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10-Q Filing

InnovAge Holding Corp. CIK: 1834376 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001558370-22-016916
Period End Date 20220930
Filing Date 20221108
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance tmb-20220930x10q_htm.xml
Filing Contents
Balance Sheet 85 line items
Line Item Tag Value Unit Period
Allowance for loss AllowanceForDoubtfulAccountsReceivable $4.26M USD Point-in-time
Allowance for loss AllowanceForDoubtfulAccountsReceivable $3.40M 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 $188.22M 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
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $184.43M USD Point-in-time
Common stock issued (in shares) CommonStockSharesIssued 135.57M shares Point-in-time
Restricted cash RestrictedCashCurrent $17.00K USD Point-in-time
Restricted cash RestrictedCashCurrent $17.00K USD Point-in-time
Common stock issued (in shares) CommonStockSharesIssued 135.53M shares Point-in-time
Common stock outstanding (in shares) CommonStockSharesOutstanding 135.53M shares Point-in-time
Accounts receivable, net of allowance ($4,264 - September 30, 2022 and $3,403 - June 30, 2022) AccountsReceivableNetCurrent $37.52M USD Point-in-time
Accounts receivable, net of allowance ($4,264 - September 30, 2022 and $3,403 - June 30, 2022) AccountsReceivableNetCurrent $35.91M USD Point-in-time
Common stock outstanding (in shares) CommonStockSharesOutstanding 135.57M shares Point-in-time
Prepaid expenses PrepaidExpenseCurrent $13.84M USD Point-in-time
Prepaid expenses PrepaidExpenseCurrent $12.16M USD Point-in-time
Income tax receivable IncomeTaxesReceivable $5.01M USD Point-in-time
Income tax receivable IncomeTaxesReceivable $6.76M USD Point-in-time
Total current assets AssetsCurrent $242.93M USD Point-in-time
Total current assets AssetsCurrent $240.96M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $181.09M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $176.26M USD Point-in-time
Operating lease assets OperatingLeaseRightOfUseAsset $23.00M USD Point-in-time
Investments LongTermInvestments $5.49M USD Point-in-time
Investments LongTermInvestments $5.49M USD Point-in-time
Deposits and other DepositsAndOtherAssetsNoncurrent $2.56M USD Point-in-time
Deposits and other DepositsAndOtherAssetsNoncurrent $2.81M USD Point-in-time
Goodwill Goodwill $124.22M USD Point-in-time
Goodwill Goodwill $124.22M USD Point-in-time
Other intangible assets, net OtherIntangibleAssetsNet $5.86M USD Point-in-time
Other intangible assets, net OtherIntangibleAssetsNet $5.69M USD Point-in-time
Total noncurrent assets AssetsNoncurrent $342.05M USD Point-in-time
Total noncurrent assets AssetsNoncurrent $314.64M USD Point-in-time
Total assets Assets $584.98M USD Point-in-time
Total assets Assets $555.60M USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrent $50.86M USD Point-in-time
Accounts payable and accrued expenses AccountsPayableAndAccruedLiabilitiesCurrent $50.56M USD Point-in-time
Reported and estimated claims ReportedAndEstimatedClaimsCurrent $35.97M USD Point-in-time
Reported and estimated claims ReportedAndEstimatedClaimsCurrent $38.45M USD Point-in-time
Due to Medicaid and Medicare DueToStateAndFederalHealthPrograms $10.63M USD Point-in-time
Due to Medicaid and Medicare DueToStateAndFederalHealthPrograms $9.13M 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 finance lease obligations FinanceLeaseLiabilityCurrent $3.37M USD Point-in-time
Current portion of finance lease obligations FinanceLeaseLiabilityCurrent $3.38M USD Point-in-time
Current portion of operating lease obligations OperatingLeaseLiabilityCurrent $3.42M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $23.36M USD Point-in-time
Total current liabilities LiabilitiesCurrent $131.41M USD Point-in-time
Total current liabilities LiabilitiesCurrent $105.31M USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $14.29M USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $17.76M USD Point-in-time
Finance lease obligations FinanceLeaseLiabilityNoncurrent $9.44M USD Point-in-time
Finance lease obligations FinanceLeaseLiabilityNoncurrent $8.79M USD Point-in-time
Operating lease obligations OperatingLeaseLiabilityNoncurrent $20.73M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $1.14M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $1.13M USD Point-in-time
Long-term debt, net of debt issuance costs LongTermDebtNoncurrent $67.37M USD Point-in-time
Long-term debt, net of debt issuance costs LongTermDebtNoncurrent $68.21M USD Point-in-time
Total liabilities Liabilities $201.85M USD Point-in-time
Total liabilities Liabilities $243.73M 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 $16.43M USD Point-in-time
Redeemable Noncontrolling Interests (See Note 4) RedeemableNoncontrollingInterestEquityCarryingAmount $15.28M USD Point-in-time
Redeemable Noncontrolling Interests (See Note 4) RedeemableNoncontrollingInterestEquityCarryingAmount $16.99M USD Point-in-time
Redeemable Noncontrolling Interests (See Note 4) RedeemableNoncontrollingInterestEquityCarryingAmount $14.73M USD Point-in-time
Common stock, $0.001 par value; 500,000,000 authorized as of September 30, 2022 and June 30, 2022; 135,570,078 and 135,532,811 issued shares as of September 30, 2022 and June 30, 2022, respectively CommonStockValue $136.00K USD Point-in-time
