Company: AMWL
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000950170-25-019024
Chunk: 160

Company: American Well Corp
Filing Date: 2025-02-12
Form: 10-K
Item: Item 1B
Chunk 160
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 year ended December 31, 2024, compared to income tax expense of $3.9 million for the year ended December 31, 2023. The decrease in the expense is primarily due to an decrease in foreign tax expense.

65

Income tax expense was $3.9 million for the year ended December 31, 2023, compared to income tax expense of $0.1 million for the year ended December 31, 2022. The increase in the expense is primarily due to an increase in foreign tax expense. 

Loss from Equity Method Investment

The Company and Cleveland Clinic partnered to form a joint venture, under the name CCAW, JV LLC, to provide broad access to comprehensive and high acuity care services via digital care. The Company does not have a controlling financial interest in CCAW, JV LLC, but it does have the ability to exercise significant influence over the operating and financial policies of CCAW, JV LLC. Therefore, the Company accounts for its investments in CCAW, JV LLC using the equity method of accounting. 

During the years ended December 31, 2024 and 2023, the Company recognized a loss of $3.1 million and $2.6 million as its proportionate share of the joint venture results of operations, respectively.

Liquidity and Capital Resources 

The following table presents a summary of our cash flow activity for the periods set forth below: 

    Years December 31,

    2024

    2023

    2022

    Consolidated Statements of Cash Flows Data:

    Net cash used in operating activities
     
    $
    (127,338
    )
     
    $
    (148,343
    )
     
    $
    (192,323
    )

    Net cash used in investing activities

    (18,652
    )

    (19,168
    )

    (11,630
    )

    Net cash provided by (used in) financing activities

    1,381

    2,147

    (3,612
    )

    Total
     
    $
    (144,609
    )
     
    $
    (165,364
    )
     
    $
    (207,565
    )

Sources of Financing 

Our principal sources of liquidity were cash and cash equivalents totaling $228.3 million as of December 31, 2024, which were held for a variety of growth initiatives and