(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 7, 2024 | By: | /s/ Benjamin C. Adams | ||||||
Name: | Benjamin C. Adams | |||||||
Title: | Chief Financial Officer |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
in thousands, except percentages and per share amounts | |||||||||||||||||||||||
Total revenues | $ | 193,071 | $ | 172,539 | $ | 564,454 | $ | 511,213 | |||||||||||||||
Loss Before Income Taxes | (6,408) | (8,675) | (20,873) | (39,304) | |||||||||||||||||||
Net Loss | (6,184) | (7,310) | (20,967) | (31,557) | |||||||||||||||||||
Net Loss margin | (3.2) | % | (4.2) | % | (3.7) | % | (6.2) | % | |||||||||||||||
Net Loss Attributable to InnovAge Holding Corp. | (5,887) | (6,630) | (19,638) | (29,496) | |||||||||||||||||||
Net Loss per share - basic and diluted | $ | (0.04) | $ | (0.05) | $ | (0.14) | $ | (0.22) | |||||||||||||||
Center-level Contribution Margin(1) | $ | 33,997 | $ | 28,785 | 95,486 | 72,782 | |||||||||||||||||
Adjusted EBITDA(1) | $ | 3,606 | $ | 3,789 | $ | 13,604 | $ | (1,977) | |||||||||||||||
Adjusted EBITDA margin(1) | 1.9 | % | 2.2 | % | 2.4 | % | (0.4) | % | |||||||||||||||
Low | High | ||||||||||
dollars in millions | |||||||||||
Census | 6,800 | 7,400 | |||||||||
Member Months(1) | 79,000 | 83,000 | |||||||||
Total revenues | $ | 725 | $ | 775 | |||||||
Adjusted EBITDA(2) | $ | 12 | $ | 18 |
March 31, 2024 | June 30, 2023 | ||||||||||
Assets | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 54,095 | $ | 127,249 | |||||||
Short-term investments | 45,235 | 46,213 | |||||||||
Restricted cash | 14 | 16 | |||||||||
Accounts receivable, net of allowance ($6,757 – March 31, 2024 and $4,161 – June 30, 2023) | 36,457 | 24,344 | |||||||||
Prepaid expenses | 13,935 | 17,145 | |||||||||
Income tax receivable | 3,330 | 262 | |||||||||
Total current assets | 153,066 | 215,229 | |||||||||
Noncurrent Assets | |||||||||||
Property and equipment, net | 191,190 | 192,188 | |||||||||
Operating lease assets | 29,118 | 21,210 | |||||||||
Investments | 3,493 | 5,493 | |||||||||
Deposits and other | 5,702 | 3,823 | |||||||||
Goodwill | 140,083 | 124,217 | |||||||||
Other intangible assets, net | 4,703 | 5,198 | |||||||||
Total noncurrent assets | 374,289 | 352,129 | |||||||||
Total assets | $ | 527,355 | $ | 567,358 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current Liabilities | |||||||||||
Accounts payable and accrued expenses | $ | 48,891 | $ | 54,935 | |||||||
Reported and estimated claims | 49,281 | 42,999 | |||||||||
Due to Medicaid and Medicare | 11,412 | 9,142 | |||||||||
Income tax payable | — | 1,212 | |||||||||
Current portion of long-term debt | 3,795 | 3,795 | |||||||||
Current portion of finance lease obligations | 4,466 | 4,722 | |||||||||
Current portion of operating lease obligations | 4,128 | 3,530 | |||||||||
Deferred revenue | — | 28,115 | |||||||||
Total current liabilities | 121,973 | 148,450 | |||||||||
Noncurrent Liabilities | |||||||||||
Deferred tax liability, net | 6,159 | 6,236 | |||||||||
Finance lease obligations | 9,898 | 13,114 | |||||||||
Operating lease obligations | 27,322 | 18,828 | |||||||||
Other noncurrent liabilities | 1,360 | 1,086 | |||||||||
Long-term debt, net of debt issuance costs | 62,321 | 64,844 | |||||||||
Total liabilities | 229,033 | 252,558 | |||||||||
Commitments and Contingencies | |||||||||||
Redeemable Noncontrolling Interests | 11,588 | 12,708 | |||||||||
