false000139358400013935842024-10-302024-10-30

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 30, 2024

 

 

American Well Corporation

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39515

20-5009396

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

75 State Street

26th Floor

 

Boston, Massachusetts

 

02109

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 617 204-3500

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Class A Common Stock, $0.01 Par Value

 

AMWL

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02 Results of Operations and Financial Condition.

On October 30, 2024, American Well Corporation (the "Company") announced its financial results for the fiscal quarter ended September 30, 2024. The Company's Earnings Report is furnished as Exhibit 99.1 to this Form 8-K and is incorporated by reference herein.

The Company will host a conference call to discuss its financial results today at 5 p.m. ET, Wednesday, October 30. The call can be accessed via a live audio webcast at investors.amwell.com or by dialing 1-888-510-2008 for U.S. participants, or 1-646-960-0306 for international participants, referencing conference ID #7830032. A replay of the call will be available via webcast shortly after the completion of the call, at the same web link.

The information contained in this Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is being filed herewith:

99.1

Earnings Report, dated October 30, 2024, issued by American Well Corporation.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

AMERICAN WELL CORPORATION

 

 

 

 

Date:

October 30, 2024

By:

/s/ Bradford Gay

 

 

 

Bradford Gay
Senior Vice President, General Counsel

 


 

Exhibit 99.1

img267946692_0.jpg

 

 

AMWELL ANNOUNCES RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2024

 

BOSTON, October 30, 2024Amwell® (NYSE: AMWL), a leader in hybrid care enablement, today announced financial results for the third quarter of 2024.

“Q3 was a busy quarter for Amwell as we steadily executed on key strategies that support our path to cash flow positive. We are aligning our cost structure to fit our strategy, with great emphasis on efficiency and effectiveness, while building our growth organization to deliver high quality, higher margin revenue,” said Ido Schoenberg, M.D., chairman and chief executive officer of Amwell. “And, we continue to focus on executing and delivering for our existing and new customers. In that context, along with our Leidos partners, we are well underway in delivering the successful deployment of the Defense Heath Agency’s Digital First Initiative for the Military Health System.”

Amwell Third Quarter 2024 Highlights:

Recorded Total Revenue of $61.0 million
o
Achieved subscription revenue of $26.2 million
o
Recorded Amwell Medical Group (“AMG”) visit revenue of $27.5 million
Reported gross margin of 37%
Net loss was ($44.0) million, compared to ($49.9) million in second quarter of 2024
Adjusted EBITDA of ($31.0) million compared to ($35.0) million in the second quarter of 2024
Total visits were 1.4 million; visits on Converge were approximately 70% of total visits

Financial Outlook

The company revised its guidance, which calls for:

Revenue in the range of $247 to $252 million compared to a previous guidance of $259 - $269
AMG visits between 1.4 and 1.5 million, compared to previous range of 1.6 and 1.7 million

The company issued improved guidance for 2024 Adjusted EBITDA, forecasting a range of between ($137) million to ($142) million from a previous range of ($150) million to ($145) million.

Other than with respect to GAAP Revenue, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because other deductions used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP).

Amwell will host a conference call to discuss its financial results today at 5 p.m. ET, Wednesday, Oct. 30, 2024. The call can be accessed via a live audio webcast at investors.amwell.com or by dialing 1-888-510-2008 for U.S. participants, or 1-646-960-0306 for international participants, referencing conference ID #7830032. A replay will be available via webcast shortly after the completion of the call, at the same web link.

About Amwell

Amwell is a leading hybrid care, delivery enablement platform in the United States and globally, connecting and enabling providers, payers, patients, and innovators to deliver greater access to more affordable, higher quality care. Amwell believes that hybrid care delivery will transform healthcare. We offer a single, comprehensive platform to support all digital health

 


 

needs from urgent to acute and post-acute care, as well as chronic care management and healthy living. With nearly two decades of experience, Amwell powers the digital care of more than 50 health plans, which collectively represent more than 100 million covered lives, and many of the nation’s largest health systems. For more information, please visit https://business.amwell.com/.

©2024 American Well Corporation. All rights reserved. Amwell®, SilverCloud®, Amwell ConvergeTM, CarepointTM and the Amwell Logo are registered trademarks or trademarks of American Well Corporation.

