American Well (AMWL) Q1 2024 10-Q Filed

TL;DR

**AMWL Q1 10-Q:** Customer concentration risk noted for key clients, equity plan details disclosed.

AI Summary

American Well Corp (AMWL) filed its 10-Q for the period ending March 31, 2024. The filing details financial performance and operational updates. Key disclosures include information on customer concentration risk, particularly concerning "RelatedPartyClientOne" and "RelatedPartyClientTwo," and the company's equity incentive plan. The company's address is 75 State Street, 26th Floor, Boston, MA 02109.

Why It Matters

This filing provides insight into American Well's financial health and customer relationships, which can impact investor confidence and stock performance.

Risk Assessment

Risk Level: medium — The filing highlights customer concentration risk, which can make the company vulnerable to the loss of a few large clients.

Key Numbers

• 20240331 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2024-01-01 to 2024-03-31 — Q1 2024 Period (The specific time frame for the financial data presented in this 10-Q.)

Key Players & Entities

• American Well Corp (company) — Filer
• 0000950170-24-051315 (other) — Accession Number
• 20240331 (date) — Reporting Period End Date
• 75 State Street, 26th Floor, Boston, MA 02109 (address) — Business and Mail Address
• RelatedPartyClientOne (company) — Customer with concentration risk
• RelatedPartyClientTwo (company) — Customer with concentration risk
• Cleveland Clinic (company) — Mentioned in relation to financial periods

FAQ

From the Filing

0000950170-24-051315.txt : 20240501 0000950170-24-051315.hdr.sgml : 20240501 20240501162429 ACCESSION NUMBER: 0000950170-24-051315 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 68 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240501 DATE AS OF CHANGE: 20240501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: American Well Corp CENTRAL INDEX KEY: 0001393584 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39515 FILM NUMBER: 24903408 BUSINESS ADDRESS: STREET 1: 75 STATE STREET STREET 2: 26TH FLOOR CITY: Boston STATE: MA ZIP: 02109 BUSINESS PHONE: 617-205-3500 MAIL ADDRESS: STREET 1: 75 STATE STREET STREET 2: 26TH FLOOR CITY: Boston STATE: MA ZIP: 02109 10-Q 1 amwl-20240331.htm 10-Q 10-Q --12-31 0001393584 Q1 false 1 0001393584 amwl:TwoThousandAndTwentyEquityIncentivePlanMember 2024-01-01 2024-03-31 0001393584 us-gaap:CustomerConcentrationRiskMember amwl:RelatedPartyClientOneMember us-gaap:AccountsReceivableMember 2024-01-01 2024-03-31 0001393584 us-gaap:CustomerRelationshipsMember 2024-03-31 0001393584 us-gaap:RelatedPartyMember 2023-12-31 0001393584 amwl:CcawJvLlcMember 2020-12-31 0001393584 us-gaap:CustomerConcentrationRiskMember amwl:RelatedPartyClientTwoMember us-gaap:AccountsReceivableMember 2024-01-01 2024-03-31 0001393584 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0001393584 us-gaap:RestrictedStockUnitsRSUMember 2023-12-31 0001393584 us-gaap:RetainedEarningsAppropriatedMember 2023-01-01 2023-03-31 0001393584 2024-01-01 2024-03-31 0001393584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-03-31 0001393584 amwl:ClevelandClinicMember 2023-01-01 2023-03-31 0001393584 amwl:CcawJvLlcMember 2023-01-01 2023-03-31 0001393584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0001393584 us-gaap:PerformanceSharesMember 2023-12-31 0001393584 amwl:TwoThousandAndTwentyEquityIncentivePlanMember 2023-01-01 2023-03-31 0001393584 2024-04-01 2024-03-31 0001393584 us-gaap:ParentMember 2023-03-31 0001393584 us-gaap:CommonStockMember 2023-12-31 0001393584 us-gaap:ResearchAndDevelopmentExpenseMember 2023-01-01 2023-03-31 0001393584 amwl:OthersMember 2024-01-01 2024-03-31 0001393584 us-gaap:PendingLitigationMember 2024-03-31 0001393584 us-gaap:EmployeeStockOptionMember 2023-01-01 2023-03-31 0001393584 amwl:VisitsMember 2024-01-01 2024-03-31 0001393584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0001393584 us-gaap:CommonStockMember 2023-01-01 2023-03-31 0001393584 us-gaap:CustomerRelationshipsMember 2023-12-31 0001393584 us-gaap:RestrictedStockMember 2023-01-01 2023-03-31 0001393584 amwl:TwoThousandAndTwentyEquityIncentivePlanMember 2024-03-31 0001393584 us-gaap:ContractBasedIntangibleAssetsMember 2023-12-31 0001393584 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0001393584 amwl:NtnMemberMember us-gaap:NoncontrollingInterestMember 2023-12-31 0001393584 us-gaap:PerformanceSharesMember 2023-01-01 2023-03-31 0001393584 amwl:TwoThousandAndTwentyEquityIncentivePlanMember 2023-12-31 0001393584 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0001393584 us-gaap:EmployeeStockOptionMember 2024-01-01 2024-03-31 0001393584 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2024-03-31 0001393584 us-gaap:RetainedEarningsAppropriatedMember 2024-03-31 0001393584 us-gaap:CommonStockMember amwl:EquityAwardPlanMember 2024-01-01 2024-03-31 0001393584 us-gaap:RetainedEarningsAppropriatedMember 2022-12-31 0001393584 us-gaap:TradeNamesMember 2024-03-31 0001393584 us-gaap:RestrictedStockMember 2024-01-01 2024-03-31 0001393584 us-gaap:FairValueMeasurementsRecurringMember 2024-03-31 0001393584 us-gaap:CommonClassBMember 2023-12-31 0001393584 2024-01-01 2023-12-31 0001393584 us-gaap:TechnologyBasedIntangibleAssetsMember 2023-12-31 0001393584