represents working capital adjustments related to business acquisitions consummated by the Company during the fiscal year ended June 30, 2021.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note (12) – Subsequent Events: On February 7, 2022, the Company acquired Consolidated Laundry Equipment, Inc. and Central Equipment Company, LLC (collectively “Consolidated Laundry Equipment”), pursuant to a merger whereby the companies comprising Consolidated Laundry Equipment merged with and into, and became, a wholly-owned subsidiary of the Company. Consolidated Laundry Equipment is a Carolina-based distributor of commercial, industrial, and vended laundry products and provider of installation and maintenance services to the new and replacement segments of the commercial, industrial and vended laundry industry. The consideration paid by the Company in connection with the merger totaled approximately $10.0 million, consisting of $5.0 million in cash and 179,087 shares of the Company’s common stock. The financial condition and results of operations of Consolidated Laundry Equipment subsequent to the February 7, 2022 closing date of the merger will be included within the Company’s consolidated financial statements commencing with the quarter ending March 31, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	Note (2) – Summary of Significant Accounting Policies:

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Note (4) – Earnings Per Share: For the six months ended December 31, For the three months ended December 31, 2021 (Unaudited) 2020 (Unaudited) 2021 (Unaudited) 2020 (Unaudited) Net income $ 2,547 $ 979 $ 528 $ 461 Less: distributed and undistributed income allocated to unvested restricted common stock 249 89 52 42 Net income allocated to EVI Industries, Inc. shareholders $ 2,298 $ 890 $ 476 $ 419 Weighted average shares outstanding used in basic earnings per share 12,281 12,027 12,283 12,120 Dilutive common share equivalents 432 400 485 454 Weighted average shares outstanding used in diluted earnings per share 12,713 12,427 12,768 12,574 Basic earnings per share $ 0.19 $ 0.07 $ 0.04 $ 0.03 Diluted earnings per share $ 0.18 $ 0.07 $ 0.04 $ 0.03

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term debt	Note (5) – Debt: December 31, 2021 June 30, 2021 Revolving credit facility $ 15,000 $ 12,000 Less: unamortized discount and deferred financing costs (100 ) (127 ) Total long-term debt, net $ 14,900 $ 11,873

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Maturities of Operating Lease Liabilities	The following table provides details of the Company’s future minimum lease payments under operating lease liabilities recorded on the Company’s condensed consolidated balance sheet as of December 31, 2021. The table below does not include commitments that are contingent on events or other factors that are currently uncertain or unknown. Fiscal years ending June 30, Total Operating Lease Obligations (in thousands) 2022 (remainder of) $ 1,260 2023 2,197 2024 1,318 2025 849 2026 618 Thereafter 1,698 Total minimum lease payments $ 7,940 Less: amounts representing interest 552 Present value of minimum lease payments $ 7,388 Less: current portion 2,259 Long-term portion $ 5,129
Schedule of Operating Leases	The table below presents additional information related to the Company’s operating leases (in thousands): Six months ended December 31, Three months ended December 31, 2021 2020 2021 2020 Operating lease cost Operating lease cost (1) $ 1,248 $ 993 $ 627 $ 519 Short-term lease cost (1) — 12 — — Variable lease cost (1) 138 165 103 49 Total lease cost $ 1,386 $ 1,170 $ 730 $ 568 (1) Expenses are classified within selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. The table below presents lease-related terms and discount rates as of December 31, 2021: December 31, 2021 Weighted average remaining lease terms Operating leases 5.0 years Weighted average discount rate Operating leases 2.9%
Schedule of Supplemental Cash Flow Information Related to Company's Long-Term Operating Lease Liabilities	The table below presents supplemental cash flow information related to the Company’s long-term operating lease liabilities for the six months ended December 31, 2021 and 2020 (in thousands): Six months ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: $ 1,248 $ 993 Operating lease right-of-use assets obtained in exchange for operating lease liabilities: $ 610 $ 3,557
Schedule of Minimum future rental commitments	The future minimum lease payments receivable for sales type leases are as follows (in thousands): Fiscal years ending June 30, Total Minimum Lease Payments Receivable Amortization of Unearned Income Net Investment in Sales Type Leases 2022 (remainder of) $ 1,745 $ 1,014 $ 731 2023 2,816 1,622 1,194 2024 2,165 1,191 974 2025 1,545 794 751 2026 1,030 446 584 Thereafter 740 328 412 $ 4,646* * Excludes residual values of $2.3 million.

Equity Plans (Tables)

Equity Plans (Tables)	6 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Non-vested Restricted Stock Activity	The following is a summary of non-vested restricted stock activity as of and for the six months ended December 31, 2021: 17 Index EVI Industries, Inc. and Subsidiaries NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS December 31, 2021 (Unaudited) Restricted Stock Awards Restricted Stock Units Shares Weighted- Average Grant Date Fair Value Shares Weighted- Average Grant Date Fair Value Non-vested awards or units outstanding at June 30, 2021 919,259 $ 19.59 253,913 $ 30.92 Granted 134,612 35.32 56,423 - Vested (2,293 ) 34.43 (6,350 ) - Forfeited (13,203 ) 14.20 (8,327 ) 33.50 Non-vested awards or units outstanding at December 31, 2021 1,038,375 $ 21.67 295,659 $ 30.53

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amount of Goodwill	Balance at June 30, 2021 $ 63,881 Working capital adjustments (1) 14 Balance at December 31, 2021 $ 63,895 (1) Represents working capital adjustments related to business acquisitions consummated by the Company during the fiscal year ended June 30, 2021.

