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Leases - Weighted-Average Lease Terms and Discount Rates (Details)	Jun. 30, 2023
Weighted average remaining lease term:
Operating leases	7 years 10 months 24 days
Finance leases	3 years 10 months 24 days
Weighted average discount rate
Operating leases	6.60%
Finance leases	7.80%

Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jul. 01, 2022	Jun. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 22,358
Operating lease assets	$ 21,210		$ 0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities		$ 25,100
Operating lease assets		$ 23,600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to InnovAge Holding Corp.	$ (40,673)	$ (6,521)
Weighted average common shares outstanding (basic) (in shares)	135,593,824	135,519,970
EPS (basic) (in dollars per share)	$ (0.30)	$ (0.05)
Dilutive shares (in shares)	0	0
Weighted average common shares outstanding (diluted) (in shares)	135,593,824	135,519,970
EPS (diluted) (in dollars per share)	$ (0.30)	$ (0.05)
Stock options - performance based
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares (in shares)	1,035,066	1,035,066

- 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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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Subsequent Event	12 Months Ended
Subsequent Event	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventThe Company has evaluated subsequent events through September 12, 2023, the date on which the condensed consolidated financial statements were issued.

Leases (Tables)

12 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of assets and liabilities related to leases

The following table presents the components of our ROU assets and their classification in our Balance Sheet at June 30, 2023.


Component of Lease Balances	Balance Sheet Line Items	Year Ended June 30,
		in thousands
Assets:
Operating lease assets	Operating lease assets	$	21,210
Finance lease assets	Property and equipment, net	16,378
Total leased assets		$	37,588

Schedule of lease cost

The following table presents the components of our lease cost and the classification of such costs in our Statement of Operations for the year ended June 30, 2023.


Component of Lease Cost	Statement of Operations Line Items	Year Ended June 30,
		in thousands
Operating lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	$	4,642
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	3,080
Interest on lease liabilities	Interest expense, net	1,255
Variable lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	82
Short-term lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	108
Total lease expense:		$	9,167

Schedule of weighted average lease terms and discount rates

The following table includes the weighted-average lease terms and discount rates for operating and finance leases as of June 30, 2023.


Weighted average remaining lease term:			June 30, 2023
Operating leases			7.9 years
Finance leases			3.9 years


Weighted average discount rate	June 30, 2023
Operating leases	6.60	%
Finance leases	7.80	%

Schedule of future maturities of lease payments for operating leases

The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to June 30, 2023.


in thousands	Operating Lease		Finance Lease		Total
2024	$	4,882	$	5,970	$	10,852
2025	4,356		5,270		9,626
2026	4,283		4,245		8,528
2027	3,981		3,549		7,530
2028	3,140		1,759		4,899
Thereafter	7,033		—		7,033
Total lease payments	27,675		20,793		48,468
Less liability accretion / imputed interest	(5,317)		(2,957)		(8,274)
Total lease liabilities	22,358		17,836		40,194
Less: Current lease liabilities	3,530		4,722		8,252
Total long-term lease liabilities	$	18,828	$	13,114	$	31,942

Schedule of future maturities of lease payments for finance leases

The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to June 30, 2023.


in thousands	Operating Lease		Finance Lease		Total
2024	$	4,882	$	5,970	$	10,852
2025	4,356		5,270		9,626
2026	4,283		4,245		8,528
2027	3,981		3,549		7,530
2028	3,140		1,759		4,899
Thereafter	7,033		—		7,033
Total lease payments	27,675		20,793		48,468
Less liability accretion / imputed interest	(5,317)		(2,957)		(8,274)
Total lease liabilities	22,358		17,836		40,194
Less: Current lease liabilities	3,530		4,722		8,252
Total long-term lease liabilities	$	18,828	$	13,114	$	31,942

Schedule of operating lease minimum lease payments

The following table includes the future maturities of minimum rental payments that are required to be paid under all non-cancelable operating and capital lease obligations, prior to the adoption of ASC 842:


in thousands	Operating Lease		Capital Lease
2023	$	4,873	$	4,405
2024	4,581		3,909
2025	4,122		3,126
2026	4,061		2,092
2027	3,764		1,393
Thereafter	10,265		535
Total minimum rental payments	31,666		15,460
Less: Amount representing interest			(2,652)
Subtotal			12,808
Current portion			3,368
Long-term portion			$	9,440

Schedule of capital lease minimum lease payments


in thousands	Operating Lease		Capital Lease
2023	$	4,873	$	4,405
2024	4,581		3,909
2025	4,122		3,126
2026	4,061		2,092
2027	3,764		1,393
Thereafter	10,265		535
Total minimum rental payments	31,666		15,460
Less: Amount representing interest			(2,652)
Subtotal			12,808
Current portion			3,368
Long-term portion			$	9,440

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 688,087	$ 698,640
Expenses
External provider costs	374,528	383,046
Cost of care, excluding depreciation and amortization	212,271	180,222
Sales and marketing	19,627	24,201
Corporate, general and administrative	115,637	101,653
Depreciation and amortization	15,419	13,924
Total expenses	737,482	703,046
Operating Loss	(49,395)	(4,406)
Other Income (Expense)
Interest expense, net	(1,522)	(2,526)
Other income (expense)	124	(305)
Total other expense	(1,398)	(2,831)
Loss Before Income Taxes	(50,793)	(7,237)
Provision (Benefit) for Income Taxes	(7,241)	723
Net Loss	(43,552)	(7,960)
Less: net loss attributable to noncontrolling interests	(2,879)	(1,439)
Net Loss Attributable to InnovAge Holding Corp.	$ (40,673)	$ (6,521)
Weighted-average number of common shares outstanding - basic (in shares)	135,593,824	135,519,970
Weighted-average number of common shares outstanding - diluted (in shares)	135,593,824	135,519,970
Net loss per share - basic (in dollars per share)	$ (0.30)	$ (0.05)
Net loss per share - diluted (in dollars per share)	$ (0.30)	$ (0.05)
Capitation revenue
Revenues
Total revenues	$ 686,836	$ 696,998
Other service revenue
Revenues
Total revenues	$ 1,251	$ 1,642

Goodwill and Intangible Assets (Details)	12 Months Ended
Goodwill and Intangible Assets (Details)	Jun. 30, 2023 USD ($) reporting_unit	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 124,217,000	$ 124,217,000
Goodwill, acquired during period	$ 0	0
Number of reporting units \| reporting_unit	3
Impairment of goodwill	$ 0	0
Amortization expense	700,000	700,000
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

Stock-based Compensation - Stock Options -Time-based Awards (Details) - Stock options - time based $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Number of awards
Outstanding balance, beginning (in shares) \| shares	554,499
Granted (in shares) \| shares	162,162
Forfeited (in shares) \| shares	0
Exercised (in shares) \| shares	0
Expired (in shares) \| shares	0
Outstanding balance, ending (in shares) \| shares	716,661
Exercisable balance (in shares) \| shares	207,936
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share) \| $ / shares	$ 1.61
Granted (in dollars per share) \| $ / shares	0.80
Forfeited (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Expired (in dollars per share) \| $ / shares	0
Outstanding balance, ending (in dollars per share) \| $ / shares	1.43
Exercisable balance (in dollars per share) \| $ / shares	$ 0.21
Unrecognized compensation cost \| $	$ 0.4
Weighted-average period (in years)	1 year 9 months 18 days

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

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.

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; 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, 2023 or 2022. See Note 4 “Cost and Equity Method Investments” for more information.

Short-term Investments

Short-term investments consist of investments in managed income fund securities managed by major financial institutions. These securities are measured at fair value on a recurring basis with changes in fair value recognized in earnings. The estimated fair value of the short-term investments is valued using quoted market prices in active markets and classified as Level 1 of the fair value hierarchy. Dividend income is reported within other income (expense) in the Company’s consolidated statement of operations. Dividends received are reinvested in fund securities. We may sell these securities at any time for use in current operations. As a result, we classify our short-term investments as current assets on the Company’s consolidated balance sheets.

Restricted Cash

Restricted cash includes 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, 2023 and 2022. 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 healthcare 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:


dollars in thousands	Estimated Useful Lives	2023		2022
Land	N/A	$	11,970	$	11,980
Buildings and leasehold improvements	10 - 40 years	124,263		122,076
Software	3 - 5 years	26,656		16,264
Equipment and vehicles	3 - 7 years	57,754		47,546
Construction in progress	N/A	42,223		35,479
		262,865		233,345
Less accumulated depreciation and amortization		(70,677)		(57,085)
Total property and equipment, net		$	192,188	$	176,260

Depreciation of $14.8 million and $13.3 million was recorded during the fiscal years ended June 30, 2023 and 2022, 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, 2023 and 2022, the Company capitalized interest of approximately $1.0 million and $0.9 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, 2023 or 2022.

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, 2023 and 2022.

