UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ 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) Delaware 20-5009396 (State of incorporation ...

American Well Corporation (NYSE:AMWL) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET Company Participants Sue Dooley - Head of Investor Relations Ido Schoenberg - Chairman & Co-Chief Executive Officer Bob Shepardson - Chief Financial Officer Conference Call Participants Lucas Romanski - Cowen Matthew Shea - Needham & Company Craig Hettenbach - Morgan Stanley Jack Wallace - Guggenheim Securities Hanna Lee - Bank of America Dolph Warburton - Nephron Research David Larsen - BTIG Operator Good ev ...

[ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ 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) Delaware 20-5009396 (State or other jurisdic ...

American Well Corporation (NYSE:AMWL) Q3 2022 Earnings Conference Call November 7, 2022 5:00 PM ET Company Participants Sue Dooley - Head of IR Ido Schoenberg - Chairman & Co-CEO Bob Shepardson - CFO Conference Call Participants Charles Rhyee - Cowen Craig Hettenbach - Morgan Stanley Stan Berenshteyn - Wells Fargo securities David Larse - BTIG Jessica Tassan - Piper Sandler Cindy Motz - Goldman Sachs Allen Lutz - Bank of America Merrill Lynch Operator Good afternoon. My name is Mellissa, and I will be your ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2022 was $64.5 million, reflecting a 7% growth compared to Q2 2021 [26] - Subscription revenue grew 10% year-over-year to $29.6 million, while AMG visit revenue increased 8% to $29.7 million [27] - Adjusted EBITDA improved to negative $42.8 million from negative $47.1 million in the previous quarter [29] Business Line Data and Key Metrics Changes - Active providers on the platform reached approximately 103,500, representing a 45% increase year-over-year [24] - Total visits exceeded 1.5 million in Q2, marking a 19% growth compared to the previous year, with scheduled visits growing 20% year-over-year [25] - Visits on the CONVERGE platform accounted for approximately 9% of total visits, consistent with the previous two quarters [25] Market Data and Key Metrics Changes - The company is experiencing strong demand for its digital care delivery solutions, with a focus on hybrid care models that integrate physical, virtual, and automated modalities [13] - The healthcare market is facing challenges such as operational efficiency needs, staffing crises, and technological fragmentation, which the company's solutions aim to address [13] Company Strategy and Development Direction - The company is focused on the development and deployment of its CONVERGE platform, which is seen as a critical infrastructure for digital care delivery [6][10] - The strategy includes a land-and-expand approach, emphasizing the importance of demonstrating ROI benefits to clients [14] - The integration of Silver Cloud Health and Conversa is expected to enhance the company's offerings in behavioral health and automated care [10][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate economic uncertainties and staffing shortages, believing their solutions are relevant regardless of the market environment [30] - The company is optimistic about the growth potential of CONVERGE and the overall digital healthcare market, with plans to focus on execution in the second half of the year [30][32] Other Important Information - The company plans to publish its inaugural ESG framework, highlighting its commitment to environmental, social, and governance principles [32] - The company ended the quarter with a strong cash position of $630.1 million [29] Q&A Session Summary Question: Insights on CVS relationship and its impact on profitability - Management acknowledged the importance of the CVS relationship but refrained from providing specific details, stating that the path to profitability was based on a generic model [34][36] Question: Guidance on EBITDA and gross margins - Management reiterated that the guidance provided in February remains appropriate, with expectations of some decline in gross margins in the second half of the year due to increased service volume [37][41] Question: Status of module integrations on CONVERGE - Management confirmed that CONVERGE is designed to host numerous modules and that integration efforts are ongoing alongside customer migrations [42][44] Question: Impact of macroeconomic trends on enterprise sales cycles - Management noted contradictory trends, with increased caution in purchasing due to economic concerns, but also a strong recognition of the need for digital care delivery solutions [46][47] Question: Updates on Google and Amazon relationships - Management expressed satisfaction with the partnership with Google for cloud services and highlighted Amazon's potential impact on the healthcare market as a validation of their hybrid model approach [51][53] Question: Performance of SilverCloud and Conversa acquisitions - Management indicated that the acquisitions are performing as expected and are strategically valuable, enhancing the company's integrated offerings [58][62] Question: R&D spending and wage inflation pressures - Management acknowledged wage inflation pressures but stated that they have managed costs effectively through the use of contractors and do not anticipate significant changes in R&D guidance [65] Question: Capacity within the AMG network for virtual primary care - Management confirmed that they are meeting SLA targets and have sufficient capacity to service virtual primary care contracts, with a mix of urgent care and other specialties [67]

