EVI Industries (EVI) 10-Q 9 Feb 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2023	Feb. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Information [Line Items]
Entity Registrant Name	EVI Industries, Inc.
Entity Central Index Key	0000065312
Entity File Number	001-14757
Entity Tax Identification Number	11-2014231
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--06-30
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(305)
Local Phone Number	402-9300
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $.025 par value
Trading Symbol	EVI
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		12,674,263

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues	$ 91,364	$ 82,638	$ 179,438	$ 166,066
Cost of sales	64,958	57,826	127,340	116,749
Gross profit	26,406	24,812	52,098	49,317
Selling, general and administrative expenses	23,455	21,168	46,530	41,290
Operating income	2,951	3,644	5,568	8,027
Interest expense, net	823	625	1,593	1,002
Income before income taxes	2,128	3,019	3,975	7,025
Provision for income taxes	787	795	1,352	1,954
Net income	$ 1,341	$ 2,224	$ 2,623	$ 5,071
Net earnings per share – basic (in Dollars per share)	$ 0.09	$ 0.16	$ 0.18	$ 0.35
Net earnings per share – diluted (in Dollars per share)	$ 0.09	$ 0.15	$ 0.17	$ 0.35

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Current assets
Cash	$ 4,264	$ 5,921
Accounts receivable, net of allowance for doubtful accounts of $1.8 million and $2.1 million, respectively	44,255	48,391
Inventories, net	56,172	59,167
Vendor deposits	1,729	2,291
Contract assets	3,569	1,181
Other current assets	6,882	8,547
Total current assets	116,871	125,498
Equipment and improvements, net	13,386	12,953
Operating lease assets	9,966	8,714
Intangible assets, net	23,075	24,128
Goodwill	74,156	73,388
Other assets	9,562	9,166
Total assets	247,016	253,847
Current liabilities
Accounts payable and accrued expenses	34,614	38,730
Accrued employee expenses	10,828	10,724
Customer deposits	23,001	23,296
Contract liabilities	221	668
Current portion of operating lease liabilities	3,495	3,027
Total current liabilities	72,159	76,445
Deferred tax liabilities, net	5,004	5,023
Long-term operating lease liabilities	7,387	6,554
Long-term debt, net	30,886	34,869
Total liabilities	115,436	122,891
Commitments and contingencies (Note 11)
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; 12,853,588 shares issued at December 31, 2023 and 12,711,558 shares issued at June 30, 2023, including shares held in treasury	321	318
Additional paid-in capital	104,438	101,225
Treasury stock, 179,852 shares at December 31, 2023 and 134,001 shares at June 30, 2023, at cost	(4,339)	(3,195)
Retained earnings	31,160	32,608
Total shareholders’ equity	131,580	130,956
Total liabilities and shareholders’ equity	$ 247,016	$ 253,847

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions	Dec. 31, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance for doubtful accounts (in Dollars)	$ 1.8	$ 2.1
Preferred stock, par value (in Dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	200,000	200,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.025	$ 0.025
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	12,853,588	12,711,558
Treasury stock, shares	179,852	134,001

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Total
Balance at Jun. 30, 2022	$ 316	$ 97,544	$ (3,070)	$ 22,889	$ 117,679
Balance (in Shares) at Jun. 30, 2022	12,650,126		127,801
Share repurchases			$ (66)		(66)
Share repurchases (in Shares)			3,321
Vesting of restricted shares
Vesting of restricted shares (in Shares)	20,465
Issuance of shares under employee stock plan		59			59
Issuance of shares under employee stock plan (in Shares)	2,610
Issuances of shares in connection with acquisitions	$ 1	502			503
Issuances of shares in connection with acquisitions (in Shares)	24,243
Stock compensation		1,482			1,482
Net income				5,071	5,071
Balance at Dec. 31, 2022	$ 317	99,587	$ (3,136)	27,960	124,728
Balance (in Shares) at Dec. 31, 2022	12,697,444		131,122
Balance at Sep. 30, 2022	$ 316	98,224	$ (3,070)	25,736	121,206
Balance (in Shares) at Sep. 30, 2022	12,650,126		127,801
Share repurchases			$ (66)		(66)
Share repurchases (in Shares)			3,321
Vesting of restricted shares
Vesting of restricted shares (in Shares)	20,465
Issuance of shares under employee stock plan		59			59
Issuance of shares under employee stock plan (in Shares)	2,610
Issuances of shares in connection with acquisitions	$ 1	502			503
Issuances of shares in connection with acquisitions (in Shares)	24,243
Stock compensation		802			802
Net income				2,224	2,224
Balance at Dec. 31, 2022	$ 317	99,587	$ (3,136)	27,960	124,728
Balance (in Shares) at Dec. 31, 2022	12,697,444		131,122
Balance at Jun. 30, 2023	$ 318	101,225	$ (3,195)	32,608	130,956
Balance (in Shares) at Jun. 30, 2023	12,711,558		134,001
Share repurchases			$ (1,144)		(1,144)
Share repurchases (in Shares)			45,851
Vesting of restricted shares	$ 3	(3)
Vesting of restricted shares (in Shares)	130,773
Issuance of shares under employee stock plan		63			63
Issuance of shares under employee stock plan (in Shares)	2,636
Issuances of shares in connection with acquisitions		229			229
Issuances of shares in connection with acquisitions (in Shares)	8,621
Amount of dividends paid (0.28 per share)				(4,071)	(4,071)
Stock compensation		2,924			2,924
Net income				2,623	2,623
Balance at Dec. 31, 2023	$ 321	104,438	$ (4,339)	31,160	131,580
Balance (in Shares) at Dec. 31, 2023	12,853,588		179,852
Balance at Sep. 30, 2023	$ 319	103,309	$ (3,509)	33,890	134,009
Balance (in Shares) at Sep. 30, 2023	12,754,532		146,826
Share repurchases			$ (830)		(830)
Share repurchases (in Shares)			33,026
Vesting of restricted shares	$ 2	(2)
Vesting of restricted shares (in Shares)	96,420
Issuance of shares under employee stock plan		63			63
Issuance of shares under employee stock plan (in Shares)	2,636
Amount of dividends paid (0.28 per share)				(4,071)	(4,071)
Stock compensation		1,068			1,068
Net income				1,341	1,341
Balance at Dec. 31, 2023	$ 321	$ 104,438	$ (4,339)	$ 31,160	$ 131,580
Balance (in Shares) at Dec. 31, 2023	12,853,588		179,852

