Inovalon (INOV) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36841
Entity Registrant Name	Inovalon Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1830316
Entity Address, Address Line One	4321 Collington Road,
Entity Address, City or Town	Bowie,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20716
City Area Code	301
Local Phone Number	809-4000
Title of 12(b) Security	Class A Common Stock, $0.000005 par value per share
Trading Symbol	INOV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001619954
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Class A Common
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		77,165,256
Class B Common
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		78,081,076

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 108,869	$ 123,880
Accounts receivable (net of allowances of $3,175 at September 30, 2021 and $2,700 at December 31, 2020)	180,584	148,003
Prepaid expenses and other current assets	36,447	26,529
Income tax receivable	40,402	24,664
Total current assets	366,302	323,076
Non-current assets:
Property, equipment and capitalized software, net	174,035	168,113
Operating lease right-of-use assets	31,071	35,355
Goodwill	955,881	955,881
Intangible assets, net	422,941	452,558
Other assets	34,464	36,415
Total assets	1,984,694	1,971,398
Current liabilities:
Accounts payable and accrued expenses	44,890	52,998
Accrued compensation	34,618	40,860
Other current liabilities	42,769	39,835
Deferred revenue	9,956	10,854
Credit facilities	9,800	9,800
Operating lease liabilities	7,143	5,968
Finance lease liabilities	3,460	3,963
Total current liabilities	152,636	164,278
Non-current liabilities:
Credit facilities, less current portion	873,607	877,574
Operating lease liabilities, less current portion	37,825	40,807
Finance lease liabilities, less current portion	23,089	25,759
Other liabilities	33,329	54,350
Deferred income taxes	96,927	99,916
Total liabilities	1,217,413	1,262,684
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock	0	0
Preferred stock, $0.0001 par value, 100,000,000 shares authorized, zero shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	0	0
Additional paid-in-capital	669,767	655,444
Retained earnings	331,361	300,890
Treasury stock, at cost, 14,620,175 shares at September 30, 2021 and December 31, 2020, respectively	(199,817)	(199,817)
Other comprehensive loss	(34,031)	(47,804)
Total stockholders’ equity	767,281	708,714
Total liabilities and stockholders’ equity	1,984,694	1,971,398
Class A Common
Stockholders’ equity:
Common stock	1	1
Class B Common
Stockholders’ equity:
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts receivable, allowances	$ 3,175	$ 2,700
Common stock, par value (in dollars per share)	$ 0.000005	$ 0.000005
Common stock, authorized (in shares)	900,000,000	900,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Treasury stock (in shares)	14,620,175	14,620,175
Class A Common
Common stock, par value (in dollars per share)	$ 0.000005	$ 0.000005
Common stock, authorized (in shares)	750,000,000	750,000,000
Common stock, issued (in shares)	92,813,948	91,617,450
Common stock, outstanding (in shares)	78,193,773	76,997,275
Class B Common
Common stock, par value (in dollars per share)	$ 0.000005	$ 0.000005
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	78,081,076	78,331,591
Common stock, outstanding (in shares)	78,081,076	78,331,591

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue		$ 192,230	$ 161,377	$ 559,845	$ 477,779
Expenses:
Cost of revenue	[1]	54,951	39,561	151,013	117,365
Sales and marketing	[1]	21,098	14,898	62,306	45,130
Research and development	[1]	9,569	7,941	27,437	23,880
General and administrative	[1]	55,389	54,865	161,957	163,977
Depreciation and amortization		29,647	28,183	87,988	86,749
Impairment charge		2,954	0	2,954	0
Total operating expenses		173,608	145,448	493,655	437,101
Income from operations		18,622	15,929	66,190	40,678
Other income and (expenses):
Interest income		69	50	166	436
Interest expense		(12,999)	(13,648)	(38,991)	(42,468)
Other expense, net		(728)	(332)	(768)	(502)
Income (Loss) before taxes		4,964	1,999	26,597	(1,856)
(Benefit from) Provision for income taxes		(6,771)	1,175	(3,874)	(3,022)
Net income		11,735	824	30,471	1,166
Net income attributable to common stockholders, basic		11,410	800	29,654	1,130
New income attributable to common stockholders, diluted		$ 11,410	$ 800	$ 29,654	$ 1,130
Net income per share attributable to common stockholders, basic and diluted:
Basic net income per share (in dollars per share)		$ 0.08	$ 0.01	$ 0.20	$ 0.01
Diluted net income per share (in dollars per share)		$ 0.08	$ 0.01	$ 0.20	$ 0.01
Weighted average shares of common stock outstanding:
Basic (in shares)		150,873	149,720	150,624	149,474
Diluted (in shares)		150,952	149,903	150,728	149,650
[1]	(1) Includes stock-based compensation expense as follows: Cost of revenue $ 327 $ 156 $ 812 $ 474 Sales and marketing 1,259 717 3,333 2,089 Research and development 427 287 1,110 1,009 General and administrative 6,403 6,853 17,106 19,562 Total stock-based compensation expense $ 8,416 $ 8,013 $ 22,361 $ 23,134

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Includes stock-based compensation expense as follows:
Total stock-based compensation expense	$ 8,416	$ 8,013	$ 22,361	$ 23,134
Cost of revenue
Includes stock-based compensation expense as follows:
Total stock-based compensation expense	327	156	812	474
Sales and marketing
Includes stock-based compensation expense as follows:
Total stock-based compensation expense	1,259	717	3,333	2,089
Research and development
Includes stock-based compensation expense as follows:
Total stock-based compensation expense	427	287	1,110	1,009
General and administrative
Includes stock-based compensation expense as follows:
Total stock-based compensation expense	$ 6,403	$ 6,853	$ 17,106	$ 19,562

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 11,735	$ 824	$ 30,471	$ 1,166
Other comprehensive income (loss):
Realized losses on cash flow hedges reclassified from accumulated other comprehensive income, net of tax of $(1,554), $(1,503), $(4,587), and $(3,477) respectively	3,288	3,197	9,704	7,390
Net change in unrealized gains (losses) on cash flow hedges, net of tax of $137, $42, $(1,887), and $14,734, respectively	(291)	(46)	4,069	(31,263)
Comprehensive income (loss)	$ 14,732	$ 3,975	$ 44,244	$ (22,707)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Realized losses on cash flow hedges reclassified from accumulated other comprehensive income, tax	$ (1,554)	$ (1,503)	$ (4,587)	$ (3,477)
Net change in unrealized (losses) gains on cash flow hedges, tax	$ 137	$ 42	$ (1,887)	$ 14,734

