InnovAge Holding Corp. Files 2024 10-K

TL;DR

InnovAge filed its 2024 10-K. Looks like they're still in the health services game.

AI Summary

InnovAge Holding Corp. filed its 2024 10-K report for the fiscal year ending June 30, 2024. The company, formerly TCO Group Holdings, Inc., is based in Denver, Colorado, and operates in the health services sector. Key financial data and operational details for the fiscal year are presented in this comprehensive filing.

Why It Matters

This filing provides a detailed look at InnovAge's financial health and operational performance for the past fiscal year, which is crucial for investors and stakeholders to assess the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2024-06-30 — Fiscal Year End (Reporting period for the 10-K)
• 2023-07-01 — Fiscal Year Start (Beginning of the reporting period)
• 2022-06-30 — Prior Year End (Comparison point for financial data)

Key Players & Entities

• InnovAge Holding Corp. (company) — Filer of the 10-K
• TCO Group Holdings, Inc. (company) — Former name of InnovAge Holding Corp.
• 2024-06-30 (date) — Fiscal year end
• 8950 E. LOWRY BOULEVARD, DENVER, CO 80230 (address) — Business and mailing address
• 810710819 (identifier) — IRS Number

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value INNV The Nasdaq Stock Market
• $4.5 — m 2017 to 2022, and in 2022 represented $4.5 trillion of annual spend, or 17.3% of U
• $216.3 billion — ties is expected to reach approximately $216.3 billion in 2024, based on the latest projection
• $113,000 — n average annual revenue opportunity of $113,000 per participant (or $9,400 PMPM) and a
• $9,400 — rtunity of $113,000 per participant (or $9,400 PMPM) and a total addressable market op
• $260 b — total addressable market opportunity of $260 billion, based on our estimated market of

Filing Documents

• innv-20240630.htm (10-K) — 1837KB
• ex1019-revisedformofrestri.htm (EX-10.19) — 43KB
• ex10ormofnonxemployeedirec.htm (EX-10.20) — 39KB
• ex21-subsidiarylistx2024_.htm (EX-21) — 27KB
• ex23consent.htm (EX-23) — 3KB
• innv-20240630xex311.htm (EX-31.1) — 10KB
• innv-20240630xex312.htm (EX-31.2) — 10KB
• innv-20240630xex321.htm (EX-32.1) — 4KB
• innv-20240630xex322.htm (EX-32.2) — 4KB
• ex97clawbackpolicy.htm (EX-97) — 27KB
• image_0.jpg (GRAPHIC) — 6KB
• image_1.jpg (GRAPHIC) — 5KB
• image_2.jpg (GRAPHIC) — 3KB
• innv-20240630_g1.jpg (GRAPHIC) — 6KB
• 0001834376-24-000074.txt ( ) — 10171KB
• innv-20240630.xsd (EX-101.SCH) — 69KB
• innv-20240630_cal.xml (EX-101.CAL) — 148KB
• innv-20240630_def.xml (EX-101.DEF) — 339KB
• innv-20240630_lab.xml (EX-101.LAB) — 864KB
• innv-20240630_pre.xml (EX-101.PRE) — 645KB
• innv-20240630_htm.xml (XML) — 1283KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 46 Item 1C. Cybersecurity 46 Item 2.

Properties

Properties 47 Item 3.

Legal Proceedings

Legal Proceedings 47 Item 4. Mine Safety Disclosures 48 PART II 49 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 49 Item 6. Reserved 49 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 50 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 66 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 67 Item 9. Changes in and Disagreements w ith Accountants on Accounting and Financial Disclosure 97 Item 9A.

Controls and Procedures

Controls and Procedures 97 Item 9B. Other Information 97 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 97 PART III 98 Item 10. Directors, Executive Officers and Corporate Governance 98 Item 11.

Executive Compensation

Executive Compensation 98 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98 Item 13. Certain Relationships and Related Transactions, and Director Independence 98 Item 14. Principal Accounting Fees and Services 98 PART IV 99 Item 15. Exhibits, Financial Statement Schedules 101 Item 16. Form 10-K Summary 101

Signatures

Signatures 1 Table of Contents Cautionary Note About Forward-Looking Statements Throughout this Annual Report on Form 10-K for the year ended June 30, 2024 (this "Annual Report"), we make "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). This Annual Report contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Annual Report are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "will," "should," "can have," "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth opportunities or initiatives, strategies or the expected outcome or impact of pending or threatened litigation are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the viability of our growth strategy, including our ability to obtain licenses to open our de novo centers in Downey and Bakersfield, California, and our ability to ramp

BUSINESS

Item 1. BUSINESS Who We Are InnovAge is the leading healthcare delivery platform by number of participants focused on providing all-inclusive, capitated care to high-cost, seniors, many of whom are dual-eligible. Our programs are designed to address two of the most pressing challenges facing the U.S. healthcare industry: rising costs and poor outcomes. Our participant-centered care delivery approach is designed to improve the quality of care our participants receive, while keeping them in their homes for as long as safely possible and reducing over-utilization of high-cost care settings such as hospitals and nursing homes. Through our Program of All-Inclusive Care for the Elderly ("PACE") program, we fulfill a broad range of medical and ancillary services for seniors, including in-home care services (skilled, unskilled and personal care), in-center services such as primary care, physical therapy, occupational therapy, speech therapy, dental services, mental health and psychiatric services, meals, and activities; transportation to and from the PACE center and third-party medical appointments; and care management. We directly contract with government payors, such as Medicare and Medicaid, and do not rely on third-party administrative organizations or health plans. We believe our model aligns with how healthcare is evolving, namely (i) the shift toward value-based care, in which coordinated, outcomes-driven, quality care is delivered while reducing unnecessary spend, (ii) eliminating excessive administrative costs by contracting directly with the government, (iii) focusing on the patient experience, and (iv) addressing social determinants of health. InnovAge Holding Corp. (formerly, TCO Group Holdings, Inc.) and certain wholly owned subsidiaries were formed as for-profit corporations effective May 13, 2016, for the purpose of purchasing all the outstanding common stock of Total Community Options, Inc. d/b/a InnovAge, which was formed in May 2007. In connection with

View Full Filing

View this 10-K filing on SEC EDGAR