InnovAge Holding (INNV) 10-Q 10 May 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2022	May 09, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-40159
Entity Registrant Name	InnovAge Holding Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0710819
Entity Address, Address Line One	8950 E. Lowry Boulevard
Entity Address, City or Town	Denver
Entity Address State Or Province	CO
Entity Address, Postal Zip Code	80230
City Area Code	844
Local Phone Number	803-8745
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	INNV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,525,006
Entity Central Index Key	0001834376
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Current Assets
Cash and cash equivalents	$ 199,493	$ 201,466
Restricted cash	18	2,234
Accounts receivable, net of allowance ($3,921 - March 31, 2022 and $4,350 - June 30, 2021)	31,905	32,582
Prepaid expenses and other	13,572	9,249
Income tax receivable	5,461	5,401
Total current assets	250,449	250,932
Noncurrent Assets
Property and equipment, net	163,882	142,715
Investments	5,493	3,493
Deposits and other	5,378	3,877
Goodwill	124,217	124,217
Intangible assets, net	8,772	6,518
Total noncurrent assets	307,742	280,820
Total assets	558,191	531,752
Current Liabilities
Accounts payable and accrued expenses	41,834	32,361
Reported and estimated claims	36,012	33,234
Due to Medicaid and Medicare	9,530	7,101
Current portion of long-term debt	3,793	3,790
Current portion of capital lease obligations	3,216	2,079
Total current liabilities	94,385	78,565
Noncurrent Liabilities
Deferred tax liability, net	15,781	15,700
Capital lease obligations	10,282	5,190
Other noncurrent liabilities	2,570	2,758
Long-term debt, net of debt issuance costs	69,051	71,574
Total liabilities	192,069	173,787
Commitments and Contingencies (See Note 9)
Redeemable Noncontrolling Interests (See Note 4)	15,996	16,986
Stockholders' Equity
Common stock, $0.001 par value; 500,000,000 authorized as of March 31, 2022 and June 30, 2021; 135,525,006 and 135,516,513 shares issued and outstanding as of March 31, 2022 and June 30, 2021, respectively	136	136
Additional paid-in capital	326,346	323,760
Retained earnings	17,437	10,663
Total InnovAge Holding Corp.	343,919	334,559
Noncontrolling interests	6,207	6,420
Total stockholders' equity	350,126	340,979
Total liabilities and stockholders' equity	$ 558,191	$ 531,752

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Condensed Consolidated Balance Sheets
Allowance for loss	$ 3,921	$ 4,350
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	135,525,006	135,516,513
Common stock outstanding (in shares)	135,525,006	135,516,513

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Revenues
Total revenues	$ 177,359	$ 156,308	$ 525,780	$ 466,184
Expenses
External provider costs	103,254	75,389	284,299	224,215
Cost of care, excluding depreciation and amortization	46,102	39,565	129,740	115,922
Sales and marketing	6,144	5,592	19,117	14,335
Corporate, general and administrative	24,682	18,595	74,248	105,901
Depreciation and amortization	3,850	3,311	10,435	9,262
Equity loss				1,343
Other operating income		19,222		18,211
Total expenses	184,032	161,674	517,839	489,189
Operating Income (Loss)	(6,673)	(5,366)	7,941	(23,005)
Other Income (Expense)
Interest expense, net	(709)	(4,876)	(1,930)	(17,061)
Loss on extinguishment of debt		(13,488)		(14,479)
Gain on equity method investment		10,871		10,871
Other income (expense)	108	(2,267)	(358)	(2,222)
Total other expense	(601)	(9,760)	(2,288)	(22,891)
Income (Loss) Before Income Taxes	(7,274)	(15,126)	5,653	(45,896)
Provision (Benefit) for Income Taxes	(4,116)	(4,264)	81	5,159
Net Income (Loss)	(3,158)	(10,862)	5,572	(51,055)
Less: net loss attributable to noncontrolling interests	(337)	(352)	(616)	(595)
Net Income (Loss) Attributable to InnovAge Holding Corp.	$ (2,821)	$ (10,510)	$ 6,188	$ (50,460)
Weighted-average number of common shares outstanding - basic	135,516,608	121,324,980	135,516,544	119,619,806
Weighted-average number of common shares outstanding - diluted	135,516,608	121,324,980	135,530,793	119,619,806
Net income (loss) per share - basic	$ (0.02)	$ (0.09)	$ 0.05	$ (0.42)
Net income (loss) per share - diluted	$ (0.02)	$ (0.09)	$ 0.05	$ (0.42)
Capitation revenue
Revenues
Total revenues	$ 176,988	$ 155,835	$ 524,507	$ 464,294
Other service revenue
Revenues
Total revenues	$ 371	$ 473	$ 1,273	$ 1,890

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Treasury Stock	Noncontrolling Interests	Total
Balances, Beginning at Jun. 30, 2020	$ 133	$ 36,338	$ 64,737	$ (193)	$ 6,735	$ 107,750
Balances, Beginning (in shares) at Jun. 30, 2020	132,718,461			102,030
Balances, Ending at Dec. 31, 2020	$ 133	24,552	15,330	$ (77,796)	6,492	(31,289)
Balances, Ending (in shares) at Dec. 31, 2020	132,718,461			16,197,849
Balances, Beginning at Jun. 30, 2020	$ 133	36,338	64,737	$ (193)	6,735	107,750
Balances, Beginning (in shares) at Jun. 30, 2020	132,718,461			102,030
Treasury stock transaction				$ (77,603)		(77,603)
Treasury stock transaction (in shares)				16,095,819
Treasury stock retirement	$ (16)	(77,780)		$ 77,796
Treasury stock retirement (in shares)	(16,197,849)			(16,197,849)
Stock Option Cancellation, Value			(9,457)			(9,457)
Time based awards- option cancelation		(32,358)				(32,358)
Stock-based compensation		1,102				1,102
Reclassification of warrant liability		2,264				2,264
Owner contribution		20,000				20,000
Initial public offering of common stock, net of offering costs	$ 19	373,561				373,580
Initial public offering of common stock, net of offering costs (in shares)	18,995,901
Net income (loss)			(50,460)		(332)	(50,792)
Net income (loss)						(51,055)
Adjustment to redemption value			(344)			(344)
Balances, Ending at Mar. 31, 2021	$ 136	323,127	4,476		6,403	334,142
Balances, Ending (in shares) at Mar. 31, 2021	135,516,513
Redeemable non-controlling interests (Temporary Equity)
Temporary Equity, Accretion to Redemption Value, Adjustment						16,838
Adjustment to redemption value						344
Net income (loss)						(263)
Ending balance at Mar. 31, 2021						16,919
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest						(51,055)
Balances, Beginning at Dec. 31, 2020	$ 133	24,552	15,330	$ (77,796)	6,492	(31,289)
Balances, Beginning (in shares) at Dec. 31, 2020	132,718,461			16,197,849
Treasury stock retirement	$ (16)	(77,780)		$ 77,796
Treasury stock retirement (in shares)	(16,197,849)			(16,197,849)
Stock-based compensation		530				530
Reclassification of warrant liability		2,264				2,264
Initial public offering of common stock, net of offering costs	$ 19	373,561				373,580
Initial public offering of common stock, net of offering costs (in shares)	18,995,901
Net income (loss)			(10,510)		(89)	(10,599)
Net income (loss)						(10,862)
Adjustment to redemption value			(344)			(344)
Balances, Ending at Mar. 31, 2021	$ 136	323,127	4,476		6,403	334,142
Balances, Ending (in shares) at Mar. 31, 2021	135,516,513
Redeemable non-controlling interests (Temporary Equity)
Temporary Equity, Accretion to Redemption Value, Adjustment						16,838
Adjustment to redemption value						344
Net income (loss)						(263)
Ending balance at Mar. 31, 2021						16,919
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest						(10,862)
Balances, Beginning at Jun. 30, 2021	$ 136	323,760	10,663		6,420	340,979
Balances, Beginning (in shares) at Jun. 30, 2021	135,516,513
Stock-based compensation		2,586				2,586
Stock-based compensation (in shares)	8,493
Net income (loss)			6,188		(213)	5,975
Net income (loss)						5,572
Adjustment to redemption value			586			586
Balances, Ending at Mar. 31, 2022	$ 136	326,346	17,437		6,207	350,126
Balances, Ending (in shares) at Mar. 31, 2022	135,525,006
Beginning balance at Jun. 30, 2021						16,986
Redeemable non-controlling interests (Temporary Equity)
Adjustment to redemption value						(586)
Net income (loss)						(403)
Ending balance at Mar. 31, 2022						15,996
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest						5,572
Balances, Beginning at Dec. 31, 2021	$ 136	325,501	17,695		6,254	349,586
Balances, Beginning (in shares) at Dec. 31, 2021	135,516,513
Stock-based compensation		845				845
Stock-based compensation (in shares)	8,493
Net income (loss)			(2,821)		(47)	(2,868)
Net income (loss)						(3,158)
Adjustment to redemption value			2,563			2,563
Balances, Ending at Mar. 31, 2022	$ 136	$ 326,346	$ 17,437		$ 6,207	350,126
Balances, Ending (in shares) at Mar. 31, 2022	135,525,006
Beginning balance at Dec. 31, 2021						18,850
Redeemable non-controlling interests (Temporary Equity)
Adjustment to redemption value						(2,563)
Net income (loss)						(290)
Ending balance at Mar. 31, 2022						15,996
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest						$ (3,158)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2021
Condensed Consolidated Statements of Stockholders' Equity
Offering costs	$ 25,334	$ 25,334

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income (loss)	$ 5,572	$ (51,055)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Loss on disposal of assets	358	2
Provision for uncollectible accounts	4,834	4,144
Depreciation and amortization	10,435	9,262
Gain on equity method investment		(10,871)
Loss on extinguishment of long-term debt		8,494
Amortization of deferred financing costs	322	948
Stock-based compensation	2,586	1,102
Deferred income taxes	81	(3,464)
Change in fair value of warrants		2,264
Change in fair value of contingent consideration		1,343
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable, net	(4,157)	(1,402)
Prepaid expenses and other	(4,323)	635
Income tax receivable	(60)	1,613
Deposits and other	(1,501)	(606)
Accounts payable and accrued expenses	4,705	7,717
Reported and estimated claims	2,778	114
Due to Medicaid and Medicare	2,429	12,732
Net cash provided by (used in) operating activities	24,059	(17,028)
Investing Activities
Purchases of property and equipment	(20,141)	(14,083)
Purchase of intangible assets	(1,437)	(2,000)
Purchase of cost method investment	(2,000)
Net cash used in investing activities	(23,578)	(16,083)
Financing Activities
Distributions to owners		(9,458)
Owner contributions		20,000
Payments on capital lease obligations	(1,829)	(1,685)
Proceeds from long-term debt		375,000
Principal payments on long-term debt	(2,841)	(512,649)
Payment of financing costs and debt premiums		(8,896)
Proceeds from initial public offering of common stock		373,580
Treasury stock purchases		(77,603)
Payments under acquisition agreements		(3,622)
Payments related to option cancellation		(32,358)
Net cash provided by (used in) financing activities	(4,670)	122,309
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS & RESTRICTED CASH	(4,189)	89,198
CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD	203,700	114,565
CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD	199,511	203,763
Supplemental Cash Flows Information
Interest paid	1,452	16,251
Income taxes paid	84	7,047
Prepayment penalty on extinguishment of debt		6,000
Intangibles and property and equipment included in accounts payable	4,577	224
Property and equipment purchased under capital leases	$ 8,057	$ 3,517