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Class A Common	Class B Common	Common Stock	Common StockClass A Common	Common StockClass B Common	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to retained earnings for adoption of ASC 326	$ 688,159				$ 1	$ 0	$ (199,817)	$ 636,461	$ 278,246	$ (26,732)	$ 65	$ 65
Beginning balance (in shares) at Dec. 31, 2019					90,327,728	79,369,411	(14,620,175)
Beginning balance at Dec. 31, 2019	688,159				$ 1	$ 0	$ (199,817)	636,461	278,246	(26,732)	65	65
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	7,164							7,164
Exercise of stock options (in shares)					23,183
Exercise of stock options	183							183
Conversion Class B to Class A common stock (in shares)					98,550	(98,550)
Issuance of shares related to restricted stock units and awards, net of forfeitures (in shares)					574,082
Shares withheld for employee taxes upon conversion of restricted stock (in shares)					(148,071)
Shares withheld for employee taxes upon conversion of restricted stock	(2,947)							(2,947)
Other comprehensive income (loss)	(24,200)									(24,200)
Net income (loss)	(1,683)								(1,683)
Ending balance (in shares) at Mar. 31, 2020					90,875,472	79,270,861	(14,620,175)
Ending balance at Mar. 31, 2020	666,741				$ 1	$ 0	$ (199,817)	640,861	276,628	(50,932)
Beginning balance (in shares) at Dec. 31, 2019					90,327,728	79,369,411	(14,620,175)
Beginning balance at Dec. 31, 2019	688,159				$ 1	$ 0	$ (199,817)	636,461	278,246	(26,732)	$ 65	$ 65
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,166
Ending balance (in shares) at Sep. 30, 2020					91,740,808	78,331,591	(14,620,175)
Ending balance at Sep. 30, 2020	681,403			$ 1		$ 0	$ (199,817)	652,347	279,477	(50,605)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to retained earnings for adoption of ASC 326	666,741				$ 1	$ 0	$ (199,817)	640,861	276,628	(50,932)
Beginning balance (in shares) at Mar. 31, 2020					90,875,472	79,270,861	(14,620,175)
Beginning balance at Mar. 31, 2020	666,741				$ 1	$ 0	$ (199,817)	640,861	276,628	(50,932)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	7,757							7,757
Issuance of shares related to restricted stock units and awards, net of forfeitures (in shares)					(40,849)
Shares withheld for employee taxes upon conversion of restricted stock (in shares)					(124,672)
Shares withheld for employee taxes upon conversion of restricted stock	(2,163)							(2,163)
Other comprehensive income (loss)	(2,824)									(2,824)
Net income (loss)	2,025								2,025
Ending balance (in shares) at Jun. 30, 2020					90,709,951	79,270,861	(14,620,175)
Ending balance at Jun. 30, 2020	671,536				$ 1	$ 0	$ (199,817)	646,455	278,653	(53,756)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to retained earnings for adoption of ASC 326	671,536				$ 1	$ 0	$ (199,817)	646,455	278,653	(53,756)
Stock-based compensation expense	7,912							7,912
Exercise of stock options (in shares)					2,104
Exercise of stock options	15							15
Conversion Class B to Class A common stock (in shares)					939,270	(939,270)
Issuance of shares related to restricted stock units and awards, net of forfeitures (in shares)					175,185
Shares withheld for employee taxes upon conversion of restricted stock (in shares)					(85,702)
Shares withheld for employee taxes upon conversion of restricted stock	(2,035)							(2,035)
Other comprehensive income (loss)	3,151									3,151
Net income (loss)	824								824
Ending balance (in shares) at Sep. 30, 2020					91,740,808	78,331,591	(14,620,175)
Ending balance at Sep. 30, 2020	681,403			1		$ 0	$ (199,817)	652,347	279,477	(50,605)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to retained earnings for adoption of ASC 326	681,403			$ 1		0	(199,817)	652,347	279,477	(50,605)
Adjustment to retained earnings for adoption of ASC 326	708,714				$ 1	$ 0	$ (199,817)	655,444	300,890	(47,804)
Beginning balance (in shares) at Dec. 31, 2020					91,617,450	78,331,591	(14,620,175)
Beginning balance at Dec. 31, 2020	708,714				$ 1	$ 0	$ (199,817)	655,444	300,890	(47,804)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	5,533							5,533
Exercise of stock options (in shares)					165,311
Exercise of stock options	1,110							1,110
Issuance of shares related to restricted stock units and awards, net of forfeitures (in shares)					619,090
Shares withheld for employee taxes upon conversion of restricted stock (in shares)					(159,699)
Shares withheld for employee taxes upon conversion of restricted stock	(4,235)							(4,235)
Other comprehensive income (loss)	9,443									9,443
Net income (loss)	9,156								9,156
Ending balance (in shares) at Mar. 31, 2021					92,242,152	78,331,591	(14,620,175)
Ending balance at Mar. 31, 2021	729,721				$ 1	$ 0	$ (199,817)	657,852	310,046	(38,361)
Beginning balance (in shares) at Dec. 31, 2020					91,617,450	78,331,591	(14,620,175)
Beginning balance at Dec. 31, 2020	708,714				$ 1	$ 0	$ (199,817)	655,444	300,890	(47,804)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	30,471
Ending balance (in shares) at Sep. 30, 2021					92,813,948	78,081,076	(14,620,175)
Ending balance at Sep. 30, 2021	767,281				$ 1	$ 0	$ (199,817)	669,767	331,361	(34,031)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to retained earnings for adoption of ASC 326	729,721				$ 1	$ 0	$ (199,817)	657,852	310,046	(38,361)
Beginning balance (in shares) at Mar. 31, 2021					92,242,152	78,331,591	(14,620,175)
Beginning balance at Mar. 31, 2021	729,721				$ 1	$ 0	$ (199,817)	657,852	310,046	(38,361)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	8,176							8,176
Conversion Class B to Class A common stock (in shares)		250,515	(250,515)
Issuance of shares related to restricted stock units and awards, net of forfeitures (in shares)					281,030
Shares withheld for employee taxes upon conversion of restricted stock (in shares)					(107,107)
Shares withheld for employee taxes upon conversion of restricted stock	(3,301)							(3,301)
Other comprehensive income (loss)	1,333									1,333
Net income (loss)	9,580								9,580
Ending balance (in shares) at Jun. 30, 2021					92,666,590	78,081,076	(14,620,175)
Ending balance at Jun. 30, 2021	745,509				$ 1	$ 0	$ (199,817)	662,727	319,626	(37,028)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to retained earnings for adoption of ASC 326	745,509				$ 1	$ 0	$ (199,817)	662,727	319,626	(37,028)
Stock-based compensation expense	8,405							8,405
Issuance of shares related to restricted stock units and awards, net of forfeitures (in shares)					189,466
Shares withheld for employee taxes upon conversion of restricted stock (in shares)					(42,108)
Shares withheld for employee taxes upon conversion of restricted stock	(1,365)							(1,365)
Other comprehensive income (loss)	2,997									2,997
Net income (loss)	11,735								11,735
Ending balance (in shares) at Sep. 30, 2021					92,813,948	78,081,076	(14,620,175)
Ending balance at Sep. 30, 2021	767,281				$ 1	$ 0	$ (199,817)	669,767	331,361	(34,031)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustment to retained earnings for adoption of ASC 326	$ 767,281				$ 1	$ 0	$ (199,817)	$ 669,767	$ 331,361	$ (34,031)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 30,471	$ 1,166
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation expense	22,361	23,134
Depreciation	46,988	45,894
Amortization of intangibles	41,000	40,855
Amortization of debt issuance costs and debt discount	3,686	3,535
Deferred income taxes	(9,464)	5,717
Change in fair value of acquisition-related contingent consideration	0	3,276
Impairment charge	2,954	0
Other	1,207	274
Changes in assets and liabilities:
Accounts receivable	(31,657)	872
Prepaid expenses and other current assets	(6,998)	937
Income taxes receivable	(15,738)	(9,461)
Other assets	(112)	(941)
Accounts payable and accrued expenses	2,939	4,331
Accrued compensation	(6,426)	1,431
Other current and non-current liabilities	1,913	(7,612)
Deferred revenue	(3,458)	(4,141)
Payment for acquisition-related contingent consideration	0	(160)
Net cash provided by operating activities	79,666	109,107
Cash flows from investing activities:
Purchases of property and equipment	(13,954)	(18,221)
Investment in capitalized software	(50,061)	(33,223)
Purchase of intangible assets	(12,348)	(10,819)
Net cash used in investing activities	(76,363)	(62,263)
Cash flows from financing activities:
Proceeds from credit facility borrowings	0	99,000
Repayment of credit facility borrowings	(7,350)	(106,350)
Payments for debt issuance costs	0	(1,000)
Proceeds from exercise of stock options	1,110	198
Finance lease liabilities paid	(3,173)	(2,372)
Tax payments for equity award issuances	(8,901)	(7,145)
Payment for acquisition-related contingent consideration	0	(2,173)
Net cash used in financing activities	(18,314)	(19,842)
(Decrease) Increase in cash and cash equivalents	(15,011)	27,002
Cash and cash equivalents, beginning of period	123,880	93,094
Cash and cash equivalents, end of period	108,869	120,096
Supplemental cash flow disclosure:
Income taxes paid, net	21,828	1,022
Interest paid	34,411	39,642
Non-cash transactions:
Accruals for purchases of property and equipment	2,726	2,070
Accruals for investment in capitalized software	4,231	2,960
Accruals for purchase of intangible assets	1,587	3,450
Leasehold improvements paid by lessor	$ 0	$ 305