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities outstanding	1,334,034	1,219,973
Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities outstanding	1,334,034	1,219,973

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 528	$ 461	$ 2,547	$ 979
Less: distributed and undistributed income allocated to unvested restricted common stock	52	42	249	89
Net income allocated to EVI Industries, Inc. shareholders	$ 476	$ 419	$ 2,298	$ 890
Weighted average shares outstanding used in basic earnings per share	12,283	12,120	12,281	12,027
Dilutive common share equivalents	485	454	432	400
Weighted average shares outstanding used in diluted earnings per share	12,768	12,574	12,713	12,427
Basic earnings per share	$ 0.04	$ 0.03	$ 0.19	$ 0.07
Diluted earnings per share	$ 0.04	$ 0.03	$ 0.18	$ 0.07

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Millions	Nov. 02, 2018	Dec. 31, 2021
Credit facility [Member]
Debt Instrument [Line Items]
Revolving line of credit facility maximum borrowing capacity	$ 100
Revolving line of credit facility amount outstanding	$ 40
Debt outstanding		$ 5
Basis of variable interest rate		LIBOR plus a margin that ranges from 1.25% to 1.75% depending on the Company’s consolidated leverage ratio, which is a ratio of consolidated funded indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) (the “Consolidated Leverage Ratio”) or (b) the highest of (i) prime, (ii) the federal funds rate plus 50 basis points, and (iii) the one month LIBOR rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio. Swingline loans bear interest calculated at the Base Rate plus a margin that ranges from 0.25% to 0.75% depending on the Consolidated Leverage Ratio.
Expiration date		Nov. 2, 2023
Credit facility term	5 years	5 years
Amount available for borrowing under the revolving line of credit facility		$ 34.4
Credit facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Revolving line of credit facility maximum borrowing capacity	$ 140
Revolving line of credit [Member]
Debt Instrument [Line Items]
Debt outstanding		$ 10

Debt (Schedule of Long-term deb

Debt (Schedule of Long-term debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Debt Disclosure [Abstract]
Revolving line of credit	$ 15,000	$ 12,000
Less: unamortized discount and deferred financing costs	(100)	(127)
Total long-term debt, net	$ 14,900	$ 11,873

Leases (Narrative) (Details)

Leases (Narrative) (Details) $ in Millions	Dec. 31, 2021USD ($)Facilities	Jun. 30, 2021USD ($)
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of facilities financed under operating leases | Facilities	25
Residual values	$ 2.3
Total net investment in sales type leases	7	$ 6.7
Current portion Sales type leases	1.5	0.9
Long term portion sales type leases	$ 5.5	$ 5.8
Minimum [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Lease term	3 years
Maximum [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Lease term	10 years

Leases (Schedule of Maturities

Leases (Schedule of Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Operating leases
2022 (remainder of)	$ 1,260
2023	2,197
2024	1,318
2025	849
2026	618
Thereafter	1,698
Total minimum lease payments	7,940
Less: amounts representing interest	552
Present value of minimum lease payments	7,388
Less: current portion	2,259	$ 2,131
Long-term portion	$ 5,129	$ 5,567

Leases (Schedule of Operating L

Leases (Schedule of Operating Leases) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Operating lease cost
Operating lease cost	[1]	$ 627	$ 519	$ 1,248	$ 993
Short-term lease cost	[1]				12
Variable lease cost	[1]	103	49	138	165
Total lease cost		$ 730	$ 568	$ 1,386	$ 1,170
Other information
Weighted average remaining lease terms - operating leases		5 years		5 years
Weighted average discount rate - operating leases		2.90%		2.90%
[1]	Expenses are classified within selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.

Leases (Schedule of Supplementa

Leases (Schedule of Supplemental Cash Flow Information Related to Company's Long-Term Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities:	$ 1,248	$ 993
Operating lease right-of-use assets obtained in exchange for operating lease liabilities:	$ 610	$ 3,557

Leases (Schedule of Future Mini

Leases (Schedule of Future Minimum Lease Payments Receivable) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
2022 (remainder of)	$ 731
2023	1,194
2024	974
2025	751
2026	584
Thereafter	412
Future minimum lease payments receivable	4,646	[1]
Total Minimum Lease Payments Receivable [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
2022 (remainder of)	1,745
2023	2,816
2024	2,165
2025	1,545
2026	1,030
Thereafter	740
Amortization of Unearned Income [Member]
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
2022 (remainder of)	1,014
2023	1,622
2024	1,191
2025	794
2026	446
Thereafter	$ 328
[1]	Excludes residual values of $2.3 million.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Deferred tax liabilities, net	$ 4,632	$ 4,208