Financial Performance - Total subscription fees for Q2 2022 were $29.6 million, up from $26.8 million in Q2 2021, representing a 10.4% increase [118]. - AMG-related visit fees for Q2 2022 were $29.7 million, compared to $27.5 million in Q2 2021, marking an 8.0% increase [124]. - For the three months ended June 30, 2022, revenue increased by $4.3 million (7%) to $64.5 million compared to $60.2 million in the same period of 2021 [159]. - Subscription revenue for the three months ended June 30, 2022, increased by $2.8 million, driven by expanded use of the Amwell Platform by existing customers [160]. - Total costs and operating expenses for the three months ended June 30, 2022, increased by $36.2 million (37%) to $133.9 million compared to $97.8 million in the same period of 2021 [159]. - Net loss for the six months ended June 30, 2022, was $139.9 million, compared to a net loss of $77.9 million for the same period in 2021, reflecting an increase of $62 million (80%) in losses [170]. - Adjusted EBITDA for the three months ended June 30, 2022, was $(42,804) thousand, compared to $(23,652) thousand for the same period in 2021, indicating a worsening performance [142]. - The net loss for the three months ended June 30, 2022, was $(69,652) thousand, compared to $(38,136) thousand for the same period in 2021 [142]. Operational Metrics - Total visits on the Amwell Platform reached 3.3 million in the six months ended June 30, 2022, up from 2.9 million in the same period of 2021, reflecting a 13.8% increase [132]. - Scheduled visits increased to 2.4 million in the six months ended June 30, 2022, compared to 2.1 million in the same period of 2021, a rise of 14.3% [132]. - The Amwell Platform powered over 17.7 million telehealth visits since inception, with 3.3 million visits in the six months ended June 30, 2022 [113]. - Total overall visits for the quarter ended June 30, 2022, were 1,525,000, a decrease of 14% from 1,775,000 in the previous quarter [133]. - The number of total active providers increased to 103,500 as of June 30, 2022, up from 102,000 in the previous quarter, representing a growth of 1.5% [135]. - Approximately 12,000 active providers were added to the Amwell Platform in the current quarter, all from health system and health plan customers [134]. Expenses and Investments - Research and development expenses for the three months ended June 30, 2022, increased by $13.9 million (29%) to $36.5 million, primarily due to increased consulting services and employee-related costs [162]. - Sales and marketing expenses for the three months ended June 30, 2022, increased by $14.7 million (66%) to $37.1 million, driven by higher employee-related costs and marketing campaigns [163]. - Cash used in operating activities for the six months ended June 30, 2022, was $105.4 million, primarily driven by the net loss of $139.9 million [172]. - Cash used in investing activities for the six months ended June 30, 2022, was $376.3 million, primarily due to purchases of short-term investments [177]. Cash and Liquidity - The company had cash, cash equivalents, and short-term investments totaling $630.1 million as of June 30, 2022, down from $746.4 million as of December 31, 2021 [170]. - The company expects existing cash and cash equivalents to be sufficient to meet working capital and capital expenditure needs for at least the next 12 months [171]. - As of June 30, 2022, the company had cash and cash equivalents totaling $257.2 million, down from $746.4 million as of December 31, 2021 [186]. - The company held investments totaling $372.9 million as of June 30, 2022, with no investments held as of December 31, 2021 [186]. Market and Regulatory Environment - The company aims to grow its market share in telehealth, driven by increased adoption and utilization of its platform [130]. - The regulatory environment remains uncertain post-COVID-19, with potential reinstatement of restrictions that could adversely affect business operations [136]. - The company does not believe that a 100 basis point change in interest rates would materially affect its financial condition or results of operations [187]. - A substantial majority of the company's revenue has been denominated in U.S. dollars, with limited operations outside the United States [188]. - The company may consider international expansion in the future, which could increase exposure to foreign currency exchange risk [188]. - The company does not believe inflation had a material effect on its business in the last two years [189]. Strategic Developments - The recent acquisitions of SilverCloud and Conversa enhance the platform's capabilities in behavioral healthcare and automated virtual healthcare [128]. - Subscription contracts typically last three years, with potential for longer terms for strategic partners, allowing for revenue growth as clients expand usage [117]. - The company’s accounting estimates may change as new events occur and as the operating environment evolves [181]. - There have been no material changes to the company's contractual obligations and commitments as of June 30, 2022 [180].

American Well Corporation (NYSE:AMWL) Q1 2022 Earnings Conference Call May 9, 2022 5:00 PM ET Company Participants Sue Dooley - Head Of Investor Relations Ido Schoenberg - Chairman & co-Chief Executive Officer Bob Shepardson - Chief Financial Officer Conference Call Participants Charles Rhyee - Cowen Cindy Motz - Goldman Sachs Stephen Baxter - Wells Fargo Jessica Tassan - Piper Sandler David Larsen - BTIG Eric Percher - Nephron Research Allen Lutz - Bank of America Operator Good afternoon, and welcome to Am ...