Business

Business	9 Months Ended
	Mar. 31, 2022
Business
Business	Note 1: Business InnovAge Holding Corp. (formerly, TCO Group Holdings, Inc.) was formed May 13, 2016, to acquire the business of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007. In connection with the Company’s initial public offering (“IPO”), which occurred in March 2021, we changed the name of our Company from TCO Group Holdings, Inc. to InnovAge Holding Corp. InnovAge Holding Corp. and its subsidiaries, are headquartered in Denver, Colorado. The Company manages, and in many cases directly provides, a broad range of medical and ancillary services for seniors in need of care and support to safely live independently in their homes and communities, including in-home care services (skilled, unskilled and personal care); in-center services such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to the Program of All-Inclusive Care for the Elderly (“PACE”) center and third-party medical appointments; and care management. The Company manages its business as one reportable segment, PACE. As of March 31, 2022, the Company served approximately 6,800 PACE participants, making it the largest PACE provider in the United States of America (the “U.S.”) based upon participants served, and operates 18 PACE centers across Colorado, California, New Mexico, Pennsylvania and Virginia. PACE is a fully-capitated managed care program, which serves the frail elderly, and predominantly dual-eligible, population in a community-based service model. InnovAge is obligated to provide and participants receive all needed healthcare services through an all-inclusive, coordinated model of care, and the Company is at risk for 100% of healthcare costs incurred with respect to the care of its participants. PACE programs receive capitation payments directly from Medicare Parts C and D, Medicaid, Veterans Administration (“VA”), and private pay sources. Additionally, under the Medicare Prescription Drug Plan, the Centers for Medicare and Medicaid Services (“CMS”) share part of the risk for providing prescription medication to the Company’s participants. On March 8, 2021, we completed our IPO. The Company’s common stock began trading on the Nasdaq Stock Market LLC (“NASDAQ”) under the ticker symbol “INNV”.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2: The Company described its significant accounting policies in Note 2, “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended June 30, 2021 (“2021 10-K”). During the nine months ended March 31, 2022, there were no significant changes to those accounting policies. Basis of Preparation and Principles of Consolidation The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such regulations. These financial statements have been prepared on a basis consistent with the accounting principles applied for the fiscal year ended June 30, 2021. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of InnovAge, its wholly owned subsidiaries, variable interest entities (“VIEs”) for which it is the primary beneficiary and entities for which it has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. The Company does not have any components of comprehensive income and comprehensive income is equal to net income reported in the statements of operations for all periods presented. Restatement of Prior Period Financial Statements Subsequent to the issuance of the Company’s consolidated financial statements as of and for the year ended June 30, 2021, we identified an error in our consolidated balance sheet and statement of stockholders’ equity as of June 30, 2021 related to the presentation of redeemable noncontrolling interests. Additionally, the error also impacted our condensed consolidated statements of shareholders’ equity for the three months and nine-months ended March 31, 2021. The Company incorrectly recorded redeemable noncontrolling interests of $17.0 million and $16.9 million as permanent equity rather than temporary equity ​ The effect of the restatement on the consolidated balance sheet as of June 30, 2021 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ Reported Adjustments As Restated Redeemable Noncontrolling Interests (See Note 4) — 16,986 16,986 Retained earnings 11,250 (587) 10,663 Total InnovAge Holding Corp. 335,146 (587) 334,559 Noncontrolling interests 22,819 (16,399) 6,420 Total stockholders’ equity 357,965 (16,986) 340,979 ​ The effect of the restatement on the balances as of June 30, 2021 included in the consolidated statement of stockholders’ equity as of March 31, 2022 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ ​ Total Permanent ​ Noncontrolling ​ ​ Retained ​ Noncontrolling ​ Stockholders’ ​ Interests ​ Earnings Interests Equity (Temporary Equity) As Previously Reported Balances, June 30, 2021 11,250 22,819 357,965 — Adjustments Balances, June 30, 2021 (587) (16,399) (16,986) 16,986 As Restated Balances, June 30, 2021 10,663 6,420 340,979 16,986 ​ The effect of the restatement on the consolidated statement of stockholders’ equity for the three months ended March 31, 2021 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ Total Permanent ​ Noncontrolling ​ ​ ​ ​ Retained ​ Noncontrolling ​ Stockholders’ ​ Interests ​ Retained ​ Earnings Interests Equity (Temporary Equity) ​ Earnings As Previously Reported ​ ​ Consolidation of equity method investment ​ — ​ 16,838 ​ 16,838 ​ — ​ — Net income (loss) ​ (10,510) ​ (352) ​ (10,862) ​ — ​ — Adjustment to redemption value ​ — ​ — ​ — ​ — ​ — Balances, March 31, 2021 4,820 22,978 351,061 — ​ — Adjustments ​ ​ Consolidation of equity method investment ​ — ​ (16,838) ​ (16,838) ​ 16,838 ​ — Net income (loss) ​ — ​ 263 ​ 263 ​ (263) ​ (10,862) Adjustment to redemption value ​ (344) ​ — ​ (344) ​ 344 ​ — Balances, March 31, 2021 (344) (16,575) (16,919) 16,919 ​ — As Restated ​ ​ Consolidation of equity method investment ​ — ​ — ​ — ​ 16,838 ​ — Net income (loss) ​ (10,510) ​ (89) ​ (10,599) ​ (263) ​ (10,862) Adjustment to redemption value (344) — (344) 344 ​ — Balances, March 31, 2021 ​ 4,476 ​ 6,403 ​ 334,142 ​ 16,919 ​ — ​ The effect of the restatement on the consolidated statement of stockholders’ equity for the nine months ended March 31, 2021 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ Total Permanent ​ Noncontrolling ​ ​ ​ ​ Retained ​ Noncontrolling ​ Stockholders’ ​ Interests ​ Retained ​ Earnings Interests Equity (Temporary Equity) ​ Earnings As Previously Reported ​ ​ Consolidation of equity method investment ​ — ​ 16,838 ​ 16,838 ​ — ​ — Net income (loss) ​ (50,460) ​ (595) ​ (51,055) ​ — ​ — Adjustment to redemption value ​ — ​ — ​ — ​ — ​ — Balances, March 31, 2021 4,820 22,978 351,061 — ​ — Adjustments ​ ​ Consolidation of equity method investment ​ — ​ (16,838) ​ (16,838) ​ 16,838 ​ — Net income (loss) ​ — ​ 263 ​ 263 ​ (263) ​ (51,055) Adjustment to redemption value ​ (344) ​ — ​ (344) ​ 344 ​ — Balances, March 31, 2021 (344) (16,575) (16,919) 16,919 ​ — As Restated ​ ​ Consolidation of equity method investment ​ — ​ — ​ — ​ 16,838 ​ — Net income (loss) ​ (50,460) ​ (332) ​ (50,792) ​ (263) ​ (51,055) Adjustment to redemption value (344) — (344) 344 ​ — Balances, March 31, 2021 ​ 4,476 ​ 6,403 ​ 334,142 ​ 16,919 ​ — Property and Equipment Property and equipment were comprised of the following as of March 31, 2022 and June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ dollars in thousands ​ Useful Lives ​ March 31, 2022 ​ June 30, 2021 ​ Land N/A ​ $ 11,980 ​ $ 11,980 ​ Buildings and leasehold improvements 10 - 40 years ​ 121,661 ​ 104,724 ​ Software 3 - 5 years ​ 15,107 ​ 13,316 ​ Equipment and vehicles 3 - 7 years ​ 46,655 ​ 35,341 ​ Construction in progress N/A ​ 22,336 ​ 22,130 ​ ​ ​ ​ 217,739 ​ ​ 187,491 ​ Less accumulated depreciation and amortization ​ ​ (53,857) ​ (44,776) ​ Total property and equipment, net ​ ​ ​ $ 163,882 ​ $ 142,715 ​ Depreciation of $3.8 million and $3.2 million was recorded during the three months ended March 31, 2022 and 2021, respectively. Depreciation of $9.9 million and $8.8 million was recorded during the nine months ended March 31, 2022 and 2021, respectively. Coronavirus Pandemic (“COVID-19”) As a PACE organization, we have been and will continue to be impacted by the effects of COVID-19. We closed all our centers in March 2020 and transitioned to a 100% in-home and virtual care model. We believe that the general lack of in-person interaction and the reduction in healthcare personnel, and specifically, trained personnel, impacted our ability to adhere to the complex government laws and regulations that apply to our business. We remain committed to carrying out our mission of caring for our participants. We continue to closely monitor the impact of COVID-19 on all aspects of our business, including the impacts to our employees, participants and suppliers. Due to the numerous evolving factors, we are unable to reliably estimate the ultimate impact the pandemic will have on our consolidated financial condition, results of operations or cash flows. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into legislation. Under the CARES Act, the state of Pennsylvania signed into law the Act 24 of 2020. We received $1.0 million in funding under the Act 24 of 2020, which was allocated to InnovAge centers in Pennsylvania. Of the $1.0 million, $0.7 million was recognized prior June 30, 2020 and the remaining balance of $0.3 million was recognized during the year ended June 30, 2021. The CARES Act also provides for the temporary suspension of the automatic 2% reduction of Medicare claim reimbursements (sequestration) for the period of May 1, 2020 through December 31, 2020. The Consolidated Appropriations Act, 2021, enacted December 27, 2020, extended this suspension for three more months, through March 31, 2021. H.R. 1868, enacted on April 14, 2021 further extends the suspension through December 31, 2021. On December 10, 2021 the “Protecting Medicare and American Farmers from Sequester Cuts Act” extends the 2% Medicare sequester moratorium through March 31, 2022, and adjusts the sequester to 1% between April 1, 2022 and June 30, 2022. Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes Topic 740-Simplifying the Accounting for Income Taxes Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU 2016-02 Leases Revenue from contracts with customers (Topic 606) and leases (Topic 842)—Effective dates for certain entities Financial Instruments In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ( ) We do not expect that any other recently issued accounting guidance will have a significant effect on our condensed consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Mar. 31, 2022
Revenue Recognition
Revenue Recognition	Note 3: Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the Company performed the following five steps: (i) Identify the contract(s) with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; and (v) Recognize revenue as the entity satisfies a performance obligation. Capitation Revenue and Accounts Receivable Our capitation revenue relates to contracts with participants in which our performance obligation is to provide healthcare services to the participants. Revenues are recorded during the period our obligations to provide healthcare services are satisfied as noted below within each service type. The Company contracts directly with Medicare and Medicaid on a per member, per month (“PMPM”) basis. We receive 100% of the pooled capitated payment to directly provide or manage the healthcare needs of our participants. Fees are recorded gross in revenues because the Company is acting as a principal in providing for or overseeing comprehensive care provided to the participants. Neither the Company nor any of its affiliates is a registered insurance company because state law in the states in which it operates does not require such registration for risk-bearing providers. In general, a participant enrolls in the PACE program and is considered a customer of InnovAge. The Company considers all contracts with participants as a single performance obligation to provide comprehensive medical, health, and social services that integrate acute and long-term care. The Company identified that contracts with customers in the PACE program have similar performance obligations and therefore groups them into one portfolio. This performance obligation is satisfied as the Company provides comprehensive care to its participants. Our revenues are based on the estimated PMPM amounts we expect to be entitled to receive from the capitated fees per participant that are paid monthly by Medicaid, Medicare, the VA, and private pay sources. Medicaid and Medicare capitation revenues are based on PMPM capitation rates under the PACE program. VA is included in “Private Pay and other” and is also capitated. Private pay includes direct payments from participants who do not qualify for the full capitated rate and have to pay all or a portion of the capitated rate. The Company disaggregates capitation revenue from the following sources for the nine months ended: ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2022 2021 Medicaid 53 % 53 % Medicare 46 % 46 % Private pay and other 1 % 1 % Total 100 % 100 % ​ The Company determined the transaction price for these contracts is the amount we expect to be entitled to, which is the most likely amount. For certain capitation payments, the Company is subject to retroactive premium risk adjustments based on various factors. The Company estimates the amount of the adjustment and records it monthly on a straight-line basis. These adjustments are not expected to be material. The capitation revenues are recognized based on the estimated PMPM transaction price to transfer the service for a distinct increment of the series (i.e. month). We recognize revenue in the month in which participants are entitled to receive comprehensive care benefits during the contract term. As the period between the time of service and time of payment is typically one year or less, the Company elected the practical expedient under ASC 606-10-32-18 and did not adjust for the effects of a significant financing component. The Company also provides prescription drug benefits in accordance with Medicare Part D. Monthly payments received from CMS and the participants represent the bid amount for providing prescription drug coverage. The portion received from CMS is subject to risk sharing through Medicare Part D risk-sharing corridor provisions. These risk-sharing corridor provisions compare costs targeted in the Company’s bid to actual prescription drug costs. The Company estimates and records a monthly adjustment to Medicare Part D revenues associated with these risk-sharing corridor provisions. Medicare Part D comprised (i) 12% of capitation revenues for both the nine months ended March 31, 2022 and 2021 and (ii) 23% and 25% of external provider costs for the nine months ended March 31, 2022 and 2021, respectively. Our accounts receivable as of March 31, 2022 and June 30, 2021 is primarily from capitation revenue arrangements. The concentration of net receivables from participants and third-party payers was as follows: ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ June 30, ​ ​ ​ 2022 2021 ​ Medicaid 50 % 60 % Medicare 37 % 20 % Private pay and other 13 % 20 % Total 100 % 100 % ​ The Company records accounts receivable at net realizable value, which includes an allowance for estimated uncollectible accounts. The allowance for uncollectible accounts reflects the Company’s best estimate of probable losses considering eligibility, historical experience, and existing economic conditions. The balance of the allowance for uncollectible accounts was $3.9 million as of March 31, 2022, compared to $4.4 million as of June 30, 2021. Accounts are written off as bad debts when they are deemed uncollectible based upon individual credit evaluations and specific circumstances underlying the accounts. Other Service Revenue and Accounts Receivable Other service revenue is comprised of rents earned related to Senior Housing and other fee for service revenue. Other service revenue was 0.2% and 0.4% of total revenue for the nine months ended March 31, 2022 and 2021, respectively, and 0.2% and 0.3% for the three months ended March 31, 2022 and 2021, respectively. Accounts receivable related to other service revenue were not significant as of both March 31, 2022 and June 30, 2021. Laws and regulations governing the Medicare and Medicaid programs are complex and subject to change, as well as government review. Failure to comply with these laws can expose the entity to significant regulatory action, including fines, penalties, and exclusion from the Medicare and Medicaid programs. See Note 9, “Commitments and Contingencies”.

