InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq:
INNV), an industry leader in providing comprehensive healthcare
programs to frail dual-eligible seniors through the Program of
All-inclusive Care for the Elderly (PACE), today announced
financial results for its fiscal third quarter ended March 31,
2023.
“With our release from sanction in Sacramento on
May 1st, we are excited to begin a new chapter,” said Patrick
Blair, President, and CEO of InnovAge. “Our near-term performance
improvement priorities will concentrate on aspiring to deliver best
in class quality and participant satisfaction, which we believe
will result in consistent, responsible, profitable growth.”
Financial Results
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
in thousands, except
percentages and per share amounts |
|
|
|
|
|
Total revenues |
$ |
172,539 |
|
|
$ |
177,359 |
|
|
$ |
511,213 |
|
|
$ |
525,780 |
|
Center-level Contribution
Margin(1) |
|
28,785 |
|
|
|
28,003 |
|
|
|
72,782 |
|
|
|
111,741 |
|
Net Income (Loss) |
|
(7,310 |
) |
|
|
(3,158 |
) |
|
|
(31,557 |
) |
|
|
5,572 |
|
Net Income (Loss) margin |
(4.2)% |
|
(1.8)% |
|
(6.2)% |
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable
to InnovAge Holding Corp. |
|
(6,630 |
) |
|
|
(2,821 |
) |
|
|
(29,496 |
) |
|
|
6,188 |
|
Net income (Loss) per share -
basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.22 |
) |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1) |
$ |
3,789 |
|
|
$ |
1,931 |
|
|
$ |
(1,977 |
) |
|
$ |
34,895 |
|
Adjusted EBITDA margin(1) |
|
2.2 |
% |
|
|
1.1 |
% |
|
(0.4)% |
|
|
6.6 |
% |
Fiscal Third Quarter 2023 Financial
Performance
- Total revenue
of $172.5 million, decreased approximately 2.7% compared to
$177.4 million in the third quarter of fiscal 2022
- Center-level Contribution Margin(1)
of $28.8 million, increased 2.8% compared to $28.0 million in the
third quarter of fiscal 2022
- Center-level Contribution
Margin(1) as a percent of revenue of 16.7%, increased 0.9
percentage points compared to 15.8% in the third quarter of fiscal
2022
- Net loss of $7.3 million, compared
to net loss of $3.2 million in the third quarter of fiscal
2022
- Net loss margin of 4.2%, an
increase of 2.4 percentage points compared to a net loss margin of
1.8% in the third quarter of fiscal year 2022
- Net loss attributable to InnovAge
Holding Corp. of $6.6 million, or a loss of $0.05 per share,
compared to net loss of $2.8 million, or a loss of $0.02 per share
in the third quarter of fiscal 2022
- Adjusted EBITDA(1) of $3.8
million, an increase of $1.9 million compared to $1.9 million in
the third quarter of fiscal year 2022
- Adjusted EBITDA(1) margin of
2.2%, an increase of 1.1 percentage points compared to 1.1% in the
third quarter of fiscal 2022
- Census of approximately 6,310
participants compared to 6,800 participants in the third quarter of
fiscal year 2022
- Ended the third quarter of fiscal
year 2023 with $121.7 million in cash and cash equivalents and
$89.1 million in debt on the balance sheet, representing debt under
the Company’s senior secured term loan, convertible term loan and
finance leases
(1) Management uses Center-level Contribution
Margin as the measure for assessing performance of its segments.
Center-level Contribution Margin is defined as total revenues less
external provider costs and cost of care, excluding depreciation
and amortization, which include all medical and pharmacy costs.
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP
measures. For a definition and reconciliation of these non-GAAP
measures to the most closely comparable GAAP measures for the
periods indicated, see “Note Regarding Use of Non-GAAP
Financial Measures” and “Reconciliation of GAAP and Non-GAAP
Measures.”
Conference Call
The Company will host a conference call this
afternoon at 5:00 PM Eastern Time. A live audio webcast of
the call will be available on the Company’s
website, https://investor.innovage.com/. A replay of the call
will be available via webcast for on-demand listening shortly after
the completion of the call, at the same web link, and will remain
available for a limited time. To access the call by phone,
please go to this link (registration link), for dialing
instructions and a unique access pin. We encourage
participants to dial into the call fifteen minutes ahead of the
scheduled start time.
