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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Summary of Significant Customer Information

Significant customer information is as follows:

 

 

 

September 30,

 

 

March 31,

 

 

 

2021

 

 

2021

 

Percentage of accounts receivable:

 

 

 

 

 

 

Customer B

 

 

94

%

 

 

0

%

Customer C

 

 

5

%

 

 

35

%

Customer D

 

 

0

%

 

 

40

%

 

 

 

Three Months Ended September 30,

 

 

Six Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Percentage of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Customer C

 

 

27

%

 

 

13

%

 

 

20

%

 

 

13

%

Customer B

 

 

18

%

 

 

19

%

 

 

19

%

 

 

22

%

 

Summary Of Revenue By Category

The following table presents revenue by category:

 

 

 

Three Months Ended September 30,

 

 

Six Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

Consumer services

 

$

44,488

 

 

 

81

%

 

$

40,556

 

 

 

78

%

 

$

92,338

 

 

 

81

%

 

$

75,287

 

 

 

75

%

Research services

 

 

10,716

 

 

 

19

%

 

 

11,248

 

 

 

22

%

 

 

22,105

 

 

 

19

%

 

 

24,526

 

 

 

25

%

Therapeutics

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

48

 

 

 

0

%

Total

 

$

55,204

 

 

 

100

%

 

$

51,804

 

 

 

100

%

 

$

114,443

 

 

 

100

%

 

$

99,861

 

 

 

100

%

Summary of Revenue by Region based on the Shipping Address of Customers

The following table summarizes revenue by region based on the shipping address of customers or the location where the services are delivered:

 

 

 

Three Months Ended September 30,

 

 

Six Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

United States

 

$

38,613

 

 

 

70

%

 

$

36,068

 

 

 

70

%

 

$

78,965

 

 

 

69

%

 

$

68,428

 

 

 

69

%

United Kingdom

 

 

12,335

 

 

 

22

%

 

 

11,766

 

 

 

23

%

 

 

26,240

 

 

 

23

%

 

 

24,982

 

 

 

25

%

Canada

 

 

2,748

 

 

 

5

%

 

 

2,339

 

 

 

4

%

 

 

5,988

 

 

 

5

%

 

 

3,948

 

 

 

4

%

Other regions

 

 

1,508

 

 

 

3

%

 

 

1,631

 

 

 

3

%

 

 

3,250

 

 

 

3

%

 

 

2,503

 

 

 

2

%

International

 

 

16,591

 

 

 

30

%

 

 

15,736

 

 

 

30

%

 

 

35,478

 

 

 

31

%

 

 

31,433

 

 

 

31

%

Total

 

$

55,204

 

 

 

100

%

 

$

51,804

 

 

 

100

%

 

$

114,443

 

 

 

100

%

 

$

99,861

 

 

 

100

%

Schedule Of Company Revenue and Adjusted EBITDA by Segment

The Company’s revenue and Adjusted EBITDA by segment is as follows:

 

 

 

Three Months Ended
September 30,

 

 

Six Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

 

(in thousands)

 

Segment Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Consumer and Research Services

 

$

55,204

 

 

$

51,804

 

 

$

114,443

 

 

$

99,813

 

Therapeutics

 

 

 

 

 

 

 

 

 

 

 

48

 

Total Revenue

 

$

55,204

 

 

$

51,804

 

 

$

114,443

 

 

$

99,861

 

Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Consumer and Research Services Adjusted EBITDA

 

$

(760

)

 

$

1,778

 

 

$

(1,265

)

 

$

(2,458

)

Therapeutics Adjusted EBITDA

 

 

(18,828

)

 

 

(14,440

)

 

 

(37,131

)

 

 

(23,835

)

Unallocated Corporate

 

 

(10,095

)

 

 

(7,558

)

 

 

(18,563

)

 

 

(13,757

)

Total Adjusted EBITDA

 

$

(29,683

)

 

$

(20,220

)

 

$

(56,959

)

 

$

(40,050

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net loss to Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

$

(16,524

)

 

$

(36,191

)

 

$

(58,550

)

 

$

(71,961

)

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

Interest (income), net

 

 

(92

)

 

 

(69

)

 

 

(136

)

 

 

(143

)

Other (income) / expense, net

 

 

(3

)

 

 

6

 

 

 

(17

)

 

 

(872

)

Change in fair value of warrant liabilities

 

 

(29,828

)

 

 

 

 

 

(29,294

)

 

 

 

Depreciation and amortization

 

 

4,871

 

 

 

5,168

 

 

 

9,508

 

 

 

10,699

 

Stock-based compensation expense

 

 

10,427

 

 

 

10,866

 

 

 

20,064

 

 

 

22,227

 

Acquisition-related costs (1)

 

 

1,466

 

 

 

 

 

 

1,466

 

 

 

 

Total Adjusted EBITDA

 

$

(29,683

)

 

$

(20,220

)

 

$

(56,959

)

 

$

(40,050

)

 

(1)
For the three and six months ended September 30, 2021, acquisition-related costs primarily consisted of advisory, legal and consulting fees.
Summary of Customers Accounting for 10% or More of Segment Revenues

Customers accounting for 10% or more of segment revenues were as follows:

 

 

 

Three Months Ended
September 30,

 

 

Six Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

Consumer and Research Services Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer C(1)

 

$

14,935

 

 

 

27

%

 

$

6,840

 

 

 

13

%

 

$

23,447

 

 

 

20

%

 

$

13,064

 

 

 

13

%

Customer B(2)

 

$

10,002

 

 

 

18

%

 

$

9,840

 

 

 

19

%

 

$

21,212

 

 

 

19

%

 

$

21,667

 

 

 

22

%

Therapeutics Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer E(2)

 

$

 

 

 

0

%

 

$

 

 

 

0

%

 

$

 

 

 

0

%

 

$

48

 

 

 

100

%

 

(1)
Customer C revenues are primarily in the United States.
(2)
Customer B revenues are in the United Kingdom and Customer E is in a region other than the United States, United Kingdom or Canada.