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared by Inovalon Holdings, Inc. (“Inovalon” or the “Company”) in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited consolidated financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2020 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly the Company’s financial position as of September 30, 2021, the results of operations, comprehensive income (loss), and stockholders’ equity for the three and nine-month periods ended September 30, 2021 and 2020 and cash flows for the nine month period ended September 30, 2021 and 2020. The results of operations for the three and nine-month periods ended September 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities, and related disclosures, as of the date of the financial statements, and the amounts of revenue and expenses reported during the period. Actual results could differ from estimates. The information contained herein should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). The accompanying unaudited consolidated financial statements include the accounts of Inovalon and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. On August 19, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Ocala Bidco, Inc., a Delaware corporation (“Parent”), and Ocala Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the satisfaction or waiver of the conditions set forth therein, Merger Sub will merge with and into Inovalon (the “Merger”), with Inovalon continuing as the surviving corporation and a wholly owned subsidiary of Parent. See “Note 9—Merger Agreement” for additional information. Recently Issued Accounting Standards There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and note disclosures, from those disclosed in the 2020 Form 10-K, that would be expected to impact the Company.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE The Company primarily derives its revenues through the sale or subscription licensing of its platform solutions and services. The following table disaggregates revenue by offering (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Platform solutions (1) $ 176,165 $ 145,862 $ 509,836 $ 433,627 Services (2) 16,065 15,515 50,009 44,152 Total revenue $ 192,230 $ 161,377 $ 559,845 $ 477,779 ______________________________________ (1) Platform solutions include arrangements for technology-based offerings representing subscription-based cloud-based platform offerings, real-time accessibility of comprehensive patient-specific healthcare data and analytical insights through Inovalon DataStream™, and legacy platform solutions that are not cloud-based and not billed under a subscription-based contract structure. (2) Services include advisory, implementation, and support services under time and materials, fixed price, or retainer-based contracts. Contract Balances As of September 30, 2021, the Company had contract assets of $95.8 million of which $72.6 million was included in accounts receivable, $10.1 million was included in prepaid expenses and other current assets, and $13.1 million was included in other assets on the consolidated balance sheets. As of December 31, 2020, the Company had contract assets of $63.0 million of which $40.2 million was included in accounts receivable, $7.6 million was included in prepaid expenses and other current assets, and $15.2 million was included in other assets on the consolidated balance sheets. As of September 30, 2021, the Company had contract liabilities of $17.9 million, which is included in deferred revenue on the consolidated balance sheet and presented net of contract assets of $8.0 million. As of December 31, 2020, the Company had contract liabilities of $22.3 million, which is included in deferred revenue on the consolidated balance sheet and presented net of contract assets of $11.4 million. Revenue recognized during the three and nine months ended September 30, 2021 that was included in the deferred revenue balance at the beginning of the year was $3.4 million and $19.3 million, respectively. Costs to Obtain a Contract

NET INCOME PER SHARE

NET INCOME PER SHARE	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE Holders of all outstanding classes of common stock participate ratably in earnings on an identical per share basis as if all shares were a single class. Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of shares of common stock (Class A common stock and Class B common stock) outstanding during the period. Diluted EPS is computed by dividing net income by the sum of the weighted average number of shares of common stock outstanding and potentially dilutive securities outstanding during the period under the treasury stock method. If the Company incurs a loss from continuing operations, diluted EPS is computed in the same manner as basic EPS. Potentially dilutive securities include stock options, restricted stock units (“RSUs”) and restricted stock awards (“RSAs”). Under the treasury stock method, dilutive securities are assumed to be exercised at the beginning of the periods and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Securities are excluded from the computations of diluted earnings per share if their effect would be anti-dilutive to EPS. On February 18, 2015, the date of the completion of the Company’s IPO, the Company’s 2015 Omnibus Incentive Plan (the “2015 Plan”) became effective. The 2015 Plan provided for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s employees and any parent and subsidiary employees, and for the grant of non-qualified stock options, stock appreciation rights, restricted stock, RSAs, RSUs, dividend equivalent rights, cash-based awards (including annual cash incentives and long-term cash incentives), and any combination thereof to the Company’s employees, directors, and consultants and to employees, directors, and consultants of certain affiliated entities. At the Company’s annual meeting of stockholders held on June 5, 2019, the Company’s stockholders, upon the recommendation of the Board of Directors of the Company (the “Board”), approved the Amended and Restated 2015 Omnibus Incentive Plan (the “Amended Plan”), which was previously adopted by the Board on February 14, 2019, subject to the approval by the stockholders. The Amended Plan (i) increases the maximum number of shares of the Company’s Class A common stock available for issuance by 6,000,000 shares to a total of 13,335,430; (ii) removes the provisions regarding Section 162(m) of the Code that are no longer relevant due to recent changes to the Code pursuant to the Tax Cuts and Jobs Act of 2017, which eliminated the “performance-based compensation” exception to the deduction limitation under Section 162(m) of the Code; and (iii) extends the term of the Amended Plan until the tenth anniversary of the date of Board approval of the Amended Plan. The Company has issued RSAs under the Amended Plan. The Company considers issued and unvested RSAs to be participating securities as the holders of these RSAs have a non-forfeitable right to dividends in the event of the Company’s declaration of a dividend on shares of Class A and Class B common stock. Subsequent to the issuance of the participating securities, the Company applied the two-class method required in calculating net income per share of Class A and Class B common stock. Under the two-class method, net income attributable to common stockholders is determined by allocating undistributed earnings, calculated as net income, less earnings attributable to participating securities. The net income per share attributable to common stockholders is allocated based on the contractual participation rights of the Class A common stock and Class B common stock as if the income for the period has been distributed. As the liquidation and dividend rights are identical for both classes of common stock, the net income attributable to common stockholders is allocated on a proportionate basis. If the Company incurs a loss from continuing operations, losses are not allocated to participating securities. The following table reconciles the weighted average shares outstanding for basic and diluted EPS for the periods indicated (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Basic Numerator: Net income $ 11,735 $ 824 $ 30,471 $ 1,166 Undistributed earnings allocated to participating securities (325) (24) (817) (36) Net income attributable to common stockholders—basic $ 11,410 $ 800 $ 29,654 $ 1,130 Denominator: Weighted average shares used in computing net income per share attributable to common stockholders—basic 150,873 149,720 150,624 149,474 Net income per share attributable to common stockholders—basic $ 0.08 $ 0.01 $ 0.20 $ 0.01 Diluted Numerator: Net income attributable to common stockholders—diluted $ 11,410 $ 800 $ 29,654 $ 1,130 Denominator: Number of shares used for basic EPS computation 150,873 149,720 150,624 149,474 Effect of dilutive securities 79 183 104 176 Weighted average shares used in computing net income per share attributable to common stockholders—diluted 150,952 149,903 150,728 149,650 Net income per share attributable to common stockholders—diluted $ 0.08 $ 0.01 $ 0.20 $ 0.01