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) (Parentheticals)	6 Months Ended
	Dec. 31, 2023 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends paid	$ 0.28

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income	$ 2,623	$ 5,071
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Depreciation and amortization	3,000	2,912
Amortization of debt discount	17	12
Provision for bad debt expense	283	263
Non-cash lease expense	49	(30)
Stock compensation	2,924	1,482
Inventory reserve	274	(250)
(Benefit) provision for deferred income taxes	(19)	178
Other	25	(183)
(Increase) decrease in operating assets:
Accounts receivable	3,910	4,501
Inventories	3,193	(9,166)
Vendor deposits	562	(480)
Contract assets	(2,388)	(7,261)
Other assets	1,269	(1,328)
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	(4,172)	(519)
Accrued employee expenses	104	(290)
Customer deposits	(349)	723
Contract liabilities	(447)	(507)
Net cash provided (used) by operating activities	10,858	(4,872)
Investing activities:
Capital expenditures	(2,376)	(1,838)
Cash paid for acquisitions, net of cash acquired	(987)	(1,874)
Net cash used by investing activities	(3,363)	(3,712)
Financing activities:
Dividends paid	(4,071)
Proceeds from long-term debt	35,500	32,000
Debt repayments	(39,500)	(23,000)
Repurchases of common stock in satisfaction of employee tax withholding obligations	(1,144)	(66)
Issuances of common stock under employee stock purchase plan	63	59
Net cash (used) provided by financing activities	(9,152)	8,993
Net (decrease) increase in cash	(1,657)	409
Cash at beginning of period	5,921	3,974
Cash at end of period	4,264	4,383
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	1,578	942
Cash paid during the period for income taxes	3,631	888
Supplemental disclosures of non-cash financing activities:
Issuances of common stock for acquisitions	$ 229	$ 503

General

General	6 Months Ended
	Dec. 31, 2023
General [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 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. 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, 2023. The June 30, 2023 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, 2023. The preparation of the Company’s 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 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 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2023
Summary of Significant 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, 2023
Recently Issued Accounting Guidance [Abstract]
Recently Issued Accounting Guidance	Note (3) – Recently Issued Accounting Guidance Trade receivables as of December 31, 2023 were $44.3 million, net of an allowance of $1.8 million. The Company measures its allowance for credit losses on trade receivables on a collective (pool) basis when similar risk characteristics exist. Trade receivables are generally pooled based on the type of transaction generating the trade receivable. The Company establishes an estimate for its allowance for credit losses resulting from the failure of customers to make required payments by applying an aging schedule to pools of assets. The Company generally monitors macroeconomic indicators to assess whether adjustments are necessary to reflect current conditions. 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.

