All right. Thanks everyone for coming and for coming on time. Thanks for reading my email yesterday. For those who haven't met, I'm Todd Friedman. I run investor relations here, and we really wanna thank you all for coming out to Vegas. We know it's a lot of effort to get out here, but we really do appreciate everyone making the time. We've got a really packed agenda today. We'll go till about five o'clock. The first 2.5 hours, we've got a bunch of presentations, some guest speakers, and then we'll take a break there. Before we start, of course, I gotta give you the usual forward-looking statement here. Of course, we're gonna make some forward-looking statements. I think if we didn't, we'd probably hear from you all if we made no forward-looking statements. One thing I will point out, there are lawyers in the room, we posted some supplemental slides on our website, with some of the non-GAAP reconciliations. Check those out. Jumping right into it, let me just tell you what we're gonna do today. The agenda is really about the future of healthcare. We're gonna talk about where we think the world's going, talk about what it means to run an advocacy-led benefits program and how that affects primary care. We've got a bunch of great speakers here, a lot of the management team. I'll let Raj introduce them all as they come up. We'll go to about 3:30, and then we'll take a break, and then we'll come back. We've got some great customers and partners also to come join us. I'm gonna kick this off with a video here. I apologize, guys. Looks like I'm looking at the slides. I've got the wrong deck running there, so we may have to go back and run the right deck. I think the next slide is gonna be the wrong video. When we watch this video, I sent this note yesterday, we're gonna come back to this one throughout the day. This is a member of ours who really does speak to what Accolade is trying to do in the world, and how our members work with us throughout their entire healthcare journey. If you'll give me a moment, I'm gonna walk to the back of the room, make sure we've got the right video about to run, and then I'll give it to Raj. Thanks. Before I forget, the closest restrooms are out the door to the left, and the Wi-Fi password is care2023 with lowercase care. Thank you. In 2020, I lost my mom, about a year later, I was still struggling with that as anyone does when they lose a mother. I had the privilege of calling Accolade, and I was able to learn from that very first call how assistive they can be. When I called, I was, of course, not in good shape. I was crying and just uncontrollable. My first experience was the nurse just let me cry. She just let me cry. It was probably the best thing that I needed because I needed to release the grief so I could talk. I couldn't talk. When I called the next time, I got the privilege. It's a true privilege to speak with Jessica as a Health Assistant. They're very knowledgeable in what benefits are eligible for you based on your company benefits. I had fallen off of my step stool in the garage. I said, "You know, let me call just to make sure there were not other things I should look for." With that fall, we all expected that I would, you know, be okay in a few days, and that didn't happen. I started to get in significant amount of pain without really knowing why. Called again and spoke with Jessica, who introduced me to another partner that's available, which was PlushCare, to find out, okay, let's look a little further. It was that partnership with getting to PlushCare right away because COVID was still a bit rampant and it was hard to get doctor's appointments. She was able to get me a virtual appointment with PlushCare. That was the next step. I love the fact that I know I can call and say, "Jessica, I need help with..." Whatever that is, she's going to be able to tell me who's in network. She's going to be able to tell me if I have a copay, and she would even go as far as, "Let me see who can get you in the soonest if we had to do that." I was also introduced to Virta. Virta is the partner that is looking to reverse diabetes. When I was introduced to Virta on January 25th, I was taken off of insulin in 9 days. Subsequently, I've lost almost 60 pounds. I could describe this partnership and what it's done for me as a blessing and a freedom. The reason for that is benefits can be so difficult as they are. To know that you have all these other options and someone right there to be able to say, "Let me tell you about this particular option," is life altering. I've never lost this much weight before. I can see the end of the road. I know where I'm going, and it's because of the partnership. How are you? Great. That was resounding. Well done. We need to wake up a little after lunch, I see. It's a pleasure to see all of you. We're thrilled that we have an opportunity to spend some time with you. It's been three years since we took Accolade public in 2020. That's an embarrassing picture of me, let's move forward. Our mission is really simple. If you're to watch the video of Marjorie, you recognize that that's the care you want for every single member of your family. There's 170 million people in this country covered by their employer, every one of