0001558370-22-014380 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Jun. 30, 2022	Sep. 12, 2022	Dec. 31, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	001-40159
Entity Registrant Name	InnovAge Holding Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0710819
Entity Address, Address Line One	8950
Entity Address, Address Line Two	E. Lowry Boulevard
Entity Address, City or Town	Denver
Entity Address State Or Province	CO
Entity Address, Postal Zip Code	80230
City Area Code	844
Local Phone Number	803-8745
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	INNV
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 94.9
Entity Common Stock, Shares Outstanding		135,565,699
Entity Central Index Key	0001834376
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Denver, CO

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Current Assets
Cash and cash equivalents	$ 184,429	$ 201,466
Restricted cash	17	2,234
Accounts receivable, net of allowance ($3,403 - June 30, 2022 and $4,350 - June 30, 2021)	35,907	32,582
Prepaid expenses	13,842	9,249
Income tax receivable	6,761	5,401
Total current assets	240,956	250,932
Noncurrent Assets
Property and equipment, net	176,260	142,715
Investments	5,493	3,493
Deposits and other	2,812	3,877
Goodwill	124,217	124,217
Other intangible assets, net	5,858	6,518
Total noncurrent assets	314,640	280,820
Total assets	555,596	531,752
Current Liabilities
Accounts payable and accrued expenses	50,562	32,361
Reported and estimated claims	38,454	33,234
Due to Medicaid and Medicare	9,130	7,101
Current portion of long-term debt	3,793	3,790
Current portion of capital lease obligations	3,368	2,079
Total current liabilities	105,307	78,565
Noncurrent Liabilities
Deferred tax liability, net	17,761	15,700
Capital lease obligations	9,440	5,190
Other noncurrent liabilities	1,134	2,758
Long-term debt, net of debt issuance costs	68,210	71,574
Total liabilities	201,852	173,787
Commitments and Contingencies (See Note 10)
Redeemable Noncontrolling Interests (See Note 5)	15,278	16,986
Stockholders' Equity
Common stock, $0.001 par value; 500,000,000 authorized as of June 30, 2022 and 2021; 135,532,811 and 135,516,513 issued shares as of June 30, 2022 and June 30, 2021, respectively	136	136
Additional paid-in capital	327,499	323,760
Retained earnings	4,729	10,663
Total InnovAge Holding Corp.	332,364	334,559
Noncontrolling interests	6,102	6,420
Total stockholders' equity	338,466	340,979
Total liabilities and stockholders' equity	$ 555,596	$ 531,752

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Consolidated Balance Sheets
Allowance for loss	$ 3,403	$ 4,350
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	135,532,811	135,516,513

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 698,640	$ 637,800
Expenses
External provider costs	383,046	309,317
Cost of care, excluding depreciation and amortization	180,222	154,403
Sales and marketing	24,201	22,236
Corporate, general and administrative	101,653	132,333
Depreciation and amortization	13,924	12,294
Equity loss		1,343
Other operating expense		18,211
Total expenses	703,046	650,137
Operating Income (Loss)	(4,406)	(12,337)
Other Income (Expense)
Interest expense, net	(2,526)	(16,787)
Loss on extinguishment of debt		(14,479)
Gain on equity method investment		10,871
Other expense	(305)	(2,237)
Total other expense	(2,831)	(22,632)
Income (Loss) Before Income Taxes	(7,237)	(34,969)
Provision for Income Taxes	723	9,771
Net Income (Loss)	(7,960)	(44,740)
Less: net loss attributable to noncontrolling interests	(1,439)	(754)
Net Income (Loss) Attributable to InnovAge Holding Corp.	$ (6,521)	$ (43,986)
Weighted-average number of common shares outstanding - basic	135,519,970	123,618,702
Weighted-average number of common shares outstanding - diluted	135,519,970	123,618,702
Net income (loss) per share - basic	$ (0.05)	$ (0.36)
Net income (loss) per share - diluted	$ (0.05)	$ (0.36)
Capitation revenue
Revenues
Total revenues	$ 696,998	$ 635,322
Other service revenue
Revenues
Total revenues	$ 1,642	$ 2,478

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock As Previously Reported	Common Stock	Additional Paid-in Capital As Previously Reported	Additional Paid-in Capital	Retained Earnings (Deficit) As Previously Reported	Retained Earnings (Deficit) Adjustments	Retained Earnings (Deficit)	Treasury Stock	Noncontrolling Interests As Previously Reported	Noncontrolling Interests Adjustments	Noncontrolling Interests	As Previously Reported	Adjustments	Total
Balances, Beginning at Jun. 30, 2020		$ 133		$ 36,338			$ 64,737	$ (193)			$ 6,735			$ 107,750
Balances, Beginning (in shares) at Jun. 30, 2020		132,718,461						102,030
Treasury stock transaction								$ (77,603)						(77,603)
Treasury stock transaction (in shares)								16,095,819
Treasury stock retirement		$ (16)		(77,780)				$ 77,796
Treasury stock retirement (in shares)		(16,197,849)						(16,197,849)
Stock Option Cancellation, Value							(9,501)							(9,501)
Time based awards- option cancelation				(29,175)										(29,175)
Stock-based compensation				1,664										1,664
Reclassification of warrant liability				2,264										2,264
Owner contribution				20,000										20,000
Initial public offering of common stock, net of offering costs		$ 19		370,449										370,468
Initial public offering of common stock, net of offering costs (in shares)		18,995,901
Consolidation of equity method investment											16,838			16,838
Net income (loss)					$ (43,986)		(43,986)		$ (754)	$ 439	(315)	$ (44,740)	$ 439	(44,301)
Adjustment to redemption value						$ (587)	(587)						(587)	(587)
Balances, Ending at Jun. 30, 2021	$ 136	$ 136	$ 323,760	323,760	$ 11,250	$ (587)	10,663		$ 22,819	$ (16,399)	6,420	357,965	(16,986)	340,979
Balances, Ending (in shares) at Jun. 30, 2021	135,516,513	135,516,513
Redeemable non-controlling interests (Temporary Equity)
Temporary Equity, Accretion to Redemption Value, Adjustment													16,838	16,838
Adjustment to redemption value													587	587
Net income (loss)													(439)	(439)
Ending balance at Jun. 30, 2021													16,986	16,986
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest												$ (44,740)	$ (44,740)	(44,740)
Stock-based compensation				3,739										3,739
Stock-based compensation (in shares)		16,298
Net income (loss)							(6,521)				(318)			(6,839)
Adjustment to redemption value							587							587
Balances, Ending at Jun. 30, 2022		$ 136		$ 327,499			$ 4,729				$ 6,102			338,466
Balances, Ending (in shares) at Jun. 30, 2022		135,532,811
Redeemable non-controlling interests (Temporary Equity)
Adjustment to redemption value														(587)
Net income (loss)														(1,121)
Ending balance at Jun. 30, 2022														15,278
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest														$ (7,960)

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	12 Months Ended
	Jun. 30, 2021 USD ($)
Consolidated Statements of Stockholders' Equity
Offering costs	$ 28,445

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Activities
Net income (loss)	$ (7,960)	$ (44,740)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Loss on disposal of assets	305	18
Provision for uncollectible accounts	6,181	8,637
Depreciation and amortization	13,924	12,294
Gain on equity method investment		(10,871)
Loss on extinguishment of long-term debt		14,479
Amortization of deferred financing costs	429	1,056
Stock-based compensation	3,739	1,664
Deferred income taxes	2,061	6,418
Loss in equity of nonconsolidated entities		1,343
Change in fair value of warrants		2,264
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable, net	(9,506)	5,879
Prepaid expenses	(4,667)	(4,987)
Income tax receivable	(1,360)	(3,658)
Deposits and other	(475)	(874)
Accounts payable and accrued expenses	17,381	6,137
Reported and estimated claims	5,221	2,613
Due to Medicaid and Medicare	2,029	(5,220)
Net cash provided by (used in) operating activities	27,302	(7,548)
Investing Activities
Purchases of property and equipment	(38,238)	(17,541)
Purchase of intangible assets		(2,000)
Purchase of cost method investment	(2,000)
Net cash used in investing activities	(40,238)	(19,541)
Financing Activities
Distributions to owners		(9,500)
Capital contributions		20,000
Payments on capital lease obligations	(2,528)	(1,788)
Proceeds from long-term debt		375,000
Principal payments on long-term debt	(3,790)	(512,660)
Payment of financing costs and debt premiums		(14,896)
Proceeds from initial public offering of common stock		370,468
Treasury stock purchases		(77,603)
Payments under acquisition agreements		(3,622)
Payments related to option cancellation		(29,175)
Net cash provided by (used in) financing activities	(6,318)	116,224
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS & RESTRICTED CASH	(19,254)	89,135
CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD	203,700	114,565
CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD	184,446	203,700
Supplemental Cash Flows Information
Interest paid	1,474	18,030
Income taxes paid	84	7,048
Property and equipment included in accounts payable	2,135	1,327
Property and equipment purchased under capital leases	$ 8,067	$ 3,493

Business

12 Months Ended

Jun. 30, 2022

Business

Business

Note 1: Business

InnovAge Holding Corp. (formerly, TCO Group Holdings, Inc.) (the “Company”) and certain wholly owned subsidiaries were formed as for-profit corporations effective May 13, 2016, for the purpose of purchasing all the outstanding common stock of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007. In connection with this purchase, Total Community Options, Inc. and certain of its subsidiaries converted from not-for-profit organizations to for-profit corporations, and Total Community Options Foundation, Inc. and Johnson Adult Day Program, Inc, both not-for-profit organizations, separated from Total Community Options, Inc. In connection with our initial public offering (“IPO”), which occurred in March 2021, we changed the name of our company from TCO Group Holdings, Inc. to InnovAge Holding Corp.

InnovAge Holding Corp. and its subsidiaries, which are headquartered in Denver, Colorado, have a record of innovation, quality, and sensitivity to the needs of participants and staff. The Company oversees, and in many cases directly provides, a broad range of medical and ancillary services for seniors in need of care and support to safely live independently in their homes and communities, including in-home care services (skilled, unskilled and personal care); in-center services such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the Program of All-Inclusive Care for the Elderly (“PACE”) center and third-party medical appointments; and care management. The Company manages its business as one reportable segment, PACE.

As of June 30, 2022, the Company served approximately 6,650 PACE participants, making it the largest PACE provider in the United States of America (the U.S.) based upon participants served, and operates 18 PACE centers across Colorado, California, New Mexico, Pennsylvania and Virginia.

PACE is a fully-capitated managed care program, which serves the frail elderly, and predominantly dual-eligible, population in a community-based service model. InnovAge is obligated to provide, and participants receive, all needed healthcare services through an all-inclusive, coordinated model of care, and the Company is at risk for 100% of healthcare costs incurred with respect to the care of its participants. PACE programs receive capitation payments directly from Medicare Parts C and D, Medicaid, Veterans Administration (“VA”), and private pay sources. Additionally, under the Medicare Prescription Drug Plan, the Centers for Medicare and Medicaid Services (“CMS”) share part of the risk for providing prescription medication to the Company’s participants.

On March 3, 2021, the Company’s Registration Statement on Form S-1 with respect to the Company’s IPO of shares of common stock, par value $0.001 per share, was declared effective by the Securities and Exchange Commission (“SEC”). The Company’s common stock began trading on March 4, 2021 on the Nasdaq Stock Market LLC (“NASDAQ”) under the ticker symbol “INNV”.

On March 8, 2021, we completed our IPO in which we issued and sold 16,666,667 shares of our common stock at an offering price of $21.00 per share. In addition, the underwriters had the option to purchase 2,500,000 additional shares of common stock, and on March 9, 2021, the underwriters exercised the option to purchase 2,329,234 shares of common stock. We received net proceeds of $370.5 million, after deducting underwriting discounts and commissions of $23.9 million and deferred offering costs of $4.5 million. Deferred, direct offering costs were capitalized and consisted of fees and expenses incurred in connection with the sale of our common stock in the IPO, including the legal, accounting, printing and other offering related costs. Upon completion of the IPO, these deferred offering costs were reclassified from current assets to stockholders’ equity and recorded against the net proceeds from the offering.

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2: Summary of Significant Accounting Policies

Basis of Preparation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (GAAP). The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and variable interest entities (VIEs) for which it is the primary beneficiary and entities for which it is the controlling general partner. All intercompany accounts and transactions have been eliminated in consolidation.

Restatement of Prior Period Financial Statements

Subsequent to the issuance of the Company’s consolidated financial statements as of and for the year ended June 30, 2021, we identified an error in our consolidated balance sheet and statement of stockholders’ equity as of June 30, 2021 related to the presentation of redeemable noncontrolling interests. The Company incorrectly recorded redeemable noncontrolling interests of $17.0 million as permanent equity rather than temporary equity as of June 30, 2021. As a result, the Company is restating the June 30, 2021 condensed consolidated financial statements to reflect this reclassification from permanent to temporary equity and to record the related adjustments to redemption value as of June 30, 2021. Management has evaluated the materiality of this misstatement and concluded that it is not material to the prior period.

The effect of the restatement on the consolidated balance sheet as of June 30, 2021 is as follows (in thousands):


	As Previously
	Reported	Adjustments	As Restated
Redeemable Noncontrolling Interests (See Note 5)	—	16,986	16,986
Retained earnings	11,250	(587)	10,663
Total InnovAge Holding Corp.	335,146	(587)	334,559
Noncontrolling interests	22,819	(16,399)	6,420
Total stockholders’ equity	357,965	(16,986)	340,979

The effect of the restatement on the consolidated statement of stockholders’ equity as of June 30, 2021 is as follows (in thousands):


				Redeemable
			Total Permanent	Noncontrolling
	Retained	Noncontrolling	Stockholders’	Interests	Retained
	Earnings	Interests	Equity	(Temporary Equity)	Earnings
As Previously Reported
Consolidation of equity method investment	—	16,838	16,838	—	—
Net income (loss)	(43,986)	(754)	(44,740)	—	—
Adjustment to redemption value	—	—	—	—	—
Balances, June 30, 2021	11,250	22,819	357,965	—	—
Adjustments
Consolidation of equity method investment	—	(16,838)	(16,838)	16,838	—
Net income (loss)	—	439	439	(439)	(44,740)
Adjustment to redemption value	(587)	—	(587)	587	—
Balances, June 30, 2021	(587)	(16,399)	(16,986)	16,986	—
As Restated
Consolidation of equity method investment	—	—	—	16,838	—
Net income (loss)	(43,986)	(315)	(44,301)	(439)	(44,740)
Adjustment to redemption value	(587)	—	(587)	587	—
Balances, June 30, 2021	10,663	6,420	340,979	16,986	—

Use of Estimates

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. Estimates are used in accounting for, among other things, the allowance for uncollectible accounts; useful lives of property and equipment and the valuation of goodwill and intangible assets; risk-score adjustments to participant revenues; reported and estimated claims; accruals; the determination of assumptions for stock-based compensation costs; deferred taxes, including the determination of a need for a valuation allowance; valuation of the contingent consideration; legal contingencies, including medical malpractice claims; the determination of fair value of net assets acquired in a business combination; and other fair value measurements. Actual results may differ from previously estimated amounts.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and financial instruments issued by major financial institutions that have an original maturity of less than three months. Amounts are reported in the consolidated balance sheets at cost, which approximates fair value.

The Company’s cash and cash equivalents are deposited with high credit quality financial institutions and are primarily in demand deposit accounts. The FDIC insurance coverage is $250,000 on the aggregate of interest bearing and non-interest bearing accounts.