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2023
Acquisitions [Abstract]
Acquisitions	Note (4) – Acquisitions: On September 1, 2023, the Company completed the acquisition of ALVF, Inc. (dba ALCO Washer Center) (“ALCO”), a Pennsylvania based distributor of commercial laundry products and a provider of related technical installation and maintenance services to the on-premise and vended laundry segments of the commercial laundry industry. The consideration paid by the Company in connection with the acquisition consisted of $987,000 in cash and 8,621 shares of the Company’s common stock, with an acquisition date fair value of approximately $229,000. Fees and expenses related to the acquisition, consisting primarily of legal and other professional fees, were not material and are classified as selling, general and administrative expenses in the Company’s consolidated statement of operations for the six months ended December 31, 2023. The acquisition was treated for accounting purposes as a purchase of ALCO using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”), pursuant to which the consideration paid by the Company was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to goodwill. The Company allocated $793,000 to goodwill, which is expected to be amortized and deductible for tax purposes over 15 years. Goodwill is attributable primarily to the assembled workforce, as well as the expected benefits from the increased scale of the Company as a result of the acquisition. The financial position, including assets and liabilities, of ALCO is included in the Company’s unaudited condensed consolidated balance sheet as of December 31, 2023 and the results of operations of ALCO since the September 1, 2023 closing date are included in the Company’s unaudited condensed consolidated financial statements for the six and three months ended December 31, 2023.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note (5) - Earnings Per Share: For the six months ended For the three months ended 2023 2022 2023 2022 Net income $ 2,623 $ 5,071 $ 1,341 $ 2,224 Less: distributed and undistributed income allocated to unvested restricted common stock 336 621 172 272 Net income allocated to EVI Industries, Inc. shareholders $ 2,287 $ 4,450 $ 1,169 $ 1,952 Weighted average shares outstanding used in basic earnings per share 12,621 12,545 12,659 12,534 Dilutive common share equivalents 624 237 614 120 Weighted average shares outstanding used in diluted earnings per share 13,245 12,782 13,273 12,654 Basic earnings per share $ 0.18 $ 0.35 $ 0.09 $ 0.16 Diluted earnings per share $ 0.17 $ 0.35 $ 0.09 $ 0.15 During the six and three months ended December 31, 2023, other than 287,338 and 355,964 shares, respectively, of common stock subject to unvested restricted stock awards or restricted stock units, there were no potentially dilutive securities outstanding. During the six and three months ended December 31, 2022, other than 1,754,588 shares 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, 2023
Debt [Abstract]
Debt	Note (6) – Debt: December 31, June 30, Revolving credit facility $ 31,000 $ 35,000 Less: unamortized discount and deferred financing costs (114 ) (131 ) Total long-term debt, net $ 30,886 $ 34,869 The Company is party, as borrower, to a syndicated credit agreement (the “Credit Agreement”) which allows for borrowings 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 Credit Agreement currently bear interest, at a rate, at the Company’s election at the time of borrowing, equal to (a) the Bloomberg Short-Term Bank Yield Index rate (the “BSBY rate”) plus a margin that ranges between 1.25% and 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 BSBY rate plus 100 basis points (such highest rate, the “Base Rate”), plus a margin that ranges between 0.25% and 0.75% depending on the Consolidated Leverage Ratio. Swingline loans generally bear interest at the Base Rate plus a margin that ranges between 0.25% and 0.75% depending on the Consolidated Leverage Ratio. During November 2023, Bloomberg Index Services Limited announced it will discontinue the BSBY rate on November 15, 2024. Pursuant to the terms of the Credit Agreement, in connection with the discontinuation of the BSBY rate, when determined by the administrative agent under the Credit Agreement, the BSBY rate will be replaced with the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment ranging from a minimum of 0.11% to a maximum of 0.43%. The Credit Agreement contains certain covenants, including financial covenants requiring the Company to comply with maximum leverage ratios and minimum interest coverage ratios. The 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. At December 31, 2023, the Company was in compliance with its covenants under the Credit Agreement and $55.6 million was available to borrow under the revolving credit facility. The obligations of the Company under the 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. The carrying value of the Company’s long-term debt reported in the condensed consolidated balance sheets herein approximates its fair value since it bears interest at variable rates approximating market rates.

