2021 Q3 Form 10-K Financial Statement

#000117494721000839 Filed on September 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2021
Revenue $63.74M $64.55M $242.0M
YoY Change 10.13% 18.61% 2.63%
Cost Of Revenue $46.10M $48.18M $182.2M
YoY Change 3.5% 17.63% 0.87%
Gross Profit $17.64M $16.37M $59.84M
YoY Change 32.3% 21.57% 8.39%
Gross Profit Margin 27.67% 25.37% 24.73%
Selling, General & Admin $14.97M $15.26M $56.59M
YoY Change 20.37% 16.3% 7.95%
% of Gross Profit 84.87% 93.23% 94.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.236M $1.208M $4.596M
YoY Change 25.48% 20.32% 24.35%
% of Gross Profit 7.01% 7.38% 7.68%
Operating Expenses $14.97M $15.26M $56.59M
YoY Change 20.37% 16.3% 7.95%
Operating Profit $2.669M $1.109M $3.246M
YoY Change 197.88% 223.32% 16.76%
Interest Expense -$115.0K -$199.0K $635.0K
YoY Change -31.95% -14.96% -55.66%
% of Operating Profit -4.31% -17.94% 19.56%
Other Income/Expense, Net
YoY Change
Pretax Income $2.554M $7.873M $9.888M
YoY Change 251.31% 7122.94% 633.53%
Income Tax $535.0K $1.093M $1.504M
% Of Pretax Income 20.95% 13.88% 15.21%
Net Earnings $2.019M $6.780M $8.384M
YoY Change 289.77% -12207.14% 981.81%
Net Earnings / Revenue 3.17% 10.5% 3.46%
Basic Earnings Per Share $0.15 $0.63
Diluted Earnings Per Share $0.15 $534.8K $0.61
COMMON SHARES
Basic Shares Outstanding 12.28M shares 12.14M shares
Diluted Shares Outstanding 12.66M shares 12.58M shares

Balance Sheet

Concept 2021 Q3 2021 Q2 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.773M $6.057M $6.057M
YoY Change -45.74% -38.12% -38.12%
Cash & Equivalents $2.773M $6.057M $6.057M
Short-Term Investments
Other Short-Term Assets $5.595M $4.419M $4.222M
YoY Change 27.56% 45.31% 2.78%
Inventory $29.06M $25.13M $25.13M
Prepaid Expenses
Receivables $33.81M $28.90M $29.25M
Other Receivables $0.00 $564.0K $564.0K
Total Short-Term Assets $71.64M $65.22M $65.22M
YoY Change 9.37% 0.88% 0.88%
LONG-TERM ASSETS
Property, Plant & Equipment $10.69M $10.59M $17.65M
YoY Change 19.45% 32.56% 32.71%
Goodwill $63.90M $63.88M
YoY Change 12.81% 12.71%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.998M $7.415M $7.415M
YoY Change 50.79% 71.29% 71.29%
Total Long-Term Assets $111.9M $112.6M $112.6M
YoY Change 13.6% 17.24% 17.24%
TOTAL ASSETS
Total Short-Term Assets $71.64M $65.22M $65.22M
Total Long-Term Assets $111.9M $112.6M $112.6M
Total Assets $183.6M $177.9M $177.9M
YoY Change 11.91% 10.66% 10.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.77M $20.67M $20.67M
YoY Change -13.62% 9.41% 9.41%
Accrued Expenses $9.503M $4.376M $15.22M
YoY Change 47.61% -4.29% 28.56%
Deferred Revenue $3.232M
YoY Change 479.21%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $44.80M $49.46M $49.46M
YoY Change -8.75% 16.44% 16.44%
LONG-TERM LIABILITIES
Long-Term Debt $19.89M $11.87M $11.87M
YoY Change 2.82% -52.56% -52.56%
Other Long-Term Liabilities $5.598M $5.567M $5.567M
YoY Change -1.91% 52.23% 52.23%
Total Long-Term Liabilities $19.89M $11.87M $17.44M
YoY Change 2.82% -52.56% -39.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.80M $49.46M $49.46M
Total Long-Term Liabilities $19.89M $11.87M $17.44M
Total Liabilities $74.33M $71.11M $71.11M
YoY Change -1.04% -2.44% -2.44%
SHAREHOLDERS EQUITY
Retained Earnings $20.81M $18.79M
YoY Change 90.46% 80.54%
Common Stock $90.81M
YoY Change 14.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.865M $2.865M
YoY Change 42.4% 42.4%
Treasury Stock Shares 120.7K shares 120.7K shares
Shareholders Equity $109.2M $106.7M $106.7M
YoY Change
Total Liabilities & Shareholders Equity $183.6M $177.9M $177.9M
YoY Change 11.91% 10.66% 10.66%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2021
OPERATING ACTIVITIES
Net Income $2.019M $6.780M $8.384M
YoY Change 289.77% -12207.14% 981.81%
Depreciation, Depletion And Amortization $1.236M $1.208M $4.596M
YoY Change 25.48% 20.32% 24.35%
Cash From Operating Activities -$10.44M $8.204M $13.69M
YoY Change -341.63% -6.12% -40.63%
INVESTING ACTIVITIES
Capital Expenditures -$848.0K -$890.0K -$2.824M
YoY Change -14.94% 50.85% -16.33%
Acquisitions $4.818M
YoY Change 249.38%
Other Investing Activities $0.00 -$4.818M
YoY Change -100.0% 249.38%
Cash From Investing Activities -$848.0K -$890.0K -$7.642M
YoY Change -14.94% 40.16% 60.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $784.0K
YoY Change 49.9%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $8.000M -4.176M -$9.784M
YoY Change -200.0% 87.1% -27.85%
NET CHANGE
Cash From Operating Activities -$10.44M 8.204M $13.69M
Cash From Investing Activities -$848.0K -890.0K -$7.642M
Cash From Financing Activities $8.000M -4.176M -$9.784M
Net Change In Cash -$3.284M 3.138M -$3.732M
YoY Change -29.8% -46.56% -178.55%
FREE CASH FLOW
Cash From Operating Activities -$10.44M $8.204M $13.69M
Capital Expenditures -$848.0K -$890.0K -$2.824M
Free Cash Flow -$9.588M $9.094M $16.52M
YoY Change -280.36% -2.52% -37.53%

