(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
The (Nasdaq Global Select Market) |
Exhibit | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
INNOVAGE HOLDING CORP. | ||||||||
Date: May 9, 2023 | By: | /s/ Barbara Gutierrez | ||||||
Name: | Barbara Gutierrez | |||||||
Title: | Chief Financial Officer |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
in thousands, except percentages and per share amounts | |||||||||||||||||||||||
Total revenues | $ | 172,539 | $ | 177,359 | $ | 511,213 | $ | 525,780 | |||||||||||||||
Center-level Contribution Margin(1) | 28,785 | 28,003 | 72,782 | 111,741 | |||||||||||||||||||
Net Income (Loss) | (7,310) | (3,158) | (31,557) | 5,572 | |||||||||||||||||||
Net Income (Loss) margin | (4.2) | % | (1.8) | % | (6.2) | % | 1.1 | % | |||||||||||||||
Net Income (Loss) Attributable to InnovAge Holding Corp. | (6,630) | (2,821) | (29,496) | 6,188 | |||||||||||||||||||
Net income (Loss) per share - basic and diluted | $ | (0.05) | $ | (0.02) | $ | (0.22) | $ | 0.05 | |||||||||||||||
Adjusted EBITDA(1) | $ | 3,789 | $ | 1,931 | $ | (1,977) | $ | 34,895 | |||||||||||||||
Adjusted EBITDA margin(1) | 2.2 | % | 1.1 | % | (0.4) | % | 6.6 | % |
March 31, 2023 | June 30, 2022 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 121,706 | $ | 184,429 | |||||||
Short-term investments | 45,847 | — | |||||||||
Restricted cash | 16 | 17 | |||||||||
Accounts receivable, net of allowance ($3,936 – March 31, 2023 and $3,403 – June 30, 2022) | 34,197 | 35,907 | |||||||||
Prepaid expenses | 13,924 | 13,842 | |||||||||
Income tax receivable | 254 | 6,761 | |||||||||
Total current assets | 215,944 | 240,956 | |||||||||
Noncurrent Assets | |||||||||||
Property and equipment, net | 192,911 | 176,260 | |||||||||
Operating lease assets | 21,906 | — | |||||||||
Investments | 5,493 | 5,493 | |||||||||
Deposits and other | 3,573 | 2,812 | |||||||||
Goodwill | 124,217 | 124,217 | |||||||||
Other intangible assets, net | 5,363 | 5,858 | |||||||||
Total noncurrent assets | 353,463 | 314,640 | |||||||||
Total assets | $ | 569,407 | $ | 555,596 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current Liabilities | |||||||||||
Accounts payable and accrued expenses | $ | 48,198 | $ | 50,562 | |||||||
Reported and estimated claims | 39,095 | 38,454 | |||||||||
Due to Medicaid and Medicare | 11,001 | 9,130 | |||||||||
Income tax payable | 1,220 | — | |||||||||
Current portion of long-term debt | 3,795 | 3,793 | |||||||||
Current portion of finance lease obligations | 4,946 | 3,368 | |||||||||
Current portion of operating lease obligations | 3,402 | — | |||||||||
Deferred revenue | 26,032 | — | |||||||||
Total current liabilities | 137,689 | 105,307 | |||||||||
Noncurrent Liabilities | |||||||||||
Deferred tax liability, net | 5,714 | 17,761 | |||||||||
Finance lease obligations | 13,381 | 9,440 | |||||||||
Operating lease obligations | 20,110 | — | |||||||||
Other noncurrent liabilities | 1,183 | 1,134 | |||||||||
Long-term debt, net of debt issuance costs | 65,687 | 68,210 | |||||||||
Total liabilities | 243,764 | 201,852 | |||||||||
Commitments and Contingencies | |||||||||||
Redeemable Noncontrolling Interests | 13,461 | 15,278 | |||||||||
Stockholders’ Equity | |||||||||||
Common stock, $0.001 par value; 500,000,000 authorized as of March 31, 2023 and June 30, 2022; 135,602,464 and 135,532,811 issued shares as of March 31, 2023 and June 30, 2022, respectively | 136 | 136 | |||||||||
Additional paid-in capital | 330,955 | 327,499 | |||||||||
Retained earnings (deficit) | (24,767) | 4,729 | |||||||||
Total InnovAge Holding Corp. | 306,324 | 332,364 | |||||||||
Noncontrolling interests | 5,858 | 6,102 | |||||||||
Total stockholders’ equity | 312,182 | 338,466 | |||||||||
Total liabilities and stockholders’ equity | $ | 569,407 | $ | 555,596 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Capitation revenue | $ | 172,196 | $ | 176,988 | $ | 510,268 | $ | 524,507 | |||||||||||||||
Other service revenue | 343 | 371 | 945 | 1,273 | |||||||||||||||||||
Total revenues | 172,539 | 177,359 | 511,213 | 525,780 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
External provider costs | 89,805 | 103,254 | 279,550 | 284,299 | |||||||||||||||||||
Cost of care, excluding depreciation and amortization | 53,949 | 46,102 | 158,881 | 129,740 | |||||||||||||||||||
Center-level Contribution Margin | 28,785 | 28,003 | 72,782 | 111,741 | |||||||||||||||||||
Sales and marketing | 5,314 | 6,144 | 13,502 | 19,117 | |||||||||||||||||||
Corporate, general and administrative | 27,648 | 24,682 | 86,646 | 74,248 | |||||||||||||||||||
Depreciation and amortization | 3,992 | 3,850 | 11,087 | 10,435 | |||||||||||||||||||
Total expenses | 180,708 | 184,032 | 549,666 | 517,839 | |||||||||||||||||||
Operating Income (Loss) | (8,169) | (6,673) | (38,453) | 7,941 | |||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Interest expense, net | (405) | (709) | (1,231) | (1,930) | |||||||||||||||||||
Other expense | (101) | 108 | 380 | (358) | |||||||||||||||||||
Total other expense | (506) | (601) | (851) | (2,288) | |||||||||||||||||||
