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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2023
Jun. 30, 2023
Current Assets    
Cash and cash equivalents $ 88,398 $ 127,249
Short-term investments 46,833 46,213
Restricted cash 15 16
Accounts receivable, net of allowance ($4,492 – September 30, 2023 and $4,161 – June 30, 2023) 44,185 24,344
Prepaid expenses 16,412 17,145
Income tax receivable 262 262
Total current assets 196,105 215,229
Noncurrent Assets    
Property and equipment, net 190,060 192,188
Operating lease assets 20,454 21,210
Investments 5,493 5,493
Deposits and other 4,232 3,823
Goodwill 124,217 124,217
Other intangible assets, net 5,033 5,198
Total noncurrent assets 349,489 352,129
Total assets 545,594 567,358
Current Liabilities    
Accounts payable and accrued expenses 46,923 54,935
Reported and estimated claims 42,322 42,999
Due to Medicaid and Medicare 10,282 9,142
Income tax payable 1,212 1,212
Current portion of long-term debt 3,795 3,795
Current portion of finance lease obligations 4,612 4,722
Current portion of operating lease obligations 3,577 3,530
Deferred revenue 26,090 28,115
Total current liabilities 138,813 148,450
Noncurrent Liabilities    
Deferred tax liability, net 6,462 6,236
Finance lease obligations 12,048 13,114
Operating lease obligations 18,080 18,828
Other noncurrent liabilities 1,141 1,086
Long-term debt, net of debt issuance costs 64,003 64,844
Total liabilities 240,547 252,558
Commitments and Contingencies (See Note 9)
Redeemable Noncontrolling Interests (See Note 4) 12,138 12,708
Stockholders’ Equity    
Common stock, $0.001 par value; 500,000,000 authorized as of September 30, 2023 and June 30, 2023; 135,884,840 and 135,639,845 issued shares as of September 30, 2023 and June 30, 2023, respectively 136 136
Additional paid-in capital 333,316 332,107
Retained deficit (46,248) (35,944)
Total InnovAge Holding Corp. 287,204 296,299
Noncontrolling interests 5,705 5,793
Total stockholders’ equity 292,909 302,092
Total liabilities and stockholders’ equity $ 545,594 $ 567,358