About InnovAge
InnovAge is a market leader in managing the care
of high-cost, dual-eligible seniors. Our mission is to enable
seniors to age independently in their own homes for as long as
safely possible. Our patient-centered care model is designed to
improve the quality of care our participants receive, while
reducing over-utilization of high-cost care settings. InnovAge
believes its healthcare model is one in which all
constituencies — participants, their families, providers and
government payors — “win.” As of March 31, 2023, InnovAge served
approximately 6,310 participants across 17 centers in five
states. https://www.innovage.com/.
Investor Contact:
Ryan Kubotarkubota@innovage.com
Media Contact:
Lara
Hazenfieldlhazenfield@innovage.com
Forward-Looking Statements - Safe
Harbor
This press release may contain “forward-looking
statements” within the meaning of the safe harbor provisions of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as:
“anticipate,” “intend,” “plan,” “believe,” “project,” “estimate,”
“expect,” “may,” “should,” “will” 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. Forward-looking statements may be identified by the
fact that they do not relate strictly to historical or current
facts. Examples of forward-looking statements include, among
others, statements we may make regarding our expectations with
respect to current audits, legal proceedings and government
investigations and actions; relationships and discussions with
regulatory agencies; our expectations with respect to correcting
deficiencies raised in audits and other processes; our ability to
effectively implement remediation measures, including creating
operational excellence as a provider, expanding our payer
capabilities and strengthening enterprise functions; our
expectations to increase the number of participants we serve, to
grow enrollment and capacity within existing centers, to build de
novo centers, or execute acquisitions; quarterly or annual
guidance; financial outlook, including future revenues and future
earnings; reimbursement and regulatory developments; market
developments; new products; integration activities; and the effects
of any of the foregoing on our future results of operations or
financial conditions.
Forward-looking statements are neither
historical facts nor assurances of future performance. Instead,
they are based only on currently available information and our
current beliefs, expectations and assumptions regarding the future
of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. You should not place undue reliance on our
forward-looking statements. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of our control. Our actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: (i) the results of periodic
inspections, reviews, audits, investigations under the federal and
state government programs; (ii) our ability to sufficiently
cure any deficiencies identified by federal or state government
programs; (iii) the adverse impact of inspections, reviews, audits,
investigations, legal proceedings, enforcement actions and
litigation, including the current civil investigative demands
initiated by federal and state agencies, as well as the litigation
and other proceedings initiated by, or on behalf, of our
stockholders; (iv) the risk that the cost of providing
services will exceed our compensation under PACE; (v) the
dependence of our revenues upon a limited number of government
payors, particularly Medicare and Medicaid; (vi) changes in
the rules governing the Medicare, Medicaid or PACE programs; (vii)
the risk that our submissions to government payors may contain
inaccurate or unsupportable information regarding risk adjustment
scores of participants, which could cause us to overstate or
understate our revenue and subjecting us to payment obligations and
penalties; (viii) viability of our business strategy and our
ability to realize expected results; (ix) the impact on our
business of non-renewal or termination of capitation agreements
with government payors; (x) the impact of state and federal
efforts to reduce healthcare spending; (xi) the impact on our
business from an economic downturn; (xii) the effects of a
pandemic, epidemic or outbreak of an infectious disease, including
the ongoing effects of COVID-19; (xiii) our dependence on our
senior management team and other key employees; (xiv) the effects
of sustained inflation and increased costs of labor on our
business; (xv) the impact of failures by our suppliers, sustained
material price increases on supplies or limitations on our ability
to access new technology or medical products; (xvi) the effect
of our relatively limited operating history as a for-profit company
on investors’ ability to evaluate our current business and future
prospects; (xvii) our ability to enroll or attract new participants
and grow our revenue; (xviii) the concentration of our presence in
Colorado; (xix) our ability to establish a presence in new
geographic markets, especially as a result of the actions taken by
certain states and us in light of our ongoing audit processes; (xx)
the impact on our business of security breaches, loss of data or
other disruptions causing the compromise of sensitive information
or preventing us from accessing critical information; and
(xxi) our existing indebtedness and access to capital markets. For
a detailed discussion of the risks and uncertainties that could
affect our actual results, please refer to the risk factors
identified in our SEC reports, including, but not limited to our
most recent Annual Report on Form 10-K and any subsequent Quarterly
Report on Form 10-Q, in each case, as filed with the SEC.
