American Well Corp

For the period ended Dec 31, 2023. Filed Feb 15, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 15, 2024

AMWL$12.03-2.3%Stored close · as of Nov 12, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

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	Years Ended December 31,
	2023	2022	2021
Cash flows from operating activities:
Net loss	$(679,171)	$(272,072)	$(176,782)
Adjustments to reconcile net loss to net cash used in operating activities:
Goodwill impairment	436,479	—	—
Depreciation and amortization expense	31,512	26,167	16,089
Provisions for credit losses	1,057	806	714
Amortization of deferred contract acquisition costs	2,261	1,684	1,971
Amortization of deferred contract fulfillment costs	432	620	737
Noncash compensation costs incurred by selling shareholders	—	11,139	2,753
Accretion of discounts on debt securities	(10,010)	—	—
Interest on debt securities	10,010	—	—
Stock-based compensation expense	72,246	67,675	43,809
Loss on equity method investment	2,590	2,278	3,132
Deferred income taxes	(242)	(2,524)	(6,245)
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	3,248	(8,140)	(512)
Inventories	2,085	(1,207)	1,598
Deferred contract acquisition costs	(4,499)	(2,771)	(2,235)
Prepaid expenses and other current assets	4,694	(161)	(5,775)
Other assets	(76)	(235)	117
Accounts payable	(2,361)	(4,780)	5,546
Accrued expenses and other current liabilities	(15,139)	8,962	(380)
Other long-term liabilities	—	(25)	(16,705)
Deferred revenue	(3,459)	(19,739)	(9,369)
Net cash used in operating activities	(148,343)	(192,323)	(141,537)
Cash flows from investing activities:
Purchases of property and equipment	(192)	(292)	(559)
Capitalized software development costs	(15,056)	(10,155)	—
Investment in less than majority owned joint venture	(3,920)	(1,960)	(2,548)
Purchases of investments	(389,990)	(499,223)	—
Proceeds from sales and maturities of investments	389,990	500,000	100,000
Acquisitions of business, net of cash acquired	—	—	(156,526)
Net cash used in investing activities	(19,168)	(11,630)	(59,633)
Cash flows from financing activities:
Proceeds from exercise of common stock options	569	5,740	20,806
Proceeds from employee stock purchase plan	2,164	2,503	1,599
Payments for the purchase of treasury stock	(586)	(360)	(15,038)
Proceeds from Section 16(b) disgorgement	—	295	—
Payment of contingent consideration	—	(11,790)	—
Payment of deferred offering costs	—	—	(1,613)
Net cash provided by (used in) financing activities	2,147	(3,612)	5,754
Effect of exchange rates changes on cash, cash equivalents, and restricted cash	(1,144)	(305)	(84)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(166,508)	(207,870)	(195,500)
Cash, cash equivalents, and restricted cash at beginning of period	539,341	747,211	942,711
Cash, cash equivalents, and restricted cash at end of period	$372,833	$539,341	$747,211
Cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents	372,038	538,546	746,416
Restricted cash	795	795	795
Total cash, cash equivalents, and restricted cash at end of period	$372,833	$539,341	$747,211
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$5,003	$1,723	$1,587
Supplemental disclosure of non-cash investing and financing activities:
Issuance of common stock in acquisitions	$—	$—	$144,107
Issuance of common stock in settlement of earnout	$—	$17,243	$—
Receivable related to exercise of common stock options	$—	$—	$74

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.