0001834376-24-000074 | 10-K | XBRL Viewer

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Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 14	$ 16
Personal-Needs Account
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 10	$ 20

Subsequent Event	12 Months Ended
Subsequent Event	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event The Company has evaluated subsequent events through September 10, 2024, the date on which the consolidated financial statements were issued.

Fair Value Measurements

12 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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

The following table shows the Company’s cash, cash equivalents and marketable securities by significant investment category as of June 30, 2024.



in thousands	Amortized Cost		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	25,793	$	25,793	$	25,793	$	—
Level 1
Money market funds	31,153		31,153		31,153		—
Mutual funds	45,556		45,833		—		45,833
Total	$	102,502	$	102,779	$	56,946	$	45,833

Recurring Measurements

The Company’s investment in InnovAge Sacramento includes a put right for the noncontrolling interest holders to require the Company to repurchase the interest of the noncontrolling interest holders at fair value, after the initial term of the management services agreement in 2028. As a result, at each fiscal period end the Company reports this put right at the greater of (i) carrying value of the redeemable noncontrolling interest or (ii) fair value of the redeemable noncontrolling interest. Because this asset does not have observable inputs, Level 3 inputs are used to measure fair value. The fair value of

the redeemable noncontrolling interest is determined utilizing a discounted cash flow model. As of June 30, 2024 and 2023, the Company’s redeemable noncontrolling interest was recorded at carrying value of $22.2 million and $12.7 million, respectively.

There were no transfers in and out of Level 3 during the fiscal years ended June 30, 2024 and 2023. 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.

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+ Details

Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Advertising expenses	$ 6.8	$ 5.6

Acquisitions - Narrative (Details)			7 Months Ended	12 Months Ended
Acquisitions - Narrative (Details)	Jun. 30, 2024 USD ($)	Dec. 01, 2023 USD ($) program	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Acquisition of business				$ 23,916,000	$ 0
Measurement period, adjustments accounts receivable, net			$ 124,000
Concerto
Business Acquisition [Line Items]
Number of programs acquired \| program		2
Acquisition of business	$ 23,916,000	$ 23,916,000
Costs incurred related to the acquisition				$ 100,000
Goodwill expected to be deductible for income tax purposes		$ 0
Measurement period adjustments, prepaid expenses			739,000
Measurement period adjustments, operating lease assets			923,000
Measurement period, adjustments accounts receivable, net			100,000
Measurement period adjustments, accounts payable and accrued expenses			78,000
Measurement period adjustments, goodwill			$ 1,616,000

Commitments and Contingencies (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
	Jun. 28, 2023	Oct. 31, 2023	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Pending litigation, motion to dismiss resolution, notice period	15 days
Settlement agreement amount subject to court approval		$ 1.3	$ 1.2
Legal settlement, settlement period			180 days

Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2024

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 $139.9 million and $124.2 million as of June 30, 2024 and June 30, 2023, respectively. The Company had one acquisition resulting in goodwill during the year ended June 30, 2024, see additional information in Note 11 “Acquisitions,” and did not have any acquisitions resulting in goodwill during the year ended June 30, 2023. 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 for fiscal year 2024, the Company identified two reporting units, East and West. There were no indicators of impairment identified and no goodwill impairments recorded during the years ended June 30, 2024 and 2023.

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


in thousands	2024		2023
Balance as of beginning of period	$	124,217	$	124,217
Goodwill acquired during the period	15,732		—
Balance as of end of period	$	139,949	$	124,217

Intangible assets consisted of the following as of June 30:


in thousands	2024		2023
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	(4,062)		(3,402)
Balance as of end of period	$	4,538	$	5,198

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, 2024 and 2023.

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


in thousands	Amortization Expense
2025	$	660
2026	660
2027	630
2028	540
2029	48

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, 2024 and 2023.

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 763,855	$ 688,087
Expenses
External provider costs	403,010	374,528
Cost of care, excluding depreciation and amortization	228,781	212,271
Sales and marketing	24,957	19,627
Corporate, general and administrative	111,337	115,637
Depreciation and amortization	18,950	15,419
Total expenses	787,035	737,482
Operating Loss	(23,180)	(49,395)
Other Income (Expense)
Interest expense, net	(4,023)	(1,522)
Gain on cost and equity method investments	2,842	0
Other income	2,542	124
Total other income (expense)	1,361	(1,398)
Loss Before Income Taxes	(21,819)	(50,793)
Provision (Benefit) for Income Taxes	1,402	(7,241)
Net Loss	(23,221)	(43,552)
Less: net loss attributable to noncontrolling interests	(1,883)	(2,879)
Net Loss Attributable to InnovAge Holding Corp.	$ (21,338)	$ (40,673)
Weighted-average number of common shares outstanding - basic (in shares)	135,902,214	135,593,824
Weighted-average number of common shares outstanding - diluted (in shares)	135,902,214	135,593,824
Net loss per share - basic (in dollars per share)	$ (0.16)	$ (0.30)
Net loss per share - diluted (in dollars per share)	$ (0.16)	$ (0.30)
Capitation revenue
Revenues
Total revenues	$ 762,570	$ 686,836
Other service revenue
Revenues
Total revenues	$ 1,285	$ 1,251

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net loss attributable to InnovAge Holding Corp.	$ (21,338)	$ (40,673)
Weighted average common shares outstanding (basic) (in shares)	135,902,214	135,593,824
EPS (basic) (in dollars per share)	$ (0.16)	$ (0.30)
Dilutive shares (in shares)	0	0
Weighted average common shares outstanding (diluted) (in shares)	135,902,214	135,593,824
EPS (diluted) (in dollars per share)	$ (0.16)	$ (0.30)
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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+ Details

- Definition

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

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- Definition

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

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-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 37: 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/1943274/2147478524/942-220-S99-1

+ Details

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Summary of Significant Accounting Policies
Property and equipment gross	$ 280,441,000	$ 262,865,000
Less accumulated depreciation and amortization	(87,419,000)	(70,677,000)
Total property and equipment, net	193,022,000	192,188,000
Depreciation	18,300,000	14,800,000
Capitalized interest	10,000.00	1,000,000.0
Impairment charges	0	0
Land
Summary of Significant Accounting Policies
Property and equipment gross	11,970,000	11,970,000
Buildings and leasehold improvements
Summary of Significant Accounting Policies
Property and equipment gross	$ 156,064,000	124,262,000
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	$ 30,678,000	26,656,000
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	$ 69,495,000	57,754,000
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	$ 12,234,000	$ 42,223,000

Income Taxes

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s effective income tax rate for the years ended June 30, 2024 and 2023 was (6.4)% and 14.3%, 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,
	2024		2023
	in thousands
Statutory rate	$	(4,581)	$	(10,667)
IRC Section 162(m) limitation (a)	504		588
Change in valuation allowance	6,543		4,297
Permanent adjustments	614		457
Prior year true-up and other	(349)		157
Income from entities not subject to taxation	404		605
State tax	(1,733)		(2,678)
Provision (benefit) for income taxes	$	1,402	$	(7,241)

___________________________________

(a)Reflects the permanent addback for the Section 162(m) limitation, which limits the deduction of compensation for the five highest paid officers to $1.0 million per officer.

Provision (benefit) for income taxes consisted of the following for the years ended June 30, 2024 and 2023:


	Year ended June 30,
	2024		2023
	in thousands
Current:
Federal	$	—	$	3,709
State	178		575
Total current tax expense	178		4,284

Deferred:
Federal	445		(10,263)
State	779		(1,262)
Total deferred tax expense	1,224		(11,525)
Total provision (benefit) for income taxes	$	1,402	$	(7,241)

The significant components of deferred tax assets and liabilities were as follows for the years ended June 30, 2024 and 2023:


	Year ended June 30,
	2024		2023
	in thousands
Deferred tax assets:
Amortization	$	573	$	629
Federal net operating losses	22,873		17,147
State net operating losses	8,053		5,701
Provision for uncollectible accounts	1,755		1,114
Accrued vacation	469		835
Reported and estimated claims	1,505		1,164
Stock-based compensation	511		449
Accrued bonuses	1,180		582
Interest Expense	1,943		791
Lease liability	9,260		6,784

Total deferred tax assets	48,122		35,196
Valuation allowance	(15,948)		(8,347)
Deferred tax assets, net of valuation allowance	32,174		26,849
Deferred tax liabilities:
Goodwill	(9,207)		(6,697)
Depreciation	(16,288)		(13,137)
Equity investment	(4,696)		(5,019)
Prepaid expenses	(705)		(1,792)
ROU asset	(8,684)		(6,436)
Other	(54)		(4)
Total deferred tax liabilities	(39,634)		(33,085)
Net deferred tax liability	$	(7,460)	$	(6,236)

Carryforwards

The Company had state net operating loss carryforwards of $185.8 million and $117.9 million at June 30, 2024 and 2023, 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 $108.9 million and $81.7 million as of June 30, 2024 and 2023, respectively which do not expire.

Valuation Allowance

The Company has provided $15.9 million and $8.3 million at June 30, 2024 and June 30, 2023, 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, 2024 and 2023.

The Company files income tax returns as a consolidated group, excluding SH1, InnovAge Sacramento, and InnovAge Orlando, 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, 2021 and forward. The Company is subject to income tax examinations by California, Colorado and New Mexico state jurisdictions for the period ended June 30, 2020 and forward.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: 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

Stock-based Compensation

12 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

A summary of our aggregate stock-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,
	2024		2023
	in thousands
Stock options	$	802	$	1,010
Profits interests units	861		867
Restricted stock units	5,169		3,116
Total stock-based compensation expense	$	6,832	$	4,993

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, 2024, a total of 15,222,837 profits interests units have been granted under the 2020 Equity Incentive Plan.

The Company used the Monte Carlo option model to determine the fair value of the granted profits interests units at the time of the grant. Expected stock price volatility is 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. During the fiscal year ended June 30, 2024, a total of 2,213,700 Class B Units were awarded to the Company's

Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer. The assumptions under the Monte Carlo model related to the profits interests units for fiscal 2024, presented on a weighted-average basis, are provided below:


		2024
Expected volatility		68.0 - 76.0	%
Expected life (years) - time vesting units		2.7 - 3.1
Interest rate		4.23 - 4.57	%
Dividend yield		—
Weighted-average fair value	$	1.59 - 2.17
Fair value of underlying stock	$	5.52 - 7.27

A summary of profits interests activity for the year ended June 30, 2024, was as follows:


Time-based unit awards	Number of units	Weighted average grant date fair value
Outstanding balance, June 30, 2023	1,264,337	$	1.28
Granted	1,106,850	$	6.21
Forfeited	(380,679)	$	1.28
Vested	(703,395)	$	1.28
Outstanding balance, June 30, 2024	1,287,113	$	5.52


Performance-based unit awards	Number of units	Weighted average grant date fair value
Outstanding balance, June 30, 2023	2,118,558	$	0.57
Granted	1,106,850	$	1.78
Forfeited	(1,853,737)	$	0.57
Vested	—	$	—
Outstanding balance, June 30, 2024	1,371,671	$	1.55

The total unrecognized compensation cost related to profits interests units outstanding as of June 30, 2024 was $3.9 million, comprised (i) $1.8 million related to time-based unit awards expected to be recognized over a weighted-average period of 2.8 years and (ii) $2.1 million related to performance-based unit awards, which will be recorded when it is probable that the performance-based criteria will be met.