Leases

Leases	6 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Note (7) - Leases: Company as Lessee As of December 31, 2023, the Company had 33 facilities, consisting of warehouse facilities and administrative offices, financed under operating leases with lease term expirations between 2024 and 2030. Operating lease cost consists of monthly rental payments under the terms of the Company’s lease agreements recognized on a straight-line basis. Short-term lease costs are not material. 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, 2023. 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 (in thousands) 2024 (remainder of) $ 1,959 2025 3,522 2026 2,783 2027 1,470 2028 812 Thereafter 1,152 Total minimum lease payments 11,698 Less: amounts representing interest 816 Present value of minimum lease payments 10,882 Less: current portion 3,495 Long-term portion $ 7,387 The table below presents additional information related to the Company’s operating leases (in thousands): Six months ended Three months ended 2023 2022 2023 2022 Operating lease cost Operating lease cost (1) $ 2,036 $ 1,616 $ 1,035 $ 843 Variable lease cost (2) 2,218 144 1,143 126 Total lease cost $ 4,254 $ 1,760 $ 2,178 $ 969 (1) Expenses are classified as selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. (2) Certain of the Company’s subsidiaries lease space at locations where (i) they install laundry equipment and customers pay for the use of equipment and (ii) the leased space is paid for as part of a revenue sharing arrangement. The Company did not report this variable lease cost in the three or six months ended December 31, 2022 and does not believe the omission is material to the Company’s consolidated financial statements. These expenses are classified within cost of sales in the Company’s condensed consolidated statements of operations. The table below presents lease-related terms and discount rates as of December 31, 2023: December 31, 2023 Weighted average remaining lease terms Operating leases 3.8 years Weighted average discount rate Operating leases 3.49 % 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, 2023 and 2022 (in thousands): Six months ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: $ 2,036 $ 1,616 Operating lease right-of-use assets obtained in exchange for operating lease liabilities: $ 3,095 $ 524 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 Amortization Net Investment 2024 (remainder of) $ 2,633 $ 1,680 $ 953 2025 4,282 2,803 1,479 2026 3,484 2,109 1,375 2027 2,606 1,437 1,169 2028 1,579 781 798 Thereafter 1,611 758 853 $ 6,627 * * Excludes residual values of $2.9 million. The total net investments in sales type leases, including stated residual values, as of December 31, 2023 and June 30, 2023 was $9.6 million and $9.0 million, respectively. The current portion of $1.6 million is included in other current assets in the condensed consolidated balance sheets as of December 31, 2023 and June 30, 2023, and the long term portion of $8.0 million and $7.4 million is included in other assets in the condensed consolidated balance sheets as of December 31, 2023 and June 30, 2023, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2023
Income Taxes [Abstarct]
Income Taxes	Note (8) - Income Taxes: The Company’s effective tax rate was 34.0% and 37.0% for the six and three-month periods ended December 31, 2023, respectively, and 27.8% and 26.3% for the six and three-month periods ended December 31, 2022, respectively. The increases in the effective tax rate are attributable to an increase in the net impact of permanent book-tax differences resulting primarily from nondeductible compensation. As of both December 31, 2023 and June 30, 2023, the Company had net deferred tax liabilities of approximately $5.0 million. 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, 2023, management believed that it was more-likely-than-not that the results of future operations will generate sufficient taxable income to realize the 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 recognition and measurement of a tax position taken or expected to be taken in a tax return. 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 during the three or six months ended December 31, 2023 or 2022. On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act is designed to combat climate change, allocating $369 billion to energy security and clean energy programs over the next 10 years, including provisions incentivizing manufacturing of clean energy equipment. Starting on January 1, 2023, the IR Act imposed a 15% alternative minimum tax (AMT) on corporations with book income in excess of $1 billion and a 1% federal excise tax on certain stock repurchases. The Company is not expected to be subject to the new AMT requirements and the 1% federal excise tax imposed by the IR Act is not expected to have a significant impact on the Company’s financial statements. As of December 31, 2023, the Company was subject to potential federal and state tax examinations for the tax years including and subsequent to 2019.