Forward-Looking Statements

This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” or “would,” or the negative of these words or other similar terms or expressions.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of the date of this release. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: our ability to successfully transition our clients to Converge without significant attrition; our ability to renew and upsell our client base; the election by the Defense Health Agency to deploy our solution across their entire enterprise; the continuation of the DHA relationship beyond July of 2025 with comparable financial terms; weak growth and increased volatility in the telehealth market; our ability to adapt to rapid technological changes; increased competition from existing and potential new participants in the healthcare industry; changes in healthcare laws, regulations or trends and our ability to operate in the heavily regulated healthcare industry; our ability to comply with federal and state privacy regulations; the significant liability that could result from a cybersecurity breach; our ability to commence and complete and strategic transformation initiatives and the impact of such initiatives; and other factors described under ‘Risk Factors’ in our most recent form 10-K filed with the SEC. These risks are not exhaustive. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in the reports we have filed or will file with the Securities and Exchange Commission. These filings, when available, are available on the investor relations section of our website at investors.amwell.com and on the SEC’s website at www.sec.gov.

Contacts

Media:

Angela Vogen

Press@amwell.com

Investors:

Sue Dooley

sue.dooley@amwell.com

 


 

AMERICAN WELL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(unaudited)

 

 

September 30, 2024

 

 

December 31, 2023

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

244,647

 

 

$

372,038

 

Accounts receivable ($749 and $1,626, from related parties and net of allowances
   of $1,056 and $2,291, respectively)

 

 

89,264

 

 

 

54,146

 

Inventories

 

 

4,761

 

 

 

6,652

 

Deferred contract acquisition costs

 

 

2,391

 

 

 

2,262

 

Prepaid expenses and other current assets

 

 

15,814

 

 

 

14,484

 

Total current assets

 

 

356,877

 

 

 

449,582

 

Restricted cash

 

 

795

 

 

 

795

 

Property and equipment, net

 

 

424

 

 

 

572

 

Intangible assets, net

 

 

108,875

 

 

 

120,248

 

Operating lease right-of-use asset

 

 

8,012

 

 

 

10,453

 

Deferred contract acquisition costs, net of current portion

 

 

5,198

 

 

 

4,792

 

Other assets

 

 

2,312

 

 

 

2,083

 

Investment in minority owned joint venture

 

 

493

 

 

 

1,180

 

Total assets

 

$

482,986

 

 

$

589,705

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

8,150

 

 

$

4,864

 

Accrued expenses and other current liabilities

 

 

47,908

 

 

 

38,988

 

Operating lease liability, current

 

 

3,658

 

 

 

3,580

 

Deferred revenue ($61 and $1,286 from related parties, respectively)

 

 

62,457

 

 

 

46,365

 

Total current liabilities

 

 

122,173

 

 

 

93,797

 

Other long-term liabilities

 

 

1,500

 

 

 

1,425

 

Operating lease liability, net of current portion

 

 

5,440

 

 

 

8,206

 

Deferred revenue, net of current portion

 

 

3,823

 

 

 

6,091

 

Total liabilities

 

 

132,936

 

 

 

109,519

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued
   or outstanding as of September 30, 2024 and as of December 31, 2023

 

 

 

 

 

 

Common stock, $0.01 par value; 1,000,000,000 Class A shares authorized, 13,640,114
   and 12,776,608 shares issued and outstanding, respectively; 100,000,000 Class B
   shares authorized, 1,369,518 shares issued and outstanding; 200,000,000 Class C
   shares authorized 277,777 issued and outstanding as of September 30, 2024 and as of
   December 31, 2023

 

 

153

 

 

 

145

 

Additional paid-in capital

 

 

2,275,543

 

 

 

2,237,502

 

Accumulated other comprehensive income

 

 

(15,765

)

 

 

(15,650

)

Accumulated deficit

 

 

(1,923,268

)

 

 

(1,757,778

)

Total American Well Corporation stockholders’ equity

 

 

336,663

 

 

 

464,219

 

Non-controlling interest

 

 

13,387

 

 

 

15,967

 

Total stockholders’ equity

 

 

350,050

 

 

 

480,186

 

Total liabilities and stockholders’ equity

 

$

482,986

 

 

$

589,705

 

 

 


 

AMERICAN WELL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

($742, $1,044, $2,442 and $3,015 from related parties, respectively)

 

$

61,046

 

 

$

61,922

 

 

$

183,358

 

 

$

188,370

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of revenue, excluding depreciation and amortization of intangible assets

 

 

38,352

 

 

 

40,457

 

 

 

118,799

 

 

 

117,453

 

Research and development

 

 

19,797

 

 

 

27,715

 

 

 

67,283

 

 

 

79,480

 

Sales and marketing

 

 

16,771

 

 

 

20,379

 

 

 

60,883

 

 

 

64,659

 

General and administrative

 

 

25,183

 

 

 

29,571

 

 

 

86,404

 

 

 

102,260

 

Depreciation and amortization expense

 

 

8,313

 

 

 

8,266

 

 

 

24,767

 

 

 

23,227

 

Goodwill impairment

 

 

 

 

 

78,894

 

 

 

 

 

 

436,479

 

Total costs and operating expenses

 

 