Investments

Investments	9 Months Ended
	Mar. 31, 2022
Investments
Investments	Note 4: The Company holds equity method and cost method investments as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ June 30, in thousands ​ 2022 2021 Cost method investments ​ $ 4,645 ​ $ 2,645 Equity method investments ​ 848 ​ 848 Total investments ​ $ 5,493 ​ $ 3,493 ​ Nonconsolidated Entities Cost Method Investments The Company maintains two investments that are accounted for using the cost method. The investments do not have a readily determinable fair value and the Company has elected to record the investments at cost, less impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. During the nine months ended March 31, 2022 and 2021, there were no observable price changes or impairments recorded. Jetdoc ​ In August 2021, the Company acquired a minority interest equal to 806,481 shares of the outstanding common stock of Jetdoc, Inc. (“Jetdoc”), a telehealth and virtual urgent care app dedicated to effectively connecting users with medical professionals, for cash consideration of $2.0 million. The balance of the Company’s investment in Jetdoc is $2.0 million which represents the maximum exposure to loss. ​ Dispatch Health ​ Since 2019, the Company has maintained an investment of $2.6 million in DispatchHealth Holdings, Inc. (“Dispatch Health”). Dispatch Health offers complete in-home on-demand healthcare. The balance of the Company’s investment is $2.6 million which represents the maximum exposure to loss. ​ Equity Method Investments ​ Pinewood Lodge ​ The Company’s operations include a Senior Housing unit that primarily includes the accounts of Continental Community Housing (“CCH”), the general partner of Pinewood Lodge, LLP (“ PWD”) which was organized to develop, construct, own, maintain, and operate certain apartment complexes intended for rental to low-income elderly individuals aged 62 or older. PWD is a VIE, but the Company is not the primary beneficiary. The Company does not have the power to direct the activities that most significantly impact the economic performance of PWD. Accordingly, the Company does not consolidate PWD. PWD is accounted for using the equity method of accounting. The equity earnings of PWD are insignificant. As of March 31, 2022, the balance of the Company’s investment in PWD is $0.8 million which represents the maximum exposure to loss. Noncontrolling Interest Senior Housing ​ The Company’s operations include a 0.01% partnership interest in InnovAge Senior Housing Thornton, LLC (“SH1”), which was organized to develop, construct, own, maintain, and operate certain apartment complexes intended for rental to low-income elderly individuals aged 62 or older. SH1 is a VIE. The Company is the primary beneficiary of SH1 and consolidates SH1. The Company is the primary beneficiary of SH1 as it has the power to direct the activities that are most significant to SH1 and has an obligation to absorb losses or the right to receive benefits from SH1. The most significant activity of SH1 is the operation of the senior housing facility. The Company has provided a subordinated loan to SH1 and has provided a guarantee for a convertible term loan held by SH1. Redeemable Noncontrolling Interest InnovAge Sacramento ​ On March 18, 2019, in connection with the formation of InnovAge Sacramento, the joint venture with Adventist Health System/West (“Adventist”) and Eskaton Properties, Incorporated (“Eskaton”), the Company contributed $9.0 million in cash and land valued at $4.2 million for a 59.9% membership interest in the joint venture, InnovAge Sacramento. Further, Adventist contributed $5.8 million in cash and Eskaton contributed $3.0 million in cash for membership interests of 26.4% and 13.7%, respectively. Prior to January 1, 2021, the Company did not consolidate InnovAge Sacramento. In the third quarter of fiscal year 2021, the Company made an additional contribution of $52,000 to obtain an additional 0.1% membership interest in the joint venture. With the acquisition of the additional 0.1% membership interest, the Company obtained control of InnovAge Sacramento effective January 1, 2021. Accordingly, beginning January 1, 2021, the results of InnovAge Sacramento are included in our consolidated results of operations. Before consolidation on January 1, 2021, the Company recorded its proportionate share of net loss, which was a loss of $1.3 million for the six months ended December 31, 2020, as equity loss in the statement of operations. When the joint venture was formed, the Company issued warrants to Adventist (the “Sacramento Warrants”) to purchase 5% of its issued and outstanding common stock par value $0.001 per share, at an exercise price equal to the fair market value per share at the time of exercise of the warrant. Pursuant to the original warrants, the Sacramento Warrants were to fully vest on the date on which Adventist would have made aggregate capital contributions in an amount greater than $25.0 million to one or more joint venture entities in which Adventist and the Company held equity (the “Investment Threshold”). On February 9, 2021, we entered into an amendment agreement with Adventist to amend the Sacramento Warrants. The amendment removes the Investment Threshold requirement and grants Adventist the right to purchase up to $15.0 million of our common stock at an exercise price equal to the initial public offering price. The warrant was exercisable for one At inception, the Sacramento Warrants were initially determined to be equity-based payments to nonemployees and as such the measurement date for these warrants was considered to be the date when the Investment Threshold is reached. At the time of the amendment, due to the removal of the Investment Threshold, the Sacramento Warrants were evaluated under ASC 815-40, “ Contracts in an Entity’s Own Equity As described above, we obtained control of InnovAge Sacramento through acquisition of an additional 0.1% membership interest, which we consider to be a step acquisition, whereby the Company remeasured the previously held equity method investment to fair value. The amount by which the purchase price exceeds the fair value of the net assets acquired is recorded as goodwill. The fair value of the previously held equity investments was determined using a discounted cash flow model. This resulted in recording a gain on consolidation of $10.9 million during the third quarter of fiscal year 2021. The InnovAge California PACE-Sacramento LLC Limited Liability Company Agreement (the “JV Agreement”) includes numerous provisions whereby, if certain conditions are met, the Joint Venture may be required to purchase, at fair market value, certain members’ interests or certain members may be required to purchase, at fair market value, the interests of certain other members. As of March 31, 2022, none of the conditions specified in the JV Agreement had been met. At the time the Company became a publicly traded company these put rights held by the noncontrolling interests of the Joint Venture were required to be presented as temporary equity. The redeemable noncontrolling interest of $15.9 million was recorded at carrying value as of March 31, 2022.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Mar. 31, 2022
Fair Value Measurements
Fair Value Measurements	Note 5: Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants, at the measurement date. A fair value hierarchy was established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources outside the reporting entity. Unobservable inputs are inputs that reflect the Company’s own assumptions based on market data and assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The sensitivity to changes in inputs and their impact on fair value measurements can be significant. The three levels of inputs that may be used to measure fair value are: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date Level 2 Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the assets or liabilities Level 3 Unobservable inputs to the valuation techniques that are significant to the fair value measurements of the assets or liabilities Recurring Measurements The Company’s investment in InnovAge Sacramento includes a put right for the noncontrolling interest holders to require the Company to repurchase the interest of the noncontrolling interest holders at fair value, after the initial term of the management services agreement in 2028. As a result, at each fiscal period end the Company reports this put right at the greater of i) carrying value of the redeemable noncontrolling interest or (ii) fair value of the redeemable noncontrolling interest. Because this asset does not have observable inputs, level 3 inputs are used to measure fair value. For the three months ended March 31, 2022, the Company recorded an adjustment to redemption value of the redeemable noncontrolling interest of $2.6 million, which was a reduction to carrying value. This adjustment represents the excess amount of fair value over the carrying value as of March 31, 2022. The fair value of the redeemable noncontrolling interest is determined utilizing a discounted cash flow model. Effective August 7, 2018, the Company finalized the acquisition of NewCourtland LIFE Program (“NewCourtland”) in Pennsylvania. The Company paid a base purchase price of $30.0 million, subject to certain net working capital and closing adjustments plus contingent consideration of up to $20.0 million. On March 8, 2021, we completed our IPO, which satisfied the condition that the Company sell equity securities pursuant to an effective registration statement. Accordingly, $20.0 million of contingent consideration was paid under the terms of the acquisition agreement. Since all of the contingent consideration of $20.0 million was paid, the lease payments in certain real estate leases between the Company and NewCourtland were reduced from their current amounts and allow the Company to exercise its option to purchase the leased buildings at fair market value, after the initial term of the lease. As of June 30, 2021 and March 31, 2022, there are no amounts of contingent consideration outstanding. There were no transfers in and out of Level 3 during the nine months ended March 31, 2022 or 2021.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets
Goodwill and Intangible Assets	Note 6: Goodwill, which represents the excess of consideration paid over the fair value of net assets acquired through business acquisitions. Goodwill amounted to $124.2 million at each of March 31, 2022 and June 30, 2021. Goodwill is not amortized. Pursuant to ASC 350, “ Intangibles – Goodwill and Other Intangibles assets consisted of the following as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ June 30, in thousands ​ 2022 2021 Definite-lived intangible assets ​ $ 9,350 ​ $ 6,600 Indefinite-lived intangible assets ​ ​ 2,000 ​ ​ 2,000 Total intangible assets ​ ​ 11,350 ​ ​ 8,600 Accumulated amortization ​ ​ (2,578) ​ ​ (2,082) Balance as of end of period ​ $ 8,772 ​ $ 6,518 ​ Intangible assets consist primarily of customer relationships acquired through business acquisitions and technology-based assets. The Company recorded amortization expense of $0.5 million and $0.2 million for the nine months ended March 31, 2022 and 2021, respectively. We review the recoverability of other intangible assets in conjunction with long-lived assets whenever events or changes in circumstances indicate the carrying amount of such assets may not be recoverable. There were no intangible asset impairments recorded during the nine months ended March 31, 2022 and 2021. During the nine months ended March 31, 2022, the market value of our common stock declined below the carrying value of equity. As a result, we were required to qualitatively assess whether a triggering event had occurred and whether it was more likely than not that our goodwill was impaired as of March 31, 2022. We believe the impact of the regulatory actions described below to our planned opening of new centers and expansion into new service areas met the criteria of a triggering event, which required us to perform quantitative procedures as part of a Step 1 goodwill impairment analysis to asses whether it was more-likely-than-not that the fair value of the Company was greater than the net book value. In September 2021, we were notified that CMS and the State of California had determined to suspend new enrollments at our Sacramento center based on deficiencies detected in an audit related to participant provision of services. In December 2021, we were notified that CMS and Colorado Department of Health Care Policy and Financing (“HCPF”) had determined to suspend new enrollments at our Colorado centers based on deficiencies detected in an audit related to participant provision of services. In each case, the suspensions will remain in effect until CMS and the respective States determine that we have remediated the deficiencies to their satisfaction. During the third quarter ended March 31, 2022, we were notified by the State of Kentucky that they no longer intend to enter into an agreement with us relating to PACE services, and during the same period, CMS denied our initial application to develop a PACE center in the State of Indiana. As a result of the above assessment, we concluded that there was no goodwill impairment based on a review of macroeconomic and industry considerations, the Company's financial results in each of our reporting units for the nine months ended March 31, 2022 and financial projections, inclusive of a sustained impact of the enrollment suspension and inability to open new centers. If assumptions or estimates in the fair value calculations change or if future cash flows vary from what was expected, including those assumptions relating to the duration and severity of the financial impact of the enrollment suspension at Sacramento and Colorado or new regulatory sanctions or other actions are imposed on the Company, this may impact the impairment analysis and could reduce the underlying cash flows used to estimate fair values and result in a decline in fair value that may trigger future impairment charges.

Leases

Leases	9 Months Ended
	Mar. 31, 2022
Leases
Leases	Note 7: Property and equipment includes property under various capital leases. These leases have expiration dates ranging from August 2022 to July 2032, varying interest rates, and generally include an option to purchase the equipment at the end of the underlying lease period. The Company’s capital leases included the following at March 31, 2022 and June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ June 30, 2021 ​ in thousands ​ ​ ​ ​ ​ ​ ​ Equipment ​ $ 18,885 ​ $ 13,302 ​ Less accumulated depreciation ​ (7,150) ​ (7,081) ​ Total capital leases ​ $ 11,735 ​ $ 6,221 ​ ​ Certain of the Company’s property and equipment is leased under operating leases. Such leases generally have lease terms ranging from years 2022 through 2032 with renewal options. Total rental expense under operating leases was $1.3 million and $3.5 million for the three and nine months ended March 31, 2022, respectively, and $1.4 million and $3.5 million for the three and nine months ended March 31, 2021 respectively. Future minimum lease payments for fiscal years beginning with remainder of fiscal year 2022 for capital leases having initial terms of more than one year and noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ Capital Leases ​ Minimum Lease in thousands ​ Obligations ​ Payments Amount remaining in 2022 ​ $ 958 ​ $ 1,203 2023 ​ 4,405 ​ 4,872 2024 ​ 3,909 ​ 4,582 2025 ​ 3,126 ​ 4,122 2026 ​ 2,092 ​ 4,061 Thereafter ​ 1,927 ​ 14,029 Total ​ 16,417 ​ $ 32,869 Less amount representing interest ​ (2,912) ​ Total minimum lease payments ​ 13,498 ​ Less current maturities ​ (3,216) ​ Noncurrent maturities ​ $ 10,282 ​ ​

Long Term Debt

Long Term Debt	9 Months Ended
	Mar. 31, 2022
Long Term Debt
Long Term Debt	Note 8. Long Term Debt Long-term debt consisted of the following at March 31, 2022 and June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ Maturity date ​ March 31, 2022 ​ June 30, 2021 ​ ​ ​ ​ ​ ​ in thousands ​ Senior secured borrowings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan Facility (a) ​ March 8, 2026 ​ $ 72,188 ​ $ 75,000 ​ Revolving Credit Facility (b) (a) ​ March 8, 2026 ​ ​ — ​ ​ — ​ Convertible term loan 6.68% ​ August 20, 2030 ​ 2,338 ​ 2,367 ​ Total debt ​ ​ ​ ​ 74,526 ​ 77,367 ​ Less unamortized debt issuance costs ​ ​ ​ ​ 1,681 ​ 2,003 ​ Less current maturities ​ ​ ​ ​ 3,793 ​ 3,790 ​ Noncurrent maturities ​ ​ ​ ​ $ 69,051 ​ $ 71,574 ​ (a) The interest rates on the Term Loan Facility and Revolving Credit Facility are described below. (b) The remaining capacity under the Revolving Credit Facility as of March 31, 2022 was $100.0 million, subject to (i) any issued amounts under our letters of credit, which as of March 31, 2022 was $2.6 million, and (ii) applicable covenant compliance restrictions and any other conditions precedent to borrowing. ​ 2016 Credit Agreement The Company originally entered into a senior secured borrowing agreement (the “2016 Credit Agreement”) on May 13, 2016, that consisted of a senior secured term loan for $75.0 million and a revolving credit facility for $20.0 million. The 2016 Credit Agreement was subsequently amended (i) on May 2, 2019 to increase the senior secured term loan to $190.0 million and a revolving credit facility for $30.0 million and a delayed draw term loan facility (“DDTL”) for $45.0 million and (ii) on July 27, 2020, to increase the senior secured term loan to $300.0 million, the revolving credit facility to $40.0 million and to terminate Concurrent with the Company’s entry into the 2021 Credit Agreement (as defined below), the Company terminated and repaid in full all outstanding indebtedness under the 2016 Credit Agreement. 2021 Credit Agreement On March 8, 2021, concurrently with the closing of the IPO, the Company entered into a new credit agreement (the “2021 Credit Agreement”) that replaced the 2016 Credit Agreement. The 2021 Credit Agreement consists of a senior secured term loan (the “Term Loan Facility”) of $75.0 million principal amount and a revolving credit facility (the “Revolving Credit Facility”) of $100.0 million maximum borrowing capacity. Loans under the 2021 Credit Agreement are secured by substantially all of the Company’s assets. Principal on the Term Loan Facility is paid each calendar quarter beginning September 2021 in an amount equal to 1.25% of the initial term loan on closing date. Proceeds of the Term Loan Facility, together with proceeds from the IPO, were used to repay amounts outstanding under the 2016 Credit Agreement. Outstanding principal amounts under the 2021 Credit Agreement accrue interest at a variable interest rate. As of March 31, 2022, the interest rate on the Term Loan Facility was 2.21%. Under the terms of the 2021 Credit Agreement, the Revolving Credit Facility fee accrues at 0.25% of the average daily unused amount and is paid quarterly. As of March 31, 2022, we had no borrowings outstanding under the Revolving Credit Facility. The 2021 Credit Agreement requires the Company to meet certain operational and reporting requirements, including, but not limited to, a secured net leverage ratio. Additionally, annual capital expenditures and permitted investments, including acquisitions, are limited to amounts specified in the 2021 Credit Agreement. The 2021 Credit Agreement also provides certain restrictions on dividend payments and other equity transactions and requires the Company to make prepayments under specified circumstances. As of March 31, 2022, the Company was in compliance with the covenants of the 2021 Credit Agreement. The deferred financing costs of $2.0 million are amortized over the term of the underlying debt and unamortized amounts have been offset against long-term debt in the consolidated balance sheets. Total amortization of deferred financing costs was $0.3 million for the nine months ended March 31, 2022. Convertible Term Loan On June 29, 2015, SH1 entered into a convertible term loan. Monthly principal and interest payments of $0.02 million commenced on September 1, 2015. The loan is secured by a deed of trust to Public Trustee, assignment of leases and rents, security agreements, and SH1’s fixture filing.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 9: Commitments and Contingencies Professional Liability The Company pays fixed premiums for annual professional liability insurance coverage under a claims-made policy. Under such policy, only claims made and reported to the insurer are covered during the policy term, regardless of when the incident giving rise to the claim occurred. The Company records claim liabilities and expected recoveries, if any, at gross amounts. The Company is not currently aware of any unasserted claims or unreported incidents that are expected to exceed medical malpractice insurance coverage limits. Litigation From time to time, in the normal course of business, the Company is involved in or subject to legal proceedings related to its business, including those described below. The Company regularly evaluates the status of claims and legal proceedings in which it is involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss may have been incurred, and to determine if accruals are appropriate. The Company expenses legal costs as such costs are incurred. ​ On October 14, 2021, the Company was named as a defendant in a putative class action complaint filed in the District Court for the District of Colorado on behalf of individuals who purchased or acquired shares of the Company’s common stock during a specified period. Through the complaint, plaintiffs are asserting claims against the Company, certain of the Company’s officers and the underwriters in the Company’s IPO, alleging violations of Sections 11 and 15 of the Securities Act of 1933 for making allegedly inaccurate and misleading statements and omissions in connection with the Company’s IPO and seeking compensatory damages, among other things. The plaintiffs have indicated that they intend to file an amended complaint on or before June 14, 2022. We are currently unable to predict the outcome of this matter. ​ In July 2021, the Company received a civil investigative demand from the Attorney General for the State of Colorado under the Colorado Medicaid False Claims Act. The demand requests information and documents regarding Medicaid billing, patient services and referrals in connection with the Company’s PACE program in Colorado. We continue to fully cooperate with the Attorney General and produce the requested information and documentation. We are currently unable to predict the outcome of this investigation. In February 2022, the Company received a civil investigative demand from the Department of Justice (“DOJ”) under the Federal False Claims Act on similar subject matter. The demand requests information and documents regarding audits, billing, orders tracking, and quality and timeliness of patient services in connection with the Company’s PACE programs in the states where the Company operates (California, Colorado, New Mexico, Pennsylvania, and Virginia). The Company is fully cooperating with the DOJ to produce the requested information and documentation. We are currently unable to predict the outcome of this investigation. ​ On April 20, 2022, the Board of Directors of the Company received a books and records demand pursuant to Section 220 of the Delaware General Corporation Law, from a purported stockholder of the Company, in connection with the stockholder’s investigation of, among other matters, potential breaches of fiduciary duty, mismanagement, self-dealing, corporate waste or other violations of law by the Company’s Board with respect to these matters. We are currently unable to predict the outcome of this matter. ​ Although the results of legal proceedings and claims are inherently unpredictable and uncertain, we do not believe that the outcomes of the legal proceedings with which we are currently involved, based on the currently available information, either individually or in the aggregate, will have a material adverse effect on our business, financial condition, or cash flows, though the outcomes could be material to the Company’s operating results for any particular period; depending in part, upon the operating results of such period. Regardless of the outcome, litigation has the potential to have an adverse impact on us due to any related defense and settlement costs, diversion of management resources, and other factors. ​

