InnovAge Announces Financial Results for the Fourth Quarter and Fiscal Year Ended June 30, 2026

DENVER, Sept. 08, 2026 (GLOBE NEWSWIRE) -- InnovAge Holding Corp. (“InnovAge” or the “Company”) (Nasdaq: INNV), an industry leader in providing comprehensive healthcare programs to frail, predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE), today announced financial results for its fiscal fourth quarter and full year ended June 30, 2026.

“Fiscal 2026 was an exceptional year for InnovAge and reflects the significant progress we have made strengthening the company,” said Patrick Blair, Chief Executive Officer of InnovAge. “We enter Fiscal 2027 in a strong position, with a durable foundation to serve more seniors and to deliver high-quality care. We remain focused on disciplined execution and creating sustainable long-term value for all of our stakeholders.”

Financial Results

 Three Months Ended Year Ended June 30,
2026 June 30,
2025 June 30,
2026 June 30,
2025in thousands, except percentages and per share amounts       Total revenues$261,951  $221,417  $989,707  $853,699 Income (Loss) Before Income Taxes 9,667   (4,202)  266   (34,027)Net Income (Loss) 9,783   (5,009)  (683)  (35,343)Net Income (Loss) margin 3.7% (2.3)% (0.1)% (4.1)%        Net Income (Loss) Attributable to InnovAge Holding Corp.$8,287  $(785) $(2,537) $(30,313)Net Income (Loss) per share - basic and diluted 0.06   (0.01)  (0.02)  (0.22)        Center-level Contribution Margin(1)$62,562  $41,287  $227,764  $153,639 Adjusted EBITDA(1) 24,282   11,326   94,571   34,462 Adjusted EBITDA margin(1) 9.3%  5.1%  9.6%  4.0%                

Fiscal Year 2026 Financial Performance

• Total revenues of $989.7 million, increased approximately 15.9% compared to $853.7 million in 2025
• Income Before Income Taxes of $0.3 million, increased by 100.8% compared to a Loss Before Income Taxes of $34.0 million in 2025
• Income Before Income Taxes as a percent of revenue increased 4.0 percentage points compared to a Loss Before Income Tax as a percent of revenue of 4.0% in 2025
• Net loss of $0.7 million decreased 98%, compared to a net loss of $35.3 million in 2025
• Net loss margin of 0.1%, increased 4.1 percentage points compared to a net loss margin of 4.1% in 2025
• Net loss attributable to InnovAge Holding Corp. of $2.5 million, or loss of $0.02 per share, compared to a net loss of $30.3 million, or loss of $0.22 per share in 2025
• Center-level Contribution Margin(1) of $227.8 million, increased 48.3% compared to $153.6 million in 2025
• Center-level Contribution Margin(1) as a percent of revenue of 23.0%, increased 5.0 percentage points compared to 18.0% in 2025
• Adjusted EBITDA(1) of $94.6 million, an increase of $60.1 million compared to $34.5 million in 2025
• Adjusted EBITDA(1) margin of 9.6%, an increase of 5.5 percentage points compared to 4.0% in 2025
• Census of approximately 8,230 participants compared to 7,740 participants in 2025
• Member months of approximately 96,050 compared to 89,130 in 2025

(1) Center-level Contribution Margin, Center-level Contribution Margin as a percent of revenue, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. For more details and 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.”

Full Fiscal Year 2027 Financial Guidance

Based on information as of today, September 8, 2026, InnovAge is issuing the following financial guidance.

 Low
 High
 dollars in millions Census 8,625   8,850 Total Member Months(1) 101,000   102,500       Total revenues$1,050  $1,085 Adjusted EBITDA(2) 105   115         

Expected results and estimates may be impacted by factors outside the Company’s control, and actual results may be materially different from this guidance. See “Forward-Looking Statements - Safe Harbor” included herein.

(1) We define Total Member Months as the total number of participants multiplied by the number of months within the respective reporting period in which each participant was enrolled in our program. Management believes this is a useful metric as it more precisely tracks the number of participants the Company serves throughout the year.