108,416

 

 

 

205,282

 

 

 

358,136

 

 

 

823,558

 

Loss from operations

 

 

(47,370

)

 

 

(143,360

)

 

 

(174,778

)

 

 

(635,188

)

Interest income and other income (expense), net

 

 

3,882

 

 

 

7,978

 

 

$

10,334

 

 

 

11,250

 

Loss before expense from income taxes and loss from
   equity method investment

 

 

(43,488

)

 

 

(135,382

)

 

 

(164,444

)

 

 

(623,938

)

Benefit (Expense) from income taxes

 

 

149

 

 

 

(1,122

)

 

$

(1,223

)

 

 

(3,313

)

Loss from equity method investment

 

 

(702

)

 

 

(600

)

 

$

(2,402

)

 

 

(1,877

)

Net loss

 

 

(44,041

)

 

 

(137,104

)

 

 

(168,069

)

 

 

(629,128

)

Net loss attributable to non-controlling interest

 

 

(577

)

 

 

(690

)

 

$

(2,580

)

 

 

(2,551

)

Net loss attributable to American Well Corporation

 

$

(43,464

)

 

$

(136,414

)

 

$

(165,489

)

 

$

(626,577

)

Net loss per share attributable to common stockholders,
   basic and diluted

 

$

(2.87

)

 

$

(9.54

)

 

$

(11.13

)

 

$

(44.28

)

Weighted-average common shares outstanding, basic and diluted

 

 

15,135,421

 

 

 

14,294,690

 

 

 

14,864,967

 

 

 

14,149,576

 

Net loss

 

$

(44,041

)

 

$

(137,104

)

 

$

(168,069

)

 

$

(629,128

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain on available-for-sale investments

 

 

 

 

 

(3,190

)

 

 

 

 

 

3,062

 

Foreign currency translation

 

 

5,196

 

 

 

(1,493

)

 

 

(115

)

 

 

355

 

Comprehensive loss

 

 

(38,845

)

 

 

(141,787

)

 

 

(168,184

)

 

 

(625,711

)

Less: Comprehensive loss attributable to
   non-controlling interest

 

 

(577

)

 

 

(690

)

 

 

(2,580

)

 

 

(2,551

)

Comprehensive loss attributable to American Well Corporation

 

$

(38,268

)

 

$

(141,097

)

 

$

(165,604

)

 

$

(623,160

)

 

 


 

AMERICAN WELL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share and per share amounts)

(unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(168,069

)

 

$

(629,128

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Goodwill impairment

 

 

 

 

 

436,479

 

Depreciation and amortization expense

 

 

24,765

 

 

 

23,216

 

Provisions for credit losses

 

 

851

 

 

 

88

 

Amortization of deferred contract acquisition costs

 

 

1,819

 

 

 

1,611

 

Amortization of deferred contract fulfillment costs

 

 

275

 

 

 

323

 

Stock-based compensation expense

 

 

36,659

 

 

 

59,567

 

Loss on equity method investment

 

 

2,402

 

 

 

1,877

 

Deferred income taxes

 

 

2

 

 

 

(24

)

Changes in operating assets and liabilities, net of acquisition:

 

 

 

 

 

 

Accounts receivable

 

 

(35,932

)

 

 

11,475

 

Inventories

 

 

1,891

 

 

 

905

 

Deferred contract acquisition costs

 

 

(2,312

)

 

 

(2,351

)

Prepaid expenses and other current assets

 

 

(1,620

)

 

 

4,976

 

Other assets

 

 

(206

)

 

 

(214

)

Accounts payable

 

 

3,305

 

 

 

(2,357

)

Accrued expenses and other current liabilities

 

 

8,685

 

 

 

(16,579

)

Deferred revenue

 

 

13,582

 

 

 

3,369

 

Net cash used in operating activities

 

 

(113,903

)

 

 

(106,767

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(116

)

 

 

(96

)

Capitalized software development costs

 

 

(12,690

)

 

 

(13,836

)

Investment in less than majority owned joint venture

 

 

(1,715

)

 

 

(3,920

)

Purchases of investments

 

 

 

 

 

(389,990

)

Proceeds from sales and maturities of investments

 

 

 

 

 

294,335

 

Net cash used in investing activities

 

 

(14,521

)

 

 

(113,507

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from exercise of common stock options

 

 

 

 

 

569

 

Proceeds from employee stock purchase plan

 

 

1,384

 

 

 

2,164

 

Payments for the purchase of treasury stock

 

 

(1

)

 

 

(586

)

Net cash provided by financing activities

 

 

1,383

 

 

 

2,147

 

Effect of exchange rates changes on cash, cash equivalents, and restricted cash

 

 

(350

)

 

 

(1,046

)