Equity

Equity	9 Months Ended
	Mar. 31, 2022
Equity
Equity	Note 10: Equity Owner Transaction On July 27, 2020, InnovAge Holding Corp. (formerly TCO Group Holdings, Inc.), Ignite Aggregator LP (“Purchaser”), and the former equity holders of InnovAge Holding Corp. (“Sellers”) entered into a Securities Purchase Agreement (the “Agreement”), effective July 27, 2020. Under the terms of the Agreement, the Sellers sold a portion of their equity interest to the Purchaser. The Purchaser and the Sellers then contributed their equity interests in the Company to a newly formed limited partnership, TCO Group Holdings, L.P. (the “LP”) resulting in the Company being wholly owned by the LP. Concurrently with the entry into the Agreement, the Company amended and restated its 2016 Credit Agreement, see Note 8, “Long Term Debt” for further discussion. A portion of the proceeds from the 2016 Credit Agreement were used by the Company to repurchase 16,095,819 shares of its common stock for $77.6 million from certain members of management, including certain members of the Board of Directors, and certain members of our equity partner. The common stock was then recognized as Treasury stock. The Treasury stock was retired in March 2021. Additionally, as part of the Agreement, the Company executed an Option Cancellation Agreement (the “Cancellation Agreement”), which canceled the Company’s common stock option awards of 16,994,975 granted under the 2016 Equity Incentive Plan for $74.6 million. Such cancellation resulted in a settlement of the awards. Vesting of the contingent performance-based awards was not deemed probable at the time of the settlement resulting in the settlement of the contingent performance-based awards being recorded as Corporate, general and administrative. Vesting of the time vesting awards was deemed probable at the time of the settlement resulting in a portion of the settlement of the time vesting awards being recorded as Corporate, general and administrative expense and the remainder being recorded as a reduction to Additional paid-in capital. Of the total settlement, $45.4 million was recorded as Corporate, general and administrative expense and $32.4 million was recorded as a reduction to Additional paid-in capital. The Cancellation Agreement resulted in the option holders receiving the same amount of cash that they would have received had they exercised their options, participated in the repurchase described above and sold their remaining shares. As part of the transaction, for the nine months ended March 31, 2021, the Company incurred $22.6 million in transaction costs, of which $13.1 million was recognized as Corporate, general and administrative expense and $9.5 million was recognized as a distribution to owners as the costs were paid on behalf of the owners. These costs were recorded during the nine months ended March 31, 2021.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Mar. 31, 2022
Stock-based Compensation
Stock-based Compensation	Note 11: A summary of our aggregate stock-based compensation expense is set forth below. Stock-based compensation expense is included in corporate, general and administrative expenses on our consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ March 31, ​ in thousands ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (a) ​ $ 359 ​ $ 45,387 ​ Profits interests units ​ 1,095 ​ 1,102 ​ Restricted stock units ​ ​ 1,132 ​ ​ — ​ Total stock-based compensation expense ​ $ 2,586 ​ $ 46,489 ​ ​ (a) The amount for 2021 relates to stock-based compensation expense recognized as a result of the Cancellation Agreement. ​ 2016 Equity Incentive Plan The Company maintained the 2016 Equity Incentive Plan pursuant to which various stock-based awards were granted to employees, directors, consultants, and advisers. The total number of shares of the Company’s common stock that was authorized under the 2016 Equity Incentive Plan was 17,836,636, of which a total of 16,994,976 awards were granted. On July 27, 2020, the Company, Ignite Aggregator LP, and the equity holders of the Company entered into a Securities Purchase Agreement, and in conjunction therewith, the Company amended and restated the 2016 Credit Agreement. A portion of the proceeds from the 2016 Credit Agreement were used by the Company to repurchase 16,095,819 shares of its common stock from the certain members of management, the Board of Directors, and members of our equity partner. Additionally, as part of the 2016 Credit Agreement, the Company executed the Cancellation Agreement with each of the 2016 Equity Incentive Plan option holders, participated in the repurchase described above and sold their remaining shares. The 2016 Equity Incentive Plan was cancelled and replaced with the 2020 Equity Incentive Plan, as described below. 2020 Equity Incentive Plan Profits Interests The LP maintains the 2020 Equity Incentive Plan pursuant to which interests in the LP in the form of Class B Units (profits interests) may be granted to employees, directors, consultants, and advisers. A maximum number of 16,162,177 Class B Units are authorized for grant under the 2020 Equity Incentive Plan. As of March 31, 2022, a total of 13,009,137 profits interests units have been granted under the 2020 Equity Incentive Plan. The Company used the Monte Carlo option model to determine the fair value of the profits interests units at the time of the grant. There were no grants during the nine months ended March 31, 2022. A summary of profits interests activity for the nine months ended March 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted average Time-based unit awards ​ units ​ grant date fair value ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 6,587,261 ​ $ 1.28 Forfeited (2,409,972) ​ $ 1.28 Outstanding balance, March 31, 2022 4,177,289 ​ $ 1.28 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted average Performance-based unit awards ​ units ​ grant date fair value ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 6,223,262 ​ $ 0.57 Forfeited (3,210,939) ​ $ 0.57 Outstanding balance, March 31, 2022 3,012,323 ​ $ 0.57 ​ The total unrecognized compensation cost related to profits interests units outstanding as of March 31, 2022 was $6.4 million, comprised (i) $4.3 million related to time-based unit awards expected to be recognized over a weighted-average period of 0.9 years and (ii) $2.1 million related to performance-based unit awards, which will be recorded when it is probable that the performance-based criteria will be met. 2021 Omnibus Incentive Plan In March 2021, the compensation committee of our Board of Directors approved the InnovAge Holding Corp. 2021 Omnibus Incentive Plan (the “2021 Omnibus Incentive Plan”), pursuant to which various stock-based awards may be granted to employees, directors, consultants, and advisers. The total number of shares of the Company’s common stock authorized under the 2021 Omnibus Incentive Plan is 14,700,000. The Company has issued time-based restricted stock units under this plan to its employees which generally vest (i) on March 4, 2023, the second anniversary of the grant date, or (ii) over a three-year period with one Restricted Stock Units A summary of time-based vesting restricted stock units activity for the nine months ended March 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ Number of ​ ​ grant-date fair Restricted stock units - time based ​ awards ​ ​ value per share ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 48,470 ​ $ 22.87 Granted 315,177 ​ $ 8.99 Forfeited ​ (9,670) ​ $ 23.35 Exercised ​ (8,493) ​ $ 17.66 Outstanding balance, March 31, 2022 345,484 ​ $ 10.50 ​ The total unrecognized compensation cost related to time based restricted stock units outstanding as of March 31, 2022 was $4.0 million and is expected to be recognized over a weighted-average period of 2.0 years. A summary of performance based vesting restricted stock units activity for the nine months ended March 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ Number of ​ ​ grant-date fair Restricted stock units - performance based ​ awards ​ ​ value per share ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 — ​ $ — Granted 258,767 ​ $ 5.18 Forfeited ​ — ​ $ — Outstanding balance, March 31, 2022 258,767 ​ $ 5.18 ​ The fair value of the performance based restricted stock units and performance based stock options granted during the nine months ended March 31, 2022, was based upon a Monte Carlo option pricing model using the assumptions in the following table: ​ ​ ​ ​ ​ ​ ​ 2022 ​ Expected volatility ​ ​ 34.5 % Expected term (in years) ​ ​ 5.0 ​ Interest rate ​ 1.56 % Dividend yield ​ 0 % Weighted-average fair values ​ $ 5.18 ​ Fair value of underlying stock $ 7.89 ​ ​ The total unrecognized compensation cost related to performance based vesting restricted stock units outstanding as of March 31, 2022 was $1.2 million and is expected to be recognized over a weighted-average period of 3.6 years. Nonqualified Stock Options A summary of time-based vesting stock option activity for the nine months ended March 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ Number of ​ ​ grant-date fair Stock options - time based ​ awards ​ ​ value per share ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 — ​ $ — Granted 554,499 ​ $ 1.61 Forfeited ​ — ​ $ — Outstanding balance, March 31, 2022 554,499 ​ $ 1.61 ​ The total unrecognized compensation cost related to time-based vesting stock options outstanding as of March 31, 2022 was $0.7 million and is expected to be recognized over a weighted-average period of 2.5 years. The fair value of the time-based stock options granted during the nine months ended March 31, 2022, was based upon the Black-Scholes option pricing model using the assumptions in the following table: ​ ​ ​ ​ ​ ​ ​ 2022 ​ Expected volatility ​ ​ 34.5 % Weighted-average expected life (years) - time vesting units ​ ​ 2.9 ​ Interest rate ​ 0.83 % Dividend yield ​ 0 % Weighted-average fair values ​ $ 1.61 ​ Fair value of underlying stock $ 7.89 ​ ​ A summary of performance-based vesting stock option activity for the nine months ended March 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ Number of ​ ​ grant-date fair Stock options - performance based ​ awards ​ ​ value per share ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 — ​ $ — Granted 776,299 ​ $ 3.08 Forfeited ​ — ​ $ — Outstanding balance, March 31, 2022 776,299 ​ $ 3.08 ​ The fair value of the performance-based stock options granted during the nine months ended March 31, 2022, was based upon a Monte Carlo option pricing model using the assumptions in the table above under the ‘Restricted Stock Units’ heading. ​ The total unrecognized compensation cost related to performance-based vesting stock options outstanding as of March 31, 2022 was $2.2 million and is expected to be recognized over a weighted-average period of 3.6 years.

Income Taxes

Income Taxes	9 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	Note 12: Income Taxes The Company recorded an income tax benefit of $4.1 million and $4.3 million for the three months ended March 31, 2022 and 2021, respectively. The Company recorded a tax provision of $0.1 million and $5.2 million for the nine months ended March 31, 2022 and 2021, respectively. This represents an effective tax rate of 56.6% and 28.2% for the three months ended March 31, 2022 and 2021, respectively. This represents an effective tax rate of 1.4% and (11.2)% for the nine months ended March 31, 2022 and 2021, respectively. The effective rate for the nine months ended March 31, 2022 was different from the federal statutory rate primarily due to the Company’s book loss offset partially by disallowed officers’ compensation under Internal Revenue Code (“IRC”) Section 162(m) and lobbying expenses which occurred during the nine month period. The Company assesses the valuation allowance recorded against deferred tax assets at each reporting date. The determination of whether a valuation allowance for deferred tax assets is appropriate requires the evaluation of positive and negative evidence that can be objectively verified. Consideration must be given to all sources of taxable income available to realize deferred tax assets, including, as applicable, the future reversal of existing temporary differences, future taxable income forecasts exclusive of the reversal of temporary differences and carryforwards, taxable income in carryback years and tax planning strategies. In estimating income taxes, the Company assesses the relative merits and risks of the appropriate income tax treatment of transactions taking into account statutory, judicial, and regulatory guidance. As of the nine-month period ended March 31, 2022, the Company has determined that it is not “more likely than not” that the deferred tax assets associated with certain state net operating losses will be realized and as such continues to maintain a valuation allowance against these state deferred tax assets. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of the employer portion of social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitation and technical corrections to tax depreciation methods for qualified improvement property. The Company continues to examine the impacts that the CARES Act may have on its business. While several of these provisions may impact the Company, there have not been any significant impacts noted through March 31, 2022.