(2)Adjusted EBITDA is a non-GAAP measure. See “Note Regarding Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP and Non-GAAP Measures” for a definition of historical Adjusted EBITDA and a reconciliation to net income (loss), the most closely comparable GAAP measure. The Company is unable to provide guidance for net income (loss) or a reconciliation of the Company’s Adjusted EBITDA guidance because it cannot provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. The Company’s inability to do so is due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred for acquisition activities and other one-time or exceptional items.

Conference Call

The Company will host a conference call this afternoon at 5:00 p.m. 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, frail, and predominantly dual-eligible seniors through the Program of All-inclusive Care for the Elderly (PACE). With a mission of enabling older adults to age independently in their own homes for as long as safely possible, InnovAge’s patient-centered care model is designed to improve the quality of care its participants receive while reducing over-utilization of high-cost care settings. InnovAge believes its PACE healthcare model is one in which all constituencies — participants, their families, providers and government payors — “win.” As of June 30, 2026, InnovAge served approximately 8,230 participants across 20 centers in six states. https://www.innovage.com/.

Investor Contact:

Ryan Kubota
[email protected]

Media Contact:
[email protected]

Forward-Looking Statements - Safe Harbor
This press release and the related conference call 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,” “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. 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 quarterly or annual guidance; financial outlook, including future revenues and future earnings; the viability of our growth strategy including our ability or expectations to increase the number of participants we serve, build and/or open de novo centers, or to identify and execute acquisitions, joint ventures and strategic partnerships; the expected impact of government policies and the macroeconomic environment; reimbursement and regulatory developments, including potential reductions in PACE reimbursement rates; our ability to control costs, mitigate the effects of elevated expenses or reduced healthcare budgets, expand our payer capabilities, implement clinical value and operational value initiatives and strengthen enterprise functions; results of periodic inspections, reviews and audits, legal proceedings and government investigations and actions; relationships and discussions with regulatory agencies; market developments; 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. 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 and may cause our actual results and financial condition to differ materially. Important factors that could cause our actual results and financial condition to differ materially include, among others, the following: (i) the viability of our growth strategy, including our ability to find suitable geographies for new centers and to attract new participant and retain existing participants in new and existing centers and our ability to obtain licenses to open such centers; (ii) our ability to identify, successfully complete and integrate acquisitions, joint ventures another strategic partnerships; (iii) the impact on our business from ongoing macroeconomic, geopolitical and industry-related challenges, including labor shortages, labor competition, high inflation, and supply chain disruptions, as a result of tariffs and trade disputes; (iv) the risk that the cost of providing services under our PACE contracts will exceed our compensation; (v) our increased costs and expenditures and our inability to execute or realize the benefits of our clinical and operational value initiatives; (vi) the dependence of our revenues upon a limited number of government payors which exposes us to the risk of government funding reductions, legislative changes and federal and state budgetary pressures; (vii) reductions in PACE reimbursement rates; (viii) the results of periodic inspections, reviews, audits and investigations under the federal and state government programs, including our ability to sufficiently cure any deficiencies identified; (ix) the adverse impact of legal proceedings, enforcement actions and litigation disputes, which are costly to defend; (x) the risk that our submissions to government payors may contain inaccurate or unsupportable information, including regarding risk adjustment scores of participants, subjecting us to repayment obligations or penalties; and (xi) our ability to adhere to complex and changing government laws and regulations in the healthcare industry.

Forward-looking statements are 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. We advise you to not place undue reliance on forward-looking statements and to review our risk factors and other disclosures included in the reports we file or furnish with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

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 Center-level Contribution Margin, Center-level Contribution Margin as a percent of revenue, Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP financial measures. These non-GAAP measures 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) before income taxes, net income (loss) before income taxes margin, net income (loss) and net income (loss) margin, as applicable, as determined by GAAP. We believe that these non-GAAP measures are appropriate measures of operating performance because the metrics eliminate the impact of certain expenses that, in the case of Adjusted EBITDA, do not relate to our ongoing business performance, allowing us to more effectively evaluate our core operating performance and trends from period to period. Our definitions and calculations of non-GAAP measures may vary and not be comparable to similarly titled measures reported by other companies. We believe that these non-GAAP measures 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 comparable GAAP financial measures.