those 170 million deserves the experience that Marjorie got. The question is- Can you deliver an experience at that scale for people like Marjorie all across the country? We believe it's possible, and we believe that today we're in the process of building a customer-obsessed, a member-obsessed healthcare delivery system that on a nationwide basis, can serve employers in a brand new and unique way. Our unyielding commitment to do the right thing for people like Marjorie is the power that drives our flywheel. So when you're to think about what we're trying to achieve today, is we wanna describe for you how we're going about building that business. What you'll hear from a whole suite of executives that I'll announce here in just a moment, is different parts of the story and where we are. What I'd love for you to take away from today's conversation at the highest level is first, we're entering a greenfield market. We're a market leader in a brand-new space that today has 33,000 customers in the enterprise segment or the direct-to-employer segment and a large government space that's as of yet untapped. We lead that segment. Second, we have a differentiated strategy that's differentiated along two vectors that we'll talk about in a moment. Third, this idea of an advocacy-led benefits capability is an idea that actually activates things like primary care on a downstream basis in a way that can actually solve tangible problems in this universe. Finally, that primary care activation creates opportunities on a downstream basis to further drive value in specialty care. We're building that business. You're gonna hear about it first from me. You'll get your dose of me, but it'll be pretty quick because we want you to hear from a really talented team. First up will be Ryan McQuaid. Ryan's the Co-founder of PlushCare and now the Chief Product Officer at Accolade. Ryan's gonna be talking about the products that we built and how those products fundamentally ensure that we can deliver a high-quality scalable service. From there, Dr. Shantanu Nundy, our Chief Health Officer, will come up and talk about a clinical strategy that blends smart population health with care delivery capacity with the capacity for measurement. We'll go quickly from there into our partners. Kristen Weeks, who runs Corporate Development and Partnerships for Accolade and Corporate Strategy, will bring up a couple of our partners, they'll talk about why our partnership strategy is fundamentally different in that we're not acting as a tool gate, but instead as an enabler for our partners. The rest, as we keep going, gets even more fun. What could be more fun than a full breakdown of all of our numbers and the idea of how we're gonna scale our business to profitability than somebody you all know really well, Mr. Steve Barnes. That'll be the most fun part of the day. We'll go from there. Beyond that, Rob Cavanaugh, who's our President, will get up and actually be speaking to a couple of our customers. That'll be happening virtually. Our customers were not able to travel in, but I think you're gonna get a ton of value from that across all vectors of the presentation. The final presentation of the day will be Meg Worth, our Vice President in our Health Plans Group, talking to a couple of our health plan partners and giving a sense of exactly why our partnerships are so valuable to the plans and why we believe health plan relationships are a part of the growth engine of our company. It all starts, though, at the macro level with something very, very simple. In every single category, across the history of time, one company sets itself apart from all the other companies in the category. It sets itself apart not because of extraordinary marketing, not just because of great engineering, but instead because of a single-minded focus of the business. That single-minded focus very clearly is customer obsession, the idea that we'll do anything to take care of our customer and that we can guide all of our business in that regard. In consumer products, you're talking about Apple. In fast food, you're talking about Chick-fil-A. In retail, you're talking about Amazon. In insurance, you'd be talking about a company like USAA. You can look at every one of those businesses and say, "There's things about those businesses I like, and there's things about those businesses I don't like." In every one of those businesses, you could actually look at the data and say they're outperforming in their relevant sales metrics, they're outperforming in their customer satisfaction metrics, and they're outperforming as it relates to delivery of value to their shareholders. We believe a business like that is possible in healthcare, and we think fundamentally no one's built that company. There are very simple means about actually going about doing so. When we think about the business we're building, we think about it really with three simple questions that we have to answer about every strategic and every tactical decision we make. Is what we're doing going to add value or be better for our members? Is it fundamentally going to be better for our customers? Is it at some level something that we can scale so that our care teams are put in a position to