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, 2023 and 2022.

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 healthcare 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.

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.

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 a per member, per month (“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 9 “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 $5.6 million and $6.7 million for the fiscal years ended June 30, 2023 and 2022, respectively.

Stock-based Compensation

The Company and its principal shareholder have 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 10 “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. InnovAge Senior Housing Thornton, LLC (“SH1”) and Pinewood Lodge, LLC (“PWD”) are considered to be VIEs. The Company is not considered the primary beneficiary of PWD but is considered the primary beneficiary of SH1.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that the Company (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the Company's consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recently Adopted Accounting Pronouncements

Leases

In February 2016, the Financial Accounting Standards Board (“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 are required to recognize a right-of-use (“ROU”) 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 requires enhanced 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. In June 2020, the 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 interim periods beginning after December 15, 2021, with early adoption permitted.

We adopted the new standard on July 1, 2022 using the modified retrospective transition approach as permitted in ASU 2018-11. In accordance with this approach, the effective date of Topic 842 is also the application date of the new requirements, with prior comparative periods presented in the financial statements with the legacy requirements of ASC Topic 840, Leases. We elected the package of practical expedients which permits us not to reassess under the new lease standard our prior conclusions for lease identification and lease classification on expired or existing contracts and whether

initial direct costs previously capitalized would qualify for capitalization under the new lease standard. We also elected to adopt the optional transition method which allows an entity to recognize, if necessary, a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company did not elect the practical expedient to use hindsight in determining the lease term and in assessing impairment conclusions on the ROU assets. Comparative periods presented in the financial statements continue to be presented in accordance with GAAP related to leases prior to transitioning to the new lease standard. The adoption of Topic 842 resulted in the recognition of operating lease liabilities and ROU assets of $25.1 million and $23.6 million, respectively, while our accounting for capital leases (now referred to as finance leases) remained substantially unchanged. The impact of adopting Topic 842 was not material to our Statements of Operations and Statements of Cash Flows. See Note 6, “Leases.”

Recent Accounting Pronouncements Not Yet Adopted

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.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of intangible assets by major class

Intangible assets consisted of the following as of June 30:


in thousands	2023		2022
Definite-lived intangible assets
Customer relationships	$	6,600	$	6,600
Indefinite-lived intangible assets
Permits	2,000		2,000
Total intangible assets	8,600		8,600
Accumulated amortization	(3,402)		(2,742)
Balance as of end of period	$	5,198	$	5,858

Schedule of estimated future amortization expense related to other intangible assets

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


in thousands	Amortization Expense
2024	$	660
2025	660
2026	660
2027	630
2028	—

Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill amounted to $124.2 million at each of June 30, 2023 and June 30, 2022. The Company did not have any acquisitions resulting in goodwill during the year ended June 30, 2023 and 2022. Goodwill is not amortized.

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. There were no goodwill impairments recorded during the year ended June 30, 2023 and 2022.

Intangible assets consisted of the following as of June 30:


in thousands	2023		2022
Definite-lived intangible assets
Customer relationships	$	6,600	$	6,600
Indefinite-lived intangible assets
Permits	2,000		2,000
Total intangible assets	8,600		8,600
Accumulated amortization	(3,402)		(2,742)
Balance as of end of period	$	5,198	$	5,858

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 each of the years ended June 30, 2023 and 2022, respectively.

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


in thousands	Amortization Expense
2024	$	660
2025	660
2026	660
2027	630
2028	—

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, 2023 and 2022.

Leases

12 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Leasing Arrangements as Lessee

The Company leases certain property and equipment under various third-party operating and finance lease agreements. The Company determines if an arrangement is or contains a lease at the lease inception date by evaluating whether the arrangement conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. The leases are noncancelable and expire on various terms from 2023 through 2032. We determine if an arrangement is a lease upon commencement of the contract. If an arrangement is determined to be a long-term lease (greater than 12 months), we recognize an ROU asset and lease liability based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Our lease terms may also include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

We have elected to apply the short-term lease exception for contracts that have a lease term of twelve months or less and do not include an option to purchase the underlying asset. Therefore, we do not recognize a ROU asset or lease liability for such contracts. We recognize short-term lease payments as expense on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or rate are recognized as expense. Certain leases include escalations based on inflation indexes and fair market value adjustments. Operating lease liabilities are calculated using the prevailing index or rate at lease commencement for such leases.

On March 20, 2023, we consolidated our Germantown center in Pennsylvania with two of our existing centers. Upon consolidation, we terminated our Germantown center lease and recognized lease termination costs of $0.6 million. Lease termination costs are included in other income (expense) on our consolidated statements of operations.

The following table presents the components of our ROU assets and their classification in our Balance Sheet at June 30, 2023.


Component of Lease Balances	Balance Sheet Line Items	Year Ended June 30,
		in thousands
Assets:
Operating lease assets	Operating lease assets	$	21,210
Finance lease assets	Property and equipment, net	16,378
Total leased assets		$	37,588

The following table presents the components of our lease cost and the classification of such costs in our Statement of Operations for the year ended June 30, 2023.


Component of Lease Cost	Statement of Operations Line Items	Year Ended June 30,
		in thousands
Operating lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	$	4,642
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	3,080
Interest on lease liabilities	Interest expense, net	1,255
Variable lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	82
Short-term lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	108
Total lease expense:		$	9,167

The following table includes the weighted-average lease terms and discount rates for operating and finance leases as of June 30, 2023.


Weighted average remaining lease term:			June 30, 2023
Operating leases			7.9 years
Finance leases			3.9 years


Weighted average discount rate	June 30, 2023
Operating leases	6.60	%
Finance leases	7.80	%

The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to June 30, 2023.


in thousands	Operating Lease		Finance Lease		Total
2024	$	4,882	$	5,970	$	10,852
2025	4,356		5,270		9,626
2026	4,283		4,245		8,528
2027	3,981		3,549		7,530
2028	3,140		1,759		4,899
Thereafter	7,033		—		7,033
Total lease payments	27,675		20,793		48,468
Less liability accretion / imputed interest	(5,317)		(2,957)		(8,274)
Total lease liabilities	22,358		17,836		40,194
Less: Current lease liabilities	3,530		4,722		8,252
Total long-term lease liabilities	$	18,828	$	13,114	$	31,942


in thousands	Operating Lease		Capital Lease
2023	$	4,873	$	4,405
2024	4,581		3,909
2025	4,122		3,126
2026	4,061		2,092
2027	3,764		1,393
Thereafter	10,265		535
Total minimum rental payments	31,666		15,460
Less: Amount representing interest			(2,652)
Subtotal			12,808
Current portion			3,368
Long-term portion			$	9,440

Cost and Equity Method Investments - Nonconsolidated Entities (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Mar. 18, 2019 USD ($)	Aug. 31, 2021 USD ($) shares	Jun. 30, 2023 USD ($) investment	Jun. 30, 2022 USD ($)	Apr. 02, 2020 USD ($)	Jun. 14, 2019 USD ($)
Nonconsolidated Entities
Number of investments \| investment			2
Observable price changes			$ 0	$ 0
Cash consideration			0	2,000
Cash	$ 9,000		127,249	$ 184,429
Land	$ 4,200
Redeemable noncontrolling interests			12,700
InnovAge Sacramento
Nonconsolidated Entities
Percentage of additional membership interest				0.10%
InnovAge Sacramento
Nonconsolidated Entities
Membership interest (as a percent)	59.90%
Variable Interest Entity, Not Primary Beneficiary
Nonconsolidated Entities
Maximum exposure amount in VIE			$ 800
Contributions from parent				$ 52
Variable Interest Entity, Not Primary Beneficiary \| Related Party \| Adventist Health System/West Joint Venture
Nonconsolidated Entities
Contributions from parent	$ 5,800
Variable Interest Entity, Not Primary Beneficiary \| Related Party \| Eskaton
Nonconsolidated Entities
Contributions from parent	$ 3,000
Variable Interest Entity, Not Primary Beneficiary \| Related Party \| InnovAge Sacramento \| Adventist Health System/West Joint Venture
Nonconsolidated Entities
Membership interest (as a percent)	26.40%
Variable Interest Entity, Not Primary Beneficiary \| Related Party \| InnovAge Sacramento \| Eskaton
Nonconsolidated Entities
Membership interest (as a percent)	13.70%
Jetdoc, Inc.
Nonconsolidated Entities
Shares acquired (in shares) \| shares		806,481
Cash consideration		$ 2,000
Maximum exposure to loss of the cost method investments		$ 2,000
Dispatch Health Holdings, Inc.
Nonconsolidated Entities
Maximum exposure to loss of the cost method investments					$ 2,600
Dispatch Health Holdings, Inc. \| Series B Preferred Stock
Nonconsolidated Entities
Investments in securities						$ 1,500
Dispatch Health Holdings, Inc. \| Series C Preferred Stock
Nonconsolidated Entities
Investments in securities					$ 1,100