2021 Omnibus Incentive Plan

In March 2021, the Compensation Committee of 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(i) vested on March 4, 2023, the second anniversary of the grant date, or (ii) vest over a three-year period with one-third vesting on each anniversary of the date of grant. Certain other vesting periods have also been used. The grant date fair value of restricted stock units with time-based vesting is based on the closing market price of our common stock on the date of grant. Certain other awards, including units and stock options under this plan vest upon achieving specific share price performance criteria and are determined to have performance-based vesting conditions. The Company has also issued time-based vesting stock options under this plan to its employees which generally vest in equal parts over a three-year period.

Restricted Stock Units

A summary of time-based vesting restricted stock units activity for the year ended June 30, 2024, was as follows:


Restricted stock units - time based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023	1,873,794	$	10.10
Forfeited	(143,935)	$	5.49
Vested	(720,326)	$	5.25
Granted	1,854,786	$	4.84
Outstanding balance, June 30, 2024	2,864,319	$	8.15

The total unrecognized compensation cost related to time-based restricted stock units outstanding as of June 30, 2024, was $11.3 million and is expected to be recognized over a weighted-average period of 2.0 years.

A summary of performance-based vesting restricted stock units activity for the year ended June 30, 2024, was as follows:


Restricted stock units - performance based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023	258,767	$	5.18
Forfeited	—	$	—
Vested	—	$	—
Granted	—	$	—
Outstanding balance, June 30, 2024	258,767	$	5.18

The total unrecognized compensation cost related to performance-based vesting restricted stock units outstanding as of June 30, 2024, was $0.4 million and is expected to be recognized over a weighted-average period of 1.5 years.

Nonqualified Stock Options

A summary of time-based vesting stock option activity for the year ended June 30, 2024, was as follows:


Stock options - time based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023	716,661	$	1.43
Granted	—	$	—
Forfeited	(108,108)	$	0.31
Exercised	(54,054)	$	0.19
Expired	—	$	—
Outstanding balance, June 30, 2024	554,499	$	1.77

Exercisable balance, June 30, 2024	346,560	$	0.17

The total unrecognized compensation costs related to time-based vesting stock options outstanding as of June 30, 2024, was $0.09 million and is expected to be recognized over a weighted-average period of 1.4 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, 2024, was as follows:


Stock options - performance based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023	776,299	$	3.08
Granted	—	$	—
Forfeited	—	$	—
Vested	—	$	—
Outstanding balance, June 30, 2024	776,299	$	3.08

The total unrecognized compensation cost related to performance-based vesting stock options outstanding as of June 30, 2024, was $0.8 million and is expected to be recognized over a weighted-average period of 1.6 years.

Related Parties (Details) - USD ($) $ in Thousands		12 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	May 02, 2024	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Proceeds from sale of real estate	$ 4,800
Pinewood Lodge L L P
Related Party Transaction [Line Items]
Proceeds from sale of real estate	$ 9,500
Service, Other
Related Party Transaction [Line Items]
Loans and leases receivable, related parties			$ 700
Administrative Fee Per Year
Related Party Transaction [Line Items]
Administrative fee per year		$ 35

Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Goodwill [Roll Forward]
Balance as of beginning of period	$ 124,217,000	$ 124,217,000
Goodwill acquired during the period	15,732,000	0
Balance as of end of period	$ 139,949,000	$ 124,217,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Goodwill and Intangible Assets - Schedule of Intangible Asset (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
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	(4,062)	(3,402)
Balance as of end of period	$ 4,538	$ 5,198

Earnings per Share (Tables)

12 Months Ended

Jun. 30, 2024

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	2024		2023
Net loss attributable to InnovAge Holding Corp.	$	(21,338)	$	(40,673)
Weighted average common shares outstanding (basic)	135,902,214		135,593,824
EPS (basic)	$	(0.16)	$	(0.30)

Dilutive shares	—		—
Weighted average common shares outstanding (diluted)	135,902,214		135,593,824
EPS (diluted)	$	(0.16)	$	(0.30)

Long-term Debt - Narrative (Details) - USD ($)			12 Months Ended
Long-term Debt - Narrative (Details) - USD ($)	Mar. 08, 2021	Jun. 29, 2015	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Outstanding borrowings			$ 65,989,000	$ 69,784,000
Revolving Credit Facility
Debt Instrument [Line Items]
Letters of credit, issued amounts			3,900,000
Remaining borrowing capacity			96,100,000
Term Loan Facility
Debt Instrument [Line Items]
Outstanding borrowings			63,750,000	67,500,000
Convertible term loan
Debt Instrument [Line Items]
Interest rate (as a percent)		6.68%
Outstanding borrowings			2,239,000	2,284,000
Monthly principal and interest payments		$ 20,000.00
2021 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Loan amount	$ 100,000,000.0
Revolving credit facility fee	0.25%
Outstanding borrowings			0
Deferred financing costs amortized			2,000,000.0
Amortization of deferred financing costs			$ 400,000	$ 400,000
2021 Credit Agreement \| Term Loan Facility
Debt Instrument [Line Items]
Loan amount	$ 75,000,000.0
Percentage of aggregate outstanding principal amount	1.25%
Interest rate (as a percent)			7.18%	6.95%

Revenue Recognition - Schedule of Concentration of Net Receivable (Details) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue Recognition
Risk percentage	100.00%	100.00%
Medicaid
Revenue Recognition
Risk percentage	71.00%	61.00%
Medicare
Revenue Recognition
Risk percentage	22.00%	29.00%
Private pay and other
Revenue Recognition
Risk percentage	7.00%	10.00%

- 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

Leases - Schedule of Future Maturities of Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Operating Lease
2025	$ 6,023
2026	5,988
2027	5,742
2028	4,952
2029	4,097
Thereafter	11,582
Total lease payments	38,384
Less liability accretion / imputed interest	(7,964)
Total lease liabilities	30,420
Less: Current lease liabilities	4,145	$ 3,530
Total long-term lease liabilities	26,275	18,828
Finance Lease
2025	6,631
2026	5,389
2027	4,514
2028	2,461
2029	555
Thereafter	0
Total lease payments	19,550
Less liability accretion / imputed interest	(2,208)
Total lease liabilities	17,342
Less: Current lease liabilities	4,599	4,722
Total long-term lease liabilities	12,743	$ 13,114
Total
2025	12,654
2026	11,377
2027	10,256
2028	7,413
2029	4,652
Thereafter	11,582
Total lease payments	57,934
Less liability accretion / imputed interest	(10,172)
Total lease liabilities	47,762
Less: Current lease liabilities	8,744
Total long-term lease liabilities	$ 39,018

Cost and Equity Method Investments (Tables)

12 Months Ended

Jun. 30, 2024

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:


	2024		2023
in thousands
Cost method investments	$	2,645	$	4,645
Equity method investments	—		848
Total investments	$	2,645	$	5,493

Schedule of Variable Interest Entity

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


	2024		2023
	in thousands
Assets
Cash and cash equivalents	$	816	$	648

Prepaid expenses and other	5		1
Property, plant and equipment, net	9,465		9,933
Deposits and other, net	409		402
Liabilities
Accounts payable and accrued expenses	295		268


Noncurrent liabilities	456		454
Long-term debt, net of debt issuance costs	3,739		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

Cost and Equity Method Investments - Schedule of Variable Interest Entity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Mar. 18, 2019
Assets
Cash and cash equivalents	$ 56,946	$ 127,249	$ 9,000
Deposits and other, net	5,949	3,823
Liabilities
Accounts payable and accrued expenses	55,459	54,935
Long-term debt, net of debt issuance costs	61,478	64,844
Variable Interest Entity, Primary Beneficiary
Assets
Cash and cash equivalents	816	648
Prepaid expenses and other	5	1
Property, plant and equipment, net	9,465	9,933
Deposits and other, net	409	402
Liabilities
Accounts payable and accrued expenses	295	268
Noncurrent liabilities	456	454
Long-term debt, net of debt issuance costs	$ 3,739	$ 3,784

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation


	Year ended June 30,
	2024		2023
	in thousands
Statutory rate	$	(4,581)	$	(10,667)
IRC Section 162(m) limitation (a)	504		588
Change in valuation allowance	6,543		4,297
Permanent adjustments	614		457
Prior year true-up and other	(349)		157
Income from entities not subject to taxation	404		605
State tax	(1,733)		(2,678)
Provision (benefit) for income taxes	$	1,402	$	(7,241)

___________________________________

(a)Reflects the permanent addback for the Section 162(m) limitation, which limits the deduction of compensation for the five highest paid officers to $1.0 million per officer.

Schedule of Provision for Income Taxes

Provision (benefit) for income taxes consisted of the following for the years ended June 30, 2024 and 2023:


	Year ended June 30,
	2024		2023
	in thousands
Current:
Federal	$	—	$	3,709
State	178		575
Total current tax expense	178		4,284

Deferred:
Federal	445		(10,263)
State	779		(1,262)
Total deferred tax expense	1,224		(11,525)
Total provision (benefit) for income taxes	$	1,402	$	(7,241)

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, 2024 and 2023:


	Year ended June 30,
	2024		2023
	in thousands
Deferred tax assets:
Amortization	$	573	$	629
Federal net operating losses	22,873		17,147
State net operating losses	8,053		5,701
Provision for uncollectible accounts	1,755		1,114
Accrued vacation	469		835
Reported and estimated claims	1,505		1,164
Stock-based compensation	511		449
Accrued bonuses	1,180		582
Interest Expense	1,943		791
Lease liability	9,260		6,784

Total deferred tax assets	48,122		35,196
Valuation allowance	(15,948)		(8,347)
Deferred tax assets, net of valuation allowance	32,174		26,849
Deferred tax liabilities:
Goodwill	(9,207)		(6,697)
Depreciation	(16,288)		(13,137)
Equity investment	(4,696)		(5,019)
Prepaid expenses	(705)		(1,792)
ROU asset	(8,684)		(6,436)
Other	(54)		(4)
Total deferred tax liabilities	(39,634)		(33,085)
Net deferred tax liability	$	(7,460)	$	(6,236)

Revenue Recognition

12 Months Ended

Jun. 30, 2024

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 over time 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. Costs to obtain contracts consist of sales commissions for new enrollees and are included in deposits and other on our consolidated balance sheets. These costs are amortized over a three-

year period which corresponds to the average time a participant is enrolled in the PACE program. As of June 30, 2024 and 2023, contract assets included within deposits and other were $2.8 million and $1.0 million, respectively.

