InnovAge Holding (INNV) 10-Q 4 Feb 25 2025 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-40159
Entity Registrant Name	InnovAge Holding Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-0710819
Entity Address, Address Line One	8950 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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,243,747
Entity Central Index Key	0001834376
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Current Assets
Cash and cash equivalents	$ 46,078	$ 56,946
Short-term investments	40,775	45,833
Restricted cash	13	14
Accounts receivable, net of allowance ($756 – December 31, 2024 and $6,729 – June 30, 2024)	49,759	48,106
Prepaid expenses	28,003	18,919
Income tax receivable	3,324	3,324
Total current assets	167,952	173,142
Noncurrent Assets
Property and equipment, net	179,024	193,022
Operating lease assets	25,293	28,416
Investments	2,645	2,645
Deposits and other	5,713	5,949
Goodwill	139,949	139,949
Other intangible assets, net	4,208	4,538
Total noncurrent assets	356,832	374,519
Total assets	524,784	547,661
Current Liabilities
Accounts payable and accrued expenses	58,048	55,459
Reported and estimated claims	59,268	55,404
Due to Medicaid and Medicare	13,857	15,197
Current portion of long-term debt	3,795	3,795
Current portion of finance lease obligations	5,246	4,599
Current portion of operating lease obligations	4,759	4,145
Total current liabilities	144,973	138,599
Noncurrent Liabilities
Deferred tax liability, net	7,896	7,460
Finance lease obligations	8,965	12,743
Operating lease obligations	23,849	26,275
Other noncurrent liabilities	1,353	1,298
Long-term debt, net of debt issuance costs	59,795	61,478
Total liabilities	246,831	247,853
Commitments and Contingencies (See Note 9)
Redeemable Noncontrolling Interests (See Note 4)	21,611	22,200
Stockholders’ Equity
Common stock, $0.001 par value; 500,000,000 authorized as of December 31, 2024 and June 30, 2024; 136,395,383 issued and 135,349,150 outstanding as of December 31, 2024 and 136,152,858 issued and 136,116,299 outstanding as of June 30, 2024	136	136
Treasury stock at cost, 1,046,233 and 36,559 shares as of December 31, 2024 and June 30, 2024, respectively	(6,092)	(179)
Additional paid-in capital	340,874	337,615
Retained deficit	(86,461)	(68,311)
Total InnovAge Holding Corp.	248,457	269,261
Noncontrolling interests	7,885	8,347
Total stockholders’ equity	256,342	277,608
Total liabilities and stockholders’ equity	$ 524,784	$ 547,661

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Statement of Financial Position [Abstract]
Allowance for loss	$ 756	$ 6,729
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	136,395,383	136,152,858
Common stock outstanding (in shares)	135,349,150	136,116,299
Treasury stock at cost (in shares)	1,046,233	36,559

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	$ 208,999,000	$ 188,898,000	$ 414,141,000	$ 371,382,000
Expenses
External provider costs	107,873,000	100,964,000	215,087,000	200,322,000
Cost of care, excluding depreciation and amortization	64,061,000	54,321,000	127,447,000	109,570,000
Sales and marketing	7,704,000	5,859,000	14,196,000	11,237,000
Corporate, general and administrative	28,103,000	25,249,000	55,638,000	54,197,000
Depreciation and amortization	5,319,000	4,290,000	10,730,000	8,559,000
Impairment of right-of-use asset and construction in progress	8,495,000	0	8,495,000	0
Total expenses	221,555,000	190,683,000	431,593,000	383,885,000
Operating Loss	(12,556,000)	(1,785,000)	(17,452,000)	(12,503,000)
Other Income (Expense)
Interest expense, net	(760,000)	(935,000)	(1,408,000)	(1,596,000)
Other income (expense)	(157,000)	874,000	80,000	1,517,000
Gain (loss) on equity method investment	16,000	(1,882,000)	16,000	(1,882,000)
Total other expense	(901,000)	(1,943,000)	(1,312,000)	(1,961,000)
Income (Loss) Before Income Taxes	(13,457,000)	(3,728,000)	(18,764,000)	(14,464,000)
Provision for Income Taxes	34,000	93,000	437,000	319,000
Net Loss	(13,491,000)	(3,821,000)	(19,201,000)	(14,783,000)
Less: net loss attributable to noncontrolling interests	(270,000)	(374,000)	(1,051,000)	(1,032,000)
Net Loss Attributable to InnovAge Holding Corp.	$ (13,221,000)	$ (3,447,000)	$ (18,150,000)	$ (13,751,000)
Weighted-average number of common shares outstanding - basic (in shares)	135,439,668	135,887,613	135,604,751	135,839,007
Weighted-average number of common shares outstanding - diluted (in shares)	135,439,668	135,887,613	135,604,751	135,839,007
Net loss per share - basic (in dollars per share)	$ (0.10)	$ (0.03)	$ (0.13)	$ (0.10)
Net loss per share - diluted (in dollars per share)	$ (0.10)	$ (0.03)	$ (0.13)	$ (0.10)
Capitation revenue
Revenues
Total revenues	$ 208,674,000	$ 188,561,000	$ 413,474,000	$ 370,734,000
Other service revenue
Revenues
Total revenues	$ 325,000	$ 337,000	$ 667,000	$ 648,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Capital Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Treasury Stock	Noncontrolling Interests
Balances, Beginning (in shares) at Jun. 30, 2023		135,639,845
Balances, Beginning at Jun. 30, 2023	$ 302,092	$ 136	$ 332,107	$ (35,944)	$ 0	$ 5,793
Treasury Stock, Beginning (in shares) at Jun. 30, 2023					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		359,401
Stock-based compensation	3,589		3,589
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(106,176)
Tax withholding related to net share settlements of stock-based compensation awards	(634)		(634)
Net loss	(13,906)			(13,751)		(155)
Balances, Ending (in shares) at Dec. 31, 2023		135,893,070
Balances, Ending at Dec. 31, 2023	291,141	$ 136	335,062	(49,695)	$ 0	5,638
Treasury Stock, Ending (in shares) at Dec. 31, 2023					0
Beginning balance at Jun. 30, 2023	12,708
Redeemable non-controlling interests (Temporary Equity)
Net loss	(877)
Ending balance at Dec. 31, 2023	11,831
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss)	(14,783)
Balances, Beginning (in shares) at Sep. 30, 2023		135,884,840
Balances, Beginning at Sep. 30, 2023	292,909	$ 136	333,316	(46,248)	$ 0	5,705
Treasury Stock, Beginning (in shares) at Sep. 30, 2023					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		11,552
Stock-based compensation	1,766		1,766
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(3,322)
Tax withholding related to net share settlements of stock-based compensation awards	(20)		(20)
Net loss	(3,514)			(3,447)		(67)
Balances, Ending (in shares) at Dec. 31, 2023		135,893,070
Balances, Ending at Dec. 31, 2023	291,141	$ 136	335,062	(49,695)	$ 0	5,638
Treasury Stock, Ending (in shares) at Dec. 31, 2023					0
Beginning balance at Sep. 30, 2023	12,138
Redeemable non-controlling interests (Temporary Equity)
Net loss	(307)
Ending balance at Dec. 31, 2023	11,831
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss)	$ (3,821)
Balances, Beginning (in shares) at Jun. 30, 2024	136,116,299	136,116,299
Balances, Beginning at Jun. 30, 2024	$ 277,608	$ 136	337,615	(68,311)	$ (179)	8,347
Treasury Stock, Beginning (in shares) at Jun. 30, 2024	36,559				36,559
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		370,963
Stock-based compensation	$ 4,035		4,035
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(128,438)
Tax withholding related to net share settlements of stock-based compensation awards	(776)		(776)
Shares repurchased at cost (in shares)		1,009,674			1,009,674
Shares repurchased at cost	(5,913)				$ (5,913)
Net loss	$ (18,612)			(18,150)		(462)
Balances, Ending (in shares) at Dec. 31, 2024	135,349,150	135,349,150
Balances, Ending at Dec. 31, 2024	$ 256,342	$ 136	340,874	(86,461)	$ (6,092)	7,885
Treasury Stock, Ending (in shares) at Dec. 31, 2024	1,046,233				1,046,233
Beginning balance at Jun. 30, 2024	$ 22,200
Redeemable non-controlling interests (Temporary Equity)
Net loss	(589)
Ending balance at Dec. 31, 2024	21,611
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss)	(19,201)
Balances, Beginning (in shares) at Sep. 30, 2024		135,538,698
Balances, Beginning at Sep. 30, 2024	269,053	$ 136	339,048	(73,240)	$ (5,000)	8,109
Treasury Stock, Beginning (in shares) at Sep. 30, 2024					837,372
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)		29,344
Stock-based compensation	1,873		1,873
Tax withholding related to net share settlements of stock-based compensation awards (in shares)		(10,031)
Tax withholding related to net share settlements of stock-based compensation awards	(47)		(47)
Shares repurchased at cost (in shares)		208,861			208,861
Shares repurchased at cost	(1,092)				$ (1,092)
Net loss	$ (13,445)			(13,221)		(224)
Balances, Ending (in shares) at Dec. 31, 2024	135,349,150	135,349,150
Balances, Ending at Dec. 31, 2024	$ 256,342	$ 136	$ 340,874	$ (86,461)	$ (6,092)	$ 7,885
Treasury Stock, Ending (in shares) at Dec. 31, 2024	1,046,233				1,046,233
Beginning balance at Sep. 30, 2024	$ 21,657
Redeemable non-controlling interests (Temporary Equity)
Net loss	(46)
Ending balance at Dec. 31, 2024	21,611
Redeemable non-controlling interests (Temporary Equity)
Net Income (Loss)	$ (13,491)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net loss	$ (19,201,000)	$ (14,783,000)
Adjustments to reconcile net loss to net cash used in operating activities
Gain (loss) on disposal of assets	15,000	(21,000)
Provision for uncollectible accounts	524,000	2,881,000
Depreciation and amortization	10,730,000	8,559,000
Operating lease rentals	3,107,000	2,346,000
Impairment of right-of-use asset and construction in progress	8,495,000	0
Amortization of deferred financing costs	215,000	215,000
Stock-based compensation	4,035,000	3,589,000
Loss on minority equity interest investment	0	1,882,000
Deferred income taxes	437,000	319,000
Other, net	709,000	9,000
Changes in operating assets and liabilities, net of acquisitions
Accounts receivable, net	(2,176,000)	(21,430,000)
Prepaid expenses	(9,084,000)	3,014,000
Deposits and other	(629,000)	(1,396,000)
Accounts payable and accrued expenses	2,717,000	(2,245,000)
Reported and estimated claims	3,864,000	4,137,000
Due to Medicaid and Medicare	(1,340,000)	1,122,000
Operating lease liabilities	(3,181,000)	(2,362,000)
Deferred revenue	0	(28,115,000)
Net cash used in operating activities	(763,000)	(42,279,000)
Investing Activities
Purchases of property and equipment	(3,543,000)	(4,157,000)
Purchases of short-term investments	(1,147,000)	(1,179,000)
Proceeds from sale of short-term investments	6,300,000	3,000,000
Acquisition of business	0	(23,916,000)
Net cash provided by (used in) investing activities	1,610,000	(26,252,000)
Financing Activities
Payments for finance lease obligations	(3,130,000)	(2,107,000)
Principal payments on long-term debt	(1,898,000)	(1,897,000)
Repurchase of equity securities	(5,912,000)	0
Taxes paid related to net settlements of stock-based compensation awards	(776,000)	(634,000)
Net cash used in financing activities	(11,716,000)	(4,638,000)
DECREASE IN CASH, CASH EQUIVALENTS & RESTRICTED CASH	(10,869,000)	(73,169,000)
CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD	56,960,000	127,265,000
CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD	46,091,000	54,096,000
Supplemental Cash Flows Information
Interest paid	2,305,000	1,254,000
Income taxes paid	1,000	0
Property and equipment included in accounts payable	161,000	470,000
Property and equipment purchased under finance leases	$ 0	$ 113,000