The Company’s management 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. For the purpose of evaluating Center-level Contribution Margin on a center-by-center basis, we do not allocate our sales and marketing expense or corporate, general and administrative expenses across our centers. We define Center-level Contribution Margin as total revenues less external provider costs and cost of care, excluding depreciation and amortization, which includes all medical and pharmacy costs.  

We define Adjusted EBITDA as net income (loss) adjusted for interest expense, net, other investment income, 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, litigation costs and settlement, M&A diligence, transaction and integration, business optimization, loss on cost and equity method investments, asset impairments and loss on assets held for sale and gain (loss) on sale of assets. Adjusted EBITDA margin is Adjusted EBITDA expressed as a percentage of our total revenue.

       Schedule 1
    InnovAge
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)        June 30,
2026 June 30,
2025Assets   Current Assets   Cash and cash equivalents$97,891  $64,129 Short-term investments 43,435   41,775 Restricted cash 10   11 Accounts receivable 42,390   36,373 Prepaid expenses and other 27,311   24,472 Income tax receivable 3,276   3,310 Assets held for sale —   6,038 Total current assets 214,313   176,108 Noncurrent Assets   Property and equipment, net 166,086   168,044 Operating lease assets 21,412   26,901 Deposits and other 10,318   9,875 Goodwill 142,046   142,046 Other intangible assets, net 3,218   3,877 Total noncurrent assets 343,080   350,743 Total assets$557,393  $526,851 Liabilities and Stockholders' Equity   Current Liabilities   Accounts payable and accrued expenses$115,358  $76,750 Reported and estimated claims 56,864   58,971 Due to Medicaid and Medicare 18,266   14,382 Current portion of long-term debt 2,536   2,250 Current portion of finance lease obligations 6,275   5,234 Current portion of operating lease obligations 4,592   4,682 Liabilities held for sale —   2,538 Total current liabilities 203,891   164,807 Noncurrent Liabilities   Deferred tax liability, net 9,051   8,761 Finance lease obligations 8,251   7,535 Operating lease obligations 19,775   23,918 Other noncurrent liabilities 2,128   1,458 Long-term debt, net of debt issuance costs 45,521   57,464 Total liabilities 288,617   263,943 Commitments and Contingencies (See Note 9)   Redeemable Noncontrolling Interest (See Note 4) 30,013   25,010 Stockholders’ Equity   Common stock, $0.001 par value; 500,000,000 authorized as of each of June 30, 2026 and 2025; 137,483,028 issued and 136,020,049 outstanding as of June 30, 2026 and 136,903,271 issued and 135,440,292 outstanding as of June 30, 2025. 137   137 Treasury stock at cost, 1,462,979 and 1,462,979 shares as of June 30, 2026 and June 30, 2025, respectively (7,500)  (7,500)Additional paid-in capital 348,724   343,378 Retained deficit (105,758)  (101,047)Total InnovAge Holding Corp. 235,603   234,968 Noncontrolling interests 3,160   2,930 Total stockholders’ equity 238,763   237,898 Total liabilities and stockholders’ equity$557,393  $526,851         