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CY2021Q2 us-gaap Capital Leases Lessor Balance Sheet Net Investment In Sales Type Leases Current
CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesCurrent
900000 USD
CY2021Q2 us-gaap Capital Leases Lessor Balance Sheet Net Investment In Sales Type Leases Noncurrent
CapitalLeasesLessorBalanceSheetNetInvestmentInSalesTypeLeasesNoncurrent
5800000 USD
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Estimates</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management evaluates these estimates on an ongoing basis. Estimates which may be particularly significant to the Company’s consolidated financial statements include those relating to the determination of impairment of assets (including goodwill and intangible assets), the useful life of property and equipment, net realizable value of inventory, the residual value of leased equipment, the recoverability of deferred income tax assets, allowances for doubtful accounts, intangible assets, estimates to complete on contracts where revenue is recognized over time, the carrying value of inventories and long-lived assets, the timing of revenue recognition, and sales returns and allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the recognition of revenues and expenses and the carrying value of assets and liabilities that are not readily apparent from other sources. Assumptions and estimates may, however, prove to have been incorrect, and actual results may differ from these estimates. </p>
CY2021 us-gaap Net Income Loss
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8384000 USD
CY2020 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
62000 USD
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7653000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
713000 USD
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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12142000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11841000 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
436000 shares
CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
330000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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12578000 shares
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.61
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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12171000 shares
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.63
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:9pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">Supplier Concentration</span> </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:11pt; margin-bottom:0pt; ">The Company purchases laundry, dry cleaning equipment, boilers and other products from a number of manufacturers and suppliers. Purchases from three manufacturers accounted for a total of approximately 62% of the Company’s purchases for fiscal 2021 and 63% of the Company’s purchases for fiscal 2020. </p>
CY2021 us-gaap Advertising Expense
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435000 USD
CY2020 us-gaap Advertising Expense
AdvertisingExpense
377000 USD
CY2021 evi Revenue From Acquisitions Included In Consolidated Results Of Operations
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33000000.0 USD
CY2021 evi Net Income From Acquisitions Included In Consolidated Results Of Operations
NetIncomeFromAcquisitionsIncludedInConsolidatedResultsOfOperations
1700000 USD
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RevenueFromAcquisitionsIncludedInConsolidatedResultsOfOperations
8100000 USD
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94000 USD
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314000 USD
CY2020 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
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USD
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635000 USD
CY2020 us-gaap Interest Expense
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1432000 USD
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29731000 USD
CY2020Q2 evi Trade Accounts Receivables Current
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18500000 USD
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200000 USD
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5362000 USD
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23862000 USD
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820000 USD
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23042000 USD
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472000 USD
CY2020Q2 us-gaap Inventory Valuation Reserves
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339000 USD
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CY2020 us-gaap Inventory Write Down
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CY2020Q2 us-gaap Prepaid Insurance
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884000 USD
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762000 USD
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3041000 USD
CY2021Q2 evi Number Of Facilities Financed Under Operating Leases
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27 Facilities
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2326000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1931000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1052000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
735000 USD
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LesseeOperatingLeaseLiabilityPaymentsDueYearFive
585000 USD
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1692000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
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8321000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2021Q2 evi Lessee Operating Lease Liability Present Value Of Minimum Lease Payments
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2131000 USD
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
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OperatingLeaseCost
2109000 USD
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67000 USD
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190000 USD
CY2020 us-gaap Variable Lease Cost
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177000 USD
CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
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P5Y4M24D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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OperatingLeaseWeightedAverageDiscountRatePercent
0.035 pure
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1348000 USD
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SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
1091000 USD