Investments

Cost method investments do not have a readily determinable fair value and are carried at cost, less impairment plus or minus any changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer.

The Company uses the equity method to account for investments in entities that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. The Company’s investments in these nonconsolidated entities is reflected in the Company’s consolidated balance sheets under the equity method, and the Company’s proportionate net income (loss), if any, is included in the Company’s consolidated statements of operations as equity income (loss).

The Company evaluates its investments for impairment whenever events or changes in circumstances indicate that a decline in value has occurred that is other than temporary. Evidence considered in this evaluation includes, but would not necessarily be limited to, the financial condition and near-term prospects of the investee, recent operating trends and forecasted performance of the investee, market conditions in the geographic area or industry in which the investee operates and the Company’s strategic plans for holding the investment in relation to the period of time expected for an anticipated recovery of its carrying value. If the investment is determined to have a decline in value deemed to be other than temporary it is written down to estimated fair value. There were no write-downs in the fiscal years ended June 30, 2022 or 2021. See Note 5 “Investments” for more information.

Restricted Cash

Restricted cash includes (1) cash held in certificates of deposit of $0.0 million and $2.2 million as of June 30, 2022 and 2021, respectively, and (2) cash held for participants who have established a personal-needs account to pay for nonmedical personal expenses, payment of which only occurs upon participant authorization, in the amount of approximately $0.02 million as of both June 30, 2022 and 2021. The Company records a related deposit liability for any participant contributions to these personal-needs accounts in accounts payable and accrued expenses in the consolidated balance sheets.

Accounts Receivable

The Company provides comprehensive health care services to participants on the basis of capitated or fixed fees per participant that are paid monthly by Medicare, Medicaid, the VA, and private pay sources. The Company records accounts receivable at net realizable value, which includes an allowance for estimated uncollectible accounts. The allowance for uncollectible accounts reflects the Company’s best estimate of probable losses considering eligibility, historical experience, and existing economic conditions. Accounts are written off as bad debts when they are deemed uncollectible based upon individual credit evaluations and specific circumstances underlying the accounts. See additional information in Note 3 “Revenue Recognition”.

Property and Equipment

Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization are recorded using the straight-line method over the shorter of estimated useful lives or lease terms, if the assets are being leased.

Property and equipment were comprised of the following as of June 30:


	Estimated
dollars in thousands	Useful Lives	2022		2021
Land	N/A	$	11,980	$	11,980
Buildings and leasehold improvements	10 - 40 years		122,076		104,724
Software	3 - 5 years		16,264		13,316
Equipment and vehicles	3 - 7 years		47,546		35,341
Construction in progress	N/A		35,479		22,130
			233,345		187,491
Less accumulated depreciation and amortization			(57,085)		(44,776)
Total property and equipment, net		$	176,260	$	142,715

Depreciation of $13.3 million and $11.6 million was recorded during the fiscal years ended June 30, 2022 and 2021, respectively. Land is not depreciated, and construction in progress is not depreciated until ready for service. Costs of enhancements or modifications that substantially extend the capacity or useful life of an asset are capitalized and depreciated accordingly. Ordinary repairs and maintenance are expensed as incurred.

The costs of acquiring or developing internal-use software, including directly related payroll costs for internal resources, are capitalized. Software maintenance and training costs are expensed in the period incurred.

Interest is capitalized on construction projects, including internal-use software development projects, while in progress. During the fiscal years ended June 30, 2022 and 2021, the Company capitalized interest of approximately $0.9 million and $1.0 million, respectively.

When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheets, and the resulting gain or loss, if any, is reflected in the consolidated statements of operations. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. No impairment charges were recorded in the fiscal years ended June 30, 2022 or 2021.

Goodwill and Intangible Assets

Intangible assets consist of customer relationships acquired through business acquisitions. Goodwill represents the excess of consideration paid over the fair value of net assets acquired through business acquisitions. Goodwill is not amortized but is tested for impairment at least annually.

The Company tests goodwill for impairment annually on April 1st or more frequently if triggering events occur or other impairment indicators arise which might impair recoverability. These events or circumstances would include a significant change in the business climate, legal factors, operating performance indicators, competition, sale, disposition

of a significant portion of the business, or other factors. Impairment of goodwill is evaluated at the reporting unit level. A reporting unit is defined as an operating segment (i.e. before aggregation or combination), or one level below an operating segment (i.e. a component). A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and segment management regularly reviews the operating results of that component. The Company has three reporting units for evaluating goodwill impairment.

ASC 350, Intangibles — Goodwill and Other (“ASC 350”), allows entities to first use a qualitative approach to test goodwill for impairment. When the reporting units where the Company performs the quantitative goodwill impairment are tested, the Company compares the fair value of the reporting unit, which the Company primarily determines using an income approach based on the present value of discounted cash flows, to the respective carrying value, which includes goodwill. If the fair value of the reporting unit exceeds its carrying value, the goodwill is not considered impaired. If the carrying value is higher than the fair value, the difference would be recognized as an impairment loss. There were no goodwill impairments recorded during the years ended June 30, 2022 and 2021.

Customer relationships represent the estimated values of customer relationships of acquired businesses and have definite lives. The Company amortizes these intangible assets on a straight-line basis over their ten-year estimated useful life. Intangible assets are reviewed for impairment in conjunction with long-lived assets. There were no intangible asset impairments recorded during the years ended June 30, 2022 and 2021.

Reported and Estimated Claims

Reported and estimated claims consist of unpaid claims reported as of the balance sheet date and estimates of claims incurred on or before June 30 that have not been reported by that date (IBNR). Such estimates are developed using actuarial methods and are based on many variables, including the utilization of health care services, historical payment patterns, cost trends, and other factors. These complex estimation methods and the resulting reserves are continually reviewed and updated, and any adjustments deemed necessary to contemplate new or updated information are reflected in current operations.

Contingent Consideration

The Company records contingent consideration at the time of agreement and records changes in the fair value of contingent consideration each reporting period in the consolidated statements of operations as a component of other operating expense (income).

During the year ended June 30, 2021, we paid contingent consideration relating to our acquisition of NewCourtland, as defined and described in Note 5 “Investments”. There were no amounts outstanding related to contingent consideration as of June 30, 2022.

Debt Issuance Costs

Debt issuance costs are those costs that have been incurred in connection with the issuance of long-term debt and are offset against long-term debt in the consolidated balance sheets. Such costs are being amortized over the term of the underlying debt using the straight-line method, as the difference between that and the effective interest method are immaterial.

Treasury Stock

Treasury stock purchases are accounted for under the cost method where the entire cost of the acquired stock is recorded as treasury stock. Gains and losses on the subsequent reissuance of shares are credited or charged to paid-in-capital in excess of par value using the average-cost method.

Revenue Recognition

Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine

revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performed the following five steps: (i) Identify the contract(s) with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; and (v) Recognize revenue as the entity satisfies a performance obligation. Medicaid and Medicare capitation revenues are based on PMPM capitation rates under the PACE program. For a discussion of our revenue recognition policies, please see Note 3 “Revenue Recognition”.

Professional Liability Claims

The Company records a liability for medical malpractice claims based on estimated probable losses and costs associated with settling these claims and a receivable to reflect the estimated insurance recoveries, if any. See Note 10 “Commitments and Contingencies”.

Advertising Costs

The Company’s purchased services and contracts expenses include media advertising, tactical advertising, and promotion costs. The creative portion of these activities is expensed as incurred. Production costs of advertising and promotional materials are expensed when the advertising is first run, unless such costs support direct-response advertising campaigns. In that case, these costs are capitalized and amortized over the period estimated to benefit from the campaign. Total advertising expenses were $6.7 million and $6.5 million for the fiscal years ended June 30, 2022 and 2021, respectively.

Stock-based Compensation

The Company has long-term equity incentive plans that provide for stock-based compensation, including the granting of stock options, profits interest units and restricted stock units to employees, directors, consultants, or advisers, as determined by each of the respective plans.

The Company utilizes the Black-Scholes option-pricing model to determine the fair value of the stock options on the date of grant. This model derives the fair value of the options based on certain assumptions related to expected stock price volatility, expected option life, risk-free interest rate, and dividend yield. The Company uses the Monte Carlo option model to determine the fair value of the granted profits interests units.

For service-vesting awards, we recognize stock-based compensation expense over the requisite service period, which is generally the vesting period of the respective award, on a straight-line basis. If the award was, in substance, multiple awards, we recognize stock-based compensation expense over the requisite service period for each separately vesting portion of the awards. For performance-vesting awards, we recognize stock-based compensation expense when it is probable that the performance condition will be achieved. We analyze if a performance condition is probable for each reporting period through the settlement date for awards subject to performance vesting. Stock-based compensation is included in corporate, general and administrative expenses on our consolidated statements of operations.

Shares issued pursuant to our equity incentive plans are issued from authorized but unissued shares or from shares, if any, held by the Company as treasury stock. See Note 11 “Stock-based Compensation”.

Income Taxes

The Company and its subsidiaries calculate federal and state income taxes currently payable and for deferred income taxes arising from temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured pursuant to enacted tax laws and rates applicable to periods in which those temporary differences are expected to be recovered or settled. The impact on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. The members of SH1 and InnovAge Sacramento have elected to be taxed as partnerships, and no provision for income taxes for SH1 or InnovAge Sacramento is included in these consolidated financial statements.

A valuation allowance is provided to the extent that it is more likely than not that deferred tax assets will not be realized. Tax benefits from uncertain tax positions are recognized when it is more likely than not that the position will be

sustained upon examination based on the technical merits of the position. The amount recognized is measured as the largest amount of benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalty expense associated with uncertain tax positions as a component of provision for income taxes.

Variable Interest Entities (VIE)

A VIE is defined as a legal entity whose equity owners do not have sufficient equity at risk or whose equity owners lack certain decision-making and economic rights. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity. The primary beneficiary is required to consolidate the VIE. SH1 and PWD, each as defined and described in Note 5 “Investments”, are considered to be VIEs. The Company is not considered the primary beneficiary of PWD but is considered the primary beneficiary of SH1.

Recently Adopted Accounting Pronouncements

Income Taxes

In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes Topic 740-Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application of Topic 740. This guidance is effective for companies with fiscal years beginning after December 15, 2020, including interim periods therein, and early adoption is permitted. The Company adopted ASU 2019-12 during the quarter ended September 30, 2021 and it did not have a material effect on the Company’s condensed consolidated financial statements.

Recent Accounting Pronouncements Not Yet Adopted

Leases

In February 2016, the FASB issued ASU 2016-02 Leases (ASU 2016-02), which was intended to increase transparency and comparability among organizations by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability, measured on a discounted basis, at the commencement date for all leases with terms greater than 12 months. Additionally, this guidance will require disclosures to help investors and other financial statement users to better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements. The guidance should be applied under a modified retrospective transition approach for leases existing at the beginning of the earliest comparative period presented in the adoption-period financial statements. Any leases that expire before the initial application date will not require any accounting adjustment. In June 2020, FASB issued ASU 2020-05 Revenue from contracts with customers (Topic 606) and leases (Topic 842)—Effective dates for certain entities which deferred the new lease standard effective date for the Company to December 15, 2022, with early adoption permitted. The Company will adopt this ASU in the fiscal year beginning July 1, 2022 and has not yet determined the effect of the standard on its ongoing financial reporting.

Financial Instruments

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which requires entities to use a current expected credit loss (“CECL”) model to measure impairment for most financial assets that are not recorded at fair value through net income. Under the CECL model, an entity will estimate lifetime expected credit losses considering available relevant information about historical events, current conditions and supportable forecasts. The CECL model does not apply to available-for-sale debt securities. This guidance also expands the required credit loss disclosures and will be applied using a modified retrospective approach by recording a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The ASU is effective for private companies to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company will adopt this guidance for

the annual and interim reporting periods beginning July 1, 2023. The Company has not determined the effect of the standard on its consolidated financial statements.

We do not expect that any other recently issued accounting guidance will have a significant effect on our condensed consolidated financial statements.

Revenue Recognition

12 Months Ended

Jun. 30, 2022

Revenue Recognition

Revenue Recognition

Note 3: Revenue Recognition

Capitation Revenue and Accounts Receivable

Our capitation revenue relates to contracts with participants in which our performance obligation is to provide healthcare services to the participants. Revenues are recorded during the period our obligations to provide healthcare services are satisfied as noted below within each service type. The Company contracts directly with Medicare and Medicaid on a per member, per month (“PMPM”) basis. We receive 100% of the pooled capitated payment to directly provide or manage the healthcare needs of our participants.

Fees are recorded gross in revenues because the Company is acting as a principal in providing for or overseeing comprehensive care provided to the participants. Neither the Company nor any of its affiliates is a registered insurance company because state law in the states in which it operates does not require such registration for risk-bearing providers.

In general, a participant enrolls in the PACE program and is considered a customer of InnovAge. The Company considers all contracts with participants as a single performance obligation to provide comprehensive medical, health, and social services that integrate acute and long-term care. The Company identified that contracts with customers in the PACE program have similar performance obligations and therefore groups them into one portfolio. This performance obligation is satisfied as the Company provides comprehensive care to its participants.

Our revenues are based on the estimated PMPM amounts we expect to be entitled to receive from the capitated fees per participant that are paid monthly by Medicaid, Medicare, the VA, and private pay sources. Medicaid and Medicare capitation revenues are based on PMPM capitation rates under the PACE program. VA is included in “Private Pay and other” and is also capitated. Private pay includes direct payments from participants who do not qualify for the full capitated rate and have to pay all or a portion of the capitated rate.

The Company disaggregates capitation revenue from the following sources for the year ended June 30:


	2022		2021
Medicaid	54	%	53	%
Medicare	46	%	47	%
Private pay and other	*	%	*	%
Total	100	%	100	%

* Less than 1%

The Company determined the transaction price for these contracts is the amount we expect to be entitled to, which is the most likely amount. For certain capitation payments, the Company is subject to retroactive premium risk adjustments based on various factors. The Company estimates the amount of the adjustment and records it monthly on a straight-line basis. These adjustments are not expected to be material.

The capitation revenues are recognized based on the estimated PMPM transaction price to transfer the service for a distinct increment of the series (i.e. month). We recognize revenue in the month in which participants are entitled to receive comprehensive care benefits during the contract term. As the period between the time of service and time of payment is typically one year or less, the Company elected the practical expedient under ASC 606-10-32-18 and did not adjust for the effects of a significant financing component.

The Company also provides prescription drug benefits in accordance with Medicare Part D. Monthly payments received from CMS and the participants represent the bid amount for providing prescription drug coverage. The portion received from CMS is subject to risk sharing through Medicare Part D risk-sharing corridor provisions. These risk-sharing

corridor provisions compare costs targeted in the Company’s bid to actual prescription drug costs. The Company estimates and records a monthly adjustment to Medicare Part D revenues associated with these risk-sharing corridor provisions. Medicare Part D comprised (i) 12% of capitation revenues for each of the years ended June 30, 2022 and 2021, and (ii) 23% and 21% of external provider costs for the year ended June 30, 2022 and 2021, respectively.