Any forward-looking statement made by the
Company in this press release is based only on information
currently available to us and speaks only as of the date on which
it is made. Except as required by law, we undertake no obligation
to publicly update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Note Regarding Use of Non-GAAP
Financial Measures
In addition to reporting financial information
in accordance with generally accepted accounting principles
(“GAAP”), the Company is also reporting Adjusted EBITDA and
Adjusted EBITDA margin, which are non-GAAP financial measures.
Adjusted EBITDA and Adjusted EBITDA margin are supplemental
measures of operating performance monitored by management that are
not defined under GAAP and that do not represent, and should not be
considered as, an alternative to net income (loss) and net income
(loss) margin, respectively, as determined by GAAP. We believe that
Adjusted EBITDA and Adjusted EBITDA margin are appropriate measures
of operating performance because the metrics eliminate the impact
of revenue and expenses that do not relate to our ongoing business
performance, allowing us to more effectively evaluate our core
operating performance and trends from period to period. We believe
that Adjusted EBITDA and Adjusted EBITDA margin help investors and
analysts in comparing our results across reporting periods on a
consistent basis by excluding items that we do not believe are
indicative of our core operating performance. These non-GAAP
financial measures have limitations as analytical tools and should
not be considered in isolation from, or as a substitute for, the
analysis of other GAAP financial measures, including net income
(loss) and net income (loss) margin. In evaluating Adjusted EBITDA,
you should be aware that in the future we may incur expenses that
are the same as or similar to some of the adjustments in this
presentation. Our presentation of Adjusted EBITDA should not be
construed to imply that our future results will be unaffected by
the types of items excluded from the calculation of Adjusted
EBITDA. Our use of the term Adjusted EBITDA varies from others in
our industry. We define Adjusted EBITDA as net income (loss)
adjusted for interest expense, depreciation and amortization, and
provision (benefit) for income tax as well as addbacks for
non-recurring expenses or exceptional items, including charges
relating to management equity compensation, class action
litigation, M&A and de novo center development, business
optimization, electronic medical record (“EMR”) implementation, and
facility expansion, relocation and closure. Adjusted EBITDA margin
is Adjusted EBITDA expressed as a percentage of our total
revenue less any exceptional, one time revenue items. For a full
reconciliation of Adjusted EBITDA to the most closely comparable
GAAP financial measure, please see the attachment to this earnings
release.
Schedule 1
InnovAgeCONDENSED
CONSOLIDATED BALANCE SHEETS(IN THOUSANDS)
(UNAUDITED)
|
March 31,2023 |
|
June 30,2022 |
Assets |
|
|
|
Current Assets |
|
|
|
Cash and cash equivalents |
$ |
121,706 |
|
|
$ |
184,429 |
Short-term investments |
|
45,847 |
|
|
|
— |
Restricted cash |
|
16 |
|
|
|
17 |
Accounts receivable, net of allowance ($3,936 – March 31, 2023
and $3,403 – June 30, 2022) |
|
34,197 |
|
|
|
35,907 |
Prepaid expenses |
|
13,924 |
|
|
|
13,842 |
Income tax receivable |
|
254 |
|
|
|
6,761 |
Total current assets |
|
215,944 |
|
|
|
240,956 |
Noncurrent Assets |
|
|
|
Property and equipment, net |
|
192,911 |
|
|
|
176,260 |
Operating lease assets |
|
21,906 |
|
|
|
— |
Investments |
|
5,493 |
|
|
|
5,493 |
Deposits and other |
|
3,573 |
|
|
|
2,812 |
Goodwill |