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2200000 USD
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3900000 USD
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700000 USD
CY2020Q2 us-gaap Capital Leases Lessor Balance Sheet Net Investment In Sales Type Leases Noncurrent
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3200000 USD
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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6084000 USD
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4570000 USD
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16678000 USD
CY2020Q2 us-gaap Property Plant And Equipment Gross
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12562000 USD
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10594000 USD
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7992000 USD
CY2021 us-gaap Depreciation
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2700000 USD
CY2020 us-gaap Depreciation
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54501000 USD
CY2020 evi Goodwill From Acquisition One
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2094000 USD
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83000 USD
CY2020Q2 us-gaap Goodwill
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CY2021 evi Goodwill From Yes Acquisition
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CY2021 evi Working Capital Adjustments
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-27000 USD
CY2021Q2 us-gaap Goodwill
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30663000 USD
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26863000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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6986000 USD
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5109000 USD
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23677000 USD
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21754000 USD
CY2021 us-gaap Amortization Of Intangible Assets
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1900000 USD
CY2020 us-gaap Amortization Of Intangible Assets
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1700000 USD
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1884000 USD
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1841000 USD
CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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1837000 USD
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CY2021Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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3283000 USD
CY2021Q2 evi Total Remaining Amortization Intangible Assets
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12522000 USD
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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348000 USD
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20665000 USD
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4572000 USD
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1186000 USD
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262000 USD
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-178000 USD
CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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573000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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2076000 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
283000 USD
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265000 USD
CY2020 us-gaap Defined Contribution Plan Cost Recognized
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491000 USD
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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340000 USD
CY2021 evi Income Tax Reconciliation Nondeductible Expense Ppp Loan Forgiveness
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1462000 USD
CY2020 evi Income Tax Reconciliation Nondeductible Expense Ppp Loan Forgiveness
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CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2021 us-gaap Income Tax Expense Benefit
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1504000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
573000 USD
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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0.152 pure
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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0.425 pure
CY2021Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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182000 USD
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106000 USD
CY2021Q2 us-gaap Deferred Tax Assets Inventory
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353000 USD
CY2020Q2 us-gaap Deferred Tax Assets Inventory
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385000 USD
CY2021Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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557000 USD
CY2020Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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705000 USD
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605000 USD
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221000 USD
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69000 USD
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554000 USD
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1971000 USD
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2120000 USD
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412000 USD
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1268000 USD
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1167000 USD
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CY2021Q2 us-gaap Deferred Income Tax Liabilities
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5974000 USD
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3699000 USD
CY2021Q2 evi Deferred Net Tax Assets And Liabilities
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P4Y
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2021Q2 us-gaap Line Of Credit
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CY2021Q2 evi Ppp Loans
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182000 USD
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2680000 USD
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25030000 USD
CY2021 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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0.06 pure
CY2021 us-gaap Deferred Compensation Arrangement With Individual Requisite Service Period1
DeferredCompensationArrangementWithIndividualRequisiteServicePeriod1
P1Y
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
171000 USD

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