Company: AMWL
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000950170-25-019024
Chunk: 155

Company: American Well Corp
Filing Date: 2025-02-12
Form: 10-K
Item: Item 1B
Chunk 155
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 predominantly of interest income on our money-market and short-term investments. We did not incur material interest expenses in the period as there were no outstanding debts or notes payables. 

Provision for (Benefit from) Income Taxes

The income tax provision and benefit were primarily due to state and foreign income tax expense, and benefit related to release of the valuation allowance as a result of our acquisitions.

Deferred tax assets are reduced by a valuation allowance to the extent management believes it is not more likely than not to be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. Management makes estimates and judgments about future taxable income based on assumptions that are consistent with our plans and estimates.

Consolidated Results of Operations 

The following table sets forth our summarized consolidated statement of operations data for the years ended December 31, 2024, 2023 and 2022 and the dollar and percentage change between the respective periods: 

    Years Ended December 31,

    Fiscal Year 2024 to Fiscal Year 2023

    Fiscal Year 2023 to Fiscal Year 2022

    (in thousands)
     
    2024

    2023

    2022

    Change

    %

    Change

    %

    Revenue
     
    $
    254,364

    $
    259,047

    $
    277,190

    $
    (4,683
    )

    (2
    )%
     
    $
    (18,143
    )

    (7
    )%

    Costs and operating expenses:

    Costs of revenue, excluding depreciation and amortization of intangible assets

    155,412

    164,287

    160,422

    (8,875
    )

    (5
    )%

    3,865

    2
    %

    Research and development

    86,065

    105,827

    138,487

    (19,762
    )

    (19
    )%

    (32,660
    )

    (24
    )%

    Sales and marketing

    76,272

    86,460

    81,628

    (10,188
    )

    (12
    )%

    4,832

    6
    %

    General and administrative

    121,174

    126,645

    146,