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10-Q Filing

InnovAge Holding Corp. CIK: 1834376 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001558370-21-015332
Period End Date 20210930
Filing Date 20211109
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance tmb-20210930x10q_htm.xml
Filing Contents
Balance Sheet 79 line items
Line Item Tag Value Unit Period
Allowance for loss AllowanceForDoubtfulAccountsReceivable $4.35M USD Point-in-time
Allowance for loss AllowanceForDoubtfulAccountsReceivable $5.19M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $215.53M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $201.47M USD Point-in-time
Common stock authorized (in shares) CommonStockSharesAuthorized 500.00M shares Point-in-time
Common stock authorized (in shares) CommonStockSharesAuthorized 500.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $9.00M USD Point-in-time
Common stock issued (in shares) CommonStockSharesIssued 135.52M shares Point-in-time
Common stock issued (in shares) CommonStockSharesIssued 135.52M shares Point-in-time
Restricted cash RestrictedCashCurrent $2.23M USD Point-in-time
Restricted cash RestrictedCashCurrent $2.23M USD Point-in-time
Common stock outstanding (in shares) CommonStockSharesOutstanding 135.52M shares Point-in-time
Accounts receivable, net of allowance ($5,193 - September 30, 2021 and $4,350 - June 30, 2021) AccountsReceivableNetCurrent $32.58M USD Point-in-time
Common stock outstanding (in shares) CommonStockSharesOutstanding 135.52M shares Point-in-time
Accounts receivable, net of allowance ($5,193 - September 30, 2021 and $4,350 - June 30, 2021) AccountsReceivableNetCurrent $28.39M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $9.25M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $10.85M USD Point-in-time
Income tax receivable IncomeTaxesReceivable $3.63M USD Point-in-time
Income tax receivable IncomeTaxesReceivable $5.40M USD Point-in-time
Total current assets AssetsCurrent $250.93M USD Point-in-time
Total current assets AssetsCurrent $260.63M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $141.99M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $142.72M USD Point-in-time
Investments LongTermInvestments $3.49M USD Point-in-time
Investments LongTermInvestments $5.49M USD Point-in-time
Deposits and other DepositsAndOtherAssetsNoncurrent $3.88M USD Point-in-time
Deposits and other DepositsAndOtherAssetsNoncurrent $4.19M USD Point-in-time
Goodwill Goodwill $124.22M USD Point-in-time
Goodwill Goodwill $124.22M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $6.35M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $6.52M USD Point-in-time
Total noncurrent assets AssetsNoncurrent $282.24M USD Point-in-time
Total noncurrent assets AssetsNoncurrent $280.82M USD Point-in-time
Total assets Assets $542.87M USD Point-in-time
Total assets Assets $531.75M USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrent $33.35M USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrent $32.36M USD Point-in-time
Reported and estimated claims ReportedAndEstimatedClaimsCurrent $33.34M USD Point-in-time
Reported and estimated claims ReportedAndEstimatedClaimsCurrent $33.23M USD Point-in-time
Due to Medicaid and Medicare DueToStateAndFederalHealthPrograms $8.54M USD Point-in-time
Due to Medicaid and Medicare DueToStateAndFederalHealthPrograms $7.10M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $3.79M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $3.79M USD Point-in-time
Current portion of capital lease obligations FinanceLeaseLiabilityCurrent $2.08M USD Point-in-time
Current portion of capital lease obligations FinanceLeaseLiabilityCurrent $2.13M USD Point-in-time
Total current liabilities LiabilitiesCurrent $78.56M USD Point-in-time
Total current liabilities LiabilitiesCurrent $81.15M USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $16.93M USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $15.70M USD Point-in-time
Capital lease obligations FinanceLeaseLiabilityNoncurrent $4.76M USD Point-in-time
Capital lease obligations FinanceLeaseLiabilityNoncurrent $5.19M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $2.76M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $2.75M USD Point-in-time
Long-term debt, net of debt issuance costs LongTermDebtNoncurrent $70.73M USD Point-in-time
Long-term debt, net of debt issuance costs LongTermDebtNoncurrent $71.57M USD Point-in-time
Total liabilities Liabilities $176.33M USD Point-in-time
