XML 43 R29.htm IDEA: XBRL DOCUMENT v3.22.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Customer Information

Significant customer information is as follows:

 

Year Ended March 31,

 

 

2022

 

 

2021

 

Percentage of accounts receivable:

 

 

 

 

 

Customer G

 

44

%

 

 

0

%

Customer C

 

25

%

 

 

35

%

Customer F

 

19

%

 

 

0

%

Customer D

 

0

%

 

 

40

%

 

 

Year Ended March 31,

 

 

2022

 

 

2021

 

 

2020

 

Percentage of revenue:

 

 

 

 

 

 

 

 

Customer C

 

20

%

 

 

21

%

 

 

25

%

Customer B

 

17

%

 

 

16

%

 

 

8

%

Summary Of Revenue By Category

The following table presents revenue by category:

 

 

Year Ended March 31,

 

 

2022

 

 

2021

 

 

2020

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

(in thousands, except percentages)

 

Point in Time

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

$

189,703

 

 

 

70

%

 

$

191,066

 

 

 

78

%

 

$

263,679

 

 

 

86

%

Telehealth (1)

 

15,299

 

 

 

6

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

Consumer services

 

205,002

 

 

 

76

%

 

 

191,066

 

 

 

78

%

 

 

263,679

 

 

 

86

%

Research services

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

Therapeutics

 

 

 

 

0

%

 

 

54

 

 

 

0

%

 

 

5,556

 

 

 

2

%

Total

$

205,002

 

 

 

76

%

 

$

191,120

 

 

 

78

%

 

$

269,235

 

 

 

88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over Time

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

$

12,978

 

 

 

5

%

 

$

6,459

 

 

 

3

%

 

$

7,960

 

 

 

3

%

Telehealth (1)

 

3,908

 

 

 

1

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

Consumer services

 

16,886

 

 

 

6

%

 

 

6,459

 

 

 

3

%

 

 

7,960

 

 

 

3

%

Research services

 

50,005

 

 

 

18

%

 

 

46,341

 

 

 

19

%

 

 

28,268

 

 

 

9

%

Therapeutics

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

Total

$

66,891

 

 

 

24

%

 

$

52,800

 

 

 

22

%

 

$

36,228

 

 

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

$

202,681

 

 

 

75

%

 

$

197,525

 

 

 

81

%

 

$

271,639

 

 

 

89

%

Telehealth (1)

 

19,207

 

 

 

7

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

Consumer services

 

221,888

 

 

 

82

%

 

 

197,525

 

 

 

81

%

 

 

271,639

 

 

 

89

%

Research services

 

50,005

 

 

 

18

%

 

 

46,341

 

 

 

19

%

 

 

28,268

 

 

 

9

%

Therapeutics

 

 

 

 

0

%

 

 

54

 

 

 

0

%

 

 

5,556

 

 

 

2

%

Total

$

271,893

 

 

 

100

%

 

$

243,920

 

 

 

100

%

 

$

305,463

 

 

 

100

%

 

(1)
For the year ended March 31, 2022, telehealth revenue included the five month period from the close of the acquisition of Lemonaid Health on November 1, 2021 through March 31, 2022.
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:

 

 

Year Ended March 31,

 

 

2022

 

 

2021

 

 

2020

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

(in thousands, except percentages)

 

United States

$

192,438

 

 

 

71

%

 

$

176,120

 

 

 

72

%

 

$

241,769

 

 

 

79

%

United Kingdom

 

58,477

 

 

 

22

%

 

 

49,386

 

 

 

20

%

 

 

41,770

 

 

 

14

%

Canada

 

14,293

 

 

 

5

%

 

 

12,172

 

 

 

5

%

 

 

14,481

 

 

 

5

%

Other regions

 

6,685

 

 

 

2

%

 

 

6,242

 

 

 

3

%

 

 

7,443

 

 

 

2

%

International

 

79,455

 

 

 

29

%

 

 

67,800

 

 

 

28

%

 

 

63,694

 

 

 

