Accolade, Inc.

Thank you, Tay, and thank you for standing by. Welcome to the Accolade 4Q21 Earnings Results Conference Call. At this time, all participants are in the listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. If anyone should require assistance during the conference, please press star, then zero on your touch-tone telephone. As a reminder, this conference is being recorded. I would now like to hand the conference over to your host, Todd Friedman with Accolade. Thank you. You may begin.

Thanks, operator. Welcome, everyone, to our fiscal fourth quarter and year-end earnings call. With me today are our CEO, Rajiv Singh, and our CFO, Steve Barnes. Shantanu Nundi, our chief medical officer, will join us for the question and answer portion of the call. Let me first start by saying I apologize. We actually omitted the question. Q4 table, although it has the summary numbers and the rest of the tables are correct in the release, so we'll issue an amended release shortly with the full table details for you. Before turning the call over to Rajeev, please note that we'll be discussing certain non-GAAP financial measures that we believe are important in evaluating Accolades' performance, details in the relationship between these non-GAAP measures to the most comparable GAAP measures, and the reconciliations thereof can be found in the press release that's posted on our website. Also, please note that certain statements made during this call will be forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results for accolade to differ materially from those expressed or implied in the call. For additional information, please refer to our cautionary statement in our press release and our filings of the SEC, all of which are available on our website. And with that, I'd like to turn the call over to our CEO, Rajiv Singh.

Thank you, Todd, and thank you all for joining us here today. Fiscal 2021 was a year of transformation for Accolade. We were extremely well positioned at the outset of a global pandemic to be a source of help and guidance for our customers and for our members, and that led to opportunities for us to grow and to innovate. We took advantage of those opportunities. Among the highlights for the year were a consistent investment in innovation, which yet again yielded incredible value for our customers and our members. We delivered new offerings like Accolade COVID response care, intelligent provider matching, and a suite of integrated care offerings with partners that started with mental health with Ginger. Additionally, it was our first full year deploying Accolade Total Care and Total Benefits. Combined, these offerings dramatically expanded our solution footprint. We can meet customers wherever they are, and we can grow with them as they evolve. That innovation paid off with a strong organic growth rate across all market segments, strategic enterprise and middle market, which led to strong financial performance. We doubled our customer base again to more than 100 logos, covering more than 2.1 million members. And annual contract value increased 31%. Additionally, we launched our pilot program with the Defense Health Agency this past year, and very recently we learned that we received approval for the second year of our pilot. This renewal is obviously a positive signal. Accolade will now have a chance to continue demonstrating value in order to expand our presence with the TRICARE Select population. We thank you for your support in our capital raising initiative this year as well. From our IPO in July to our follow-on offering in October to our convertible note offering in March, we were able to leverage that stronger balance sheet to close our acquisition of 2ndMD in March and to announce our intention to acquire PlushCare in April. 2ndMD doubled our addressable market and added approximately 300 customers and 7 million members to our base. We've quickly moved to a more integrated model where expert medical opinion is now being sold together as a part of Accolade Total Care, and in add-on conversation with existing customers, we're seeing great traction with our customers for cross-sell and up-sell opportunities. We're in the early days of integration, and the acquisition is going as well as planned. Upon closure of the plush care transaction, we'll have grown our addressable market yet again to between $200 and $300 billion. more than 10x our opportunity from the beginning of fiscal 21. Accolade today is an even stronger company than the one that went public in July. We're bigger in our size, broader in our footprint, and attacking a materially larger addressable market. And most importantly, we're deeper with our customers and our members than we've ever been. And that's reflected in our record fiscal 21 financial performance. Steve will, of course, give you far more details on the results, but a quick recap, shows we came in ahead of our pre-announcement on both the top and bottom lines. For the year, revenue of $170.4 million grew 29% year-over-year, and adjusted EBITDA was a loss of $27 million compared to a loss of $33 million in fiscal 20. While we're pleased with fiscal 21, we see even more opportunity and growth in fiscal 22 and beyond. Our vision is clear. We build long-term, high-trust, longitudinal relationships with members and their families, and we improve clinical outcomes and we lower healthcare costs. Those relationships are powered by our frontline care teams and an extraordinarily differentiated data set. AON has now independently validated twice in the last four years that we deliver on that vision with demonstrated results. As we add more value to those relationships, via our own innovation, via partnership, and via M&A, we further improve outcomes and we drive better financial performance for our customers. It's as simple as that. Yet, perhaps it's simpler for Accolade rather than for others because our foundation is built on advocacy and navigation, a space that we pioneered and have led for years. Advocacy and navigation are the building block services that create engagement and trust between our members and our frontline care teams. Everything we do, whether it's in our core offerings or new areas like expert medical opinion and primary care, is made better by that trust. Since our founding, we've invested significantly in building long-term relationships with a significant percentage of the members we serve, not just the high-cost ones. When a member suffers an acute event or experiences some condition-focused inflection point in her healthcare journey, Our success is rooted in the fact that we were already building a relationship with that member long before that event. It's an approach that differentiates Accolade and is the bedrock of the results we deliver. Our mission is for every person to live their healthiest life. Our vision is to achieve the quadruple aim, better outcomes, lower costs, and delighted members and care teams. Our strategy for achieving that objective is innovation, partnership, and M&A. Looking at the year ahead, we see great opportunities on each of those vectors. Our innovation roadmap will now include new clinical programs delivered both via partnership and internally. Additionally, we'll be adding electronic medical record data, case notes, and test results to our already differentiated data set, further powering our artificial intelligence-driven next best action capabilities. From a partnership and collaboration perspective, we expect our existing relationships with companies like Ginger and Virta, among others, to continue to thrive as we grow. And while we're at it, let's talk about collaboration with the ecosystem more broadly. Healthcare is a $3 trillion ecosystem. No single vendor is going to solve the entire problem. Instead, our job is and always will be to do what's in the best interest of the people that we serve. That means we'll be collaborating with brick and mortar health systems, digital health providers, and everything in between to get the best outcomes for our members. We will never stray from that principle. On the topic of collaboration continued, a brief aside here on carriers. With the acquisition of 2ndMD, our already fruitful partnerships with carriers like Humana and Blue Shield of California have now been joined by partners like Optum, Aetna, Cambia, and others. Increasingly, our capabilities are being viewed as opportunities for carriers to differentiate themselves, and we expect that trend to continue to play out in fiscal 22. And it is on the back of that success that we're taking the next step to realize our vision of reinventing healthcare with the addition of PlushCare. Our integrated care teams, now including primary care physicians with unprecedented data at their fingertips and proven support teams behind them, will be in a position to impact outcomes and deliver value for our members in a way that is unprecedented in the industry. In the future, we expect to be able to reliably and measurably improve clinical outcomes for our customers while at the same time delivering negative trend line, actually eating into the waste and misuse that plagues our system today. And we expect to share the value that we create for our customers when we do. Our first discussions with customers regarding this pending acquisition and our offering strategy have been extremely well received, and we look forward to updating you on these conversations after the transaction is approved and closed. To turn this vision into reality, we're focusing on integrating these capabilities tightly with our core services and on retaining the incredible people who have joined or will join Accolade as a part of these transactions. Our mission is to achieve the quadruple aim, and we are on our path to doing so. Now, I'll turn the call over to Steve Barnes, our CFO, to cover our results and forward outlook before returning for some closing remarks.