Net decrease in cash, cash equivalents, and restricted cash

 

 

(127,391

)

 

 

(219,173

)

Cash, cash equivalents, and restricted cash at beginning of period

 

 

372,833

 

 

 

539,341

 

Cash, cash equivalents, and restricted cash at end of period

 

$

245,442

 

 

$

320,168

 

Cash, cash equivalents, and restricted cash at end of period:

 

 

 

 

 

 

Cash and cash equivalents

 

 

244,647

 

 

 

319,373

 

Restricted cash

 

 

795

 

 

 

795

 

Total cash, cash equivalents, and restricted cash at end of period

 

$

245,442

 

 

$

320,168

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash paid for income taxes

 

$

3,272

 

 

$

4,067

 

 

 


 

Non-GAAP Financial Measures:

 

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States, of US GAAP, we use adjusted EBITDA, which is a non-U.S GAAP financial measure to clarify and enhance an understanding of past performance. We believe that the presentation of adjusted EBITDA enhances an investor’s understanding of our financial performance. We further believe that adjusted EBITDA is a useful financial metric to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We utilize adjusted EBITDA as the primary measure of our performance.

We calculate adjusted EBITDA as net loss adjusted to exclude (i) interest income and other income, net, (ii) tax benefit and expense, (iii) depreciation and amortization, (iv) goodwill impairment, (v) stock-based compensation expense, (vi) severance and strategic transformation costs, and (vii) capitalized software costs.

We believe adjusted EBITDA is commonly used by investors to evaluate our performance and that of our competitors. However, our use of the term adjusted EBITDA may vary from that of others in our industry. Adjusted EBITDA should not be considered as an alternative to net loss before taxes, net loss, loss per share or any other performance measures derived in accordance with U.S. GAAP as measures of performance.

Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of the limitations of adjusted EBITDA include (i) adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and adjusted EBITDA does not reflect these capital expenditures. Our legal, accounting and other professional expenses reflect cash expenditures and we expect such expenditures to recur from time to time. Our adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate adjusted EBITDA in the same manner as we calculate the measure, limiting its usefulness as a comparative measure.

In evaluating adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. Adjusted EBITDA should not be considered as an alternative to loss before benefit from income taxes, net loss, earnings per share, or any other performance measures derived in accordance with U.S. GAAP. When evaluating our performance, you should consider adjusted EBITDA alongside other financial performance measures, including our net loss and other GAAP results.

 


 

The following table presents a reconciliation of adjusted EBITDA from the most comparable GAAP measure, net loss, for the three and nine months ended September 30, 2024 and 2023 and the three months ended June 30, 2024:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

Three Months Ended June 30,

 

(in thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

2024

 

Net loss

 

$

(44,041

)

 

$

(137,104

)

 

$

(168,069

)

 

$

(629,128

)

 

$

(50,579

)

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

8,313

 

 

 

8,266

 

 

 

24,767

 

 

 

23,227

 

 

 

8,216

 

Interest income and other income (expense), net

 

 

(3,882

)

 

 

(7,978

)

 

 

(10,334

)

 

 

(11,250

)

 

 

(2,668

)

Expense from income taxes

 

 

(149

)

 

 

1,122

 

 

 

1,223

 

 

 

3,313

 

 

 

97

 

Goodwill impairment

 

 

 

 

 

78,894

 

 

 

 

 

 

436,479

 

 

 

 

Stock-based compensation

 

 

10,599

 

 

 

16,899

 

 

 

36,665

 

 

 

59,409

 

 

 

9,838

 

Severance and strategic transformation costs(1)

 

 

2,865

 

 

 

1,359

 

 

 

16,821

 

 

 

3,340

 

 

 

5,297

 

Capitalized software costs

 

 

(4,718

)

 

 

 

 

 

(12,690

)

 

 

(13,836

)

 

 

(5,154

)

Adjusted EBITDA

 

$

(31,013

)

 

$

(38,542

)

 

$

(111,617

)

 

$

(128,446

)

 

$

(34,953

)

 

 

(1)
Severance and strategic transformation costs include expenses associated with the termination of employees and expenses that focus on transforming the strategy of the Company’s sales and growth organization as well as our overall cost structure during the respective period.

 

 


v3.24.3
Document And Entity Information
Oct. 30, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 30, 2024
Entity Registrant Name American Well Corporation
Entity Central Index Key 0001393584
Entity Emerging Growth Company false
Entity File Number 001-39515
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 20-5009396
Entity Address, Address Line One 75 State Street
Entity Address, Address Line Two 26th Floor
Entity Address, City or Town Boston
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02109
City Area Code 617
Local Phone Number 204-3500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, $0.01 Par Value
Trading Symbol AMWL
Security Exchange Name NYSE

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