InnovAge Holding Corp. Files Q2 2025 10-Q

TL;DR

**INNV Q2 2025 10-Q FILED: Check financials for latest performance.**

AI Summary

InnovAge Holding Corp. filed its 10-Q for the period ending December 31, 2024. The company reported financial results for its second fiscal quarter of 2025. Key financial data and operational details are presented in this filing, which covers the period from July 1, 2024, to December 31, 2024.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for InnovAge Holding Corp., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details and operational context within this report could reveal material risks or opportunities.

Key Numbers

• 2024-12-31 — Period End Date (The filing covers financial performance up to this date.)
• 2025-02-04 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• InnovAge Holding Corp. (company) — Filer of the 10-Q
• TCO GROUP HOLDINGS, INC. (company) — Former company name
• 2024-12-31 (date) — Conformed period of report
• 2025-02-04 (date) — Filed as of date

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value INNV The Nasdaq Stock Market

Filing Documents

• innv-20241231.htm (10-Q) — 1441KB
• ex32-innvdeamendment.htm (EX-3.2) — 1KB
• innv-20241231xex311.htm (EX-31.1) — 10KB
• innv-20241231xex312.htm (EX-31.2) — 10KB
• innv-20241231xex321.htm (EX-32.1) — 5KB
• innv-20241231xex322.htm (EX-32.2) — 5KB
• ex32-innvdeamendment001.jpg (GRAPHIC) — 69KB
• ex32-innvdeamendment002.jpg (GRAPHIC) — 147KB
• innv-20241231_g1.jpg (GRAPHIC) — 11KB
• 0001834376-25-000003.txt ( ) — 8697KB
• innv-20241231.xsd (EX-101.SCH) — 57KB
• innv-20241231_cal.xml (EX-101.CAL) — 117KB
• innv-20241231_def.xml (EX-101.DEF) — 302KB
• innv-20241231_lab.xml (EX-101.LAB) — 720KB
• innv-20241231_pre.xml (EX-101.PRE) — 535KB
• innv-20241231_htm.xml (XML) — 1212KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets as of December 3 1 , 2024 (Unaudited) and June 30, 2024 5 Condensed Consolidated Statements of Operations for the three and six months ended December 3 1 , 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended December 3 1 , 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the six months ended December 3 1 , 2024 and 2023 (Unaudited) 9 Notes to Condensed Consolidated Financial Statements as of December 3 1 , 2024 (Unaudited) 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 4.

Controls and Procedures

Controls and Procedures 45 Part II Other Information 46 Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46 Item 3. Defaults Upon Senior Securities 46 Item 4. Mine Safety Disclosures 46 Item 5. Other Information 46 Item 6. Exhibits 47 Exhibit Index 47

Signatures

Signatures 49 2 Table of Contents InnovAge Holding Corp. and Subsidiaries Quarterly Report on Form 10-Q For the quarterly period ended December 31, 2024 Cautionary Note on Forward-Looking Statements Throughout this Quarterly Report on Form 10-Q, 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 Quarterly Report contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q 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 t

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements INNOVAGE HOLDING CORP. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) December 31, 2024 June 30, 2024 Assets 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 Liabilities and Stockholders' Equity 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 a

View Full Filing

View this 10-Q filing on SEC EDGAR