The Company provides comprehensive health care services to participants on the basis of capitated or fixed fees per participant that are paid monthly by Medicare, Medicaid, the VA, and private pay sources. The concentration of net receivables from participants and third-party payers as of June 30, 2022 and 2021 was as follows:


	2022		2021
Medicaid	70	%	60	%
Medicare	22	%	20	%
Private pay and other	8	%	20	%
Total	100	%	100	%

The Company records accounts receivable at net realizable value, which includes an allowance for estimated uncollectible accounts. The allowance for uncollectible accounts reflects the Company’s best estimate of probable losses considering eligibility, historical experience, and existing economic conditions. The balance of the allowance for uncollectible accounts was $3.4 million as of June 30, 2022, compared to $4.4 million as of June 30, 2021. Accounts are written off as bad debts when they are deemed uncollectible based upon individual credit evaluations and specific circumstances underlying the accounts.

In fiscal year 2021, the Company and the Colorado Department of Health Care Policy & Financing (“HCPF”) completed the reconciliation for fiscal years 2018 and 2019. The reconciliation resulted in a reduction of accounts receivable of $17.0 million and due to Medicaid of $13.6 million, which was recorded in fiscal year 2021. The Company does not expect adjustments related to the reconciliation to be significant in future periods.

Other Service Revenue and Accounts Receivable

Other service revenue is comprised of rents earned related to Senior Housing and other fee for service revenue. Accounts receivable related to other service revenue were not significant as of both June 30, 2022 and June 30, 2021.

Laws and regulations governing the Medicare and Medicaid programs are complex and subject to change, as well as government review. Failure to comply with these laws can expose the entity to significant regulatory action, including fines, penalties, and exclusion from the Medicare and Medicaid programs. See Note 10, “Commitments and Contingencies”.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Equity

12 Months Ended

Jun. 30, 2022

Equity

Equity

Note 4: Equity

Equity Owner Transaction and Treasury Stock

On July 27, 2020, the Company, Ignite Aggregator LP (“Purchaser”), and the former equity holders of the Company (“Sellers”) entered into a Securities Purchase Agreement (the “Agreement”), effective July 27, 2020. Under the terms of the Agreement, the Sellers sold a portion of their equity interest to the Purchaser. The Purchaser and the Sellers then contributed their equity interests in the Company to a newly formed limited partnership, TCO Group Holdings, L.P. (the “LP”) resulting in the Company being wholly owned by the LP.

Concurrently with the entry into the Agreement, the Company amended and restated its 2016 Credit Agreement (as defined below), see Note 8 “Long-term Debt” for further discussion. A portion of the proceeds were used by the Company to repurchase 16,095,819 shares of its common stock from certain members of management, our Board of Directors and our equity partner, at $4.82 per share. As a result of the repurchase, $77.6 million was recorded as Treasury stock. In March 2021, the Company retired all outstanding shares of Treasury stock.

Additionally, as part of the Agreement, the Company executed an Option Cancellation Agreement (the “Cancellation Agreement”), which canceled the Company’s common stock option awards of 16,994,975 granted under the 2016 Equity

Incentive Plan for $74.6 million. Such cancellation resulted in a settlement of the awards. Vesting of the contingent performance-based awards was not deemed probable at the time of the settlement resulting in the settlement of the contingent performance-based awards being recorded as Corporate, general and administrative. Vesting of the time vesting awards was deemed probable at the time of the settlement resulting in a portion of the settlement of the time vesting awards being recorded as Corporate, general and administrative expense and the remainder being recorded as a reduction to Additional paid-in capital. Of the total settlement, $45.4 million was recorded as Corporate, general and administrative expense and $32.4 million was recorded as a reduction to Additional paid-in capital. The Cancellation Agreement resulted in the option holders receiving the same amount of cash that they would have received had they exercised their options, participated in the repurchase described above and sold their remaining shares.

As part of the transaction, the Company incurred $22.6 million in transaction costs, of which $13.1 million was recognized as Corporate, general and administrative expense and $9.5 million was recognized as a distribution to owner as the costs were paid on behalf of the owners.

Capital Contribution

On October 15, 2020, Finback Pace, LP contributed $20.0 million for an investment in the LP, which in turn contributed the funds to the Company.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments

12 Months Ended

Jun. 30, 2022

Investments

Investments

Note 5: Investments

The Company holds cost method and equity method investments as of June 30:


	2022		2021
in thousands
Cost method investments	$	4,645	$	2,645
Equity method investments		848		848
Total investments	$	5,493	$	3,493

Nonconsolidated Entities

Cost Method Investments

The Company maintains two investments that are accounted for using the cost method. The investments do not have a readily determinable fair value and the Company has elected to record the investments at cost, less impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. During the years ended June 30, 2022 and 2021, there were no observable price changes or impairments recorded.

JetDoc

In August 2021, the Company acquired a minority interest equal to 806,481 shares of the outstanding common stock of Jetdoc, Inc. (“Jetdoc”), a telehealth and virtual urgent care app dedicated to effectively connecting users with medical professionals, for cash consideration of $2.0 million. The balance of the Company’s investment in Jetdoc is $2.0 million which represents the maximum exposure to loss.

Dispatch Health

On June 14, 2019, the Company invested $1.5 million in DispatchHealth Holdings, Inc., ("DispatchHealth") through the purchase of a portion of its outstanding Series B Preferred Stock. On April 2, 2020, the Company invested an additional $1.1 million through the purchase of a portion of its outstanding Series C Preferred Stock. The balance of the Company’s investment is $2.6 million which represents the maximum exposure to loss. The investment does not have a readily determinable fair value and the Company has elected to record the investment at cost, less impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. During the period ended June 30, 2022 and 2021, there were no observable price changes.

Equity Method Investments

Pinewood Lodge

Pinewood Lodge, LLP (“PWD”) is a VIE, but the Company is not the primary beneficiary. The Company does not have the power to direct the activities that most significantly impact the economic performance of PWD. Accordingly, the Company does not consolidate PWD. PWD is accounted for using the equity method of accounting and is included in equity method investments in the accompanying consolidated balance sheets. The equity earnings of PWD are insignificant. As of June 30, 2022, the balance of the Company’s investment in PWD was $0.8 million, which represents the maximum exposure to loss.

InnovAge Sacramento

On March 18, 2019, in connection with the formation of InnovAge Sacramento, the joint venture with Adventist Health System/West (“Adventist”) and Eskaton Properties, Incorporated (“Eskaton”), the Company contributed $9.0 million in cash and land valued at $4.2 million for a 59.9% membership interest in the joint venture, InnovAge Sacramento. Further, Adventist contributed $5.8 million in cash and Eskaton contributed $3.0 million in cash for membership interests of 26.41% and 13.69%, respectively. The Company made an additional contribution of $52,000 to obtain an additional 0.1% membership interest in the joint venture. With the acquisition of the additional 0.1% membership interest, the Company obtained control of InnovAge Sacramento effective January 1, 2021. Accordingly, beginning January 1, 2021, the results of InnovAge Sacramento are included in our consolidated results of operations.

The InnovAge California PACE-Sacramento LLC Limited Liability Company Agreement (the “JV Agreement”) includes numerous provisions whereby, if certain conditions are met, the joint venture may be required to purchase, at fair market value, certain members’ interests or certain members’ may be required to purchase, at fair market value, the interests of certain other members. As of June 30, 2022, none of the conditions specified in the JV Agreement had been met.

At the consummation of the JV Agreement, the Company issued to Adventist, warrants (the “Sacramento Warrants”) to purchase 5% of the Company’s issued and outstanding common stock, par value $0.001 at an exercise price equal to the fair market value per share at the time of exercise of this warrant. The Sacramento Warrants originally fully vested on the exercise date, which was defined as the date on which Adventist had made aggregate capital contributions in an amount greater than $25.0 million to one or more joint venture entities in which Adventist and the Company hold equity (the “Investment Threshold”).

On February 9, 2021, the Company entered into an amendment agreement with our joint venture partner Adventist to amend the Sacramento Warrants. The amendment removed the Investment Threshold requirement and granted Adventist the right to purchase up to $15.0 million of the Company’s common stock at an exercise price equal to the IPO price. The warrant was exercisable for one year beginning on the date of the consummation of the IPO. The warrant expired in March 2022 without being exercised.

The Sacramento Warrants were initially determined to be equity-based payments to nonemployees and as such the measurement date for these warrants was considered to be the date when the Investment Threshold is reached. At the time of the amendment, due to the removal of the Investment Threshold, the warrants were evaluated under ASC 815-40, Contracts in an Entity’s Own Equity, which resulted in a liability classification from the date of the amendment through completion of our IPO, due to the variable amount of shares which could be issued. Upon completion of the IPO, the number of shares to be issued were no longer variable, which resulted in the warrants being recorded in equity. In 2021, we recorded a charge of $2.3 million, representing the fair value of the warrants from inception through the date of completion of the IPO, in other income (expense) in the condensed consolidated statement of operations.

Effective January 1, 2021, we obtained control of InnovAge Sacramento through acquisition of an additional 0.1% membership interest, which we consider to be a step acquisition, whereby the Company re-measured the previously held equity method investment to fair value. This resulted in a gain on consolidation of $10.9 million, which is recorded in gain on equity method investment in the condensed consolidated statement of operations. The fair value of the previously held

equity investments was determined using a discounted cash flow model. This resulted in a gain on consolidation of $10.9 million during the year ended June 30, 2021.

We accounted for the transaction as a business combination, which requires that we record the assets acquired and liabilities assumed at fair value. The amount by which the purchase price exceeds the fair value of the net assets acquired is recorded as goodwill. The fair value of the assets acquired and net liabilities assumed in the step acquisition of InnovAge Sacramento are as follows as of January 1, 2021:


	January 1,
	2021
Assets:	in thousands
Cash	$	646
Accounts receivable		786
Property and equipment, net		30,667
Goodwill		8,078
Total assets		40,177

Liabilities:
Accounts payable		530
Reported and estimated claims		330
Due to Medicaid and Medicare		77
Capital leases		428
Other liabilities		48
Total liabilities	$	1,413

The following table sets forth the results of InnovAge Sacramento for the six months ended December 31, 2020. The results of InnovAge Sacramento are consolidated beginning January 1, 2021.


	Six Months Ended
	December 31, 2020
	in thousands
Revenue:
Total revenue	$	2,297
Less: members’ interest		921
The Company’s interest		1,376
Cost of operations:
Total cost of operations		4,538
Less: members’ interest		1,820
The Company’s interest		2,718
The Company’s interest in net loss	$	(1,342)

Consolidated Entities

Noncontrolling Interest

Senior Housing

InnovAge Senior Housing Thornton, LLC (“SH1”) is a VIE. The Company is the primary beneficiary of SH1 and consolidates SH1. The Company is the primary beneficiary of SH1 because it has the power to direct the activities that are most significant to SH1 and has an obligation to absorb losses or the right to receive benefits from SH1. The most significant activity of SH1 is the operation of the housing facility. The Company has provided a subordinated loan to SH1 and has provided a guarantee for the convertible term loan held by SH1.

The following table shows the assets and liabilities of SH1 as of June 30:


	2022		2021

	in thousands
Assets
Cash and cash equivalents	$	526	$	431
Accounts receivable		—		—
Prepaid expenses and other		5		5
Property, plant and equipment, net		10,404		10,164
Deposits and other, net		395		390
Liabilities
Accounts payable and accrued expenses		256		219
Current portion long-term debt		43		40
Noncurrent liabilities		454		454
Long-term debt, net of debt issuance costs		3,784		3,827

InnovAge Sacramento

Payment Pursuant to Acquisition Agreement

During the fiscal year ended June 30, 2019, the Company finalized the acquisition of NewCourtland LIFE Program (“NewCourtland”) in Pennsylvania. The Company paid a base purchase price of $30 million, subject to certain net working capital and closing adjustments plus deferred cash consideration of up to $20 million. On March 8, 2021, we completed our IPO, which satisfied the condition that the Company sell equity securities pursuant to an effective registration statement. Accordingly, $20.0 million of contingent consideration was paid under the terms of the acquisition agreement during the year ended June 30, 2021.

Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 6: Goodwill and Intangible Assets

Goodwill represents the excess of cost over the fair value of net assets acquired. Pursuant to ASC 350, “Intangibles — Goodwill and Other,” we review the recoverability of goodwill annually as of April 1 or whenever significant events or changes occur which might impair the recovery of recorded amounts. For purposes of the annual goodwill impairment assessment, the Company has identified three reporting units. In September of 2021, we were notified that CMS and the State of California had suspended new enrollments at our Sacramento center based on deficiencies detected in an audit related to the provision of participant services. In February 2022, we were notified by the States of Kentucky and Indiana that they have taken actions to suspend our ability to open de novo centers in those states. We considered these events to be triggering events, which required us to perform quantitative procedures as part of a Step 1 goodwill impairment analysis to assess whether it was more-likely-than-not that the fair value of the Company was greater than the net book value during the quarter periods in which the events occurred.

As a result of the above interim assessment and our annual impairment test, we concluded that there was no goodwill impairment. If assumptions or estimates in the fair value calculations change or if future cash flows vary from what was expected, including those assumptions relating to the duration and severity of the financial impact of the enrollment suspension at Sacramento, California and Colorado or new regulatory sanctions or other actions are imposed on the Company, this may impact the impairment analysis and could reduce the underlying cash flows used to estimate fair values and result in a decline in fair value that may trigger future impairment charges.

There were no goodwill impairments recorded during the years ended June 30, 2022 and 2021.

The following summarizes the changes in goodwill for the fiscal years ended June 30:


in thousands	2022		2021
Balance as of beginning of period	$	124,217	$	116,139
Goodwill acquired during the period		—		8,078
Balance as of end of period	$	124,217	$	124,217

Intangible assets consisted of the following as of June 30:


in thousands	2022		2021
Definite-lived intangible assets	$	6,600	$	6,600
Indefinite-lived intangible assets		2,000		2,000
Total intangible assets		8,600		8,600
Accumulated amortization		(2,742)		(2,082)
Balance as of end of period	$	5,858	$	6,518

Intangible assets with a finite useful life continue to be amortized over their useful lives. The Company recorded amortization expense of $0.7 million for both years ended June 30, 2022 and 2021.

The total expected future annual amortization expense for the next 5 years ended June 30, is as follows:


in thousands	Amortization Expense
2023	$	660
2024		660
2025		660
2026		660
2027		630

We review the recoverability of other intangible assets in conjunction with long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. There were no intangible asset impairments recorded during the years ended June 30, 2022 and 2021.

Leases

12 Months Ended

Jun. 30, 2022

Leases

Leases

Note 7: Leases

Property and equipment includes property under various capital leases. These leases have expiration dates ranging from August 2022 to November 2027, varying interest rates, and generally include an option to purchase the equipment at fair value at the end of the underlying lease period. The Company’s capital leases included the following:


	June 30,		June 30,
	2022		2021

	in thousands

Equipment	$	18,727	$	13,302
Less accumulated depreciation		(7,541)		(7,081)
Total capital leases	$	11,186	$	6,221

Certain of the Company’s property and equipment is leased under operating leases. Total rental expense under operating leases was $4.9 million and $4.5 million for the year ended June 30, 2022 and 2021, respectively.