Stockholders’ Equity | |||||||||||
Common stock, $0.001 par value; 500,000,000 authorized as of March 31, 2024 and June 30, 2023; 135,925,305 and 135,639,845 issued shares as of March 31, 2024 and June 30, 2023, respectively | 136 | 136 | |||||||||
Additional paid-in capital | 336,596 | 332,107 | |||||||||
Retained deficit | (55,582) | (35,944) | |||||||||
Total InnovAge Holding Corp. | 281,150 | 296,299 | |||||||||
Noncontrolling interests | 5,584 | 5,793 | |||||||||
Total stockholders’ equity | 286,734 | 302,092 | |||||||||
Total liabilities and stockholders’ equity | $ | 527,355 | $ | 567,358 |
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Capitation revenue | $ | 192,756 | $ | 172,196 | $ | 563,490 | $ | 510,268 | |||||||||||||||
Other service revenue | 315 | 343 | 964 | 945 | |||||||||||||||||||
Total revenues | 193,071 | 172,539 | 564,454 | 511,213 | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
External provider costs | 99,996 | 89,805 | 300,319 | 279,550 | |||||||||||||||||||
Cost of care, excluding depreciation and amortization | 59,078 | 53,949 | 168,649 | 158,881 | |||||||||||||||||||
Sales and marketing | 7,179 | 5,314 | 18,416 | 13,502 | |||||||||||||||||||
Corporate, general and administrative | 27,549 | 27,648 | 81,746 | 86,646 | |||||||||||||||||||
Depreciation and amortization | 5,062 | 3,992 | 13,621 | 11,087 | |||||||||||||||||||
Total expenses | 198,864 | 180,708 | 582,751 | 549,666 | |||||||||||||||||||
Operating Loss | (5,793) | (8,169) | (18,297) | (38,453) | |||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||
Interest expense, net | (1,022) | (405) | (2,619) | (1,231) | |||||||||||||||||||
Other income (expense) | 525 | (101) | 2,043 | 380 | |||||||||||||||||||
Loss on minority equity interest | (118) | — | (2,000) | — | |||||||||||||||||||
Total other expense | (615) | (506) | (2,576) | (851) | |||||||||||||||||||
Loss Before Income Taxes | (6,408) | (8,675) | (20,873) | (39,304) | |||||||||||||||||||
Provision (Benefit) for Income Taxes | (224) | (1,365) | 94 | (7,747) | |||||||||||||||||||
Net Loss | (6,184) | (7,310) | (20,967) | (31,557) | |||||||||||||||||||
Less: net loss attributable to noncontrolling interests | (297) | (680) | (1,329) | (2,061) | |||||||||||||||||||
Net Loss Attributable to InnovAge Holding Corp. | $ | (5,887) | $ | (6,630) | $ | (19,638) | $ | (29,496) | |||||||||||||||
Weighted-average number of common shares outstanding - basic | 135,908,256 | 135,601,327 | 135,861,922 | 135,581,971 | |||||||||||||||||||
Weighted-average number of common shares outstanding - diluted | 135,908,256 | 135,601,327 | 135,861,922 | 135,581,971 | |||||||||||||||||||
Net loss per share - basic | $ | (0.04) | $ | (0.05) | $ | (0.14) | $ | (0.22) | |||||||||||||||
Net loss per share - diluted | $ | (0.04) | $ | (0.05) | $ | (0.14) | $ | (0.22) |
For the Nine Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating Activities | |||||||||||
Net loss | $ | (20,967) | $ | (31,557) | |||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||||||||||
Gain (loss) on disposal of assets | (14) | 482 | |||||||||
Provision for uncollectible accounts | 5,252 | 2,319 | |||||||||
Depreciation and amortization | 13,621 | 11,087 | |||||||||
Operating lease rentals | 3,831 | 3,500 | |||||||||
Amortization of deferred financing costs | 322 | 322 | |||||||||
