XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Summary of Significant Customer Information

Significant customer information is as follows:

 

 

 

September 30,

 

 

March 31,

 

 

 

2022

 

 

2022

 

Percentage of accounts receivable:

 

 

 

 

 

 

Customer B

 

 

95

%

 

 

0

%

Customer C

 

 

3

%

 

 

25

%

Customer F

 

 

1

%

 

 

19

%

Customer G

 

 

0

%

 

 

44

%

 

 

 

Three Months Ended September 30,

 

 

Six Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Percentage of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Customer C

 

 

23

%

 

 

27

%

 

 

19

%

 

 

20

%

Customer B

 

 

20

%

 

 

18

%

 

 

17

%

 

 

19

%

Summary Of Revenue By Category

The following table presents revenue by category:

 

 

 

Three Months Ended September 30,

 

 

Six Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

Point in Time

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

 

$

40,110

 

 

 

53

%

 

$

41,403

 

 

 

75

%

 

$

79,800

 

 

 

57

%

 

$

86,426

 

 

 

76

%

Telehealth (1)

 

 

9,171

 

 

 

12

%

 

 

 

 

 

0

%

 

 

18,532

 

 

 

13

%

 

 

 

 

 

0

%

Consumer services

 

 

49,281

 

 

 

65

%

 

 

41,403

 

 

 

75

%

 

 

98,332

 

 

 

70

%

 

 

86,426

 

 

 

76

%

Research services

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

 

 

 

 

 

0

%

Total (2)

 

 

49,281

 

 

 

65

%

 

 

41,403

 

 

 

75

%

 

 

98,332

 

 

 

70

%

 

 

86,426

 

 

 

76

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over Time

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

 

 

4,731

 

 

 

7

%

 

 

3,085

 

 

 

6

%

 

 

9,216

 

 

 

6

%

 

 

5,912

 

 

 

5

%

Telehealth (1)

 

 

2,497

 

 

 

3

%

 

 

 

 

 

0

%

 

 

5,020

 

 

 

4

%

 

 

 

 

 

0

%

Consumer services

 

 

7,228

 

 

 

10

%

 

 

3,085

 

 

 

6

%

 

 

14,236

 

 

 

10

%

 

 

5,912

 

 

 

5

%

Research services

 

 

19,150

 

 

 

25

%

 

 

10,716

 

 

 

19

%

 

 

27,604

 

 

 

20

%

 

 

22,105

 

 

 

19

%

Total (2)

 

 

26,378

 

 

 

35

%

 

 

13,801

 

 

 

25

%

 

 

41,840

 

 

 

30

%

 

 

28,017

 

 

 

24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PGS

 

 

44,841

 

 

 

60

%

 

 

44,488

 

 

 

81

%

 

 

89,016

 

 

 

63

%

 

 

92,338

 

 

 

81

%

Telehealth (1)

 

 

11,668

 

 

 

15

%

 

 

 

 

 

0

%

 

 

23,552

 

 

 

17

%

 

 

 

 

 

0

%

Consumer services

 

 

56,509

 

 

 

75

%

 

 

44,488

 

 

 

81

%

 

 

112,568

 

 

 

80

%

 

 

92,338

 

 

 

81

%

Research services

 

 

19,150

 

 

 

25

%

 

 

10,716

 

 

 

19

%

 

 

27,604

 

 

 

20

%

 

 

22,105

 

 

 

19

%

Total (2)

 

$

75,659

 

 

 

100

%

 

$

55,204

 

 

 

100

%

 

$

140,172

 

 

 

100

%

 

$

114,443

 

 

 

100

%

(1)
There was no telehealth revenue for the three and six months ended September 30, 2021, as the Lemonaid Acquisition closed in November 2021.
(2)
There was no Therapeutics revenue for the three and six months ended September 30, 2022 and 2021.
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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

Amount

 

 

% of Revenue

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

United States

 

$

52,546

 

 

 