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Advertising expenses	$ 5.6	$ 6.7

Income Taxes - Carryforwards (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 8,347,000	$ 4,050,000
Uncertain tax positions	0	0
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	117,900,000	73,100,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 81,700,000	$ 14,700,000

Stock-based Compensation - Equity Incentive Plan (Details) - 2020 Equity Incentive Plan	12 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)	16,162,177
Profits interests granted (in shares)	13,009,137
Hurdle value per unit (in dollars per share) \| $ / shares	$ 5.49

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(iv)(03)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Long-term Debt - Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Long-term debt
2024	$ 3,796
2025	3,799
2026	60,052
2027	56
2028	60
Thereafter	2,021
Total debt	$ 69,784

- Definition

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

+ References + Details

Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Service, Other
Related Party Transaction [Line Items]
Loans and leases receivable, related parties	$ 700	$ 700
Administrative Fee Per Year
Related Party Transaction [Line Items]
Administrative fee per year	$ 35

Stock-based Compensation - Stock Options - Performance-based Awards (Details) - Stock options - performance based - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of awards
Outstanding balance, beginning (in shares)	776,299
Granted (in shares)	0
Forfeited (in shares)	0
Vested (in shares)	0
Outstanding balance, ending (in shares)	776,299
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share)	$ 3.08	$ 3.08
Granted (in dollars per share)	0
Forfeited (in dollars per share)	0
Vested (in dollars per share)	0
Outstanding balance, ending (in dollars per share)	$ 3.08
Unrecognized compensation cost	$ 1.4
Weighted-average period (in years)	2 years 4 months 24 days

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Net loss	$ (43,552)	$ (7,960)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Loss on disposal of assets	1,107	305
Provision for uncollectible accounts	3,340	6,181
Depreciation and amortization	15,419	13,924
Operating lease rentals	4,604	0
Amortization of deferred financing costs	429	429
Stock-based compensation	4,608	3,739
Deferred income taxes	(11,525)	2,061
Other	167	0
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable, net	8,223	(9,506)
Prepaid expenses	(3,303)	(4,667)
Income tax receivable	6,499	(1,360)
Deposits and other	(1,263)	(475)
Accounts payable and accrued expenses	34,901	17,381
Reported and estimated claims	4,545	5,221
Due to Medicaid and Medicare	12	2,029
Income taxes payable	1,212	0
Operating lease liabilities	(5,187)	0
Net cash provided by operating activities	20,236	27,302
Investing Activities
Purchases of property and equipment	(23,354)	(38,238)
Purchases of short-term investments	(46,167)	0
Purchase of cost method investment	0	(2,000)
Net cash used in investing activities	(69,521)	(40,238)
Financing Activities
Payments for finance lease obligations	(4,103)	(2,528)
Principal payments on long-term debt	(3,793)	(3,790)
Net cash used in financing activities	(7,896)	(6,318)
DECREASE IN CASH, CASH EQUIVALENTS & RESTRICTED CASH	(57,181)	(19,254)
CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD	184,446	203,700
CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD	127,265	184,446
Supplemental Cash Flows Information
Interest paid	3,997	1,474
Income taxes paid	13	84
Property and equipment included in accounts payable	882	2,135
Property and equipment purchased under capital leases	$ 9,131	$ 8,067

Income Taxes

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s effective income tax rate for the years ended June 30, 2023 and 2022 was 14.3% and (10.0%), 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,
	2023		2022
	in thousands
Statutory rate	$	(10,667)	$	(1,520)
IRC Section 162(m) limitation (a)	588		506
Change in valuation allowance	4,297		2,738
Permanent adjustments	457		662
Prior year true-up and other	157		389
Income from entities not subject to taxation	605		302
State tax	(2,678)		(2,354)
Provision for income taxes	$	(7,241)	$	723

___________________________________

(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.

Provision for income taxes consisted of the following for the years ended June 30, 2023 and 2022:


	Year ended June 30,
	2023		2022
	in thousands
Current:
Federal	$	3,709	$	(998)
State	575		(339)
Total current tax expense	4,284		(1,337)

Deferred:
Federal	(10,263)		1,408
State	(1,262)		652
Total deferred tax expense	(11,525)		2,060
Total provision for income taxes	$	(7,241)	$	723

The significant components of deferred tax assets and liabilities were as follows for the years ended June 30, 2023 and 2022:


	Year ended June 30,
	2023		2022
	in thousands
Deferred tax assets:
Amortization	$	629	$	686
Federal net operating losses	17,147		3,083
State net operating losses	5,701		4,048
Provision for uncollectible accounts	1,114		869
Accrued vacation	835		828
Reported and estimated claims	1,164		1,025
Stock-based compensation	449		185
Accrued bonuses	582		102
Interest Expense	791		496
Lease liability	6,784		—
Other	—		6
Total deferred tax assets	35,196		11,328
Valuation allowance	(8,347)		(4,050)
Deferred tax assets, net of valuation allowance	26,849		7,278
Deferred tax liabilities:
Goodwill	(6,697)		(9,108)
Depreciation	(13,137)		(8,430)
Equity investment	(5,019)		(5,429)
Prepaid expenses	(1,792)		(2,072)
ROU asset	(6,436)		—
Other	(4)		—
Total deferred tax liabilities	(33,085)		(25,039)
Net deferred tax liability	$	(6,236)	$	(17,761)

Carryforwards

The Company had state net operating loss carryforwards of $117.9 million and $73.1 million at June 30, 2023 and 2022, 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 has federal net operating loss carryforwards of $81.7 million and $14.7 million as of June 30, 2023 and 2022, respectively which do not expire.

Valuation Allowance

The Company has provided $8.3 million and $4.1 million at June 30, 2023 and June 30, 2022, respectively, as a valuation allowance against its deferred tax assets for federal and 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, 2023 and 2022.

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, 2020 and forward. The Company is subject to income tax examinations by California, Colorado and New Mexico state jurisdictions for the period ended June 30, 2019 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
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current Assets
Cash and cash equivalents	$ 127,249	$ 184,429
Short-term investments	46,213	0
Restricted cash	16	17
Accounts receivable, net of allowance ($4,161 – June 30, 2023 and $3,403 – June 30, 2022)	24,344	35,907
Prepaid expenses	17,145	13,842
Income tax receivable	262	6,761
Total current assets	215,229	240,956
Noncurrent Assets
Property and equipment, net	192,188	176,260
Operating lease assets	21,210	0
Investments	5,493	5,493
Deposits and other	3,823	2,812
Goodwill	124,217	124,217
Other intangible assets, net	5,198	5,858
Total noncurrent assets	352,129	314,640
Total assets	567,358	555,596
Current Liabilities
Accounts payable and accrued expenses	54,935	50,562
Reported and estimated claims	42,999	38,454
Due to Medicaid and Medicare	9,142	9,130
Income tax payable	1,212	0
Current portion of long-term debt	3,795	3,793
Current portion of finance lease obligations	4,722	3,368
Current portion of operating lease obligations	3,530	0
Deferred revenue	28,115	0
Total current liabilities	148,450	105,307
Noncurrent Liabilities
Deferred tax liability, net	6,236	17,761
Finance lease obligations	13,114	9,440
Operating lease obligations	18,828	0
Other noncurrent liabilities	1,086	1,134
Long-term debt, net of debt issuance costs	64,844	68,210
Total liabilities	252,558	201,852
Commitments and Contingencies (See Note 9)
Redeemable Noncontrolling Interests (See Note 4)	12,708	15,278
Stockholders’ Equity
Common stock, $0.001 par value; 500,000,000 authorized as of June 30, 2023 and 2022; 135,639,845 and 135,532,811 issued shares as of June 30, 2023 and June 30, 2022, respectively	136	136
Additional paid-in capital	332,107	327,499
Retained earnings (deficit)	(35,944)	4,729
Total InnovAge Holding Corp.	296,299	332,364
Noncontrolling interests	5,793	6,102
Total stockholders’ equity	302,092	338,466
Total liabilities and stockholders’ equity	$ 567,358	$ 555,596

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation

Income Taxes


	Year ended June 30,
	2023		2022
	in thousands
Statutory rate	$	(10,667)	$	(1,520)
IRC Section 162(m) limitation (a)	588		506
Change in valuation allowance	4,297		2,738
Permanent adjustments	457		662
Prior year true-up and other	157		389
Income from entities not subject to taxation	605		302
State tax	(2,678)		(2,354)
Provision for income taxes	$	(7,241)	$	723

___________________________________

(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.