Future minimum lease payments related to (i) capital leases having initial terms of more than one year and (ii) non-cancelable operating leases as of June 30, 2022 were as follows:


			Operating Leases
	Capital Leases		Minimum Lease
in thousands	Obligations		Payments
2023	$	4,405	$	4,873
2024		3,909		4,581
2025		3,126		4,122
2026		2,092		4,061
2027		1,393		3,764
Thereafter		535		10,265
Total		15,460	$	31,666
Less amount representing interest		(2,652)
Total minimum lease payments		12,808
Less current maturities		3,368
Noncurrent maturities	$	9,440

Long-term Debt

12 Months Ended

Jun. 30, 2022

Long-term Debt

Long-term Debt

Note 8: Long-term Debt

The components of our long-term debt are as follows:


	June 30,		June 30,
	2022		2021

	in thousands
Senior secured borrowings:
Term Loan Facility	$	71,250	$	75,000
Convertible term loan		2,327		2,367
Total debt		73,577		77,367
Less unamortized debt issuance costs		1,574		2,003
Less current maturities		3,793		3,790
Noncurrent maturities	$	68,210	$	71,574

2016 Credit Agreement

The Company originally entered into a senior secured borrowing agreement (the “2016 Credit Agreement”) on May 13, 2016, that consisted of a senior secured term loan for $75.0 million and a revolving credit facility for $20.0 million. The 2016 Credit Agreement was subsequently amended (i) on May 2, 2019 to increase the senior secured term loan to $190.0 million and a revolving credit facility for $30.0 million and a delayed draw term loan facility (“DDTL”) for $45.0 million and (ii) on July 27, 2020, to increase the senior secured term loan to $300.0 million, the revolving credit facility to $40.0 million and to terminate the DDTL. The structure of the July 27, 2020 amendment to the 2016 Credit Agreement led to an extinguishment of debt for certain lenders and a modification of debt for other lenders. The total debt structure extinguishment for certain lenders was $57.1 million, and the write off of $1.0 million in debt issuance costs was recorded in loss on extinguishment of debt for the year ended June 30, 2021. The total debt structure that was modified was $250.0 million, while the new debt issued was $50.0 million, which resulted in $9.1 million of capitalized debt issuance costs.

Concurrent with the Company’s entry into the 2021 Credit Agreement (defined below), the Company terminated and repaid in full all outstanding indebtedness under the 2016 Agreement.

2021 Credit Agreement

On March 8, 2021, concurrently with the closing of the IPO, the Company entered into a new credit agreement (the “2021 Credit Agreement”) that replaced the 2016 Credit Agreement. The 2021 Credit Agreement consists of a senior

secured term loan (the “Term Loan Facility”) of $75.0 million principal amount and a revolving credit facility (the “Revolving Credit Facility”) of $100.0 million maximum borrowing capacity. The maturity date of each of the Term Loan Facility and the Revolving Credit Facility is March 8, 2026. Loans under the 2021 Credit Agreement are secured by substantially all of the Company’s assets. Principal on the Term Loan Facility is paid each calendar quarter beginning September 2021 in an amount equal to 1.25% of the initial term loan on closing date. Proceeds of the Term Loan Facility, together with proceeds from the IPO, were used to repay amounts outstanding under the 2016 Credit Agreement.

Outstanding principal amounts under the 2021 Credit Agreement accrue interest at a variable interest rate. As of June 30, 2022 and 2021, the interest rate on the Term Loan Facility was 3.83% and 1.84%, respectively. Under the terms of the 2021 Credit Agreement, the Revolving Credit Facility fee accrues at 0.25% of the average daily unused amount and is paid quarterly.

During the year ended June 30, 2020, the Company borrowed and repaid $25.0 million under the revolving credit facility at an interest rate of 3.94%, to ensure sufficient funds available during the unknown time of the COVID-19 pandemic and for general corporate purposes. The Company repaid all outstanding amounts on the Revolving Credit Facility during the year ended June 30, 2021. As of June 30, 2022, we had no borrowings outstanding under the facility. The remaining capacity under the Revolving Credit Facility as of June 30, 2022 was $100.0 million, subject to (i) any issued amounts under our letters of credit, which as of June 30, 2022 was $2.6 million, and (ii) applicable covenant compliance restrictions and any other conditions precedent to borrowing.

The 2021 Credit Agreement requires the Company to meet certain operational and reporting requirements, including, but not limited to, a secured net leverage ratio. Additionally, annual capital expenditures and permitted investments, including acquisitions, are limited to amounts specified in the 2021 Credit Agreement. The 2021 Credit Agreement also provides certain restrictions on dividend payments and other equity transactions and requires the Company to make prepayments under specified circumstances. The Company was in compliance with the covenants of the 2021 Credit Agreement as of June 30, 2022 and 2021, respectively.

The deferred financing costs of $2.0 million are amortized over the term of the underlying debt and unamortized amounts have been offset against long-term debt in the consolidated balance sheets. Total amortization of deferred financing costs was $0.4 million and $1.1 million for the year ended June 30, 2022 and 2021, respectively.

Convertible Term Loan

On June 29, 2015, SH1 entered into a convertible term loan. Monthly principal and interest payments of $0.02 million commenced on September 1, 2015, and the loan bears interest at an annual rate of 6.68%. The remaining principal balance is due upon maturity, which is August 20, 2030. The loan is secured by a deed of trust to Public Trustee, assignment of leases and rents, security agreements, and SH1’s fixture filing.

Aggregate maturities of our debt as of June 30, 2022 were as follows:


	Long-term
	debt
	in thousands

Year ending June 30:
2023	$	3,793
2024		3,796
2025		3,799
2026		60,052
2027		56
Thereafter		2,081
Total debt	$	73,577

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Fair Value Measurements

12 Months Ended

Jun. 30, 2022

Fair Value Measurements

Fair Value Measurements

Note 9: Fair Value Measurements

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy was established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources outside the reporting entity. Unobservable inputs are inputs that reflect the Company’s own assumptions based on market data and assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The sensitivity to changes in inputs and their impact on fair value measurements can be significant.

The three levels of inputs that may be used to measure fair value are:

Level 1Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date

Level 2Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the assets or liabilities

Level 3Unobservable inputs to the valuation techniques that are significant to the fair value measurements of the assets or liabilities

Recurring Measurements

Effective August 7, 2018, the Company finalized the acquisition of NewCourtland in Pennsylvania. The Company paid a base purchase price of $30.0 million, subject to certain net working capital and closing adjustments plus contingent consideration of up to $20.0 million. On March 8, 2021, we completed our IPO, which satisfied one of the conditions outlined in the Securities Purchase Agreement. Accordingly, $20.0 million of contingent consideration was paid under the terms of the Securities Purchase Agreement. There are no amounts of contingent consideration outstanding after the $20.0 million payment. Changes in fair value resulted in immaterial amounts recorded in other operating (income) expense within the consolidated statement for the fiscal years ended June 30, 2021.

The Company’s investment in InnovAge Sacramento includes a put right for the noncontrolling interest holders to require the Company to repurchase the interest of the noncontrolling interest holders at fair value, after the initial term of the management services agreement in 2028. As a result, at each fiscal period end the Company reports this put right at the greater of i) carrying value of the redeemable noncontrolling interest or (ii) fair value of the redeemable noncontrolling interest. Because this asset does not have observable inputs, level 3 inputs are used to measure fair value. The fair value of the redeemable noncontrolling interest is determined utilizing a discounted cash flow model. As of June 30, 2022, the Company’s redeemable noncontrolling interest was recorded at carrying value of $15.3 million.

There were no transfers in and out of Level 3 during the fiscal years ended June 30, 2022 and 2021. The Company’s policy is to recognize transfers as of the actual date of the event or change in circumstances.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Jun. 30, 2022

Commitments and Contingencies

Commitments and Contingencies

Note 10: Commitments and Contingencies

Professional Liability

The Company pays fixed premiums for annual professional liability insurance coverage under a claims-made policy. Under such policy, only claims made and reported to the insurer are covered during the policy term, regardless of when the incident giving rise to the claim occurred. The Company records claim liabilities and expected recoveries, if any, at gross amounts. The Company is not currently aware of any unasserted claims or unreported incidents that are expected to exceed medical malpractice insurance coverage limits.

Litigation

From time to time in the normal course of business, the Company is involved in or subject to legal proceedings related to its business. The Company regularly evaluates the status of claims and legal proceedings in which it is involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss may have been incurred, and to determine if accruals are appropriate. The Company expenses legal costs as such costs are incurred.

On October 14, 2021, and subsequently amended on June 21, 2022, the Company was named as a defendant in a putative class action complaint filed in the District Court for the District of Colorado on behalf of individuals who purchased or acquired shares of the Company’s common stock during a specified period. Through the complaint, plaintiffs are asserting claims against the Company, certain of the Company’s officers and directors, Apax Partners, L.P., Welsh, Carson, Anderson & Stowe and the underwriters in the Company’s IPO, alleging violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 for making allegedly inaccurate and misleading statements and omissions in connection with the Company’s IPO and subsequent earnings calls and public filings, and seeking compensatory damages, among other things. We are currently unable to predict the outcome of this matter.

In July 2021, the Company received a civil investigative demand from the Attorney General for the State of Colorado under the Colorado Medicaid False Claims Act. The demand requests information and documents regarding Medicaid billing, patient services and referrals in connection with the Company’s PACE program in Colorado. We continue to fully cooperate with the Attorney General and produce the requested information and documentation. We are currently unable to predict the outcome of this investigation.

In February 2022, the Company received a civil investigative demand from the Department of Justice (“DOJ”) under the Federal False Claims Act on similar subject matter. The demand requests information and documents regarding audits, billing, orders tracking, and quality and timeliness of patient services in connection with the Company’s PACE programs in the states where the Company operates (California, Colorado, New Mexico, Pennsylvania, and Virginia). The Company continues to fully cooperate with the DOJ and produce the requested information and documentation. We are currently unable to predict the outcome of this investigation.

On April 20, 2022, the Board of Directors of the Company received a books and records demand pursuant to Section 220 of the Delaware General Corporation Law, from a purported stockholder of the Company, in connection with the stockholder’s investigation of, among other matters, potential breaches of fiduciary duty, mismanagement, self-dealing, corporate waste or other violations of law by the Company’s Board with respect to these matters. We are currently unable to predict the outcome of this matter.

Because the results of legal proceedings and claims are inherently unpredictable and uncertain, we are currently unable to predict whether the legal proceedings we are involved in will, either individually or in the aggregate, have a material adverse effect on our business, financial condition, or cash flows. The outcomes of legal proceedings and claims could be material to the Company’s operating results for any particular period, depending in part, upon the operating results of such period. Regardless of the outcome, litigation has the potential to have an adverse impact on us due to any related defense and settlement costs, diversion of management resources, and other factors.

Stock-based Compensation

12 Months Ended

Jun. 30, 2022

Stock-based Compensation

Stock-based Compensation

Note 11: Stock-based Compensation

A summary of our aggregate share-based compensation expense is set forth below. Stock-based compensation expense is included in corporate, general and administrative expenses on our consolidated statements of operations.


	Year ended June 30,
	2022		2021

	in thousands

Stock options (a)	$	719	$	45,387
Profits interests units		1,162		1,629
Restricted stock units		1,858		35
Total stock-based compensation expense	$	3,739	$	47,051

(a)

The amount for 2021 relates to stock-based compensation expense recognized as a result of the Cancellation Agreement.

2016 Equity Incentive Plan

The Company maintained the 2016 Equity Incentive Plan pursuant to which various stock-based awards were granted to employees, directors, consultants, and advisers. The total number of shares of the Company’s common stock that was authorized under the 2016 Equity Incentive Plan was 17,836,636, of which a total of 16,994,976 awards were granted. On July 27, 2020, the Company, Ignite Aggregator LP (the “LP”), and the equity holders of the Company entered into a Securities Purchase Agreement, and in conjunction therewith, the Company amended and restated the 2016 Credit Agreement. A portion of the proceeds from the 2016 Credit Agreement were used by the Company to repurchase 16,095,819 shares of its common stock from the certain members of management, the Board of Directors, and members of our equity partner. Additionally, as part of the 2016 Credit Agreement, the Company executed the Cancellation Agreement with each of the 2016 Equity Incentive Plan option holders, pursuant to which the Company’s 16,994,976 common stock options which were granted under the 2016 Equity Incentive Plan, were cancelled. The Cancellation Agreement resulted in the option holders receiving the same amount of cash that they would have received had they exercised their options, participated in the repurchase described above and sold their remaining shares. The 2016 Equity Incentive Plan was cancelled and replaced with the 2020 Equity Incentive Plan, as described below.

2020 Equity Incentive Plan

Profits Interests

The LP maintains the 2020 Equity Incentive Plan pursuant to which interests in the LP in the form of Class B Units (profits interests) may be granted to employees, directors, consultants, and advisers. A maximum number of 16,162,177 Class B Units are authorized for grant under the 2020 Equity Incentive Plan. As of June 30, 2022, a total of 13,009,137 profits interests units have been granted under the 2020 Equity Incentive Plan.

These profits interests represented profits interest ownership in the LP tied solely to the accretion, if any, in the value of the LP following the date of issuance of such profits interests. Profits interests participated in any increase of LP value related to their profits interests after the hurdle value had been achieved and the LP profits interests received the agreed-upon return on their invested capital. The hurdle value per unit is $5.49 for both the performance-based and time-based units.

Each profits interests unit contains the following material terms:

(i)

The profits interests receive distributions (other than tax distributions) only upon a liquidity event, as defined, that exceed a threshold equivalent to the fair value of the LP, as determined by the Company’s Board of Directors, at the grant date.

(ii)

A portion of the units vest over a period of continuous employment or service (service-vesting units) while the other portion of the units only vest based on the level of aggregate multiple of invested capital and internal

rate of return achieved by Ignite Aggregator LP, one of the limited partners of the LP, upon a change of control of the Company (performance-vesting units).

The performance-vesting units are subject to a market condition, which the Company incorporated as part of its determination of the grant date fair value of the units.

The Company used the Monte Carlo option model to determine the fair value of the granted profits interests units at the time of the grant. As these awards were granted prior to our IPO, the stock price was based on the price realized in the equity owner transaction. Expected stock price volatility was based on consideration of indications observed from several publicly traded peer companies. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the unit. The dividend yield percentage is zero because the Company neither currently pays dividends nor intends to do so during the expected term. The expected term of the units represents the time the units are expected to be outstanding. The assumptions under the Monte Carlo model related to the profits interests units, presented on a weighted-average basis, are provided below:


	2021
Expected volatility		44	%
Expected life (years) - time vesting units		1.8
Interest rate		0.16	%
Dividend yield		—	%
Weighted-average fair value	$	1.28
Fair value of underlying stock	$	5.49

A summary of profits interests activity for the year ended June 30, 2022, was as follows:


	Number of	Weighted average
Time-based unit awards	units	grant date fair value

Outstanding balance, June 30, 2021	6,587,261	$	1.28
Granted	—
Forfeited	(2,807,201)	$	1.28
Vested	(1,621,988)	$	1.28
Outstanding balance, June 30, 2022	2,158,072	$	1.28


	Number of	Weighted average
Performance-based unit awards	units	grant date fair value

Outstanding balance, June 30, 2021	6,223,262	$	0.57
Granted	—
Forfeited	(4,005,397)	$	0.57
Vested	—
Outstanding balance, June 30, 2022	2,217,865	$	0.57

The total unrecognized compensation cost related to profits interests units outstanding as of June 30, 2022 was $4.8 million, comprised (i) $3.5 million related to time-based unit awards expected to be recognized over a weighted-average period of 1.8 years and (ii) $1.3 million related to performance-based unit awards, which will be recorded when it is probable that the performance-based criteria will be met.