|
124,217 |
|
|
|
124,217 |
Other intangible assets, net |
|
5,363 |
|
|
|
5,858 |
Total noncurrent assets |
|
353,463 |
|
|
|
314,640 |
Total assets |
$ |
569,407 |
|
|
$ |
555,596 |
Liabilities and
Stockholders' Equity |
|
|
|
Current Liabilities |
|
|
|
Accounts payable and accrued expenses |
$ |
48,198 |
|
|
$ |
50,562 |
Reported and estimated claims |
|
39,095 |
|
|
|
38,454 |
Due to Medicaid and Medicare |
|
11,001 |
|
|
|
9,130 |
Income tax payable |
|
1,220 |
|
|
|
— |
Current portion of long-term debt |
|
3,795 |
|
|
|
3,793 |
Current portion of finance lease obligations |
|
4,946 |
|
|
|
3,368 |
Current portion of operating lease obligations |
|
3,402 |
|
|
|
— |
Deferred revenue |
|
26,032 |
|
|
|
— |
Total current liabilities |
|
137,689 |
|
|
|
105,307 |
Noncurrent Liabilities |
|
|
|
Deferred tax liability, net |
|
5,714 |
|
|
|
17,761 |
Finance lease obligations |
|
13,381 |
|
|
|
9,440 |
Operating lease obligations |
|
20,110 |
|
|
|
— |
Other noncurrent liabilities |
|
1,183 |
|
|
|
1,134 |
Long-term debt, net of debt issuance costs |
|
65,687 |
|
|
|
68,210 |
Total liabilities |
|
243,764 |
|
|
|
201,852 |
Commitments and
Contingencies |
|
|
|
Redeemable
Noncontrolling Interests |
|
13,461 |
|
|
|
15,278 |
Stockholders’
Equity |
|
|
|
Common stock, $0.001 par value; 500,000,000 authorized as of
March 31, 2023 and June 30, 2022; 135,602,464 and
135,532,811 issued shares as of March 31, 2023 and
June 30, 2022, respectively |
|
136 |
|
|
|
136 |
Additional paid-in capital |
|
330,955 |
|
|
|
327,499 |
Retained earnings (deficit) |
|
(24,767 |
) |
|
|
4,729 |
Total InnovAge Holding Corp. |
|
306,324 |
|
|
|
332,364 |
Noncontrolling interests |
|
5,858 |
|
|
|
6,102 |
Total stockholders’ equity |
|
312,182 |
|
|
|
338,466 |
Total liabilities and stockholders’
equity |
$ |
569,407 |
|
|
$ |
555,596 |
|
|
|
|
|
|
|
Schedule 2
InnovAgeCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(IN
THOUSANDS) (UNAUDITED)
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
|
Capitation revenue |
$ |
172,196 |
|
|
$ |
176,988 |
|
|
$ |
510,268 |
|
|
$ |
524,507 |
|
Other service revenue |
|
343 |
|
|
|
371 |
|
|
|
945 |
|
|
|
1,273 |
|
Total
revenues |
|
172,539 |
|
|
|
177,359 |
|
|
|
511,213 |
|
|
|
525,780 |
|
Expenses |
|
|
|
|
|
|
|
External provider costs |
|
89,805 |
|
|
|
103,254 |
|
|
|
279,550 |
|
|
|
284,299 |
|
Cost of care, excluding depreciation and amortization |
|
53,949 |
|
|
|
46,102 |
|
|
|
158,881 |
|
|
|
129,740 |
|
Center-level
Contribution Margin |
|
28,785 |
|
|
|
28,003 |
|
|
|
72,782 |
|
|
|
111,741 |
|
Sales and marketing |
|
5,314 |
|
|
|
6,144 |
|
|
|
13,502 |
|
|
|
19,117 |
|
Corporate, general and administrative |
|
27,648 |
|
|
|
24,682 |
|
|
|
86,646 |
|
|
|
74,248 |
|
Depreciation and amortization |
|
3,992 |
|
|
|
3,850 |
|
|
|
11,087 |
|
|
|
10,435 |
|
Total expenses |
|
180,708 |
|
|
|
184,032 |
|
|
|
549,666 |
|
|
|
517,839 |
|
Operating Income
(Loss) |
|
(8,169 |
) |
|
|
(6,673 |
) |
|
|
(38,453 |
) |
|
|
7,941 |
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
Interest expense, net |
|
(405 |
) |
|
|
(709 |
) |
|
|
(1,231 |
) |
|
|
(1,930 |
) |
Other expense |
|
(101 |
) |
|
|
108 |
|
|
|
380 |
|
|
|
(358 |
) |
Total other expense |
|
(506 |
) |
|
|
(601 |
) |
|
|
(851 |
) |
|
|
(2,288 |
) |
Income (Loss) Before
Income Taxes |
|
(8,675 |
) |
|
|
(7,274 |
) |
|
|
(39,304 |
) |
|
|
5,653 |
|
Provision for Income
Taxes |
|
(1,365 |
) |
|
|
(4,116 |
) |
|
|
(7,747 |
) |
|
|
81 |
|
Net Income
(Loss) |
|
(7,310 |
) |
|
|
(3,158 |
) |
|
|
(31,557 |
) |
|
|
5,572 |
|
Less: net loss attributable to noncontrolling
interests |
|
(680 |
) |
|
|
(337 |
) |
|
|
(2,061 |
) |
|
|
(616 |
) |