Equity Plans and Dividends

Equity Plans and Dividends	6 Months Ended
	Dec. 31, 2023
Equity Plans and Dividends [Abstract]
Equity Plans and Dividends	Note (9) – Equity Plans and Dividends: 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 and three months ended December 31, 2023, there were 175,801 restricted stock awards and 79,218 restricted stock units granted under the Plan. During the six months ended December 31, 2022, restricted stock awards of a total of 222,672 shares and 110,109 restricted stock units were granted under the Plan. During the three months ended December 31, 2022, a total of 16,320 restricted stock units were granted under the Plan. No restricted stock awards were granted under the Plan during the three months ended December 31, 2022. There were no restricted stock awards forfeited during either the six or three months ended December 31, 2023 or December 31, 2022. There were 20,485 and 7,952 restricted stock units forfeited during the six and three months ended December 31, 2023, respectively. There were 376 restricted stock units forfeited during the six months ended December 31, 2022. There were no restricted stock units forfeited during the three months ended December 31, 2022. For the six and three months ended December 31, 2023, non-cash share-based compensation expense related to awards granted under the Plan totaled $2.9 million and $1.1 million, respectively. For the six and three months ended December 31, 2022, non-cash share-based compensation expense related to awards granted under the Plan totaled $1.5 million and $802,000, respectively. As of December 31, 2023, the Company had $22.5 million and $11.3 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 13.52 years and 10.25 years, respectively. The following is a summary of non-vested restricted stock activity as of, and for the six months ended, December 31, 2023: Restricted Stock Awards Restricted Stock Units Shares Weighted- Shares Weighted- Non-vested awards or units outstanding at June 30, 2023 1,227,882 $ 20.56 533,200 $ 24.20 Granted 175,801 27.02 79,218 26.49 Vested (96,568 ) 25.38 (34,205 ) 27.52 Forfeited — — (20,485 ) 25.16 Non-vested awards or units outstanding at December 31, 2023 1,307,115 $ 21.07 557,728 $ 24.29 Employee Stock Purchase Plan During 2017, the Company’s stockholders approved the Company’s 2017 Employee Stock Purchase Plan (the “ESPP”). Subject to the terms and conditions thereof, the ESPP allows eligible employees the opportunity to purchase shares of the Company’s common stock at a 5% discount. The ESPP 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, 2023, 2,636 shares of common stock were issued under the ESPP for which the Company received net proceeds of $63,000. During the six and three months ended December 31, 2022, 2,610 shares of common stock were issued under the ESPP for which the Company received net proceeds of $59,000. Dividends The declaration and payment of cash dividends with respect to the Company’s common stock is determined by the Company’s Board of Directors based on the Company’s financial condition and results, including, but not limited to, cash flow generated by operations and profitability, the Company’s prospects and liquidity needs, and other factors deemed relevant by the Company’s Board of Directors. The Company has not historically paid regular dividends on its common stock. However, the Company has from time to time paid special cash dividends on its common stock. On October 4, 2023, the Company’s Board of Directors declared a special cash dividend on the Company’s common stock of $0.28 per share (totaling approximately $4.1 million in the aggregate), which was paid on October 26, 2023 to stockholders of record at the close of business on October 16, 2023. The Company did not pay any dividends in the six or three months ended December 31, 2022. The payment of dividends, if any, in the future will be in the discretion of the Company’s Board of Directors, as described above. The payment of dividends may also be subject to restrictions contained in the Company’s debt instruments. As described elsewhere in this Report, including under “Liquidity and Capital Resources” in Item 2 of this Report, the Company’s Credit Agreement contains certain covenants which may, among other things, restrict the Company’s ability to pay dividends, and any future facilities may contain similar or more stringent requirements.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Dec. 31, 2023
Transactions with Related Parties [Abstract]
Transactions with Related Parties	Note (10) – Transactions with Related Parties: On October 10, 2016, the Company’s wholly-owned subsidiary, Western State Design, entered into a lease agreement pursuant to which it leases 17,600 square feet of warehouse and office space from an affiliate of Dennis Mack, a director and employee of the Company, and Tom Marks, Executive Vice President, Business Development and President of the West Region of the Company. The lease had an initial term of five years and provides for two successive three three On October 31, 2017, the Company’s wholly-owned subsidiary, Tri-State Technical Services, entered into lease agreements pursuant to which it leases a total of 81,000 square feet of warehouse and office space from an affiliate of Matt Stephenson, former President of Tri-State. Monthly base rental payments totaled $21,000 during the initial terms of the leases. Each lease had an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. The Company exercised its option to renew the leases for the first three-year renewal term. Base rent for the first renewal term is $25,000. In addition to such leases, since May 1, 2023, Tri-State Technical Services has also leased an additional 50,000 square feet of space from Mr. Stephenson. Monthly base rental payments for the additional space total $15,000. The term of this lease will expire upon the expiration of the other leases with Mr. Stephenson described above. In addition to base rent, Tri-State is responsible under the leases for costs related to real estate taxes, utilities, maintenance, repairs and insurance. Payments under these leases totaled approximately $253,000 and $132,000 during the six months ended December 31, 2023 and 2022, respectively, and $134,000 and $66,000 during the three months ended December 31, 2023 and 2022, respectively. On November 1, 2018, the Company’s wholly-owned subsidiary, AAdvantage Laundry Systems, entered into a lease agreement pursuant to which it leases warehouse and office space from an affiliate of Mike Zuffinetti, former Chief Executive Officer of AAdvantage. Monthly base rental payments under this lease were $26,000 initially. Pursuant to the lease agreement, on January 1, 2019, the lease expanded to cover additional warehouse space and, in connection therewith, monthly base rental payments under this lease increased to $36,000. In addition to base rent, AAdvantage is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease had an initial term of five years and provides for two successive three-year renewal terms at the option of the Company. The Company exercised its option to renew the lease for the first three-year renewal term. Base rent for the first renewal term is $40,000 per month. Payments under the lease totaled approximately $224,000 and $216,000 during the six months ended December 31, 2023 and 2022, respectively, and $116,000 and $108,000 during the three months ended December 31, 2023 and 2022, respectively. On November 3, 2020, the Company’s wholly-owned subsidiary, Yankee Equipment Systems, entered into a lease agreement pursuant to which it leases a total of 12,500 square feet of warehouse and office space from an affiliate of Peter Limoncelli, President of Yankee Equipment Systems. Monthly base rental payments were $11,000 during the initial term of the lease. In addition to base rent, Yankee Equipment Systems is responsible under the lease for costs related to real estate taxes, utilities, maintenance, repairs and insurance. The lease had an initial term of three years and provides for three successive three-year renewal terms at the option of the Company. The Company has exercised its option to renew this lease for the first three-year renewal term. Base rent for the first year of the renewal term is $12,500 per month. Payments under this lease totaled approximately $74,000 and $70,000 during the six months ended December 31, 2023 and 2022, respectively, and $36,000 and $35,000 during the three months ended December 31, 2023 and 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note (11) – Commitments and Contingencies During the six months ended December 31, 2023, substantially all of the contract liabilities outstanding as of June 30, 2023 were realized. 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, 2023
Goodwill [Abstract]
Goodwill	Note (12) – Goodwill Balance at June 30, 2023 $ 73,388 Goodwill from acquisition (1) 793 Working capital adjustments (2) (25 ) Balance at December 31, 2023 $ 74,156 (1) Relates to the acquisition of ALCO, which was consummated during the six months ended December 31, 2023, as described in Note 4, “Acquisitions.” (2) Represents working capital adjustments related to business acquisitions consummated by the Company during the fiscal year ended June 30, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,341	$ 2,224	$ 2,623	$ 5,071