2021 Omnibus Incentive Plan

In March 2021, the compensation committee of our Board of Directors approved the InnovAge Holding Corp. 2021 Omnibus Incentive Plan (“2021 Omnibus Incentive Plan”), pursuant to which various stock-based awards may be granted to employees, directors, consultants, and advisers. The total number of shares of the Company’s common stock authorized under the 2021 Omnibus Incentive Plan is 14,700,000. The Company has issued time-based restricted stock units under

this plan to its employees which generally vest (i) on March 4, 2023, the second anniversary of the grant date, (ii) over a three-year period with one-third vesting on each anniversary of the date of grant, or (iii) at other dates. Certain other vesting periods have also been used. The grant date fair value of restricted stock units is based on the closing market price of our common stock on the date of grant. Certain awards under this plan vest upon achieving specific share price performance criteria and are determined to have performance-based vesting conditions.

Restricted Stock Units

A summary of time-based vesting restricted stock units activity for the year ended June 30, 2022, was as follows:


			Weighted
			average
	Number of		grant-date fair
Restricted stock units - time based	awards		value per share

Outstanding balance, June 30, 2021	48,470	$	22.87
Forfeited	(17,990)	$	23.21
Vested	(18,517)	$	11.36
Granted	464,805	$	9.69
Outstanding balance, June 30, 2022	476,768	$	9.69

The total unrecognized compensation cost related to time-based restricted stock units outstanding as of June 30, 2022, was $3.0 million and is expected to be recognized over a weighted-average period of 1.9 years.

A summary of performance-based vesting restricted stock units activity for the year ended June 30, 2022, was as follows:


			Weighted
			average
	Number of		grant-date fair
Restricted stock units - performance based	awards		value per share

Outstanding balance, June 30, 2021	—	$	—
Forfeited	—	$	—
Vested	—	$	—
Granted	258,767	$	5.18
Outstanding balance, June 30, 2022	258,767	$	5.18

The fair value of the performance-based restricted stock units and performance-based stock options granted during the year ended June 30, 2022, was based upon a Monte Carlo option pricing model using the assumptions in the following table:


	2022
Expected volatility		34.5	%
Expected term (in years)		5.0
Interest rate		1.56	%
Dividend yield		0	%
Weighted-average fair values	$	5.18
Fair value of underlying stock	$	7.89

The total unrecognized compensation cost related to performance-based vesting restricted stock units outstanding as of June 30, 2022, was $1.1 million and is expected to be recognized over a weighted-average period of 3.3 years.

Nonqualified Stock Options

A summary of time-based vesting stock option activity for the year ended June 30, 2022, was as follows:


			Weighted
			average
	Number of		grant-date fair
Stock options - time based	awards		value per share

Outstanding balance, June 30, 2021	—	$	—
Granted	554,499	$	1.61
Forfeited	—	$	—
Outstanding balance, June 30, 2022	554,499	$	1.61

The total unrecognized compensation costs related to time-based vesting stock options outstanding as of June 30, 2022, was $0.6 million and is expected to be recognized over a weighted-average period of 2.5 years.

The fair value of the time-based stock options granted during the year ended June 30, 2022, was based upon the Black-Scholes option pricing model using the assumptions in the following table:


	2022
Expected volatility		34.5	%
Weighted-average expected life (years) - time vesting units		2.9
Interest rate		0.83	%
Dividend yield		0	%
Weighted-average fair values	$	1.61
Fair value of underlying stock	$	7.89

A summary of performance-based vesting stock option activity for the year ended June 30, 2022, was as follows:


			Weighted
			average
	Number of		grant-date fair
Stock options - performance based	awards		value per share

Outstanding balance, June 30, 2021	—	$	—
Granted	776,299	$	3.08
Forfeited	—	$	—
Outstanding balance, June 30, 2022	776,299	$	3.08

The fair value of the performance-based stock options granted during the year ended June 30, 2022, was based upon a Monte Carlo option pricing model using the assumptions in the table above under the ‘Restricted Stock Units’ heading.

The total unrecognized compensation cost related to performance-based vesting stock options outstanding as of June 30, 2022, was $2.0 million and is expected to be recognized over a weighted-average period of 3.4 years.

Income Taxes

12 Months Ended

Jun. 30, 2022

Income Taxes

Income Taxes

Note 12: Income Taxes

The Company’s effective income tax rate for the years ended June 30, 2022 and 2021 was (10.0%) and (27.9%), respectively, which differed from the amount computed by applying the applicable U.S. federal statutory corporate income tax rate of 21% in each period as a result of the following factors:


	Year ended June 30,
	2022		2021

	in thousands

Statutory rate	$	(1,520)	$	(7,343)
IRC Section 162(m) limitation (a)		506		12,526
Transaction costs (b)		—		2,770
Change in valuation allowance		2,738		1,500
Permanent adjustments		662		306
Prior year true-up and other		389		(227)
Income from entities not subject to taxation		302		66
State tax		(2,354)		173
Provision for income taxes	$	723	$	9,771

(a)

Reflects the permanent addback for the Section 162(m) limitation, which limits the deduction of compensation for the five highest paid officers to $1,000,000.

(b)

Amount relates to transaction costs incurred as a result of the July 27, 2020 transaction between us, Ignite Aggregator LP (an investment vehicle owned by certain funds advised by Apax Partners LLP) and our then existing equity holders entering into a Securities Purchase Agreement.

Provision for income taxes consisted of the following for the years ended June 30, 2022 and 2021:


	Year ended June 30,
	2022		2021

	in thousands
Current:
Federal	$	(998)	$	2,710
State		(339)		642
Total current tax expense		(1,337)		3,352

Deferred:
Federal		1,408		5,342
State		652		1,077
Total deferred tax expense		2,060		6,419
Total provision for income taxes	$	723	$	9,771

The significant components of deferred tax assets and liabilities were as follows for the years ended June 30, 2022 and 2021:


	Year ended June 30,
	2022		2021

	in thousands

Deferred tax assets:
Amortization	$	686	$	2,241
Federal net operating losses		3,083		—
State net operating losses		4,048		1,887
Transaction costs		—		1,092
Provision for uncollectible accounts		869		1,112
Accrued vacation		828		979
Reported and estimated claims		1,025		941
Stock-based compensation		185		428
Accrued bonuses		102		65
Interest Expense		496		—
Other		6		—
Total deferred tax assets		11,328		8,745
Valuation allowance		(4,050)		(1,887)
Deferred tax assets, net of valuation allowance		7,278		6,858
Deferred tax liabilities:
Goodwill		(9,108)		(9,934)
Depreciation		(8,430)		(7,394)
Equity investment		(5,429)		(3,222)
Prepaid expenses		(2,072)		(2,008)
Total deferred tax liabilities		(25,039)		(22,558)
Net deferred tax liability	$	(17,761)	$	(15,700)

Carryforwards

The Company had state net operating loss carryforwards of $73.1 million and $30.9 million at June 30, 2022 and 2021, respectively, which will begin to expire in 2037 if not utilized. Included in this is a city net operating loss which will begin to expire in 2025 if not utilized. Additionally, the Company federal net operating loss carryforwards of $14.7 million and $0 as of June 30, 2022 and 2021, respectively.

Valuation Allowance

The Company has provided $4.1 million and $1.9 million at June 30, 2022 and June 30, 2021, respectively, as a valuation allowance against its deferred tax assets for state net operating losses and state 163(j) interest expense limitations where there is not sufficient positive evidence to substantiate that these deferred tax assets will be realized at a more-likely-than-not level of assurance.

Other

The Company had no uncertain tax positions at June 30, 2022 and 2021.

The Company files income tax returns as a consolidated group, excluding SH1 and InnovAge Sacramento, in the U.S. federal jurisdiction and various states and is subject to examination by taxing authorities in all of those jurisdictions. From time to time, the Company’s tax returns are reviewed or audited by U.S. federal and various U.S. state-taxing authorities.

The Company believes that adjustments, if any, resulting from these reviews or audits would not be material, individually or in the aggregate, to the Company’s consolidated financial position, results of operations, or liquidity. The Company is subject to income tax examinations by U.S. federal and state jurisdictions for the period ended June 30, 2019

and forward. The Company is subject to income tax examinations by California, Colorado and New Mexico state jurisdictions for the period ended June 30, 2018 and forward.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Parties

12 Months Ended

Jun. 30, 2022

Related Parties

Related Parties

Note 13: Related Parties

PWD VIE. Pursuant to the PWD Amended and Restated Agreement of Limited Partnership, Continental Community Housing, the general partner of PWD and our wholly-owned subsidiary (the “General Partner”), helped fund operating deficits and shortfalls of PWD in the form of a loan (the “PWD Loan”). At each of June 30, 2022 and 2021, $0.7 million was recorded in Deposits and other. The PWD Loan does not accrue interest. Additionally, the General Partner is paid an administration fee of $35,000 per year.

Segment Reporting

12 Months Ended

Jun. 30, 2022

Segment Reporting

Segment Reporting

Note 14: Segment Reporting

The Company applies ASC Topic 280, “Segment Reporting,” which establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about operations, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the Company’s chief executive officer, who is the chief operating decision maker (“CODM”), and for which discrete financial information is available. The Company has determined that it has five operating segments, three of which are related to the Company’s PACE offering. The PACE-related operating segments are based on three geographic divisions, which are West, Central, and East. Due to the similar economic characteristics, nature of services, and customers, we have aggregated our West, Central, and East operating segments into one reportable segment for PACE. The Company’s remaining two operating segments relate to Homecare and Senior Housing, which are immaterial operating segments, and are shown below as “Other” along with certain corporate unallocated expenses.

As of June 30, 2022, the Company served approximately 6,650 PACE participants, making it the largest PACE provider in the U.S. based upon participants served, and operated 18 PACE centers across Colorado, California, New Mexico, Pennsylvania and Virginia. PACE, an alternative to nursing homes, is a managed care, capitated program, which serves the frail elderly in a community-based service model. Participants receive all medical services through a comprehensive, consolidated model of care. Capitation payments are received from Medicare parts C and D; Medicaid; VA, and private pay sources. The Company is at risk for all health and allied care costs incurred with respect to the care of its participants, although it does negotiate discounted rates with its provider network consisting of hospitals, nursing homes, assisted living facilities, and medical specialists. Additionally, under the Medicare Prescription Drug Plan, the CMS share part of the risk for providing prescription medication to the Company’s participants.

The Company evaluates performance and allocates capital resources to each segment based on an operating model that is designed to maximize the quality of care provided and profitability. The Company does not review assets by segment and therefore assets by segment are not disclosed below. For the periods presented, all of the Company’s long-lived assets were located in the U.S. and all revenue was earned in the U.S.

The Company’s management uses Center-level Contribution Margin as the measure for assessing performance of its segments. Center-level Contribution Margin is defined as total segment revenues less external provider costs and cost of care (excluding depreciation and amortization). The Company allocates corporate level expenses to its segments with a majority of the allocation going to the PACE segment.

The following table summarizes the operating results regularly provided to the CODM by reportable segment for the twelve months ended:


	June 30, 2022						June 30, 2021
in thousands	PACE		All other⁽¹⁾		Totals		PACE		All other⁽¹⁾		Totals
Capitation revenue	$	696,998	$	—	$	696,998	$	635,322	$	—	$	635,322
Other service revenue		403		1,239		1,642		294		2,184		2,478
Total revenues		697,401		1,239		698,640		635,616		2,184		637,800
External provider costs		383,046		—		383,046		309,317		—		309,317
Cost of care, excluding depreciation and amortization		178,904		1,318		180,222		151,412		2,991		154,403
Center-Level Contribution Margin		135,451		(79)		135,372		174,887		(807)		174,080
Overhead costs⁽²⁾		125,948		(94)		125,854		154,607		(38)		154,569
Depreciation and amortization		13,491		433		13,924		11,951		343		12,294
Equity loss		—		—		—		1,343		—		1,343
Other operating (income) expense		—		—		—		18,211		—		18,211
Interest expense, net		2,335		191		2,526		16,595		192		16,787
Loss on extinguishment of debt		—		—		—		14,479		—		14,479
Gain on equity method investment		—		—		—		(10,871)		—		(10,871)
Other expense (income)		305		—		305		2,237		—		2,237
Income (Loss) Before Income Taxes	$	(6,628)	$	(609)	$	(7,237)	$	(33,665)	$	(1,304)	$	(34,969)

(1)

Center-level Contribution Margin from segments below the quantitative thresholds are attributable to two operating segments of the Company. Those segments consist of Homecare and Senior Housing. Neither of those segments has ever met any of the quantitative thresholds for determining reportable segments.

(2)	Overhead consists of the Sales and marketing and Corporate, general and administrative financial statement line items.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Earnings per Share

12 Months Ended

Jun. 30, 2022

Earnings per Share

Earnings per Share

Note 15: Earnings per Share

Basic earnings (loss) per share (“EPS”) is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding options, using the treasury stock method and the average market price of the Company’s common stock during the applicable period. When a loss from continuing operations exists, all dilutive securities and potentially dilutive securities are anti-dilutive and are therefore excluded from the computation of diluted earnings per share. When net income from continuing operations exists, performance-based units, are omitted from the calculation of diluted EPS until it is determined that the performance criteria has been met at the end of the reporting period. As of June 30, 2022, there were 1,035,066 performance-based awards excluded from the calculation of diluted EPS. There were no performance-based awards excluded from diluted EPS at June 30, 2021.

The following table sets forth the computation of basic and diluted net loss per common share:


	Year ended June 30,
in thousands, except share values	2022		2021
Net income (loss) attributable to InnovAge Holding Corp.	$	(6,521)	$	(43,986)
Weighted average common shares outstanding (basic)		135,519,970		123,618,702
EPS (basic)	$	(0.05)	$	(0.36)

Dilutive shares		—		—
Weighted average common shares outstanding (diluted)		135,519,970		123,618,702
EPS (diluted)	$	(0.05)	$	(0.36)

Subsequent Event

12 Months Ended

Jun. 30, 2022

Subsequent Events

Subsequent Event

Note 16: Subsequent Event

The Company has evaluated subsequent events through September 13, 2022, the date on which the condensed consolidated financial statements were issued.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies

Basis of Preparation and Principles of Consolidation

Use of Estimates

Restatement of Prior Period Financial Statements

The effect of the restatement on the consolidated balance sheet as of June 30, 2021 is as follows (in thousands):


	As Previously
	Reported	Adjustments	As Restated
Redeemable Noncontrolling Interests (See Note 5)	—	16,986	16,986
Retained earnings	11,250	(587)	10,663
Total InnovAge Holding Corp.	335,146	(587)	334,559
Noncontrolling interests	22,819	(16,399)	6,420
Total stockholders’ equity	357,965	(16,986)	340,979

The effect of the restatement on the consolidated statement of stockholders’ equity as of June 30, 2021 is as follows (in thousands):


				Redeemable
			Total Permanent	Noncontrolling
	Retained	Noncontrolling	Stockholders’	Interests	Retained
	Earnings	Interests	Equity	(Temporary Equity)	Earnings
As Previously Reported
Consolidation of equity method investment	—	16,838	16,838	—	—
Net income (loss)	(43,986)	(754)	(44,740)	—	—
Adjustment to redemption value	—	—	—	—	—
Balances, June 30, 2021	11,250	22,819	357,965	—	—
Adjustments
Consolidation of equity method investment	—	(16,838)	(16,838)	16,838	—
Net income (loss)	—	439	439	(439)	(44,740)
Adjustment to redemption value	(587)	—	(587)	587	—
Balances, June 30, 2021	(587)	(16,399)	(16,986)	16,986	—
As Restated
Consolidation of equity method investment	—	—	—	16,838	—
Net income (loss)	(43,986)	(315)	(44,301)	(439)	(44,740)
Adjustment to redemption value	(587)	—	(587)	587	—
Balances, June 30, 2021	10,663	6,420	340,979	16,986	—

Cash and Cash Equivalents

Investments

Restricted Cash

Accounts Receivable

Property and Equipment

Property and equipment were comprised of the following as of June 30:


	Estimated
dollars in thousands	Useful Lives	2022		2021
Land	N/A	$	11,980	$	11,980
Buildings and leasehold improvements	10 - 40 years		122,076		104,724
Software	3 - 5 years		16,264		13,316
Equipment and vehicles	3 - 7 years		47,546		35,341
Construction in progress	N/A		35,479		22,130
			233,345		187,491
Less accumulated depreciation and amortization			(57,085)		(44,776)
Total property and equipment, net		$	176,260	$	142,715

Goodwill and Intangible Assets

Reported and Estimated Claims

Contingent Consideration

Debt Issuance Costs

Treasury Stock

Revenue Recognition

Professional Liability Claims

Advertising Costs

Stock-based Compensation

Income Taxes

Variable Interest Entities (VIE)

Recently Adopted Accounting Pronouncements

Income Taxes

Recent Accounting Pronouncements Not Yet Adopted

Leases

Financial Instruments

the annual and interim reporting periods beginning July 1, 2023. The Company has not determined the effect of the standard on its consolidated financial statements.