Equity Plans (Narrative) (Detai

Equity Plans (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under 2015 Equity Incentive Plan	3,000,000		3,000,000
Non-cash share-based compensation expense	$ 841	$ 616	$ 1,320	$ 1,194
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued under employee stock purchase plan	2,008	693	2,008	693
Proceeds from issuance	$ 59	$ 21	$ 59	$ 21
2017 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount rate on purchase of common stock	5.00%		5.00%
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	124,309	8,624	134,612	8,624
Unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock	$ 18,800		$ 18,800
Weighted-average period			17 years 1 month 6 days
Number of stock Forfeited	13,203	1,492	13,203	1,492
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	56,423	201,614	56,423	201,614
Unrecognized compensation expense, net of estimated forfeitures, related to non-vested restricted stock	$ 8,100		$ 8,100
Weighted-average period			11 years 2 months 12 days
Number of stock Forfeited			8,327
Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	8,287		8,287

Equity Plans (Schedule of Non-v

Equity Plans (Schedule of Non-vested Restricted Stock Activity) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested awards or units outstanding at June 30, 2021			919,259
Granted			134,612
Vested			(2,293)
Forfeited	(13,203)	(1,492)	(13,203)	(1,492)
Non-vested awards or units outstanding at December 31, 2021	1,038,375		1,038,375
Weighted-Average Grant Date Fair Value June 30, 2021			$ 19.59
Granted			35.32
Vested			34.43
Forfeited			14.20
Weighted-Average Grant Date Fair Value December 31, 2021	$ 21.67		$ 21.67
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested awards or units outstanding at June 30, 2021			253,913
Granted			56,423
Vested			(6,350)
Forfeited			(8,327)
Non-vested awards or units outstanding at December 31, 2021	295,659		295,659
Weighted-Average Grant Date Fair Value June 30, 2021			$ 30.92
Granted
Vested
Forfeited			33.50
Weighted-Average Grant Date Fair Value December 31, 2021	$ 30.53		$ 30.53

Transactions with Related Par_2

Transactions with Related Parties (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 04, 2019USD ($)	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)
Dennis Mack and Tom Marks [Member] | Western State Design [Member]
Related Party Transaction [Line Items]
Original lease term		5 years		5 years
Area of lease | ft²		17,600		17,600
Lease start date				Oct. 31, 2016
Annual rent payment, year one		$ 12,000		$ 12,000
Monthly base rent				19,000
Rental expense		$ 57,000	$ 36,000	$ 93,000	$ 72,000
Matt Stephenson [Member] | Tri-State [Member]
Related Party Transaction [Line Items]
Original lease term		5 years		5 years
Area of lease | ft²		81,000		81,000
Lease start date				Oct. 31, 2017
Annual rent payment, year one		$ 21,000		$ 21,000
Rental expense		$ 63,000	63,000	126,000	126,000
Mike Zuffinetti [Member]
Related Party Transaction [Line Items]
Original lease term	5 years
Rental expense	$ 36,000			$ 26,000
Mike Zuffinetti [Member] | AAdvantage [Member]
Related Party Transaction [Line Items]
Original lease term		5 years		5 years
Area of lease | ft²		5,000		5,000
Lease start date				Feb. 28, 2018
Annual rent payment, year one		$ 4,000		$ 4,000
Rental expense		$ 120,000	120,000	$ 240,000	240,000
Scott Martin [Member] | Scott Equipment [Member]
Related Party Transaction [Line Items]
Original lease term		5 years		5 years
Area of lease | ft²		18,000		18,000
Lease start date				Sep. 30, 2018
Annual rent payment, year one		$ 11,000		$ 11,000
Rental expense		$ 35,000	35,000	$ 69,000	69,000
Frank Costabile [Member] | PAC Industries Inc. [Member]
Related Party Transaction [Line Items]
Original lease term		4 years		4 years
Area of lease | ft²		29,500		29,500
Lease start date				Feb. 28, 2019
Annual rent payment, year one		$ 15,000		$ 15,000
Rental expense		$ 46,000	45,000	$ 91,000	90,000
Peter Limoncelli [Member] | Yankee Equipment Systems [Member]
Related Party Transaction [Line Items]
Original lease term		3 years		3 years
Area of lease | ft²		12,500		12,500
Lease start date				Nov. 30, 2020
Annual rent payment, year one		$ 11,000		$ 11,000
Rental expense		$ 35,000	$ 23,000	$ 70,000	$ 23,000

Goodwill (Schedule of Carrying

Goodwill (Schedule of Carrying Amount of Goodwill) (Details) $ in Thousands	6 Months Ended
	Dec. 31, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at June 30, 2021	$ 63,881
Working capital adjustments	14	[1]
Balance at December 31, 2021	$ 63,895
[1]	Represents working capital adjustments related to business acquisitions consummated by the Company during the fiscal year ended June 30, 2021.

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] $ in Millions	Feb. 07, 2022USD ($)shares
Subsequent Event [Line Items]
Consideration paid	$ 10
Cash acquired	$ 5
Common stock shares | shares	179,087