American Well Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>American Well Corp has filed its 2023 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

American Well Corp (AMWL) filed a Annual Report (10-K) with the SEC on February 15, 2024. American Well Corp filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 75 State Street, 26th Floor, Boston, MA 02109. The filing includes data related to various financial instruments and equity types, such as Additional Paid In Capital, Performance Shares, and Employee Stock Options. Key dates and periods referenced include 2020-12-31, 2021-12-31, 2022-12-31, and 2023-12-31, as well as fiscal year ranges like 2021-01-01 to 2021-12-31.

Why It Matters

For investors and stakeholders tracking American Well Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of American Well Corp's financial health, operational performance, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess the company's trajectory. The detailed financial data and disclosures within the report are essential for understanding the company's revenue streams, expenses, assets, liabilities, and overall market standing in the telehealth industry.

Risk Assessment

Risk Level: medium — American Well Corp shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information. Specific risks and forward-looking statements would require a deeper dive into the document's content, which is not fully provided here.

Analyst Insight

Review the full 10-K filing to analyze specific financial performance metrics, revenue growth, profitability, and any disclosed risk factors to make informed investment decisions.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-15 — Filing Date (Filed as of Date)
• 104 — Public Document Count (Document count)
• 001-39515 — SEC File Number (SEC File Number)

Key Players & Entities

• American Well Corp (company) — Filer name
• 0000950170-24-015995 (other) — Accession Number
• 20231231 (date) — Conformed Period of Report
• 20240215 (date) — Filed as of Date
• Boston (location) — Business Address City
• MA (location) — Business Address State
• 02109 (other) — Business Address ZIP
• 75 State Street (location) — Business Address Street 1

FAQ

Industry Context

American Well Corp operates in the telehealth and digital health industry, providing virtual care solutions.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K to understand revenue, expenses, and profitability trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and future outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties facing American Well Corp.

Key Dates

• 2024-02-15: 10-K Filing — Filing of the annual report for the fiscal year ended December 31, 2023.

Year-Over-Year Comparison

This is the initial filing data provided for the 2023 10-K. Comparative data from the previous year's filing would be needed for a direct comparison.

Key Financial Figures

• $0.01 — ed Class A common stock, par value of $0.01 per share AMWL The New York Stock E
• $94 billion — r business in the U.S. at approximately $94 billion. This includes: Virtual Care — virtua
• $31 billion — r hybrid care platform is approximately $31 billion and will grow to roughly $50 billion ov
• $50 billion — ly $31 billion and will grow to roughly $50 billion over the next four years. In addition
• $40 b — a material portion of the approximately $40 billion, and growing, virtual care market
• $23 billion — health space, which is estimated to be $23 billion internationally. Competition We vie

Filing Documents

• amwl-20231231.htm (10-K) — 3737KB
• amwl-ex10_20.htm (EX-10.20) — 56KB
• amwl-ex10_22.htm (EX-10.22) — 59KB
• amwl-ex21_1.htm (EX-21.1) — 12KB
• amwl-ex23_1.htm (EX-23.1) — 3KB
• amwl-ex31_1.htm (EX-31.1) — 30KB
• amwl-ex31_2.htm (EX-31.2) — 15KB
• amwl-ex32_1.htm (EX-32.1) — 15KB
• amwl-ex32_2.htm (EX-32.2) — 8KB
• amwl-ex97_1.htm (EX-97.1) — 49KB
• img150542858_0.jpg (GRAPHIC) — 85KB
• 0000950170-24-015995.txt (&nbsp;) — 14756KB
• amwl-20231231.xsd (EX-101.SCH) — 2005KB
• amwl-20231231_htm.xml (XML) — 2563KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 23 Item 1B. Unresolved Staff Comments 53 Item 1C. Cybersecurity 53 Item 2.

Properties

Properties 54 Item 3.

Legal Proceedings

Legal Proceedings 54 Item 4. Mine Safety Disclosures 54 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 55 Item 6. Reserved 56 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 57 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 70 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 71 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 71 Item 9A.

Controls and Procedures

Controls and Procedures 71 Item 9B. Other Information 72 Item 9C. Foreign Jurisdictions that Prevent Inspections 73 PART III Item 10. Directors, Executive Officers and Corporate Governance 74 Item 11.

Executive Compensation

Executive Compensation 74 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74 Item 13. Certain Relationships and Related Transactions, and Director Independence 74 Item 14. Principal Accounting Fees and Services 74 PART IV Item 15. Exhibits, Financial Statement Schedules 75 Item 16 Form 10-K Summary 79 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast," or the negative of these terms, and other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements and projections are contained throughout this Form 10-K, including the sections entitled "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although we believe that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual finan

B usiness

Item 1. B usiness. Overview Amwell is a leading enterprise platform and software company digitally enabling hybrid care. We empower health providers, payers, and innovators to achieve their digital ambitions, enabling a coordinated experience across in-person, virtual and automated care. We provide our clients with the core technology and services necessary to successfully develop and distribute digital care programs that meet their strategic, operational, financial and clinical objectives under their own brands. Founded in 2006, Amwell pioneered virtual healthcare. Today, Amwell extends digital care beyond telehealth, enabling care across in-person, virtual and automated modalities and providing an open, scalable platform that can flex and grow alongside our clients. We bring technology and services that facilitate new models of care, strategic partnerships, consistent execution and better outcomes. Together with our clients and innovation partners, we forge a new hybrid model of care delivery that adapts as needs evolve and makes care more accessible for all. As of December 31, 2023, we power the digital care programs of more than 50 health plans, which collectively represent more than 100 million covered lives, as well as approximately 115 of the nation's largest health systems. Since inception, we have powered more than 27.2 million virtual care visits for our clients, including more than 6.3 million in the year ended December 31, 2023. Our enterprise platform and software as a service solutions enable hybrid care delivery by offering our clients products to help weave digital care across all care settings. For health systems, our enterprise platform enables provider-to-provider virtual care for use cases ranging from stroke and acute psychiatry evaluations to virtual nursing and e-sitting. Our suite of Carepoint TM devices can enhance in-person care, whether the clients want to turn existing equipment such as televisions or iPads into digital access p

View Full Filing

View this 10-K filing on SEC EDGAR