We do not expect that any other recently issued accounting guidance will have a significant effect on our condensed consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies

Schedule of effect of restatement on financial statements

The effect of the restatement on the consolidated balance sheet as of June 30, 2021 is as follows (in thousands):


	As Previously
	Reported	Adjustments	As Restated
Redeemable Noncontrolling Interests (See Note 5)	—	16,986	16,986
Retained earnings	11,250	(587)	10,663
Total InnovAge Holding Corp.	335,146	(587)	334,559
Noncontrolling interests	22,819	(16,399)	6,420
Total stockholders’ equity	357,965	(16,986)	340,979

The effect of the restatement on the consolidated statement of stockholders’ equity as of June 30, 2021 is as follows (in thousands):


				Redeemable
			Total Permanent	Noncontrolling
	Retained	Noncontrolling	Stockholders’	Interests	Retained
	Earnings	Interests	Equity	(Temporary Equity)	Earnings
As Previously Reported
Consolidation of equity method investment	—	16,838	16,838	—	—
Net income (loss)	(43,986)	(754)	(44,740)	—	—
Adjustment to redemption value	—	—	—	—	—
Balances, June 30, 2021	11,250	22,819	357,965	—	—
Adjustments
Consolidation of equity method investment	—	(16,838)	(16,838)	16,838	—
Net income (loss)	—	439	439	(439)	(44,740)
Adjustment to redemption value	(587)	—	(587)	587	—
Balances, June 30, 2021	(587)	(16,399)	(16,986)	16,986	—
As Restated
Consolidation of equity method investment	—	—	—	16,838	—
Net income (loss)	(43,986)	(315)	(44,301)	(439)	(44,740)
Adjustment to redemption value	(587)	—	(587)	587	—
Balances, June 30, 2021	10,663	6,420	340,979	16,986	—

Schedule of property and equipment


	Estimated
dollars in thousands	Useful Lives	2022		2021
Land	N/A	$	11,980	$	11,980
Buildings and leasehold improvements	10 - 40 years		122,076		104,724
Software	3 - 5 years		16,264		13,316
Equipment and vehicles	3 - 7 years		47,546		35,341
Construction in progress	N/A		35,479		22,130
			233,345		187,491
Less accumulated depreciation and amortization			(57,085)		(44,776)
Total property and equipment, net		$	176,260	$	142,715

Revenue Recognition (Tables)

12 Months Ended

Jun. 30, 2022

Revenue Recognition

Schedule of source of revenue


	2022		2021
Medicaid	54	%	53	%
Medicare	46	%	47	%
Private pay and other	*	%	*	%
Total	100	%	100	%

* Less than 1%

Schedule of concentration of net receivable


	2022		2021
Medicaid	70	%	60	%
Medicare	22	%	20	%
Private pay and other	8	%	20	%
Total	100	%	100	%

Investments (Tables)

12 Months Ended

Jun. 30, 2022

Investments

Schedule of equity method and cost method investments


	2022		2021
in thousands
Cost method investments	$	4,645	$	2,645
Equity method investments		848		848
Total investments	$	5,493	$	3,493

Schedule of variable interest entity


	2022		2021

	in thousands
Assets
Cash and cash equivalents	$	526	$	431
Accounts receivable		—		—
Prepaid expenses and other		5		5
Property, plant and equipment, net		10,404		10,164
Deposits and other, net		395		390
Liabilities
Accounts payable and accrued expenses		256		219
Current portion long-term debt		43		40
Noncurrent liabilities		454		454
Long-term debt, net of debt issuance costs		3,784		3,827

Summary of the fair value of the assets acquired and net liabilities assumed


	January 1,
	2021
Assets:	in thousands
Cash	$	646
Accounts receivable		786
Property and equipment, net		30,667
Goodwill		8,078
Total assets		40,177

Liabilities:
Accounts payable		530
Reported and estimated claims		330
Due to Medicaid and Medicare		77
Capital leases		428
Other liabilities		48
Total liabilities	$	1,413

Summarized income statement of nonconsolidated entities


	Six Months Ended
	December 31, 2020
	in thousands
Revenue:
Total revenue	$	2,297
Less: members’ interest		921
The Company’s interest		1,376
Cost of operations:
Total cost of operations		4,538
Less: members’ interest		1,820
The Company’s interest		2,718
The Company’s interest in net loss	$	(1,342)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets

Summary of changes in goodwill


in thousands	2022		2021
Balance as of beginning of period	$	124,217	$	116,139
Goodwill acquired during the period		—		8,078
Balance as of end of period	$	124,217	$	124,217

Summary of intangible assets by major class


in thousands	2022		2021
Definite-lived intangible assets	$	6,600	$	6,600
Indefinite-lived intangible assets		2,000		2,000
Total intangible assets		8,600		8,600
Accumulated amortization		(2,742)		(2,082)
Balance as of end of period	$	5,858	$	6,518

Schedule of estimated future amortization expense related to other intangible assets


in thousands	Amortization Expense
2023	$	660
2024		660
2025		660
2026		660
2027		630

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Leases (Tables)

12 Months Ended

Jun. 30, 2022

Leases

Schedule of Company's capital leases


	June 30,		June 30,
	2022		2021

	in thousands

Equipment	$	18,727	$	13,302
Less accumulated depreciation		(7,541)		(7,081)
Total capital leases	$	11,186	$	6,221

Schedule of capital lease obligations

Future minimum lease payments related to (i) capital leases having initial terms of more than one year and (ii) non-cancelable operating leases as of June 30, 2022 were as follows:


			Operating Leases
	Capital Leases		Minimum Lease
in thousands	Obligations		Payments
2023	$	4,405	$	4,873
2024		3,909		4,581
2025		3,126		4,122
2026		2,092		4,061
2027		1,393		3,764
Thereafter		535		10,265
Total		15,460	$	31,666
Less amount representing interest		(2,652)
Total minimum lease payments		12,808
Less current maturities		3,368
Noncurrent maturities	$	9,440

Schedule of operating lease minimum lease payments


			Operating Leases
	Capital Leases		Minimum Lease
in thousands	Obligations		Payments
2023	$	4,405	$	4,873
2024		3,909		4,581
2025		3,126		4,122
2026		2,092		4,061
2027		1,393		3,764
Thereafter		535		10,265
Total		15,460	$	31,666
Less amount representing interest		(2,652)
Total minimum lease payments		12,808
Less current maturities		3,368
Noncurrent maturities	$	9,440

Long-term Debt (Tables)

12 Months Ended

Jun. 30, 2022

Long-term Debt

Schedule of long-term debt


	June 30,		June 30,
	2022		2021

	in thousands
Senior secured borrowings:
Term Loan Facility	$	71,250	$	75,000
Convertible term loan		2,327		2,367
Total debt		73,577		77,367
Less unamortized debt issuance costs		1,574		2,003
Less current maturities		3,793		3,790
Noncurrent maturities	$	68,210	$	71,574

Schedule of aggregate maturities of the total debt outstanding


	Long-term
	debt
	in thousands

Year ending June 30:
2023	$	3,793
2024		3,796
2025		3,799
2026		60,052
2027		56
Thereafter		2,081
Total debt	$	73,577

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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+ Details

Stock-based Compensation (Tables)

12 Months Ended

Jun. 30, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of stock-based compensation expense


	Year ended June 30,
	2022		2021

	in thousands

Stock options (a)	$	719	$	45,387
Profits interests units		1,162		1,629
Restricted stock units		1,858		35
Total stock-based compensation expense	$	3,739	$	47,051

(a)

The amount for 2021 relates to stock-based compensation expense recognized as a result of the Cancellation Agreement.

Profits Interests Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of profits interests transactions and number of units outstanding


	Number of	Weighted average
Time-based unit awards	units	grant date fair value

Outstanding balance, June 30, 2021	6,587,261	$	1.28
Granted	—
Forfeited	(2,807,201)	$	1.28
Vested	(1,621,988)	$	1.28
Outstanding balance, June 30, 2022	2,158,072	$	1.28


	Number of	Weighted average
Performance-based unit awards	units	grant date fair value

Outstanding balance, June 30, 2021	6,223,262	$	0.57
Granted	—
Forfeited	(4,005,397)	$	0.57
Vested	—
Outstanding balance, June 30, 2022	2,217,865	$	0.57

Performance Based Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of restricted stock units activity


			Weighted
			average
	Number of		grant-date fair
Restricted stock units - performance based	awards		value per share

Outstanding balance, June 30, 2021	—	$	—
Forfeited	—	$	—
Vested	—	$	—
Granted	258,767	$	5.18
Outstanding balance, June 30, 2022	258,767	$	5.18

Time Based Restricted Stock Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of restricted stock units activity


			Weighted
			average
	Number of		grant-date fair
Restricted stock units - time based	awards		value per share

Outstanding balance, June 30, 2021	48,470	$	22.87
Forfeited	(17,990)	$	23.21
Vested	(18,517)	$	11.36
Granted	464,805	$	9.69
Outstanding balance, June 30, 2022	476,768	$	9.69

Time-based option awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of weighted-average assumptions


	2022
Expected volatility		34.5	%
Weighted-average expected life (years) - time vesting units		2.9
Interest rate		0.83	%
Dividend yield		0	%
Weighted-average fair values	$	1.61
Fair value of underlying stock	$	7.89

Summary of stock option activity


			Weighted
			average
	Number of		grant-date fair
Stock options - time based	awards		value per share

Outstanding balance, June 30, 2021	—	$	—
Granted	554,499	$	1.61
Forfeited	—	$	—
Outstanding balance, June 30, 2022	554,499	$	1.61

Performance-based option awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of weighted-average assumptions


	2022
Expected volatility		34.5	%
Expected term (in years)		5.0
Interest rate		1.56	%
Dividend yield		0	%
Weighted-average fair values	$	5.18
Fair value of underlying stock	$	7.89

Summary of stock option activity


			Weighted
			average
	Number of		grant-date fair
Stock options - performance based	awards		value per share

Outstanding balance, June 30, 2021	—	$	—
Granted	776,299	$	3.08
Forfeited	—	$	—
Outstanding balance, June 30, 2022	776,299	$	3.08

2020 Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of weighted-average assumptions


	2021
Expected volatility		44	%
Expected life (years) - time vesting units		1.8
Interest rate		0.16	%
Dividend yield		—	%
Weighted-average fair value	$	1.28
Fair value of underlying stock	$	5.49

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Taxes

Schedule of effective income tax rate reconciliation


	Year ended June 30,
	2022		2021

	in thousands

Statutory rate	$	(1,520)	$	(7,343)
IRC Section 162(m) limitation (a)		506		12,526
Transaction costs (b)		—		2,770
Change in valuation allowance		2,738		1,500
Permanent adjustments		662		306
Prior year true-up and other		389		(227)
Income from entities not subject to taxation		302		66
State tax		(2,354)		173
Provision for income taxes	$	723	$	9,771

(a)

Reflects the permanent addback for the Section 162(m) limitation, which limits the deduction of compensation for the five highest paid officers to $1,000,000.

(b)

Schedule of provision for income taxes


	Year ended June 30,
	2022		2021

	in thousands
Current:
Federal	$	(998)	$	2,710
State		(339)		642
Total current tax expense		(1,337)		3,352

Deferred:
Federal		1,408		5,342
State		652		1,077
Total deferred tax expense		2,060		6,419
Total provision for income taxes	$	723	$	9,771

Schedule of components of deferred tax assets and liabilities


	Year ended June 30,
	2022		2021

	in thousands

Deferred tax assets:
Amortization	$	686	$	2,241
Federal net operating losses		3,083		—
State net operating losses		4,048		1,887
Transaction costs		—		1,092
Provision for uncollectible accounts		869		1,112
Accrued vacation		828		979
Reported and estimated claims		1,025		941
Stock-based compensation		185		428
Accrued bonuses		102		65
Interest Expense		496		—
Other		6		—
Total deferred tax assets		11,328		8,745
Valuation allowance		(4,050)		(1,887)
Deferred tax assets, net of valuation allowance		7,278		6,858
Deferred tax liabilities:
Goodwill		(9,108)		(9,934)
Depreciation		(8,430)		(7,394)
Equity investment		(5,429)		(3,222)
Prepaid expenses		(2,072)		(2,008)
Total deferred tax liabilities		(25,039)		(22,558)
Net deferred tax liability	$	(17,761)	$	(15,700)

Segment Reporting (Tables)

12 Months Ended

Jun. 30, 2022

Segment Reporting

Schedule of operating results by reportable segments


	June 30, 2022						June 30, 2021
in thousands	PACE		All other⁽¹⁾		Totals		PACE		All other⁽¹⁾		Totals
Capitation revenue	$	696,998	$	—	$	696,998	$	635,322	$	—	$	635,322
Other service revenue		403		1,239		1,642		294		2,184		2,478
Total revenues		697,401		1,239		698,640		635,616		2,184		637,800
External provider costs		383,046		—		383,046		309,317		—		309,317
Cost of care, excluding depreciation and amortization		178,904		1,318		180,222		151,412		2,991		154,403
Center-Level Contribution Margin		135,451		(79)		135,372		174,887		(807)		174,080
Overhead costs⁽²⁾		125,948		(94)		125,854		154,607		(38)		154,569
Depreciation and amortization		13,491		433		13,924		11,951		343		12,294
Equity loss		—		—		—		1,343		—		1,343
Other operating (income) expense		—		—		—		18,211		—		18,211
Interest expense, net		2,335		191		2,526		16,595		192		16,787
Loss on extinguishment of debt		—		—		—		14,479		—		14,479
Gain on equity method investment		—		—		—		(10,871)		—		(10,871)
Other expense (income)		305		—		305		2,237		—		2,237
Income (Loss) Before Income Taxes	$	(6,628)	$	(609)	$	(7,237)	$	(33,665)	$	(1,304)	$	(34,969)

(1)

(2)	Overhead consists of the Sales and marketing and Corporate, general and administrative financial statement line items.