Schedule of provision for income taxes

Provision for income taxes consisted of the following for the years ended June 30, 2023 and 2022:


	Year ended June 30,
	2023		2022
	in thousands
Current:
Federal	$	3,709	$	(998)
State	575		(339)
Total current tax expense	4,284		(1,337)

Deferred:
Federal	(10,263)		1,408
State	(1,262)		652
Total deferred tax expense	(11,525)		2,060
Total provision for income taxes	$	(7,241)	$	723

Schedule of components of deferred tax assets and liabilities

The significant components of deferred tax assets and liabilities were as follows for the years ended June 30, 2023 and 2022:


	Year ended June 30,
	2023		2022
	in thousands
Deferred tax assets:
Amortization	$	629	$	686
Federal net operating losses	17,147		3,083
State net operating losses	5,701		4,048
Provision for uncollectible accounts	1,114		869
Accrued vacation	835		828
Reported and estimated claims	1,164		1,025
Stock-based compensation	449		185
Accrued bonuses	582		102
Interest Expense	791		496
Lease liability	6,784		—
Other	—		6
Total deferred tax assets	35,196		11,328
Valuation allowance	(8,347)		(4,050)
Deferred tax assets, net of valuation allowance	26,849		7,278
Deferred tax liabilities:
Goodwill	(6,697)		(9,108)
Depreciation	(13,137)		(8,430)
Equity investment	(5,019)		(5,429)
Prepaid expenses	(1,792)		(2,072)
ROU asset	(6,436)		—
Other	(4)		—
Total deferred tax liabilities	(33,085)		(25,039)
Net deferred tax liability	$	(6,236)	$	(17,761)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Preparation and Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Investments

Short-term Investments

Restricted Cash

Accounts Receivable

Accounts ReceivableThe Company provides comprehensive healthcare 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.

Property and Equipment

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


dollars in thousands	Estimated Useful Lives	2023		2022
Land	N/A	$	11,970	$	11,980
Buildings and leasehold improvements	10 - 40 years	124,263		122,076
Software	3 - 5 years	26,656		16,264
Equipment and vehicles	3 - 7 years	57,754		47,546
Construction in progress	N/A	42,223		35,479
		262,865		233,345
Less accumulated depreciation and amortization		(70,677)		(57,085)
Total property and equipment, net		$	192,188	$	176,260

Goodwill and Intangible Assets

Reported and Estimated Claims

Debt Issuance Costs

Revenue Recognition

Revenue RecognitionUnder 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 a per member, per month (“PMPM”) capitation rates under the PACE program.

Professional Liability Claims

Professional Liability ClaimsThe 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.

Advertising Costs

Advertising CostsThe 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.

Stock-based Compensation

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.

Income Taxes

Variable Interest Entities (VIE)

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. InnovAge Senior Housing Thornton, LLC (“SH1”) and Pinewood Lodge, LLC (“PWD”) 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 and Recent Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Leases

Recent Accounting Pronouncements Not Yet Adopted

Financial Instruments

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

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

Level 2 Quoted 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 3 Unobservable inputs to the valuation techniques that are significant to the fair value measurements of the assets or liabilities

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. Civil Investigative Demands 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). In December 2022, the Company received a supplemental civil investigative demand requesting supplemental information on the same matters. 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. Stockholder Lawsuits 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 (the "Securities Action"). 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. On September 13, 2022, the Company and the officer and director defendants and Apax Partners, L.P. and Welsh, Carson, Anderson & Stowe filed a motion to dismiss the amended complaint for failure to state a claim upon which relief can be granted. 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, Brian Hall, 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. On May 15, 2023, Mr. Hall filed a lawsuit in the Delaware Court of Chancery asserting derivative claims for breach of fiduciary duty against certain of the Company’s current and former officers and directors generally relating to alleged failures by the defendants to take remedial actions to address the matters that resulted in sanctions by CMS at certain of the Company’s centers, and alleged misstatements in the Company’s public filings relating to those matters. On June 28, 2023, upon stipulation of the parties, the court entered an order staying the litigation pending the resolution of the motion to dismiss in the Securities Action or upon fifteen days’ notice by any party to the litigation. We are currently unable to predict the outcome of this matters. Other Matters In the third fiscal quarter of 2023, the Company agreed to settle a wage and hour class action lawsuit in the State of California for a cash payment of $1.2 million. The agreement is subject to court approval. 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.

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Deferred tax assets:
Amortization	$ 629	$ 686
Federal net operating losses	17,147	3,083
State net operating losses	5,701	4,048
Provision for uncollectible accounts	1,114	869
Accrued vacation	835	828
Reported and estimated claims	1,164	1,025
Stock-based compensation	449	185
Accrued bonuses	582	102
Interest Expense	791	496
Lease liability	6,784	0
Other	0	6
Total deferred tax assets	35,196	11,328
Valuation allowance	(8,347)	(4,050)
Deferred tax assets, net of valuation allowance	26,849	7,278
Deferred tax liabilities:
Goodwill	(6,697)	(9,108)
Depreciation	(13,137)	(8,430)
Equity investment	(5,019)	(5,429)
Prepaid expenses	(1,792)	(2,072)
ROU asset	(6,436)	0
Other	(4)	0
Total deferred tax liabilities	(33,085)	(25,039)
Net deferred tax liability	$ (6,236)	$ (17,761)

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Total debt	$ 69,784	$ 73,577
Less unamortized debt issuance costs	1,145	1,574
Less current maturities	3,795	3,793
Noncurrent maturities	64,844	68,210
Term Loan Facility
Debt Instrument [Line Items]
Total debt	67,500	71,250
Convertible term loan
Debt Instrument [Line Items]
Total debt	$ 2,284	$ 2,327

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets - Intangible Asset by Major Class (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
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	(3,402)	(2,742)
Balance as of end of period	$ 5,198	$ 5,858

Stock-based Compensation - 2021 Omnibus Incentive Plan (RSU Activity) (Details)	12 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted stock units - time based
Number of units
Unvested balance, beginning (in shares) \| shares	476,768
Forfeited (in shares) \| shares	(236,344)
Vested (in shares) \| shares	(194,337)
Granted (in shares) \| shares	1,827,707
Unvested balance, ending (in shares) \| shares	1,873,794
Weighted average grant date fair value
Unvested balance, beginning (in dollars per share) \| $ / shares	$ 9.69
Forfeited (in dollars per share) \| $ / shares	5.19
Vested (in dollars per share) \| $ / shares	6.29
Granted (in dollars per share) \| $ / shares	6.49
Unvested balance, ending (in dollars per share) \| $ / shares	$ 10.10
Restricted stock units - performance based
Number of units
Unvested balance, beginning (in shares) \| shares	258,767
Forfeited (in shares) \| shares	0
Vested (in shares) \| shares	0
Granted (in shares) \| shares	0
Unvested balance, ending (in shares) \| shares	258,767
Weighted average grant date fair value
Unvested balance, beginning (in dollars per share) \| $ / shares	$ 5.18
Forfeited (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Granted (in dollars per share) \| $ / shares	0
Unvested balance, ending (in dollars per share) \| $ / shares	$ 5.18

Cost and Equity Method Investments - Equity Method and Cost Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Cost method investments	$ 4,645	$ 4,645
Equity method investments	848	848
Total investments	$ 5,493	$ 5,493

Long-term Debt - Narrative (Details) - USD ($)			12 Months Ended
Long-term Debt - Narrative (Details) - USD ($)	Mar. 08, 2021	Sep. 01, 2015	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Outstanding borrowings			$ 69,784,000	$ 73,577,000
Revolving Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity			97,200,000
Letters of credit, issued amounts			2,800,000
Term Loan Facility
Debt Instrument [Line Items]
Outstanding borrowings			67,500,000	71,250,000
Convertible term loan
Debt Instrument [Line Items]
Outstanding borrowings			2,284,000	2,327,000
Interest rate (as a percent)		6.68%
Monthly principal and interest payments		$ 20,000.00
2021 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Loan amount	$ 100,000,000
Outstanding borrowings			0
Revolving credit facility fee	0.25%
Deferred financing costs amortized			2,000,000
Amortization of deferred financing costs			$ 400,000	$ 400,000
2021 Credit Agreement \| Term Loan Facility
Debt Instrument [Line Items]
Loan amount	$ 75,000,000
Percentage of aggregate outstanding principal amount	1.25%
Interest rate (as a percent)			6.95%	3.83%

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to InnovAge Holding Corp.	$ (40,673)	$ (6,521)

- Definition

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

+ References

+ Details

Income Taxes - Effective Income Tax Reconciliation (Details)	12 Months Ended
	Jun. 30, 2023 USD ($) officer	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Statutory rate	$ (10,667,000)	$ (1,520,000)
IRC Section 162(m) limitation	588,000	506,000
Change in valuation allowance	4,297,000	2,738,000
Permanent adjustments	457,000	662,000
Prior year true-up and other	157,000	389,000
Income from entities not subject to taxation	605,000	302,000
State tax	(2,678,000)	(2,354,000)
Provision for income taxes	$ (7,241,000)	$ 723,000
Highest compensation paid, officers \| officer	5
Nondeductible compensation paid	$ 1,000,000

