| Segment Information |
6.Segment Information
Below is a summary of the Group’s segments and a reconciliation between the results from operations as per segment information and the results from operations as per the Condensed Consolidated Statements of Profit and Loss.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Total as |
|
|
|
|
|
|
|
|
|
|
|
|
per |
|
|
|
|
|
|
|
|
|
|
|
|
statement |
|
|
|
|
|
|
All other |
|
Total |
|
Reconciliation |
|
of profit |
|
|
UK |
|
US |
|
segments |
|
segments |
|
adjustments |
|
and loss |
|
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
Revenue |
|
15,670 |
|
250,512 |
|
335 |
|
266,517 |
|
(71) |
|
266,446 |
Inter-segment revenue |
|
— |
|
— |
|
(64) |
|
(64) |
|
64 |
|
— |
Segment revenue |
|
15,670 |
|
250,512 |
|
271 |
|
266,453 |
|
(7) |
|
266,446 |
Clinical care delivery expense |
|
(11,872) |
|
(12,394) |
|
(261) |
|
(24,527) |
|
600 |
|
(23,927) |
Claims expense |
|
— |
|
(247,552) |
|
— |
|
(247,552) |
|
— |
|
(247,552) |
Other operating expenses, excluding amortization and depreciation |
|
(31,225) |
|
(34,176) |
|
(9,505) |
|
(74,906) |
|
(706) |
|
(75,612) |
Change in fair value of warrant liabilities |
|
— |
|
— |
|
5,575 |
|
5,575 |
|
— |
|
5,575 |
Exchange (loss) / gain |
|
(4,078) |
|
2,353 |
|
(16,657) |
|
(18,382) |
|
17,935 |
|
(447) |
Segment EBITDA |
|
(31,505) |
|
(41,257) |
|
(20,577) |
|
(93,339) |
|
17,822 |
|
(75,517) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(9,458) |
Change in fair value of warrant liabilities |
|
|
|
|
|
|
|
|
|
|
|
(5,575) |
Exchange gain |
|
|
|
|
|
|
|
|
|
|
|
447 |
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
(90,103) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Total as |
|
|
|
|
|
|
|
|
|
|
|
|
per |
|
|
|
|
|
|
|
|
|
|
|
|
statement |
|
|
|
|
|
|
All other |
|
Total |
|
Reconciliation |
|
of profit |
|
|
UK |
|
US |
|
segments |
|
segments |
|
adjustments |
|
and loss |
|
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
Revenue |
|
41,242 |
|
29,244 |
|
434 |
|
70,920 |
|
373 |
|
71,293 |
Inter-segment revenue |
|
— |
|
— |
|
4 |
|
4 |
|
(4) |
|
— |
Segment revenue |
|
41,242 |
|
29,244 |
|
438 |
|
70,924 |
|
369 |
|
71,293 |
Clinical care delivery expense |
|
(9,269) |
|
(4,597) |
|
(596) |
|
(14,462) |
|
2,639 |
|
(11,823) |
Claims expense |
|
— |
|
(23,917) |
|
— |
|
(23,917) |
|
— |
|
(23,917) |
Other operating expenses, excluding amortization and depreciation |
|
(26,442) |
|
(11,316) |
|
(2,386) |
|
(40,144) |
|
(2,311) |
|
(42,455) |
Exchange (loss) / gain |
|
(632) |
|
(49) |
|
1,788 |
|
1,107 |
|
(1,680) |
|
(573) |
Gain on sale |
|
— |
|
— |
|
3,917 |
|
3,917 |
|
— |
|
3,917 |
Share of loss of equity-accounted investees |
|
— |
|
(455) |
|
— |
|
(455) |
|
— |
|
(455) |
Segment EBITDA |
|
4,899 |
|
(11,090) |
|
3,161 |
|
(3,030) |
|
(983) |
|
(4,013) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(5,848) |
Exchange loss |
|
|
|
|
|
|
|
|
|
|
|
573 |
Gain on sale of subsidiary |
|
|
|
|
|
|
|
|
|
|
|
(3,917) |
Share of loss of equity-accounted investees |
|
|
|
|
|
|
|
|
|
|
|
455 |
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
(12,750) |
Reconciliation adjustments include allocation and classification differences of costs between management accounts and statutory reporting, reversals of inter-segment revenue and foreign exchange variances.
