American Well Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>American Well Corp's Q1 2024 10-Q filing provides a snapshot of its financial position and equity details.</b>

AI Summary

American Well Corp (AMWL) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. American Well Corp filed its 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial statement line items and equity awards. Specific dates such as 2024-03-31, 2023-12-31, and 2023-03-31 are referenced for balance sheet and equity information. The report details information on common stock, additional paid-in capital, and retained earnings. It also references equity incentive plans, including restricted stock units and performance shares.

Why It Matters

For investors and stakeholders tracking American Well Corp, this filing contains several important signals. This filing is crucial for investors to assess the company's financial health and performance in the first quarter of 2024. Understanding the equity structure and changes in balance sheet accounts offers insights into potential future stock performance and dilution.

Risk Assessment

Risk Level: low — American Well Corp shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new disclosures or events that would indicate elevated risk.

Analyst Insight

Monitor future 10-Q and 10-K filings for revenue growth, profitability trends, and updates on strategic initiatives.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-01 — Filing Date (Filed As Of Date)
• 2023-12-31 — Prior Year End Date (Referenced for balance sheet and equity data)
• 2023-03-31 — Prior Year Quarter End Date (Referenced for balance sheet and equity data)

Key Players & Entities

• American Well Corp (company) — Filer of the 10-Q report
• Cleveland Clinic (company) — Mentioned in relation to financial data for 2023-01-01 to 2023-03-31
• Ccaw Jv Llc (company) — Mentioned in relation to financial data for 2020-12-31 and 2023-01-01 to 2023-03-31
• RelatedPartyClientOne (company) — Mentioned in relation to customer concentration risk and accounts receivable for 2024-01-01 to 2024-03-31
• RelatedPartyClientTwo (company) — Mentioned in relation to customer concentration risk and accounts receivable for 2024-01-01 to 2024-03-31

FAQ

Industry Context

American Well Corporation operates in the telehealth and digital health industry, providing a platform for virtual healthcare services.

Regulatory Implications

The filing is a standard SEC quarterly report (Form 10-Q) required under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze trends in revenue, expenses, and net income from the provided financial data.
3. Examine changes in equity accounts, such as common stock and additional paid-in capital, for insights into share structure.

Year-Over-Year Comparison

This filing represents the quarterly update for March 31, 2024, compared to previous periods like December 31, 2023, and March 31, 2023, providing updated financial and operational data.

Key Financial Figures

• $0.01 — d Class A common stock, par value of $0.01 per share AMWL The New York Stock E

Filing Documents

• amwl-20240331.htm (10-Q) — 1503KB
• amwl-ex10_1.htm (EX-10.1) — 22KB
• amwl-ex31_1.htm (EX-31.1) — 32KB
• amwl-ex31_2.htm (EX-31.2) — 16KB
• amwl-ex32_1.htm (EX-32.1) — 11KB
• amwl-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-051315.txt (&nbsp;) — 7266KB
• amwl-20240331.xsd (EX-101.SCH) — 1228KB
• amwl-20240331_htm.xml (XML) — 1160KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheet as of March 31, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statement of Operations and Comprehensive Loss (unaudited) for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statement of Stockholders' Equity (unaudited) for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statement of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023 6 Notes to the Unaudited Condensed Consolidated Financial Statements 7 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 29 PART II Other Information 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31

- FINANCI AL INFORMATION

PART I - FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements AMERICAN WELL CORPORATION CONDENSED CONSOLIDA TED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 308,599 $ 372,038 Accounts receivable ($ 1,627 and $ 1,626 , from related parties and net of allowances of $ 3,092 and $ 2,291 , respectively) 80,709 54,146 Inventories 6,578 6,652 Deferred contract acquisition costs 2,301 2,262 Prepaid expenses and other current assets 16,010 14,484 Total current assets 414,197 449,582 Restricted cash 795 795 Property and equipment, net 552 572 Intangible assets, net 114,338 120,248 Operating lease right-of-use asset 9,632 10,453 Deferred contract acquisition costs, net of current portion 5,107 4,792 Other assets 1,793 2,083 Investment in minority owned joint venture (Note 2) 1,969 1,180 Total assets $ 548,383 $ 589,705 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 6,710 $ 4,864 Accrued expenses and other current liabilities 39,035 38,988 Operating lease liability, current 3,602 3,580 Deferred revenue ($ 852 and $ 1,286 from related parties, respectively) 59,079 46,365 Total current liabilities 108,426 93,797 Other long-term liabilities 1,412 1,425 Operating lease liability, net of current portion 7,292 8,206 Deferred revenue, net of current portion 7,895 6,091 Total liabilities 125,025 109,519 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock, $ 0.01 par value; 100,000,000 shares authorized, no shares issued or outstanding as of March 31, 2024 and as of December 31, 2023 — — Common stock, $ 0.01 par value; 1,000,000,000 Class A shares authorized, 263,158,793 and 255,542,545 shares issued and outstanding, respectively; 100,000,000 Class B shares authorize

View Full Filing

View this 10-Q filing on SEC EDGAR