Earnings per Share

Earnings per Share	9 Months Ended
	Mar. 31, 2022
Earnings per Share
Earnings per Share	Note 13: Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding options, using the treasury stock method and the average market price of the Company’s common stock during the applicable period. When a loss from continuing operations exists, all dilutive securities and potentially dilutive securities are anti-dilutive and are therefore excluded from the computation of diluted earnings per share. When net income from continuing operations exists, performance-based units, are omitted from the calculation of diluted EPS until it is determined that the performance criteria has been met at the end of the reporting period. The following table sets forth the computation of basic and diluted net loss per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ Nine months ended March 31, in thousands, except share values 2022 2021 2022 2021 Net income (loss) attributable to InnovAge Holding Corp. ​ $ (2,821) ​ $ (10,510) ​ $ 6,188 ​ $ (50,460) Weighted average common shares outstanding (basic) ​ 135,516,608 ​ 121,324,980 ​ 135,516,544 ​ 119,619,806 Earnings (loss) per share - basic ​ $ (0.02) ​ $ (0.09) ​ $ 0.05 ​ $ (0.42) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive shares ​ — ​ — ​ 14,249 ​ — Weighted average common shares outstanding (diluted) ​ 135,516,608 ​ 121,324,980 ​ 135,530,793 ​ 119,619,806 Earnings (loss) per share -diluted ​ $ (0.02) ​ $ (0.09) ​ $ 0.05 ​ $ (0.42) ​

Segment Reporting

Segment Reporting	9 Months Ended
	Mar. 31, 2022
Segment Reporting
Segment Reporting	Note 14: The Company applies ASC Topic 280, " Segment Reporting As of March 31, 2022, the Company served approximately 6,800 PACE participants, making it the largest PACE provider in the U.S. based upon participants served, and operates 18 PACE centers across Colorado, California, New Mexico, Pennsylvania and Virginia. PACE, an alternative to nursing homes, is a managed care, capitated program, which serves the frail elderly in a community-based service model. Participants receive all medical services through a comprehensive, consolidated model of care. Capitation payments are received from Medicare parts C and D; Medicaid; the VA, and private pay sources. The Company is at risk for all health and allied care costs incurred with respect to the care of its participants, although it does negotiate discounted rates with its provider network consisting of hospitals, nursing homes, assisted living facilities, and medical specialists. Additionally, under the Medicare Prescription Drug Plan, CMS shares part of the risk for providing prescription medication to the Company’s participants. The Company evaluates performance and allocates capital resources to each segment based on an operating model that is designed to maximize the provision of services provided and profitability. The Company does not review assets by segment and therefore assets by segment are not disclosed below. For the periods presented, all of the Company’s long-lived assets were located in the U.S. and all revenue was earned in the U.S. The Company’s management uses Center-level Contribution Margin as the measure for assessing performance of its segments. Center-level Contribution Margin is defined as total revenues less external provider costs and cost of care (excluding depreciation and amortization), which includes all medical and pharmacy costs. The Company allocates corporate level expenses to its segments with a majority of the allocation going to the PACE segment. The following table summarizes the operating results regularly provided to the CODM by reportable segment for the three months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 in thousands PACE All other (1) Totals PACE All other (1) Totals Capitation revenue ​ $ 176,988 ​ $ — ​ $ 176,988 ​ $ 155,835 ​ $ — ​ $ 155,835 Other service revenue ​ 166 ​ 205 ​ 371 ​ (47) ​ 520 ​ 473 Total revenues ​ 177,154 ​ 205 ​ 177,359 ​ 155,788 ​ 520 ​ 156,308 External provider costs ​ 103,254 ​ — ​ 103,254 ​ 75,389 ​ — ​ 75,389 Cost of care, excluding depreciation and amortization ​ 45,995 ​ 107 ​ 46,102 ​ 38,867 ​ 698 ​ 39,565 Center-level Contribution Margin ​ 27,905 ​ 98 ​ 28,003 ​ 41,532 ​ (178) ​ 41,354 Overhead costs (2) ​ 30,911 ​ (85) ​ 30,826 ​ 24,217 ​ (30) ​ 24,187 Depreciation and amortization ​ 3,760 ​ 90 ​ 3,850 ​ 3,181 ​ 130 ​ 3,311 Equity loss ​ — ​ — ​ — ​ — ​ — ​ — Other operating income ​ — ​ — ​ — ​ 19,222 ​ — ​ 19,222 Interest expense, net ​ (663) ​ (46) ​ (709) ​ (4,824) ​ (52) ​ (4,876) Loss on extinguishment of debt ​ — ​ — ​ — ​ (13,488) ​ — ​ (13,488) Gain on equity method investment ​ — ​ — ​ — ​ 10,871 ​ — ​ 10,871 Other expense (income) ​ 108 ​ — ​ 108 ​ (2,267) ​ — ​ (2,267) Income (Loss) Before Income Taxes ​ $ (7,321) ​ $ 47 ​ $ (7,274) ​ $ (14,796) ​ $ (330) ​ $ (15,126) ​ The following table summarizes the operating results regularly provided to the CODM by reportable segment for the nine months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 in thousands PACE All other (1) Totals PACE All other (1) Totals Capitation revenue ​ $ 524,507 ​ $ — ​ $ 524,507 ​ $ 464,294 ​ $ — ​ $ 464,294 Other service revenue ​ 234 ​ 1,039 ​ 1,273 ​ 213 ​ 1,677 ​ 1,890 Total revenues ​ 524,741 ​ 1,039 ​ 525,780 ​ 464,507 ​ 1,677 ​ 466,184 External provider costs ​ 284,299 ​ — ​ 284,299 ​ 224,215 ​ — ​ 224,215 Cost of care, excluding depreciation and amortization ​ 128,573 ​ 1,167 ​ 129,740 ​ 113,611 ​ 2,311 ​ 115,922 Center-Level Contribution Margin ​ 111,869 ​ (128) ​ 111,741 ​ 126,681 ​ (634) ​ 126,047 Overhead costs (2) ​ 93,463 ​ (98) ​ 93,365 ​ 120,249 ​ (13) ​ 120,236 Depreciation and amortization ​ 10,130 ​ 305 ​ 10,435 ​ 8,901 ​ 361 ​ 9,262 Equity loss ​ — ​ — ​ — ​ 1,343 ​ — ​ 1,343 Other operating (income) expense ​ — ​ — ​ — ​ 18,211 ​ — ​ 18,211 Interest expense, net ​ (1,783) ​ (147) ​ (1,930) ​ (16,919) ​ (142) ​ (17,061) Loss on extinguishment of debt ​ — ​ — ​ — ​ (14,479) ​ — ​ (14,479) Gain on equity method investment ​ — ​ — ​ — ​ 10,871 ​ — ​ 10,871 Other income ​ (357) ​ (1) ​ (358) ​ (2,222) ​ — ​ (2,222) Income (Loss) Before Income Taxes ​ $ 6,136 ​ $ (483) ​ $ 5,653 ​ $ (44,772) ​ $ (1,124) ​ $ (45,896) (1) Center-level Contribution Margin from segments below the quantitative thresholds are attributable to two operating segments of the Company. Those segments consist of Homecare and Senior Housing. Neither of those segments has ever met any of the quantitative thresholds for determining reportable segments. (2) Overhead consists of the Sales and marketing and Corporate, general and administrative financial statement line items.

Related-party

Related-party	9 Months Ended
	Mar. 31, 2022
Related-party
Related-party	Note 15: Pursuant to the PWD Amended and Restated Agreement of Limited Partnership, the general partner, who is a subsidiary of the Company (the “General Partner”), helped fund operating deficits and shortfalls of PWD in the form of a loan. At each of March 31, 2022 and June 30, 2021, $0.7 million was recorded in Deposits and other. Additionally, the General Partner is paid an administration fee of $35,000 per year.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2022
Subsequent Events
Subsequent Events	Note 16: Subsequent Events The Company has evaluated subsequent events through May 10, 2022, the date on which the condensed consolidated financial statements were issued. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Basis of Preparation and Principles of Consolidation	Basis of Preparation and Principles of Consolidation The unaudited interim condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such regulations. These financial statements have been prepared on a basis consistent with the accounting principles applied for the fiscal year ended June 30, 2021. In the opinion of management, all adjustments (consisting of all normal and recurring adjustments) considered necessary for a fair presentation have been included. The condensed consolidated financial statements include the accounts of InnovAge, its wholly owned subsidiaries, variable interest entities (“VIEs”) for which it is the primary beneficiary and entities for which it has a controlling interest. All intercompany accounts and transactions have been eliminated in consolidation. The Company does not have any components of comprehensive income and comprehensive income is equal to net income reported in the statements of operations for all periods presented.
Restatement of Prior Period Financial Statements	Restatement of Prior Period Financial Statements Subsequent to the issuance of the Company’s consolidated financial statements as of and for the year ended June 30, 2021, we identified an error in our consolidated balance sheet and statement of stockholders’ equity as of June 30, 2021 related to the presentation of redeemable noncontrolling interests. Additionally, the error also impacted our condensed consolidated statements of shareholders’ equity for the three months and nine-months ended March 31, 2021. The Company incorrectly recorded redeemable noncontrolling interests of $17.0 million and $16.9 million as permanent equity rather than temporary equity ​ The effect of the restatement on the consolidated balance sheet as of June 30, 2021 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ Reported Adjustments As Restated Redeemable Noncontrolling Interests (See Note 4) — 16,986 16,986 Retained earnings 11,250 (587) 10,663 Total InnovAge Holding Corp. 335,146 (587) 334,559 Noncontrolling interests 22,819 (16,399) 6,420 Total stockholders’ equity 357,965 (16,986) 340,979 ​ The effect of the restatement on the balances as of June 30, 2021 included in the consolidated statement of stockholders’ equity as of March 31, 2022 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ ​ Total Permanent ​ Noncontrolling ​ ​ Retained ​ Noncontrolling ​ Stockholders’ ​ Interests ​ Earnings Interests Equity (Temporary Equity) As Previously Reported Balances, June 30, 2021 11,250 22,819 357,965 — Adjustments Balances, June 30, 2021 (587) (16,399) (16,986) 16,986 As Restated Balances, June 30, 2021 10,663 6,420 340,979 16,986 ​ The effect of the restatement on the consolidated statement of stockholders’ equity for the three months ended March 31, 2021 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ Total Permanent ​ Noncontrolling ​ ​ ​ ​ Retained ​ Noncontrolling ​ Stockholders’ ​ Interests ​ Retained ​ Earnings Interests Equity (Temporary Equity) ​ Earnings As Previously Reported ​ ​ Consolidation of equity method investment ​ — ​ 16,838 ​ 16,838 ​ — ​ — Net income (loss) ​ (10,510) ​ (352) ​ (10,862) ​ — ​ — Adjustment to redemption value ​ — ​ — ​ — ​ — ​ — Balances, March 31, 2021 4,820 22,978 351,061 — ​ — Adjustments ​ ​ Consolidation of equity method investment ​ — ​ (16,838) ​ (16,838) ​ 16,838 ​ — Net income (loss) ​ — ​ 263 ​ 263 ​ (263) ​ (10,862) Adjustment to redemption value ​ (344) ​ — ​ (344) ​ 344 ​ — Balances, March 31, 2021 (344) (16,575) (16,919) 16,919 ​ — As Restated ​ ​ Consolidation of equity method investment ​ — ​ — ​ — ​ 16,838 ​ — Net income (loss) ​ (10,510) ​ (89) ​ (10,599) ​ (263) ​ (10,862) Adjustment to redemption value (344) — (344) 344 ​ — Balances, March 31, 2021 ​ 4,476 ​ 6,403 ​ 334,142 ​ 16,919 ​ — ​ The effect of the restatement on the consolidated statement of stockholders’ equity for the nine months ended March 31, 2021 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ Total Permanent ​ Noncontrolling ​ ​ ​ ​ Retained ​ Noncontrolling ​ Stockholders’ ​ Interests ​ Retained ​ Earnings Interests Equity (Temporary Equity) ​ Earnings As Previously Reported ​ ​ Consolidation of equity method investment ​ — ​ 16,838 ​ 16,838 ​ — ​ — Net income (loss) ​ (50,460) ​ (595) ​ (51,055) ​ — ​ — Adjustment to redemption value ​ — ​ — ​ — ​ — ​ — Balances, March 31, 2021 4,820 22,978 351,061 — ​ — Adjustments ​ ​ Consolidation of equity method investment ​ — ​ (16,838) ​ (16,838) ​ 16,838 ​ — Net income (loss) ​ — ​ 263 ​ 263 ​ (263) ​ (51,055) Adjustment to redemption value ​ (344) ​ — ​ (344) ​ 344 ​ — Balances, March 31, 2021 (344) (16,575) (16,919) 16,919 ​ — As Restated ​ ​ Consolidation of equity method investment ​ — ​ — ​ — ​ 16,838 ​ — Net income (loss) ​ (50,460) ​ (332) ​ (50,792) ​ (263) ​ (51,055) Adjustment to redemption value (344) — (344) 344 ​ — Balances, March 31, 2021 ​ 4,476 ​ 6,403 ​ 334,142 ​ 16,919 ​ —
Property and Equipment	Property and Equipment Property and equipment were comprised of the following as of March 31, 2022 and June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ dollars in thousands ​ Useful Lives ​ March 31, 2022 ​ June 30, 2021 ​ Land N/A ​ $ 11,980 ​ $ 11,980 ​ Buildings and leasehold improvements 10 - 40 years ​ 121,661 ​ 104,724 ​ Software 3 - 5 years ​ 15,107 ​ 13,316 ​ Equipment and vehicles 3 - 7 years ​ 46,655 ​ 35,341 ​ Construction in progress N/A ​ 22,336 ​ 22,130 ​ ​ ​ ​ 217,739 ​ ​ 187,491 ​ Less accumulated depreciation and amortization ​ ​ (53,857) ​ (44,776) ​ Total property and equipment, net ​ ​ ​ $ 163,882 ​ $ 142,715 ​ Depreciation of $3.8 million and $3.2 million was recorded during the three months ended March 31, 2022 and 2021, respectively. Depreciation of $9.9 million and $8.8 million was recorded during the nine months ended March 31, 2022 and 2021, respectively.
Coronavirus Pandemic ("COVID 19")	Coronavirus Pandemic (“COVID-19”) As a PACE organization, we have been and will continue to be impacted by the effects of COVID-19. We closed all our centers in March 2020 and transitioned to a 100% in-home and virtual care model. We believe that the general lack of in-person interaction and the reduction in healthcare personnel, and specifically, trained personnel, impacted our ability to adhere to the complex government laws and regulations that apply to our business. We remain committed to carrying out our mission of caring for our participants. We continue to closely monitor the impact of COVID-19 on all aspects of our business, including the impacts to our employees, participants and suppliers. Due to the numerous evolving factors, we are unable to reliably estimate the ultimate impact the pandemic will have on our consolidated financial condition, results of operations or cash flows. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into legislation. Under the CARES Act, the state of Pennsylvania signed into law the Act 24 of 2020. We received $1.0 million in funding under the Act 24 of 2020, which was allocated to InnovAge centers in Pennsylvania. Of the $1.0 million, $0.7 million was recognized prior June 30, 2020 and the remaining balance of $0.3 million was recognized during the year ended June 30, 2021. The CARES Act also provides for the temporary suspension of the automatic 2% reduction of Medicare claim reimbursements (sequestration) for the period of May 1, 2020 through December 31, 2020. The Consolidated Appropriations Act, 2021, enacted December 27, 2020, extended this suspension for three more months, through March 31, 2021. H.R. 1868, enacted on April 14, 2021 further extends the suspension through December 31, 2021. On December 10, 2021 the “Protecting Medicare and American Farmers from Sequester Cuts Act” extends the 2% Medicare sequester moratorium through March 31, 2022, and adjusts the sequester to 1% between April 1, 2022 and June 30, 2022.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, Income Taxes Topic 740-Simplifying the Accounting for Income Taxes
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Leases In February 2016, the FASB issued ASU 2016-02 Leases Revenue from contracts with customers (Topic 606) and leases (Topic 842)—Effective dates for certain entities Financial Instruments In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ( ) We do not expect that any other recently issued accounting guidance will have a significant effect on our condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies
Schedule of effect of restatement on financial statements	​ ​ ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ Reported Adjustments As Restated Redeemable Noncontrolling Interests (See Note 4) — 16,986 16,986 Retained earnings 11,250 (587) 10,663 Total InnovAge Holding Corp. 335,146 (587) 334,559 Noncontrolling interests 22,819 (16,399) 6,420 Total stockholders’ equity 357,965 (16,986) 340,979 ​ The effect of the restatement on the balances as of June 30, 2021 included in the consolidated statement of stockholders’ equity as of March 31, 2022 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ ​ Total Permanent ​ Noncontrolling ​ ​ Retained ​ Noncontrolling ​ Stockholders’ ​ Interests ​ Earnings Interests Equity (Temporary Equity) As Previously Reported Balances, June 30, 2021 11,250 22,819 357,965 — Adjustments Balances, June 30, 2021 (587) (16,399) (16,986) 16,986 As Restated Balances, June 30, 2021 10,663 6,420 340,979 16,986 ​ The effect of the restatement on the consolidated statement of stockholders’ equity for the three months ended March 31, 2021 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ Total Permanent ​ Noncontrolling ​ ​ ​ ​ Retained ​ Noncontrolling ​ Stockholders’ ​ Interests ​ Retained ​ Earnings Interests Equity (Temporary Equity) ​ Earnings As Previously Reported ​ ​ Consolidation of equity method investment ​ — ​ 16,838 ​ 16,838 ​ — ​ — Net income (loss) ​ (10,510) ​ (352) ​ (10,862) ​ — ​ — Adjustment to redemption value ​ — ​ — ​ — ​ — ​ — Balances, March 31, 2021 4,820 22,978 351,061 — ​ — Adjustments ​ ​ Consolidation of equity method investment ​ — ​ (16,838) ​ (16,838) ​ 16,838 ​ — Net income (loss) ​ — ​ 263 ​ 263 ​ (263) ​ (10,862) Adjustment to redemption value ​ (344) ​ — ​ (344) ​ 344 ​ — Balances, March 31, 2021 (344) (16,575) (16,919) 16,919 ​ — As Restated ​ ​ Consolidation of equity method investment ​ — ​ — ​ — ​ 16,838 ​ — Net income (loss) ​ (10,510) ​ (89) ​ (10,599) ​ (263) ​ (10,862) Adjustment to redemption value (344) — (344) 344 ​ — Balances, March 31, 2021 ​ 4,476 ​ 6,403 ​ 334,142 ​ 16,919 ​ — ​ The effect of the restatement on the consolidated statement of stockholders’ equity for the nine months ended March 31, 2021 is as follows ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable ​ ​ ​ ​ ​ ​ ​ ​ Total Permanent ​ Noncontrolling ​ ​ ​ ​ Retained ​ Noncontrolling ​ Stockholders’ ​ Interests ​ Retained ​ Earnings Interests Equity (Temporary Equity) ​ Earnings As Previously Reported ​ ​ Consolidation of equity method investment ​ — ​ 16,838 ​ 16,838 ​ — ​ — Net income (loss) ​ (50,460) ​ (595) ​ (51,055) ​ — ​ — Adjustment to redemption value ​ — ​ — ​ — ​ — ​ — Balances, March 31, 2021 4,820 22,978 351,061 — ​ — Adjustments ​ ​ Consolidation of equity method investment ​ — ​ (16,838) ​ (16,838) ​ 16,838 ​ — Net income (loss) ​ — ​ 263 ​ 263 ​ (263) ​ (51,055) Adjustment to redemption value ​ (344) ​ — ​ (344) ​ 344 ​ — Balances, March 31, 2021 (344) (16,575) (16,919) 16,919 ​ — As Restated ​ ​ Consolidation of equity method investment ​ — ​ — ​ — ​ 16,838 ​ — Net income (loss) ​ (50,460) ​ (332) ​ (50,792) ​ (263) ​ (51,055) Adjustment to redemption value (344) — (344) 344 ​ — Balances, March 31, 2021 ​ 4,476 ​ 6,403 ​ 334,142 ​ 16,919 ​ —
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ dollars in thousands ​ Useful Lives ​ March 31, 2022 ​ June 30, 2021 ​ Land N/A ​ $ 11,980 ​ $ 11,980 ​ Buildings and leasehold improvements 10 - 40 years ​ 121,661 ​ 104,724 ​ Software 3 - 5 years ​ 15,107 ​ 13,316 ​ Equipment and vehicles 3 - 7 years ​ 46,655 ​ 35,341 ​ Construction in progress N/A ​ 22,336 ​ 22,130 ​ ​ ​ ​ 217,739 ​ ​ 187,491 ​ Less accumulated depreciation and amortization ​ ​ (53,857) ​ (44,776) ​ Total property and equipment, net ​ ​ ​ $ 163,882 ​ $ 142,715 ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Mar. 31, 2022
Revenue Recognition
Schedule of source of revenue	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2022 2021 Medicaid 53 % 53 % Medicare 46 % 46 % Private pay and other 1 % 1 % Total 100 % 100 %
Schedule of concentration of net receivable	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ June 30, ​ ​ ​ 2022 2021 ​ Medicaid 50 % 60 % Medicare 37 % 20 % Private pay and other 13 % 20 % Total 100 % 100 %