21

%

Total

$

271,893

 

 

 

100

%

 

$

243,920

 

 

 

100

%

 

$

305,463

 

 

 

100

%

 

Schedule of estimated useful lives of property, plant and equipment

The estimated useful lives of the Company’s property and equipment are as follows:

Computer and software

3 years

Laboratory equipment and software

5 years

Furniture and office equipment

5 years

Leasehold improvements

Shorter of remaining lease term or estimated useful life

Schedule Of Company Revenue and Adjusted EBITDA by Segment

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

 

 

Year Ended March 31,

 

 

2022

 

 

2021

 

 

2020

 

 

(in thousands)

 

Segment Revenue

 

 

 

 

 

 

 

 

Consumer and Research Services

$

271,893

 

 

$

243,866

 

 

$

299,907

 

Therapeutics

 

 

 

 

54

 

 

 

5,556

 

Total Revenue

$

271,893

 

 

$

243,920

 

 

$

305,463

 

Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

Consumer and Research Services Adjusted EBITDA

$

(30,112

)

 

$

12,796

 

 

$

(65,845

)

Therapeutics Adjusted EBITDA

 

(76,944

)

 

 

(58,734

)

 

 

(52,883

)

Unallocated Corporate

 

(43,684

)

 

 

(30,587

)

 

 

(28,460

)

Total Adjusted EBITDA

$

(150,740

)

 

$

(76,525

)

 

$

(147,188

)

 

 

 

 

 

 

 

 

 

Reconciliation of net loss to Adjusted EBITDA

 

 

 

 

 

 

 

 

Net Loss

$

(217,490

)

 

$

(183,619

)

 

$

(250,863

)

Adjustments:

 

 

 

 

 

 

 

 

Interest (income) expense, net

 

(277

)

 

 

(255

)

 

 

(6,244

)

Other (income) expense, net

 

83

 

 

 

(1,322

)

 

 

(1,340

)

Change in fair value of warrant liabilities

 

(32,989

)

 

 

 

 

 

 

Income tax benefit

 

(3,480

)

 

 

 

 

 

 

Depreciation and amortization

 

18,899

 

 

 

20,246

 

 

 

22,610

 

Amortization of acquired intangible assets

 

7,269

 

 

 

 

 

 

 

Stock-based compensation expense

 

57,933

 

 

 

88,425

 

 

 

43,957

 

Restructuring and other charges (1)

 

 

 

 

 

 

 

44,692

 

Acquisition-related costs (2)

 

9,362

 

 

 

 

 

 

 

Litigation settlement (3)

 

9,950

 

 

 

 

 

 

 

Total Adjusted EBITDA

$

(150,740

)

 

$

(76,525

)

 

$

(147,188

)

(1)
For the year ended March 31, 2020, restructuring includes $0.9 million of stock-based compensation expense related to restructuring activities.
(2)
For the fiscal year ended March 31, 2022, acquisition-related costs primarily consisted of advisory, legal and consulting fees related to the Lemonaid Acquisition.
(3)
For the fiscal year ended March 31, 2022, litigation settlement is litigation cost net of insurance recoveries, which is not expected to occur on a recurring basis and not part of the Company's normal and continued business activity.
Summary of Customers Accounting for 10% or More of Segment Revenues

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

 

 

Year Ended March 31,

 

 

2022

 

 

2021

 

 

2020

 

 

(in thousands, except percentages)

 

Consumer and Research Services Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer C(1)

$

53,875

 

 

 

20

%

 

$

51,786

 

 

 

21

%

 

$

76,087

 

 

 

25

%

Customer B(2)

$

46,064

 

 

 

17

%

 

$

39,917

 

 

 

16

%

 

$

23,768

 

 

 

8

%

Therapeutics Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer B(2)

$

 

 

 

0

%

 

$

 

 

 

0

%

 

$

2,981

 

 

 

54

%

Customer E(2)

$

 

 

 

0

%

 

$

54

 

 

 

100

%

 

$

2,575

 

 

 

46

%

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