   Schedule 2    InnovAge
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES AND PER SHARE DATA)        Three Months Ended Year Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 (unaudited)    Revenues       Capitation revenue$261,511  $221,060  $988,384  $852,353 Other service revenue 440   357   1,323   1,346 Total revenues 261,951   221,417   989,707   853,699 Expenses       External provider costs 115,737   108,169   449,843   431,152 Cost of care, excluding depreciation and amortization 83,652   71,961   312,100   268,908 Sales and marketing 9,933   7,100   34,361   28,217 Corporate, general and administrative 33,077   27,823   166,489   122,058 Depreciation and amortization 6,356   3,394   21,142   19,510 Impairments and loss on assets held for sale 3,050   5,120   3,154   13,615 Total expenses 251,805   223,567   987,089   883,460 Operating Income (Loss) 10,146   (2,150)  2,618   (29,761)        Other Income (Expense)       Interest expense, net (772)  (893)  (4,258)  (4,612)Loss on cost and equity method investments —   (1,409)  —   (1,393)Other income, net 293   250   1,906   1,739 Total other expense (479)  (2,052)  (2,352)  (4,266)Income (Loss) Before Income Taxes 9,667   (4,202)  266   (34,027)Provision for Income Taxes (116)  807   949   1,316 Net Income (Loss) 9,783   (5,009)  (683)  (35,343)Less: net income (loss) attributable to noncontrolling interests 1,496   (4,224)  1,854   (5,030)Net Income (Loss) Attributable to InnovAge Holding Corp.$8,287  $(785) $(2,537) $(30,313)        Weighted-average number of commonshares outstanding - basic 135,812,522   135,133,574   135,698,603   135,387,555 Weighted-average number of commonshares outstanding - diluted 137,157,943   135,133,574   135,698,603   135,387,555         Net loss per share - basic$0.06  $(0.01) $(0.02) $(0.22)Net loss per share - diluted$0.06  $(0.01) $(0.02) $(0.22)                

 Schedule 3
  InnovAge
CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)    Year Ended June 30, 2026
 2025
Operating Activities   Net loss$(683) $(35,343)Adjustments to reconcile net loss to net cash provided by (used in) operating activities   (Gain) loss on disposal of assets (418)  508 Provision for uncollectible accounts —   524 Depreciation and amortization 21,142   19,510 Operating lease rentals 6,860   6,361 Loss (gain) on cost and equity method investments —   1,393 Impairments and loss on assets held for sale 3,154   13,615 Amortization of deferred financing costs 772   429 Stock-based compensation 7,048   7,619 Deferred income taxes 289   1,301 Other 3,069   1,714 Changes in operating assets and liabilities, net of acquisitions   Accounts receivable (6,018)  11,210 Prepaid expenses and other (2,832)  (4,041)Income tax receivable 34   14 Deposits and other (1,919)  (6,419)Accounts payable and accrued expenses 38,446   20,431 Reported and estimated claims (2,107)  3,567 Due to Medicaid and Medicare 3,883   (814)Operating lease liabilities (6,006)  (8,713)Net cash provided by operating activities 64,714   32,866 Investing Activities   Purchases of property and equipment (14,309)  (6,263)Purchases of short-term investments (1,747)  (2,065)Proceeds from sale of short-term investments —   6,300 Proceeds from dissolution of equity method investments —   1,252 Acquisition of business —   (4,774)Proceeds from sale of assets held for sale 3,716   — Net cash used in investing activities (12,340)  (5,550)Financing Activities   Payments for finance lease obligations (5,206)  (6,107)Proceeds from long-term debt 60,082   — Principal payments on long-term debt (71,282)  (3,799)Payment of debt issuance costs (1,989)  — Repurchase of equity securities —   (7,321)Contributions from joint venture partner 3,200   — Distributions to joint venture partner (1,634)  — Taxes paid related to net settlements of stock-based compensation awards (1,702)  (1,855)Net cash used in financing activities (18,531)  (19,082)    Net change in cash, cash equivalents and restricted cash including cash of $0.08 million reclassified to assets held for sale 33,843   8,234 Less: change in cash and restricted cash reclassified to assets held for sale (82)  (1,054)INCREASE IN CASH, CASH EQUIVALENTS & RESTRICTED CASH 33,761   7,180 CASH, CASH EQUIVALENTS & RESTRICTED CASH, BEGINNING OF PERIOD 64,140   56,960 CASH, CASH EQUIVALENTS & RESTRICTED CASH, END OF PERIOD$97,901  $64,140     Supplemental Cash Flows Information   Interest paid$4,206  $4,348 Income taxes paid$627  $1 Property and equipment included in accounts payable$1,257  $1,734 Property and equipment purchased under capital leases$6,965  $1,533 