LEASES

LEASES	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
LEASES	LEASES The Company determines whether a contract is or contains a lease at inception. At the lease commencement date, the Company records a liability for the lease obligation and a corresponding asset representing the right to use the underlying asset over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and are recognized in expense using a straight-line basis for all asset classes. Variable lease payments are expensed as incurred, which primarily include maintenance costs, services provided by the lessor, and other charges reimbursed to the lessor. The Company leases office space, data center facilities, printers, and equipment with remaining lease terms ranging from one year to twelve years, some of which contain renewal or purchase options. The exercise of these options is at the Company’s sole discretion. The Company has entered into sublease agreements for unoccupied leased office space and records sublease income netted against rent expense. Additionally, the Company is required to maintain a standby letter of credit in the amount of $1.0 million to satisfy the requirements of a certain lease agreement. Certain of the Company’s leases contain lease and non-lease components. The Company has elected the practical expedient under ASC 842-10-15-37 for all asset classes which allows companies to account for lease and non-lease components as a single lease component. Certain Company leases do not contain an implicit rate of return, therefore an incremental borrowing rate was determined. The Company assessed which rate would be most reflective of a reasonable rate the Company would be able to borrow based on asset class and lease term. Finance lease right-of-use assets of $20.4 million are included in property, equipment, and capitalized software, net on the consolidated balance sheet. The following table presents components of lease expense for the three and nine months ended September 30, 2021 and September 30, 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Finance lease cost Amortization of right-of-use assets $ 937 $ 907 $ 2,811 $ 2,660 Interest on lease liabilities 202 207 629 588 Operating lease cost 2,173 2,545 6,603 7,808 Variable lease cost 310 415 913 1,192 Sublease income (130) (212) (474) (556) Total lease cost $ 3,492 $ 3,862 $ 10,482 $ 11,692 Supplemental cash flow information related to leases for the nine months ended September 30, 2021 and September 30, 2020 are as follows (in thousands): Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 5,121 $ 7,177 Operating cash flows for financing leases 630 587 Financing cash flows for financing leases 3,173 2,372 Right-of-use assets obtained in exchange for lease liabilities (1) : Operating leases $ 676 $ (1,674) Finance leases — 11,694 ______________________________________ (1) During the second quarter of 2020, the Company executed an amendment to an existing lease agreement resulting in the reclassification of certain lease components from an operating lease to a finance lease. As such, the Company recorded an adjustment to reduce the operating lease liability and the corresponding operating lease right-of-use asset and increase the finance lease liability and corresponding finance lease right-of-use asset. Supplemental balance sheet information related to leases as of September 30, 2021 and December 31, 2020 are as follows: September 30, December 31, Weighted average remaining lease term: Operating leases 8 years 4 years Financing leases 8 years 8 years Weighted average discount rate: Operating leases 4.1 % 4.1 % Financing leases 3.0 % 3.0 %
LEASES	LEASES The Company determines whether a contract is or contains a lease at inception. At the lease commencement date, the Company records a liability for the lease obligation and a corresponding asset representing the right to use the underlying asset over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and are recognized in expense using a straight-line basis for all asset classes. Variable lease payments are expensed as incurred, which primarily include maintenance costs, services provided by the lessor, and other charges reimbursed to the lessor. The Company leases office space, data center facilities, printers, and equipment with remaining lease terms ranging from one year to twelve years, some of which contain renewal or purchase options. The exercise of these options is at the Company’s sole discretion. The Company has entered into sublease agreements for unoccupied leased office space and records sublease income netted against rent expense. Additionally, the Company is required to maintain a standby letter of credit in the amount of $1.0 million to satisfy the requirements of a certain lease agreement. Certain of the Company’s leases contain lease and non-lease components. The Company has elected the practical expedient under ASC 842-10-15-37 for all asset classes which allows companies to account for lease and non-lease components as a single lease component. Certain Company leases do not contain an implicit rate of return, therefore an incremental borrowing rate was determined. The Company assessed which rate would be most reflective of a reasonable rate the Company would be able to borrow based on asset class and lease term. Finance lease right-of-use assets of $20.4 million are included in property, equipment, and capitalized software, net on the consolidated balance sheet. The following table presents components of lease expense for the three and nine months ended September 30, 2021 and September 30, 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Finance lease cost Amortization of right-of-use assets $ 937 $ 907 $ 2,811 $ 2,660 Interest on lease liabilities 202 207 629 588 Operating lease cost 2,173 2,545 6,603 7,808 Variable lease cost 310 415 913 1,192 Sublease income (130) (212) (474) (556) Total lease cost $ 3,492 $ 3,862 $ 10,482 $ 11,692 Supplemental cash flow information related to leases for the nine months ended September 30, 2021 and September 30, 2020 are as follows (in thousands): Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 5,121 $ 7,177 Operating cash flows for financing leases 630 587 Financing cash flows for financing leases 3,173 2,372 Right-of-use assets obtained in exchange for lease liabilities (1) : Operating leases $ 676 $ (1,674) Finance leases — 11,694 ______________________________________ (1) During the second quarter of 2020, the Company executed an amendment to an existing lease agreement resulting in the reclassification of certain lease components from an operating lease to a finance lease. As such, the Company recorded an adjustment to reduce the operating lease liability and the corresponding operating lease right-of-use asset and increase the finance lease liability and corresponding finance lease right-of-use asset. Supplemental balance sheet information related to leases as of September 30, 2021 and December 31, 2020 are as follows: September 30, December 31, Weighted average remaining lease term: Operating leases 8 years 4 years Financing leases 8 years 8 years Weighted average discount rate: Operating leases 4.1 % 4.1 % Financing leases 3.0 % 3.0 %