Total liabilities Liabilities $173.79M USD Point-in-time
Commitments and Contingencies (See Note 9) CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies (See Note 9) CommitmentsAndContingencies - USD Point-in-time
Redeemable Noncontrolling Interests (See Note 4) RedeemableNoncontrollingInterestEquityCarryingAmount $16.99M USD Point-in-time
Redeemable Noncontrolling Interests (See Note 4) RedeemableNoncontrollingInterestEquityCarryingAmount $16.43M USD Point-in-time
Common stock, $0.001 par value; 500,000,000 authorized as of September 30, 2021 and June 30, 2021; 135,516,513 shares issued and outstanding as of both September 30, 2021 and June 30, 2021 CommonStockValue $136.00K USD Point-in-time
Common stock, $0.001 par value; 500,000,000 authorized as of September 30, 2021 and June 30, 2021; 135,516,513 shares issued and outstanding as of both September 30, 2021 and June 30, 2021 CommonStockValue $136.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $323.76M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $324.72M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $10.66M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $18.94M USD Point-in-time
Total InnovAge Holding Corp. StockholdersEquity $343.79M USD Point-in-time
Total InnovAge Holding Corp. StockholdersEquity $334.56M USD Point-in-time
Noncontrolling interests MinorityInterest $6.42M USD Point-in-time
Noncontrolling interests MinorityInterest $6.33M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-61.42M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $107.75M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $340.98M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $350.12M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $542.87M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $531.75M USD Point-in-time
Income Statement 43 line items
Line Item Tag Value Unit Period
Total revenues RevenueFromContractWithCustomerExcludingAssessedTax $173.07M USD 1 Quarter
Total revenues RevenueFromContractWithCustomerExcludingAssessedTax $152.57M USD 1 Quarter
External provider costs ExternalProviderCosts $90.01M USD 1 Quarter
External provider costs ExternalProviderCosts $73.68M USD 1 Quarter
Cost of care, excluding depreciation and amortization DirectOperatingCosts $38.28M USD 1 Quarter
Cost of care, excluding depreciation and amortization DirectOperatingCosts $40.73M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $6.29M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $4.11M USD 1 Quarter
Corporate, general and administrative GeneralAndAdministrativeExpense $21.08M USD 1 Quarter
Corporate, general and administrative GeneralAndAdministrativeExpense $71.58M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $2.96M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.29M USD 1 Quarter
Equity loss IncomeLossFromEquityMethodInvestments $-801.00K USD 1 Quarter
Other operating income OtherOperatingIncomeExpenseNet $668.00K USD 1 Quarter
Total expenses CostsAndExpenses $161.41M USD 1 Quarter
Total expenses CostsAndExpenses $190.75M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $11.66M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-38.18M USD 1 Quarter
Interest expense, net InterestExpense $547.00K USD 1 Quarter
Interest expense, net InterestExpense $5.63M USD 1 Quarter
Loss on extinguishment of debt GainLossOnExtinguishmentOfDebtBeforeWriteOffOfDebtIssuanceCost $-991.00K USD 1 Quarter
Other expense OtherNonoperatingIncomeExpense $-493.00K USD 1 Quarter
Other expense OtherNonoperatingIncomeExpense $-62.00K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-1.04M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-6.68M USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossIncludingPortionAttributableToNoncontrollingInterest $-44.86M USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossIncludingPortionAttributableToNoncontrollingInterest $10.62M USD 1 Quarter
Provision for Income Taxes IncomeTaxExpenseBenefit $4.94M USD 1 Quarter
Provision for Income Taxes IncomeTaxExpenseBenefit $3.00M USD 1 Quarter
Net Income (Loss) ProfitLoss $-49.80M USD 1 Quarter
Net Income (Loss) ProfitLoss $7.62M USD 1 Quarter
Less: net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-62.00K USD 1 Quarter
Less: net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-146.00K USD 1 Quarter
Net Income (Loss) Attributable to InnovAge Holding Corp. NetIncomeLoss $-49.65M USD 1 Quarter
Net Income (Loss) Attributable to InnovAge Holding Corp. NetIncomeLoss $7.69M USD 1 Quarter