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2023
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Denver, CO

Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Revenue Recognition
Pooled capitated payment	100.00%
Allowances for uncollectable accounts	$ 4,161	$ 3,403
Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Revenue Recognition
Risk percentage	100.00%	100.00%
Medicare Part D \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Revenue Recognition
Risk percentage	13.00%	12.00%
Medicare Part D \| Cost of Goods and Service, Product and Service Benchmark \| Customer Concentration Risk
Revenue Recognition
Risk percentage	23.00%	23.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 16	$ 17
Personal-Needs Account
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 20	$ 20

Business	12 Months Ended
Business	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business InnovAge Holding Corp. and its subsidiaries (the “Company”), are headquartered in Denver, Colorado. The Company fulfills a broad range of medical and ancillary services for seniors in need of care and support to safely live independently in their communities, including 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, 2023, the Company served approximately 6,400 PACE participants, making it the largest PACE provider in the United States of America (the U.S.) based upon participants served, and operates 17 PACE centers across Colorado, California, New Mexico, Pennsylvania and Virginia. During the third quarter ended March 31, 2023, the Company consolidated its Germantown LIFE center with its Allegheny and Henry Avenue LIFE centers in Pennsylvania. 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. The Company’s common stock is traded on the Nasdaq Stock Market LLC (“NASDAQ”) under the ticker symbol “INNV”.

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Jun. 30, 2023 segment participant division
Segment Reporting Information [Line Items]
Number of operating segments	5
Number of reportable segments	1
Number of PACE participants \| participant	6,400
PACE
Segment Reporting Information [Line Items]
Number of operating segments	3
Number of geographic divisions \| division	3
Number of reportable segments	1
Other Segments
Segment Reporting Information [Line Items]
Number of operating segments	2

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Noncontrolling Interests
Beginning, balances (in shares) at Jun. 30, 2021		135,516,513
Beginning, balances at Jun. 30, 2021	$ 340,979	$ 136	$ 323,760	$ 10,663	$ 6,420
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		16,298
Stock-based compensation	3,739		3,739
Adjustment to redemption value	587			587
Net loss	(6,839)			(6,521)	(318)
Ending, balances (in shares) at Jun. 30, 2022		135,532,811
Ending, balances at Jun. 30, 2022	338,466	$ 136	327,499	4,729	6,102
Beginning balance at Jun. 30, 2021	16,986
Redeemable Noncontrolling Interests (Temporary Equity)
Adjustment to redemption value	(587)
Net loss	(1,121)
Ending balance at Jun. 30, 2022	15,278
Redeemable Noncontrolling Interests (Temporary Equity)
Net loss	(7,960)
Stock-based compensation (in shares)		107,034
Stock-based compensation	4,608		4,608
Adjustment to redemption value	0			0
Net loss	(40,982)			(40,673)	(309)
Ending, balances (in shares) at Jun. 30, 2023		135,639,845
Ending, balances at Jun. 30, 2023	302,092	$ 136	$ 332,107	$ (35,944)	$ 5,793
Redeemable Noncontrolling Interests (Temporary Equity)
Adjustment to redemption value	0
Net loss	(2,570)
Ending balance at Jun. 30, 2023	12,708
Redeemable Noncontrolling Interests (Temporary Equity)
Net loss	$ (43,552)

Fair Value Measurements

12 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsFair 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

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

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

Level 2 Quoted 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 3 Unobservable inputs to the valuation techniques that are significant to the fair value measurements of the assets or liabilities

The following table shows the Company’s cash, cash equivalents and marketable securities by significant investment category as of June 30, 2023.



in thousands	Amortized Cost		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	49,775	$	49,775	$	49,775	$	—
Level 1
Money market funds	77,474		77,474		77,474		—
Mutual funds	46,170		46,213		—		46,213
Total	$	173,419	$	173,462	$	127,249	$	46,213

There were no transfers in and out of Level 3 during the fiscal years ended June 30, 2023 and 2022. 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

Income Taxes (Details)	12 Months Ended
Income Taxes (Details)	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	14.30%	10.00%

Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 4,993	$ 3,739
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1,010	719
Profits interests units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	867	1,162
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,116	$ 1,858

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings per Share

12 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings per Share

Earnings per ShareBasic 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 and other equity awards, 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, 2023 and 2022, there were 1,035,066 performance-based awards excluded from the calculation of diluted EPS.

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	2023		2022
Net income (loss) attributable to InnovAge Holding Corp.	$	(40,673)	$	(6,521)
Weighted average common shares outstanding (basic)	135,593,824		135,519,970
EPS (basic)	$	(0.30)	$	(0.05)

Dilutive shares	—		—
Weighted average common shares outstanding (diluted)	135,593,824		135,519,970
EPS (diluted)	$	(0.30)	$	(0.05)

Leases - Components of Lease Cost (Details) $ in Thousands	12 Months Ended
Leases - Components of Lease Cost (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Component of Lease Cost
Total lease expense:	$ 9,167
Cost of care excluding depreciation and amortization and Corporate, general and administrative
Component of Lease Cost
Operating lease cost	4,642
Variable lease cost	82
Short-term lease cost	108
Depreciation and amortization
Component of Lease Cost
Amortization of leased assets	3,080
Interest expense, net
Component of Lease Cost
Interest on lease liabilities	$ 1,255

Revenue Recognition

12 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

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 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:


	2023		2022
Medicaid	54	%	54	%
Medicare	46	%	46	%
Private pay and other	*%		*%
Total	100	%	100	%

*Less than 1%

The Company determined that 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) 13% and 12% of capitation revenues for each of the years ended June 30, 2023 and 2022, respectively, and (ii) 23% and 23% of external provider costs for the year ended June 30, 2023 and 2022, respectively.

The Company provides comprehensive healthcare 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, 2023 and 2022 was as follows:


	2023		2022
Medicaid	61	%	70	%
Medicare	29	%	22	%
Private pay and other	10	%	8	%
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 $4.2 million as of June 30, 2023, compared to $3.4 million as of June 30, 2022. Accounts are written off as bad debts when they are deemed uncollectible based upon individual credit evaluations and specific circumstances underlying the accounts.

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, 2023 and June 30, 2022.

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 9, “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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Current:
Federal	$ 3,709	$ (998)
State	575	(339)
Total current tax expense	4,284	(1,337)
Deferred:
Federal	(10,263)	1,408
State	(1,262)	652
Total deferred tax expense	(11,525)	2,060
Provision for income taxes	$ (7,241)	$ 723

- Definition

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

+ References + Details

Cost and Equity Method Investments (Tables)

12 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of equity method and cost method investments

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


	2023		2022
in thousands
Cost method investments	$	4,645	$	4,645
Equity method investments	848		848
Total investments	$	5,493	$	5,493

Schedule of variable interest entity

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


	2023		2022
	in thousands
Assets
Cash and cash equivalents	$	648	$	526
Accounts receivable	—		—
Prepaid expenses and other	1		5
Property, plant and equipment, net	9,933		10,404
Deposits and other, net	402		395
Liabilities
Accounts payable and accrued expenses	266		256
Current portion long-term debt	—		43
Deferred revenue	2		—
Noncurrent liabilities	454		454
Long-term debt, net of debt issuance costs	3,784		3,784

- 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

Segment Reporting

12 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

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, 2023, the Company served approximately 6,400 PACE participants, making it the largest PACE provider in the U.S. based upon participants served, and operated 17 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, CMS shares 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, 2023						June 30, 2022
in thousands	PACE		All other(1)		Totals		PACE		All other(1)		Totals
Capitation revenue	$	686,836	$	—	$	686,836	$	696,998	$	—	$	696,998
Other service revenue	347		904		1,251		403		1,239		1,642
Total revenues	687,183		904		688,087		697,401		1,239		698,640
External provider costs	374,528		—		374,528		383,046		—		383,046
Cost of care, excluding depreciation and amortization	211,707		564		212,271		178,904		1,318		180,222
Center-Level Contribution Margin	100,948		340		101,288		135,451		(79)		135,372
Overhead costs(2)	135,264		—		135,264		125,948		(94)		125,854
Depreciation and amortization	14,959		460		15,419		13,491		433		13,924
Equity loss	—		—		—		—		—		—
Other operating (income) expense	—		—		—		—		—		—
Interest expense, net	1,342		180		1,522		2,335		191		2,526
Loss on extinguishment of debt	—		—		—		—		—		—
Gain on equity method investment	—		—		—		—		—		—
Other expense (income)	(124)		—		(124)		305		—		305
Income (Loss) Before Income Taxes	$	(50,493)	$	(300)	$	(50,793)	$	(6,628)	$	(609)	$	(7,237)