   Schedule 4
    InnovAge
RECONCILIATION OF GAAP AND NON-GAAP MEASURES
(IN THOUSANDS) (UNAUDITED)

Adjusted EBITDA        Three Months Ended Year Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025        Net income (loss)$9,783  $(5,009) $(683) $(35,343)Interest expense, net 772   893   4,258   4,612 Other investment income(a) (146)  (497)  (1,422)  (2,247)Depreciation and amortization 6,356   3,394   21,142   19,510 Provision for income tax (116)  807   949   1,316 Stock-based compensation 1,734   1,550   7,048   7,619 Litigation costs and settlements(b) 2,849   1,626   56,966   19,367 M&A diligence, transaction and integration(c) —   (222)  —   1,360 Business optimization(d) —   2,195   3,540   3,040 Loss on cost and equity method investments(e) —   1,393   —   1,393 Asset impairments and loss on assets held for sale(f) 3,050   4,976   3,154   13,615 (Gain) loss on sale of assets(g) —   220   (381)  220 Adjusted EBITDA$24,282  $11,326  $94,571  $34,462         Net income (loss) margin 3.7% (2.3)% (0.1)% (4.1)%Adjusted EBITDA margin 9.3%  5.1%  9.6%  4.0%                

_______________________

 (a)Reflects investment income related to short term investments included in our consolidated statements of operations. (b)Reflects charges/(credits) related to litigation by stockholders, civil investigative demands, and settlement with our former pharmacy provider. Refer to Note 9, "Commitments and Contingencies" to our consolidated financial statements included in this Annual Report 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. For the three months ended June 30, 2026, includes $2.4 million of accrued loss for potential resolutions. For the year ended June 30, 2026, includes an aggregate $52.4 million of accrued loss for potential resolutions or paid settlements. For the year ended June 30, 2025, includes $10.1 million that was accrued in connection with the settlement of the previously disclosed stockholder class action and which was paid in fiscal year 2026. (c)Reflects charges related to M&A diligence, transactions and integrations. (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 and improve and support the efficiency and effectiveness of our operations. For the three months ended June 30, 2025 this consists of $2.1 million of costs related to organizational restructure and executive severance. For the year ended June 30, 2026 this consists of $3.5 million of costs associated with third party consultants to implement core provider initiatives, assess our risk-bearing capabilities, and strengthen our enterprise capabilities. For the year ended June 30, 2025, this includes (i) $2.5 million of costs associated with organizational restructure and executive severance, and (ii) $0.5 million related to other non-recurring projects aimed at reducing costs and improving efficiencies. (e)For both the three months ended June 30, 2025 and the year ended June 30, 2025, reflects $2.6 million impairment loss for the investment in DispatchHealth Holdings, Inc., partially offset by $1.3 million net benefit associated with the dissolution of the PWD partnership. (f)For the three months ended June 30, 2026, includes impairment charges related to ROU asset and construction in progress related to a previously planned de novo center in Downey, California. For the three months ended June 30, 2025, includes (ii) loss on assets held for sale, and (iii) loss on settlement of lease liability in Louisville, Kentucky. For the year ended June 30, 2026, reflects (i) additional loss related to the Company’s sale of its managing member interest in SH1 and the adjacent land and (ii) impairment charges related to ROU asset and construction in progress related to a previously planned de novo center in Downey, California. For the year ended June 30, 2025, reflects (i) impairment charges related to ROU asset and construction in progress related to halting developments related to the planned Louisville, Kentucky center, (ii) loss on assets held for sale, and (iii) loss on settlement of lease liability in Louisville, Kentucky. (g)For the year ended June 30, 2026, reflects gain on sale of center equipment that was originally purchased for the center in Louisville, Kentucky. For both the three months ended June 30, 2025 and the year ended June 30, 2025, reflects loss on sale of center equipment that was originally purchased for the center in Louisville, Kentucky.   