Common stock, $0.001 par value; 500,000,000 authorized as of September 30, 2022 and June 30, 2022; 135,570,078 and 135,532,811 issued shares as of September 30, 2022 and June 30, 2022, respectively CommonStockValue $136.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $327.50M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $328.71M USD Point-in-time
Retained earnings (deficit) RetainedEarningsAccumulatedDeficit $4.73M USD Point-in-time
Retained earnings (deficit) RetainedEarningsAccumulatedDeficit $-8.34M USD Point-in-time
Total InnovAge Holding Corp. StockholdersEquity $320.50M USD Point-in-time
Total InnovAge Holding Corp. StockholdersEquity $332.36M USD Point-in-time
Noncontrolling interests MinorityInterest $6.10M USD Point-in-time
Noncontrolling interests MinorityInterest $6.02M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $338.47M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $350.12M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $340.98M USD Point-in-time
Total stockholders' equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $326.52M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $555.60M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $584.98M USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Total revenues RevenueFromContractWithCustomerExcludingAssessedTax $171.22M USD 1 Quarter
Total revenues RevenueFromContractWithCustomerExcludingAssessedTax $173.07M USD 1 Quarter
External provider costs ExternalProviderCosts $90.01M USD 1 Quarter
External provider costs ExternalProviderCosts $96.24M USD 1 Quarter
Cost of care, excluding depreciation and amortization DirectOperatingCosts $53.56M USD 1 Quarter
Cost of care, excluding depreciation and amortization DirectOperatingCosts $40.73M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $4.41M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $6.29M USD 1 Quarter
Corporate, general and administrative GeneralAndAdministrativeExpense $21.08M USD 1 Quarter
Corporate, general and administrative GeneralAndAdministrativeExpense $30.18M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.29M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.43M USD 1 Quarter
Total expenses CostsAndExpenses $187.82M USD 1 Quarter
Total expenses CostsAndExpenses $161.41M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $11.66M USD 1 Quarter
Operating Income (Loss) OperatingIncomeLoss $-16.60M USD 1 Quarter
Interest expense, net InterestExpense $603.00K USD 1 Quarter
Interest expense, net InterestExpense $547.00K USD 1 Quarter
Other income (expense) OtherNonoperatingIncomeExpense $37.00K USD 1 Quarter
Other income (expense) OtherNonoperatingIncomeExpense $-493.00K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-566.00K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-1.04M USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossIncludingPortionAttributableToNoncontrollingInterest $10.62M USD 1 Quarter
Income (Loss) Before Income Taxes IncomeLossIncludingPortionAttributableToNoncontrollingInterest $-17.17M USD 1 Quarter
Provision (Benefit) for Income Taxes IncomeTaxExpenseBenefit $3.00M USD 1 Quarter
Provision (Benefit) for Income Taxes IncomeTaxExpenseBenefit $-3.47M USD 1 Quarter
Net Income (Loss) ProfitLoss $7.62M USD 1 Quarter
Net Income (Loss) ProfitLoss $-13.70M USD 1 Quarter
Less: net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-626.00K USD 1 Quarter
Less: net loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-62.00K USD 1 Quarter
Net Income (Loss) Attributable to InnovAge Holding Corp. NetIncomeLoss $-13.07M 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 135.57M 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 135.57M shares 1 Quarter
Net income (loss) per share - basic EarningsPerShareBasic $0.06 USD 1 Quarter
Net income (loss) per share - basic EarningsPerShareBasic $-0.10 USD 1 Quarter
Net income (loss) per share - diluted EarningsPerShareDiluted $-0.10 USD 1 Quarter
Net income (loss) per share - diluted EarningsPerShareDiluted $0.06 USD 1 Quarter
Cash Flow Statement 61 line items
Line Item Tag Value Unit Period
Net income (loss) ProfitLoss $7.62M USD 1 Quarter
Net income (loss) ProfitLoss $-13.70M USD 1 Quarter
(Gain) Loss on disposal of assets GainLossOnDispositionOfAssets1 $37.00K USD 1 Quarter
(Gain) Loss on disposal of assets GainLossOnDispositionOfAssets1 $-493.00K USD 1 Quarter
Provision for uncollectible accounts ProvisionForDoubtfulAccounts $1.57M USD 1 Quarter
Provision for uncollectible accounts ProvisionForDoubtfulAccounts $1.27M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.29M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.43M USD 1 Quarter
Noncash lease expense OperatingLeaseRightOfUseAssetAmortizationExpense $761.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCostsAndDiscounts $107.00K USD 1 Quarter
Amortization of deferred financing costs AmortizationOfFinancingCostsAndDiscounts $107.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $1.21M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $958.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-3.47M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $1.23M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-2.93M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $3.18M USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.60M USD 1 Quarter
Prepaid expenses IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-1.68M USD 1 Quarter