DEBT

DEBT	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT On April 2, 2018, the Company entered into a credit agreement (the “2018 Credit Agreement”) with a group of lenders and Morgan Stanley Senior Funding, Inc. (“MSSF”), as administrative agent, providing for (i) a term loan B facility with the Company as borrower in a total principal amount of $980.0 million (the “2018 Term Facility”); and (ii) a revolving credit facility with the Company as borrower in a total principal amount of up to $100.0 million (the “2018 Revolving Facility” and, together with the 2018 Term Facility, the “2018 Credit Facilities”). The 2018 Revolving Facility will terminate on April 2, 2023 and the 2018 Term Facility will mature on April 2, 2025. As of September 30, 2021, the Company had $100.0 million available to it consisting of $99.0 million on the 2018 Revolving Facility and a letter of credit of $1.0 million. On February 11, 2020, the Company executed an amendment to the 2018 Credit Agreement to reprice the applicable interest rate margins on the 2018 Credit Facilities, resulting in a decrease to the applicable interest rate margin by 50 basis points to 3.00%. During the first quarter of 2021, the Company achieved a defined senior secured net leverage ratio which resulted in an additional 25 basis point reduction to the applicable interest rate margin to 2.75%. Other material provisions under the 2018 Credit Agreement, including covenants, the maturity date of April 2, 2025, with respect to the 2018 Term Facility, and April 2, 2023, with respect to the 2018 Revolving Facility, and amount of debt available to the Company, remained unchanged by the repricing amendment. At the option of the Company, the loans outstanding under the 2018 Term Facility will bear interest either at: (i) Adjusted LIBOR plus an applicable rate of 2.75% or (ii) the Alternate Base Rate (“ABR”) plus an applicable margin. The Company may elect interest periods of one, two, three or six months for Adjusted LIBOR borrowings. As set forth in the 2018 Credit Agreement, the ABR is the higher of: (i) the rate that MSSF as administrative agent announces from time to time as its prime or base commercial lending rate, as in effect from time to time, (ii) the Federal Funds Effective Rate plus ½ of 1.0% and (iii) one-month Adjusted LIBOR plus 1.0%. The following table discloses the outstanding debt at each balance date as follows (in thousands): September 30, December 31, 2018 Term Facility (1) $ 883,407 $ 887,374 Less: current portion 9,800 9,800 Non-current Credit Facilities $ 873,607 $ 877,574 ______________________________________ (1) The 2018 Term Facility is presented net of unamortized deferred financing fees and original issue discount (“OID”) of $17.2 million and $20.6 million as of September 30, 2021 and December 31, 2020, respectively. The Company and its Restricted Subsidiaries (as defined in the 2018 Credit Agreement) are subject to certain affirmative and negative covenants under the 2018 Credit Agreement, and the 2018 Credit Agreement includes certain customary representations and warranties of the Company. As of September 30, 2021, the Company is in compliance with the covenants under the 2018 Credit Agreement.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 42,100 $ — $ — $ 42,100 Other current liabilities: Interest rate swaps — (18,765) — (18,765) Contingent consideration — — (14,810) (14,810) Other liabilities: Interest rate swaps — (31,354) — (31,354) Contingent consideration — — (1,373) (1,373) Total $ 42,100 $ (50,119) $ (16,183) $ (24,202) The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 42,096 $ — $ — $ 42,096 Other current liabilities: Interest rate swaps — (18,694) — (18,694) Contingent consideration — — (14,810) (14,810) Other liabilities: Interest rate swaps — (51,659) — (51,659) Contingent consideration — — (1,373) (1,373) Total $ 42,096 $ (70,353) $ (16,183) $ (44,440) The Company determines the fair value of its security holdings based on pricing from its pricing vendors. The valuation techniques used to measure the fair value of financial instruments having Level 2 inputs were derived from prevailing market interest rates and discount rates to present value future cash flows based on the forward LIBOR yield curves. Such market rates or prices may be quoted prices in active markets for identical assets (Level 1 inputs) or pricing determined using inputs other than quoted rates or prices that are observable either directly or indirectly (Level 2 inputs). The Company performs procedures to ensure that appropriate fair values are recorded such as comparing rates or prices obtained from other sources. The following table presents financial instruments measured at fair value using unobservable inputs (Level 3) (in thousands): Fair Value Measurements Using September 30, December 31, Balance, beginning of period $ (16,183) $ (16,790) Fair value adjustment (recognized in general and administrative expenses) — (2,967) Accretion expense (recognized in general and administrative expenses) — (109) Settlement of liability — 3,683 Total $ (16,183) $ (16,183) 2018 Credit Facilities The Company records debt on the balance sheet at carrying value. The estimated fair value of the Company’s debt is determined based on Level 2 inputs including current market rates for similar types of borrowings. The following table presents the carrying value and fair value of the Company’s debt (including the current portion thereof) as of September 30, 2021 (in thousands): September 30, Carrying value $ 883,407 Fair value $ 882,303 Interest Rate Swaps In connection with the 2018 Credit Agreement, the Company entered into four interest rate swaps during the second quarter of 2018, each of which mature in March 2025, to mitigate the risk of a rise in interest rates. These interest rate swaps mitigate the exposure on the variable component of interest on the Company’s 2018 Credit Facility. The interest rate swaps fix the LIBOR component of interest on $700.0 million of the 2018 Term Facility at a weighted average rate of approximately 2.8%. See “Note 5—Debt” for additional information. These interest rate swaps are designated as cash flow hedges and are deemed highly effective under ASC 815, Derivatives and Hedging. The interest rate swaps are recorded on the balance sheet at fair value as either assets or liabilities and any changes to the fair value are recorded through accumulated other comprehensive income (loss) and reclassified into interest expense in the same period in which the hedged transaction is recognized in earnings. Cash flows from interest rate swaps are reported in the same category as the cash flows from the items being hedged. The following table presents the location and amount of gains and losses on interest rate swaps included in other comprehensive income (“OCI”) and the statement of operations for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, 2021 Gain (Loss) recognized in OCI Statement of Operations Location (Gain) Loss reclassified from OCI Interest rate swap contract $ (428) Interest expense $ 4,842 Nine Months Ended September 30, 2021 Gain (Loss) recognized in OCI Statement of Operations Location (Gain) Loss reclassified from OCI Interest rate swap contract $ 5,956 Interest expense $ 14,291 Three Months Ended September 30, 2020 Gain (Loss) recognized in OCI Statement of Operations Location (Gain) Loss reclassified from OCI Interest rate swap contract $ (88) Interest expense $ 4,700 Nine Months Ended September 30, 2020 Gain (Loss) recognized in OCI Statement of Operations Location (Gain) Loss reclassified from OCI Interest rate swap contract $ (45,997) Interest expense $ 10,867 The net amount of accumulated other comprehensive loss expected to be reclassified to interest expense in the next 12 months is $18.9 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings —From time to time the Company is involved in various litigation matters arising out of the normal course of business. The Company consults with legal counsel on those issues related to litigation and seeks input from other experts and advisors with respect to such matters. Estimating the probable losses or a range of probable losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve discretionary amounts, present novel legal theories, are in the early stages of the proceedings, or are subject to appeal. Whether any losses, damages or remedies ultimately resulting from such matters could reasonably have a material effect on the Company’s business, financial condition, results of operations, or cash flows will depend on a number of variables, including, for example, the timing and amount of such losses or damages (if any) and the structure and type of any such remedies. The Company’s management does not presently expect any litigation matters to have a material adverse impact on the consolidated financial statements of the Company. On September 30, 2021, a purported stockholder of the Company, Robert Clasby, filed a complaint in the United States District Court for the Southern District of New York against the Company and each member of the Company Board, captioned Robert Clasby v. Inovalon Holdings, Inc., et al., Case No. 1:21-cv-08120 (the “ Clasby Complaint ”). On October 7, 2021, two different purported stockholders of the Company each filed a complaint in the United States District Court for the Southern District of New York against the Company and each member of the Company Board, captioned Herbert Silverberg v. Inovalon Holdings, Inc. , et al., Case No. 1:21-cv-08287 (the “ Silverberg Complaint ”) and Alex Ciccotelli v. Inovalon Holdings, Inc. , et al., Case No. 1:21-cv-08288 (the “ Ciccotelli Complaint ”), respectively. On October 11, 2021, another purported stockholder of the Company filed a complaint in the United States District Court for the Eastern District of New York against the Company and each member of the Company Board, captioned Dee Claybrook v. Inovalon Holdings, Inc., et al., Case No. 1:21-cv-05665 (the “ Claybrook Complaint ”). The Clasby Complaint , Silverberg Complaint , Ciccotelli Complaint , and Claybrook Complaint collectively constitute the “Federal Court Complaints.” The Federal Court Complaints allege that the Company’s Schedule 14A filed September 17, 2021 (or October 8, 2021 in the case of the Claybrook Complaint ) omits material information with respect to the Merger and that, as a result all defendants violated Section 14(a) of the Exchange Act. The Silverberg Complaint , Ciccotelli Complaint , and Claybrook Complaint also allege that all defendants violated Rule 14A-9 promulgated under the Exchange Act. The Clasby Complaint , Ciccotelli Complaint , and Claybrook Complaint additionally allege that each member of the Company Board violated Section 20(a) of the Exchange Act. The Federal Court Complaints seek (i) injunctive relief; (ii) rescissory damages; (iii) plaintiff’s attorneys’ and experts’ fees and costs; and (iv) other such relief that the court deems just and proper. The Ciccotelli Complaint , Clasby Complaint , and Claybrook Complaint additionally seek (i) rescission in the event the Merger Agreement and the transactions contemplated thereby, including the Merger, are consummated and, (ii) in the case of the Ciccotelli Complaint and Clasby Complaint a direction that the Company Board issue a revised Schedule 14A. The Ciccotelli Complaint and Claybrook Complaint additionally seek a declaration that the defendants violated Sections 14(a) and 20(a) of the Exchange Act, as well as Rule 14a-9 promulgated thereunder. Additionally, on October 21, 2021, purported stockholders of the Company, Steamfitters Local 449 Pension Fund and Steamfitters Local 449 Retirement Security Fund filed a complaint in the Court of Chancery of the State of Delaware against the Company, each member of the Company Board, and certain other entities and individuals captioned Steamfitters Local 449 Pension Fund and Steamfitters Local 449 Retirement Security Fund v. Inovalon Holdings, Inc. , et al., C.A. No. 2021-0914-CM (the “ Steamfitters Complaint ”). On October 27, 2021, the Company publicly filed a Schedule 14A providing additional information on the Steamfitters Complaint and attaching as an annex thereto a copy of the Complaint, and on November 5, 2021, the Company publicly filed a Schedule 14A providing additional information on the Federal Court Complaints and the Steamfitters Complaint . The Company refers stockholders to the October 27 and November 5 Schedule 14A submissions for additional information. The Company believes the claims asserted in the Federal Court Complaints and in the Steamfitters Complaint are without merit. Additional lawsuits may be filed against the Company, the Company Board or the Company’s officers in connection with the Merger, which could prevent or delay completion of the Merger and result in substantial costs to the Company, including any costs associated with indemnification.