Weighted-average number of common shares outstanding - basic WeightedAverageNumberOfSharesOutstandingBasic 135.52M shares 1 Quarter
Weighted-average number of common shares outstanding - basic WeightedAverageNumberOfSharesOutstandingBasic 121.12M shares 1 Quarter
Weighted-average number of common shares outstanding - diluted WeightedAverageNumberOfDilutedSharesOutstanding 135.52M shares 1 Quarter
Weighted-average number of common shares outstanding - diluted WeightedAverageNumberOfDilutedSharesOutstanding 121.12M shares 1 Quarter
Net income (loss) per share - basic EarningsPerShareBasic $0.06 USD 1 Quarter
Net income (loss) per share - basic EarningsPerShareBasic $-0.41 USD 1 Quarter
Net income (loss) per share - diluted EarningsPerShareDiluted $0.06 USD 1 Quarter
Net income (loss) per share - diluted EarningsPerShareDiluted $-0.41 USD 1 Quarter
Cash Flow Statement 65 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $-49.80M USD 1 Quarter
Net income (loss) ProfitLoss $7.62M USD 1 Quarter
Loss on disposal of assets GainLossOnDispositionOfAssets1 $-493.00K USD 1 Quarter
Provision for uncollectible accounts ProvisionForDoubtfulAccounts $838.00K USD 1 Quarter
Provision for uncollectible accounts ProvisionForDoubtfulAccounts $1.27M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $2.96M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.29M USD 1 Quarter
Loss on extinguishment of long-term debt GainsLossesOnExtinguishmentOfDebt $-991.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCostsAndDiscounts $261.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCostsAndDiscounts $107.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $958.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $46.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $1.23M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $3.28M USD 1 Quarter
Loss in equity of nonconsolidated entities GainLossInEquityOfNonconsolidatedEntities $-801.00K USD 1 Quarter
Change in fair value of contingent consideration FairValueOfContingentConsideration $-668.00K USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-2.93M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-8.27M USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.60M USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-141.00K USD 1 Quarter
Income taxes receivable IncreaseDecreaseInIncomeTaxesReceivable $-1.50M USD 1 Quarter
Income taxes receivable IncreaseDecreaseInIncomeTaxesReceivable $-1.77M USD 1 Quarter
Deposits and other IncreaseDecreaseInDepositOtherAssets $309.00K USD 1 Quarter
Deposits and other IncreaseDecreaseInDepositOtherAssets $76.00K USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $5.80M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $1.25M USD 1 Quarter
Reported and estimated claims IncreaseDecreaseInReportedAndEstimatedClaims $4.92M USD 1 Quarter
Reported and estimated claims IncreaseDecreaseInReportedAndEstimatedClaims $106.00K USD 1 Quarter
Due to Medicaid and Medicare IncreaseDecreaseInDueToStateAndFederalHealthPrograms $2.67M USD 1 Quarter
Due to Medicaid and Medicare IncreaseDecreaseInDueToStateAndFederalHealthPrograms $1.44M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $20.56M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-18.06M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $3.04M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $4.63M USD 1 Quarter
Purchase of cost method investment PaymentsToAcquireInvestments $2.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-5.04M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-4.63M USD 1 Quarter
Distribution to owners PaymentsOfDividends $9.46M USD 1 Quarter
Payments on capital lease obligations FinanceLeasePrincipalPayments $480.00K USD 1 Quarter
Payments on capital lease obligations FinanceLeasePrincipalPayments $505.00K USD 1 Quarter
Proceeds from long-term debt ProceedsFromIssuanceOfLongTermDebt $300.00M USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $947.00K USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $212.62M USD 1 Quarter
Payment of financing costs and debt premiums PaymentsOfDebtIssuanceCosts $7.48M USD 1 Quarter
Treasury stock purchase PaymentsForRepurchaseOfCommonStock $77.60M USD 1 Quarter
Payments related to option cancellation PaymentsRelatedToOptionCancellation $32.36M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.45M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-40.00M USD 1 Quarter
