Form 10-Q - Quarterly report [Sections 13 or 15(d)]
30 Oktober 2024 - 9:15PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-39515
American Well Corporation
(Exact name of registrant as specified in its charter)
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Delaware |
20-5009396 |
(State of incorporation) |
(I.R.S. Employer
Identification Number) |
75 State Street, 26th Floor
Boston, MA 02109
(Address of registrant’s principal executive offices)
(617) 204-3500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Class A common stock,
par value of $0.01 per share |
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AMWL |
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The New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
☐ |
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Accelerated filer |
☒ |
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Non-accelerated filer |
☐ |
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Smaller reporting company |
☐ |
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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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 18, 2024, the number of shares of the registrant’s Class A common stock outstanding was 13,672,534, the number of shares of the registrant’s Class B common stock outstanding was 1,369,518 and the number of shares of the registrant’s Class C common stock outstanding was 277,777.
American Well Corporation
QUARTERLY REPORT ON FORM 10-Q
For the period ended September 30, 2024
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
AMERICAN WELL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)
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September 30, 2024 |
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December 31, 2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
244,647 |
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$ |
372,038 |
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Accounts receivable ($749 and $1,626, from related parties and net of allowances
of $1,056 and $2,291, respectively) |
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89,264 |
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54,146 |
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Inventories |
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4,761 |
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6,652 |
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Deferred contract acquisition costs |
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2,391 |
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2,262 |
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Prepaid expenses and other current assets |
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15,814 |
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14,484 |
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Total current assets |
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356,877 |
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449,582 |
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Restricted cash |
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795 |
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795 |
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Property and equipment, net |
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424 |
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572 |
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Intangible assets, net |
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108,875 |
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120,248 |
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Operating lease right-of-use asset |
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8,012 |
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10,453 |
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Deferred contract acquisition costs, net of current portion |
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5,198 |
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4,792 |
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Other assets |
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2,312 |
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2,083 |
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Investment in minority owned joint venture (Note 2) |
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493 |
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1,180 |
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Total assets |
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$ |
482,986 |
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$ |
589,705 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
8,150 |
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$ |
4,864 |
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Accrued expenses and other current liabilities |
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|
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 (Note 9) |
|
|
|
|
|
|
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 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
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 |
) |
The accompanying notes are an integral part of these condensed consolidated financial statements.
AMERICAN WELL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional
Paid-In |
|
|
Accumulated
Other
Comprehensive |
|
|
Accumulated |
|
|
American Well
Corporation
Stockholders’ |
|
|
Noncontrolling |
|
|
Total
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income (Loss) |
|
|
Deficit |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
Balances as of January 1, 2023 |
|
|
13,856,791 |
|
|
$ |
139 |
|
|
$ |
2,162,735 |
|
|
$ |
(16,969 |
) |
|
$ |
(1,082,028 |
) |
|
$ |
1,063,877 |
|
|
$ |
19,974 |
|
|
$ |
1,083,851 |
|
Exercise of common stock options |
|
|
6,429 |
|
|
|
— |
|
|
|
289 |
|
|
|
— |
|
|
|
— |
|
|
|
289 |
|
|
|
— |
|
|
|