actually deliver that service consistently every single time? If the answer to that question is yes, we should move. We should have done it yesterday. In that context, what we've done is we've enabled our business to make decisions quickly, to move rapidly in the direction of the customer, and to clear anything that doesn't clear those criterion out of their radar as it relates to the work that has to get done. That all sounds very much like motherhood and apple pie. I got that. Yet, no one in healthcare is doing that work. Here's what I'd like to do. I'd like to break down the service so that you really understand every core element of the service, in every core element of the service, what makes us unique and different. It really starts with this. We start with the idea that we deliver a flawless experience every single time people engage with Accolade. That flawless experience leads to an opportunity to engage clinically. That clinical strategy is fundamentally differentiated from the way the rest of the universe works. If you were to tie that clinical strategy then to the idea that what we want to do is not just empower our own clinicians, but the clinicians who exist in the rest of the ecosystem with an open platform that allows that ecosystem to perform at its highest levels, the best way possible, you have an opportunity to build something extraordinary and unique. We'll break every one of those three elements down and speak to why specifically what we do is different from everyone else. Of course, the only way that matters is if we can deliver that at scale. When I met many of you in 2020 or 2019, the year before our company went public, we were serving about 1 million people. Today, we're serving north of 10 million people, north of 800 customers. The idea of scale requires extraordinary care in a number of different vectors. Let's start here. Let's start where it all begins. Let's start with the idea of delivering flawless service. Let me define flawless service for you the way we think about it inside of Accolade. Flawless service, first and foremost, is consistency and reliability. Do you show up every time the same way with the same regard and the same capacity to deliver value? Secondly, do you deliver extraordinary quality? Accolade's capable of delivering extraordinary quality because our people know healthcare better than anyone else does. Therefore, our members don't have to. Third, the relentless capacity to follow up. One of the places healthcare falls down in this country the most is the capacity to actually ensure that if you are wrestling with a claims issue that you're worried might bankrupt your family, that somebody's gonna follow up and make sure that that's actually wrestled to the ground. If you're looking for a Latinx doctor in your neighborhood who's taking patients, somebody's gonna keep following up on that request until it's done. That follow-up happens almost nowhere in healthcare. Capacity to deliver those three elements, reliability and consistency, extraordinary quality every single time, and relentless follow-up, is what makes our front-end service extraordinary. If you were to think about it in context then, you would look and say, "Well, isn't that something that everyone could do?" In fact, here's your reality. Our NPS scores ranging from 70, 80, 90, depending upon the service, significantly outperform those other companies in healthcare. The question you'd have to ask is why. Well, there are many elements to that answer. It starts, of course, with culture. You have to have extraordinary people, and you have to have extraordinary culture. The extraordinary people and extraordinary cultures is the exact reason we let Marjorie cry. How many healthcare companies would have let her cry for two minutes before they asked, they tried to get to the bottom of the next answer? Our capacity to deliver that value by starting the relationship with extraordinary culture and extraordinary people is then built upon by the capacity to collect an extraordinary data set about every single person we serve. Unfortunately, for many healthcare providers in the United States today, they're trying to wrestle a challenge without any of the information necessary to really understand the patient in front of them. Our capacity to collect a 360-degree data set that includes claims data, that includes pharmacy benefits data, that includes signals from all over the healthcare ecosystem, and then turn that into a True Health Action or a True Health Engine, turns it into a population health strategy, turns it into a risk stratification that, in fact, makes recommendations to our health assistants. You caught somewhere in Marjorie's story that she called about back pain and ended up on a diabetes reversal solution. That's extraordinary, and that's because we knew about Marjorie before she even called. That True Health Engine then ties out to the idea that a seamless service delivery is, in my mind, very simple. It's 2023. You want all of your healthcare tools to be operating at a consumer level that's exactly like everything else you see in the universe. Yes, I wanna pick up the phone and call somebody if I need to. I'd also like to be able to interact with them via