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


	2024		2023
Medicaid	54	%	54	%
Medicare	46	%	46	%
Private pay and other	*%		*%
Total	100	%	100	%

*Less than 1%

The Company determined the transaction price for these contracts is the amount we expect to be entitled to, which is the most likely amount. For certain capitation payments, the Company is subject to retroactive premium risk adjustment payments according to the CMS risk adjustment payment timeline. Specifically, there is a midyear true up payment based on updated risk score calculations and a final true up payment to allow for complete diagnosis submission. 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 over time in the month in which participants are entitled to receive comprehensive care benefits during the contract term. As the period between the time of service and time of payment is typically one year or less, the Company elected the practical expedient under ASC 606-10-32-18 and did not adjust for the effects of a significant financing component.

The Company also provides prescription drug benefits in accordance with Medicare Part D. Monthly payments received from CMS and the participants represent the bid amount for providing prescription drug coverage. The portion received from CMS is subject to risk sharing through Medicare Part D risk-sharing corridor provisions. These risk-sharing corridor provisions compare costs targeted in the Company’s bid to actual prescription drug costs. The Company estimates and records a monthly adjustment to Medicare Part D revenues associated with these risk-sharing corridor provisions. Medicare Part D comprised (i) 12% and 13% of capitation revenues for the years ended June 30, 2024 and 2023, respectively, and (ii) 24% and 23% of external provider costs for the years ended June 30, 2024 and 2023, 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, 2024 and 2023 was as follows:


	2024		2023
Medicaid	71	%	61	%
Medicare	22	%	29	%
Private pay and other	7	%	10	%
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 $6.7 million as of June 30, 2024, compared to $4.2 million as of June 30, 2023. 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 primarily consists of revenues derived from state food grants and rent revenues. Accounts receivable related to other service revenue were not significant as of both June 30, 2024 and June 30, 2023.

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

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

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; revenue reserves; 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. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

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 are 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 under the equity method.

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.

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 $0.01 million and $0.02 million as of June 30, 2024 and 2023, respectively. 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.

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	2024		2023
Land	N/A	$	11,970	$	11,970
Buildings and leasehold improvements	10 - 40 years	156,064		124,262
Software	3 - 5 years	30,678		26,656
Equipment and vehicles	3 - 7 years	69,495		57,754
Construction in progress	N/A	12,234		42,223
		280,441		262,865
Less accumulated depreciation and amortization		(87,419)		(70,677)
Total property and equipment, net		$	193,022	$	192,188

Depreciation of $18.3 million and $14.8 million was recorded during the fiscal years ended June 30, 2024 and 2023, 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, 2024 and 2023, the Company capitalized interest of approximately $0.01 million and $1.0 million, respectively.

When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the consolidated balance sheets, and the resulting gain or loss, if any, is reflected in the consolidated statements of operations. Long-lived assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable.

Goodwill and Intangible Assets

Intangible assets primarily 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 two reporting units, East and West, 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, 2024 and 2023.

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.

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.

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.

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.

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 interests 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 (i.e., restricted stock units), 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 (i.e., performance stock units), 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 plan are issued from authorized but unissued shares or from shares held by the Company as treasury stock, if any.

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 InnovAge Senior Housing Thornton, LLC (“SH1”) and InnovAge Sacramento have elected to be taxed as partnerships, and no provision (benefit) for income taxes for SH1 or InnovAge Sacramento is included in these consolidated financial statements. Further, InnovAge Orlando entered into a joint venture on May 28, 2024 and its members elected to be taxed as a partnership. No provision (benefit) for income taxes for InnovAge Orlando is included in these consolidated financial statements for activity occurring from joint venture formation date through the balance of the fiscal year.

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 (benefit) 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, LLP (“PWD”) are considered to be VIEs. The Company is not considered the primary beneficiary of PWD but is considered the primary beneficiary of SH1. On March 13, 2024, PWD entered into a Purchase and Sale Agreement for the sale of all of PWD's property, including the Senior Housing unit. The sale closed on May 2, 2024, and as a result, the Company ceased providing senior housing services through PWD.

Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Adopted

Recently Adopted Accounting Pronouncements

Financial Instruments

In April 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”), 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. The CECL model is expected to result in more timely recognition of credit losses. The Company adopted the standard on July 1, 2023. Our adoption of the standard did not have a material impact on the

consolidated financial statements. The Company makes estimates of expected credit losses based on a combination of factors, including historical losses adjusted for current market conditions, delinquency trends, aging behaviors of receivables and credit and liquidity indicators, and future market and economic conditions and regularly reviews the adequacy of the allowance for credit losses.

Recent Accounting Pronouncements Not Yet Adopted

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. Additionally, ASU 2023-07 requires that all existing annual segment disclosures be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 will be applied retrospectively and is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-07 on our consolidated financial statements.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid, and other disclosures. ASU 2023-09 requires public companies to annually (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. Additionally, ASU 2023-09 requires public companies to annually disclose the amount of income taxes paid, disaggregated by federal, state, and foreign taxes, as well as the amount of income taxes paid by individual jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

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

Fair Value Measurements

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

Long-term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Total debt	$ 65,989	$ 69,784
Less unamortized debt issuance costs	716	1,145
Less current maturities	3,795	3,795
Noncurrent maturities	61,478	64,844
Term Loan Facility
Debt Instrument [Line Items]
Total debt	63,750	67,500
Convertible term loan
Debt Instrument [Line Items]
Total debt	$ 2,239	$ 2,284

- 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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+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Redeemable noncontrolling interest, equity, carrying amount	$ 22,200	$ 12,708	$ 15,278

Leases (Tables)

12 Months Ended

Jun. 30, 2024

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 as of June 30.


Component of Lease Balances	Balance Sheet Line Items	2024		2023
		in thousands
Assets:
Operating lease assets	Operating lease assets	$	28,416	$	21,210
Finance lease assets	Property and equipment, net	15,908		16,378
Total leased assets		$	44,324	$	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 years ended June 30.


Component of Lease Cost	Statement of Operations Line Items	2024		2023
		in thousands
Operating lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	$	5,402	$	4,642
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	1,984		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	93		82
Short-term lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	172		108
Total lease expense:		$	7,651	$	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.


Weighted average remaining lease term:	2024	2023
Operating leases	7.7 years	7.9 years
Finance leases	3.5 years	3.9 years


Weighted average discount rate	2024		2023
Operating leases	6.86	%	6.60	%
Finance leases	7.80	%	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, 2024.


in thousands	Operating Lease		Finance Lease		Total
2025	$	6,023	$	6,631	$	12,654
2026	5,988		5,389		11,377
2027	5,742		4,514		10,256
2028	4,952		2,461		7,413
2029	4,097		555		4,652
Thereafter	11,582		—		11,582
Total lease payments	38,384		19,550		57,934
Less liability accretion / imputed interest	(7,964)		(2,208)		(10,172)
Total lease liabilities	30,420		17,342		47,762
Less: Current lease liabilities	4,145		4,599		8,744
Total long-term lease liabilities	$	26,275	$	12,743	$	39,018

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, 2024.


in thousands	Operating Lease		Finance Lease		Total
2025	$	6,023	$	6,631	$	12,654
2026	5,988		5,389		11,377
2027	5,742		4,514		10,256
2028	4,952		2,461		7,413
2029	4,097		555		4,652
Thereafter	11,582		—		11,582
Total lease payments	38,384		19,550		57,934
Less liability accretion / imputed interest	(7,964)		(2,208)		(10,172)
Total lease liabilities	30,420		17,342		47,762
Less: Current lease liabilities	4,145		4,599		8,744
Total long-term lease liabilities	$	26,275	$	12,743	$	39,018

Cost and Equity Method Investments - Schedule of Equity Method and Cost Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Cost method investments	$ 2,645	$ 4,645
Equity method investments	0	848
Total investments	$ 2,645	$ 5,493

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 6,832	$ 4,993
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	802	1,010
Profits interests units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	861	867
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 5,169	$ 3,116

- 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
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+ Details

Segment Reporting (Tables)

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Operating Results by Reportable Segments

The following table summarizes the operating results regularly provided to the CODM by segment for the years ended June 30, 2024 and 2023:


	June 30, 2024						June 30, 2023
in thousands	PACE		All other(1)		Totals		PACE		All other(1)		Totals
Capitation revenue	$	762,570	$	—	$	762,570	$	686,836	$	—	$	686,836
Other service revenue	310		975		1,285		347		904		1,251
Total revenues	762,880		975		763,855		687,183		904		688,087
External provider costs	403,010		—		403,010		374,528		—		374,528
Cost of care, excluding depreciation and amortization	228,203		578		228,781		211,707		564		212,271
Center-Level Contribution Margin	131,667		397		132,064		100,948		340		101,288
Overhead costs(2)	136,284		10		136,294		135,264		—		135,264
Depreciation and amortization	18,477		473		18,950		14,959		460		15,419
Interest expense, net	3,845		178		4,023		1,342		180		1,522
Gain on cost and equity method investments	(2,842)		—		(2,842)		—		—		—
Other income	(2,542)		—		(2,542)		(124)		—		(124)
Loss Before Income Taxes	$	(21,555)	$	(264)	$	(21,819)	$	(50,493)	$	(300)	$	(50,793)

___________________________________

(1)Center-level Contribution Margin from a segment below the quantitative thresholds is attributable to the Senior Housing operating segment of the Company. This segment has never 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.