IMPAIRMENT CHARGE

IMPAIRMENT CHARGE	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
IMPAIRMENT CHARGE	IMPAIRMENT CHARGEImpairment of Long-Lived Assets—The Company reviews long-lived assets for events or changes in circumstances that would indicate potential impairment. If the Company determines that the carrying value of an asset may not be recoverable, an impairment charge is recorded. During the third quarter of 2021, the Company concluded it had a triggering event that required an assessment for impairment for certain of its long-lived assets related to the discontinuation of an internally developed software project. As the asset was determined to provide no future benefit, the Company recorded an impairment charge of $3.0 million.

MERGER AGREEMENT

MERGER AGREEMENT	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
MERGER AGREEMENT	MERGER AGREEMENT On August 19, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Ocala Bidco, Inc., a Delaware corporation (“Parent”), and Ocala Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the satisfaction or waiver of the conditions set forth therein, Merger Sub will merge with and into Inovalon (the “Merger”), with Inovalon continuing as the surviving corporation and a wholly owned subsidiary of Parent. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”) and as a result of the Merger, each share of common stock of Inovalon issued and outstanding immediately prior to the Effective Time will be cancelled and extinguished and, except with respect to (a) certain shares held by certain stockholders of Inovalon, including shares held by Dr. Dunleavy and certain holders of Inovalon’s Class B common stock who will, pursuant to one or more rollover agreements, exchange such shares for equity interests of Ocala Topco, LP, a Delaware limited partnership, (b) shares held by Parent or Merger Sub (or any of their respective subsidiaries) in the treasury of Inovalon and (c) shares held by a stockholder who properly exercises and perfects appraisal of his, her or its shares under Delaware law, automatically converted into and thereafter represent the right to receive $41.00 in cash without interest. The proposed transactions constitute a “going-private transaction” under the rules of the SEC. The closing of the transactions contemplated by the Merger Agreement (including the Merger) is expected to occur in the fourth quarter of 2021, subject to the satisfaction or waiver (if such waiver is permissible under the Merger Agreement or under applicable law) of certain conditions set forth in the Merger Agreement. Additional information about the Merger Agreement and the Merger is set forth in the Company's Definitive Proxy Statement on Schedule 14A filed with the SEC on October 15, 2021, and as supplemented on October 27, 2021 and November 5, 2021.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared by Inovalon Holdings, Inc. (“Inovalon” or the “Company”) in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited consolidated financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2020 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly the Company’s financial position as of September 30, 2021, the results of operations, comprehensive income (loss), and stockholders’ equity for the three and nine-month periods ended September 30, 2021 and 2020 and cash flows for the nine month period ended September 30, 2021 and 2020. The results of operations for the three and nine-month periods ended September 30, 2021 and 2020 are not necessarily indicative of the results to be expected for the full year. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities, and related disclosures, as of the date of the financial statements, and the amounts of revenue and expenses reported during the period. Actual results could differ from estimates. The information contained herein should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). The accompanying unaudited consolidated financial statements include the accounts of Inovalon and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these financial statements. On August 19, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Ocala Bidco, Inc., a Delaware corporation (“Parent”), and Ocala Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub”). The Merger Agreement provides that, upon the terms and subject to the satisfaction or waiver of the conditions set forth therein, Merger Sub will merge with and into Inovalon (the “Merger”), with Inovalon continuing as the surviving corporation and a wholly owned subsidiary of Parent. See “Note 9—Merger Agreement” for additional information.
Recently Issued Accounting Standards	Recently Issued Accounting Standards There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and note disclosures, from those disclosed in the 2020 Form 10-K, that would be expected to impact the Company.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates revenue by offering (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Platform solutions (1) $ 176,165 $ 145,862 $ 509,836 $ 433,627 Services (2) 16,065 15,515 50,009 44,152 Total revenue $ 192,230 $ 161,377 $ 559,845 $ 477,779 ______________________________________ (1) Platform solutions include arrangements for technology-based offerings representing subscription-based cloud-based platform offerings, real-time accessibility of comprehensive patient-specific healthcare data and analytical insights through Inovalon DataStream™, and legacy platform solutions that are not cloud-based and not billed under a subscription-based contract structure. (2) Services include advisory, implementation, and support services under time and materials, fixed price, or retainer-based contracts.