Business

Business	6 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business InnovAge Holding Corp. and its subsidiaries (“InnovAge” or the "Company") are headquartered in Denver, Colorado. The Company’s participant-centered care delivery approach is designed to improve the quality of care the Company’s participants receive, while keeping them in their homes for as long as safely possible. Through the Company’s Program of All-Inclusive Care for the Elderly (“PACE”) program, the Company fulfills a broad range of medical and ancillary services for seniors, including in-center services such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to and from the PACE center and third-party medical appointments; and care management. The Company manages its business as one reportable segment, PACE. As of December 31, 2024, the Company served approximately 7,480 PACE participants, making it the largest PACE provider in the United States of America (the “U.S.”) based upon participants served, and operated 20 PACE centers across California, Colorado, Florida, New Mexico, Pennsylvania and Virginia. PACE is a fully-capitated managed care program, which serves the frail elderly, and predominantly dual-eligible, population in a community-based service model. We define dual-eligible seniors as individuals who are 55+ and qualify for benefits under both Medicare and Medicaid. InnovAge provides all needed healthcare services through an all-inclusive, coordinated model of care, and the Company is at risk for 100% of healthcare costs incurred with respect to the care of its participants. PACE programs receive capitation payments directly from Medicare Parts C and D, Medicaid, Veterans Administration (“VA”), and private pay sources. Additionally, under the Medicare Prescription Drug Plan, the Centers for Medicare and Medicaid Services (“CMS”) share part of the risk for providing prescription medication to the Company’s participants.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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, 2024 (“2024 10-K”). There were no significant changes to those accounting policies during the six months ended December 31, 2024. 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, 2024. 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 the Company, its wholly owned subsidiaries and variable interest entities (“VIEs”) for which it is the primary beneficiary and entities for which it is the controlling 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 loss reported in the statements of operations for all periods presented. Property and Equipment Property and equipment were comprised of the following as of December 31, 2024 and June 30, 2024: dollars in thousands Estimated December 31, June 30, Land N/A $ 11,970 $ 11,970 Buildings and leasehold improvements 10 - 40 years 156,158 156,064 Software 3 - 5 years 31,009 30,678 Equipment and vehicles 3 - 7 years 70,161 69,495 Construction in progress N/A 6,859 12,234 276,157 280,441 Less: accumulated depreciation and amortization (97,133) (87,419) Total property and equipment, net $ 179,024 $ 193,022 Depreciation of $5.2 million and $4.1 million was recorded during the three months ended December 31, 2024 and 2023, respectively. Depreciation of $10.4 million and $8.2 million was recorded during the six months ended December 31, 2024 and 2023, respectively. The Company recorded a $1.4 million impairment of operating lease right-of-use ("ROU") assets and a $7.1 million impairment of construction in progress during the three and six months ended December 31, 2024, related to halting developments to a previously planned de novo center in Louisville, Kentucky that the Company is no longer pursuing. There were no impairments recorded during the three and six months ended December 31, 2023. Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. Additionally, ASU 2023-07 requires that all existing annual segment disclosures be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 will be applied retrospectively and is effective for fiscal years beginning after December 15, 2023 and for interim periods in fiscal years beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-07 on its condensed consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid, and other disclosures. ASU 2023-09 requires public companies to annually (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. Additionally, ASU 2023-09 requires public companies to annually disclose the amount of income taxes paid, disaggregated by federal, state, and foreign taxes, as well as the amount of income taxes paid by individual jurisdiction. For smaller reporting companies, such as the Company, ASU 2023-09 is effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of ASU 2023-09 on its condensed consolidated financial statements. The Company does not expect that any other recently issued accounting guidance will have a significant effect on its condensed consolidated financial statements.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition, the Company performs 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 over time as the Company provides comprehensive care to its participants. Our revenues are based on the estimated PMPM amounts we expect to be entitled to receive from the capitated fees per participant that are paid monthly by Medicaid, Medicare, the VA, and private pay sources. Medicaid and Medicare capitation revenues are based on PMPM capitation rates under the PACE program. VA is included in “Private Pay and other” and is also capitated. Private pay includes direct payments from participants who do not qualify for the full capitated rate and have to pay all or a portion of the capitated rate. Costs to obtain contracts consist of sales commissions for new enrollees and are included in Deposits and other on our condensed consolidated balance sheets. These costs are amortized over a three-year period which corresponds to the average time a participant is enrolled in the PACE program. As of December 31, 2024 and June 30, 2024, contract assets included within deposits and other were $1.9 million and $2.8 million, respectively. The Company disaggregates capitation revenue from the following sources for the six months ended: December 31, 2024 2023 Medicaid 56 % 55 % Medicare 44 % 45 % 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 adjustment payments according to the CMS risk adjustment payment timeline. Specifically, there is a midyear true up payment based on updated risk score calculations and a final true up payment to allow for complete diagnosis submission. The Company estimates the amount of the adjustment and records it monthly on a straight-line basis. These adjustments are not expected to be material. The capitation revenues are recognized based on the estimated PMPM transaction price to transfer the service for a distinct increment of the series (i.e. month). We recognize revenue over time in the month in which participants are entitled to receive comprehensive care benefits during the contract term. As the period between the time of service and time of payment is typically one year or less, the Company elected the practical expedient under ASC 606-10-32-18 and did not adjust for the effects of a significant financing component. The Company also provides prescription drug benefits in accordance with Medicare Part D. Monthly payments received from CMS and the participants represent the bid amount for providing prescription drug coverage. The portion received from CMS is subject to risk sharing through Medicare Part D risk-sharing corridor provisions. These risk-sharing corridor provisions compare costs targeted in the Company’s bid to actual prescription drug costs. The Company estimates and records a monthly adjustment to Medicare Part D revenues associated with these risk-sharing corridor provisions. Medicare Part D comprised 14% and 12% of capitation revenues for the three months ended December 31, 2024 and 2023, respectively. Medicare Part D comprised 14% and 12% of capitation revenues for the six months ended December 31, 2024 and 2023, respectively. The Company provides comprehensive healthcare services to participants on the basis of capitated or fixed fees per participant that are paid monthly by Medicare, Medicaid, the VA and private pay sources. Our accounts receivable as of December 31, 2024 and June 30, 2024 were primarily from capitation revenue arrangements. The concentration of net receivables from participants and third-party payers was as follows: December 31, June 30, Medicaid 80 % 71 % Medicare 11 % 22 % Private pay and other 9 % 7 % Total 100 % 100 % The Company records accounts receivable at net realizable value based upon the estimated amounts the Company expects to be entitled to receive from Medicare, Medicaid, the VA and private pay sources. Estimated reimbursement amounts are adjusted in future periods as final settlements are determined. Accounts are written off as bad debts when they are deemed uncollectible based upon individual credit evaluations and specific circumstances underlying the accounts. Other Service Revenue and Accounts Receivable Other service revenue primarily consists of revenues derived from state food grants and rent revenues. Accounts receivable related to other service revenue were not significant as of both December 31, 2024 and June 30, 2024. 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.”

Cost and Equity Method Investme

Cost and Equity Method Investments	6 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Cost and Equity Method Investments	Cost and Equity Method Investments The Company held cost method investments of $2.6 million as of both December 31, 2024 and June 30, 2024. Nonconsolidated Entities Cost Method Investments The Company maintains one investment that is accounted for using the cost method. The Company's ownership interest is less than 20% of the voting stock of the investment and the Company does not have the ability to exercise significant influence over the operating and financial policies of the investments. The investment does 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 three and six months ended December 31, 2024 and 2023, there were no observable price changes or impairment 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. We determined that indicators of impairment were present as of December 31, 2023, and recognized an impairment loss of $1.9 million during the three months then ended. During the three months ended March 31, 2024, we determined that the remaining balance of our investment in Jetdoc was impaired and recognized an additional impairment loss of $0.1 million. During the three and six months ended December 31, 2023, there were no observable price changes or impairments recorded. As of December 31, 2024, the Company did not have any ownership interest in Jetdoc. DispatchHealth On June 14, 2019, the Company invested $1.5 million in DispatchHealth Holdings, Inc. ("DispatchHealth"), through the purchase of a portion of its outstanding Series B Preferred Stock. On April 2, 2020, the Company invested an additional $1.1 million through the purchase of a portion of its outstanding Series C Preferred Stock. As of December 31, 2024, the balance of the Company’s investment was $2.6 million, which represents the maximum exposure to loss. The investment does not have a readily determinable fair value and the Company has elected to record the investment at cost, less impairment, if any, plus or minus any changes resulting from observable price changes in orderly transactions for the identical or similar investment of the same issuer. During the three and six months ended December 31, 2024 and 2023, there were no observable price changes or impairments. Equity Method Investments Pinewood Lodge Through May 2, 2024, the Company’s operations included a Senior Housing unit that primarily included the accounts of Continental Community Housing (“CCH”), a wholly-owned subsidiary of the Company and the general partner of Pinewood Lodge, LLLP (“PWD”), which was organized to develop, construct, own, maintain, and operate certain apartment complexes intended for rental to low-income elderly individuals aged 62 or older. PWD was accounted for using the equity method of accounting. As of December 31, 2023, the balance of the Company’s investment in PWD was $0.8 million, which represented the maximum exposure to loss. On March 13, 2024, PWD entered into a Purchase and Sale Agreement for the sale of all of PWD's property, including the Senior Housing unit. On May 2, 2024, PWD closed on the sale of its Senior Housing property for $9.5 million. Upon completion of the sale, PWD ceased providing senior housing services and in June 2024 was dissolved. Following the dissolution, the remaining proceeds from the sale were distributed in accordance with the partnership agreement and as otherwise agreed by the partners. Consolidated Entities Controlling Interest InnovAge Florida PACE – Orlando On May 28, 2024, the Company entered into a joint venture with Orlando Health (“OHI”) to develop and manage PACE centers to serve communities in Orlando, Florida. In connection with the joint venture, OHI, InnovAge Orlando PACE II, LLC ("InnovAge Orlando"), the joint venture, and the Company entered into a Contribution Agreement pursuant to which OHI made a cash contribution of $2.9 million to InnovAge Orlando for a proportionate 10% interest ownership. The Company's total contribution was $26.1 million for its controlling membership interest of 90%. As a result, the joint venture’s results are consolidated in the Company’s condensed consolidated financial statements. 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 Variable Interest Entity ("VIE"). The Company is the primary beneficiary of SH1 and consolidates 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. Adventist contributed $5.8 million in cash and Eskaton contributed $3.0 million in cash for membership interests of 26.4% and 13.7%, respectively. In fiscal year 2021, the Company made an additional contribution of $0.1 million and obtained an additional 0.1% membership interest in the joint venture, which resulted in the Company obtaining control and consolidating InnovAge Sacramento as of January 1, 2021. The InnovAge California PACE-Sacramento LLC Limited Liability Company Agreement (the “JV Agreement”) includes numerous provisions whereby, if certain conditions are met, the joint venture may be required to purchase, at fair market value, certain members’ interests or certain members may be required to purchase, at fair market value, the interests of certain other members. The Company’s investment in InnovAge Sacramento includes a put right for the noncontrolling interest holders to require the Company to repurchase the interest of the noncontrolling interest holders at fair value, after the initial term of the management services agreement in 2028. As of December 31, 2024, none of the conditions specified in the JV Agreement had been met. Accordingly, these put rights held by the noncontrolling interests of the joint venture are required to be presented as temporary equity and are recorded as redeemable noncontrolling interests on our condensed consolidated balance sheets. As of December 31, 2024 and June 30, 2024, the Company's redeemable noncontrolling interest was recorded at fair value of $21.6 million and $22.2 million, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants, at the measurement date. A fair value hierarchy was established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources outside the reporting entity. Unobservable inputs are inputs that reflect the Company’s own assumptions based on market data and assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The sensitivity to changes in inputs and their impact on fair value measurements can be significant. The three levels of inputs that may be used to measure fair value are: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date Level 2 Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the assets or liabilities Level 3 Unobservable inputs to the valuation techniques that are significant to the fair value measurements of the assets or liabilities The following table shows the Company’s cash, cash equivalents and marketable securities by significant investment category as of December 31, 2024 and June 30, 2024: December 31, 2024 in thousands Amortized Fair Cash and Short- Cash $ 44,187 $ 44,187 $ 44,187 $ — Level 1 Money market funds 1,891 1,891 1,891 — Mutual funds 40,408 40,775 — 40,775 Total $ 86,486 $ 86,853 $ 46,078 $ 40,775 June 30, 2024 in thousands Amortized Fair Cash and Short- Cash $ 25,793 $ 25,793 $ 25,793 $ — Level 1 Money market funds 31,153 31,153 31,153 — Mutual funds 45,556 45,833 — 45,833 Total $ 102,502 $ 102,779 $ 56,946 $ 45,833 Recurring Measurements The Company’s investment in InnovAge Sacramento includes a put right for the noncontrolling interest holders to require the Company to repurchase the interest of the noncontrolling interest holders at fair value, after the initial term of the management services agreement in 2028. As a result, at each fiscal period end the Company reports this put right at the greater of (i) carrying value of the redeemable noncontrolling interest or (ii) fair value of the redeemable noncontrolling interest. Because this asset does not have observable inputs, Level 3 inputs are used to measure fair value. The fair value of the redeemable noncontrolling interest is determined utilizing a discounted cash flow model. As of December 31, 2024 and June 30, 2024, the Company’s redeemable noncontrolling interest was recorded at fair value of $21.6 million and $22.2 million, respectively. There were no transfers in and out of Level 3 during the six months ended December 31, 2024 and 2023. The Company’s policy is to recognize transfers as of the actual date of the event or change in circumstances.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess of cost over the fair value of net assets acquired. Goodwill amounted to $139.9 million at each of December 31, 2024 and June 30, 2024. Goodwill is not amortized. Pursuant to ASC 350, “ Intangibles – Goodwill and Other ,” we review the recoverability of goodwill annually as of April 1 or whenever significant events or changes occur which might impair the recovery of recorded amounts. For purposes of the annual goodwill impairment assessment, the Company identified two reporting units, East and West. There were no indicators of impairment identified and no goodwill impairment recorded during the six months ended December 31, 2024 and 2023. Intangible assets consisted of the following as of: in thousands December 31, June 30, Definite-lived intangible assets $ 6,600 $ 6,600 Indefinite-lived intangible assets 2,000 2,000 Total intangible assets 8,600 8,600 Accumulated amortization (4,392) (4,062) Balance as of end of period $ 4,208 $ 4,538 Intangible assets consist primarily of customer relationships acquired through business acquisitions. The Company recorded amortization expense of $0.2 million for each of the three month periods ended December 31, 2024 and 2023. The Company recorded amortization expense of $0.3 million for each of the six month periods ended December 31, 2024 and 2023. 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 six months ended December 31, 2024 and 2023

