Segment Reporting

12 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

26. Segment Reporting

Management views the Company’s operating results based on three reportable segments: Software and Analytics, Network Solutions and Technology-Enabled Services.

Software and Analytics

The Software and Analytics segment provides solutions for revenue cycle management, provider network management, payment accuracy, value-based payments, clinical decision support, consumer engagement, risk adjustment and quality performance, and imaging and clinical workflow.

Network Solutions

The Network Solutions segment provides solutions for financial, administrative, clinical and pharmacy transactions, electronic payments and aggregation and analytics of clinical and financial data.

Technology-Enabled Services

The Technology-Enabled Services segment provides solutions for financial and administrative management, value-based care, communication and payment, pharmacy benefits administration and healthcare consulting.

Postage and Eliminations

Postage and eliminations includes pass-through postage costs, as well as eliminations to remove inter-segment revenue and expenses and consolidating adjustments to classify certain rebates paid to channel partners as a reduction of revenue. These administrative costs are excluded from the adjusted EBITDA measure for each respective reportable segment.

Segment Results

Revenue and adjusted EBITDA for each of the reportable segments for the years ended March 31, 2022 and 2021 are shown below. Information is reflected in the manner utilized by management to make operating decisions, assess performance and allocate resources. Such amounts include allocations of corporate shared services functions that are essential to the core operations of the reportable segments. Segment assets and related depreciation expenses are not presented to management for purposes of operational decision making, and therefore are not included in the accompanying tables.

	Year Ended		Year Ended
	March 31, 2022		March 31, 2021
Segment Revenue
Software and Analytics	$	1,612,931	$	1,534,926
Network Solutions		868,425		717,843
Technology-Enabled Services		924,472		869,349
Postage and Eliminations (1)		82,727		96,533
Purchase Accounting Adjustment (2)		(7,740)		(128,230)
Net Revenue	$	3,480,815	$	3,090,421
Segment Adjusted EBITDA
Software and Analytics	$	561,994	$	526,129
Network Solutions		446,378		377,005
Technology-Enabled Services		62,679		31,031
Adjusted EBITDA	$	1,071,051	$	934,165
Reconciliation of income (loss) before tax provision (benefit) to Adjusted EBITDA
Income (loss) before income tax provision (benefit)	$	(106,001)	$	(147,397)
Amortization of capitalized software developed for sale		3,509		1,326
Depreciation and amortization		681,808		591,048
Interest expense		234,244		245,241
Equity compensation		95,730		59,016
Acquisition accounting adjustments		(11,839)		109,743
Acquisition and divestiture-related costs		41,120		19,709
Integration and related costs		26,803		40,675
Strategic initiatives, duplicative and transition costs		46,041		21,841
Severance costs		10,178		13,184
Accretion and changes in estimate, net		25,276		11,644
Impairment of long-lived assets and other		4,958		18,190
Loss on extinguishment of debt		3,885		8,924
Gain on sale of businesses		—		(59,143)
Contingent consideration		—		(3,000)
Other non-routine, net		15,339		3,164
Adjusted EBITDA	$	1,071,051	$	934,165

⁽¹⁾Revenue for the Postage and Eliminations segment includes postage revenue of $219,612 and $196,532 for the years ended March 31, 2022 and 2021, respectively.

⁽²⁾Amount reflects the impact to deferred revenue resulting from the Merger which reduced revenue recognized during the period.

Prior to the Merger, the Company had minimal operations outside of the investment in the Joint Venture and the Company’s standalone operating results were not utilized by management to make operating decisions, assess performance, or allocate resources. The Company’s chief operating decision maker (“CODM”) and management team, which was the same CODM and management team as of the Joint Venture, did not request or review financial results of the consolidated Company for the period from the date of the Merger through March 31, 2020. As such, the Company reported its results as a single reportable segment for the year ended March 31, 2020.