Investments (Tables)

Investments (Tables)	9 Months Ended
	Mar. 31, 2022
Investments
Schedule of equity method and cost method investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ June 30, in thousands ​ 2022 2021 Cost method investments ​ $ 4,645 ​ $ 2,645 Equity method investments ​ 848 ​ 848 Total investments ​ $ 5,493 ​ $ 3,493

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets
Summary of intangible assets by major class	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ June 30, in thousands ​ 2022 2021 Definite-lived intangible assets ​ $ 9,350 ​ $ 6,600 Indefinite-lived intangible assets ​ ​ 2,000 ​ ​ 2,000 Total intangible assets ​ ​ 11,350 ​ ​ 8,600 Accumulated amortization ​ ​ (2,578) ​ ​ (2,082) Balance as of end of period ​ $ 8,772 ​ $ 6,518

Leases (Tables)

Leases (Tables)	9 Months Ended
	Mar. 31, 2022
Leases
Schedule of Company's capital leases	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ June 30, 2021 ​ in thousands ​ ​ ​ ​ ​ ​ ​ Equipment ​ $ 18,885 ​ $ 13,302 ​ Less accumulated depreciation ​ (7,150) ​ (7,081) ​ Total capital leases ​ $ 11,735 ​ $ 6,221 ​
Schedule of capital lease obligations	Future minimum lease payments for fiscal years beginning with remainder of fiscal year 2022 for capital leases having initial terms of more than one year and noncancelable operating leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ Capital Leases ​ Minimum Lease in thousands ​ Obligations ​ Payments Amount remaining in 2022 ​ $ 958 ​ $ 1,203 2023 ​ 4,405 ​ 4,872 2024 ​ 3,909 ​ 4,582 2025 ​ 3,126 ​ 4,122 2026 ​ 2,092 ​ 4,061 Thereafter ​ 1,927 ​ 14,029 Total ​ 16,417 ​ $ 32,869 Less amount representing interest ​ (2,912) ​ Total minimum lease payments ​ 13,498 ​ Less current maturities ​ (3,216) ​ Noncurrent maturities ​ $ 10,282 ​
Schedule of operating lease minimum lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ ​ Capital Leases ​ Minimum Lease in thousands ​ Obligations ​ Payments Amount remaining in 2022 ​ $ 958 ​ $ 1,203 2023 ​ 4,405 ​ 4,872 2024 ​ 3,909 ​ 4,582 2025 ​ 3,126 ​ 4,122 2026 ​ 2,092 ​ 4,061 Thereafter ​ 1,927 ​ 14,029 Total ​ 16,417 ​ $ 32,869 Less amount representing interest ​ (2,912) ​ Total minimum lease payments ​ 13,498 ​ Less current maturities ​ (3,216) ​ Noncurrent maturities ​ $ 10,282 ​

Long Term Debt (Tables)

Long Term Debt (Tables)	9 Months Ended
	Mar. 31, 2022
Long Term Debt
Schedule of long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ Maturity date ​ March 31, 2022 ​ June 30, 2021 ​ ​ ​ ​ ​ ​ in thousands ​ Senior secured borrowings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan Facility (a) ​ March 8, 2026 ​ $ 72,188 ​ $ 75,000 ​ Revolving Credit Facility (b) (a) ​ March 8, 2026 ​ ​ — ​ ​ — ​ Convertible term loan 6.68% ​ August 20, 2030 ​ 2,338 ​ 2,367 ​ Total debt ​ ​ ​ ​ 74,526 ​ 77,367 ​ Less unamortized debt issuance costs ​ ​ ​ ​ 1,681 ​ 2,003 ​ Less current maturities ​ ​ ​ ​ 3,793 ​ 3,790 ​ Noncurrent maturities ​ ​ ​ ​ $ 69,051 ​ $ 71,574 ​ (a) The interest rates on the Term Loan Facility and Revolving Credit Facility are described below. (b) The remaining capacity under the Revolving Credit Facility as of March 31, 2022 was $100.0 million, subject to (i) any issued amounts under our letters of credit, which as of March 31, 2022 was $2.6 million, and (ii) applicable covenant compliance restrictions and any other conditions precedent to borrowing.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ March 31, ​ in thousands ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options (a) ​ $ 359 ​ $ 45,387 ​ Profits interests units ​ 1,095 ​ 1,102 ​ Restricted stock units ​ ​ 1,132 ​ ​ — ​ Total stock-based compensation expense ​ $ 2,586 ​ $ 46,489 ​ ​ (a) The amount for 2021 relates to stock-based compensation expense recognized as a result of the Cancellation Agreement.
Summary of profits interests transactions and number of units outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted average Time-based unit awards ​ units ​ grant date fair value ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 6,587,261 ​ $ 1.28 Forfeited (2,409,972) ​ $ 1.28 Outstanding balance, March 31, 2022 4,177,289 ​ $ 1.28 ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted average Performance-based unit awards ​ units ​ grant date fair value ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 6,223,262 ​ $ 0.57 Forfeited (3,210,939) ​ $ 0.57 Outstanding balance, March 31, 2022 3,012,323 ​ $ 0.57
Time-based option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of weighted-average assumptions	​ ​ ​ ​ ​ ​ ​ 2022 ​ Expected volatility ​ ​ 34.5 % Weighted-average expected life (years) - time vesting units ​ ​ 2.9 ​ Interest rate ​ 0.83 % Dividend yield ​ 0 % Weighted-average fair values ​ $ 1.61 ​ Fair value of underlying stock $ 7.89 ​
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ Number of ​ ​ grant-date fair Stock options - time based ​ awards ​ ​ value per share ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 — ​ $ — Granted 554,499 ​ $ 1.61 Forfeited ​ — ​ $ — Outstanding balance, March 31, 2022 554,499 ​ $ 1.61
Summary of restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ Number of ​ ​ grant-date fair Restricted stock units - time based ​ awards ​ ​ value per share ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 48,470 ​ $ 22.87 Granted 315,177 ​ $ 8.99 Forfeited ​ (9,670) ​ $ 23.35 Exercised ​ (8,493) ​ $ 17.66 Outstanding balance, March 31, 2022 345,484 ​ $ 10.50
Performance-based option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of weighted-average assumptions	​ ​ ​ ​ ​ ​ ​ 2022 ​ Expected volatility ​ ​ 34.5 % Expected term (in years) ​ ​ 5.0 ​ Interest rate ​ 1.56 % Dividend yield ​ 0 % Weighted-average fair values ​ $ 5.18 ​ Fair value of underlying stock $ 7.89 ​
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ Number of ​ ​ grant-date fair Stock options - performance based ​ awards ​ ​ value per share ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 — ​ $ — Granted 776,299 ​ $ 3.08 Forfeited ​ — ​ $ — Outstanding balance, March 31, 2022 776,299 ​ $ 3.08
Summary of restricted stock units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ ​ Number of ​ ​ grant-date fair Restricted stock units - performance based ​ awards ​ ​ value per share ​ ​ ​ ​ ​ ​ Outstanding balance, June 30, 2021 — ​ $ — Granted 258,767 ​ $ 5.18 Forfeited ​ — ​ $ — Outstanding balance, March 31, 2022 258,767 ​ $ 5.18

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Mar. 31, 2022
Earnings per Share
Schedule of earnings per share	The following table sets forth the computation of basic and diluted net loss per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ Nine months ended March 31, in thousands, except share values 2022 2021 2022 2021 Net income (loss) attributable to InnovAge Holding Corp. ​ $ (2,821) ​ $ (10,510) ​ $ 6,188 ​ $ (50,460) Weighted average common shares outstanding (basic) ​ 135,516,608 ​ 121,324,980 ​ 135,516,544 ​ 119,619,806 Earnings (loss) per share - basic ​ $ (0.02) ​ $ (0.09) ​ $ 0.05 ​ $ (0.42) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive shares ​ — ​ — ​ 14,249 ​ — Weighted average common shares outstanding (diluted) ​ 135,516,608 ​ 121,324,980 ​ 135,530,793 ​ 119,619,806 Earnings (loss) per share -diluted ​ $ (0.02) ​ $ (0.09) ​ $ 0.05 ​ $ (0.42)