mobile. I'd also like to be able to book an appointment and see a physician in 15 minutes. That extraordinary seamless consumer experience is what makes us fundamentally different than everybody else in healthcare right now, and all of that yields what we call customer love. If you've read a book called Winning on Purpose, there's a guy by the name of Fred Reichheld who invented the net promoter score. He calls those businesses that have built, that have removed every obstacle from perfection every time by making perfection average, those are companies that have an opportunity to build customer love. That's the company we're building at Accolade. At the end of all this, here's where you end up. You end up with Marjorie. Marjorie is an engaged healthcare consumer. For 20, 30, 40 years, the healthcare industry has been looking for engaged healthcare consumers. Now, if you were to quote my friends in Portage, Michigan, where I grew up, you're cooking with gas. You guys know what that reference means? Oof, man, it's hard to get a pull out of this group. What kicks in next is a clinical strategy that's unique. What kicks in next once you have an engaged consumer, which by the way, is very difficult to do, is a clinical strategy that's built around that same data set. That same data set that now says, unlike the rest of the healthcare universe, which fundamentally is only attempting to engage a small percentage of the population, we can build a population health strategy for every single person in the population. We can build a set of recommendations for every single member of that population. In turn, we can present those recommendations not just to our frontline care teams, but in fact, directly to the consumer themselves, our member. In and of itself, that's unique. The second part of the story is really that it only gets interesting if you can actually execute on the strategy. This is another one of the areas that Accolade's fundamentally changed over the last three years. We now employ hundreds of primary care physicians, nurses, pharmacists, behavioral health specialists, all with the capacity to turn an engagement into a clinical engagement in real time. Physicians who are schedulable, who are available for nurses who are available on warm transfer or schedulable basis, that can actually execute on the population health strategy that we presented to our customers and that our True Health Engine is enabling. That's a second very unique thing about Accolade. The third part of the story is the part of the story that our buyers have been lamenting in healthcare for well, I've been in healthcare for the last 10 years. I'm rounding up, eight. None of it's measurable. You can tell me what you're gonna do, but I can never actually track back and find out, did my carrier, did my health system, did whoever it was that made me this promise, actually do what they said they were going to do? With something we call the True Health dashboard, you can look every single day at your data as a customer to understand what percentage of the population we engaged, how many are engaged with primary care physicians, how many are following the True Health action plan that we've built for them, where are they in that cycle. Not only how effective are we, how effective are the rest of your programs, most importantly, what's the health of your population? You're gonna see the True Health dashboard in action a little later today. Today is actually our launch day for a number of our customers. If you put all that together, that strategy of population health for every individual, not just for the highest risk, the capacity to execute on that strategy with our own clinicians embedded with the idea of making that strategy a reality, and then measurability, you have a unique clinical strategy that's very, very powerful. Now, I'm gonna step you back for a minute and talk to you about something that every one of our customers knows, and I bet most of you know. We have a primary care crisis in the country. Why? We're not making enough. Today, on average, we spend about, I think, on a year-over-year basis, about 6% of total 6% of total health care costs on primary care. More importantly, there's a primary care shortage in most major cities, where even if you have a primary care physician, it takes you 24-30 days to get to the doc. In Marjorie's case, she fell off a stepstool, hurt her back, actually didn't wanna go see a virtual care physician, but couldn't see her own primary care physician for 30 days, and eventually said, "Oh, I wanna see the PlushCare doc," and now loves that physician. That shortage of primary care physicians... By the way, let's just go ahead and extend that. Does anyone believe we're creating enough nurses to address the healthcare needs moving forward? Enough behavioral health specialists to address the needs of the healthcare ecosystem moving forward? For our customer, the $170 million people served by employers, for our customer, the TRICARE population, every answer needs to be scalable, it needs to be nationwide, it needs to solve the accessibility problem in Cleveland and in San Diego. It needs to deliver with quality. Fundamentally, at its core, it has to be measurable. I