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	Basic and diluted earnings per share for the six and three months ended December 31, 2023 and 2022 are computed as follows (in thousands, except per share data): For the six months ended For the three months ended 2023 2022 2023 2022 Net income $ 2,623 $ 5,071 $ 1,341 $ 2,224 Less: distributed and undistributed income allocated to unvested restricted common stock 336 621 172 272 Net income allocated to EVI Industries, Inc. shareholders $ 2,287 $ 4,450 $ 1,169 $ 1,952 Weighted average shares outstanding used in basic earnings per share 12,621 12,545 12,659 12,534 Dilutive common share equivalents 624 237 614 120 Weighted average shares outstanding used in diluted earnings per share 13,245 12,782 13,273 12,654 Basic earnings per share $ 0.18 $ 0.35 $ 0.09 $ 0.16 Diluted earnings per share $ 0.17 $ 0.35 $ 0.09 $ 0.15

Debt (Tables)

Debt (Tables)	6 Months Ended
	Dec. 31, 2023
Debt [Abstract]
Schedule of long-term debt	December 31, June 30, Revolving credit facility $ 31,000 $ 35,000 Less: unamortized discount and deferred financing costs (114 ) (131 ) Total long-term debt, net $ 30,886 $ 34,869

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of operating lease liabilities	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 (in thousands) 2024 (remainder of) $ 1,959 2025 3,522 2026 2,783 2027 1,470 2028 812 Thereafter 1,152 Total minimum lease payments 11,698 Less: amounts representing interest 816 Present value of minimum lease payments 10,882 Less: current portion 3,495 Long-term portion $ 7,387
Schedule of Operating Leases	The table below presents additional information related to the Company’s operating leases (in thousands): Six months ended Three months ended 2023 2022 2023 2022 Operating lease cost Operating lease cost (1) $ 2,036 $ 1,616 $ 1,035 $ 843 Variable lease cost (2) 2,218 144 1,143 126 Total lease cost $ 4,254 $ 1,760 $ 2,178 $ 969 (1) Expenses are classified as selling, general and administrative expenses in the Company’s condensed consolidated statements of operations. (2) Certain of the Company’s subsidiaries lease space at locations where (i) they install laundry equipment and customers pay for the use of equipment and (ii) the leased space is paid for as part of a revenue sharing arrangement. The Company did not report this variable lease cost in the three or six months ended December 31, 2022 and does not believe the omission is material to the Company’s consolidated financial statements. These expenses are classified within cost of sales in the Company’s condensed consolidated statements of operations. December 31, 2023 Weighted average remaining lease terms Operating leases 3.8 years Weighted average discount rate Operating leases 3.49 %
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, 2023 and 2022 (in thousands): Six months ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: $ 2,036 $ 1,616 Operating lease right-of-use assets obtained in exchange for operating lease liabilities: $ 3,095 $ 524
Schedule of Minimum Lease Payments Receivable	The future minimum lease payments receivable for sales type leases are as follows (in thousands): Fiscal years ending June 30, Total Minimum Amortization Net Investment 2024 (remainder of) $ 2,633 $ 1,680 $ 953 2025 4,282 2,803 1,479 2026 3,484 2,109 1,375 2027 2,606 1,437 1,169 2028 1,579 781 798 Thereafter 1,611 758 853 $ 6,627 * * Excludes residual values of $2.9 million.

Equity Plans and Dividends (Tab

Equity Plans and Dividends (Tables)	6 Months Ended
	Dec. 31, 2023
Equity Plans and Dividends [Abstract]
Schedule of Non-vested Restricted Stock Activity	Restricted Stock Awards Restricted Stock Units Shares Weighted- Shares Weighted- Non-vested awards or units outstanding at June 30, 2023 1,227,882 $ 20.56 533,200 $ 24.20 Granted 175,801 27.02 79,218 26.49 Vested (96,568 ) 25.38 (34,205 ) 27.52 Forfeited — — (20,485 ) 25.16 Non-vested awards or units outstanding at December 31, 2023 1,307,115 $ 21.07 557,728 $ 24.29

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Dec. 31, 2023
Goodwill [Abstract]
Schedule of Carrying Amount of Goodwill	The changes in the carrying amount of goodwill are as follows (in thousands): Balance at June 30, 2023 $ 73,388 Goodwill from acquisition (1) 793 Working capital adjustments (2) (25 ) Balance at December 31, 2023 $ 74,156 (1) Relates to the acquisition of ALCO, which was consummated during the six months ended December 31, 2023, as described in Note 4, “Acquisitions.” (2) Represents working capital adjustments related to business acquisitions consummated by the Company during the fiscal year ended June 30, 2023.

Recently Issued Accounting Gu_2

Recently Issued Accounting Guidance (Details) $ in Millions	Dec. 31, 2023 USD ($)
Recently Issued Accounting Guidance [Abstract]
Trade receivables	$ 44.3
Net of allowance	$ 1.8

Acquisitions (Details)

Acquisitions (Details)	Sep. 01, 2023 USD ($) shares
Acquisitions (Details) [Line Items]
Goodwill	$ 793,000
Goodwill for tax purposes amortizable period	15 years
ALVF, Inc. [Member]
Acquisitions (Details) [Line Items]
Cash Paid	$ 987,000
Issuances of shares in connection with acquisitions, shares (in Shares) | shares	8,621
Fair value consideration	$ 229,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Dilutive securities outstanding	$ 355,964	$ 1,754,588	$ 287,338	$ 1,754,588

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of Basic and Diluted Earnings Per Share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Schedule of Basic and Diluted Earnings Per Share [Abstract]
Net income	$ 1,341	$ 2,224	$ 2,623	$ 5,071
Less: distributed and undistributed income allocated to unvested restricted common stock	172	272	336	621
Net income allocated to EVI Industries, Inc. shareholders	$ 1,169	$ 1,952	$ 2,287	$ 4,450
Weighted average shares outstanding used in basic earnings per share	12,659	12,534	12,621	12,545
Dilutive common share equivalents	614	120	624	237
Weighted average shares outstanding used in diluted earnings per share	13,273	12,654	13,245	12,782
Basic earnings per share	$ 0.09	$ 0.16	$ 0.18	$ 0.35
Diluted earnings per share	$ 0.09	$ 0.15	$ 0.17	$ 0.35

Debt (Details)

Debt (Details) $ in Millions	6 Months Ended
	Dec. 31, 2023 USD ($)
Maximum [Member]
Debt (Details) [Line Items]
Consolidated leverage ratio	1.25%
Bear interest percentage	0.25%
Maximum [Member] | Base Rate [Member]
Debt (Details) [Line Items]
Consolidated leverage ratio	0.25%
Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt (Details) [Line Items]
Basis spread on variable rate	0.43%
Minimum [Member]
Debt (Details) [Line Items]
Consolidated leverage ratio	1.75%
Bear interest percentage	0.75%
Minimum [Member] | Base Rate [Member]
Debt (Details) [Line Items]
Consolidated leverage ratio	0.75%
Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt (Details) [Line Items]
Basis spread on variable rate	0.11%
Revolving Credit Facility [Member]
Debt (Details) [Line Items]
Aggregate principal amount (in Dollars)	$ 100
Revolving line of credit facility amount outstanding (in Dollars)	40
Amount available for borrowing under the revolving line of credit facility (in Dollars)	$ 55.6
Maturity date	May 06, 2027
Revolving Credit Facility [Member] | Maximum [Member]
Debt (Details) [Line Items]
Revolving line of credit facility amount outstanding (in Dollars)	$ 140
Swingline Loans [Member]
Debt (Details) [Line Items]
Amount available for borrowing under the revolving line of credit facility (in Dollars)	5
Standby Letters of Credit [Member]
Debt (Details) [Line Items]
Amount available for borrowing under the revolving line of credit facility (in Dollars)	$ 10

