My hunch is that the majority of revenue was forward looking with foreign governments and large clients. This revenue was used as the basis for raising at extremely high valuations. Investor diligence was weak and the exact terms of these contracts was likely not understood in detail. When shit hit the fan with the software/consulting services and the value was not realized (and or budgets were cut, key champions retired etc.) ... contracts got cancelled. When contracts got cancelled the house of cards started to fall. The issue with huge contracts is that it's very easy to lose them. This is why a broad revenue base is crucial.

Now they know that hundreds of employees are going to go blow the whistle so they have to pay them off with buybacks while they figure out an exit strategy.

My 2 cents.