Earnings per Share (Tables)

12 Months Ended

Jun. 30, 2022

Earnings per Share

Schedule of earnings per share


	Year ended June 30,
in thousands, except share values	2022		2021
Net income (loss) attributable to InnovAge Holding Corp.	$	(6,521)	$	(43,986)
Weighted average common shares outstanding (basic)		135,519,970		123,618,702
EPS (basic)	$	(0.05)	$	(0.36)

Dilutive shares		—		—
Weighted average common shares outstanding (diluted)		135,519,970		123,618,702
EPS (diluted)	$	(0.05)	$	(0.36)

Business (Details) $ / shares in Units, $ in Millions			12 Months Ended
Business (Details) $ / shares in Units, $ in Millions	Mar. 09, 2021 USD ($) shares	Mar. 08, 2021 $ / shares shares	Jun. 30, 2022 item segment $ / shares	Jun. 30, 2021 $ / shares	Mar. 03, 2021 $ / shares
Segment Reporting Information [Line Items]
Par value per share \| $ / shares			$ 0.001	$ 0.001	$ 0.001
Common stock issued \| shares	2,329,234
Net proceeds \| $	$ 370.5
Underwriting discounts and commissions \| $	23.9
Deferred offering costs \| $	$ 4.5
IPO
Segment Reporting Information [Line Items]
Common stock issued \| shares		16,666,667
Offering price \| $ / shares		$ 21.00
Over-Allotment Option
Segment Reporting Information [Line Items]
Common stock issued \| shares		2,500,000
PACE
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			1
Number of PACE participants \| item			6,650
Number of PACE centers excluding non-consolidating joint ventures \| item			18
Percentage of obligation for health care costs			100.00%

Summary of Significant Accounting Policies - Effect of Restatement on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Redeemable Noncontrolling Interests (See Note 5)	$ 15,278	$ 16,986
Stockholders' Equity
Retained earnings	4,729	10,663
Total InnovAge Holding Corp.	332,364	334,559
Noncontrolling interests	6,102	6,420
Total stockholders' equity	$ 338,466	340,979		$ 107,750
As Previously Reported
Stockholders' Equity
Retained earnings		11,250
Total InnovAge Holding Corp.		335,146
Noncontrolling interests		22,819
Total stockholders' equity		357,965
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Redeemable Noncontrolling Interests (See Note 5)		16,986	$ 16,900
Stockholders' Equity
Retained earnings		(587)
Total InnovAge Holding Corp.		(587)
Noncontrolling interests		(16,399)
Total stockholders' equity		$ (16,986)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Summary of Significant Accounting Policies - Effect of Restatement on Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (6,839)	$ (44,301)
Adjustment to redemption value	587	(587)
Total Stockholders' Equity, Balances	338,466	340,979		$ 107,750
Temporary Equity, Accretion to Redemption Value, Adjustment		16,838
Adjustment to redemption value	(587)	587
Net income (loss)	(1,121)	(439)
Redeemable Noncontrolling Interests	15,278	16,986
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(7,960)	(44,740)
Retained Earnings (Deficit)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(6,521)	(43,986)
Adjustment to redemption value	587	(587)
Total Stockholders' Equity, Balances	4,729	10,663		64,737
Noncontrolling Interests
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(318)	(315)
Total Stockholders' Equity, Balances	$ 6,102	6,420		$ 6,735
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Consolidation of equity method investment.		16,838
Net income (loss)		(44,740)
Total Stockholders' Equity, Balances		357,965
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		(44,740)
As Previously Reported \| Retained Earnings (Deficit)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(43,986)
Total Stockholders' Equity, Balances		11,250
As Previously Reported \| Noncontrolling Interests
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Consolidation of equity method investment.		16,838
Net income (loss)		(754)
Total Stockholders' Equity, Balances		22,819
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Consolidation of equity method investment.		(16,838)
Net income (loss)		439
Adjustment to redemption value		(587)
Total Stockholders' Equity, Balances		(16,986)
Temporary Equity, Accretion to Redemption Value, Adjustment		16,838
Adjustment to redemption value		587
Net income (loss)		(439)
Redeemable Noncontrolling Interests		16,986	$ 16,900
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		(44,740)
Adjustments \| Retained Earnings (Deficit)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to redemption value		(587)
Total Stockholders' Equity, Balances		(587)
Adjustments \| Noncontrolling Interests
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Consolidation of equity method investment.		(16,838)
Net income (loss)		439
Total Stockholders' Equity, Balances		$ (16,399)

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 17	$ 2,234
Certificates of deposit
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	0	2,200
Personal-needs account
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 20	$ 20

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Summary of Significant Accounting Policies
Property and equipment gross	$ 233,345	$ 187,491
Less accumulated depreciation and amortization	(57,085)	(44,776)
Total capital leases	176,260	142,715
Depreciation	13,300	11,600
Capitalized interest	900	1,000
Impairment charges	0	0
Land
Summary of Significant Accounting Policies
Property and equipment gross	11,980	11,980
Buildings and leasehold improvements
Summary of Significant Accounting Policies
Property and equipment gross	$ 122,076	104,724
Buildings and leasehold improvements \| Minimum
Summary of Significant Accounting Policies
Estimated Useful Lives	10 years
Buildings and leasehold improvements \| Maximum
Summary of Significant Accounting Policies
Estimated Useful Lives	40 years
Software
Summary of Significant Accounting Policies
Property and equipment gross	$ 16,264	13,316
Software \| Minimum
Summary of Significant Accounting Policies
Estimated Useful Lives	3 years
Software \| Maximum
Summary of Significant Accounting Policies
Estimated Useful Lives	5 years
Equipment and vehicles
Summary of Significant Accounting Policies
Property and equipment gross	$ 47,546	35,341
Equipment and vehicles \| Minimum
Summary of Significant Accounting Policies
Estimated Useful Lives	3 years
Equipment and vehicles \| Maximum
Summary of Significant Accounting Policies
Estimated Useful Lives	7 years
Construction in progress
Summary of Significant Accounting Policies
Property and equipment gross	$ 35,479	$ 22,130

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) $ in Millions	12 Months Ended
	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)
Summary of Significant Accounting Policies
Number of reporting units \| item	3
Goodwill, impairment charges	$ 0.0	$ 0.0
Intangible assets, useful life	10 years	10 years
Intangible assets, impairment charges	$ 0.0	$ 0.0

Summary of Significant Accounting Policies - Contingent Consideration (Details) $ in Millions	Jun. 30, 2022 USD ($)
Summary of Significant Accounting Policies
Deferred cash consideration	$ 0.0

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Summary of Significant Accounting Policies
Advertising expenses	$ 6.7	$ 6.5

Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Revenue Recognition
Pooled capitated payment	100.00%
Allowances for uncollectable accounts	$ 3,403	$ 4,350
HCPF
Revenue Recognition
Accounts receivable		$ 17,000
Capitated revenues \| Customer concentration risk
Revenue Recognition
Risk percentage	100.00%	100.00%
Medicare Part D \| Capitated revenues \| Customer concentration risk
Revenue Recognition
Risk percentage	12.00%	12.00%
Medicare Part D \| External provider costs. \| Customer concentration risk
Revenue Recognition
Risk percentage	23.00%	21.00%
Medicaid
Revenue Recognition
Accounts receivable		$ 13,600
Medicaid \| Capitated revenues \| Customer concentration risk
Revenue Recognition
Risk percentage	54.00%	53.00%

Revenue Recognition - Source of Revenue (Details) - Capitated revenues - Customer concentration risk	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Risk percentage	100.00%	100.00%
Medicaid
Disaggregation of Revenue [Line Items]
Risk percentage	54.00%	53.00%
Medicare
Disaggregation of Revenue [Line Items]
Risk percentage	46.00%	47.00%
Private pay and other \| Maximum
Disaggregation of Revenue [Line Items]
Risk percentage	1.00%

Revenue Recognition - Concentration of Net Receivable (Details) - Accounts Receivable - Customer concentration risk	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Risk percentage	100.00%	100.00%
Medicaid
Disaggregation of Revenue [Line Items]
Risk percentage	70.00%	60.00%
Medicare
Disaggregation of Revenue [Line Items]
Risk percentage	22.00%	20.00%
Private pay and other
Disaggregation of Revenue [Line Items]
Risk percentage	8.00%	20.00%

Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 15, 2020	Jul. 27, 2020	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in additional paid-in capital			$ 327,499	$ 323,760
Transaction costs		$ 22,600
Dividends		9,500
Investment in TCO Group Holdings, L.P
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Investment	$ 20,000
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Transaction costs		$ 13,100
Credit Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase (in shares)		16,095,819
Treasury stock cost per share (in dollars per share)		$ 4.82
Treasury stock, value		$ 77,600
Cancellation Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Corporate, general and administrative expense		45,400
Reduction in additional paid-in capital		$ 32,400
2016 Incentive Plan \| Cancellation Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares cancelled (in shares)		16,994,975
Shares cancelled		$ 74,600

Investments - Equity Method and Cost Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Investments
Cost method investments	$ 4,645	$ 2,645
Equity method investments	848	848
Total investments	$ 5,493	$ 3,493

Investments - Nonconsolidated Entities (Details)			1 Months Ended	12 Months Ended
Investments - Nonconsolidated Entities (Details)	Feb. 09, 2021 USD ($)	Mar. 18, 2019 USD ($) $ / shares	Aug. 31, 2021 USD ($) shares	Jun. 30, 2022 USD ($) item $ / shares	Jun. 30, 2021 USD ($) $ / shares	Mar. 03, 2021 $ / shares	Jan. 01, 2021	Apr. 02, 2020 USD ($)	Jun. 14, 2019 USD ($)
Nonconsolidated Entities
Number of investments \| item				2
Observable price changes				$ 0	$ 0
Cash		$ 9,000,000.0		184,429,000	201,466,000
Land		$ 4,200,000
Cash consideration				$ 2,000,000
Cash contributions					$ 20,000,000
Par value per share \| $ / shares				$ 0.001	$ 0.001	$ 0.001
Change in fair value of warrants	$ 2,300,000				$ 2,264,000
Gain on consolidation					$ 10,900,000
InnovAge Sacramento
Nonconsolidated Entities
Percentage of additional membership interest	0.10%	0.10%					0.10%
Jetdoc, Inc.
Nonconsolidated Entities
Shares Acquired \| shares			806,481
Cash consideration			$ 2,000,000.0
Maximum exposure to loss of the cost method investments			$ 2,000,000.0
Dispatch Health Holdings, Inc.
Nonconsolidated Entities
Maximum exposure to loss of the cost method investments								$ 2,600,000
Dispatch Health Holdings, Inc. \| Series B Preferred Stock
Nonconsolidated Entities
Investments in securities									$ 1,500,000
Dispatch Health Holdings, Inc. \| Series C Preferred Stock
Nonconsolidated Entities
Investments in securities								$ 1,100,000
InnovAge Sacramento
Nonconsolidated Entities
Membership interest (as a percent)		59.90%
Adventist Health System/West Joint Venture
Nonconsolidated Entities
Percentage of issued and outstanding equity interests		5.00%
Par value per share \| $ / shares		$ 0.001
Capital contributions		$ 25,000,000.0
Warrants right to purchase common stock	$ 15,000,000.0
Warrant exercise term	1 year
InnovAge California Pace-Sacramento, LLC
Nonconsolidated Entities
Cash contributions		52,000
InnovAge California Pace-Sacramento, LLC \| Adventist Health System/West Joint Venture
Nonconsolidated Entities
Cash contributions		$ 5,800,000
InnovAge California Pace-Sacramento, LLC \| Adventist Health System/West Joint Venture \| InnovAge Sacramento
Nonconsolidated Entities
Membership interest (as a percent)		26.41%
InnovAge California Pace-Sacramento, LLC \| Eskaton
Nonconsolidated Entities
Cash contributions		$ 3,000,000.0
InnovAge California Pace-Sacramento, LLC \| Eskaton \| InnovAge Sacramento
Nonconsolidated Entities
Membership interest (as a percent)		13.69%
PWD
Nonconsolidated Entities
Maximum exposure amount in VIE				$ 800,000

Investments - Nonconsolidated Entities - Summary of Fair Value of the Assets Acquired and Net Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jan. 01, 2021	Jun. 30, 2020
Assets:
Goodwill	$ 124,217	$ 124,217		$ 116,139
InnovAge Sacramento
Assets:
Cash			$ 646
Accounts receivable			786
Property and equipment, net			30,667
Goodwill			8,078
Total Assets			40,177
Liabilities:
Accounts payable			530
Reported and estimated claims			330
Due to Medicaid and Medicare			77
Capital leases			428
Other liabilities			48
Total Liabilities			$ 1,413

Investments - Nonconsolidated Entities - Summary of Income Statement (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2022	Jun. 30, 2021
Revenue:
Total revenues		$ 698,640	$ 637,800
Cost of operations:
Total cost of operations		703,046	650,137
The Company's interest in net loss		$ (4,406)	$ (12,337)
InnovAge California Pace-Sacramento, LLC
Revenue:
Total revenues	$ 2,297
Less: members' interest	921
The Company's interest	1,376
Cost of operations:
Total cost of operations	4,538
Less: members' interest	1,820
The Company's interest	2,718
The Company's interest in net loss	$ (1,342)

Investments - Variable Interest Entity - Schedule of Variable Interest Entity (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Mar. 18, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 184,429	$ 201,466	$ 9,000
Accounts receivable	35,907	32,582
Property, plant and equipment, net	176,260	142,715
Deposits and other, net	2,812	3,877
Accounts payable and accrued expenses	50,562	32,361
Current portion of long-term debt	3,793	3,790
Long-term debt, net of debt issuance costs	68,210	71,574
SH1
Variable Interest Entity [Line Items]
Cash and cash equivalents	526	431
Prepaid expenses and other	5	5
Property, plant and equipment, net	10,404	10,164
Deposits and other, net	395	390
Accounts payable and accrued expenses	256	219
Current portion of long-term debt	43	40
Noncurrent liabilities	454	454
Long-term debt, net of debt issuance costs	$ 3,784	$ 3,827

Investments - Acquisitions (Details) - USD ($) $ in Millions			12 Months Ended
	Mar. 08, 2021	Aug. 07, 2018	Jun. 30, 2019	Jun. 30, 2022
Business Acquisition [Line Items]
Deferred cash consideration				$ 0.0
Contingent consideration paid	$ 20.0
NewCourtland LIFE Program
Business Acquisition [Line Items]
Purchase price		$ 30.0	$ 30.0
Contingent consideration paid	$ 20.0
NewCourtland LIFE Program \| Maximum
Business Acquisition [Line Items]
Deferred cash consideration		$ 20.0	$ 20.0

Goodwill and Intangible Assets (Details) $ in Thousands	12 Months Ended
Goodwill and Intangible Assets (Details) $ in Thousands	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Goodwill and Intangible Assets
Goodwill	$ 124,217	$ 124,217	$ 116,139
Number of reporting units \| item	3
Impairment of goodwill	$ 0	0
Amortization expense	700
Intangible asset impairments	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Changes in Goodwill (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2021 USD ($)
Goodwill [Roll Forward]
Balance as of beginning of period	$ 116,139
Goodwill acquired during the period	8,078
Balance as of end of period	$ 124,217

- Definition

+ References + Details

Goodwill and Intangible Assets - Intangible Asset by Major Class (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Intangible Assets, Net (Including Goodwill) [Abstract]
Definite-lived intangible assets	$ 6,600	$ 6,600
Indefinite-lived intangible assets	2,000	2,000
Total intangible assets	8,600	8,600
Accumulated amortization	(2,742)	(2,082)
Balance as of end of period	$ 5,858	$ 6,518

Goodwill and Intangible Assets - Future Annual Amortization Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 660
2024	660
2025	660
2026	660
2027	$ 630

