Segment Reporting

3 Months Ended

Sep. 30, 2025

As of September 30, 2025, the Company had three operating segments, two of which are related to the Company’s PACE offering. The PACE-related operating segments are based on two geographic divisions, which are East and West. Due to the similar economic characteristics, nature of services, and customers, the Company has aggregated its East and West operating segments into one reportable segment for PACE. The Company’s remaining operating segment primarily relates to Senior Housing, which is an immaterial operating segment, and shown below as "Other" along with certain corporate unallocated expenses.

The Company’s chief operating decision maker (“CODM”) is the chief executive officer. The CODM uses Center-Level Contribution Margin as the measure for assessing performance of its operating segments and allocating resources, predominantly in the annual budget and forecasting process. The Company evaluates performance and allocates capital resources to each segment based on an operating model that is designed to maximize the quality of care provided and profitability. The CODM considers forecast-to-actual Center-Level Contribution Margin variances on a monthly basis when making decisions about allocating capital and personnel to the segments. Center-Level Contribution Margin is defined as total segment revenues less external provider costs and cost of care (excluding depreciation and amortization).

The Company does not review assets by segment and therefore assets by segment are not disclosed below. For the periods presented, all of the Company’s long-lived assets were located in the United States and all revenue was earned in the United States.

The following table summarizes the operating results regularly provided to the CODM by segment for the three months ended September 30, 2025 and 2024:


	September 30, 2025						September 30, 2024
(In thousands)	PACE		All other(1)		Totals		PACE		All other(1)		Totals
Capitation revenue	$	235,751	$	—	$	235,751	$	204,800	$	—	$	204,800
Other service revenue	97		257		354		96		246		342
Total revenues	235,848		257		236,105		204,896		246		205,142
External provider costs	108,863		—		108,863		107,214		—		107,214
Cost of care, excluding depreciation and amortization	75,735		151		75,886		63,234		153		63,387
Center-Level Contribution Margin	51,250		106		51,356		34,448		93		34,541

Sales and marketing					7,605						6,492
Corporate, general and administrative					30,273						27,535
Depreciation and amortization					5,085						5,410
Loss on assets held for sale					104						—
Operating income (loss)					8,289						(4,896)
Other expense					(373)						(410)

Income (Loss) Before Income Taxes					$	7,916					$	(5,306)

Depreciation and amortization	$	5,084	$	1	$	5,085	$	5,295	$	115	$	5,410

_________________________________

(1)Center-level Contribution Margin from a segment below the quantitative thresholds was attributable to the Senior Housing operating segment of the Company. This segment has never met any of the quantitative thresholds for determining reportable segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

InnovAge Holding Corp. 10-Q