Net Income (Loss)
Attributable to InnovAge Holding Corp. |
$ |
(6,630 |
) |
|
$ |
(2,821 |
) |
|
$ |
(29,496 |
) |
|
$ |
6,188 |
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares outstanding - basic |
|
135,601,327 |
|
|
|
135,516,608 |
|
|
|
135,581,971 |
|
|
|
135,516,544 |
|
Weighted-average
number of common shares outstanding - diluted |
|
135,601,327 |
|
|
|
135,516,608 |
|
|
|
135,581,971 |
|
|
|
135,530,793 |
|
|
|
|
|
|
|
|
|
Net income (loss) per
share - basic |
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.22 |
) |
|
$ |
0.05 |
|
Net income (loss) per
share - diluted |
$ |
(0.05 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.22 |
) |
|
$ |
0.05 |
|
Schedule 3
InnovAgeCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(IN
THOUSANDS) (UNAUDITED)
|
For the Nine Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Operating
Activities |
|
|
|
Net income (loss) |
$ |
(31,557 |
) |
|
$ |
5,572 |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities |
|
|
|
(Gain) loss on disposal of assets |
|
482 |
|
|
|
358 |
|
Provision for uncollectible accounts |
|
2,319 |
|
|
|
4,834 |
|
Depreciation and amortization |
|
11,087 |
|
|
|
10,435 |
|
Operating lease rentals |
|
3,500 |
|
|
|
— |
|
Amortization of deferred financing costs |
|
322 |
|
|
|
322 |
|
Stock-based compensation |
|
3,456 |
|
|
|
2,586 |
|
Deferred income taxes |
|
(12,046 |
) |
|
|
81 |
|
Other |
|
(726 |
) |
|
|
— |
|
Changes in operating assets and liabilities |
|
|
|
Accounts receivable, net |
|
(609 |
) |
|
|
(4,157 |
) |
Prepaid expenses |
|
(81 |
) |
|
|
(4,323 |
) |
Income tax receivable |
|
7,727 |
|
|
|
(60 |
) |
Deposits and other |
|
(836 |
) |
|
|
(1,501 |
) |
Accounts payable and accrued expenses |
|
25,161 |
|
|
|
4,705 |
|
Reported and estimated claims |
|
641 |
|
|
|
2,778 |
|
Due to Medicaid and Medicare |
|
1,870 |
|
|
|
2,429 |
|
Operating lease liabilities |
|
(3,625 |
) |
|
|
— |
|
Net cash provided (used) by operating activities |
|
7,085 |
|
|
|
24,059 |
|
Investing
Activities |
|
|
|
Purchases of property and equipment |
|
(19,329 |
) |
|
|
(20,141 |
) |
Purchases of short-term investments |
|
(45,000 |
) |
|
|
— |
|
Purchases of intangible assets |
|
— |
|
|
|
(1,437 |
) |
Purchase of cost method investment |
|
— |
|
|
|
(2,000 |
) |
Net cash used in investing activities |
|
(64,329 |
) |
|
|
(23,578 |
) |
Financing
Activities |
|
|
|
Payments for finance lease obligations |
|
(2,637 |
) |
|
|
(1,829 |
) |
Principal payments on long-term debt |
|
(2,843 |
) |
|
|
(2,841 |
) |
Net cash used in financing
activities |
|
(5,480 |
) |
|
|
(4,670 |
) |
|
|
|
|
INCREASE (DECREASE) IN
CASH, CASH EQUIVALENTS & RESTRICTED CASH |
|
(62,724 |
) |
|
|
(4,189 |
) |
CASH, CASH EQUIVALENTS
& RESTRICTED CASH, BEGINNING OF PERIOD |
|
184,446 |
|
|
|
203,700 |
|
CASH, CASH EQUIVALENTS
& RESTRICTED CASH, END OF PERIOD |
$ |
121,722 |
|
|
$ |
199,511 |
|
|
|
|
|
Supplemental Cash Flows Information |
|
|
|
Interest paid |
$ |
2,826 |
|
|
$ |
1,452 |
|
Income taxes paid |
$ |
13 |
|
|
$ |
84 |
|
Property and equipment included in accounts payable |
$ |
1,811 |
|
|
$ |
4,577 |
|
Property and equipment purchased under finance leases |
$ |
8,157 |
|
|
$ |
8,057 |
|
|
|
|
|
|
|
|
|
Schedule 4
InnovAgeRECONCILIATION
OF GAAP AND NON-GAAP MEASURES(IN THOUSANDS)
(UNAUDITED)
|
Three months ended March 31, |
|
Nine months ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(7,310 |
) |
|
$ |
(3,158 |
) |
|
$ |
(31,557 |
) |
|
$ |
5,572 |
|
Interest expense, net |
|
405 |
|
|
|
709 |
|
|
|
1,231 |
|
|
|
1,930 |
|
Depreciation and
amortization |
|
3,992 |
|
|
|
3,850 |
|
|
|
11,087 |
|
|
|
10,435 |
|
Provision (benefit) for income
tax |
|