Debt (Details) - Schedule of lo

Debt (Details) - Schedule of long-term debt - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2022
Schedule of long-term debt [Abstract]
Revolving credit facility	$ 31,000	$ 35,000
Less: unamortized discount and deferred financing costs	(114)	(131)
Total long-term debt, net	$ 30,886	$ 34,869

Leases (Details)

Leases (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2023
Leases [Abstract]
Lease term expirations, description	lease term expirations between 2024 and 2030.
Residual value	$ 2.9
Total net investment in sales type leases	9.6	$ 9
Current portion sales type leases	1.6
Long term portion sales type leases	$ 8	$ 7.4

Leases (Details) - Schedule of

Leases (Details) - Schedule of operating lease liabilities - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Schedule of operating lease liabilities [Abstract]
2024 (remainder of)	$ 1,959
2025	3,522
2026	2,783
2027	1,470
2028	812
Thereafter	1,152
Total minimum lease payments	11,698
Less: amounts representing interest	816
Present value of minimum lease payments	10,882
Less: current portion	3,495	$ 3,027
Long-term portion	$ 7,387	$ 6,554

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of Operating Leases - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Operating lease cost
Operating lease cost	[1]	$ 1,035	$ 843	$ 2,036	$ 1,616
Variable lease cost	[2]	1,143	126	2,218	144
Total lease cost		$ 2,178	$ 969	$ 4,254	$ 1,760
Weighted average remaining lease terms
Operating leases		3 years 9 months 18 days		3 years 9 months 18 days
Weighted average discount rate
Operating leases		3.49%		3.49%
[1]Expenses are classified as selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.[2]Certain of the Company’s subsidiaries lease space at locations where (i) they install laundry equipment and customers pay for the use of equipment and (ii) the leased space is paid for as part of a revenue sharing arrangement. The Company did not report this variable lease cost in the three or six months ended December 31, 2022 and does not believe the omission is material to the Company’s consolidated financial statements. These expenses are classified within cost of sales in the Company’s condensed consolidated statements of operations.

Leases (Details) - Schedule o_3

Leases (Details) - Schedule of Supplemental Cash Flow Information Related to Company's Long-Term Operating Lease Liabilities - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Supplemental Cash Flow Information Related to Company's Long-Term Operating Lease Liabilities [Abstract]
Cash paid for amounts included in the measurement of lease liabilities:	$ 2,036	$ 1,616
Operating lease right-of-use assets obtained in exchange for operating lease liabilities:	$ 3,095	$ 524

Leases (Details) - Schedule o_4

Leases (Details) - Schedule of Minimum Lease Payments Receivable $ in Thousands	Dec. 31, 2023 USD ($)
Total Minimum Lease Payments Receivable [Member]
Leases (Details) - Schedule of Minimum Lease Payments Receivable [Line Items]
2024 (remainder of)	$ 2,633
2025	4,282
2026	3,484
2027	2,606
2028	1,579
Thereafter	1,611
Amortization of Unearned Income [Member]
Leases (Details) - Schedule of Minimum Lease Payments Receivable [Line Items]
2024 (remainder of)	1,680
2025	2,803
2026	2,109
2027	1,437
2028	781
Thereafter	758
Net Investment in Sales Type Leases [Member]
Leases (Details) - Schedule of Minimum Lease Payments Receivable [Line Items]
2024 (remainder of)	953
2025	1,479
2026	1,375
2027	1,169
2028	798
Thereafter	853
Future minimum lease payments receivable	$ 6,627	[1]
[1]Excludes residual values of $2.9 million.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended			6 Months Ended
	Jan. 01, 2023	Aug. 16, 2022	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Income Taxes (Details) [Line Items]
Effective tax rate			37%		26.30%	34%	27.80%
Investment (in Dollars)		$ 369,000
Energy security		10 years
Alternative minimum tax	15%
Federal excise tax amount (in Dollars)	$ 1,000
Federal excise tax	1%			1%
Income Taxes [Member]
Income Taxes (Details) [Line Items]
Deferred tax liabilities (in Dollars)			$ 5			$ 5		$ 5