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Numerators and Denominators of The Basic and Diluted EPS	The following table reconciles the weighted average shares outstanding for basic and diluted EPS for the periods indicated (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Basic Numerator: Net income $ 11,735 $ 824 $ 30,471 $ 1,166 Undistributed earnings allocated to participating securities (325) (24) (817) (36) Net income attributable to common stockholders—basic $ 11,410 $ 800 $ 29,654 $ 1,130 Denominator: Weighted average shares used in computing net income per share attributable to common stockholders—basic 150,873 149,720 150,624 149,474 Net income per share attributable to common stockholders—basic $ 0.08 $ 0.01 $ 0.20 $ 0.01 Diluted Numerator: Net income attributable to common stockholders—diluted $ 11,410 $ 800 $ 29,654 $ 1,130 Denominator: Number of shares used for basic EPS computation 150,873 149,720 150,624 149,474 Effect of dilutive securities 79 183 104 176 Weighted average shares used in computing net income per share attributable to common stockholders—diluted 150,952 149,903 150,728 149,650 Net income per share attributable to common stockholders—diluted $ 0.08 $ 0.01 $ 0.20 $ 0.01

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lease, Cost	The following table presents components of lease expense for the three and nine months ended September 30, 2021 and September 30, 2020 (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Finance lease cost Amortization of right-of-use assets $ 937 $ 907 $ 2,811 $ 2,660 Interest on lease liabilities 202 207 629 588 Operating lease cost 2,173 2,545 6,603 7,808 Variable lease cost 310 415 913 1,192 Sublease income (130) (212) (474) (556) Total lease cost $ 3,492 $ 3,862 $ 10,482 $ 11,692 Supplemental cash flow information related to leases for the nine months ended September 30, 2021 and September 30, 2020 are as follows (in thousands): Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 5,121 $ 7,177 Operating cash flows for financing leases 630 587 Financing cash flows for financing leases 3,173 2,372 Right-of-use assets obtained in exchange for lease liabilities (1) : Operating leases $ 676 $ (1,674) Finance leases — 11,694 ______________________________________ (1) During the second quarter of 2020, the Company executed an amendment to an existing lease agreement resulting in the reclassification of certain lease components from an operating lease to a finance lease. As such, the Company recorded an adjustment to reduce the operating lease liability and the corresponding operating lease right-of-use asset and increase the finance lease liability and corresponding finance lease right-of-use asset. Supplemental balance sheet information related to leases as of September 30, 2021 and December 31, 2020 are as follows: September 30, December 31, Weighted average remaining lease term: Operating leases 8 years 4 years Financing leases 8 years 8 years Weighted average discount rate: Operating leases 4.1 % 4.1 % Financing leases 3.0 % 3.0 %

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The following table discloses the outstanding debt at each balance date as follows (in thousands): September 30, December 31, 2018 Term Facility (1) $ 883,407 $ 887,374 Less: current portion 9,800 9,800 Non-current Credit Facilities $ 873,607 $ 877,574 ______________________________________

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy For Financial Assets and Liabilities Measured at Fair Value On A Recurring Basis	The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 42,100 $ — $ — $ 42,100 Other current liabilities: Interest rate swaps — (18,765) — (18,765) Contingent consideration — — (14,810) (14,810) Other liabilities: Interest rate swaps — (31,354) — (31,354) Contingent consideration — — (1,373) (1,373) Total $ 42,100 $ (50,119) $ (16,183) $ (24,202) The following table presents the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 (in thousands): Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 42,096 $ — $ — $ 42,096 Other current liabilities: Interest rate swaps — (18,694) — (18,694) Contingent consideration — — (14,810) (14,810) Other liabilities: Interest rate swaps — (51,659) — (51,659) Contingent consideration — — (1,373) (1,373) Total $ 42,096 $ (70,353) $ (16,183) $ (44,440)
Schedule of Financial Instruments Measured At Fair Value Using Unobservable Inputs (Level 3)	The following table presents financial instruments measured at fair value using unobservable inputs (Level 3) (in thousands): Fair Value Measurements Using September 30, December 31, Balance, beginning of period $ (16,183) $ (16,790) Fair value adjustment (recognized in general and administrative expenses) — (2,967) Accretion expense (recognized in general and administrative expenses) — (109) Settlement of liability — 3,683 Total $ (16,183) $ (16,183)
Fair Value, by Balance Sheet Grouping	The following table presents the carrying value and fair value of the Company’s debt (including the current portion thereof) as of September 30, 2021 (in thousands): September 30, Carrying value $ 883,407 Fair value $ 882,303
Reclassification out of Accumulated Other Comprehensive Income	The following table presents the location and amount of gains and losses on interest rate swaps included in other comprehensive income (“OCI”) and the statement of operations for the three and nine months ended September 30, 2021 and 2020 (in thousands): Three Months Ended September 30, 2021 Gain (Loss) recognized in OCI Statement of Operations Location (Gain) Loss reclassified from OCI Interest rate swap contract $ (428) Interest expense $ 4,842 Nine Months Ended September 30, 2021 Gain (Loss) recognized in OCI Statement of Operations Location (Gain) Loss reclassified from OCI Interest rate swap contract $ 5,956 Interest expense $ 14,291 Three Months Ended September 30, 2020 Gain (Loss) recognized in OCI Statement of Operations Location (Gain) Loss reclassified from OCI Interest rate swap contract $ (88) Interest expense $ 4,700 Nine Months Ended September 30, 2020 Gain (Loss) recognized in OCI Statement of Operations Location (Gain) Loss reclassified from OCI Interest rate swap contract $ (45,997) Interest expense $ 10,867

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 192,230	$ 161,377	$ 559,845	$ 477,779
Platform Solutions
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	176,165	145,862	509,836	433,627
Services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Total revenue	$ 16,065	$ 15,515	$ 50,009	$ 44,152

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred contract asset	$ 95.8	$ 95.8	$ 63
Deferred revenue	17.9	17.9	22.3
Contract with customer, assets, net	8	8	11.4
Deferred revenue, revenue recognized	3.4	19.3
Deferred commissions	23	23	18.9
Accounts receivable
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred contract asset	72.6	72.6	40.2
Prepaid expenses and other current assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred contract asset	10.1	10.1	7.6
Other assets
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred contract asset	$ 13.1	$ 13.1	$ 15.2

NET INCOME PER SHARE - Narrativ

NET INCOME PER SHARE - Narrative (Details) - shares	Sep. 30, 2021	Dec. 31, 2020	Jun. 05, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, authorized (in shares)	900,000,000	900,000,000
Class A Common
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Additional shares authorized (in shares)			6,000,000
Common stock, authorized (in shares)	750,000,000	750,000,000	13,335,430

NET INCOME PER SHARE- Reconcili

NET INCOME PER SHARE- Reconciliation of Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic
Net income	$ 11,735	$ 9,580	$ 9,156	$ 824	$ 2,025	$ (1,683)	$ 30,471	$ 1,166
Undistributed earnings allocated to participating securities	(325)			(24)			(817)	(36)
Net income attributable to common stockholders—basic	$ 11,410			$ 800			$ 29,654	$ 1,130
Weighted average shares used in computing net income per share attributable to common stockholders - basic (in shares)	150,873			149,720			150,624	149,474
Net income (loss) per share attributable to common stockholders - basic (in dollars per share)	$ 0.08			$ 0.01			$ 0.20	$ 0.01
Diluted
Net income attributable to common stockholders—diluted	$ 11,410			$ 800			$ 29,654	$ 1,130
Number of shared used for basic EPS calculation (in shares)	150,873			149,720			150,624	149,474
Effect of dilutive securities (in shares)	79			183			104	176
Weighted average shares used in computing net income (loss) per share attributable to common stockholders - diluted (in shares)	150,952			149,903			150,728	149,650
Net income (loss) per share attributable to common stockholders - diluted (in dollars per share)	$ 0.08			$ 0.01			$ 0.20	$ 0.01

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Sep. 30, 2021USD ($)
Lessee, Lease, Description [Line Items]
Finance lease, right-of-use asset	$ 20,400,000
Secured Debt | Morgan Stanley Senior Funding, Inc.
Lessee, Lease, Description [Line Items]
Face amount	100,000,000
Secured Debt | Line of Credit | Morgan Stanley Senior Funding, Inc.
Lessee, Lease, Description [Line Items]
Face amount	$ 1,000,000
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in years)	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract (in years)	12 years

