Other Information
+Added: Restatement of Prior Period Financial Statements
+Added: As discussed in Note 2, “Summary of Significant Accounting Policies”, to the Condensed Consolidated Financial Statements included in Item 1 of this Form 10-Q, subsequent to the issuance of the Company’s consolidated financial statements as of and for the year ended June 30, 2021, we identified an error in our consolidated balance sheet and statement of stockholders’ equity as of June 30, 2021 related to the presentation of redeemable noncontrolling interests.
+Added: As a result of the IPO in March 2021, certain put options held by the noncontrolling interests were determined to be redeemable noncontrolling interests pursuant to Rule 5-02 of SEC Regulation S-X and the SEC guidance codified in ASC 480-10-S99.
+Added: The Company incorrectly recorded redeemable noncontrolling interests of $17.0 million as permanent equity rather than temporary equity as of June 30, 2021.
+Added: As a result, the Company will correct the June 30, 2021 consolidated financial statements that will be included in our Form 10-K for the year ended June 30, 2022 to reflect this reclassification from permanent to temporary equity and to record the related adjustment to redemption value as of June 30, 2021.
+Added: Management has evaluated the materiality of this misstatement and concluded that it is not material to the prior period.
+Added: The impact of the restatement on periods previously included in our Form 10-K for the year ended June 30, 2021 is presented below.
+Added: The effect of the restatement on the consolidated balance sheet as of June 30, 2021 is as follows (in thousands):
+Added: As Previously
+Added: Redeemable Noncontrolling Interests (See Note 4)
+Added: Retained earnings
+Added: Total InnovAge Holding Corp.
+Added: Noncontrolling interests
+Added: Total stockholders’ equity
+Added: The effect of the restatement on the consolidated statement of stockholders’ equity as of June 30, 2021 is as follows:
+Added: Noncontrolling
+Added: Noncontrolling
+Added: Stockholders’
+Added: (Temporary Equity)
+Added: As Previously Reported
+Added: Consolidation of equity method investment
+Added: Net income (loss)
+Added: Adjustment to redemption value
+Added: Balances, June 30, 2021
+Added: Consolidation of equity method investment
+Added: Net income (loss)
+Added: Adjustment to redemption value
+Added: Balances, June 30, 2021
+Added: Consolidation of equity method investment
+Added: Net income (loss)
+Added: Adjustment to redemption value
+Added: Balances, June 30, 2021
The following is a list of all exhibits filed or furnished as part of this report:
2 unchanged sentences
Amended and Restated Bylaws of InnovAge Holding Corp., effective March 3, 2021 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 8, 2021).
−Removed: Registration Rights Agreement, dated as of March 8, 2021, by among the Company and the other signatory party thereto (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 8, 2021).
−Removed: Director Nomination Agreement, dated as of March 8, 2021, by and among the Company and the other signatories party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 8, 2021).
−Removed: InnovAge Holding Corp 2021 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to InnovAge Holding Corp.’s Registration Statement on Form S-8 filed with the Securities and Exchange Commission on March 5, 2021).
−Removed: Credit Agreement, dated as of March 8, 2021, by and among Total Community Options, Inc., the Borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other parties thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 12, 2021).
−Removed: Amended and Restated Amendment to InnovAge Holding Corp.
−Removed: Stock Purchase Agreement, effective as of February 9, 2021, by and between InnovAge Holding Corp.
−Removed: and Adventist health System/West
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
11 unchanged sentences
The certifications furnished in Exhibit 32.1 and Exhibit 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the registrant specifically incorporates it by reference.
−Removed: Exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be provided on a supplemental basis to the Securities and Exchange Commission upon request.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, duly authorized.
+Added: November 9, 2021
INNOVAGE HOLDING CORP.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.