69

%

 

$

38,613

 

 

 

70

%

 

$

100,655

 

 

 

72

%

 

$

78,965

 

 

 

69

%

United Kingdom

 

 

19,030

 

 

 

25

%

 

 

12,335

 

 

 

22

%

 

 

31,004

 

 

 

22

%

 

 

26,240

 

 

 

23

%

Canada

 

 

2,839

 

 

 

4

%

 

 

2,748

 

 

 

5

%

 

 

5,878

 

 

 

4

%

 

 

5,988

 

 

 

5

%

Other regions

 

 

1,244

 

 

 

2

%

 

 

1,508

 

 

 

3

%

 

 

2,635

 

 

 

2

%

 

 

3,250

 

 

 

3

%

International

 

 

23,113

 

 

 

31

%

 

 

16,591

 

 

 

30

%

 

 

39,517

 

 

 

28

%

 

 

35,478

 

 

 

31

%

Total

 

$

75,659

 

 

 

100

%

 

$

55,204

 

 

 

100

%

 

$

140,172

 

 

 

100

%

 

$

114,443

 

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

 

(in thousands)

 

Segment Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Consumer and Research Services

 

$

75,659

 

 

$

55,204

 

 

$

140,172

 

 

$

114,443

 

Total Revenue (1)

 

$

75,659

 

 

$

55,204

 

 

$

140,172

 

 

$

114,443

 

Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Consumer and Research Services Adjusted EBITDA

 

$

2,324

 

 

$

(760

)

 

$

(14,673

)

 

$

(1,265

)

Therapeutics Adjusted EBITDA

 

 

(18,663

)

 

 

(18,828

)

 

 

(37,128

)

 

 

(37,131

)

Unallocated Corporate

 

 

(13,316

)

 

 

(10,095

)

 

 

(27,568

)

 

 

(18,563

)

Total Adjusted EBITDA

 

$

(29,655

)

 

$

(29,683

)

 

$

(79,369

)

 

$

(56,959

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net loss to Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

$

(66,065

)

 

$

(16,524

)

 

$

(155,597

)

 

$

(58,550

)

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

Interest (income) expense, net

 

 

(1,392

)

 

 

(92

)

 

 

(1,637

)

 

 

(136

)

Other (income) expense, net

 

 

687

 

 

 

(3

)

 

 

1,122

 

 

 

(17

)

Change in fair value of warrant liabilities

 

 

 

 

 

(29,828

)

 

 

 

 

 

(29,294

)

Income tax benefit

 

 

(1,271

)

 

 

 

 

 

(1,525

)

 

 

 

Depreciation and amortization

 

 

5,152

 

 

 

4,871

 

 

 

10,256

 

 

 

9,508

 

Amortization of acquired intangible assets

 

 

4,267

 

 

 

 

 

 

8,582

 

 

 

 

Stock-based compensation expense

 

 

28,967

 

 

 

10,427

 

 

 

59,430

 

 

 

20,064

 

Acquisition-related costs (2)

 

 

 

 

 

1,466

 

 

 

 

 

 

1,466

 

Total Adjusted EBITDA

 

$

(29,655

)

 

$

(29,683

)

 

$

(79,369

)

 

$

(56,959

)

(1)
There was no Therapeutics revenue for the three and six months ended September 30, 2022 and 2021.
(2)
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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(in thousands, except percentages)

 

 

(in thousands, except percentages)

 

Consumer and Research Services Segment Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer C(1)

 

$

17,057

 

 

 

23

%

 

$

14,935

 

 

 

27

%

 

$

26,684

 

 

 

19

%

 

$

23,447

 

 

 

20

%

Customer B(2)

 

$

14,925

 

 

 

20

%

 

$

10,002

 

 

 

18

%

 

$

23,190

 

 

 

17

%

 

$

21,212

 

 

 

19

%

(1)
Customer C revenues are primarily in the United States.
(2)
Customer B revenues are in the U.K.