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2024
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Denver, Colorado

Acquisitions (Tables)

12 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Preliminary Allocation of the Purchase Price

The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date:


	Preliminary allocation		Measurement period adjustments		Adjusted allocation
	in thousands
Cash Consideration	$	23,916	$	—	$	23,916
Total Consideration	$	23,916	$	—	$	23,916

Accounts receivable, net	$	563	$	(124)	$	439
Prepaid expenses	330		739		1,069
Property and equipment, net	7,969		—		7,969
Operating lease assets	6,892		923		7,815
Goodwill	17,348		(1,616)		15,732
Deposits and other	343		—		343
Accounts payable and accrued expenses	(353)		78		(275)
Reported and estimated claims	(111)		—		(111)
Operating lease obligations	(8,941)		—		(8,941)
Finance lease obligations	(124)		—		(124)
Fair value of assets and liabilities	$	23,916	$	—	$	23,916

Schedule of Assets Acquired and Liabilities Assumed

The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date:


	Preliminary allocation		Measurement period adjustments		Adjusted allocation
	in thousands
Cash Consideration	$	23,916	$	—	$	23,916
Total Consideration	$	23,916	$	—	$	23,916

Accounts receivable, net	$	563	$	(124)	$	439
Prepaid expenses	330		739		1,069
Property and equipment, net	7,969		—		7,969
Operating lease assets	6,892		923		7,815
Goodwill	17,348		(1,616)		15,732
Deposits and other	343		—		343
Accounts payable and accrued expenses	(353)		78		(275)
Reported and estimated claims	(111)		—		(111)
Operating lease obligations	(8,941)		—		(8,941)
Finance lease obligations	(124)		—		(124)
Fair value of assets and liabilities	$	23,916	$	—	$	23,916

Revenue Recognition (Tables)

12 Months Ended

Jun. 30, 2024

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:


	2024		2023
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, 2024 and 2023 was as follows:


	2024		2023
Medicaid	71	%	61	%
Medicare	22	%	29	%
Private pay and other	7	%	10	%
Total	100	%	100	%

Summary of Significant Accounting Policies - Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Impairment loss in investments	$ 2.0	$ 0.0

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details)	12 Months Ended
	Jun. 30, 2024 USD ($) reporting_unit	Jun. 30, 2023 USD ($)
Accounting Policies [Abstract]
Number of reporting units \| reporting_unit	2
Goodwill, impairment charges	$ 0	$ 0
Intangible assets, useful life (in years)	10 years
Intangible assets, impairment charges	$ 0	$ 0

Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) officer	Jun. 30, 2023 USD ($)
Income Tax Disclosure [Abstract]
Statutory rate	$ (4,581)	$ (10,667)
IRC Section 162(m) limitation	504	588
Change in valuation allowance	6,543	4,297
Permanent adjustments	614	457
Prior year true-up and other	(349)	157
Income from entities not subject to taxation	404	605
State tax	(1,733)	(2,678)
Provision (benefit) for income taxes	$ 1,402	$ (7,241)
Highest compensation paid, officers \| officer	5
Nondeductible compensation paid	$ 1,000

Stock-based Compensation - Schedule of Performance-based Awards (Details) - Stock options - performance based - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
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	$ 0.8
Weighted-average period (in years)	1 year 7 months 6 days

Fair Value Measurements - Schedule of Fair Value of Cash, Cash Equivalents and Marketable Securities by Significant Investment Category (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	$ 102,502
Fair Value	102,779
Cash and Cash Equivalents	56,946
Short-term Investments	45,833
Cash
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	25,793
Fair Value	25,793
Cash and Cash Equivalents	25,793
Short-term Investments	0
Money market funds \| Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	31,153
Fair Value	31,153
Cash and Cash Equivalents	31,153
Short-term Investments	0
Mutual funds \| Level 1
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amortized Cost	45,556
Fair Value	45,833
Cash and Cash Equivalents	0
Short-term Investments	$ 45,833

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

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


in thousands	2024		2023
Balance as of beginning of period	$	124,217	$	124,217
Goodwill acquired during the period	15,732		—
Balance as of end of period	$	139,949	$	124,217

Schedule of Intangible Assets

Intangible assets consisted of the following as of June 30:


in thousands	2024		2023
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	(4,062)		(3,402)
Balance as of end of period	$	4,538	$	5,198

Schedule of Expected Future Annual Amortization Expense

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


in thousands	Amortization Expense
2025	$	660
2026	660
2027	630
2028	540
2029	48

- Definition

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

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+ Details

Segment Reporting

12 Months Ended

Jun. 30, 2024

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 three operating segments, two of which are related to the Company’s PACE offering. The PACE-related operating segments are based on two geographic divisions, which are East and West. Due to the similar economic characteristics, nature of services, and customers, we have aggregated our East and West operating segments into one reportable segment for PACE. The Company’s remaining operating segment primarily relates to Senior Housing, which is an immaterial operating segment, and shown below as “Other” along with certain corporate unallocated expenses.

As of June 30, 2024, the Company served approximately 7,020 PACE participants, making it the largest PACE provider in the U.S. based upon participants served, and operated 20 PACE centers across California, Colorado, Florida, New Mexico, Pennsylvania and Virginia.

PACE is a fully-capitated managed care program, which serves the frail elderly, and predominantly dual-eligible, in a community-based service model. InnovAge provides 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, VA and private pay sources. 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 United States and all revenue was earned in the United States.

The CODM uses Center-level Contribution Margin as the measure for assessing performance of its operating 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 segment for the years ended June 30, 2024 and 2023:


	June 30, 2024						June 30, 2023
in thousands	PACE		All other(1)		Totals		PACE		All other(1)		Totals
Capitation revenue	$	762,570	$	—	$	762,570	$	686,836	$	—	$	686,836
Other service revenue	310		975		1,285		347		904		1,251
Total revenues	762,880		975		763,855		687,183		904		688,087
External provider costs	403,010		—		403,010		374,528		—		374,528
Cost of care, excluding depreciation and amortization	228,203		578		228,781		211,707		564		212,271
Center-Level Contribution Margin	131,667		397		132,064		100,948		340		101,288
Overhead costs(2)	136,284		10		136,294		135,264		—		135,264
Depreciation and amortization	18,477		473		18,950		14,959		460		15,419
Interest expense, net	3,845		178		4,023		1,342		180		1,522
Gain on cost and equity method investments	(2,842)		—		(2,842)		—		—		—
Other income	(2,542)		—		(2,542)		(124)		—		(124)
Loss Before Income Taxes	$	(21,555)	$	(264)	$	(21,819)	$	(50,493)	$	(300)	$	(50,793)

___________________________________

(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.

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+ Details

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Current:
Federal	$ 0	$ 3,709
State	178	575
Total current tax expense	178	4,284
Deferred:
Federal	445	(10,263)
State	779	(1,262)
Total deferred tax expense	1,224	(11,525)
Provision (benefit) for income taxes	$ 1,402	$ (7,241)

- Definition

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

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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Acquisitions

12 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

On December 1, 2023, the Company acquired all of the issued and outstanding membership interests of two California-based PACE programs, ConcertoCare PACE of Bakersfield, LLC and ConcertoHealth PACE of Los Angeles, LLC (collectively "Concerto"), from Perfect Health, Inc. d/b/a ConcertoCare, a tech-enabled, value-based provider of at-home, comprehensive care for seniors and other adults with unmet health and social needs, for $23.9 million. We believe the Concerto acquisition complements our California PACE centers. The acquisition was funded through cash on hand. Results of operations from the acquired centers are included in our consolidated statements of operations for the year ended June 30, 2024 beginning with the date of acquisition and were not significant to our results. We incurred costs related to the acquisition of approximately $0.1 million during the year ended June 30, 2024. Acquisition related costs were expensed as incurred and have been recorded in corporate, general and administrative expenses in our consolidated statements of operations.

The Concerto acquisition was accounted for using the purchase method of accounting. The purchase price has been preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. During the measurement period, which is up to one year from the acquisition date, we may adjust provisional amounts that were recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The fair values of assets acquired and liabilities assumed may change as the valuation of intangible assets, working capital adjustments, and overall purchase price allocation are being finalized. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill recognized represents the

estimated future economic benefits arising from expected growth opportunities for the Company and is not deductible for income tax purposes.

The following table presents a preliminary allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date:


	Preliminary allocation		Measurement period adjustments		Adjusted allocation
	in thousands
Cash Consideration	$	23,916	$	—	$	23,916
Total Consideration	$	23,916	$	—	$	23,916

Accounts receivable, net	$	563	$	(124)	$	439
Prepaid expenses	330		739		1,069
Property and equipment, net	7,969		—		7,969
Operating lease assets	6,892		923		7,815
Goodwill	17,348		(1,616)		15,732
Deposits and other	343		—		343
Accounts payable and accrued expenses	(353)		78		(275)
Reported and estimated claims	(111)		—		(111)
Operating lease obligations	(8,941)		—		(8,941)
Finance lease obligations	(124)		—		(124)
Fair value of assets and liabilities	$	23,916	$	—	$	23,916

As of June 30, 2024, we recognized a measurement period adjustment for lease incentives related to tenant improvements. The adjustment resulted in an increase of $0.7 million to prepaid expenses and $0.9 million to operating lease assets, a decrease of $0.1 million to accounts receivable and $0.1 million to accounts payable and accrued expenses, and a corresponding decrease of $1.6 million to goodwill.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Jun. 30, 2024
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, the Company may be involved in various legal proceedings and be subject to claims. 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 whether 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 . 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 operated as of 2022 (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. 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 December 22, 2023, the District Court granted in part and denied in part the motion to dismiss. The action is now in discovery. 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. 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. On January 22, 2024, upon stipulation of the parties, the court entered an order further staying the litigation pending the close of fact discovery in the Securities Action. We are currently unable to predict the outcome of these 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. Subsequently, the Company was notified of certain additional individual claims and agreed to include such claims within the class. In October 2023, the Company agreed to increase the settlement amount to a total of $1.3 million, reflecting the additional individual claim. The Court entered the final approval of the settlement on April 2, 2024 and the payout occurred on June 7, 2024. The matter will remain open for 180 days to allow the class members to settle their checks, after which time the case is expected to officially close. Because the results of legal proceedings and claims are inherently unpredictable and uncertain, we are currently unable to predict whether the legal proceedings we are involved in will, either individually or in the aggregate, have a material adverse effect on our business, financial condition, or cash flows. The outcomes of legal proceedings and claims could be material to the Company’s operating results for any particular period, depending in part, upon the operating results of such period. Regardless of the outcome, litigation has the potential to have an adverse impact on us due to any related defense and settlement costs, diversion of management resources, and other factors.