___________________________________

(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
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Jun. 30, 2023	Sep. 11, 2023	Dec. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--06-30
Document Transition Report	false
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			$ 135.5
Entity Common Stock, Shares Outstanding		135,878,031
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for the upcoming Annual Meeting of Shareholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended June 30, 2023, are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent described therein.
Entity Central Index Key	0001834376
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

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

Business (Details)	12 Months Ended
Business (Details)	Jun. 30, 2023 segment participant center
Segment Reporting Information [Line Items]
Number of reportable segments	1
Number of PACE participants \| participant	6,400
Number of PACE centers excluding non-consolidating joint ventures \| center	17
Percentage of obligation for health care costs	100.00%
PACE
Segment Reporting Information [Line Items]
Number of reportable segments	1

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details)	12 Months Ended
	Jun. 30, 2023 USD ($) reporting_unit	Jun. 30, 2022 USD ($)
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit	3
Goodwill, impairment charges	$ 0	$ 0
Intangible assets, useful life	10 years	10 years
Intangible assets, impairment charges	$ 0	$ 0

Stock-based Compensation (Tables)

12 Months Ended

Jun. 30, 2023

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

Schedule of stock-based compensation expense

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,
	2023		2022
	in thousands
Stock options	$	1,010	$	719
Profits interests units	867		1,162
Restricted stock units	3,116		1,858
Total stock-based compensation expense	$	4,993	$	3,739

Profits interests units

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

Summary of profits interests transactions and number of units outstanding

A summary of profits interests activity for the year ended June 30, 2023, was as follows:


Time-based unit awards	Number of units	Weighted average grant date fair value
Unvested balance, June 30, 2022	2,158,072	$	1.28
Granted	—	$	—
Forfeited	(49,654)	$	1.28
Vested	(844,081)	$	1.28
Unvested balance, June 30, 2023	1,264,337	$	1.28


Performance-based unit awards	Number of units	Weighted average grant date fair value
Unvested balance, June 30, 2022	2,217,865	$	0.57
Granted	—	$	—
Forfeited	(99,307)	$	0.57
Vested	—	$	—
Unvested balance, June 30, 2023	2,118,558	$	0.57

Restricted stock units - time based

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

Summary of restricted stock units activity

A summary of time-based vesting restricted stock units activity for the year ended June 30, 2023, was as follows:


Restricted stock units - time based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2022	476,768	$	9.69
Forfeited	(236,344)	$	5.19
Vested	(194,337)	$	6.29
Granted	1,827,707	$	6.49
Outstanding balance, June 30, 2023	1,873,794	$	10.10

Restricted stock units - performance based

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

Summary of restricted stock units activity

A summary of performance-based vesting restricted stock units activity for the year ended June 30, 2023, was as follows:


Restricted stock units - performance based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2022	258,767	$	5.18
Forfeited	—	$	—
Vested	—	$	—
Granted	—	$	—
Outstanding balance, June 30, 2023	258,767	$	5.18

Stock options - performance based

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

Summary of weighted-average assumptions

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

Summary of stock option activity

A summary of performance-based vesting stock option activity for the year ended June 30, 2023, was as follows:


Stock options - performance based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2022	776,299	$	3.08
Granted	—	$	—
Forfeited	—	$	—
Vested	—	$	—
Outstanding balance, June 30, 2023	776,299	$	3.08

Time-based option awards

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

Summary of weighted-average assumptions

The fair value of the time-based stock options granted during the year ended June 30, 2023, was based upon the Black-Scholes option pricing model using the assumptions in the following table:


	2023
Expected volatility	34.5		%
Weighted-average expected life (years) - time vesting units	2.9
Interest rate	1.56		%
Dividend yield	0		%
Weighted-average fair values	$	0.80
Fair value of underlying stock	$	3.70

Summary of stock option activity

A summary of time-based vesting stock option activity for the year ended June 30, 2023, was as follows:


Stock options - time based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2022	554,499	$	1.61
Granted	162,162	$	0.80
Forfeited	—	$	—
Exercised	—	$	—
Expired	—	$	—
Outstanding balance, June 30, 2023	716,661	$	1.43

Exercisable balance, June 30, 2023	207,936	$	0.21

2020 Equity Incentive Plan

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

Summary of weighted-average assumptions

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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 4,161	$ 3,403
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)	135,639,845	135,532,811

Cost and Equity Method Investments

12 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Cost and Equity Method Investments

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


	2023		2022
in thousands
Cost method investments	$	4,645	$	4,645
Equity method investments	848		848
Total investments	$	5,493	$	5,493

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, 2023 and 2022, 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, 2023 and 2022, there were no observable price changes or impairments.

Equity Method Investments

Pinewood Lodge

Pinewood Lodge, LLP 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, 2023, the balance of the Company’s investment in PWD was $0.8 million, which represents the maximum exposure to loss.

Consolidated Entities

Noncontrolling Interest

Senior Housing

InnovAge Senior Housing Thornton, LLC 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:


	2023		2022
	in thousands
Assets
Cash and cash equivalents	$	648	$	526
Accounts receivable	—		—
Prepaid expenses and other	1		5
Property, plant and equipment, net	9,933		10,404
Deposits and other, net	402		395
Liabilities
Accounts payable and accrued expenses	266		256
Current portion long-term debt	—		43
Deferred revenue	2		—
Noncurrent liabilities	454		454
Long-term debt, net of debt issuance costs	3,784		3,784

Redeemable Noncontrolling Interest

InnovAge Sacramento

InnovAge Sacramento is a joint venture with Adventist Health System/West (“Adventist”) and Eskaton Properties, Incorporated (“Eskaton”). On March 18, 2019, in connection with the formation of InnovAge Sacramento, 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. Adventist contributed $5.8 million in cash and Eskaton contributed $3.0 million in cash for membership interests of 26.4% and 13.7%, respectively. In fiscal year 2021, the Company made an additional contribution of $52,000 and obtained an additional 0.1% membership interest in the joint venture, which resulted in the Company obtaining control and consolidating InnovAge Sacramento as of January 1, 2021.

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. 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. At the time the Company became a publicly traded company these put rights held by the noncontrolling interests of the joint venture were required to be presented as temporary equity. As of June 30, 2023, none of the conditions specified in the JV Agreement had been met. These put rights held by the noncontrolling interests of the joint venture are required to be presented as temporary equity. The redeemable noncontrolling interest of $12.7 million was recorded at carrying value as of June 30, 2023.

Long-term Debt (Tables)

12 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt

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


	June 30, 2023		June 30, 2022
	in thousands
Senior secured borrowings:
Term Loan Facility	$	67,500	$	71,250
Convertible term loan	2,284		2,327
Total debt	69,784		73,577
Less unamortized debt issuance costs	1,145		1,574
Less current maturities	3,795		3,793
Noncurrent maturities	$	64,844	$	68,210

Schedule of aggregate maturities of the total debt outstanding

Aggregate maturities of our debt as of June 30, 2023 were as follows:


	Long-term debt
	in thousands
Year ending June 30:
2024	$	3,796
2025	3,799
2026	60,052
2027	56
2028	60
Thereafter	2,021
Total debt	$	69,784

- 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://www.xbrl.org/2003/role/exampleRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Earnings per Share (Tables)

12 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of earnings per share

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	2023		2022
Net income (loss) attributable to InnovAge Holding Corp.	$	(40,673)	$	(6,521)
Weighted average common shares outstanding (basic)	135,593,824		135,519,970
EPS (basic)	$	(0.30)	$	(0.05)

Dilutive shares	—		—
Weighted average common shares outstanding (diluted)	135,593,824		135,519,970
EPS (diluted)	$	(0.30)	$	(0.05)

Leases - Future Maturities of Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Operating Lease
2024	$ 4,882
2025	4,356
2026	4,283
2027	3,981
2028	3,140
Thereafter	7,033
Total lease payments	27,675
Less liability accretion / imputed interest	(5,317)
Total lease liabilities	22,358
Less: Current lease liabilities	3,530	$ 0
Total long-term lease liabilities	18,828	0
Finance Lease
2024	5,970
2025	5,270
2026	4,245
2027	3,549
2028	1,759
Thereafter	0
Total lease payments	20,793
Less liability accretion / imputed interest	(2,957)
Total lease liabilities	17,836
Less: Current lease liabilities	4,722	3,368
Total long-term lease liabilities	13,114	$ 9,440
Total
2024	10,852
2025	9,626
2026	8,528
2027	7,530
2028	4,899
Thereafter	7,033
Total lease payments	48,468
Less liability accretion / imputed interest	(8,274)
Total lease liabilities	40,194
Less: Current lease liabilities	8,252
Total long-term lease liabilities	$ 31,942