Major Customers
Below is a summary of the revenue derived from the Group’s major customers:
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
|
2022 |
|
2021 |
|
|
|
$‘000 |
|
% of revenue |
|
$‘000 |
|
% of revenue |
|
Customer 1 |
|
145,043 |
|
54.4 |
% |
12,420 |
|
17.4 |
% |
Customer 2 |
|
61,446 |
|
23.1 |
% |
— |
|
— |
|
Customer 3 |
|
14,381 |
|
5.0 |
% |
12,148 |
|
17.0 |
% |
Customer 4 |
|
2,530 |
|
1.0 |
% |
30,129 |
|
42.3 |
% |
Geographical Information
Revenue from external customers attributed to individual countries is summarized as follows:
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
|
2022 |
|
2021 |
|
|
$’000 |
|
$’000 |
UK |
|
9,435 |
|
7,786 |
US |
|
250,597 |
|
29,808 |
Asia-Pacific |
|
3,634 |
|
3,410 |
Canada |
|
2,530 |
|
30,129 |
Rest of World |
|
250 |
|
160 |
Total |
|
266,446 |
|
71,293 |
As of March 31, 2022, 39.4% ($99.3 million) and 59.5% ($150.1 million) of non-current assets of the Group are derived from and located within the UK and US, respectively. As of December 31, 2021, 38.3% ($92.6 million) and 61.1% ($147.8 million) of non-current assets of the Group are derived from and located within the UK and US, respectively.
As of March 31, 2022, 69.4% ($4.9 million) and 27.7% ($2.0 million) of total Group trade receivables were attributable to the UK and US, respectively. As of December 31, 2021, 84.5% ($7.0 million) and 11.0% ($0.9 million) of total Group trade receivables were attributable to the UK and US, respectively.
|
9.Segment Information
Below is a summary of the Group’s segments and a reconciliation between the results from operations as per segment information and the results from operations as per the Consolidated Statements of Profit and Loss.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Total as |
|
|
|
|
|
|
|
|
|
|
|
|
per |
|
|
|
|
|
|
|
|
|
|
|
|
statement |
|
|
|
|
|
|
All other |
|
Total |
|
Reconciliation |
|
of profit |
|
|
UK |
|
US |
|
segments |
|
segments |
|
adjustments |
|
and loss |
|
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
Revenue |
|
88,967 |
|
232,296 |
|
1,610 |
|
322,873 |
|
48 |
|
322,921 |
Inter-segment revenue |
|
2,205 |
|
(3,964) |
|
1,756 |
|
(3) |
|
3 |
|
0 |
Segment revenue |
|
91,172 |
|
228,332 |
|
3,366 |
|
322,870 |
|
51 |
|
322,921 |
Cost of care delivery |
|
(41,542) |
|
(253,998) |
|
(1,590) |
|
(297,130) |
|
7,458 |
|
(289,672) |
Other operating expenses, excluding amortization and depreciation |
|
(114,975) |
|
(105,602) |
|
(171,951) |
|
(392,528) |
|
(8,226) |
|
(400,754) |
Change in fair value of warrant liabilities |
|
— |
|
— |
|
27,811 |
|
27,811 |
|
— |
|
27,811 |
Exchange (loss) / gain |
|
(1,844) |
|
189 |
|
1,390 |
|
(265) |
|
1,133 |
|
868 |
Gain on sale of subsidiary |
|
— |
|
— |
|
2,687 |
|
2,687 |
|
1,230 |
|
3,917 |
Gain on remeasurement of equity interest |
|
— |
|
— |
|
10,495 |
|
10,495 |
|
— |
|
10,495 |
Share of loss of equity-accounted investees |
|
— |
|
(2,602) |
|
— |
|
(2,602) |
|
— |
|
(2,602) |
Segment EBITDA |
|
(67,189) |
|
(133,681) |
|
(127,792) |
|
(328,662) |
|
1,646 |
|
(327,016) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(35,004) |
Change in fair value of warrant liabilities |
|
|
|
|
|
|
|
|
|
|
|
(27,811) |
Exchange gain |
|
|
|
|
|
|
|
|
|
|
|
(868) |
Gain on sale of subsidiary |
|
|
|
|
|
|
|
|
|
|
|
(3,917) |
Gain on remeasurement of equity interest |
|
|
|
|
|
|
|
|
|
|
|
(10,495) |
Share of loss of equity-accounted investees |
|
|
|
|
|
|
|
|
|
|
|
2,602 |
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
(402,509) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Total as |
|
|
|
|
|
|
|
|
|
|
|
|
per |
|
|
|
|
|
|
|
|
|
|
|
|
statement |
|
|
|
|
|
|
All other |
|
Total |
|
Reconciliation |
|
of profit |
|
|
UK |
|
US |
|
segments |
|
segments |
|
adjustments |
|
and loss |
|
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
Revenue |
|
44,000 |
|
32,226 |
|
2,968 |
|
79,194 |
|
78 |
|