Equity Plans and Dividends (Det

Equity Plans and Dividends (Details) - USD ($)		3 Months Ended		6 Months Ended
	Oct. 04, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Equity Plans and Dividends (Details) [Line Items]
Non-cash share-based compensation expense		$ 1,100,000	$ 802,000	$ 2,900,000	$ 1,500,000
Weighted-average period				10 years 3 months
Common stock discount percentage				5%
Cash dividend per share (in Dollars per share)	$ 0.28
Aggregate amount	$ 4,100,000
Equity Incentive Plan [Member]
Equity Plans and Dividends (Details) [Line Items]
Number of shares authorized under 2015 Equity Incentive Plan (in Shares)						3,000,000
Number of shares granted (in Shares)			16,320
Two Thousand Seventeen Employee Stock Purchase Plan [Member]
Equity Plans and Dividends (Details) [Line Items]
Issuance of shares under employee stock plan		2,636	$ 2,610	$ 2,636	$ 2,610
Net proceeds		63,000	$ 59,000
Restricted Stock Awards [Member]
Equity Plans and Dividends (Details) [Line Items]
Number of shares granted (in Shares)				175,801
Number of stock Forfeited (in Shares)
Unrecognized restricted stock		22,500,000		$ 22,500,000
Restricted Stock Awards [Member] | Equity Incentive Plan [Member]
Equity Plans and Dividends (Details) [Line Items]
Number of shares granted (in Shares)				175,801	222,672
Restricted Stock Units [Member]
Equity Plans and Dividends (Details) [Line Items]
Number of shares granted (in Shares)				79,218
Number of stock Forfeited (in Shares)				20,485
Unrecognized restricted stock		$ 11,300,000		$ 11,300,000
Weighted-average period				13 years 6 months 7 days
Restricted Stock Units [Member] | Equity Incentive Plan [Member]
Equity Plans and Dividends (Details) [Line Items]
Number of shares granted (in Shares)		79,218			110,109
Number of stock Forfeited (in Shares)		7,952		20,485	376

Equity Plans and Dividends (D_2

Equity Plans and Dividends (Details) - Schedule of Non-vested Restricted Stock Activity	6 Months Ended
	Dec. 31, 2023 $ / shares shares
Restricted Stock Awards [Member]
Equity Plans and Dividends (Details) - Schedule of Non-vested Restricted Stock Activity [Line Items]
Non-vested awards or units outstanding, Beginning balance | shares	1,227,882
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares	$ 20.56
Restricted Stock Awards, Granted | shares	175,801
Restricted Stock Units, Granted | $ / shares	$ 27.02
Restricted Stock Awards, Vested | shares	(96,568)
Restricted Stock Units, Vested | $ / shares	$ 25.38
Restricted Stock Awards, Forfeited | shares
Restricted Stock Units, Forfeited | $ / shares
Non-vested awards or units outstanding, Ending balance | shares	1,307,115
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares	$ 21.07
Restricted Stock Units [Member]
Equity Plans and Dividends (Details) - Schedule of Non-vested Restricted Stock Activity [Line Items]
Non-vested awards or units outstanding, Beginning balance | shares	533,200
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares	$ 24.2
Restricted Stock Awards, Granted | shares	79,218
Restricted Stock Units, Granted | $ / shares	$ 26.49
Restricted Stock Awards, Vested | shares	(34,205)
Restricted Stock Units, Vested | $ / shares	$ 27.52
Restricted Stock Awards, Forfeited | shares	(20,485)
Restricted Stock Units, Forfeited | $ / shares	$ 25.16
Non-vested awards or units outstanding, Ending balance | shares	557,728
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares	$ 24.29

Transactions with Related Par_2

Transactions with Related Parties (Details)							3 Months Ended		6 Months Ended
	May 01, 2023 USD ($) ft²	Nov. 03, 2020 USD ($) ft²	Jan. 01, 2019 USD ($)	Nov. 01, 2018 USD ($)	Oct. 31, 2017 USD ($) ft²	Oct. 10, 2016 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Transactions with Related Parties (Details) [Line Items]
Renewal terms			3 years
Monthly base rental payment during initial terms									$ 40,000
Lease totaled							$ 116,000	$ 108,000
Additional square feet (in Square Feet) | ft²	50,000
Dennis Mack and Tom Marks [Member]
Transactions with Related Parties (Details) [Line Items]
Lease agreement (in Square Feet) | ft²						17,600
Renewal terms						3 years
Monthly base rental payment during initial terms						$ 12,000
Base rent						$ 19,000
Mike Zuffinetti [Member]
Transactions with Related Parties (Details) [Line Items]
Lease totaled			$ 36,000	$ 26,000			57,000	57,000	114,000	$ 114,000
Matt Stephenson [Member]
Transactions with Related Parties (Details) [Line Items]
Lease agreement (in Square Feet) | ft²					81,000
Monthly base rental payment during initial terms					$ 21,000
Base rent					$ 25,000
Frank Costabile [Member]
Transactions with Related Parties (Details) [Line Items]
Monthly base rental payment during initial terms	$ 15,000
Scott Martin [Member]
Transactions with Related Parties (Details) [Line Items]
Lease totaled							134,000	66,000	253,000	132,000
AAdvantage Laundry Systems [Member]
Transactions with Related Parties (Details) [Line Items]
Lease totaled									224,000	216,000
Peter Limoncelli [Member]
Transactions with Related Parties (Details) [Line Items]
Lease agreement (in Square Feet) | ft²		12,500
Monthly base rental payment during initial terms		$ 11,000
Base rent		$ 12,500
Lease totaled							$ 35,000	$ 36,000	$ 74,000	$ 70,000

Goodwill (Details) - Schedule o

Goodwill (Details) - Schedule of Carrying Amount of Goodwill $ in Thousands	6 Months Ended
	Dec. 31, 2023 USD ($)
Schedule of Carrying Amount of Goodwill [Abstract]
Balance, beginning	$ 73,388
Goodwill from acquisition	793	[1]
Working capital adjustments	(25)	[2]
Balance, ending	$ 74,156
[1]Relates to the acquisition of ALCO, which was consummated during the six months ended December 31, 2023, as described in Note 4, “Acquisitions.”[2]Represents working capital adjustments related to business acquisitions consummated by the Company during the fiscal year ended June 30, 2023.