Leases

Leases	6 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases Leasing Arrangements as Lessee The Company leases certain property and equipment under various third-party operating and finance lease agreements. The Company determines if an arrangement is or contains a lease at the lease inception date by evaluating whether the arrangement conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. The leases are noncancelable and expire on various terms from 2025 through 2037. We determine if an arrangement is a lease upon commencement of the contract. If an arrangement is determined to be a long-term lease (greater than 12 months), we recognize an ROU asset and lease liability based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Our lease terms may also include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have elected to apply the short-term lease exception for contracts that have a lease term of twelve months or less and do not include an option to purchase the underlying asset. Therefore, we do not recognize a ROU asset or lease liability for such contracts. We recognize short-term lease payments as expense on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or rate are recognized as expense. Certain leases include escalations based on inflation indexes and fair market value adjustments. Operating lease liabilities are calculated using the prevailing index or rate at lease commencement for such leases. The following table presents the components of our ROU assets and their classification in our Balance Sheet as of: Component of Lease Balances Balance Sheet Line Items December 31, June 30, in thousands Assets: Operating lease assets Operating lease assets $ 25,293 $ 28,416 Finance lease assets Property and equipment, net 14,182 15,908 Total leased assets $ 39,475 $ 44,324 The Company recorded a $1.4 million impairment of operating lease ROU assets and during each of the three and six months ended December 31, 2024. See Note 2, "Summary of Significant Accounting Policies". The following table presents the components of our lease cost and the classification of such costs in our condensed consolidated statements of operations for the six months ended December 31: Six Months Ended December 31, Component of Lease Cost Statements of Operations Line Items 2024 2023 in thousands Operating lease cost Cost of care excluding depreciation and amortization and Corporate, general and administrative $ 1,560 $ 2,382 Finance lease expense: Amortization of leased assets Depreciation and amortization 2,609 2,301 Interest on lease liabilities Interest expense, net — — Variable lease cost Cost of care excluding depreciation and amortization and Corporate, general and administrative 4 52 Short-term lease cost Cost of care excluding depreciation and amortization and Corporate, general and administrative 65 94 Total lease expense $ 4,238 $ 4,829 The following table includes the weighted-average lease terms and discount rates for operating and finance leases as of December 31: Weighted average remaining lease term: December 31, December 31, Operating leases 7.2 years 14.7 years Finance leases 3.1 years 3.5 years Weighted average discount rate: December 31, December 31, Operating leases 6.87 % 12.85 % Finance leases 7.84 % 7.95 % The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to December 31, 2024: in thousands Operating Finance Total Amount remaining in 2025 $ 6,218 $ 6,613 $ 12,831 2026 6,062 5,389 11,451 2027 5,757 4,514 10,271 2028 4,967 2,461 7,428 2029 4,112 555 4,667 Thereafter 11,651 — 11,651 Total lease payments 38,767 19,532 58,299 Less liability accretion / imputed interest (10,159) (5,321) (15,480) Total lease liabilities 28,608 14,211 42,819 Less: Current lease liabilities 4,759 5,246 10,005 Total long-term lease liabilities $ 23,849 $ 8,965 $ 32,814
Leases	Leases Leasing Arrangements as Lessee The Company leases certain property and equipment under various third-party operating and finance lease agreements. The Company determines if an arrangement is or contains a lease at the lease inception date by evaluating whether the arrangement conveys the right to use an identified asset and whether the Company obtains substantially all of the economic benefits from and has the ability to direct the use of the asset. The leases are noncancelable and expire on various terms from 2025 through 2037. We determine if an arrangement is a lease upon commencement of the contract. If an arrangement is determined to be a long-term lease (greater than 12 months), we recognize an ROU asset and lease liability based on the present value of the future minimum lease payments over the lease term at the commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Our lease terms may also include options to extend or terminate the lease when it is reasonably certain that we will exercise those options. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have elected to apply the short-term lease exception for contracts that have a lease term of twelve months or less and do not include an option to purchase the underlying asset. Therefore, we do not recognize a ROU asset or lease liability for such contracts. We recognize short-term lease payments as expense on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or rate are recognized as expense. Certain leases include escalations based on inflation indexes and fair market value adjustments. Operating lease liabilities are calculated using the prevailing index or rate at lease commencement for such leases. The following table presents the components of our ROU assets and their classification in our Balance Sheet as of: Component of Lease Balances Balance Sheet Line Items December 31, June 30, in thousands Assets: Operating lease assets Operating lease assets $ 25,293 $ 28,416 Finance lease assets Property and equipment, net 14,182 15,908 Total leased assets $ 39,475 $ 44,324 The Company recorded a $1.4 million impairment of operating lease ROU assets and during each of the three and six months ended December 31, 2024. See Note 2, "Summary of Significant Accounting Policies". The following table presents the components of our lease cost and the classification of such costs in our condensed consolidated statements of operations for the six months ended December 31: Six Months Ended December 31, Component of Lease Cost Statements of Operations Line Items 2024 2023 in thousands Operating lease cost Cost of care excluding depreciation and amortization and Corporate, general and administrative $ 1,560 $ 2,382 Finance lease expense: Amortization of leased assets Depreciation and amortization 2,609 2,301 Interest on lease liabilities Interest expense, net — — Variable lease cost Cost of care excluding depreciation and amortization and Corporate, general and administrative 4 52 Short-term lease cost Cost of care excluding depreciation and amortization and Corporate, general and administrative 65 94 Total lease expense $ 4,238 $ 4,829 The following table includes the weighted-average lease terms and discount rates for operating and finance leases as of December 31: Weighted average remaining lease term: December 31, December 31, Operating leases 7.2 years 14.7 years Finance leases 3.1 years 3.5 years Weighted average discount rate: December 31, December 31, Operating leases 6.87 % 12.85 % Finance leases 7.84 % 7.95 % The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to December 31, 2024: in thousands Operating Finance Total Amount remaining in 2025 $ 6,218 $ 6,613 $ 12,831 2026 6,062 5,389 11,451 2027 5,757 4,514 10,271 2028 4,967 2,461 7,428 2029 4,112 555 4,667 Thereafter 11,651 — 11,651 Total lease payments 38,767 19,532 58,299 Less liability accretion / imputed interest (10,159) (5,321) (15,480) Total lease liabilities 28,608 14,211 42,819 Less: Current lease liabilities 4,759 5,246 10,005 Total long-term lease liabilities $ 23,849 $ 8,965 $ 32,814

Long-Term Debt

Long-Term Debt	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following at December 31, 2024 and June 30, 2024: December 31, June 30, in thousands Senior secured borrowings: Term Loan Facility $ 61,875 $ 63,750 Convertible term loan 2,215 2,239 Total debt 64,090 65,989 Less: unamortized debt issuance costs 500 716 Less: current maturities 3,795 3,795 Noncurrent maturities $ 59,795 $ 61,478 2021 Credit Agreement On March 8, 2021, the Company entered into a credit agreement (as amended, the “2021 Credit Agreement”) that replaced its prior credit agreement. The 2021 Credit Agreement consists of a senior secured term loan (the “Term Loan Facility”) of $75.0 million principal amount and a revolving credit facility (the “Revolving Credit Facility”) of $100.0 million maximum borrowing capacity, each with a maturity date of March 8, 2026. Borrowing capacity under the Revolving Credit Facility is subject to (i) any issued amounts under our letters of credit, which as of December 31, 2024 was $5.2 million, and (ii) applicable covenant compliance restrictions and any other conditions precedent to borrowing. Loans under the 2021 Credit Agreement are secured by substantially all of the Company’s assets. Principal on the Term Loan Facility is paid each calendar quarter in an amount equal to 1.25% of the initial term loan on closing date. Outstanding principal amounts under the 2021 Credit Agreement accrue interest at a variable interest rate. As of December 31, 2024, the interest rate on the Term Loan Facility was 6.94%. 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 December 31, 2024, we had no borrowings outstanding, $5.2 million of letters of credit issued, and $94.8 million of remaining capacity under the Revolving Credit Facility. The 2021 Credit Agreement requires the Company to meet certain operational and reporting requirements, including, but not limited to, a secured net leverage ratio. Additionally, annual capital expenditures and permitted investments, including acquisitions, are limited to amounts specified in the 2021 Credit Agreement. The 2021 Credit Agreement also provides certain restrictions on dividend payments and other equity transactions and requires the Company to make prepayments under specified circumstances. As of December 31, 2024, 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 condensed consolidated balance sheets. Total amortization of deferred financing costs was $0.1 million for each of the three months ended December 31, 2024 and 2023. Total amortization of deferred financing costs was $0.2 million for each of the six months ended December 31, 2024 and 2023. Convertible Term Loan