Stock-based Compensation (Tables)

12 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense


	Year ended June 30,
	2024		2023
	in thousands
Stock options	$	802	$	1,010
Profits interests units	861		867
Restricted stock units	5,169		3,116
Total stock-based compensation expense	$	6,832	$	4,993

Schedule of Weighted-Average Assumptions and Black-Scholes Option Pricing Model

The assumptions under the Monte Carlo model related to the profits interests units for fiscal 2024, presented on a weighted-average basis, are provided below:


		2024
Expected volatility		68.0 - 76.0	%
Expected life (years) - time vesting units		2.7 - 3.1
Interest rate		4.23 - 4.57	%
Dividend yield		—
Weighted-average fair value	$	1.59 - 2.17
Fair value of underlying stock	$	5.52 - 7.27

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

Schedule of Profits Interests Transactions and Number of Units Outstanding

A summary of profits interests activity for the year ended June 30, 2024, was as follows:


Time-based unit awards	Number of units	Weighted average grant date fair value
Outstanding balance, June 30, 2023	1,264,337	$	1.28
Granted	1,106,850	$	6.21
Forfeited	(380,679)	$	1.28
Vested	(703,395)	$	1.28
Outstanding balance, June 30, 2024	1,287,113	$	5.52


Performance-based unit awards	Number of units	Weighted average grant date fair value
Outstanding balance, June 30, 2023	2,118,558	$	0.57
Granted	1,106,850	$	1.78
Forfeited	(1,853,737)	$	0.57
Vested	—	$	—
Outstanding balance, June 30, 2024	1,371,671	$	1.55

Schedule of Restricted Stock Units Activity

A summary of time-based vesting restricted stock units activity for the year ended June 30, 2024, was as follows:


Restricted stock units - time based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023	1,873,794	$	10.10
Forfeited	(143,935)	$	5.49
Vested	(720,326)	$	5.25
Granted	1,854,786	$	4.84
Outstanding balance, June 30, 2024	2,864,319	$	8.15

A summary of performance-based vesting restricted stock units activity for the year ended June 30, 2024, was as follows:


Restricted stock units - performance based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023	258,767	$	5.18
Forfeited	—	$	—
Vested	—	$	—
Granted	—	$	—
Outstanding balance, June 30, 2024	258,767	$	5.18

Schedule of Stock Option Activity

A summary of time-based vesting stock option activity for the year ended June 30, 2024, was as follows:


Stock options - time based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023	716,661	$	1.43
Granted	—	$	—
Forfeited	(108,108)	$	0.31
Exercised	(54,054)	$	0.19
Expired	—	$	—
Outstanding balance, June 30, 2024	554,499	$	1.77

Exercisable balance, June 30, 2024	346,560	$	0.17

A summary of performance-based vesting stock option activity for the year ended June 30, 2024, was as follows:


Stock options - performance based	Number of awards	Weighted average grant-date fair value per share
Outstanding balance, June 30, 2023	776,299	$	3.08
Granted	—	$	—
Forfeited	—	$	—
Vested	—	$	—
Outstanding balance, June 30, 2024	776,299	$	3.08

Earnings per Share

12 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

Basic earnings (loss) per share (“EPS”) is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding options 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, 2024 and 2023, 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	2024		2023
Net loss attributable to InnovAge Holding Corp.	$	(21,338)	$	(40,673)
Weighted average common shares outstanding (basic)	135,902,214		135,593,824
EPS (basic)	$	(0.16)	$	(0.30)

Dilutive shares	—		—
Weighted average common shares outstanding (diluted)	135,902,214		135,593,824
EPS (diluted)	$	(0.16)	$	(0.30)

Stock-based Compensation -Schedule of Restricted Stock Units Activity (Details)	12 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of awards
Granted (in shares)	2,213,700
Restricted stock units - time based
Number of awards
Unvested balance, beginning (in shares)	1,873,794
Forfeited (in shares)	(143,935)
Vested (in shares)	(720,326)
Granted (in shares)	1,854,786
Unvested balance, ending (in shares)	2,864,319
Weighted average grant-date fair value per share
Unvested balance, beginning (in dollars per share) \| $ / shares	$ 10.10
Forfeited (in dollars per share) \| $ / shares	5.49
Vested (in dollars per share) \| $ / shares	5.25
Granted (in dollars per share) \| $ / shares	4.84
Unvested balance, ending (in dollars per share) \| $ / shares	$ 8.15
Restricted stock units - performance based
Number of awards
Unvested balance, beginning (in shares)	258,767
Forfeited (in shares)	0
Vested (in shares)	0
Granted (in shares)	0
Unvested balance, ending (in shares)	258,767
Weighted average grant-date fair value per share
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

Stock-based Compensation - Schedule of Black-Scholes Option Pricing Model (Details) - Time-Based Options Awards	12 Months Ended
	Jun. 30, 2023 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	34.50%
Weighted-average 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

- 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

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2024

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, 2024.



in thousands	Amortized Cost		Fair Value		Cash and Cash Equivalents		Short-term Investments
Cash	$	25,793	$	25,793	$	25,793	$	—
Level 1
Money market funds	31,153		31,153		31,153		—
Mutual funds	45,556		45,833		—		45,833
Total	$	102,502	$	102,779	$	56,946	$	45,833

Leases - Schedule of Assets and Liabilities Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Assets:
Operating lease assets	$ 28,416	$ 21,210
Finance lease assets	$ 15,908	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	$ 44,324	$ 37,588

Related Parties	12 Months Ended
Related Parties	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Parties	Related Parties PWD VIE. Pursuant to the PWD Amended and Restated Agreement of Limited Partnership, CCH helped fund operating deficits and shortfalls of PWD in the form of a loan (the “PWD Loan”). The PWD Loan did not accrue interest. Additionally, CCH was paid an administration fee of $35,000 per year. At June 30, 2023, $0.7 million was recorded in Deposits and other related to the PWD Loan. On March 13, 2024, PWD entered into a Purchase and Sale Agreement for the sale of all of PWD's property, including the Senior Housing unit. On May 2, 2024, PWD closed on the sale of its Senior Housing property for $9.5 million. Upon completion of the sale, PWD ceased providing senior housing services and was dissolved. Following the dissolution, the remaining proceeds from the sale were distributed in accordance with the partnership agreement and as otherwise agreed by the partners. The Company received net proceeds of $4.8 million in connection with the dissolution.

- 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/1943274/2147477968/946-235-50-2

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/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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
-SubTopic 10
-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
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-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

Stock-based Compensation - Schedule of Profits Interests Transactions and Number of Units Outstanding (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Number of units
Granted (in shares)	2,213,700
Time-based unit awards
Number of units
Unvested balance, beginning (in shares)	1,264,337
Granted (in shares)	1,106,850
Forfeited (in shares)	(380,679)
Vested (in shares)	(703,395)
Unvested balance, ending (in shares)	1,287,113
Weighted average grant date fair value
Unvested balance, beginning (in dollars per share) \| $ / shares	$ 1.28
Granted (in dollars per share) \| $ / shares	6.21
Forfeited (in dollars per share) \| $ / shares	1.28
Vested (in dollars per share) \| $ / shares	1.28
Unvested balance, ending (in dollars per share) \| $ / shares	$ 5.52
Unrecognized compensation cost \| $	$ 1.8
Weighted-average period (in years)	2 years 9 months 18 days
Performance-based unit awards
Number of units
Unvested balance, beginning (in shares)	2,118,558
Granted (in shares)	1,106,850
Forfeited (in shares)	(1,853,737)
Vested (in shares)	0
Unvested balance, ending (in shares)	1,371,671
Weighted average grant date fair value
Unvested balance, beginning (in dollars per share) \| $ / shares	$ 0.57
Granted (in dollars per share) \| $ / shares	1.78
Forfeited (in dollars per share) \| $ / shares	0.57
Vested (in dollars per share) \| $ / shares	0
Unvested balance, ending (in dollars per share) \| $ / shares	$ 1.55
Unrecognized compensation cost \| $	$ 2.1
Profits interests units
Weighted average grant date fair value
Unrecognized compensation cost \| $	$ 3.9

Stock-based Compensation - 2021 Omnibus Incentive Plan and Restricted Stock Units (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2021	Jun. 30, 2024
Restricted stock units - performance based
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost		$ 0.4
Weighted-average period (in years)		1 year 6 months
2021 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)	14,700,000
2021 Omnibus Incentive Plan \| Time-based restricted stock units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)	3 years
2021 Omnibus Incentive Plan \| Time-based stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period (in years)	3 years
2021 Omnibus Incentive Plan \| Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost		$ 11.3
Weighted-average period (in years)		2 years
2021 Omnibus Incentive Plan \| Percentage of Vesting, Second Anniversary \| Time-based restricted stock units (RSUs)
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 \| Time-based restricted stock units (RSUs)
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 \| Time-based restricted stock units (RSUs)
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 \| Time-based restricted stock units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting	33.33%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net loss	$ (23,221)	$ (43,552)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Loss on disposal of assets	78	1,107
Provision for uncollectible accounts	7,010	3,340
Depreciation and amortization	18,950	15,419
Operating lease rentals	5,339	4,604
Gain on cost and equity method investments	(2,842)	0
Amortization of deferred financing costs	429	429
Stock-based compensation	6,832	4,608
Deferred income taxes	1,224	(11,525)
Other	1,449	167
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable, net	(30,333)	8,223
Prepaid expenses	(703)	(3,303)
Income tax receivable	(3,062)	6,499
Deposits and other	(2,829)	(1,263)
Accounts payable and accrued expenses	1,370	6,786
Reported and estimated claims	12,294	4,545
Due to Medicaid and Medicare	6,054	12
Income taxes payable	(1,212)	1,212
Operating lease liabilities	(5,610)	(5,187)
Deferred revenue	(28,115)	28,115
Net cash provided by (used in) operating activities	(36,898)	20,236
Investing Activities
Purchases of property and equipment	(7,914)	(23,354)
Purchases of short-term investments	(2,385)	(46,167)
Proceeds from sale of short-term investments	3,000	0
Proceeds from dissolution of equity method investments	4,842	0
Acquisition of business	(23,916)	0
Net cash used in investing activities	(26,373)	(69,521)
Financing Activities
Payments for finance lease obligations	(4,637)	(4,103)
Principal payments on long-term debt	(3,795)	(3,793)
Repurchase of equity securities	(179)	0
Contribution from joint venture partner	2,900	0
Taxes paid related to net settlements of stock-based compensation awards	(1,323)	0
Net cash used in financing activities	(7,034)	(7,896)
DECREASE IN CASH, CASH EQUIVALENTS & RESTRICTED CASH	(70,305)	(57,181)
CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD	127,265	184,446
CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD	56,960	127,265
Supplemental Cash Flows Information
Interest paid	4,063	3,997
Income taxes paid	4,452	13
Property and equipment included in accounts payable	181	882
Property and equipment purchased under capital leases	$ 4,142	$ 9,131