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS & RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-62.69M USD 1 Quarter
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS & RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $14.06M USD 1 Quarter
CASH, CASH EQUIVALENTS & RESTRICTED CASH BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $203.70M USD Point-in-time
CASH, CASH EQUIVALENTS & RESTRICTED CASH BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $217.76M USD Point-in-time
CASH, CASH EQUIVALENTS & RESTRICTED CASH BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $51.88M USD Point-in-time
CASH, CASH EQUIVALENTS & RESTRICTED CASH BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $114.56M USD Point-in-time
CASH, CASH EQUIVALENTS & RESTRICTED CASH END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $203.70M USD Point-in-time
CASH, CASH EQUIVALENTS & RESTRICTED CASH END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $217.76M USD Point-in-time
CASH, CASH EQUIVALENTS & RESTRICTED CASH END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $51.88M USD Point-in-time
CASH, CASH EQUIVALENTS & RESTRICTED CASH END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $114.56M USD Point-in-time
Interest paid InterestPaidNet $2.95M USD 1 Quarter
Interest paid InterestPaidNet $573.00K USD 1 Quarter
Income taxes paid IncomeTaxesPaid $188.00K USD 1 Quarter
Property and equipment included in accounts payable PropertyAndEquipmentIncludedInAccountsPayable $272.00K USD 1 Quarter
Property and equipment included in accounts payable PropertyAndEquipmentIncludedInAccountsPayable $298.00K USD 1 Quarter
Property and equipment purchased under capital leases PropertyAndEquipmentPurchasedUnderCapitalLeases $2.74M USD 1 Quarter
Property and equipment purchased under capital leases PropertyAndEquipmentPurchasedUnderCapitalLeases $127.00K USD 1 Quarter
Stockholders Equity 26 line items
Line Item Tag Value Unit Period
Balances, Beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-61.42M USD Point-in-time
Balances, Beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $107.75M USD Point-in-time
Balances, Beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $340.98M USD Point-in-time
Balances, Beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $350.12M USD Point-in-time
Treasury stock transaction TreasuryStockValueAcquiredCostMethod $77.60M USD 1 Quarter
Time based awards- option cancelation AdjustmentsToAdditionalPaidInCapitalTimeBasedAwardsOptionCancelation $29.20M USD 1 Quarter
Stock Option Cancellation, Value StockOptionCancellationValue $12.61M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $46.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $958.00K USD 1 Quarter
Adjustment to redemption value AdjustmentToRedemptionValue $587.00K USD 1 Quarter
Net income (loss), including portion attributable to nonredeemable noncontrolling interest NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $-49.80M USD 1 Quarter
Net income (loss), including portion attributable to nonredeemable noncontrolling interest NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $7.59M USD 1 Quarter
Net income (loss) ProfitLoss $-49.80M USD 1 Quarter
Net income (loss) ProfitLoss $7.62M USD 1 Quarter
Balances, Ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $-61.42M USD Point-in-time
Balances, Ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $107.75M USD Point-in-time
Balances, Ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $340.98M USD Point-in-time
Balances, Ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $350.12M USD Point-in-time
Beginning balance RedeemableNoncontrollingInterestEquityCarryingAmount $16.99M USD Point-in-time
Beginning balance RedeemableNoncontrollingInterestEquityCarryingAmount $16.43M USD Point-in-time
Adjustment to redemption value TemporaryEquityOtherChanges $-587.00K USD 1 Quarter
Net income (loss) TemporaryEquityNetIncome $32.00K USD 1 Quarter
Ending balance RedeemableNoncontrollingInterestEquityCarryingAmount $16.99M USD Point-in-time
Ending balance RedeemableNoncontrollingInterestEquityCarryingAmount $16.43M USD Point-in-time
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest NetIncomeLossAttributableToRedeemableNoncontrollingInterest $7.62M USD 1 Quarter
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest NetIncomeLossAttributableToRedeemableNoncontrollingInterest $-49.80M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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