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Professional Liability The Company pays fixed premiums for annual professional liability insurance coverage under a claims-made policy. Under such policy, only claims made and reported to the insurer are covered during the policy term, regardless of when the incident giving rise to the claim occurred. The Company records claim liabilities and expected recoveries, if any, at gross amounts. The Company is not currently aware of any unasserted claims or unreported incidents that are expected to exceed medical malpractice insurance coverage limits. Litigation From time to time, the Company may be involved in various legal proceedings and be subject to claims. The Company regularly evaluates the status of claims and legal proceedings in which it is involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss may have been incurred, and to determine whether accruals are appropriate. The Company expenses legal costs as such costs are incurred. Civil Investigative Demands In July 2021, the Company received a civil investigative demand from the Attorney General for the State of Colorado under the Colorado Medicaid False Claims Act. The demand requested information and documents regarding Medicaid billing, patient services and referrals in connection with the Company’s PACE program in Colorado. The Company continues to fully cooperate with the Attorney General. The Company is currently unable to predict the outcome of this investigations. 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 requested information and documents regarding audits, billing, orders tracking, and quality and timeliness of patient services in connection with the Company’s PACE programs in the states where the Company operated as of 2022 (California, Colorado, New Mexico, Pennsylvania, and Virginia). In December 2022, the Company received a supplemental civil investigative demand requesting supplemental information on the same matters. The Company and the DOJ have begun discussions to understand their respective positions on this matter. At this time, the Company is unable to predict the outcome of these discussions. In October 2024, the Company received a civil investigative demand from the DOJ under the Federal False Claims Act on a similar subject matter. The demand requests information and documents regarding the Company's relationship as a PACE provider with residential care facilities in California, Colorado, Virginia and New Mexico, related housing costs, and enrollment practices. The Company is fully cooperating with the DOJ and producing the requested information and documentation. The Company is currently unable to predict the outcome of this investigations. Stockholder Lawsuits On October 14, 2021, and subsequently amended on June 21, 2022, the Company was named as a defendant in a putative class action complaint filed in the District Court for the District of Colorado on behalf of individuals who purchased or acquired shares of the Company’s common stock during a specified period (the "Securities Action"). Through the complaint, plaintiffs are asserting claims against the Company, certain of the Company’s officers and directors, Apax Partners, L.P., Welsh, Carson, Anderson & Stowe and the underwriters in the Company’s IPO, alleging violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 and Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 for making allegedly inaccurate and misleading statements and omissions in connection with the Company’s IPO and subsequent earnings calls and public filings, and seeking compensatory damages, among other things. On September 13, 2022, the Company and the officer and director defendants and Apax Partners, L.P. and Welsh, Carson, Anderson & Stowe filed a motion to dismiss the amended complaint for failure to state a claim upon which relief can be granted. On December 22, 2023, the District Court granted in part and denied in part the motion to dismiss. On September 17, 2024, plaintiffs filed a second amended complaint to add four additional defendants, WCAS Management Corporation, WCAS Management, L.P., WCAS Management, LLC, and TCO Group Holdings, L.P., renames Apax Partners, L.P. as Apax Partners US LLC and drops Welsh, Carson, Anderson & Stowe as a defendant. On October 25, 2024, WCAS Management Corporation, WCAS Management, L.P., and WCAS Management, LLC filed a motion to dismiss plaintiffs' second amended complaint. On January 10, 2025, the District Court entered an amended order granting plaintiffs' motion to certify a class pursuant to the Federal Rules of Civil Procedure, Rule 23(b)(3). The action is currently stayed as to WCAS Management Corporation, WCAS Management L.P., and WCAS Management, LLC but otherwise continues to be in discovery. On April 20, 2022, the Board of Directors of the Company received a books and records demand pursuant to Section 220 of the Delaware General Corporation Law, from a purported stockholder of the Company, Brian Hall, in connection with the stockholder’s investigation of, among other matters, potential breaches of fiduciary duty, mismanagement, self-dealing, corporate waste or other violations of law by the Company’s Board with respect to these matters. On May 15, 2023, Mr. Hall filed a lawsuit in the Delaware Court of Chancery asserting derivative claims for breach of fiduciary duty against certain of the Company’s current and former officers and directors generally relating to alleged failures by the defendants to take remedial actions to address the matters that resulted in sanctions by CMS at certain of the Company’s centers, and alleged misstatements in the Company’s public filings relating to those matters. On June 28, 2023, upon stipulation of the parties, the court entered an order staying the litigation pending the resolution of the motion to dismiss in the Securities Action or upon fifteen days’ notice by any party to the litigation. On January 22, 2024, upon stipulation of the parties, the court entered an order further staying the litigation pending the close of fact discovery in the Securities Action. We are currently unable to predict the outcome of these matters.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation A summary of our aggregate stock-based compensation expense is set forth below. Stock-based compensation expense is included in corporate, general and administrative expenses on our condensed consolidated statements of operations. Three months ended December 31, Six months ended December 31, 2024 2023 2024 2023 in thousands in thousands Stock options $ 180 $ 216 $ 367 $ 439 Profits interests units 159 253 332 629 Restricted stock units 1,534 1,297 3,336 2,521 Total stock-based compensation expense $ 1,873 $ 1,766 $ 4,035 $ 3,589 2020 Equity Incentive Plan Profits Interests TCO Group Holdings, L.P. (the “LP”), the Company’s largest shareholder and prior to the IPO, the Company’s parent, maintains the TCO Group Holdings, L.P. Equity Incentive Plan (the "2020 Equity Incentive Plan") pursuant to which interests in the LP in the form of Class B Units (profits interests) may be granted to employees, directors, consultants, advisers, and other services providers (including partners) of the LP or any of its affiliates, including the Company. A maximum number of 16,162,177 Class B Units are authorized for grant under the 2020 Equity Incentive Plan. Both performance-based and time-based units have been issued under the plan. As of December 31, 2024, a total of 15,872,837 profits interests units had been granted under the 2020 Equity Incentive Plan. The Company used the Monte Carlo option model to determine the fair value of the granted profits interests units at the time of the grant. Expected stock price volatility is based on consideration of indications observed from several publicly traded peer companies. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the unit. The dividend yield percentage is zero because the Company neither currently pays dividends nor intends to do so during the expected term. The expected term of the units represents the time the units are expected to be outstanding. A total of 2,213,700 Class B Units were awarded during the six months ended December 31, 2023 to the Company's Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer. A total of 650,000 Class B Units awarded during the six months ended December 31, 2024 to the Company's President and Chief Operating Officer. The assumptions under the Monte Carlo model related to profit interests units, presented on a weighted-average basis, are provided below: 2024 Expected volatility 63.0 % Expected life (years) - time vesting units 1.8 Interest rate 4.18 % Dividend yield — Weighted-average fair value $ 1.43 Fair value of underlying stock $ 5.67 A summary of profits interests activity for the six months ended December 31, 2024 is as follows: Time-based unit awards Number of Weighted average Outstanding balance, June 30, 2024 1,287,113 $ 5.52 Granted 325,000 $ 5.67 Forfeited — $ — Vested (433,917) $ 1.30 Outstanding balance, December 31, 2024 1,178,196 $ 7.12 Performance-based unit awards Number of Weighted average Outstanding balance, June 30, 2024 1,371,671 $ 1.55 Granted 325,000 $ 0.99 Forfeited — $ — Vested — $ — Outstanding balance, December 31, 2024 1,696,671 $ 1.44 The total unrecognized compensation cost related to profits interests units outstanding as of December 31, 2024 was $4.1 million, comprised (i) $1.7 million related to time-based unit awards expected to be recognized over a weighted-average period of 2.9 years and (ii) $2.4 million related to performance-based unit awards, which will be recorded when it is probable that the performance-based criteria will be met. 2021 Omnibus Incentive Plan In March 2021, the Compensation Committee of the Board of Directors approved the InnovAge Holding Corp. 2021 Omnibus Incentive Plan (“2021 Omnibus Incentive Plan”), pursuant to which various stock-based awards may be granted to employees, directors, consultants, and advisers. The total number of shares of the Company’s common stock authorized under the 2021 Omnibus Incentive Plan is 14,700,000. The Company has issued time-based restricted stock units under this plan to its employees which generally vest over a three-year period with one-third vesting on each anniversary of the date of grant. Certain other vesting periods have also been used. The grant date fair value of restricted stock units with time-based vesting is based on the closing market price of our common stock on the date of grant. Certain other awards under this plan, including units and stock options, vest upon achieving specific share price performance criteria and are determined to have performance-based vesting conditions. The Company has also issued time-based vesting stock options under this plan to its employees which generally vest in equal parts over a three-year period. Restricted Stock Units A summary of time-based vesting restricted stock units activity for the six months ended December 31, 2024 is as follows: Restricted stock units - time based Number of Weighted Outstanding balance, June 30, 2024 2,864,319 $ 8.15 Granted 159,869 $ 5.67 Forfeited (203,528) $ 6.08 Vested (367,492) $ 6.15 Outstanding balance, December 31, 2024 2,453,168 $ 8.45 The total unrecognized compensation cost related to time based restricted stock units outstanding as of December 31, 2024 was $7.6 million and is expected to be recognized over a weighted-average period of 1.7 years. A summary of performance based vesting restricted stock units activity for the six months ended December 31, 2024 is as follows: Restricted stock units - performance based Number of Weighted Outstanding balance, June 30, 2024 258,767 $ 5.18 Granted — $ — Forfeited — $ — Vested — $ — Outstanding balance, December 31, 2024 258,767 $ 5.18 The total unrecognized compensation cost related to performance based vesting restricted stock units outstanding as of December 31, 2024 was $0.2 million and is expected to be recognized over a weighted-average period of 1.2 years. Nonqualified Stock Options A summary of time-based vesting stock option activity for the six months ended December 31, 2024 is as follows: Stock options - time based Number of Weighted Outstanding balance, June 30, 2024 554,499 $ 1.77 Granted — $ — Forfeited — $ — Exercised — $ — Expired — $ — Outstanding balance, December 31, 2024 554,499 $ 1.77 Exercisable balance, December 31, 2024 415,872 $ 0.21 The total unrecognized compensation costs related to time-based vesting stock options outstanding as of December 31, 2024 was $0.04 million and is expected to be recognized over a weighted-average period of 0.2 years. A summary of performance-based vesting stock option activity for the six months ended December 31, 2024 is as follows: Stock options - performance based Number of Weighted Outstanding balance, June 30, 2024 776,299 $ 3.08 Granted — $ — Forfeited — $ — Vested — $ — Outstanding balance, December 31, 2024 776,299 $ 3.08 The total unrecognized compensation cost related to performance-based vesting stock options outstanding as of December 31, 2024 was $0.5 million and is expected to be recognized over a weighted-average period of 1.3 years.

Acquisitions

Acquisitions	6 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions On December 1, 2023, the Company acquired all of the issued and outstanding membership interests of two California-based PACE programs, ConcertoCare PACE of Bakersfield, LLC and ConcertoHealth PACE of Los Angeles, LLC (collectively "Concerto"), from Perfect Health, Inc. d/b/a ConcertoCare, a tech-enabled, value-based provider of at-home, comprehensive care for seniors and other adults with unmet health and social needs, for $23.9 million. We believe the Concerto acquisition complements our California PACE centers. The acquisition was funded through cash on hand. Results of operations from the acquired centers are included in our condensed consolidated statements of operations for the three and six months ended December 31, 2024 and were not significant to our results. Costs related to the acquisition during the six months ended December 31, 2024 were insignificant. Acquisition related costs were expensed as incurred and have been recorded in corporate, general and administrative expenses in our condensed consolidated statements of operations. The Concerto acquisition was accounted for using the purchase method of accounting. The purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill recognized represents the estimated future economic benefits arising from expected growth opportunities for the Company and is not deductible for income tax purposes. The following table presents the finalized allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date, measurement period adjustments and the allocation as of December 31, 2024: Preliminary Measurement period adjustments Adjusted in thousands Cash Consideration $ 23,916 $ — $ 23,916 Total Consideration $ 23,916 $ — $ 23,916 Accounts receivable, net $ 563 $ (124) $ 439 Prepaid expenses 330 739 1,069 Property and equipment, net 7,969 — 7,969 Operating lease assets 6,892 923 7,815 Goodwill 17,348 (1,616) 15,732 Deposits and other 343 — 343 Accounts payable and accrued expenses (353) 78 (275) Reported and estimated claims (111) — (111) Operating lease obligations (8,941) — (8,941) Finance lease obligations (124) — (124) Fair value of assets and liabilities $ 23,916 $ — $ 23,916 Since the preliminary allocation, we recognized a measurement period adjustment for lease incentives related to tenant improvements. The adjustment resulted in an increase of $0.7 million to prepaid expenses and $0.9 million to operating lease assets, a decrease of $0.1 million to accounts receivable and $0.1 million to accounts payable and accrued expenses, and a corresponding decrease of $1.6 million to goodwill. The Company does not expect any additional adjustments as the allocation has been finalized.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded an income tax expense of $0.03 million and $0.1 million for the three months ended December 31, 2024 and 2023, respectively. The Company recorded an income tax expense of $0.4 million and $0.3 million for the six months ended December 31, 2024 and December 31, 2023, respectively. This represents an effective tax rate of (0.3)% and (2.5)% for the three months ended December 31, 2024 and 2023, respectively. This represents an effective tax rate of (2.3)% and (2.2)% for the six months ended December 31, 2024 and December 31, 2023, respectively. The effective rate for the six months ended December 31, 2024 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), disallowed stock options related to the profit interest units, exclusion of losses from entities not subject to tax, lobbying expenses, a change to the Pennsylvania tax rate, and the increase in the Company's valuation allowance against net operating losses which occurred during the three-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 six-month period ended December 31, 2024, the Company 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 Company also determined it is not "more likely than not" that the deferred tax assets associated with certain federal net operating losses will be realized and as such has included a valuation allowance against these federal deferred tax assets. The Company has provided $22.5 million at December 31, 2024 and $15.9 million at June 30, 2024, as a valuation allowance against its deferred tax assets for federal and state net operating losses and state 163(j) interest expense limitations where there is not sufficient positive evidence to substantiate that these deferred tax assets will be realized at a more-likely-than-not level of assurance.