Income (Loss) Before Income Taxes | (8,675) | (7,274) | (39,304) | 5,653 | |||||||||||||||||||
Provision for Income Taxes | (1,365) | (4,116) | (7,747) | 81 | |||||||||||||||||||
Net Income (Loss) | (7,310) | (3,158) | (31,557) | 5,572 | |||||||||||||||||||
Less: net loss attributable to noncontrolling interests | (680) | (337) | (2,061) | (616) | |||||||||||||||||||
Net Income (Loss) Attributable to InnovAge Holding Corp. | $ | (6,630) | $ | (2,821) | $ | (29,496) | $ | 6,188 | |||||||||||||||
Weighted-average number of common shares outstanding - basic | 135,601,327 | 135,516,608 | 135,581,971 | 135,516,544 | |||||||||||||||||||
Weighted-average number of common shares outstanding - diluted | 135,601,327 | 135,516,608 | 135,581,971 | 135,530,793 | |||||||||||||||||||
Net income (loss) per share - basic | $ | (0.05) | $ | (0.02) | $ | (0.22) | $ | 0.05 | |||||||||||||||
Net income (loss) per share - diluted | $ | (0.05) | $ | (0.02) | $ | (0.22) | $ | 0.05 |
For the Nine Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating Activities | |||||||||||
Net income (loss) | $ | (31,557) | $ | 5,572 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||
(Gain) loss on disposal of assets | 482 | 358 | |||||||||
Provision for uncollectible accounts | 2,319 | 4,834 | |||||||||
Depreciation and amortization | 11,087 | 10,435 | |||||||||
Operating lease rentals | 3,500 | — | |||||||||
Amortization of deferred financing costs | 322 | 322 | |||||||||
Stock-based compensation | 3,456 | 2,586 | |||||||||
Deferred income taxes | (12,046) | 81 | |||||||||
Other | (726) | — | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable, net | (609) | (4,157) | |||||||||
Prepaid expenses | (81) | (4,323) | |||||||||
Income tax receivable | 7,727 | (60) | |||||||||
Deposits and other | (836) | (1,501) | |||||||||
Accounts payable and accrued expenses | 25,161 | 4,705 | |||||||||
Reported and estimated claims | 641 | 2,778 | |||||||||
Due to Medicaid and Medicare | 1,870 | 2,429 | |||||||||
Operating lease liabilities | (3,625) | — | |||||||||
Net cash provided (used) by operating activities | 7,085 | 24,059 | |||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | (19,329) | (20,141) | |||||||||
Purchases of short-term investments | (45,000) | — | |||||||||
Purchases of intangible assets | — | (1,437) | |||||||||
Purchase of cost method investment | — | (2,000) | |||||||||
Net cash used in investing activities | (64,329) | (23,578) | |||||||||
Financing Activities | |||||||||||
Payments for finance lease obligations | (2,637) | (1,829) | |||||||||
Principal payments on long-term debt | (2,843) | (2,841) | |||||||||
Net cash used in financing activities | (5,480) | (4,670) | |||||||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS & RESTRICTED CASH | (62,724) | (4,189) | |||||||||
CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD | 184,446 | 203,700 | |||||||||
CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD | $ | 121,722 | $ | 199,511 | |||||||
Supplemental Cash Flows Information | |||||||||||
Interest paid | $ | 2,826 | $ | 1,452 | |||||||
Income taxes paid | $ | 13 | $ | 84 | |||||||
Property and equipment included in accounts payable | $ | 1,811 | $ | 4,577 | |||||||
Property and equipment purchased under finance leases | $ | 8,157 | $ | 8,057 |
Three months ended March 31, | Nine months ended March 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | (7,310) | $ | (3,158) | $ | (31,557) | $ | 5,572 | |||||||||||||||
Interest expense, net | 405 | 709 | 1,231 | 1,930 | |||||||||||||||||||
Depreciation and amortization | 3,992 | 3,850 | 11,087 | 10,435 | |||||||||||||||||||
Provision (benefit) for income tax | (1,365) | (4,116) | (7,747) | 81 | |||||||||||||||||||
Stock-based compensation | 1,208 | 845 | 3,721 | 2,586 | |||||||||||||||||||
Executive severance and recruitment(a) | — | — | — | 4,123 | |||||||||||||||||||
Litigation costs and settlement(b) | 3,274 | 377 | 7,839 | 2,820 | |||||||||||||||||||
M&A and de novo center development(c) | 146 | 693 | 452 | 1,533 | |||||||||||||||||||
Business optimization(d) | 1,394 | 2,329 | 8,418 | 4,720 | |||||||||||||||||||
EMR implementation(e) | 2,045 | 402 | 4,579 | 1,095 | |||||||||||||||||||
Adjusted EBITDA | $ | 3,789 | $ | 1,931 | $ | (1,977) | $ | 34,895 | |||||||||||||||
Net income (loss) margin | (4.2) | % | (1.8) | % | (6.2) | % | 1.1 | % | |||||||||||||||
Adjusted EBITDA margin | 2.2 | % | 1.1 | % | (0.4) | % | 6.6 | % |
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Cover |
May 09, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 09, 2023 |
Entity Registrant Name | INNOVAGE HOLDING CORP |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-40159 |
Entity Tax Identification Number | 81-0710819 |
Entity Address, Address Line One | 8950 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 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.001 par value |
Trading Symbol | INNV |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Flag | false |
Entity Central Index Key | 0001834376 |
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