 Three Months Ended March 31, 2026  Net loss$(29,940)Interest expense, net 988 Other investment income(a) (294)Depreciation and amortization 4,824 Provision for income tax 167 Stock-based compensation 1,790 Litigation costs and settlements(b) 51,859 Business optimization(c) 1,101 Adjusted EBITDA$30,495   Net loss margin(11.9)%Adjusted EBITDA margin 12.1%    

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 (a)Reflects investment income related to short-term investments included in our consolidated statement of operations. (b)Reflects charges/(credits) related to litigation by stockholders, civil investigative demands, and settlement with our former pharmacy provider. Refer to Note 9, "Commitments and Contingencies" to our condensed consolidated financial statements for more information regarding these proceedings. 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 business optimization initiatives. Such charges relate to one-time investments in projects designed to enhance our technology and compliance systems and improve and support the efficiency and effectiveness of our operations. For the three months ended March 31, 2026, this consists of costs related to organizational restructure.   

Center-Level Contribution Margin

 Year Ended June 30, 2026 Year Ended June 30, 2025in thousandsPACE
 All other(1)
 Totals PACE
 All other(1)
 TotalsCapitation revenue$988,384  $—  $988,384  $852,353  $—  $852,353 Other service revenue 1,066   257   1,323   356   990   1,346 Total revenues 989,450   257   989,707   852,709   990   853,699 External provider costs 449,843   —   449,843   431,152   —   431,152 Cost of care, excluding depreciation and amortization 311,967   133   312,100   268,338   570   268,908 Center-Level Contribution Margin 227,640   124   227,764   153,219   420   153,639                 Sales and marketing       34,361         28,217 Corporate, general and administrative       166,489         122,058 Depreciation and amortization       21,142         19,510 Impairments and loss on assets held for sale       3,154         13,615 Operating income (loss)       2,618         (29,761)Other expense       (2,352)        (4,266)Income (Loss) Before Income Taxes      $266        $(34,027)Loss Before Income Taxes as a % of revenue       —%       (4.0)%Center- Level Contribution Margin as a % of revenue       23.0%        18.0%                    

 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025in thousandsPACE
 All other(1)
 Totals PACE
 All other(1)
 TotalsCapitation revenue$261,511  $—  $261,511  $221,060  $—  $221,060 Other service revenue 440   —   440   104   253   357 Total revenues 261,951   —   261,951   221,164   253   221,417 External provider costs 115,737   —   115,737   108,169   —   108,169 Cost of care, excluding depreciation and amortization 83,652   —   83,652   71,816   145   71,961 Center-Level Contribution Margin 62,562   —   62,562   41,179   108   41,287                 Sales and marketing       9,933         7,100 Corporate, general and administrative       33,077         27,823 Depreciation and amortization       6,356         3,394 Impairments and loss on assets held for sale       3,050         5,120 Operating income (loss)       10,146         (2,150)Other expense       (479)        (2,052)Income (Loss) Before Income Taxes      $9,667        $(4,202)Loss Before Income Taxes as a % of revenue       3.7%       (1.9)%Center- Level Contribution Margin as a % of revenue       23.9%        18.6%                    

Center-Level Contribution Margin

 Three Months Ended March 31, 2026(In thousands)PACE
 All other(1)
 TotalsCapitation revenue$251,502  $—  $251,502 Other service revenue 441   —   441 Total revenues 251,943   —   251,943 External provider costs 113,247   —   113,247 Cost of care, excluding depreciation and amortization 77,676   —   77,676 Center-Level Contribution Margin 61,020   —   61,020         Sales and marketing       8,744 Corporate, general and administrative       76,531 Depreciation and amortization       4,824 Impairments and loss on assets held for sale       — Operating Loss       (29,079)Other expense       (694)Loss Before Income Taxes      $(29,773)Loss Before Income Taxes as a % of revenue      (11.8)%Center- Level Contribution Margin as a % of revenue       24.2%          

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(1)Center-level Contribution Margin from a segment below the quantitative thresholds was attributable to the Senior Housing operating segment of the Company as of June 30, 2026. This segment never met any of the quantitative thresholds for determining reportable segments.  

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