Earnings per Share

Earnings per Share	6 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic earnings (loss) per share (“EPS”) is computed using the weighted-average number of common shares outstanding during the period. Diluted EPS is computed using the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding options and other equity awards, using the treasury stock method and the average market price of the Company’s common stock during the applicable period. When a loss from continuing operations exists, all dilutive securities and potentially dilutive securities are anti-dilutive and are therefore excluded from the computation of diluted EPS. 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. For the three and six months ended December 31, 2023, 391,598 and 377,025 of potentially dilutive securities were excluded from the weighted-average shares used to calculate the diluted net loss per common share, respectively, as they would have an anti-dilutive effect. During the three and six months ended December 31, 2024, 470,417 and 398,769 of potentially dilutive securities were excluded from the weighted average shares used to calculate the diluted net loss per common share, respectively, as they would have an anti-dilutive effect. The following table sets forth the computation of basic and diluted net loss per common share: Three months ended December 31, Six months ended December 31, in thousands, except share values 2024 2023 2024 2023 Net loss attributable to InnovAge Holding Corp. $ (13,221) $ (3,447) $ (18,150) $ (13,751) Weighted average common shares outstanding (basic) 135,439,668 135,887,613 135,604,751 135,839,007 EPS (basic) $ (0.10) $ (0.03) $ (0.13) $ (0.10) Dilutive shares — — — — Weighted average common shares outstanding (diluted) 135,439,668 135,887,613 135,604,751 135,839,007 EPS (diluted) $ (0.10) $ (0.03) $ (0.13) $ (0.10)

Segment Reporting

Segment Reporting	6 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company applies the effective provisions of ASC Topic 280, " Segment Reporting ," which establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about operations, major customers and the geographies in which the entity holds material assets and reports revenue. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the Company’s chief executive officer, who is the chief operating decision maker (“CODM”), and for which discrete financial information is available. The Company has determined that it has three operating segments, two of which are related to the Company’s PACE offering. The PACE-related operating segments are based on two geographic divisions, which are East and West. Due to the similar economic characteristics, nature of services, and customers, we have aggregated our East and West operating segments into one reportable segment for PACE. The Company’s remaining operating segment primarily relates to Senior Housing, which is an immaterial operating segment, and shown below as "Other" along with certain corporate unallocated expenses. The Company evaluates performance and allocates capital resources to each segment based on an operating model that is designed to maximize the quality of care provided and profitability. The Company does not review assets by segment and therefore assets by segment are not disclosed below. For the periods presented, all of the Company’s long-lived assets were located in the United States and all revenue was earned in the United States. The CODM uses Center-level Contribution Margin as the measure for assessing performance of its operating segments. Center-level Contribution Margin is defined as total segment revenues less external provider costs and cost of care (excluding depreciation and amortization). The Company allocates corporate level expenses to its segments with a majority of the allocation going to the PACE segment. The following table summarizes the operating results regularly provided to the CODM by segment for the three months ended December 31, 2024 and 2023: December 31, 2024 December 31, 2023 (In thousands) PACE All other (a) Totals PACE All other (a) Totals Capitation revenue $ 208,674 $ — $ 208,674 $ 188,561 $ — $ 188,561 Other service revenue 77 248 325 68 269 337 Total revenues 208,751 248 208,999 188,629 269 188,898 External provider costs 107,873 — 107,873 100,964 — 100,964 Cost of care, excluding depreciation and amortization 63,916 145 64,061 54,171 150 54,321 Center-Level Contribution Margin 36,962 103 37,065 33,494 119 33,613 Overhead costs (b) 35,807 — 35,807 31,108 — 31,108 Depreciation and amortization 5,204 115 5,319 4,178 112 4,290 Impairment of right-of-use asset and construction in progress 8,495 — 8,495 — — — Interest expense, net (716) (44) (760) (890) (45) (935) Other income (expense) (157) — (157) 874 — 874 Gain (loss) on equity method investment 16 — 16 (1,882) — (1,882) Loss Before Income Taxes $ (13,401) $ (56) $ (13,457) $ (3,690) $ (38) $ (3,728) The following table summarizes the operating results regularly provided to the CODM by reportable segment for the six months ended December 31, 2024 and 2023: December 31, 2024 December 31, 2023 in thousands PACE All other (a) Totals PACE All other (a) Totals Capitation revenue $ 413,474 $ — $ 413,474 $ 370,734 $ — $ 370,734 Other service revenue 174 493 667 153 495 648 Total revenues 413,648 493 414,141 370,887 495 371,382 External provider costs 215,087 — 215,087 200,322 — 200,322 Cost of care, excluding depreciation and amortization 127,150 297 127,447 109,267 303 109,570 Center-Level Contribution Margin 71,411 196 71,607 61,298 192 61,490 Overhead costs (b) 69,834 — 69,834 65,425 9 65,434 Depreciation and amortization 10,499 231 10,730 8,334 225 8,559 Impairment of right-of-use asset and construction in progress 8,495 — 8,495 — — — Interest expense, net (1,320) (88) (1,408) (1,506) (90) (1,596) Other income (expense) 80 — 80 1,517 — 1,517 Gain (loss) on equity method investment 16 — 16 (1,882) — (1,882) Income (Loss) Before Income Taxes $ (18,641) $ (123) $ (18,764) $ (14,332) $ (132) $ (14,464) _________________________________ (a) Center-level Contribution Margin from a segment below the quantitative thresholds is attributable to the Senior Housing operating segment of the Company. This segment has never met any of the quantitative thresholds for determining reportable segments. (b) Overhead consists of the Sales and marketing and Corporate, general and administrative financial statement line items.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Pursuant to the PWD Amended and Restated Agreement of Limited Partnership, CCH helped fund operating deficits and shortfalls of PWD in the form of a loan (the “PWD Loan”). The PWD Loan did not accrue interest. Additionally, CCH was paid an administration fee of less than $0.1 million per year. On March 13, 2024, PWD entered into a Purchase and Sale Agreement for the sale of all of PWD's property, including the Senior Housing unit. On May 2, 2024, PWD closed on the sale of its Senior Housing property for $9.5 million. Upon completion of the sale, PWD ceased providing senior housing services and was dissolved. Following the dissolution, the remaining proceeds from the sale were distributed in accordance with the partnership agreement and as otherwise agreed by the partners. The Company received net proceeds of $4.8 million in connection with the dissolution.

Share Repurchase Program

Share Repurchase Program	6 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Share Repurchase Program	Share Repurchase Program On June 10, 2024, the Board announced the authorization of a share repurchase program of up to $5.0 million of the Company's common stock. On September 26, 2024, the Board announced the authorization of an additional $2.5 million shares of the Company's common stock. During the three months ended December 31, 2024, the Company repurchased 199,923 shares of its common stock for approximately $1.1 million, all of which were placed in Treasury. During the six months ended December 31, 2024, the Company repurchased 1,001,210 shares of its common stock for approximately $5.9 million, all of which were placed in Treasury.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 2, 2025, the Company completed the acquisition of certain pharmacy assets from Tabula Rasa HealthCare Group, Inc. ("TRHC"), a leading pharmacy care management company, for a total purchase price of $4.8 million. The acquisition was accounted for under the acquisition method in accordance with ASC 805, Business Combinations . Accordingly, the purchase price will be allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The Company is in the process of preparing the preliminary allocation of the purchase price. TRHC will provide management services to the pharmacy business pursuant to a Management Services Agreement with an initial term of five years.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss attributable to InnovAge Holding Corp.	$ (13,221)	$ (3,447)	$ (18,150)	$ (13,751)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
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, 2024. 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 the Company, its wholly owned subsidiaries and variable interest entities (“VIEs”) for which it is the primary beneficiary and entities for which it is the controlling 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 loss reported in the statements of operations for all periods presented.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. Additionally, ASU 2023-07 requires that all existing annual segment disclosures be provided on an interim basis and clarifies that single reportable segment entities are subject to the disclosure requirement under Topic 280 in its entirety. ASU 2023-07 will be applied retrospectively and is effective for fiscal years beginning after December 15, 2023 and for interim periods in fiscal years beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-07 on its condensed consolidated financial statements. Income Taxes In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid, and other disclosures. ASU 2023-09 requires public companies to annually (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. Additionally, ASU 2023-09 requires public companies to annually disclose the amount of income taxes paid, disaggregated by federal, state, and foreign taxes, as well as the amount of income taxes paid by individual jurisdiction. For smaller reporting companies, such as the Company, ASU 2023-09 is effective for annual periods beginning after December 15, 2025. The Company is currently evaluating the impact of ASU 2023-09 on its condensed consolidated financial statements. The Company does not expect that any other recently issued accounting guidance will have a significant effect on its condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Property and Equipment	Property and equipment were comprised of the following as of December 31, 2024 and June 30, 2024: dollars in thousands Estimated December 31, June 30, Land N/A $ 11,970 $ 11,970 Buildings and leasehold improvements 10 - 40 years 156,158 156,064 Software 3 - 5 years 31,009 30,678 Equipment and vehicles 3 - 7 years 70,161 69,495 Construction in progress N/A 6,859 12,234 276,157 280,441 Less: accumulated depreciation and amortization (97,133) (87,419) Total property and equipment, net $ 179,024 $ 193,022

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The Company disaggregates capitation revenue from the following sources for the six months ended: December 31, 2024 2023 Medicaid 56 % 55 % Medicare 44 % 45 % Total 100 % 100 %
Schedule of Concentration of Net Receivable	The concentration of net receivables from participants and third-party payers was as follows: December 31, June 30, Medicaid 80 % 71 % Medicare 11 % 22 % Private pay and other 9 % 7 % Total 100 % 100 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Cash, Cash Equivalents and Marketable Securities by Significant Investment Category	The following table shows the Company’s cash, cash equivalents and marketable securities by significant investment category as of December 31, 2024 and June 30, 2024: December 31, 2024 in thousands Amortized Fair Cash and Short- Cash $ 44,187 $ 44,187 $ 44,187 $ — Level 1 Money market funds 1,891 1,891 1,891 — Mutual funds 40,408 40,775 — 40,775 Total $ 86,486 $ 86,853 $ 46,078 $ 40,775 June 30, 2024 in thousands Amortized Fair Cash and Short- Cash $ 25,793 $ 25,793 $ 25,793 $ — Level 1 Money market funds 31,153 31,153 31,153 — Mutual funds 45,556 45,833 — 45,833 Total $ 102,502 $ 102,779 $ 56,946 $ 45,833

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Asset	Intangible assets consisted of the following as of: in thousands December 31, June 30, Definite-lived intangible assets $ 6,600 $ 6,600 Indefinite-lived intangible assets 2,000 2,000 Total intangible assets 8,600 8,600 Accumulated amortization (4,392) (4,062) Balance as of end of period $ 4,208 $ 4,538