Stock-based compensation | 5,140 | 3,456 | |||||||||
Loss on minority equity interest investment | 2,000 | — | |||||||||
Deferred income taxes | (78) | (12,046) | |||||||||
Other | 302 | (726) | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable, net | (16,802) | (609) | |||||||||
Prepaid expenses | 4,382 | (81) | |||||||||
Income tax receivable | (3,068) | 7,727 | |||||||||
Deposits and other | (2,350) | (836) | |||||||||
Accounts payable and accrued expenses | (5,402) | 25,161 | |||||||||
Reported and estimated claims | 6,171 | 641 | |||||||||
Due to Medicaid and Medicare | 2,270 | 1,870 | |||||||||
Income taxes payable | (1,212) | — | |||||||||
Operating lease liabilities | (4,054) | (3,625) | |||||||||
Deferred revenue | (28,115) | — | |||||||||
Net cash provided by (used in) operating activities | (38,771) | 7,085 | |||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | (4,609) | (19,329) | |||||||||
Purchases of short-term investments | (1,782) | (45,000) | |||||||||
Proceeds from sale of short-term investments | 3,000 | — | |||||||||
Acquisition of business | (23,916) | — | |||||||||
Net cash used in investing activities | (27,307) | (64,329) | |||||||||
Financing Activities | |||||||||||
Payments for finance lease obligations | (3,581) | (2,637) | |||||||||
Principal payments on long-term debt | (2,846) | (2,843) | |||||||||
Taxes paid related to net share settlements of stock-based compensation awards | (651) | — | |||||||||
Net cash used in financing activities | (7,078) | (5,480) | |||||||||
DECREASE IN CASH, CASH EQUIVALENTS & RESTRICTED CASH | (73,156) | (62,724) | |||||||||
CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD | 127,265 | 184,446 | |||||||||
CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD | $ | 54,109 | $ | 121,722 | |||||||
Supplemental Cash Flows Information | |||||||||||
Interest paid | $ | 2,894 | $ | 2,826 | |||||||
Income taxes paid | $ | 4,452 | $ | 13 | |||||||
Property and equipment included in accounts payable | $ | 432 | $ | 1,811 | |||||||
Property and equipment purchased under finance leases | $ | 108 | $ | 8,157 |
Three months ended March 31, | Nine months ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net loss | $ | (6,184) | $ | (7,310) | $ | (20,967) | $ | (31,557) | |||||||||||||||
Interest expense, net | 1,022 | 405 | 2,619 | 1,231 | |||||||||||||||||||
Depreciation and amortization | 5,062 | 3,992 | 13,621 | 11,087 | |||||||||||||||||||
Provision (benefit) for income tax | (224) | (1,365) | 94 | (7,747) | |||||||||||||||||||
Stock-based compensation | 1,551 | 1,208 | 5,140 | 3,721 | |||||||||||||||||||
Litigation costs and settlement(a) | 897 | 3,274 | 2,802 | 7,839 | |||||||||||||||||||
M&A and de novo center development(b) | 271 | 146 | 964 | 452 | |||||||||||||||||||
Business optimization(c) | 738 | 1,394 | 3,672 | 8,418 | |||||||||||||||||||
EMR implementation(d) | 355 | 2,045 | 3,659 | 4,579 | |||||||||||||||||||
Loss on minority equity interest(e) | $ | 118 | $ | — | $ | 2,000 | $ | — | |||||||||||||||
Adjusted EBITDA | $ | 3,606 | $ | 3,789 | $ | 13,604 | $ | (1,977) | |||||||||||||||
Net loss margin | (3.2) | % | (4.2) | % | (3.7) | % | (6.2) | % | |||||||||||||||
Adjusted EBITDA margin | 1.9 | % | 2.2 | % | 2.4 | % | (0.4) | % |
Three months ended December 31, | |||||
2023 | |||||
Net loss | $ | (3,821) | |||
Interest expense, net | 935 | ||||