Goodwill and Intangible Assets - Narrative (Details)	12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	Jun. 30, 2024 USD ($) reporting_unit acquisition	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 139,949,000	$ 124,217,000	$ 124,217,000
Number of acquisition resulting in goodwill \| acquisition	1
Goodwill acquired during the period	$ 15,732,000	0
Number of reporting units \| reporting_unit	2
Impairment of goodwill	$ 0	0
Amortization expense	700,000	700,000
Intangible asset impairments	$ 0	$ 0

- Definition

+ References

+ Details

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Component of Lease Cost
Total lease expense:	$ 7,651	$ 9,167
Cost of care excluding depreciation and amortization and Corporate, general and administrative
Component of Lease Cost
Operating lease cost	5,402	4,642
Variable lease cost	93	82
Short-term lease cost	172	108
Depreciation and amortization
Component of Lease Cost
Amortization of leased assets	1,984	3,080
Interest expense, net
Component of Lease Cost
Interest on lease liabilities	$ 0	$ 1,255

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jun. 30, 2024

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	2024		2023
Land	N/A	$	11,970	$	11,970
Buildings and leasehold improvements	10 - 40 years	156,064		124,262
Software	3 - 5 years	30,678		26,656
Equipment and vehicles	3 - 7 years	69,495		57,754
Construction in progress	N/A	12,234		42,223
		280,441		262,865
Less accumulated depreciation and amortization		(87,419)		(70,677)
Total property and equipment, net		$	193,022	$	192,188

Stock-based Compensation - Schedule of Weighted-Average Assumptions (Details) - Profits interests units	12 Months Ended
	Jun. 30, 2024 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Minimum expected volatility	68.00%
Maximum expected volatility	76.00%
Minimum interest rate	4.23%
Maximum interest rate	4.57%
Dividend yield	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (years) - time vesting units	2 years 8 months 12 days
Weighted-average fair values (in dollars per share)	$ 1.59
Fair value of underlying stock (in dollars per share)	$ 5.52
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (years) - time vesting units	3 years 1 month 6 days
Weighted-average fair values (in dollars per share)	$ 2.17
Fair value of underlying stock (in dollars per share)	$ 7.27

Share Repurchase Program (Details) - USD ($) $ in Millions	12 Months Ended
Share Repurchase Program (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 14, 2024
June 2024 Repurchase Program
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share repurchase program, authorized, amount		$ 5.0
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares repurchased at cost (in shares)	36,559
Common Stock \| June 2024 Repurchase Program
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share repurchase program, number of shares repurchased (in shares)	45,023
Payments for repurchase of common stock	$ 0.2
Treasury Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares repurchased at cost (in shares)	36,559
Treasury Stock \| June 2024 Repurchase Program
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares repurchased at cost (in shares)	36,559

- 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

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Treasury Stock	Noncontrolling Interests
Redeemable Noncontrolling Interests (Temporary Equity)
Treasury stock at cost (in shares)					0
Beginning, balances (in shares) at Jun. 30, 2022		135,532,811
Beginning, balances at Jun. 30, 2022	$ 338,466	$ 136	$ 327,499	$ 4,729	$ 0	$ 6,102
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		107,034
Stock-based compensation	4,608		4,608
Net loss	$ (40,982)			(40,673)		(309)
Ending, balances (in shares) at Jun. 30, 2023	135,639,845	135,639,845			0
Ending, balances at Jun. 30, 2023	$ 302,092	$ 136	332,107	(35,944)	$ 0	5,793
Beginning balance at Jun. 30, 2022	15,278
Redeemable Noncontrolling Interests (Temporary Equity)
Net loss	(2,570)
Ending balance at Jun. 30, 2023	12,708
Redeemable Noncontrolling Interests (Temporary Equity)
Net loss	(43,552)
Stock-based compensation (in shares)		800,515
Stock-based compensation	6,832		6,832
Tax withholding related to the net share settlements of stock-based compensation awards (in shares)		(287,502)
Tax withholding related to the net share settlements of stock-based compensation awards	(1,324)		(1,324)
Contribution from joint venture partner	2,900					2,900
Shares repurchased at cost (in shares)		36,559			36,559
Shares repurchased at cost	(179)				$ (179)
Fair value adjustment for redeemable noncontrolling interests	(11,029)			(11,029)
Net loss	$ (21,684)			(21,338)		(346)
Ending, balances (in shares) at Jun. 30, 2024	136,116,299	136,116,299
Ending, balances at Jun. 30, 2024	$ 277,608	$ 136	$ 337,615	$ (68,311)	$ (179)	$ 8,347
Redeemable Noncontrolling Interests (Temporary Equity)
Fair value adjustment for redeemable noncontrolling interests	11,029
Net loss	(1,537)
Ending balance at Jun. 30, 2024	22,200
Redeemable Noncontrolling Interests (Temporary Equity)
Net loss	$ (23,221)
Treasury stock at cost (in shares)	36,559				36,559

Cost and Equity Method Investments - Narrative (Details)				1 Months Ended	3 Months Ended		12 Months Ended
	May 28, 2024 USD ($)	May 02, 2024 USD ($)	Mar. 18, 2019 USD ($)	Aug. 31, 2021 USD ($) shares	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) investment	Jun. 30, 2023 USD ($) investment	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Apr. 02, 2020 USD ($)	Jun. 14, 2019 USD ($)
Nonconsolidated Entities
Number of investments \| investment							1	2
Cost method investment, impairment losses							$ 2,000,000	$ 0
Proceeds from sale of real estate		$ 4,800,000
Cash and cash equivalents			$ 9,000,000.0				56,946,000	127,249,000
Land			$ 4,200,000
Redeemable noncontrolling interests							22,200,000
Redeemable noncontrolling interest, equity, carrying amount							22,200,000	12,708,000		$ 15,278,000
InnovAge Sacramento
Nonconsolidated Entities
Percentage of additional membership interest									0.10%
Orlando Health
Nonconsolidated Entities
Cash contributions	$ 26,100,000
Controlling membership interest	90.00%
InnovAge Sacramento
Nonconsolidated Entities
Membership interest (as a percent)			59.90%
Pinewood Lodge L L P
Nonconsolidated Entities
Proceeds from sale of real estate		$ 9,500,000
Variable Interest Entity, Not Primary Beneficiary
Nonconsolidated Entities
Maximum exposure amount in VIE								800,000
Cash contributions									$ 52,000
Variable Interest Entity, Not Primary Beneficiary \| Adventist Health System/West Joint Venture \| Related Party
Nonconsolidated Entities
Cash contributions			$ 5,800,000
Variable Interest Entity, Not Primary Beneficiary \| Eskaton \| Related Party
Nonconsolidated Entities
Cash contributions			$ 3,000,000.0
Variable Interest Entity, Not Primary Beneficiary \| Orlando Health
Nonconsolidated Entities
Cash and cash equivalents	$ 2,900,000
Membership interest (as a percent)	10.00%
Variable Interest Entity, Not Primary Beneficiary \| InnovAge Sacramento \| Adventist Health System/West Joint Venture \| Related Party
Nonconsolidated Entities
Membership interest (as a percent)			26.40%
Variable Interest Entity, Not Primary Beneficiary \| InnovAge Sacramento \| Eskaton \| Related Party
Nonconsolidated Entities
Membership interest (as a percent)			13.70%
Variable Interest Entity, Primary Beneficiary
Nonconsolidated Entities
Cash and cash equivalents							$ 816,000	648,000
Partnership interest (as a percent)							0.01%
Jetdoc, Inc.
Nonconsolidated Entities
Shares acquired (in shares) \| shares				806,481
Payments to acquire investments				$ 2,000,000.0
Cost method investment, impairment losses					$ 100,000	$ 1,900,000
Observable price changes								0
Dispatch Health Holdings, Inc.
Nonconsolidated Entities
Observable price changes							$ 0	$ 0
Maximum exposure to loss of the cost method investments							$ 2,600,000
Dispatch Health Holdings, Inc. \| Series B Preferred Stock
Nonconsolidated Entities
Equity securities, FV-NI, current												$ 1,500,000
Dispatch Health Holdings, Inc. \| Series C Preferred Stock
Nonconsolidated Entities
Equity securities, FV-NI, current											$ 1,100,000

Leases - Narrative (Details) $ in Millions	Mar. 20, 2023 USD ($)
Leases [Abstract]
Lease termination costs	$ 0.6

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Deferred tax assets:
Amortization	$ 573	$ 629
Federal net operating losses	22,873	17,147
State net operating losses	8,053	5,701
Provision for uncollectible accounts	1,755	1,114
Accrued vacation	469	835
Reported and estimated claims	1,505	1,164
Stock-based compensation	511	449
Accrued bonuses	1,180	582
Interest Expense	1,943	791
Lease liability	9,260	6,784
Total deferred tax assets	48,122	35,196
Valuation allowance	(15,948)	(8,347)
Deferred tax assets, net of valuation allowance	32,174	26,849
Deferred tax liabilities:
Goodwill	(9,207)	(6,697)
Depreciation	(16,288)	(13,137)
Equity investment	(4,696)	(5,019)
Prepaid expenses	(705)	(1,792)
ROU asset	(8,684)	(6,436)
Other	(54)	(4)
Total deferred tax liabilities	(39,634)	(33,085)
Net deferred tax liability	$ (7,460)	$ (6,236)

Long-term Debt (Tables)

12 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

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


	June 30, 2024		June 30, 2023
	in thousands
Senior secured borrowings:
Term Loan Facility	$	63,750	$	67,500
Convertible term loan	2,239		2,284
Total debt	65,989		69,784
Less unamortized debt issuance costs	716		1,145
Less current maturities	3,795		3,795
Noncurrent maturities	$	61,478	$	64,844

Schedule of Aggregate Maturities of the Total Debt Outstanding

Aggregate maturities of our debt as of June 30, 2024 were as follows:


	Long-term debt
	in thousands
Year ending June 30:
2025	$	3,795
2026	60,059
2027	63
2028	67
2029	72
Thereafter	1,933
Total debt	$	65,989