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Balance Sheet Classification	The following table presents the components of our ROU assets and their classification in our Balance Sheet as of: Component of Lease Balances Balance Sheet Line Items December 31, June 30, in thousands Assets: Operating lease assets Operating lease assets $ 25,293 $ 28,416 Finance lease assets Property and equipment, net 14,182 15,908 Total leased assets $ 39,475 $ 44,324
Schedule of Components of Lease Cost	The following table presents the components of our lease cost and the classification of such costs in our condensed consolidated statements of operations for the six months ended December 31: Six Months Ended December 31, Component of Lease Cost Statements of Operations Line Items 2024 2023 in thousands Operating lease cost Cost of care excluding depreciation and amortization and Corporate, general and administrative $ 1,560 $ 2,382 Finance lease expense: Amortization of leased assets Depreciation and amortization 2,609 2,301 Interest on lease liabilities Interest expense, net — — Variable lease cost Cost of care excluding depreciation and amortization and Corporate, general and administrative 4 52 Short-term lease cost Cost of care excluding depreciation and amortization and Corporate, general and administrative 65 94 Total lease expense $ 4,238 $ 4,829
Schedule of Weighted Average Lease Terms and Discount Rates	The following table includes the weighted-average lease terms and discount rates for operating and finance leases as of December 31: Weighted average remaining lease term: December 31, December 31, Operating leases 7.2 years 14.7 years Finance leases 3.1 years 3.5 years Weighted average discount rate: December 31, December 31, Operating leases 6.87 % 12.85 % Finance leases 7.84 % 7.95 %
Schedule of Future Maturities of Lease Payments for Operating Leases	The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to December 31, 2024: in thousands Operating Finance Total Amount remaining in 2025 $ 6,218 $ 6,613 $ 12,831 2026 6,062 5,389 11,451 2027 5,757 4,514 10,271 2028 4,967 2,461 7,428 2029 4,112 555 4,667 Thereafter 11,651 — 11,651 Total lease payments 38,767 19,532 58,299 Less liability accretion / imputed interest (10,159) (5,321) (15,480) Total lease liabilities 28,608 14,211 42,819 Less: Current lease liabilities 4,759 5,246 10,005 Total long-term lease liabilities $ 23,849 $ 8,965 $ 32,814
Schedule of Future Maturities of Lease Payments for Finance Leases	The following table includes the future maturities of lease payments for operating leases and finance leases for periods subsequent to December 31, 2024: in thousands Operating Finance Total Amount remaining in 2025 $ 6,218 $ 6,613 $ 12,831 2026 6,062 5,389 11,451 2027 5,757 4,514 10,271 2028 4,967 2,461 7,428 2029 4,112 555 4,667 Thereafter 11,651 — 11,651 Total lease payments 38,767 19,532 58,299 Less liability accretion / imputed interest (10,159) (5,321) (15,480) Total lease liabilities 28,608 14,211 42,819 Less: Current lease liabilities 4,759 5,246 10,005 Total long-term lease liabilities $ 23,849 $ 8,965 $ 32,814

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following at December 31, 2024 and June 30, 2024: December 31, June 30, in thousands Senior secured borrowings: Term Loan Facility $ 61,875 $ 63,750 Convertible term loan 2,215 2,239 Total debt 64,090 65,989 Less: unamortized debt issuance costs 500 716 Less: current maturities 3,795 3,795 Noncurrent maturities $ 59,795 $ 61,478

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	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 condensed consolidated statements of operations. Three months ended December 31, Six months ended December 31, 2024 2023 2024 2023 in thousands in thousands Stock options $ 180 $ 216 $ 367 $ 439 Profits interests units 159 253 332 629 Restricted stock units 1,534 1,297 3,336 2,521 Total stock-based compensation expense $ 1,873 $ 1,766 $ 4,035 $ 3,589
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions	The assumptions under the Monte Carlo model related to profit interests units, presented on a weighted-average basis, are provided below: 2024 Expected volatility 63.0 % Expected life (years) - time vesting units 1.8 Interest rate 4.18 % Dividend yield — Weighted-average fair value $ 1.43 Fair value of underlying stock $ 5.67
Schedule of Profits Interests Transactions and Number of Units Outstanding	A summary of profits interests activity for the six months ended December 31, 2024 is as follows: Time-based unit awards Number of Weighted average Outstanding balance, June 30, 2024 1,287,113 $ 5.52 Granted 325,000 $ 5.67 Forfeited — $ — Vested (433,917) $ 1.30 Outstanding balance, December 31, 2024 1,178,196 $ 7.12 Performance-based unit awards Number of Weighted average Outstanding balance, June 30, 2024 1,371,671 $ 1.55 Granted 325,000 $ 0.99 Forfeited — $ — Vested — $ — Outstanding balance, December 31, 2024 1,696,671 $ 1.44
Schedule of Restricted Stock Units Activity	A summary of time-based vesting restricted stock units activity for the six months ended December 31, 2024 is as follows: Restricted stock units - time based Number of Weighted Outstanding balance, June 30, 2024 2,864,319 $ 8.15 Granted 159,869 $ 5.67 Forfeited (203,528) $ 6.08 Vested (367,492) $ 6.15 Outstanding balance, December 31, 2024 2,453,168 $ 8.45 A summary of performance based vesting restricted stock units activity for the six months ended December 31, 2024 is as follows: Restricted stock units - performance based Number of Weighted Outstanding balance, June 30, 2024 258,767 $ 5.18 Granted — $ — Forfeited — $ — Vested — $ — Outstanding balance, December 31, 2024 258,767 $ 5.18
Schedule of Stock Option Activity	A summary of time-based vesting stock option activity for the six months ended December 31, 2024 is as follows: Stock options - time based Number of Weighted Outstanding balance, June 30, 2024 554,499 $ 1.77 Granted — $ — Forfeited — $ — Exercised — $ — Expired — $ — Outstanding balance, December 31, 2024 554,499 $ 1.77 Exercisable balance, December 31, 2024 415,872 $ 0.21 A summary of performance-based vesting stock option activity for the six months ended December 31, 2024 is as follows: Stock options - performance based Number of Weighted Outstanding balance, June 30, 2024 776,299 $ 3.08 Granted — $ — Forfeited — $ — Vested — $ — Outstanding balance, December 31, 2024 776,299 $ 3.08

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Preliminary Allocation of the Purchase Price	The following table presents the finalized allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date, measurement period adjustments and the allocation as of December 31, 2024: Preliminary Measurement period adjustments Adjusted in thousands Cash Consideration $ 23,916 $ — $ 23,916 Total Consideration $ 23,916 $ — $ 23,916 Accounts receivable, net $ 563 $ (124) $ 439 Prepaid expenses 330 739 1,069 Property and equipment, net 7,969 — 7,969 Operating lease assets 6,892 923 7,815 Goodwill 17,348 (1,616) 15,732 Deposits and other 343 — 343 Accounts payable and accrued expenses (353) 78 (275) Reported and estimated claims (111) — (111) Operating lease obligations (8,941) — (8,941) Finance lease obligations (124) — (124) Fair value of assets and liabilities $ 23,916 $ — $ 23,916
Schedule of Assets Acquired and Liabilities Assumed	The following table presents the finalized allocation of the purchase price to the assets acquired and liabilities assumed as of the acquisition date, measurement period adjustments and the allocation as of December 31, 2024: Preliminary Measurement period adjustments Adjusted in thousands Cash Consideration $ 23,916 $ — $ 23,916 Total Consideration $ 23,916 $ — $ 23,916 Accounts receivable, net $ 563 $ (124) $ 439 Prepaid expenses 330 739 1,069 Property and equipment, net 7,969 — 7,969 Operating lease assets 6,892 923 7,815 Goodwill 17,348 (1,616) 15,732 Deposits and other 343 — 343 Accounts payable and accrued expenses (353) 78 (275) Reported and estimated claims (111) — (111) Operating lease obligations (8,941) — (8,941) Finance lease obligations (124) — (124) Fair value of assets and liabilities $ 23,916 $ — $ 23,916

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Common Share	The following table sets forth the computation of basic and diluted net loss per common share: Three months ended December 31, Six months ended December 31, in thousands, except share values 2024 2023 2024 2023 Net loss attributable to InnovAge Holding Corp. $ (13,221) $ (3,447) $ (18,150) $ (13,751) Weighted average common shares outstanding (basic) 135,439,668 135,887,613 135,604,751 135,839,007 EPS (basic) $ (0.10) $ (0.03) $ (0.13) $ (0.10) Dilutive shares — — — — Weighted average common shares outstanding (diluted) 135,439,668 135,887,613 135,604,751 135,839,007 EPS (diluted) $ (0.10) $ (0.03) $ (0.13) $ (0.10)

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Operating Results by Reportable Segments	The following table summarizes the operating results regularly provided to the CODM by segment for the three months ended December 31, 2024 and 2023: December 31, 2024 December 31, 2023 (In thousands) PACE All other (a) Totals PACE All other (a) Totals Capitation revenue $ 208,674 $ — $ 208,674 $ 188,561 $ — $ 188,561 Other service revenue 77 248 325 68 269 337 Total revenues 208,751 248 208,999 188,629 269 188,898 External provider costs 107,873 — 107,873 100,964 — 100,964 Cost of care, excluding depreciation and amortization 63,916 145 64,061 54,171 150 54,321 Center-Level Contribution Margin 36,962 103 37,065 33,494 119 33,613 Overhead costs (b) 35,807 — 35,807 31,108 — 31,108 Depreciation and amortization 5,204 115 5,319 4,178 112 4,290 Impairment of right-of-use asset and construction in progress 8,495 — 8,495 — — — Interest expense, net (716) (44) (760) (890) (45) (935) Other income (expense) (157) — (157) 874 — 874 Gain (loss) on equity method investment 16 — 16 (1,882) — (1,882) Loss Before Income Taxes $ (13,401) $ (56) $ (13,457) $ (3,690) $ (38) $ (3,728) The following table summarizes the operating results regularly provided to the CODM by reportable segment for the six months ended December 31, 2024 and 2023: December 31, 2024 December 31, 2023 in thousands PACE All other (a) Totals PACE All other (a) Totals Capitation revenue $ 413,474 $ — $ 413,474 $ 370,734 $ — $ 370,734 Other service revenue 174 493 667 153 495 648 Total revenues 413,648 493 414,141 370,887 495 371,382 External provider costs 215,087 — 215,087 200,322 — 200,322 Cost of care, excluding depreciation and amortization 127,150 297 127,447 109,267 303 109,570 Center-Level Contribution Margin 71,411 196 71,607 61,298 192 61,490 Overhead costs (b) 69,834 — 69,834 65,425 9 65,434 Depreciation and amortization 10,499 231 10,730 8,334 225 8,559 Impairment of right-of-use asset and construction in progress 8,495 — 8,495 — — — Interest expense, net (1,320) (88) (1,408) (1,506) (90) (1,596) Other income (expense) 80 — 80 1,517 — 1,517 Gain (loss) on equity method investment 16 — 16 (1,882) — (1,882) Income (Loss) Before Income Taxes $ (18,641) $ (123) $ (18,764) $ (14,332) $ (132) $ (14,464) _________________________________ (a) Center-level Contribution Margin from a segment below the quantitative thresholds is attributable to the Senior Housing operating segment of the Company. This segment has never met any of the quantitative thresholds for determining reportable segments. (b) Overhead consists of the Sales and marketing and Corporate, general and administrative financial statement line items.