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of property and equipment

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


dollars in thousands	Estimated Useful Lives	2023		2022
Land	N/A	$	11,970	$	11,980
Buildings and leasehold improvements	10 - 40 years	124,263		122,076
Software	3 - 5 years	26,656		16,264
Equipment and vehicles	3 - 7 years	57,754		47,546
Construction in progress	N/A	42,223		35,479
		262,865		233,345
Less accumulated depreciation and amortization		(70,677)		(57,085)
Total property and equipment, net		$	192,188	$	176,260

Cost and Equity Method Investments - Variable Interest Entity - Schedule of Variable Interest Entity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Mar. 18, 2019
Assets
Cash and cash equivalents	$ 127,249	$ 184,429	$ 9,000
Accounts receivable	24,344	35,907
Deposits and other, net	3,823	2,812
Liabilities
Accounts payable and accrued expenses	54,935	50,562
Current portion of long-term debt	3,795	3,793
Deferred revenue	28,115	0
Long-term debt, net of debt issuance costs	64,844	68,210
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	648	526
Accounts receivable	0	0
Prepaid expenses and other	1	5
Property, plant and equipment, net	9,933	10,404
Deposits and other, net	402	395
Liabilities
Accounts payable and accrued expenses	266	256
Current portion of long-term debt	0	43
Deferred revenue	2	0
Noncurrent liabilities	454	454
Long-term debt, net of debt issuance costs	$ 3,784	$ 3,784

Leases - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Assets:
Operating lease assets	$ 21,210	$ 0
Finance lease assets	$ 16,378
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Total leased assets	$ 37,588

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Settlement agreement amount subject to court approval	$ 1.2

Stock-based Compensation - Monte Carlo Option Pricing Model (Details) - $ / shares	12 Months Ended
	Jun. 30, 2023	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 life (years) - time vesting units			1 year 9 months 18 days
Interest rate			0.16%
Dividend yield	0.00%		0.00%
Weighted-average fair values (in dollars per share)			$ 1.28
Fair value of underlying stock (in dollars per share)			$ 5.49
Restricted stock units - performance based
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility		34.50%
Expected life (years) - time vesting units		5 years
Interest rate		1.56%
Dividend yield		0.00%
Weighted-average fair values (in dollars per share)		$ 5.18
Fair value of underlying stock (in dollars per share)		$ 7.89
Stock options - time based
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	34.50%
Expected life (years) - time vesting units	2 years 10 months 24 days
Interest rate	1.56%
Dividend yield	0.00%
Weighted-average fair values (in dollars per share)	$ 0.80
Fair value of underlying stock (in dollars per share)	$ 3.70

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Summary of Significant Accounting Policies
Property and equipment gross	$ 262,865	$ 233,345
Less accumulated depreciation and amortization	(70,677)	(57,085)
Total property and equipment, net	192,188	176,260
Depreciation	14,800	13,300
Capitalized interest	1,000	900
Impairment charges	0	0
Land
Summary of Significant Accounting Policies
Property and equipment gross	11,970	11,980
Buildings and leasehold improvements
Summary of Significant Accounting Policies
Property and equipment gross	$ 124,263	122,076
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	$ 26,656	16,264
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	$ 57,754	47,546
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	$ 42,223	$ 35,479

Goodwill and Intangible Assets - Future Annual Amortization Expense (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Amortization Expense
2024	$ 660
2025	660
2026	660
2027	630
2028	$ 0

Stock-based Compensation

12 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation


	Year ended June 30,
	2023		2022
	in thousands
Stock options	$	1,010	$	719
Profits interests units	867		1,162
Restricted stock units	3,116		1,858
Total stock-based compensation expense	$	4,993	$	3,739

2020 Equity Incentive Plan

Profits Interests

TCO Group Holdings, L.P. (the “LP”), the Company’s largest shareholder and prior to the IPO, the Company’s parent, maintains the TCO Group Holdings, L.P. Equity Incentive Plan (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, advisers, and other services providers (including partners) of the LP or any of its affiliates, including the Company. A maximum number of 16,162,177 Class B Units are authorized for grant under the 2020 Equity Incentive Plan. Both performance-based and time-based units were issued under the plan. As of June 30, 2023, a total of 13,009,137 profits interests units have been granted under the 2020 Equity Incentive Plan.

These profits interests represent 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 participate in any increase of LP value after a hurdle rate is achieved and, for performance-based units, the LP profits interests receive the agreed-upon return on their invested capital and internal rate of return, as applicable. The hurdle rate per unit is $5.49 for both the performance-based and time-based units outstanding as of June 30, 2023.

Each award of profits interests is subject to the following material terms:

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

(ii)A portion of the units vest over a period of continuous employment or service (time-based units) while the other portion of the units only vest based on the level of aggregate multiple of invested capital and, with respect to certain grants of profits interests, 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-based units).

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

The Company uses the Monte Carlo option model to determine the fair value of the granted profits interests units at the time of the grant. As the awards outstanding as of June 30, 2023, were granted prior to our IPO, the stock price was based on prices realized in equity transactions prior to being publicly traded. 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, 2023, was as follows:


Time-based unit awards	Number of units	Weighted average grant date fair value
Unvested balance, June 30, 2022	2,158,072	$	1.28
Granted	—	$	—
Forfeited	(49,654)	$	1.28
Vested	(844,081)	$	1.28
Unvested balance, June 30, 2023	1,264,337	$	1.28


Performance-based unit awards	Number of units	Weighted average grant date fair value
Unvested balance, June 30, 2022	2,217,865	$	0.57
Granted	—	$	—
Forfeited	(99,307)	$	0.57
Vested	—	$	—
Unvested balance, June 30, 2023	2,118,558	$	0.57

The total unrecognized compensation cost related to profits interests units outstanding as of June 30, 2023 was $2.1 million, comprised (i) $0.9 million related to time-based unit awards expected to be recognized over a weighted-average period of 1.8 years and (ii) $1.2 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 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 or vested (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. 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, 2023, was as follows:


Restricted stock units - time based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2022	476,768	$	9.69
Forfeited	(236,344)	$	5.19
Vested	(194,337)	$	6.29
Granted	1,827,707	$	6.49
Outstanding balance, June 30, 2023	1,873,794	$	10.10

The total unrecognized compensation cost related to time-based restricted stock units outstanding as of June 30, 2023, was $9.4 million and is expected to be recognized over a weighted-average period of 2.3 years.

A summary of performance-based vesting restricted stock units activity for the year ended June 30, 2023, was as follows:


Restricted stock units - performance based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2022	258,767	$	5.18
Forfeited	—	$	—
Vested	—	$	—
Granted	—	$	—
Outstanding balance, June 30, 2023	258,767	$	5.18


	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, 2023, was $0.8 million and is expected to be recognized over a weighted-average period of 2.4 years.

Nonqualified Stock Options

A summary of time-based vesting stock option activity for the year ended June 30, 2023, was as follows:


Stock options - time based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2022	554,499	$	1.61
Granted	162,162	$	0.80
Forfeited	—	$	—
Exercised	—	$	—
Expired	—	$	—
Outstanding balance, June 30, 2023	716,661	$	1.43

Exercisable balance, June 30, 2023	207,936	$	0.21

The total unrecognized compensation costs related to time-based vesting stock options outstanding as of June 30, 2023, was $0.4 million and is expected to be recognized over a weighted-average period of 1.8 years.

The fair value of the time-based stock options granted during the year ended June 30, 2023, was based upon the Black-Scholes option pricing model using the assumptions in the following table:


	2023
Expected volatility	34.5		%
Weighted-average expected life (years) - time vesting units	2.9
Interest rate	1.56		%
Dividend yield	0		%
Weighted-average fair values	$	0.80
Fair value of underlying stock	$	3.70

A summary of performance-based vesting stock option activity for the year ended June 30, 2023, was as follows:


Stock options - performance based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2022	776,299	$	3.08
Granted	—	$	—
Forfeited	—	$	—
Vested	—	$	—
Outstanding balance, June 30, 2023	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, 2023, was $1.4 million and is expected to be recognized over a weighted-average period of 2.4 years.