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Mar. 31, 2022
Segment Reporting
Schedule of operating results by reportable segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 in thousands PACE All other (1) Totals PACE All other (1) Totals Capitation revenue ​ $ 176,988 ​ $ — ​ $ 176,988 ​ $ 155,835 ​ $ — ​ $ 155,835 Other service revenue ​ 166 ​ 205 ​ 371 ​ (47) ​ 520 ​ 473 Total revenues ​ 177,154 ​ 205 ​ 177,359 ​ 155,788 ​ 520 ​ 156,308 External provider costs ​ 103,254 ​ — ​ 103,254 ​ 75,389 ​ — ​ 75,389 Cost of care, excluding depreciation and amortization ​ 45,995 ​ 107 ​ 46,102 ​ 38,867 ​ 698 ​ 39,565 Center-level Contribution Margin ​ 27,905 ​ 98 ​ 28,003 ​ 41,532 ​ (178) ​ 41,354 Overhead costs (2) ​ 30,911 ​ (85) ​ 30,826 ​ 24,217 ​ (30) ​ 24,187 Depreciation and amortization ​ 3,760 ​ 90 ​ 3,850 ​ 3,181 ​ 130 ​ 3,311 Equity loss ​ — ​ — ​ — ​ — ​ — ​ — Other operating income ​ — ​ — ​ — ​ 19,222 ​ — ​ 19,222 Interest expense, net ​ (663) ​ (46) ​ (709) ​ (4,824) ​ (52) ​ (4,876) Loss on extinguishment of debt ​ — ​ — ​ — ​ (13,488) ​ — ​ (13,488) Gain on equity method investment ​ — ​ — ​ — ​ 10,871 ​ — ​ 10,871 Other expense (income) ​ 108 ​ — ​ 108 ​ (2,267) ​ — ​ (2,267) Income (Loss) Before Income Taxes ​ $ (7,321) ​ $ 47 ​ $ (7,274) ​ $ (14,796) ​ $ (330) ​ $ (15,126) ​ The following table summarizes the operating results regularly provided to the CODM by reportable segment for the nine months ended March 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 in thousands PACE All other (1) Totals PACE All other (1) Totals Capitation revenue ​ $ 524,507 ​ $ — ​ $ 524,507 ​ $ 464,294 ​ $ — ​ $ 464,294 Other service revenue ​ 234 ​ 1,039 ​ 1,273 ​ 213 ​ 1,677 ​ 1,890 Total revenues ​ 524,741 ​ 1,039 ​ 525,780 ​ 464,507 ​ 1,677 ​ 466,184 External provider costs ​ 284,299 ​ — ​ 284,299 ​ 224,215 ​ — ​ 224,215 Cost of care, excluding depreciation and amortization ​ 128,573 ​ 1,167 ​ 129,740 ​ 113,611 ​ 2,311 ​ 115,922 Center-Level Contribution Margin ​ 111,869 ​ (128) ​ 111,741 ​ 126,681 ​ (634) ​ 126,047 Overhead costs (2) ​ 93,463 ​ (98) ​ 93,365 ​ 120,249 ​ (13) ​ 120,236 Depreciation and amortization ​ 10,130 ​ 305 ​ 10,435 ​ 8,901 ​ 361 ​ 9,262 Equity loss ​ — ​ — ​ — ​ 1,343 ​ — ​ 1,343 Other operating (income) expense ​ — ​ — ​ — ​ 18,211 ​ — ​ 18,211 Interest expense, net ​ (1,783) ​ (147) ​ (1,930) ​ (16,919) ​ (142) ​ (17,061) Loss on extinguishment of debt ​ — ​ — ​ — ​ (14,479) ​ — ​ (14,479) Gain on equity method investment ​ — ​ — ​ — ​ 10,871 ​ — ​ 10,871 Other income ​ (357) ​ (1) ​ (358) ​ (2,222) ​ — ​ (2,222) Income (Loss) Before Income Taxes ​ $ 6,136 ​ $ (483) ​ $ 5,653 ​ $ (44,772) ​ $ (1,124) ​ $ (45,896) (1) Center-level Contribution Margin from segments below the quantitative thresholds are attributable to two operating segments of the Company. Those segments consist of Homecare and Senior Housing. Neither of those segments has ever met any of the quantitative thresholds for determining reportable segments. (2) Overhead consists of the Sales and marketing and Corporate, general and administrative financial statement line items.

Business (Details)

Business (Details)	9 Months Ended
	Mar. 31, 2022itemsegmentCenter$ / shares	Jun. 30, 2021$ / shares
Segment Reporting Information [Line Items]
Par value per share | $ / shares	$ 0.001	$ 0.001
PACE
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Number of PACE participants | item	6,800
Number of PACE centers excluding non-consolidating joint ventures | Center	18
Percentage of obligation for health care costs	100.00%
Operating segments | PACE
Segment Reporting Information [Line Items]
Number of reportable segments | segment	1
Number of PACE participants | item	6,800

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Effect of Restatement on Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Redeemable Noncontrolling Interests (See Note 4)	$ 15,996	$ 18,850	$ 16,986	$ 16,919
Stockholders' Equity
Retained earnings	17,437		10,663
Total InnovAge Holding Corp.	343,919		334,559
Noncontrolling interests	6,207		6,420
Total stockholders' equity	$ 350,126	$ 349,586	340,979	334,142	$ (31,289)	$ 107,750
As Previously Reported
Stockholders' Equity
Retained earnings			11,250
Total InnovAge Holding Corp.			335,146
Noncontrolling interests			22,819
Total stockholders' equity			357,965	351,061
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Redeemable Noncontrolling Interests (See Note 4)			16,986	16,919
Stockholders' Equity
Retained earnings			(587)
Total InnovAge Holding Corp.			(587)
Noncontrolling interests			(16,399)
Total stockholders' equity			$ (16,986)	$ (16,919)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Effect of Restatement on Consolidated Statements of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	$ (2,868)	$ (10,599)	$ 5,975	$ (50,792)
Adjustment to redemption value	2,563	(344)	586	(344)
Total Stockholders' Equity, Balances	350,126	334,142	350,126	334,142	$ 349,586	$ 340,979	$ (31,289)	$ 107,750
Temporary Equity, Accretion to Redemption Value, Adjustment		16,838		16,838
Adjustment to redemption value	(2,563)	344	(586)	344
Net income (loss)	(290)	(263)	(403)	(263)
Redeemable Noncontrolling Interests	15,996	16,919	15,996	16,919	18,850	16,986
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest	(3,158)	(10,862)	5,572	(51,055)
Retained Earnings (Deficit)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(2,821)	(10,510)	6,188	(50,460)
Adjustment to redemption value	2,563	(344)	586	(344)
Total Stockholders' Equity, Balances	17,437	4,476	17,437	4,476	17,695	10,663	15,330	64,737
Noncontrolling Interests
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)	(47)	(89)	(213)	(332)
Total Stockholders' Equity, Balances	$ 6,207	6,403	$ 6,207	6,403	$ 6,254	6,420	$ 6,492	$ 6,735
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Consolidation Of Equity Method Investment		16,838		16,838
Net income (loss)		(10,862)		(51,055)
Total Stockholders' Equity, Balances		351,061		351,061		357,965
As Previously Reported | Retained Earnings (Deficit)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net income (loss)		(10,510)		(50,460)
Total Stockholders' Equity, Balances		4,820		4,820		11,250
As Previously Reported | Noncontrolling Interests
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Consolidation Of Equity Method Investment		16,838		16,838
Net income (loss)		(352)		(595)
Total Stockholders' Equity, Balances		22,978		22,978		22,819
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Consolidation Of Equity Method Investment		(16,838)		(16,838)
Net income (loss)		263		263
Adjustment to redemption value		(344)		(344)
Total Stockholders' Equity, Balances		(16,919)		(16,919)		(16,986)
Temporary Equity, Accretion to Redemption Value, Adjustment		16,838		16,838
Adjustment to redemption value		344		344
Net income (loss)		(263)		(263)
Redeemable Noncontrolling Interests		16,919		16,919		16,986
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest		(10,862)		(51,055)
Adjustments | Retained Earnings (Deficit)
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to redemption value		(344)		(344)
Total Stockholders' Equity, Balances		(344)		(344)		(587)
Adjustments | Noncontrolling Interests
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Consolidation Of Equity Method Investment		(16,838)		(16,838)
Net income (loss)		263		263
Total Stockholders' Equity, Balances		$ (16,575)		$ (16,575)		$ (16,399)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Summary of Significant Accounting Policies
Property and equipment gross	$ 217,739		$ 217,739		$ 187,491
Less accumulated depreciation and amortization	(53,857)		(53,857)		(44,776)
Balance as of end of period	163,882		163,882		142,715
Depreciation	3,800	$ 3,200	9,900	$ 8,800
Land
Summary of Significant Accounting Policies
Property and equipment gross	11,980		11,980		11,980
Buildings and leasehold improvements
Summary of Significant Accounting Policies
Property and equipment gross	121,661		$ 121,661		104,724
Buildings and leasehold improvements | Minimum
Summary of Significant Accounting Policies
Estimated Useful Lives			10 years
Buildings and leasehold improvements | Maximum
Summary of Significant Accounting Policies
Estimated Useful Lives			40 years
Software
Summary of Significant Accounting Policies
Property and equipment gross	15,107		$ 15,107		13,316
Software | Minimum
Summary of Significant Accounting Policies
Estimated Useful Lives			3 years
Software | Maximum
Summary of Significant Accounting Policies
Estimated Useful Lives			5 years
Equipment and vehicles
Summary of Significant Accounting Policies
Property and equipment gross	46,655		$ 46,655		35,341
Equipment and vehicles | Minimum
Summary of Significant Accounting Policies
Estimated Useful Lives			3 years
Equipment and vehicles | Maximum
Summary of Significant Accounting Policies
Estimated Useful Lives			7 years
Construction in progress
Summary of Significant Accounting Policies
Property and equipment gross	$ 22,336		$ 22,336		$ 22,130

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - COVID-19 (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2020
Summary of Significant Accounting Policies
Funding received, COVID-19	$ 1
Reimbursement amount allocated	$ 1
Reimbursement amount recognized		$ 0.3	$ 0.7

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Revenue Recognition
Pooled capitated payment			100.00%
Allowances for uncollectable accounts	$ 3,921		$ 3,921		$ 4,350
Capitated revenues | Customer concentration risk
Revenue Recognition
Risk percentage			100.00%	100.00%
Medicare Part D | Capitated revenues | Customer concentration risk
Revenue Recognition
Risk percentage			12.00%	12.00%
Medicare Part D | External provider costs. | Customer concentration risk
Revenue Recognition
Risk percentage			23.00%	25.00%
Senior Housing | Other service revenue | Customer concentration risk
Revenue Recognition
Risk percentage	0.20%	0.30%	0.20%	0.40%

Revenue Recognition - Source of

Revenue Recognition - Source of Revenue (Details) - Capitated revenues - Customer concentration risk	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Risk percentage	100.00%	100.00%
Medicaid
Disaggregation of Revenue [Line Items]
Risk percentage	53.00%	53.00%
Medicare
Disaggregation of Revenue [Line Items]
Risk percentage	46.00%	46.00%
Private pay and other
Disaggregation of Revenue [Line Items]
Risk percentage	1.00%	1.00%

Revenue Recognition - Concentra

Revenue Recognition - Concentration of Net Receivable (Details) - Accounts Receivable - Customer concentration risk	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Risk percentage	100.00%	100.00%
Medicaid
Disaggregation of Revenue [Line Items]
Risk percentage	50.00%	60.00%
Medicare
Disaggregation of Revenue [Line Items]
Risk percentage	37.00%	20.00%
Private pay and other
Disaggregation of Revenue [Line Items]
Risk percentage	13.00%	20.00%

Investments - Equity Method and

Investments - Equity Method and Cost Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Investments
Cost method investments	$ 4,645	$ 2,645
Equity method investments	848	848
Total investments	$ 5,493	$ 3,493

Investments (Details)

Investments (Details)	Feb. 09, 2021USD ($)	Mar. 18, 2019USD ($)$ / shares	Aug. 31, 2021USD ($)shares	Mar. 31, 2022USD ($)item$ / shares	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2022USD ($)item$ / shares	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)$ / shares	Dec. 31, 2019USD ($)
Investments
Number of investments | item				2			2
Observable price changes							$ 0	$ 0
Cash consideration							2,000,000
Cost method investments				$ 4,645,000			4,645,000		$ 2,645,000
Cash contributions								20,000,000
Cash		$ 9,000,000		$ 199,493,000			$ 199,493,000		$ 201,466,000
Land		$ 4,200,000
Par value per share | $ / shares				$ 0.001			$ 0.001		$ 0.001
Net loss, attributable to redeemable noncontrolling interest				$ (3,158,000)	$ (10,862,000)		$ 5,572,000	$ (51,055,000)
Change in fair value of warrants	$ 2,300,000
Redeemable noncontrolling interests				15,900,000			15,900,000
Gain on consolidation					$ 10,900,000
Adventist Health System/West Joint Venture
Investments
Percentage of issued and outstanding equity interests		5.00%
Par value per share | $ / shares		$ 0.001
Capital contributions		$ 25,000,000
Warrants right to purchase common stock	$ 15,000,000
Warrant exercise term	1 year
InnovAge Sacramento
Investments
Membership interest (as a percent)		59.90%
InnovAge Sacramento
Investments
Percentage of additional membership interest	0.10%				0.10%			0.10%
PWD
Investments
Maximum exposure amount in VIE				$ 800,000			$ 800,000
SH1
Investments
Partnership interest (as a percent)							0.01%
InnovAge California Pace-Sacramento, LLC
Investments
Cash contributions					$ 52,000
InnovAge California Pace-Sacramento, LLC | Adventist Health System/West Joint Venture
Investments
Cash contributions		$ 5,800,000
InnovAge California Pace-Sacramento, LLC | Eskaton
Investments
Cash contributions		$ 3,000,000
InnovAge California Pace-Sacramento, LLC | InnovAge Sacramento | Adventist Health System/West Joint Venture
Investments
Membership interest (as a percent)		26.40%
InnovAge California Pace-Sacramento, LLC | InnovAge Sacramento | Eskaton
Investments
Membership interest (as a percent)		13.70%
Jetdoc, Inc.
Investments
Shares acquired | shares			806,481
Cash consideration			$ 2,000,000
Maximum exposure to loss of the cost method investments			$ 2,000,000
Dispatch Health Holdings, Inc.
Investments
Cost method investments										$ 2,600,000
Maximum exposure to loss of the cost method investments										$ 2,600,000
InnovAge Sacramento
Investments
Net loss, attributable to redeemable noncontrolling interest						$ (1,300,000)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 08, 2021	Aug. 07, 2018	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration		$ 20,000,000	$ 0	$ 0		$ 0
Contingent consideration paid	$ 20,000,000
Transfers into Level 3				$ 0	$ 0
InnovAge Sacramento
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Changes in fair value			$ 2,600,000
NewCourtland LIFE Program
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchase price		30,000,000
NewCourtland LIFE Program | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration		$ 20,000,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) $ in Thousands	9 Months Ended
	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)
Goodwill and Intangible Assets
Goodwill	$ 124,217		$ 124,217
Number of reporting units | item	3
Impairment of goodwill	$ 0	$ 0
Amortization expense	500	200
Intangible asset impairments	$ 0	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Asset by Major Class (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Intangible Assets, Net (Including Goodwill) [Abstract]
Definite-lived intangible assets	$ 9,350	$ 6,600
Indefinite-lived intangible assets	2,000	2,000
Total intangible assets	11,350	8,600
Accumulated amortization	(2,578)	(2,082)
Balance as of end of period	$ 8,772	$ 6,518