289 |
|
Vesting of restricted stock units, including units with a market condition |
|
|
146,259 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares repurchased and retired |
|
|
(15 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Issuance of stock under employee stock purchase plan |
|
|
25,667 |
|
|
|
— |
|
|
|
1,268 |
|
|
|
— |
|
|
|
— |
|
|
|
1,268 |
|
|
|
— |
|
|
|
1,268 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
20,997 |
|
|
|
— |
|
|
|
— |
|
|
|
20,997 |
|
|
|
— |
|
|
|
20,997 |
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,062 |
|
|
|
— |
|
|
|
2,062 |
|
|
|
— |
|
|
|
2,062 |
|
Unrealized gains on available-for-
sale securities, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,319 |
|
|
|
— |
|
|
|
4,319 |
|
|
|
— |
|
|
|
4,319 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(397,688 |
) |
|
|
(397,688 |
) |
|
|
(821 |
) |
|
|
(398,509 |
) |
Balances as of March 31, 2023 |
|
|
14,035,131 |
|
|
|
140 |
|
|
|
2,185,288 |
|
|
|
(10,588 |
) |
|
|
(1,479,717 |
) |
|
|
695,123 |
|
|
|
19,153 |
|
|
|
714,276 |
|
Exercise of common stock options |
|
|
7,900 |
|
|
|
— |
|
|
|
280 |
|
|
|
— |
|
|
|
— |
|
|
|
280 |
|
|
|
— |
|
|
|
280 |
|
Vesting of restricted stock units, including units with a market condition |
|
|
171,009 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares repurchased and retired |
|
|
(13,233 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(585 |
) |
|
|
(585 |
) |
|
|
— |
|
|
|
(585 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
21,513 |
|
|
|
— |
|
|
|
— |
|
|
|
21,513 |
|
|
|
— |
|
|
|
21,513 |
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(214 |
) |
|
|
— |
|
|
|
(214 |
) |
|
|
— |
|
|
|
(214 |
) |
Unrealized gains on available-for-
sale securities, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,933 |
|
|
|
— |
|
|
|
1,933 |
|
|
|
— |
|
|
|
1,933 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(92,475 |
) |
|
|
(92,475 |
) |
|
|
(1,040 |
) |
|
|
(93,515 |
) |
Balances as of June 30, 2023 |
|
|
14,200,807 |
|
|
|
142 |
|
|
|
2,207,079 |
|
|
|
(8,869 |
) |
|
|
(1,572,777 |
) |
|
|
625,575 |
|
|
|
18,113 |
|
|
|
643,688 |
|
Vesting of restricted stock units, including units with a market condition |
|
|
112,474 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of stock under employee stock purchase plan |
|
|
35,549 |
|
|
|
1 |
|
|
|
895 |
|
|
|
— |
|
|
|
— |
|
|
|
896 |
|
|
|
— |
|
|
|
896 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
16,899 |
|
|
|
— |
|
|
|
— |
|
|
|
16,899 |
|
|
|
— |
|
|
|
16,899 |
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,493 |
) |
|
|
— |
|
|
|
(1,493 |
) |
|
|
— |
|
|
|
(1,493 |
) |
Unrealized gains on available-for-
sale securities, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,190 |
) |
|
|
— |
|
|
|
(3,190 |
) |
|
|
— |
|
|
|
(3,190 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(136,414 |
) |
|
|
(136,414 |
) |
|
|
(690 |
) |
|
|
(137,104 |
) |
Balances as of September 30, 2023 |
|
|
14,348,830 |
|
|
$ |
144 |
|
|
$ |
2,224,872 |
|
|
$ |
(13,552 |
) |
|
$ |
(1,709,191 |
) |
|
$ |
502,273 |
|
|
$ |
17,423 |
|
|
$ |
519,696 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
Additional
Paid-In |
|
|
Accumulated
Other
Comprehensive |
|
|
Accumulated |
|
|
American Well
Corporation
Stockholders’ |
|
|
Noncontrolling |
|
|
Total
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Income (Loss) |
|
|
Deficit |
|
|
Equity |
|
|
Interest |
|
|
Equity |
|
Balances as of January 1, 2024 |
|
|
14,423,903 |
|
|
$ |
145 |
|
|
$ |
2,237,502 |
|
|
$ |
(15,650 |
) |
|
$ |
(1,757,778 |
) |
|
$ |
464,219 |
|
|
$ |
15,967 |
|
|
$ |
480,186 |
|
Vesting of restricted stock units |
|
|
326,743 |
|
|
|
3 |
|
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of stock under employee stock purchase plan |
|
|
53,675 |
|
|
|
1 |
|
|
|
955 |
|
|
|
— |
|
|
|
— |
|
|
|
956 |
|
|
|
— |
|
|
|
956 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
16,228 |
|
|
|
— |
|
|
|
— |
|
|
|
16,228 |
|
|
|
— |
|
|
|
16,228 |
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(563 |
) |
|
|
— |
|
|
|
(563 |
) |
|
|
— |
|
|
|
(563 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(72,105 |
) |
|
|
(72,105 |
) |
|
|
(1,344 |
) |
|
|
(73,449 |
) |
Balances as of March 31, 2024 |
|
|
14,804,321 |
|
|
|
149 |
|
|
|
2,254,682 |
|
|
|
(16,213 |
) |
|
|
(1,829,883 |
) |
|
|
408,735 |
|
|
|
14,623 |
|
|
|
423,358 |
|
Vesting of restricted stock units |
|
|
151,734 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares repurchased and retired |
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
9,838 |
|
|
|
— |
|
|
|
— |
|
|
|
9,838 |
|
|
|
— |
|
|
|
9,838 |
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,748 |
) |
|
|
— |
|
|
|
(4,748 |
) |
|
|
— |
|
|
|
(4,748 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(49,920 |
) |
|
|
(49,920 |
) |
|
|
(659 |
) |
|
|
(50,579 |
) |
Balances as of June 30, 2024 |
|
|
14,956,053 |
|
|
|
151 |
|
|
|
2,264,518 |
|
|
|
(20,961 |
) |
|
|
(1,879,803 |
) |
|
|
363,905 |
|
|
|
13,964 |
|
|
|
377,869 |
|
Vesting of restricted stock units |
|
|
269,658 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of stock under employee stock purchase plan |
|
|
61,852 |
|
|
|
— |
|
|
|
428 |
|
|
|
— |
|
|
|
— |
|
|
|
428 |
|
|
|
— |
|
|
|
428 |
|
Shares repurchased and retired |
|
|
(154 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
10,599 |
|
|
|
— |
|
|
|
— |
|
|
|
10,599 |
|
|
|
— |
|
|
|
10,599 |
|
Currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,196 |
|
|
|
— |
|
|
|
5,196 |
|
|
|
— |
|
|
|
5,196 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(43,464 |
) |
|
|
(43,464 |
) |
|
|
(577 |
) |
|
|
(44,041 |
) |
Balances as of September 30, 2024 |
|
|
15,287,409 |
|
|
$ |
153 |
|
|
$ |
2,275,543 |
|
|
$ |
(15,765 |
) |
|
$ |
(1,923,268 |
) |
|
$ |
336,663 |
|
|
$ |
13,387 |
|
|
$ |
350,050 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
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 |
|
|
( |