Depreciation and amortization | 4,290 | ||||
Provision (benefit) for income tax | 93 | ||||
Stock-based compensation | 1,766 | ||||
Litigation costs and settlement(a) | 198 | ||||
M&A and de novo center development(b) | 284 | ||||
Business optimization(c) | 774 | ||||
EMR implementation(d) | 1,370 | ||||
Loss on minority equity interest(e) | 1,882 | ||||
Adjusted EBITDA | $ | 7,771 | |||
Net loss margin | (2.0) | % | |||
Adjusted EBITDA margin | 4.1 | % |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||
(In thousands) | PACE | All other(a) | Totals | PACE | All other(a) | Totals | |||||||||||||||||||||||||||||
Capitation revenue | $ | 192,756 | $ | — | $ | 192,756 | $ | 172,196 | $ | — | $ | 172,196 | |||||||||||||||||||||||
Other service revenue | 78 | 237 | 315 | 87 | 256 | 343 | |||||||||||||||||||||||||||||
Total revenues | 192,834 | 237 | 193,071 | 172,283 | 256 | 172,539 | |||||||||||||||||||||||||||||
External provider costs | 99,996 | — | 99,996 | 89,805 | — | 89,805 | |||||||||||||||||||||||||||||
Cost of care, excluding depreciation and amortization | 58,959 | 119 | 59,078 | 53,861 | 88 | 53,949 | |||||||||||||||||||||||||||||
Center-Level Contribution Margin | 33,879 | 118 | 33,997 | 28,617 | 168 | 28,785 | |||||||||||||||||||||||||||||
Overhead costs(b) | 34,727 | 1 | 34,728 | 33,041 | (79) | 32,962 | |||||||||||||||||||||||||||||
Depreciation and amortization | 4,929 | 133 | 5,062 | 3,858 | 134 | 3,992 | |||||||||||||||||||||||||||||
Interest expense, net | (978) | (44) | (1,022) | (360) | (45) | (405) | |||||||||||||||||||||||||||||
Other income (expense) | 525 | — | 525 | (101) | — | (101) | |||||||||||||||||||||||||||||
Loss on minority equity interest | (118) | — | (118) | — | — | — | |||||||||||||||||||||||||||||
Loss Before Income Taxes | $ | (6,348) | $ | (60) | $ | (6,408) | $ | (8,743) | $ | 68 | $ | (8,675) | |||||||||||||||||||||||
Loss Before Income Taxes as a % of revenue | (3.3) | % | (5.0) | % | |||||||||||||||||||||||||||||||
Center- Level Contribution Margin as a % of revenue | 17.6 | % | 16.7 | % |
Three Months Ended December 31, 2023 | |||||||||||||||||
(In thousands) | PACE | All other(a) | Totals | ||||||||||||||
Capitation revenue | $ | 188,561 | $ | — | $ | 188,561 | |||||||||||
Other service revenue | 68 | 269 | 337 | ||||||||||||||
Total revenues | 188,629 | 269 | 188,898 | ||||||||||||||
External provider costs | 100,964 | — | 100,964 | ||||||||||||||
Cost of care, excluding depreciation and amortization | 54,171 | 150 | 54,321 | ||||||||||||||
Center-Level Contribution Margin | 33,494 | 119 | 33,613 | ||||||||||||||
Overhead costs(b) | 31,108 | — | 31,108 | ||||||||||||||
Depreciation and amortization | 4,178 | 112 | 4,290 | ||||||||||||||
Interest expense, net | 890 | 45 | 935 | ||||||||||||||
Other income (expense) | (874) | — | (874) | ||||||||||||||
Loss on minority equity interest | 1,882 | — | 1,882 | ||||||||||||||
Loss Before Income Taxes | $ | (3,690) | $ | (38) | $ | (3,728) | |||||||||||
Loss Before Income Taxes as a % of revenue | (2.0) | % | |||||||||||||||
Center- Level Contribution Margin as a % of revenue | 17.8 | % |
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Cover |
May 07, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 07, 2024 |
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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