(1,365 |
) |
|
|
(4,116 |
) |
|
|
(7,747 |
) |
|
|
81 |
|
Stock-based compensation |
|
1,208 |
|
|
|
845 |
|
|
|
3,721 |
|
|
|
2,586 |
|
Executive severance and
recruitment(a) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,123 |
|
Litigation costs and
settlement(b) |
|
3,274 |
|
|
|
377 |
|
|
|
7,839 |
|
|
|
2,820 |
|
M&A and de novo center
development(c) |
|
146 |
|
|
|
693 |
|
|
|
452 |
|
|
|
1,533 |
|
Business optimization(d) |
|
1,394 |
|
|
|
2,329 |
|
|
|
8,418 |
|
|
|
4,720 |
|
EMR implementation(e) |
|
2,045 |
|
|
|
402 |
|
|
|
4,579 |
|
|
|
1,095 |
|
Adjusted EBITDA |
$ |
3,789 |
|
|
$ |
1,931 |
|
|
$ |
(1,977 |
) |
|
$ |
34,895 |
|
|
|
|
|
|
|
|
|
Net income (loss) margin |
(4.2)% |
|
(1.8)% |
|
(6.2)% |
|
|
1.1 |
% |
Adjusted EBITDA margin |
|
2.2 |
% |
|
|
1.1 |
% |
|
(0.4)% |
|
|
6.6 |
% |
_______________________
(a) |
Reflects charges related to executive severance and
recruiting. |
(b) |
Reflects a $1.2 million reserve
for a wage and hour class action settlement for the three and nine
months ended March 31, 2023 and charges/(credits) related to
litigation by stockholders, litigation related to de novo center
development, and civil investigative demands. Refer to Note 9,
"Commitments and Contingencies" to our condensed consolidated
financial statements for more information regarding litigation by
stockholders and civil investigative demands. Costs reflected
consist of litigation costs considered one-time in nature and
outside of the ordinary course of business based on the following
considerations which we assess regularly: (i) the frequency of
similar cases that have been brought to date, or are expected to be
brought within two years, (ii) complexity of the case, (iii) nature
of the remedies sought, (iv) litigation posture of the Company, (v)
counterparty involved, and (vi) the Company's overall litigation
strategy. |
(c) |
Reflects charges related to
M&A transaction and integrations, and de novo center
developments. |
(d) |
Reflects charges related to
business optimization initiatives. Such charges related to one-time
investments in projects designed to enhance our technology and
compliance systems, improve and support the efficiency and
effectiveness of our operations, and third party support to address
efforts to remediate deficiencies in audits. For the three months
ended March 31, 2023 this includes (i) $0.3 million related to
consultants and contractors performing audit and other related
services at sanctioned centers, (ii) $0.2 million of costs
associated with third party consultants as we implement our core
provider initiatives, assess our risk-bearing payor capabilities,
and strengthen our enterprise capabilities, (iii) $0.6 million in
the consolidation of the Germantown, Pennsylvania center, and (iv)
$0.3 million related to other non-recurring projects aimed at
reducing costs and improving efficiencies. For the nine months
ended March 31, 2023 this includes (i) $1.5 million related to
consultants and contractors performing audit and other related
services at sanctioned centers, (ii) $5.3 million of costs
associated with third party consultants as we implement our core
provider initiatives, assess our risk-bearing payor capabilities,
and strengthen our enterprise capabilities, (iii) $0.6 million in
the consolidation of the Germantown center and (iv) $1.0 million
related to other non-recurring projects aimed at reducing costs and
improving efficiencies. |
(e) |
Reflects non-recurring expenses
relating to the implementation of a new EMR vendor. |
InnovAge (NASDAQ:INNV)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
InnovAge (NASDAQ:INNV)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024