79,272 |
Inter-segment revenue |
|
1,194 |
|
(3,094) |
|
1,766 |
|
(134) |
|
134 |
|
0 |
Segment revenue |
|
45,194 |
|
29,132 |
|
4,734 |
|
79,060 |
|
212 |
|
79,272 |
Cost of care delivery |
|
(34,600) |
|
(34,381) |
|
(7,205) |
|
(76,186) |
|
8,932 |
|
(67,254) |
Other operating expenses, excluding amortization and depreciation |
|
(127,762) |
|
(27,190) |
|
(3,990) |
|
(158,942) |
|
(14,100) |
|
(173,042) |
Exchange (loss) / gain |
|
403 |
|
(246) |
|
17,060 |
|
17,217 |
|
(20,053) |
|
(2,836) |
Share of loss of equity-accounted investees |
|
— |
|
— |
|
(1,124) |
|
(1,124) |
|
— |
|
(1,124) |
Segment EBITDA |
|
(116,765) |
|
(32,685) |
|
9,475 |
|
(139,975) |
|
(25,009) |
|
(164,984) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(14,487) |
Exchange loss |
|
|
|
|
|
|
|
|
|
|
|
2,836 |
Share of loss of equity-accounted investees |
|
|
|
|
|
|
|
|
|
|
|
1,124 |
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
(175,511) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Total as |
|
|
|
|
|
|
|
|
|
|
|
|
per |
|
|
|
|
|
|
|
|
|
|
|
|
statement |
|
|
|
|
|
|
All other |
|
Total |
|
Reconciliation |
|
of profit |
|
|
UK |
|
US |
|
segments |
|
segments |
|
adjustments |
|
and loss |
|
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
|
$’000 |
External revenue |
|
14,633 |
|
— |
|
1,410 |
|
16,043 |
|
(9) |
|
16,034 |
Inter-segment revenue |
|
4,081 |
|
(2,669) |
|
(1,382) |
|
30 |
|
(30) |
|
— |
Segment revenue |
|
18,714 |
|
(2,669) |
|
28 |
|
16,073 |
|
(39) |
|
16,034 |
Cost of care delivery |
|
(25,707) |
|
(160) |
|
(373) |
|
(26,240) |
|
6,430 |
|
(19,810) |
Other operating expenses, excluding amortization and depreciation |
|
(119,895) |
|
(23,273) |
|
(5,340) |
|
(148,508) |
|
(8,040) |
|
(156,548) |
Exchange (loss) / gain |
|
314 |
|
(83) |
|
16,584 |
|
16,815 |
|
260 |
|
17,075 |
Segment EBITDA |
|
(126,574) |
|
(26,185) |
|
10,899 |
|
(141,860) |
|
(1,389) |
|
(143,249) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
(2,496) |
Exchange gain |
|
|
|
|
|
|
|
|
|
|
|
(17,075) |
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
(162,820) |
Reconciliation adjustments include allocation and classification differences of costs between management accounts and statutory reporting, reversals of inter-segment revenue and foreign exchange variances.
Major Customers
Below is a summary of the revenue derived from the Group’s major customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2021 |
|
2020 |
|
2019 |
|
|
|
$‘000 |
|
% of revenue |
|
$‘000 |
|
% of revenue |
|
$‘000 |
|
% of revenue |
|
Customer 1 |
|
119,785 |
|
37.1 |
% |
11,918 |
|
15.0 |
% |
2,215 |
|
13.8 |
% |
Customer 2 |
|
39,764 |
|
12.3 |
% |
9,706 |
|
12.3 |
% |
2,465 |
|
15.4 |
% |
Customer 3 |
|
38,705 |
|
12.0 |
% |
9,505 |
|
12.0 |
% |
5,607 |
|
34.9 |
% |
Customer 4 |
|
N/A |
|
N/A |
|
14,937 |
|
18.9 |
% |
N/A |
|
N/A |
|
Geographical Information
Revenue from external customers attributed to individual countries is summarized as follows:
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
2021 |
|
2020 |
|
2019 |
|
|
$’000 |
|
$’000 |
|
$’000 |
UK |
|
35,490 |
|
28,827 |
|
12,189 |
US |
|
232,708 |
|
32,689 |
|
— |
Asia-Pacific |
|
14,965 |
|
11,585 |
|
2,215 |
Canada |
|
38,705 |
|
3,207 |
|
564 |
Rest of World |
|
1,053 |
|
2,964 |
|
1,066 |
Total |
|
322,921 |
|
79,272 |
|
16,034 |
In 2021 38.3% ($92.6 million) and 61.1% ($147.8 million) of non-current assets of the Group are derived from and located within the UK and US, respectively. In 2020 64.8% ($70.9 million) and 34.5% ($37.8 million) of non-current assets of the Group are derived from and located within the UK and US, respectively.
In 2021 84.5% ($7.0 million) and 11.0% ($0.9 million) of total Group trade receivables were attributable to the UK and US, respectively. In 2020 47.6% ($2.2 million) and 50.1% ($2.3 million) of total Group trade receivables were attributable to the UK and US, respectively.
|