LEASES - Components of Lease Ex

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finance lease cost
Amortization of right-of-use assets	$ 937	$ 907	$ 2,811	$ 2,660
Interest on lease liabilities	202	207	629	588
Operating lease cost	2,173	2,545	6,603	7,808
Variable lease cost	310	415	913	1,192
Sublease income	(130)	(212)	(474)	(556)
Total lease cost	$ 3,492	$ 3,862	$ 10,482	$ 11,692

LEASES - Other Information Rela

LEASES - Other Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 5,121	$ 7,177
Operating cash flows for financing leases	630	587
Financing cash flows for financing leases	3,173	2,372
Right-of-use assets obtained in exchange for lease liabilities:
Operating leases	676	(1,674)
Finance leases	$ 0	$ 11,694
Weighted average remaining lease term, operating lease (in years)	8 years		4 years
Weighted average remaining lease term, financing lease (in years)	8 years		8 years
Weighted average discount rate, operating leases (in percent)	4.10%		4.10%
Weighted average discount rate, financing leases (in percent)	3.00%		3.00%

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($)	Feb. 11, 2020	Sep. 30, 2021	Sep. 30, 2021	Apr. 02, 2018
Line of Credit | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.75%
Line of Credit | Adjusted LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Line of Credit | Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate, increase (decrease)	(0.50%)	(0.25%)
Interest rate, stated percentage	3.00%	2.75%	2.75%
Morgan Stanley Senior Funding, Inc. | Secured Debt
Debt Instrument [Line Items]
Face amount		$ 100,000,000	$ 100,000,000
Morgan Stanley Senior Funding, Inc. | Secured Debt | Line of Credit
Debt Instrument [Line Items]
Face amount		1,000,000	1,000,000
Morgan Stanley Senior Funding, Inc. | Secured Debt | 2018 Term Facility
Debt Instrument [Line Items]
Face amount				$ 980,000,000
Morgan Stanley Senior Funding, Inc. | Secured Debt | 2018 Revolving Facility
Debt Instrument [Line Items]
Face amount		99,000,000	99,000,000
Morgan Stanley Senior Funding, Inc. | Secured Debt | Letter of Credit
Debt Instrument [Line Items]
Face amount		$ 1,000,000	$ 1,000,000

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Less: current portion	$ 9,800	$ 9,800
Non-current Credit Facilities	873,607	877,574
Morgan Stanley Senior Funding, Inc. | 2018 Term Facility
Line of Credit Facility [Line Items]
2018 Term Facility	883,407	887,374
Unamortized loan commitment and origination fees and unamortized discounts or premiums	$ 17,200	$ 20,600

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value Hierarchy (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Current Liabilities / Other Liabilities:
Total	$ (24,202)	$ (44,440)
Money market funds
Cash equivalents:
Money market funds	42,100	42,096
Level 1
Other Current Liabilities / Other Liabilities:
Total	42,100	42,096
Level 1 | Money market funds
Cash equivalents:
Money market funds	42,100	42,096
Level 2
Other Current Liabilities / Other Liabilities:
Total	(50,119)	(70,353)
Level 2 | Money market funds
Cash equivalents:
Money market funds	0	0
Level 3
Other Current Liabilities / Other Liabilities:
Total	(16,183)	(16,183)
Level 3 | Money market funds
Cash equivalents:
Money market funds	0	0
Other current liabilities | Contingent consideration
Other Current Liabilities / Other Liabilities:
Contingent consideration	(14,810)	(14,810)
Other current liabilities | Interest rate swaps
Other Current Liabilities / Other Liabilities:
Interest rate swaps	(18,765)	(18,694)
Other current liabilities | Level 1 | Contingent consideration
Other Current Liabilities / Other Liabilities:
Contingent consideration	0	0
Other current liabilities | Level 1 | Interest rate swaps
Other Current Liabilities / Other Liabilities:
Interest rate swaps	0	0
Other current liabilities | Level 2 | Contingent consideration
Other Current Liabilities / Other Liabilities:
Contingent consideration	0	0
Other current liabilities | Level 2 | Interest rate swaps
Other Current Liabilities / Other Liabilities:
Interest rate swaps	(18,765)	(18,694)
Other current liabilities | Level 3 | Contingent consideration
Other Current Liabilities / Other Liabilities:
Contingent consideration	(14,810)	(14,810)
Other current liabilities | Level 3 | Interest rate swaps
Other Current Liabilities / Other Liabilities:
Interest rate swaps	0	0
Other liabilities | Contingent consideration
Other Current Liabilities / Other Liabilities:
Contingent consideration	(1,373)	(1,373)
Other liabilities | Interest rate swaps
Other Current Liabilities / Other Liabilities:
Interest rate swaps	(31,354)	(51,659)
Other liabilities | Level 1 | Contingent consideration
Other Current Liabilities / Other Liabilities:
Contingent consideration	0	0
Other liabilities | Level 1 | Interest rate swaps
Other Current Liabilities / Other Liabilities:
Interest rate swaps	0	0
Other liabilities | Level 2 | Contingent consideration
Other Current Liabilities / Other Liabilities:
Contingent consideration	0	0
Other liabilities | Level 2 | Interest rate swaps
Other Current Liabilities / Other Liabilities:
Interest rate swaps	(31,354)	(51,659)
Other liabilities | Level 3 | Contingent consideration
Other Current Liabilities / Other Liabilities:
Contingent consideration	(1,373)	(1,373)
Other liabilities | Level 3 | Interest rate swaps
Other Current Liabilities / Other Liabilities:
Interest rate swaps	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Unobs

FAIR VALUE MEASUREMENTS - Unobservable Inputs (Level 3) (Details) - Level 3 - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurements Using Unobservable Inputs (Level 3)
Balance, beginning of period	$ (16,183)	$ (16,790)
Fair value adjustment (recognized in general and administrative expenses)	0	(2,967)
Accretion expense (recognized in general and administrative expenses)	0	(109)
Settlement of liability	0	3,683
Total	$ (16,183)	$ (16,183)

FAIR VALUE MEASUREMENTS - Debt

FAIR VALUE MEASUREMENTS - Debt (Details) $ in Thousands	Sep. 30, 2021USD ($)
Fair Value Disclosures [Abstract]
Carrying value	$ 883,407
Fair value	$ 882,303

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Sep. 30, 2021USD ($)	Sep. 30, 2018swap
Derivatives, Fair Value [Line Items]
Net amount of accumulated other comprehensive loss expected to be reclassified to interest expense	$ 18.9
Interest rate swaps
Derivatives, Fair Value [Line Items]
Interest rate derivatives held | swap		4
Amount of hedged item	$ 700
Derivative, fixed interest rate	2.80%

FAIR VALUE MEASUREMENTS - Fai_2

FAIR VALUE MEASUREMENTS - Fair Value of Interest Rate Swaps (Details) - Interest rate swap contract - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Derivative Liability [Abstract]
Gain (Loss) recognized in OCI	$ (428)	$ (88)	$ 5,956	$ (45,997)
Interest expense
Derivative Liability [Abstract]
(Gain) Loss reclassified from OCI	$ 4,842	$ 4,700	$ 14,291	$ 10,867

IMPAIRMENT CHARGE (Details)

IMPAIRMENT CHARGE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charge	$ 2,954	$ 0	$ 2,954	$ 0

MERGER AGREEMENT (Details)

MERGER AGREEMENT (Details)	Aug. 19, 2021$ / shares
Ocala Topco, LP
Business Combination, Separately Recognized Transactions [Line Items]
Conversion price (in dollars per share)	$ 41

Uncategorized Items - inov-2021

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]