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-Paragraph 3
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands			7 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 01, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Cash Consideration				$ 23,916	$ 0
Measurement period, adjustments accounts receivable, net			$ (124)
Goodwill	$ 139,949		139,949	139,949	$ 124,217	$ 124,217
Concerto
Business Acquisition [Line Items]
Cash Consideration	23,916	$ 23,916
Total Consideration	23,916	23,916
Accounts receivable, net	439	563	439	439
Measurement period, adjustments accounts receivable, net			(100)
Prepaid expenses	1,069	330	1,069	1,069
Measurement period adjustments, prepaid expenses			739
Property and equipment, net	7,969	7,969	7,969	7,969
Operating lease assets	7,815	6,892	7,815	7,815
Measurement period adjustments, operating lease assets			923
Goodwill	15,732	17,348	15,732	15,732
Measurement period adjustments, goodwill			(1,616)
Deposits and other	343	343	343	343
Accounts payable and accrued expenses	(275)	(353)	(275)	(275)
Measurement period adjustments, accounts payable and accrued expenses			78
Reported and estimated claims	(111)	(111)	(111)	(111)
Operating lease obligations	(8,941)	(8,941)	(8,941)	(8,941)
Finance lease obligations	(124)	(124)	(124)	(124)
Fair value of assets and liabilities	$ 23,916	$ 23,916	23,916	$ 23,916
Measurement period adjustments, fair value of assets and liabilities			$ 0

Income Taxes - Carryforwards (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 15,948,000	$ 8,347,000
Uncertain tax positions	0	0
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	185,800,000	117,900,000
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 108,900,000	$ 81,700,000

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Nicole D’Amato [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 13, 2024, Nicole D’Amato, the Company’s Chief Legal Officer and Corporate Secretary, adopted a Rule 10b5-1 trading arrangement (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act for the sale of up to 47,574 shares of the Company’s common stock through September 16, 2025, or upon the earlier completion of all authorized transactions under the plan.
Name	Nicole D’Amato
Title	Chief Legal Officer and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 13, 2024
Expiration Date	September 16, 2025
Arrangement Duration	460 days
Aggregate Available	47,574	47,574

Stock-based Compensation - Schedule of Time-based Awards (Details) - Stock options - time based $ / shares in Units, $ in Thousands	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Number of awards
Outstanding balance, beginning (in shares) \| shares	716,661
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(108,108)
Exercised (in shares) \| shares	(54,054)
Expired (in shares) \| shares	0
Outstanding balance, ending (in shares) \| shares	554,499
Exercisable balance (in shares) \| shares	346,560
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share) \| $ / shares	$ 1.43
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	0.31
Exercised (in dollars per share) \| $ / shares	0.19
Expired (in dollars per share) \| $ / shares	0
Outstanding balance, ending (in dollars per share) \| $ / shares	1.77
Exercisable balance (in dollars per share) \| $ / shares	$ 0.17
Unrecognized compensation cost \| $	$ 90
Weighted-average period (in years)	1 year 4 months 24 days

Goodwill and Intangible Assets - Schedule of Expected Future Annual Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Amortization Expense
2025	$ 660
2026	660
2027	630
2028	540
2029	$ 48

Leases

12 Months Ended

Jun. 30, 2024

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 2024 through 2034. 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 a right-of-use ("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 as of June 30.


Component of Lease Balances	Balance Sheet Line Items	2024		2023
		in thousands
Assets:
Operating lease assets	Operating lease assets	$	28,416	$	21,210
Finance lease assets	Property and equipment, net	15,908		16,378
Total leased assets		$	44,324	$	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 years ended June 30.


Component of Lease Cost	Statement of Operations Line Items	2024		2023
		in thousands
Operating lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	$	5,402	$	4,642
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	1,984		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	93		82
Short-term lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	172		108
Total lease expense:		$	7,651	$	9,167

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


Weighted average remaining lease term:	2024	2023
Operating leases	7.7 years	7.9 years
Finance leases	3.5 years	3.9 years


Weighted average discount rate	2024		2023
Operating leases	6.86	%	6.60	%
Finance leases	7.80	%	7.80	%

The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to June 30, 2024.


in thousands	Operating Lease		Finance Lease		Total
2025	$	6,023	$	6,631	$	12,654
2026	5,988		5,389		11,377
2027	5,742		4,514		10,256
2028	4,952		2,461		7,413
2029	4,097		555		4,652
Thereafter	11,582		—		11,582
Total lease payments	38,384		19,550		57,934
Less liability accretion / imputed interest	(7,964)		(2,208)		(10,172)
Total lease liabilities	30,420		17,342		47,762
Less: Current lease liabilities	4,145		4,599		8,744
Total long-term lease liabilities	$	26,275	$	12,743	$	39,018

Leases

Leasing Arrangements as Lessee

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


Component of Lease Balances	Balance Sheet Line Items	2024		2023
		in thousands
Assets:
Operating lease assets	Operating lease assets	$	28,416	$	21,210
Finance lease assets	Property and equipment, net	15,908		16,378
Total leased assets		$	44,324	$	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 years ended June 30.


Component of Lease Cost	Statement of Operations Line Items	2024		2023
		in thousands
Operating lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	$	5,402	$	4,642
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	1,984		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	93		82
Short-term lease cost	Cost of care excluding depreciation and amortization and Corporate, general and administrative	172		108
Total lease expense:		$	7,651	$	9,167

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


Weighted average remaining lease term:	2024	2023
Operating leases	7.7 years	7.9 years
Finance leases	3.5 years	3.9 years


Weighted average discount rate	2024		2023
Operating leases	6.86	%	6.60	%
Finance leases	7.80	%	7.80	%

The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to June 30, 2024.


in thousands	Operating Lease		Finance Lease		Total
2025	$	6,023	$	6,631	$	12,654
2026	5,988		5,389		11,377
2027	5,742		4,514		10,256
2028	4,952		2,461		7,413
2029	4,097		555		4,652
Thereafter	11,582		—		11,582
Total lease payments	38,384		19,550		57,934
Less liability accretion / imputed interest	(7,964)		(2,208)		(10,172)
Total lease liabilities	30,420		17,342		47,762
Less: Current lease liabilities	4,145		4,599		8,744
Total long-term lease liabilities	$	26,275	$	12,743	$	39,018

Summary of Significant Accounting Policies

12 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Preparation and Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Investments

Short-term Investments

Restricted Cash

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 were comprised of the following as of June 30:


dollars in thousands	Estimated Useful Lives	2024		2023
Land	N/A	$	11,970	$	11,970
Buildings and leasehold improvements	10 - 40 years	156,064		124,262
Software	3 - 5 years	30,678		26,656
Equipment and vehicles	3 - 7 years	69,495		57,754
Construction in progress	N/A	12,234		42,223
		280,441		262,865
Less accumulated depreciation and amortization		(87,419)		(70,677)
Total property and equipment, net		$	193,022	$	192,188

Goodwill and Intangible Assets

Reported and Estimated Claims

Debt Issuance Costs

Revenue Recognition

Professional Liability Claims

Advertising Costs

Stock-based Compensation

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 plan are issued from authorized but unissued shares or from shares held by the Company as treasury stock, if any. See Note 10 “Stock-based Compensation.”

Income Taxes

Variable Interest Entities (VIE)

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

Financial Instruments

Recent Accounting Pronouncements Not Yet Adopted

Segment Reporting

Income Taxes

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

Long-term Debt

12 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-term Debt

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


	June 30, 2024		June 30, 2023
	in thousands
Senior secured borrowings:
Term Loan Facility	$	63,750	$	67,500
Convertible term loan	2,239		2,284
Total debt	65,989		69,784
Less unamortized debt issuance costs	716		1,145
Less current maturities	3,795		3,795
Noncurrent maturities	$	61,478	$	64,844

2021 Credit Agreement

On March 8, 2021, the Company entered into a credit agreement (as amended, 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, each with a maturity date of March 8, 2026. Borrowing capacity under the Revolving Credit Facility is subject to (i) any issued amounts under our letters of credit, which as of June 30, 2024 was $3.9 million, and (ii) applicable covenant compliance restrictions and any other conditions precedent to borrowing. 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 in an amount equal to 1.25% of the initial term loan on closing date.

Outstanding principal amounts under the 2021 Credit Agreement accrue interest at a variable interest rate. As of June 30, 2024 and 2023, the interest rate on the Term Loan Facility was 7.18% and 6.95%, 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. As of June 30, 2024, we had no borrowings outstanding, $3.9 million of letters of credit issued, and $96.1 million of remaining capacity under the Revolving Credit Facility.

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, 2024 and 2023.

The deferred financing costs of $2.0 million are amortized over the term of the underlying debt and unamortized amounts have been offset against long-term debt in the consolidated balance sheets. Total amortization of deferred financing costs was $0.4 million and $0.4 million for the years ended June 30, 2024 and 2023, respectively.

Convertible Term Loan

On June 29, 2015, SH1 entered into a convertible term loan. Principal and interest payments of $0.02 million are due monthly. The loan bears interest at an annual rate of 6.68%, with the remaining principal balance due upon maturity at 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, 2024 were as follows:


	Long-term debt
	in thousands
Year ending June 30:
2025	$	3,795
2026	60,059
2027	63
2028	67
2029	72
Thereafter	1,933
Total debt	$	65,989

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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
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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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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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+ Details

Stock-based Compensation - Equity Incentive Plan (Details)	12 Months Ended
	Jun. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Profits interests granted (in shares)	2,213,700
2020 Equity Incentive Plan
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)	15,222,837

- 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

Long-term Debt - Schedule of Aggregate Maturities of the Total Debt Outstanding (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Long-term debt
2025	$ 3,795
2026	60,059
2027	63
2028	67
2029	72
Thereafter	1,933
Total debt	$ 65,989

- Definition

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

+ References + Details

Income Taxes - Effective Income Tax Reconciliation (Details)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	(6.40%)	14.30%

Business (Details)	12 Months Ended
Business (Details)	Jun. 30, 2024 segment participant center
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments \| segment	1
Number of PACE participants \| participant	7,020
Number of PACE centers excluding non-consolidating joint ventures \| center	20
Percentage of obligation for health care costs	100.00%

Business	12 Months Ended
Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business InnovAge Holding Corp. and its subsidiaries (“InnovAge” or the “Company”), are headquartered in Denver, Colorado. The Company’s participant-centered care delivery approach is designed to improve the quality of care the Company’s participants receive, while keeping them in their homes for as long as safely possible. Through the Company’s Program of All-Inclusive Care for the Elderly (“PACE”) program, the Company fulfills a broad range of medical and ancillary services for seniors, 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 and from the PACE center and third-party medical appointments; and care management. The Company manages its business as one reportable segment, PACE. As of June 30, 2024, the Company served approximately 7,020 PACE participants, making it the largest PACE provider in the United States of America (the U.S.) based upon participants served, and operated 20 PACE centers across Colorado, California, Florida, New Mexico, Pennsylvania and Virginia. PACE is a fully-capitated managed care program, which serves the frail elderly, and predominantly dual-eligible, population in a community-based service model. We define dual-eligible seniors as individuals who are 55+ and qualify for benefits under both Medicare and Medicaid. InnovAge provides 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”.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss attributable to InnovAge Holding Corp.	$ (21,338)	$ (40,673)