Leases - Assets Under Lease (De

Leases - Assets Under Lease (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021
Operating Leased Assets [Line Items]
Equipment	$ 217,739		$ 217,739		$ 187,491
Less accumulated depreciation	(53,857)		(53,857)		(44,776)
Balance as of end of period	163,882		163,882		142,715
Rental expense	1,300	$ 1,400	3,500	$ 3,500
Equipment under capital leases
Operating Leased Assets [Line Items]
Equipment	18,885		18,885		13,302
Less accumulated depreciation	(7,150)		(7,150)		(7,081)
Balance as of end of period	$ 11,735		$ 11,735		$ 6,221

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Capital Leases Obligations
Amount Remaining in 2022	$ 958
2023	4,405
2024	3,909
2025	3,126
2026	2,092
Thereafter	1,927
Total	16,417
Less amount representing interest	(2,912)
Total minimum lease payments	13,498
Less current maturities	(3,216)
Noncurrent maturities	10,282
Operating Leases Minimum Lease Payments
Amount Remaining in 2022	1,203
2023	4,872
2024	4,582
2025	4,122
2026	4,061
Thereafter	14,029
Total	$ 32,869

Long Term Debt - Schedule of Lo

Long Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Total debt	$ 74,526	$ 77,367
Less unamortized debt issuance costs	1,681	2,003
Less current maturities	3,793	3,790
Noncurrent maturities	69,051	71,574
Senior secured term loan
Debt Instrument [Line Items]
Total debt	72,188	75,000
Convertible term loan
Debt Instrument [Line Items]
Total debt	$ 2,338	$ 2,367
Interest rate (as a percent)	6.68%	6.68%

Long Term Debt (Details)

Long Term Debt (Details) - USD ($)	Mar. 08, 2021	Jul. 27, 2020	Sep. 01, 2015	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2021	May 02, 2019	May 13, 2016
Debt Instrument [Line Items]
Loss on extinguishment of long-term debt					$ 8,494,000
Outstanding borrowings				$ 74,526,000		$ 77,367,000
Revolving credit facility
Debt Instrument [Line Items]
Remaining borrowing capacity				100,000,000
Letters of credit, issued amounts				2,600,000
Senior secured term loan
Debt Instrument [Line Items]
Outstanding borrowings				72,188,000		75,000,000
Convertible term loan
Debt Instrument [Line Items]
Outstanding borrowings				$ 2,338,000		$ 2,367,000
Interest rate (as a percent)				6.68%		6.68%
Monthly principal and interest payments			$ 20,000
2016 Credit Agreement
Debt Instrument [Line Items]
Debt extinguishment					57,100,000
Loss on extinguishment of long-term debt					1,000,000
Modified debt				$ 250,000,000
Outstanding borrowings				50,000,000
Amortization of deferred financing costs					$ 900,000
Total deferred financing costs				9,100,000
2016 Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Loan amount		$ 40,000,000					$ 30,000,000	$ 20,000,000
2016 Credit Agreement | Senior secured term loan
Debt Instrument [Line Items]
Loan amount		300,000,000					190,000,000	$ 75,000,000
2016 Credit Agreement | Delayed draw term loan facility (DDTL)
Debt Instrument [Line Items]
Loan amount							$ 45,000,000
Termination of loan		$ 45,000,000
2021 Credit Agreement | Revolving credit facility
Debt Instrument [Line Items]
Loan amount	$ 100,000,000
Outstanding borrowings				0
Amortization of deferred financing costs				300,000
Total deferred financing costs				$ 2,000,000
Revolving credit facility fee	0.25%
2021 Credit Agreement | Senior secured term loan
Debt Instrument [Line Items]
Loan amount	$ 75,000,000
Percentage of aggregate outstanding principal amount	1.25%
Interest rate (as a percent)				2.21%

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	Jul. 27, 2020	Mar. 31, 2021	Mar. 31, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reduction in additional paid-in capital			$ 326,346	$ 323,760
Transaction costs		$ 22,600
Dividends		9,500
General and administrative expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Transaction costs		$ 13,100
Credit Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase (in shares)	16,095,819
Repurchase	$ 77,600
Cancellation Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Corporate, general and administrative expense	45,400
Reduction in additional paid-in capital	$ 32,400
2016 Incentive Plan | Cancellation Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares cancelled (in shares)	16,994,975
Shares cancelled	$ 74,600

Stock-based Compensation - Comp

Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2,586	$ 46,489
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	359	45,387
Profits Interests Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1,095	$ 1,102
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 1,132

Stock-based Compensation - Equi

Stock-based Compensation - Equity Incentive Plan (Details) - 2016 Equity Incentive Plan - shares	Jul. 27, 2020	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		17,836,636
Granted (in shares)		16,994,976
Repurchase (in shares)	16,095,819
Number of shares cancelled	16,994,976

Stock-based Compensation - Prof

Stock-based Compensation - Profits Interests (Details) - 2020 Equity Incentive Plan	9 Months Ended
	Mar. 31, 2022shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	16,162,177
Profits interests granted	13,009,137
Granted (in shares)	0

Stock-based Compensation - Pr_2

Stock-based Compensation - Profits Interests Transactions and Number of Units Outstanding (Details)	9 Months Ended
	Mar. 31, 2022$ / sharesshares
Time Vesting Units
Number of Units
Outstanding balance, June 30, 2021 | shares	6,587,261
Forfeited | shares	(2,409,972)
Outstanding balance, March 31, 2022 | shares	4,177,289
Weighted-Average Grant Date FV
Outstanding balance, June 30, 2021 | $ / shares	$ 1.28
Forfeited | $ / shares	1.28
Outstanding balance, March 31, 2022 | $ / shares	$ 1.28
Performance Vesting Units
Number of Units
Outstanding balance, June 30, 2021 | shares	6,223,262
Forfeited | shares	(3,210,939)
Outstanding balance, March 31, 2022 | shares	3,012,323
Weighted-Average Grant Date FV
Outstanding balance, June 30, 2021 | $ / shares	$ 0.57
Forfeited | $ / shares	0.57
Outstanding balance, March 31, 2022 | $ / shares	$ 0.57

Stock-based Compensation - Mont

Stock-based Compensation - Monte Carlo Option Pricing Model (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Mar. 31, 2022USD ($)$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years 10 months 24 days
Profits Interests Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 6.4
Time Vesting Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 4.3
Weighted-average period (in years)	10 months 24 days
Performance Vesting Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $	$ 2.1
Time-based option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.50%
Interest rate	0.83%
Dividend yield	0.00%
Weighted-average fair values | $ / shares	$ 1.61
Fair value of underlying stock | $ / shares	$ 7.89
Weighted-average period (in years)	2 years 6 months
Performance-based option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period (in years)	3 years 7 months 6 days
Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	34.50%
Expected term (in years)	5 years
Interest rate	1.56%
Dividend yield	0.00%
Weighted-average fair values | $ / shares	$ 5.18
Fair value of underlying stock | $ / shares	$ 7.89
Unrecognized compensation cost | $	$ 1.2
Weighted-average period (in years)	3 years 7 months 6 days
Minimum | Time-based option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years 10 months 24 days

Stock-based Compensation - 2021

Stock-based Compensation - 2021 Omnibus Incentive Plan (Details) $ in Millions	9 Months Ended
	Mar. 31, 2022USD ($)shares
2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized | shares	14,700,000
Vesting period	3 years
Percentage of vesting	33.33%
Performance Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1.2
Weighted-average period (in years)	3 years 7 months 6 days
Time Based Restricted Stock Units [Member] | 2021 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 4
Weighted-average period (in years)	2 years
Performance-based option awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period (in years)	3 years 7 months 6 days

Stock-based Compensation - 20_2

Stock-based Compensation - 2021 Omnibus Incentive Plan (RSU Activity) (Details) - 2021 Omnibus Incentive Plan	9 Months Ended
	Mar. 31, 2022$ / sharesshares
Time Based Restricted Stock Units [Member]
Number of Units
Outstanding balance, June 30, 2021 | shares	48,470
Granted | shares	315,177
Forfeited | shares	(9,670)
Exercised | shares	(8,493)
Outstanding balance, March 31, 2022 | shares	345,484
Weighted-Average Grant Date FV
Outstanding balance, June 30, 2021 | $ / shares	$ 22.87
Granted | $ / shares	8.99
Forfeited | $ / shares	23.35
Exercised | $ / shares	17.66
Outstanding balance, March 31, 2022 | $ / shares	$ 10.50
Performance Based Restricted Stock Units [Member]
Number of Units
Granted | shares	258,767
Outstanding balance, March 31, 2022 | shares	258,767
Weighted-Average Grant Date FV
Granted | $ / shares	$ 5.18
Outstanding balance, March 31, 2022 | $ / shares	$ 5.18

Stock-based Compensation - Time

Stock-based Compensation - Time-based Awards (Details) - Time-based option awards $ / shares in Units, $ in Millions	9 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Number of Options
Granted (in shares) | shares	554,499
Outstanding balance, March 31, 2022 | shares	554,499
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Granted | $ / shares	$ 1.61
Outstanding balance, March 31, 2022 | $ / shares	$ 1.61
Unrecognized compensation cost | $	$ 0.7
Weighted-average period (in years)	2 years 6 months

Stock-based Compensation - Perf

Stock-based Compensation - Performance-based Awards (Details) - Performance-based option awards $ / shares in Units, $ in Millions	9 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Number of Options
Granted (in shares) | shares	776,299
Outstanding balance, March 31, 2022 | shares	776,299
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding balance, June 30, 2021	$ 3.08
Granted	3.08
Outstanding balance, March 31, 2022	$ 3.08
Unrecognized compensation cost | $	$ 2.2
Weighted-average period (in years)	3 years 7 months 6 days

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Income Taxes
Effective tax rate (as a percent)			1.40%	(11.20%)
Income tax provision	$ (4,116)	$ (4,264)	$ 81	$ 5,159
Federal statutory tax rate (as a percent)	56.60%
Federal statutory tax rate (as a percent)		28.20%

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Earnings per Share
Net income (loss) attributable to InnovAge Holding Corp.	$ (2,821)	$ (10,510)	$ 6,188	$ (50,460)
Weighted average common shares outstanding (basic)	135,516,608	121,324,980	135,516,544	119,619,806
Earnings (loss) per share - basic	$ (0.02)	$ (0.09)	$ 0.05	$ (0.42)
Dilutive shares			14,249
Weighted average common shares outstanding (diluted)	135,516,608	121,324,980	135,530,793	119,619,806
Earnings (loss) per share -diluted	$ (0.02)	$ (0.09)	$ 0.05	$ (0.42)

Segment Reporting (Details)

Segment Reporting (Details)	9 Months Ended
	Mar. 31, 2022divisionitemsegmentCenter
PACE
Segment Reporting Information [Line Items]
Number of operating segments	3
Number of reportable segments	1
Number of PACE participants | item	6,800
Operating segments
Segment Reporting Information [Line Items]
Number of operating segments	5
Operating segments | PACE
Segment Reporting Information [Line Items]
Number of geographic divisions | division	3
Number of reportable segments	1
Number of PACE participants | item	6,800
Number of PACE centers | Center	18
Operating segments | Others
Segment Reporting Information [Line Items]
Number of operating segments	2

Segment Reporting - Operating R

Segment Reporting - Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 177,359	$ 156,308	$ 525,780	$ 466,184
External provider costs	103,254	75,389	284,299	224,215
Cost of care, excluding depreciation and amortization	46,102	39,565	129,740	115,922
Equity loss				(1,343)
Other operating (income) expense		(19,222)		(18,211)
Interest expense, net	(709)	(4,876)	(1,930)	(17,061)
Loss on extinguishment of debt				(8,494)
Gain on equity method investment		(10,871)		(10,871)
Other income	108	(2,267)	(358)	(2,222)
Income (Loss) Before Income Taxes	(7,274)	(15,126)	5,653	(45,896)
Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	176,988	155,835	524,507	464,294
Other service revenue
Segment Reporting Information [Line Items]
Total revenues	371	473	1,273	1,890
Operating segments
Segment Reporting Information [Line Items]
Total revenues	177,359	156,308	525,780	466,184
External provider costs	103,254	75,389	284,299	224,215
Cost of care, excluding depreciation and amortization	46,102	39,565	129,740	115,922
Center-Level Contribution Margin	28,003	41,354	111,741	126,047
Overhead costs	30,826	24,187	93,365	120,236
Depreciation and amortization	3,850	3,311	10,435	9,262
Equity loss				1,343
Other operating (income) expense		19,222		18,211
Interest expense, net	(709)	(4,876)	(1,930)	(17,061)
Loss on extinguishment of debt		(13,488)		(14,479)
Gain on equity method investment		10,871		10,871
Other income	108	(2,267)	(358)	(2,222)
Income (Loss) Before Income Taxes	(7,274)	(15,126)	5,653	(45,896)
Operating segments | Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	176,988	155,835	524,507	464,294
Operating segments | Other service revenue
Segment Reporting Information [Line Items]
Total revenues	371	473	1,273	1,890
Operating segments | PACE
Segment Reporting Information [Line Items]
Total revenues	177,154	155,788	524,741	464,507
External provider costs	103,254	75,389	284,299	224,215
Cost of care, excluding depreciation and amortization	45,995	38,867	128,573	113,611
Center-Level Contribution Margin	27,905	41,532	111,869	126,681
Overhead costs	30,911	24,217	93,463	120,249
Depreciation and amortization	3,760	3,181	10,130	8,901
Equity loss				1,343
Other operating (income) expense		19,222		18,211
Interest expense, net	(663)	(4,824)	(1,783)	(16,919)
Loss on extinguishment of debt		(13,488)		(14,479)
Gain on equity method investment		10,871		10,871
Other income	108	(2,267)	(357)	(2,222)
Income (Loss) Before Income Taxes	(7,321)	(14,796)	6,136	(44,772)
Operating segments | PACE | Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	176,988	155,835	524,507	464,294
Operating segments | PACE | Other service revenue
Segment Reporting Information [Line Items]
Total revenues	166	(47)	234	213
Operating segments | Others
Segment Reporting Information [Line Items]
Total revenues	205	520	1,039	1,677
Cost of care, excluding depreciation and amortization	107	698	1,167	2,311
Center-Level Contribution Margin	98	(178)	(128)	(634)
Overhead costs	(85)	(30)	(98)	(13)
Depreciation and amortization	90	130	305	361
Interest expense, net	(46)	(52)	(147)	(142)
Other income			(1)
Income (Loss) Before Income Taxes	47	(330)	(483)	(1,124)
Operating segments | Others | Other service revenue
Segment Reporting Information [Line Items]
Total revenues	$ 205	$ 520	$ 1,039	$ 1,677

Related-party (Details)

Related-party (Details) - USD ($)	9 Months Ended
	Mar. 31, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Revenue from related parties	$ 35,000
Deposits and other
Related Party Transaction [Line Items]
Loans and leases receivable, related parties	$ 700,000	$ 700,000