Business (Details)

Business (Details)	6 Months Ended
	Dec. 31, 2024 segment participant center
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment	1
Number of PACE participants | participant	7,480
Number of PACE centers excluding non-consolidating joint ventures | center	20
Percentage of obligation for health care costs	100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Summary of Significant Accounting Policies
Property and equipment, gross	$ 276,157	$ 280,441
Less: accumulated depreciation and amortization	(97,133)	(87,419)
Total property and equipment, net	179,024	193,022
Land
Summary of Significant Accounting Policies
Property and equipment, gross	11,970	11,970
Buildings and leasehold improvements
Summary of Significant Accounting Policies
Property and equipment, gross	$ 156,158	156,064
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	$ 31,009	30,678
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	$ 70,161	69,495
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	$ 6,859	$ 12,234

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies
Depreciation	$ 5,200,000	$ 4,100,000	$ 10,400,000	$ 8,200,000
Operating lease, impairment loss	1,400,000		1,400,000
Impairment	8,495,000	$ 0	8,495,000	$ 0
Construction in progress
Summary of Significant Accounting Policies
Impairment of right-of-use asset and construction in progress	$ 7,100,000		$ 7,100,000

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Revenue Recognition
Pooled capitated payment			100%
Amortization period of cost to obtain contract			3 years
Contract assets	$ 1.9		$ 1.9		$ 2.8
Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Revenue Recognition
Risk percentage			100%	100%
Medicare Part D | Revenue from Contract with Customer Benchmark | Customer Concentration Risk
Revenue Recognition
Risk percentage	14%	12%	14%	12%

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition
Risk percentage	100%	100%
Medicaid
Revenue Recognition
Risk percentage	56%	55%
Medicare
Revenue Recognition
Risk percentage	44%	45%

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Concentration of Net Receivable (Details) - Accounts Receivable - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Dec. 31, 2024	Jun. 30, 2024
Revenue Recognition
Risk percentage	100%	100%
Medicaid
Revenue Recognition
Risk percentage	80%	71%
Medicare
Revenue Recognition
Risk percentage	11%	22%
Private pay and other
Revenue Recognition
Risk percentage	9%	7%

Cost and Equity Method Invest_2

Cost and Equity Method Investments - Narrative (Details)

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

May 28, 2024 USD ($)

May 02, 2024 USD ($)

Mar. 18, 2019 USD ($)

Aug. 31, 2021 USD ($) shares

Dec. 31, 2024 USD ($) investment

Mar. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2024 USD ($) investment

Dec. 31, 2023 USD ($)

Jun. 30, 2021 USD ($)

Jun. 30, 2024 USD ($)

Apr. 02, 2020 USD ($)

Jun. 14, 2019 USD ($)

Debt and Equity Securities, FV-NI [Line Items]

Equity method investments

$ 2,600,000

$ 2,600,000

$ 2,600,000

Number of investments | investment

1

1

Observable price changes

$ 0

$ 0

$ 0

$ 0

Proceeds from sale of senior housing property

$ 4,800,000

Cash and cash equivalents

$ 9,000,000

46,078,000

46,078,000

56,946,000

Land

$ 4,200,000

Redeemable noncontrolling interests

21,600,000

$ 21,600,000

$ 22,200,000

InnovAge Sacramento

Debt and Equity Securities, FV-NI [Line Items]

Percentage of additional membership interest

0.10%

InnovAge Florida PACE – Orlando

Debt and Equity Securities, FV-NI [Line Items]

Cash contributions

$ 26,100,000

Controlling membership interest

90%

InnovAge Sacramento

Debt and Equity Securities, FV-NI [Line Items]

Membership interest (as a percent)

59.90%

Pinewood Lodge, LLP (PWD)

Debt and Equity Securities, FV-NI [Line Items]

Proceeds from sale of senior housing property

$ 9,500,000

Variable Interest Entity, Not Primary Beneficiary

Debt and Equity Securities, FV-NI [Line Items]

Maximum exposure amount in VIE

800,000

800,000

Cash contributions

$ 100,000

Variable Interest Entity, Not Primary Beneficiary | Adventist Health System/West Joint Venture

Debt and Equity Securities, FV-NI [Line Items]

Cash contributions

$ 5,800,000

Variable Interest Entity, Not Primary Beneficiary | Eskaton

Debt and Equity Securities, FV-NI [Line Items]

Cash contributions

$ 3,000,000

Variable Interest Entity, Not Primary Beneficiary | InnovAge Florida PACE – Orlando

Debt and Equity Securities, FV-NI [Line Items]

Cash and cash equivalents

$ 2,900,000

Membership interest (as a percent)

10%

Variable Interest Entity, Not Primary Beneficiary | InnovAge Sacramento | Adventist Health System/West Joint Venture

Debt and Equity Securities, FV-NI [Line Items]

Membership interest (as a percent)

26.40%

Variable Interest Entity, Not Primary Beneficiary | InnovAge Sacramento | Eskaton

Debt and Equity Securities, FV-NI [Line Items]

Membership interest (as a percent)

13.70%

Variable Interest Entity, Primary Beneficiary

Debt and Equity Securities, FV-NI [Line Items]

Partnership interest (as a percent)

0.01%

Jetdoc, Inc.

Debt and Equity Securities, FV-NI [Line Items]

Observable price changes

0

0

Shares acquired (in shares) | shares

806,481

Payments to acquire investments

$ 2,000,000

Loss on minority equity interest investment

$ 100,000

1,900,000

Dispatch Health Holdings, Inc.

Debt and Equity Securities, FV-NI [Line Items]

Observable price changes

0

$ 0

$ 0

$ 0

Maximum exposure to loss of the cost method investments

$ 2,600,000

$ 2,600,000

Dispatch Health Holdings, Inc. | Series B Preferred Stock

Debt and Equity Securities, FV-NI [Line Items]

Equity securities, FV-NI, current

$ 1,500,000

Dispatch Health Holdings, Inc. | Series C Preferred Stock

Debt and Equity Securities, FV-NI [Line Items]

Equity securities, FV-NI, current

$ 1,100,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Cash, Cash Equivalents and Marketable Securities by Significant Investment Category (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Fair values, Assets Measured on a Recurring Basis
Amortized Cost	$ 86,486	$ 102,502
Fair Value	86,853	102,779
Cash and Cash Equivalents	46,078	56,946
Short- term Investments	40,775	45,833
Cash
Fair values, Assets Measured on a Recurring Basis
Amortized Cost	44,187	25,793
Fair Value	44,187	25,793
Cash and Cash Equivalents	44,187	25,793
Short- term Investments	0	0
Money market funds | Level 1
Fair values, Assets Measured on a Recurring Basis
Amortized Cost	1,891	31,153
Fair Value	1,891	31,153
Cash and Cash Equivalents	1,891	31,153
Short- term Investments	0	0
Mutual funds | Level 1
Fair values, Assets Measured on a Recurring Basis
Amortized Cost	40,408	45,556
Fair Value	40,775	45,833
Cash and Cash Equivalents	0	0
Short- term Investments	$ 40,775	$ 45,833

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Redeemable noncontrolling interests	$ 21,611	$ 21,657	$ 22,200	$ 11,831	$ 12,138	$ 12,708

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($) reporting_unit	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 139,949,000		$ 139,949,000		$ 139,949,000
Number of reporting units | reporting_unit			2
Impairment loss			$ 0	$ 0
Intangible asset amortization expense	$ 200,000	$ 200,000	300,000	300,000
Intangible asset impairments			$ 0	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Intangible Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Intangible Assets, Net (Including Goodwill) [Abstract]
Definite-lived intangible assets	$ 6,600	$ 6,600
Indefinite-lived intangible assets	2,000	2,000
Total intangible assets	8,600	8,600
Accumulated amortization	(4,392)	(4,062)
Balance as of end of period	$ 4,208	$ 4,538

Leases - Schedule of Balance Sh

Leases - Schedule of Balance Sheet Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Assets:
Operating lease assets	$ 25,293	$ 28,416
Finance lease assets	$ 14,182	$ 15,908
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Total leased assets	$ 39,475	$ 44,324

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2024
Leases [Abstract]
Operating lease, impairment loss	$ 1.4	$ 1.4

Leases - Schedule of Components

Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Component of Lease Cost
Total lease expense	$ 4,238	$ 4,829
Cost of care excluding depreciation and amortization and Corporate, general and administrative
Component of Lease Cost
Operating lease cost	1,560	2,382
Variable lease cost	4	52
Short-term lease cost	65	94
Depreciation and amortization
Component of Lease Cost
Amortization of leased assets	2,609	2,301
Interest expense, net
Component of Lease Cost
Interest on lease liabilities	$ 0	$ 0

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Lease Terms and Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term, Operating leases	7 years 2 months 12 days	14 years 8 months 12 days
Weighted average remaining lease term, Finance leases	3 years 1 month 6 days	3 years 6 months
Weighted average discount rate, Operating leases	6.87%	12.85%
Weighted average discount rate, Finance leases	7.84%	7.95%

Leases - Schedule of Future Mat

Leases - Schedule of Future Maturities of Lease Payments for Operating / Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Operating Lease
Amount remaining in 2025	$ 6,218
2026	6,062
2027	5,757
2028	4,967
2029	4,112
Thereafter	11,651
Total lease payments	38,767
Less liability accretion / imputed interest	(10,159)
Total lease liabilities	28,608
Less: Current lease liabilities	4,759	$ 4,145
Total long-term lease liabilities	23,849	26,275
Finance Lease
Amount remaining in 2025	6,613
2026	5,389
2027	4,514
2028	2,461
2029	555
Thereafter	0
Total lease payments	19,532
Less liability accretion / imputed interest	(5,321)
Total lease liabilities	14,211
Less: Current lease liabilities	5,246	4,599
Total long-term lease liabilities	8,965	$ 12,743
Total
Amount remaining in 2025	12,831
2026	11,451
2027	10,271
2028	7,428
2029	4,667
Thereafter	11,651
Total lease payments	58,299
Less liability accretion / imputed interest	(15,480)
Total lease liabilities	42,819
Less: Current lease liabilities	10,005
Total long-term lease liabilities	$ 32,814

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Total debt	$ 64,090	$ 65,989
Less: unamortized debt issuance costs	500	716
Less: current maturities	3,795	3,795
Long-term debt, net of debt issuance costs	59,795	61,478
Term Loan Facility
Debt Instrument [Line Items]
Total debt	61,875	63,750
Convertible term loan
Debt Instrument [Line Items]
Total debt	$ 2,215	$ 2,239

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)			3 Months Ended		6 Months Ended
	Mar. 08, 2021	Jun. 29, 2015	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Debt Instrument [Line Items]
Total debt			$ 64,090,000		$ 64,090,000		$ 65,989,000
Term Loan Facility
Debt Instrument [Line Items]
Total debt			61,875,000		61,875,000		63,750,000
Convertible term loan
Debt Instrument [Line Items]
Interest rate (as a percent)		6.68%
Total debt			2,215,000		2,215,000		$ 2,239,000
Monthly principal and interest payments		$ 20,000
2021 Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Loan amount	$ 100,000,000
Letters of credit, issued amounts			5,200,000		5,200,000
Commitment fee percentage	0.25%
Total debt			0		0
Remaining borrowing capacity			94,800,000		94,800,000
Deferred financing costs amortized			2,000,000		2,000,000
Amortization of deferred financing costs			$ 100,000	$ 100,000	$ 200,000	$ 200,000
2021 Credit Agreement | Term Loan Facility
Debt Instrument [Line Items]
Loan amount	$ 75,000,000
Percentage of aggregate outstanding principal amount (as a percent)	1.25%
Interest rate (as a percent)			6.94%		6.94%

Commitments and Contingencies (

Commitments and Contingencies (Details) - defendant	Sep. 17, 2024	Jun. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Pending litigation, additional defendants added to amended complaint	4
Pending litigation, motion to dismiss resolution, notice period		15 days

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,873	$ 1,766	$ 4,035	$ 3,589
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	180	216	367	439
Profits interests units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	159	253	332	629
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,534	$ 1,297	$ 3,336	$ 2,521

Stock-based Compensation - Prof

Stock-based Compensation - Profits Interests (Details) - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Common Class B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Profits interests granted (in shares)	650,000	2,213,700
Profits interests units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Dividend yield	0%
Unrecognized compensation cost	$ 4.1
Time Vesting Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Profits interests granted (in shares)	325,000
Unrecognized compensation cost	$ 1.7
Weighted-average period (in years)	2 years 10 months 24 days
Performance Vesting Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Profits interests granted (in shares)	325,000
Unrecognized compensation cost	$ 2.4
2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Profits interests granted (in shares)	15,872,837
Maximum | 2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)	16,162,177

Stock-based Compensation - Sc_2

Stock-based Compensation - Schedule of Monte Carlo Option Pricing Model (Details) - Profits interests units	6 Months Ended
	Dec. 31, 2024 $ / shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	63%
Expected life (years) - time vesting units	1 year 9 months 18 days
Interest rate	4.18%
Dividend yield	0%
Weighted-average fair value (in dollars per share)	$ 1.43
Fair value of underlying stock (in dollars per share)	$ 5.67