Income tax receivable IncreaseDecreaseInIncomeTaxesReceivable $-1.75M USD 1 Quarter
Income tax receivable IncreaseDecreaseInIncomeTaxesReceivable $-1.77M USD 1 Quarter
Deposits and other IncreaseDecreaseInDepositOtherAssets $-246.00K USD 1 Quarter
Deposits and other IncreaseDecreaseInDepositOtherAssets $309.00K USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $1.25M USD 1 Quarter
Accounts payable and accrued expenses IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $1.16M USD 1 Quarter
Reported and estimated claims IncreaseDecreaseInReportedAndEstimatedClaims $-2.48M USD 1 Quarter
Reported and estimated claims IncreaseDecreaseInReportedAndEstimatedClaims $106.00K USD 1 Quarter
Due to Medicaid and Medicare IncreaseDecreaseInDueToStateAndFederalHealthPrograms $1.44M USD 1 Quarter
Due to Medicaid and Medicare IncreaseDecreaseInDueToStateAndFederalHealthPrograms $1.50M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $-781.00K USD 1 Quarter
Deferred revenue IncreaseDecreaseInDeferredRevenue $23.36M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $13.13M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $20.56M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $3.04M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.67M 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 $-7.67M USD 1 Quarter
Payments for finance lease obligations FinanceLeasePrincipalPayments $505.00K USD 1 Quarter
Payments for finance lease obligations FinanceLeasePrincipalPayments $720.00K USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $947.00K USD 1 Quarter
Principal payments on long-term debt RepaymentsOfLongTermDebt $948.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.67M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-1.45M USD 1 Quarter
INCREASE IN CASH, CASH EQUIVALENTS & RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $14.06M USD 1 Quarter
INCREASE IN CASH, CASH EQUIVALENTS & RESTRICTED CASH CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $3.79M USD 1 Quarter
CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $188.24M USD Point-in-time
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 $184.45M USD Point-in-time
CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $188.24M 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 $184.45M USD Point-in-time
Interest paid InterestPaidNet $573.00K USD 1 Quarter
Interest paid InterestPaidNet $700.00K USD 1 Quarter
Income taxes paid IncomeTaxesPaid $13.00K USD 1 Quarter
Property and equipment included in accounts payable PropertyAndEquipmentIncludedInAccountsPayable $2.45M USD 1 Quarter
Property and equipment included in accounts payable PropertyAndEquipmentIncludedInAccountsPayable $272.00K USD 1 Quarter
Property and equipment purchased under finance leases PropertyAndEquipmentPurchasedUnderCapitalLeases $127.00K USD 1 Quarter
Property and equipment purchased under finance leases PropertyAndEquipmentPurchasedUnderCapitalLeases $80.00K USD 1 Quarter
Stockholders Equity 26 line items
Line Item Tag Value Unit Period
Balances, Beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $338.47M USD Point-in-time
Balances, Beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $350.12M USD Point-in-time
Balances, Beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $340.98M USD Point-in-time
Balances, Beginning StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $326.52M USD Point-in-time
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $958.00K USD 1 Quarter
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.21M USD 1 Quarter
Net income (loss) NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $7.59M USD 1 Quarter
Net income (loss) NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest $-13.15M USD 1 Quarter
Adjustments to redemption value AdjustmentToRedemptionValue $-587.00K USD 1 Quarter
Balances, Ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $338.47M USD Point-in-time
Balances, Ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $350.12M USD Point-in-time
Balances, Ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $340.98M USD Point-in-time
Balances, Ending StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $326.52M USD Point-in-time
Beginning balance RedeemableNoncontrollingInterestEquityCarryingAmount $16.43M USD Point-in-time
Beginning balance RedeemableNoncontrollingInterestEquityCarryingAmount $15.28M USD Point-in-time
Beginning balance RedeemableNoncontrollingInterestEquityCarryingAmount $16.99M USD Point-in-time
Beginning balance RedeemableNoncontrollingInterestEquityCarryingAmount $14.73M USD Point-in-time
Adjustments to redemption value TemporaryEquityOtherChanges $-587.00K USD 1 Quarter
Net income (loss) TemporaryEquityNetIncome $-544.00K USD 1 Quarter
Net income (loss) TemporaryEquityNetIncome $32.00K USD 1 Quarter
Ending balance RedeemableNoncontrollingInterestEquityCarryingAmount $16.43M USD Point-in-time
Ending balance RedeemableNoncontrollingInterestEquityCarryingAmount $15.28M USD Point-in-time
Ending balance RedeemableNoncontrollingInterestEquityCarryingAmount $16.99M USD Point-in-time
Ending balance RedeemableNoncontrollingInterestEquityCarryingAmount $14.73M 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 $-13.70M USD 1 Quarter

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

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