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of fair value of cash, cash equivalents and marketable securities by significant investment category

The following table shows the Company’s cash, cash equivalents and marketable securities by significant investment category as of June 30, 2023.



in thousands	Amortized Cost		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	49,775	$	49,775	$	49,775	$	—
Level 1
Money market funds	77,474		77,474		77,474		—
Mutual funds	46,170		46,213		—		46,213
Total	$	173,419	$	173,462	$	127,249	$	46,213

Stock-based Compensation - Profits Interests Transactions and Number of Units Outstanding (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Time-based unit awards
Number of units
Unvested balance, beginning (in shares) \| shares	2,158,072
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(49,654)
Vested (in shares) \| shares	(844,081)
Unvested balance, ending (in shares) \| shares	1,264,337
Weighted average grant date fair value
Unvested balance, beginning (in dollars per share) \| $ / shares	$ 1.28
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	1.28
Vested (in dollars per share) \| $ / shares	1.28
Unvested balance, ending (in dollars per share) \| $ / shares	$ 1.28
Unrecognized compensation cost \| $	$ 0.9
Weighted-average period (in years)	1 year 9 months 18 days
Performance-based unit awards
Number of units
Unvested balance, beginning (in shares) \| shares	2,217,865
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(99,307)
Vested (in shares) \| shares	0
Unvested balance, ending (in shares) \| shares	2,118,558
Weighted average grant date fair value
Unvested balance, beginning (in dollars per share) \| $ / shares	$ 0.57
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0.57
Vested (in dollars per share) \| $ / shares	0
Unvested balance, ending (in dollars per share) \| $ / shares	$ 0.57
Unrecognized compensation cost \| $	$ 1.2
Profits interests units
Weighted average grant date fair value
Unrecognized compensation cost \| $	$ 2.1

Leases - Narrative (Details) $ in Millions	Mar. 20, 2023 USD ($)
Leases [Abstract]
Rental expense	$ 0.6

Stock-based Compensation - 2021 Omnibus Incentive Plan and Restricted Stock Units - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Jun. 30, 2023
Restricted stock units - performance based
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost		$ 0.8
Weighted-average period (in years)		2 years 4 months 24 days
2021 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)	14,700,000
Vesting period	3 years
2021 Omnibus Incentive Plan \| Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost		$ 9.4
Weighted-average period (in years)		2 years 3 months 18 days
2021 Omnibus Incentive Plan \| Percentage of vesting, second anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting	100.00%
2021 Omnibus Incentive Plan \| Percentage of vesting Year 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting	33.33%
2021 Omnibus Incentive Plan \| Percentage of vesting Year 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting	33.33%
2021 Omnibus Incentive Plan \| Percentage of vesting Year 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting	33.33%

Revenue Recognition - Concentration of Net Receivable (Details) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue Recognition
Risk percentage	100.00%	100.00%
Medicaid
Revenue Recognition
Risk percentage	61.00%	70.00%
Medicare
Revenue Recognition
Risk percentage	29.00%	22.00%
Private pay and other
Revenue Recognition
Risk percentage	10.00%	8.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Parties	12 Months Ended
Related Parties	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Parties	Related PartiesPWD 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”). The PWD Loan does not accrue interest. Additionally, the General Partner is paid an administration fee of $35,000 per year. At each of June 30, 2023 and 2022, $0.7 million was recorded in Deposits and other.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Summary of Significant Accounting Policies - Investments (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Inventory write-downs	$ 0	$ 0

Revenue Recognition (Tables)

12 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of source of revenue

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


	2023		2022
Medicaid	54	%	54	%
Medicare	46	%	46	%
Private pay and other	*%		*%
Total	100	%	100	%

*Less than 1%

Schedule of concentration of net receivable

The concentration of net receivables from participants and third-party payers as of June 30, 2023 and 2022 was as follows:


	2023		2022
Medicaid	61	%	70	%
Medicare	29	%	22	%
Private pay and other	10	%	8	%
Total	100	%	100	%

Long-term Debt

12 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-term Debt

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


	June 30, 2023		June 30, 2022
	in thousands
Senior secured borrowings:
Term Loan Facility	$	67,500	$	71,250
Convertible term loan	2,284		2,327
Total debt	69,784		73,577
Less unamortized debt issuance costs	1,145		1,574
Less current maturities	3,795		3,793
Noncurrent maturities	$	64,844	$	68,210

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 its prior 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. As of June 30, 2023, we had no borrowings outstanding under the facility. The remaining capacity under the Revolving Credit Facility as of June 30, 2023 was $97.2 million, subject to (i) any issued amounts under our letters of credit, which as of June 30, 2023 was $2.8 million, and (ii) applicable covenant compliance restrictions and any other conditions precedent to borrowing. 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, 2023 and 2022, the interest rate on the Term Loan Facility was 6.95% and 3.83%, 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. U.S.-dollar LIBOR ceased to be published on June 30, 2023. As such, during fiscal year 2023, the Company prospectively adjusted the effective interest rate for debt and now utilizes SOFR as the effective interest rate.

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, 2023 and 2022, respectively.

The deferred financing costs related to the Term Loan 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 $0.4 million for the years ended June 30, 2023 and 2022, 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, 2023 were as follows:


	Long-term debt
	in thousands
Year ending June 30:
2024	$	3,796
2025	3,799
2026	60,052
2027	56
2028	60
Thereafter	2,021
Total debt	$	69,784

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Segment Reporting - Operating Results (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Reporting Information [Line Items]
Total revenues	$ 688,087	$ 698,640
External provider costs	374,528	383,046
Cost of care, excluding depreciation and amortization	212,271	180,222
Center-Level Contribution Margin	101,288	135,372
Overhead costs	135,264	125,854
Depreciation and amortization	15,419	13,924
Equity loss	0	0
Other operating (income) expense	0	0
Interest expense, net	1,522	2,526
Loss on extinguishment of debt	0	0
Gain on equity method investment	0	0
Other expense (income)	(124)	305
Loss Before Income Taxes	$ (50,793)	(7,237)
Number of operating segments \| segment	5
Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	$ 686,836	696,998
Other service revenue
Segment Reporting Information [Line Items]
Total revenues	1,251	1,642
PACE
Segment Reporting Information [Line Items]
Total revenues	687,183	697,401
External provider costs	374,528	383,046
Cost of care, excluding depreciation and amortization	211,707	178,904
Center-Level Contribution Margin	100,948	135,451
Overhead costs	135,264	125,948
Depreciation and amortization	14,959	13,491
Equity loss	0	0
Other operating (income) expense	0	0
Interest expense, net	1,342	2,335
Loss on extinguishment of debt	0	0
Gain on equity method investment	0	0
Other expense (income)	(124)	305
Loss Before Income Taxes	$ (50,493)	(6,628)
Number of operating segments \| segment	3
PACE \| Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	$ 686,836	696,998
PACE \| Other service revenue
Segment Reporting Information [Line Items]
Total revenues	347	403
All Other
Segment Reporting Information [Line Items]
Total revenues	904	1,239
External provider costs	0	0
Cost of care, excluding depreciation and amortization	564	1,318
Center-Level Contribution Margin	340	(79)
Overhead costs	0	(94)
Depreciation and amortization	460	433
Equity loss	0	0
Other operating (income) expense	0	0
Interest expense, net	180	191
Loss on extinguishment of debt	0	0
Gain on equity method investment	0	0
Other expense (income)	0	0
Loss Before Income Taxes	$ (300)	(609)
Number of operating segments \| segment	2
All Other \| Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	$ 0	0
All Other \| Other service revenue
Segment Reporting Information [Line Items]
Total revenues	$ 904	$ 1,239

Segment Reporting (Tables)

12 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of operating results by reportable segments

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


	June 30, 2023						June 30, 2022
in thousands	PACE		All other(1)		Totals		PACE		All other(1)		Totals
Capitation revenue	$	686,836	$	—	$	686,836	$	696,998	$	—	$	696,998
Other service revenue	347		904		1,251		403		1,239		1,642
Total revenues	687,183		904		688,087		697,401		1,239		698,640
External provider costs	374,528		—		374,528		383,046		—		383,046
Cost of care, excluding depreciation and amortization	211,707		564		212,271		178,904		1,318		180,222
Center-Level Contribution Margin	100,948		340		101,288		135,451		(79)		135,372
Overhead costs(2)	135,264		—		135,264		125,948		(94)		125,854
Depreciation and amortization	14,959		460		15,419		13,491		433		13,924
Equity loss	—		—		—		—		—		—
Other operating (income) expense	—		—		—		—		—		—
Interest expense, net	1,342		180		1,522		2,335		191		2,526
Loss on extinguishment of debt	—		—		—		—		—		—
Gain on equity method investment	—		—		—		—		—		—
Other expense (income)	(124)		—		(124)		305		—		305
Income (Loss) Before Income Taxes	$	(50,493)	$	(300)	$	(50,793)	$	(6,628)	$	(609)	$	(7,237)

___________________________________

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

Fair Value Measurements - Fair Value of Assets Measured on Recurring Basis (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	$ 173,419
Fair Value	173,462
Cash and Cash Equivalents	127,249
Short-term Investments	46,213
Cash
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	49,775
Fair Value	49,775
Cash and Cash Equivalents	49,775
Short-term Investments	0
Money market funds \| Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	77,474
Fair Value	77,474
Cash and Cash Equivalents	77,474
Short-term Investments	0
Mutual funds \| Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	46,170
Fair Value	46,213
Cash and Cash Equivalents	0
Short-term Investments	$ 46,213

Revenue Recognition - Source of Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenue Recognition
Risk percentage	100.00%	100.00%
Medicaid
Revenue Recognition
Risk percentage	54.00%	54.00%
Medicare
Revenue Recognition
Risk percentage	46.00%	46.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details