Stock-based Compensation - Sc_3

Stock-based Compensation - Schedule of Profits Interests Transactions and Number of Units Outstanding (Details)	6 Months Ended
	Dec. 31, 2024 $ / shares shares
Time Vesting Units
Number of units
Outstanding balance, beginning (in shares) | shares	1,287,113
Granted (in shares) | shares	325,000
Forfeited (in shares) | shares	0
Vested (in shares) | shares	(433,917)
Outstanding balance, ending (in shares) | shares	1,178,196
Weighted average grant date fair value
Outstanding balance, beginning (in dollars per share) | $ / shares	$ 5.52
Granted (in dollars per share) | $ / shares	5.67
Forfeited (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	1.30
Outstanding balance, ending (in dollars per share) | $ / shares	$ 7.12
Performance Vesting Units
Number of units
Outstanding balance, beginning (in shares) | shares	1,371,671
Granted (in shares) | shares	325,000
Forfeited (in shares) | shares	0
Vested (in shares) | shares	0
Outstanding balance, ending (in shares) | shares	1,696,671
Weighted average grant date fair value
Outstanding balance, beginning (in dollars per share) | $ / shares	$ 1.55
Granted (in dollars per share) | $ / shares	0.99
Forfeited (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Outstanding balance, ending (in dollars per share) | $ / shares	$ 1.44

Stock-based Compensation - 2021

Stock-based Compensation - 2021 Omnibus Incentive Plan (Details)	1 Months Ended
	Mar. 31, 2021 shares
Time Based Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Time Based Restricted Stock Units | Vesting, Year 1
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting	33.33%
Time Based Restricted Stock Units | Vesting, Year 2
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting	33.33%
Time Based Restricted Stock Units | Vesting, Year 3
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting	33.33%
Time-Based Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
2021 Omnibus Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)	14,700,000

Stock-based Compensation - Sc_4

Stock-based Compensation - Schedule of Restricted Stock Units Activity (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Time Based Restricted Stock Units
Number of awards
Outstanding balance, beginning (in shares) | shares	2,864,319
Granted (in shares) | shares	159,869
Forfeited (in shares) | shares	(203,528)
Vested (in shares) | shares	(367,492)
Outstanding balance, ending (in shares) | shares	2,453,168
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share) | $ / shares	$ 8.15
Granted (in dollars per share) | $ / shares	5.67
Forfeited (in dollars per share) | $ / shares	6.08
Vested (in dollars per share) | $ / shares	6.15
Outstanding balance, ending (in dollars per share) | $ / shares	$ 8.45
Unrecognized compensation cost | $	$ 7.6
Weighted-average period (in years)	1 year 8 months 12 days
Performance Based Restricted Stock Units
Number of awards
Outstanding balance, beginning (in shares) | shares	258,767
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Vested (in shares) | shares	0
Outstanding balance, ending (in shares) | shares	258,767
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share) | $ / shares	$ 5.18
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Outstanding balance, ending (in dollars per share) | $ / shares	$ 5.18
Unrecognized compensation cost | $	$ 0.2
Weighted-average period (in years)	1 year 2 months 12 days

Stock-based Compensation - Sc_5

Stock-based Compensation - Schedule of Time-based Awards (Details) - Time-based Options Awards $ / shares in Units, $ in Thousands	6 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Number of awards
Outstanding balance, beginning (in shares) | shares	554,499
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Exercised (in shares) | shares	0
Expired (in shares) | shares	0
Outstanding balance, ending (in shares) | shares	554,499
Exercisable balance (in shares) | shares	415,872
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share) | $ / shares	$ 1.77
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Exercised (in dollars per share) | $ / shares	0
Expired (in dollars per share) | $ / shares	0
Outstanding balance, ending (in dollars per share) | $ / shares	1.77
Exercisable balance (in dollars per share) | $ / shares	$ 0.21
Unrecognized compensation cost | $	$ 40
Weighted-average period (in years)	2 months 12 days

Stock-based Compensation - Sc_6

Stock-based Compensation - Schedule of Performance-based Awards (Details) - Performance Shares $ / shares in Units, $ in Millions	6 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Number of awards
Outstanding balance, beginning (in shares) | shares	776,299
Granted (in shares) | shares	0
Forfeited (in shares) | shares	0
Vested (in shares) | shares	0
Outstanding balance, ending (in shares) | shares	776,299
Weighted average grant-date fair value per share
Outstanding balance, beginning (in dollars per share) | $ / shares	$ 3.08
Granted (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Outstanding balance, ending (in dollars per share) | $ / shares	$ 3.08
Unrecognized compensation cost | $	$ 0.5
Weighted-average period (in years)	1 year 3 months 18 days

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details)			6 Months Ended		13 Months Ended
	Dec. 30, 2024 USD ($)	Dec. 01, 2023 USD ($) program	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 30, 2024 USD ($)
Business Acquisition [Line Items]
Cash payments to acquire business			$ 0	$ 23,916,000
Measurement period, decrease to accounts receivable, net					$ 124,000
Concerto
Business Acquisition [Line Items]
Number of programs acquired | program		2
Cash payments to acquire business	$ 23,916,000	$ 23,916,000
Goodwill expected to be deductible for income tax purposes		$ 0
Measurement period adjustments, prepaid expenses					739,000
Measurement period adjustments, operating lease assets					923,000
Measurement period, decrease to accounts receivable, net					100,000
Measurement period adjustments, decrease to accounts payable and accrued expenses					78,000
Measurement period adjustments, decrease to goodwill					$ 1,616,000

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands			6 Months Ended		13 Months Ended
	Dec. 30, 2024	Dec. 01, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 30, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Cash Consideration			$ 0	$ 23,916
Measurement period, adjustments accounts receivable, net					$ (124)
Goodwill			139,949			$ 139,949
Concerto
Business Acquisition [Line Items]
Cash Consideration	$ 23,916	$ 23,916
Total Consideration	$ 23,916	23,916
Accounts receivable, net		563	439
Measurement period, adjustments accounts receivable, net					(100)
Prepaid expenses		330	1,069
Measurement period adjustments, prepaid expenses					739
Property and equipment, net		7,969	7,969
Operating lease assets		6,892	7,815
Measurement period adjustments, operating lease assets					923
Goodwill		17,348	15,732
Measurement period adjustments, goodwill					(1,616)
Deposits and other		343	343
Accounts payable and accrued expenses		(353)	(275)
Measurement period adjustments, decrease to accounts payable and accrued expenses					78
Reported and estimated claims		(111)	(111)
Operating lease obligations		(8,941)	(8,941)
Finance lease obligations		(124)	(124)
Fair value of assets and liabilities		$ 23,916	$ 23,916
Measurement period adjustments, fair value of assets and liabilities					$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 34	$ 93	$ 437	$ 319
Effective tax rate (as a percent)	(0.30%)	(2.50%)	(2.30%)	(2.20%)
Valuation allowance	$ 22,500		$ 22,500		$ 15,900

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Potentially anti-dilutive shares (in shares)	470,417	391,598	398,769	377,025
Net loss attributable to InnovAge Holding Corp.	$ (13,221)	$ (3,447)	$ (18,150)	$ (13,751)
Weighted average common shares outstanding (basic) (in shares)	135,439,668	135,887,613	135,604,751	135,839,007
EPS (basic) (in dollars per share)	$ (0.10)	$ (0.03)	$ (0.13)	$ (0.10)
Dilutive shares (in shares)	0	0	0	0
Weighted average common shares outstanding (diluted) (in shares)	135,439,668	135,887,613	135,604,751	135,839,007
EPS (diluted) (in dollars per share)	$ (0.10)	$ (0.03)	$ (0.13)	$ (0.10)

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	6 Months Ended
	Dec. 31, 2024 segment division
Segment Reporting Information [Line Items]
Number of operating segments	3
Number of reportable segments	1
PACE
Segment Reporting Information [Line Items]
Number of operating segments	2
Number of geographic divisions | division	2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Operating Results by Reportable Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 208,999,000	$ 188,898,000	$ 414,141,000	$ 371,382,000
External provider costs	107,873,000	100,964,000	215,087,000	200,322,000
Cost of care, excluding depreciation and amortization	64,061,000	54,321,000	127,447,000	109,570,000
Center-Level Contribution Margin	37,065,000	33,613,000	71,607,000	61,490,000
Overhead costs	35,807,000	31,108,000	69,834,000	65,434,000
Depreciation and amortization	5,319,000	4,290,000	10,730,000	8,559,000
Impairment of right-of-use asset and construction in progress	8,495,000	0	8,495,000	0
Interest expense, net	(760,000)	(935,000)	(1,408,000)	(1,596,000)
Other income (expense)	(157,000)	874,000	80,000	1,517,000
Gain (loss) on equity method investment	16,000	(1,882,000)	16,000	(1,882,000)
Income (Loss) Before Income Taxes	(13,457,000)	(3,728,000)	(18,764,000)	(14,464,000)
Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	208,674,000	188,561,000	413,474,000	370,734,000
Other service revenue
Segment Reporting Information [Line Items]
Total revenues	325,000	337,000	667,000	648,000
PACE
Segment Reporting Information [Line Items]
Total revenues	208,751,000	188,629,000	413,648,000	370,887,000
External provider costs	107,873,000	100,964,000	215,087,000	200,322,000
Cost of care, excluding depreciation and amortization	63,916,000	54,171,000	127,150,000	109,267,000
Center-Level Contribution Margin	36,962,000	33,494,000	71,411,000	61,298,000
Overhead costs	35,807,000	31,108,000	69,834,000	65,425,000
Depreciation and amortization	5,204,000	4,178,000	10,499,000	8,334,000
Impairment of right-of-use asset and construction in progress	8,495,000	0	8,495,000	0
Interest expense, net	(716,000)	(890,000)	(1,320,000)	(1,506,000)
Other income (expense)	(157,000)	874,000	80,000	1,517,000
Gain (loss) on equity method investment	16,000	(1,882,000)	16,000	(1,882,000)
Income (Loss) Before Income Taxes	(13,401,000)	(3,690,000)	(18,641,000)	(14,332,000)
PACE | Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	208,674,000	188,561,000	413,474,000	370,734,000
PACE | Other service revenue
Segment Reporting Information [Line Items]
Total revenues	77,000	68,000	174,000	153,000
All other
Segment Reporting Information [Line Items]
Total revenues	248,000	269,000	493,000	495,000
External provider costs	0	0	0	0
Cost of care, excluding depreciation and amortization	145,000	150,000	297,000	303,000
Center-Level Contribution Margin	103,000	119,000	196,000	192,000
Overhead costs	0	0	0	9,000
Depreciation and amortization	115,000	112,000	231,000	225,000
Impairment of right-of-use asset and construction in progress	0	0	0	0
Interest expense, net	(44,000)	(45,000)	(88,000)	(90,000)
Other income (expense)	0	0	0	0
Gain (loss) on equity method investment	0	0	0	0
Income (Loss) Before Income Taxes	(56,000)	(38,000)	(123,000)	(132,000)
All other | Capitation revenue
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
All other | Other service revenue
Segment Reporting Information [Line Items]
Total revenues	$ 248,000	$ 269,000	$ 493,000	$ 495,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions		6 Months Ended
	May 02, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Proceeds from sale of senior housing property	$ 4.8
Pinewood Lodge, LLP (PWD)
Related Party Transaction [Line Items]
Proceeds from sale of senior housing property	$ 9.5
Administrative Fee Per Year
Related Party Transaction [Line Items]
Administrative fee per year		$ 0.1

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Sep. 26, 2024	Jun. 10, 2024
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share repurchase program, number of shares repurchased (in shares)	199,923	1,001,210
Payments for repurchase of common stock	$ 1.1	$ 5.9
June 2024 Repurchase Program
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share repurchase program, authorized, amount				$ 5
September 2024 Repurchase Program
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share repurchase program, authorized, amount			$ 2.5

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Tabula Rasa HealthCare Group, Inc. $ in Millions	Jan. 02, 2025 USD ($)
Subsequent Event [Line Items]
Business combination, consideration transferred	$ 4.8
Future management services to be provided, term	5 years