- Definition

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

+ References

+ Details

Segment Reporting - Schedule of Operating Results by Reportable Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 763,855	$ 688,087
External provider costs	403,010	374,528
Cost of care, excluding depreciation and amortization	228,781	212,271
Center-Level Contribution Margin	132,064	101,288
Overhead costs	136,294	135,264
Depreciation and amortization	18,950	15,419
Interest expense, net	4,023	1,522
Gain on cost and equity method investments	(2,842)	0
Other income	(2,542)	(124)
Loss Before Income Taxes	(21,819)	(50,793)
Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	762,570	686,836
Other service revenue
Segment Reporting Information [Line Items]
Total revenues	1,285	1,251
PACE
Segment Reporting Information [Line Items]
Total revenues	762,880	687,183
External provider costs	403,010	374,528
Cost of care, excluding depreciation and amortization	228,203	211,707
Center-Level Contribution Margin	131,667	100,948
Overhead costs	136,284	135,264
Depreciation and amortization	18,477	14,959
Interest expense, net	3,845	1,342
Gain on cost and equity method investments	(2,842)	0
Other income	(2,542)	(124)
Loss Before Income Taxes	(21,555)	(50,493)
PACE \| Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	762,570	686,836
PACE \| Other service revenue
Segment Reporting Information [Line Items]
Total revenues	310	347
All other
Segment Reporting Information [Line Items]
Total revenues	975	904
External provider costs	0	0
Cost of care, excluding depreciation and amortization	578	564
Center-Level Contribution Margin	397	340
Overhead costs	10	0
Depreciation and amortization	473	460
Interest expense, net	178	180
Gain on cost and equity method investments	0	0
Other income	0	0
Loss Before Income Taxes	(264)	(300)
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	$ 975	$ 904

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 6,729	$ 4,161
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)	136,152,858	135,639,845
Common stock outstanding (in shares)	136,116,299	135,639,845
Treasury stock at cost (in shares)	36,559

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Jun. 30, 2024	Sep. 09, 2024	Dec. 29, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2024
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
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 114.6
Entity Common Stock, Shares Outstanding		135,620,541
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for the upcoming Annual Meeting of Stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended June 30, 2024, are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent described herein.
Entity Central Index Key	0001834376
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Cost and Equity Method Investments

12 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Cost and Equity Method Investments

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


	2024		2023
in thousands
Cost method investments	$	2,645	$	4,645
Equity method investments	—		848
Total investments	$	2,645	$	5,493

Nonconsolidated Entities

Cost Method Investments

As of June 30, 2024 and 2023, the Company maintained one investment and two investments, respectively, that were accounted for using the cost method. The Company’s ownership interests are less than 20% of the voting stock of the investments and the Company does not have the ability to exercise significant influence over the operating and financial policies of the investments. 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.

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. We determined that indicators of impairment were present as of December 31, 2023, and recognized an impairment loss of $1.9 million during the three months then ended. During the three months ended March 31, 2024, we determined that the remaining balance of our investment in Jetdoc was impaired and recognized an additional impairment loss of $0.1 million. Impairment losses are included in gain on cost and equity method investments on our consolidated statements of operations. During the year ended June 30, 2023, there were no observable price changes or impairments recorded. As of June 30, 2024, the Company does not have any ownership interest in JetDoc.

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. As of June 30, 2024, the balance of the Company’s investment was $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 years ended June 30, 2024 and 2023, there were no observable price changes or impairments.

Equity Method Investments

Pinewood Lodge

Through May 2, 2024, the Company’s operations included a Senior Housing unit that primarily included the accounts of Continental Community Housing (“CCH”), a wholly-owned subsidiary of the Company and the general partner of PWD, which was organized to develop, construct, own, maintain, and operate certain apartment complexes intended for rental to low-income elderly individuals aged 62 or older.

PWD was a VIE, but the Company was not the primary beneficiary. The Company did not have the power to direct the activities that most significantly impacted the economic performance of PWD. Accordingly, the Company did not consolidate PWD. PWD was accounted for using the equity method of accounting. The equity earnings of PWD were

insignificant. As of June 30, 2023, the balance of the Company’s investment in PWD was $0.8 million, which represented the maximum exposure to loss.

On March 13, 2024, PWD entered into a Purchase and Sale Agreement for the sale of all of PWD's property, including the Senior Housing unit. On May 2, 2024, PWD closed on the sale of its Senior Housing property for $9.5 million. Upon completion of the sale, PWD ceased providing senior housing services and in June 2024 was dissolved. Following the dissolution, the remaining proceeds from the sale were distributed in accordance with the partnership agreement and as otherwise agreed by the partners.

Consolidated Entities

Controlling Interest

InnovAge Florida PACE – Orlando

On May 28, 2024, the Company entered into a Joint Venture Agreement with Orlando Health (“OHI”) to develop and manage PACE centers to serve communities in Orlando, Florida. In connection with the joint venture, the joint venture, InnovAge Florida PACE – Orlando was formed. The Company contributed $26.1 million for its controlling membership interest of 90%. As result, the joint venture’s results are consolidated in the Company’s consolidated financial statements. OHI contributed $2.9 million in cash for its 10% interest.

Noncontrolling Interest

Senior Housing

The Company’s operations include a 0.01% partnership interest in SH1, which was organized to develop, construct, own, maintain, and operate certain apartment complexes intended for rental to low-income elderly individuals aged 62 or older. SH1 is a VIE. The Company is the primary beneficiary of SH1 and consolidates SH1. The Company is the primary beneficiary of SH1 as 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 senior housing facility. The Company has provided a subordinated loan to SH1 and has provided a guarantee for a convertible term loan held by SH1.

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


	2024		2023
	in thousands
Assets
Cash and cash equivalents	$	816	$	648

Prepaid expenses and other	5		1
Property, plant and equipment, net	9,465		9,933
Deposits and other, net	409		402
Liabilities
Accounts payable and accrued expenses	295		268


Noncurrent liabilities	456		454
Long-term debt, net of debt issuance costs	3,739		3,784

Redeemable Noncontrolling Interest

InnovAge Sacramento

On March 18, 2019, in connection with the formation of InnovAge Sacramento, the joint venture with Adventist Health System/West (“Adventist”) and Eskaton Properties, Incorporated (“Eskaton”), the Company contributed $9.0 million in cash and land valued at $4.2 million for a 59.9% membership interest in the joint venture. Further, 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. As of June 30, 2024, none of the conditions specified in the JV Agreement had been met. Accordingly, these put rights held by the noncontrolling interests of the joint venture are required to be presented as temporary equity. As of June 30, 2024 and 2023, the Company’s redeemable noncontrolling interest was recorded at fair value of $22.2 million and carrying value of $12.7 million, respectively.

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023
Current Assets
Cash and cash equivalents	$ 56,946	$ 127,249
Short-term investments	45,833	46,213
Restricted cash	14	16
Accounts receivable, net of allowance ($6,729 – June 30, 2024 and $4,161 – June 30, 2023)	48,106	24,344
Prepaid expenses	18,919	17,145
Income tax receivable	3,324	262
Total current assets	173,142	215,229
Noncurrent Assets
Property and equipment, net	193,022	192,188
Operating lease assets	28,416	21,210
Investments	2,645	5,493
Deposits and other	5,949	3,823
Goodwill	139,949	124,217
Other intangible assets, net	4,538	5,198
Total noncurrent assets	374,519	352,129
Total assets	547,661	567,358
Current Liabilities
Accounts payable and accrued expenses	55,459	54,935
Reported and estimated claims	55,404	42,999
Due to Medicaid and Medicare	15,197	9,142
Income tax payable	0	1,212
Current portion of long-term debt	3,795	3,795
Current portion of finance lease obligations	4,599	4,722
Current portion of operating lease obligations	4,145	3,530
Deferred revenue	0	28,115
Total current liabilities	138,599	148,450
Noncurrent Liabilities
Deferred tax liability, net	7,460	6,236
Finance lease obligations	12,743	13,114
Operating lease obligations	26,275	18,828
Other noncurrent liabilities	1,298	1,086
Long-term debt, net of debt issuance costs	61,478	64,844
Total liabilities	247,853	252,558
Commitments and Contingencies (See Note 9)
Redeemable Noncontrolling Interests (See Note 4)	22,200	12,708
Stockholders’ Equity
Common stock, $0.001 par value; 500,000,000 authorized as of June 30, 2024 and 2023; 136,152,858 issued and 136,116,299 outstanding as of June 30, 2024 and 135,639,845 issued and outstanding as of June 30, 2023.	136	136
Treasury stock at cost, 36,559 shares as of June 30, 2024	(179)	0
Additional paid-in capital	337,615	332,107
Retained deficit	(68,311)	(35,944)
Total InnovAge Holding Corp.	269,261	296,299
Noncontrolling interests	8,347	5,793
Total stockholders’ equity	277,608	302,092
Total liabilities and stockholders’ equity	$ 547,661	$ 567,358

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Jun. 30, 2024 segment participant center division
Segment Reporting Information [Line Items]
Number of operating segments	3
Number of reportable segments	1
Number of PACE participants \| participant	7,020
Number of PACE centers excluding non-consolidating joint ventures \| center	20
PACE
Segment Reporting Information [Line Items]
Number of operating segments	2
Number of geographic divisions \| division	2
Number of reportable segments	1

Revenue Recognition - Schedule of Source of Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
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

Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue Recognition
Pooled capitated payment	100.00%
Amortization of term of cost to obtain contract	3 years
Contract assets	$ 2,800	$ 1,000
Accounts receivable, net of allowance	$ 6,729	$ 4,161
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	12.00%	13.00%
Medicare Part D \| Cost of Goods and Service, Product and Service Benchmark \| Customer Concentration Risk
Revenue Recognition
Risk percentage	24.00%	23.00%

Share Repurchase Program	12 Months Ended
Share Repurchase Program	Jun. 30, 2024
Equity [Abstract]
Share Repurchase Program	Share Repurchase ProgramOn June 14, 2024, our Board authorized up to $5.0 million of share repurchases. As of June 30, 2024, the Company had repurchased approximately 45,023 shares of its common stock for $0.2 million, of which 36,559 were placed in Treasury.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Leases - Schedule of Weighted Average Lease Terms and Discount Rates (Details)	Jun. 30, 2024	Jun. 30, 2023
Weighted average remaining lease term:
Operating leases	7 years 8 months 12 days	7 years 10 months 24 days
Finance leases	3 years 6 months	3 years 10 months 24 days
Weighted average discount rate
Operating leases	6.86%	6.60%
Finance leases	7.80%	7.80%