Leases - Assets Under Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Operating Leased Assets [Line Items]
Equipment	$ 233,345	$ 187,491
Less accumulated depreciation	(57,085)	(44,776)
Total capital leases	176,260	142,715
Rental expense	4,900	4,500
Equipment under capital leases
Operating Leased Assets [Line Items]
Equipment	18,727	13,302
Less accumulated depreciation	(7,541)	(7,081)
Total capital leases	$ 11,186	$ 6,221

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Capital Leases Obligations
2023	$ 4,405
2024	3,909
2025	3,126
2026	2,092
2027	1,393
Thereafter	535
Total	15,460
Less amount representing interest	(2,652)
Total minimum lease payments	12,808
Less current maturities	3,368
Noncurrent maturities	9,440
Operating Leases Minimum Lease Payments
2023	4,873
2024	4,581
2025	4,122
2026	4,061
2027	3,764
Thereafter	10,265
Total	$ 31,666

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Sep. 01, 2015
Debt Instrument [Line Items]
Total debt	$ 73,577	$ 77,367
Less unamortized debt issuance costs	1,574	2,003
Less current maturities	3,793	3,790
Noncurrent maturities	68,210	71,574
Revolving credit facility
Debt Instrument [Line Items]
Total debt		$ 25,000
Interest rate (as a percent)		3.94%
Senior secured term loan
Debt Instrument [Line Items]
Total debt	71,250	$ 75,000
Convertible term loan
Debt Instrument [Line Items]
Total debt	$ 2,327	$ 2,367
Interest rate (as a percent)			6.68%

Long-term Debt (Details) - USD ($) $ in Thousands				12 Months Ended
Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 08, 2021	Jul. 27, 2020	Sep. 01, 2015	Jun. 30, 2022	Jun. 30, 2021	May 02, 2019	May 13, 2016
Debt Instrument [Line Items]
Loss on extinguishment of long-term debt					$ 14,479
Outstanding borrowings				$ 73,577	77,367
Amortization of deferred financing costs				400	1,100
Deferred financing costs amortized				2,000
Revolving credit facility
Debt Instrument [Line Items]
Outstanding borrowings					$ 25,000
Interest rate (as a percent)					3.94%
Remaining borrowing capacity				100,000
Letters of credit, issued amounts				2,600
Senior secured term loan
Debt Instrument [Line Items]
Outstanding borrowings				71,250	$ 75,000
Convertible term loan
Debt Instrument [Line Items]
Outstanding borrowings				2,327	2,367
Interest rate (as a percent)			6.68%
Monthly principal and interest payments			$ 20
2016 Credit Agreement
Debt Instrument [Line Items]
Debt extinguishment					57,100
Loss on extinguishment of long-term debt					$ 1,000
Modified debt				250,000
Outstanding borrowings				50,000
Total deferred financing costs				$ 9,100
2016 Credit Agreement \| Revolving credit facility
Debt Instrument [Line Items]
Loan amount		$ 40,000				$ 30,000	$ 20,000
2016 Credit Agreement \| Senior secured term loan
Debt Instrument [Line Items]
Loan amount		300,000				190,000	$ 75,000
2016 Credit Agreement \| Delayed draw term loan facility (DDTL)
Debt Instrument [Line Items]
Loan amount						$ 45,000
Termination of loan		$ 45,000
2021 Credit Agreement \| Revolving credit facility
Debt Instrument [Line Items]
Loan amount	$ 100,000
Revolving credit facility fee	0.25%
2021 Credit Agreement \| Senior secured term loan
Debt Instrument [Line Items]
Loan amount	$ 75,000
Percentage of aggregate outstanding principal amount	1.25%
Interest rate (as a percent)				3.83%	1.84%

Long-term Debt - Maturities (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Long-term Debt
2023	$ 3,793
2024	3,796
2025	3,799
2026	60,052
2027	56
Thereafter	2,081
Total debt	$ 73,577

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value Measurements (Details) - USD ($) $ in Thousands			12 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 08, 2021	Aug. 07, 2018	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration			$ 0
Contingent consideration paid	$ 20,000
Redeemable Noncontrolling Interests			15,278	$ 16,986
Transfers into Level 3			0	0
Transfers out of Level 3			$ 0	$ 0
NewCourtland LIFE Program
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchase price		$ 30,000			$ 30,000
Contingent consideration paid	$ 20,000
NewCourtland LIFE Program \| Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration		$ 20,000			$ 20,000

Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 3,739	$ 47,051
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	719	45,387
Profits Interests Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,162	1,629
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 1,858	$ 35

Stock-based Compensation - Equity Incentive Plan (Details) - shares		12 Months Ended
	Jul. 27, 2020	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase (in shares)	16,095,819
Number of shares cancelled	16,994,976
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		17,836,636
Granted (in shares)		16,994,976

Stock-based Compensation - Profits Interests (Details) - 2020 Equity Incentive Plan	12 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	16,162,177
Profits interests granted	13,009,137
Hurdle value per unit \| $ / shares	$ 5.49

Stock-based Compensation - Monte Carlo Option Pricing Model (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Profits Interests Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility		44.00%
Expected term (in years)		1 year 9 months 18 days
Interest rate		0.16%
Dividend yield	0.00%
Weighted-average fair values		$ 1.28
Fair value of underlying stock		$ 5.49
Unrecognized compensation cost	$ 4.8
Time Vesting Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 3.5
Weighted-average period (in years)	1 year 9 months 18 days
Performance Vesting Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1.3
Time-based options awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years 10 months 24 days
Interest rate	0.83%
Dividend yield	0.00%
Weighted-average fair values	$ 1.61
Fair value of underlying stock	$ 7.89
Weighted-average period (in years)	2 years 6 months
Performance-based option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period (in years)	3 years 4 months 24 days
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.50%
Expected term (in years)	5 years
Interest rate	1.56%
Dividend yield	0.00%
Weighted-average fair values	$ 5.18
Fair value of underlying stock	$ 7.89
Unrecognized compensation cost	$ 1.1
Weighted-average period (in years)	3 years 3 months 18 days
Minimum \| Time-based options awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.50%

Stock-based Compensation - Profits Interests Transactions and Number of Units Outstanding (Details)	12 Months Ended
	Jun. 30, 2022 $ / shares shares
Time Vesting Units
Number of Units
Outstanding balance, June 30, 2021 \| shares	6,587,261
Forfeited \| shares	(2,807,201)
Vested \| shares	(1,621,988)
Outstanding balance, June 30, 2022 \| shares	2,158,072
Weighted-Average Grant Date FV
Outstanding balance, June 30, 2021 \| $ / shares	$ 1.28
Forfeited \| $ / shares	1.28
Vested \| $ / shares	1.28
Outstanding balance, June 30, 2022 \| $ / shares	$ 1.28
Performance Vesting Units
Number of Units
Outstanding balance, June 30, 2021 \| shares	6,223,262
Forfeited \| shares	(4,005,397)
Outstanding balance, June 30, 2022 \| shares	2,217,865
Weighted-Average Grant Date FV
Outstanding balance, June 30, 2021 \| $ / shares	$ 0.57
Forfeited \| $ / shares	0.57
Outstanding balance, June 30, 2022 \| $ / shares	$ 0.57

Stock-based Compensation - 2021 Omnibus Incentive Plan (Details) $ in Millions	12 Months Ended
	Jun. 30, 2022 USD ($) shares
2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized \| shares	14,700,000
Vesting period	3 years
Percentage of vesting	33.33%
Restricted Stock Units \| 2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 3.0
Weighted-average period (in years)	1 year 10 months 24 days
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1.1
Weighted-average period (in years)	3 years 3 months 18 days
Performance-based option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period (in years)	3 years 4 months 24 days

Stock-based Compensation - 2021 Omnibus Incentive Plan (RSU Activity) (Details)	12 Months Ended
	Jun. 30, 2022 $ / shares shares
Restricted Stock Units
Number of Units
Granted \| shares	258,767
Outstanding balance, June 30, 2022 \| shares	258,767
Weighted-Average Grant Date FV
Granted \| $ / shares	$ 5.18
Outstanding balance, June 30, 2022 \| $ / shares	$ 5.18
Time-Based Restricted Stock Units
Number of Units
Outstanding balance, June 30, 2021 \| shares	48,470
Granted \| shares	464,805
Forfeited \| shares	(17,990)
Vested \| shares	(18,517)
Outstanding balance, June 30, 2022 \| shares	476,768
Weighted-Average Grant Date FV
Outstanding balance, June 30, 2021 \| $ / shares	$ 22.87
Granted \| $ / shares	9.69
Forfeited \| $ / shares	23.21
Vested \| $ / shares	11.36
Outstanding balance, June 30, 2022 \| $ / shares	$ 9.69

Stock-based Compensation - Time-based Awards (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jul. 27, 2020	Jun. 30, 2022
Number of Options
Forfeited (in shares)	16,994,976
Time-based options awards
Number of Options
Granted (in shares)		554,499
Outstanding balance, June 30, 2022		554,499
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Granted		$ 1.61
Outstanding balance, June 30, 2022		$ 1.61
Unrecognized compensation cost		$ 0.6
Weighted-average period (in years)		2 years 6 months

Stock-based Compensation - Performance-based Awards (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jul. 27, 2020	Jun. 30, 2022
Number of Options
Forfeited (in shares)	16,994,976
Performance-based option awards
Number of Options
Granted (in shares)		776,299
Outstanding balance, June 30, 2022		776,299
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding balance, June 30, 2021		$ 3.08
Granted		3.08
Outstanding balance, June 30, 2022		$ 3.08
Unrecognized compensation cost		$ 2.0
Weighted-average period (in years)		3 years 4 months 24 days

Income Taxes (Details)	12 Months Ended
Income Taxes (Details)	Jun. 30, 2022	Jun. 30, 2021
Income Taxes
Effective tax rate (as a percent)	(10.00%)	(27.90%)
Federal statutory tax rate (as a percent)	21.00%	21.00%

Income Taxes - Effective Income Tax Reconciliation (Details)	12 Months Ended
	Jun. 30, 2022 USD ($) employee	Jun. 30, 2021 USD ($)
Income Taxes
Statutory rate	$ (1,520,000)	$ (7,343,000)
IRC Section 162(m) limitation	506,000	12,526,000
Transaction costs		2,770,000
Change in valuation allowance	2,738,000	1,500,000
Permanent adjustments	662,000	306,000
Prior year true-up and other	389,000	(227,000)
Income from entities not subject to taxation	302,000	66,000
State tax	(2,354,000)	173,000
Provision for income taxes	$ 723,000	$ 9,771,000
Highest compensation paid, Officers \| employee	5
Nondeductible compensation paid	$ 1,000,000

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Current:
Federal	$ (998)	$ 2,710
State	(339)	642
Total current tax expense	(1,337)	3,352
Deferred:
Federal	1,408	5,342
State	652	1,077
Total deferred tax expense	2,060	6,419
Provision for income taxes	$ 723	$ 9,771

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Deferred tax assets:
Amortization	$ 686	$ 2,241
Federal net operating losses	3,083
State net operating losses	4,048	1,887
Transaction costs		1,092
Provision for uncollectible accounts	869	1,112
Accrued vacation	828	979
Reported and estimated claims	1,025	941
Stock-based compensation	185	428
Accrued bonuses	102	65
Interest Expense	496
Other	6
Total deferred tax assets	11,328	8,745
Valuation allowance	(4,050)	(1,887)
Deferred tax assets, net of valuation allowance	7,278	6,858
Deferred tax liabilities:
Goodwill	(9,108)	(9,934)
Depreciation	(8,430)	(7,394)
Equity investment	(5,429)	(3,222)
Prepaid expenses	(2,072)	(2,008)
Total deferred tax liabilities	(25,039)	(22,558)
Net deferred tax liability	$ (17,761)	$ (15,700)

Income Taxes - Carryforwards (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 4,050	$ 1,887
Uncertain tax positions	0	0
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	73,100	30,900
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 14,700	$ 0

Related Parties (Details) - USD ($)	12 Months Ended
Related Parties (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Revenue from related parties	$ 35,000
Deposits and other
Related Party Transaction [Line Items]
Loans and leases receivable, related parties	$ 700,000	$ 700,000

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Jun. 30, 2022 Center item segment
Segment Reporting Information [Line Items]
Number of operating segments	5
PACE
Segment Reporting Information [Line Items]
Number of operating segments	3
Number of geographic divisions	3
Number of reportable segments	1
Number of PACE participants \| item	6,650
Number of PACE centers \| Center	18
Others
Segment Reporting Information [Line Items]
Number of operating segments	2

Segment Reporting - Operating Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 698,640	$ 637,800
External provider costs	383,046	309,317
Cost of care, excluding depreciation and amortization	180,222	154,403
Equity loss		(1,343)
Other operating (income) expense		(18,211)
Interest expense, net	(2,526)	(16,787)
Loss on extinguishment of debt		(14,479)
Gain on equity method investment		(10,871)
Other expense (income)	305	2,237
Income (Loss) Before Income Taxes	(7,237)	(34,969)
Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	696,998	635,322
Other service revenue
Segment Reporting Information [Line Items]
Total revenues	1,642	2,478
Operating segments
Segment Reporting Information [Line Items]
Total revenues	698,640	637,800
External provider costs	383,046	309,317
Cost of care, excluding depreciation and amortization	180,222	154,403
Center-Level Contribution Margin	135,372	174,080
Overhead costs	125,854	154,569
Depreciation and amortization	13,924	12,294
Equity loss		1,343
Other operating (income) expense		18,211
Interest expense, net	(2,526)	(16,787)
Loss on extinguishment of debt		14,479
Gain on equity method investment		(10,871)
Other expense (income)	305	2,237
Income (Loss) Before Income Taxes	(7,237)	(34,969)
Operating segments \| Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	696,998	635,322
Operating segments \| Other service revenue
Segment Reporting Information [Line Items]
Total revenues	1,642	2,478
Operating segments \| PACE
Segment Reporting Information [Line Items]
Total revenues	697,401	635,616
External provider costs	383,046	309,317
Cost of care, excluding depreciation and amortization	178,904	151,412
Center-Level Contribution Margin	135,451	174,887
Overhead costs	125,948	154,607
Depreciation and amortization	13,491	11,951
Equity loss		1,343
Other operating (income) expense		18,211
Interest expense, net	(2,335)	(16,595)
Loss on extinguishment of debt		14,479
Gain on equity method investment		(10,871)
Other expense (income)	305	2,237
Income (Loss) Before Income Taxes	(6,628)	(33,665)
Operating segments \| PACE \| Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	696,998	635,322
Operating segments \| PACE \| Other service revenue
Segment Reporting Information [Line Items]
Total revenues	403	294
Operating segments \| Others
Segment Reporting Information [Line Items]
Total revenues	1,239	2,184
Cost of care, excluding depreciation and amortization	1,318	2,991
Center-Level Contribution Margin	(79)	(807)
Overhead costs	(94)	(38)
Depreciation and amortization	433	343
Interest expense, net	(191)	(192)
Income (Loss) Before Income Taxes	(609)	(1,304)
Operating segments \| Others \| Other service revenue
Segment Reporting Information [Line Items]
Total revenues	$ 1,239	$ 2,184

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to InnovAge Holding Corp.	$ (6,521)	$ (43,986)
Weighted average common shares outstanding (basic)	135,519,970	123,618,702
Net income (loss) per share - basic	$ (0.05)	$ (0.36)
Weighted average common shares outstanding (diluted)	135,519,970	123,618,702
Net income (loss) per share - diluted	$ (0.05)	$ (0.36)
Performance-based option awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Performance-based units, respectively, excluded from the calculation of diluted EPS	1,035,066	0

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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