pulled this out so I can point to you a macro trend that exists in this country that's extraordinary. The crisis in primary care will not be solved by creating another 100,000 primary care doctors out of whole cloth. It will be solved with a new strategy around reaching people virtually embedded in the population health strategy that they're currently engaged in. That's where Accolade plays. That opportunity is extraordinary. Now, I'm gonna take a step back. I just wanted to throw some logos up here that would catch your attention. All of you are hearing about these drugs. I spent last week in Atlanta, Boston, Philadelphia, and New York, visiting customers. Every single customer brought up GLP-1 drugs. Every single one. Here's what happened in the old days. In the old days, when your pharmacy costs were going up by 10%, 15%, whatever it might be, and every one of them saw an increase in pharmacy spend in this category, you'd call your PBM and you'd say, "I need a utilization management strategy. We need a pre-authorization on these drugs." Then you'd cross your fingers and hope that the physicians downstream actually applied the clinical rigor that that pre-authorization implied. Here's the conversation that I was having with those customers last week. Of course, if you believe that this drug is absolutely an opportunity for your people, for those people who meet the, who meet the clinical requirements, then we should do three things. We should ensure they meet the clinical requirements. If they don't, by the way, what if we could get them to a partner like Virta who might have a non-pharmaceutical alternative to weight loss? If they do, what's the clinical rigor that you expect? Well, I'm no doctor, but I think what you need is coaching during the process, behavioral health support if needed, and a plan for life after the drug. In a world where our advocacy platform is powering our primary care platform, we're uniquely positioned to deliver that value. Now to tie it all together as it relates to clinical strategy, what if we could measure every step of the way? How many people in your population are eligible? How many people are not eligible, and where are they in their journeys? How many of their-- are applying the clinical rigor necessary to get to the best outcomes? All of a sudden, something that was a dark sort of hole over here that just saw cost going up is bathed in sunlight. We understand where the costs are, why they are, and what the opportunities are moving forward. That's the opportunity of our clinical strategy. I'm gonna use that as a good segue into our partner strategy. I mentioned Virta in that conversation because every answer as it relates to weight loss isn't a GLP-1 drug. Oftentimes there's other innovation happening in our industry. In fact, as most of you are investors or people who work with investors, you know there's tens of billions of dollars getting invested into healthcare innovation every single year. Here's the other thing you know. You can look at a lot of the logos on this slide, these are largely companies that have actually achieved some level of market penetration. Many of those innovations never see the light of day. Why? Because fundamentally, they can't get their innovation to the consumer, and they can't get their innovation to the consumer. I mean, we can debate the reasons why, but let's just presume for a moment that it's some combination of it's difficult to market to consumers, it's difficult to find consumers. There's some misaligned incentives that exist in the system that maybe make it hard for people to get to those consumers, and consumers aren't necessarily engaged in their health. If you could solve those problems, you have an opportunity to do something extraordinary for the industry, and that's to turn innovation that actually can yield real value for individuals into something that actually reaches those individuals in a measurable way. That's why our open ecosystem, that's why our Trusted Partner Ecosystem is so extraordinarily powerful. Because it's built on a few things that others don't have. Most of our partners, many of our partners, when they contract directly with an employer, don't have a claims history of about all of the people that they intend to be serving. That claims history gives them an extraordinary opportunity to target populations and be extraordinarily smart and targeted about who they wanna reach inside that population. That data set, coupled with our frontline care teams and our frontline care teams actually trained in those solutions, understanding the value of those solutions. Our clinical care teams actually embedding and working side by side with our partners' clinical solutions, give us an outsized advantage as it relates to creating value for our partners, value for our customers, and value for the individuals that we serve. All of that again ties back to a thought that I'm gonna keep harping on. Healthcare has been immeasurable in our industry forever, and we now have a capacity via the Accolade platform to measure it, including the value of the partner solutions that are being delivered. You'll hear a lot of that from Kristen and her panel a little later today. Before Accolade existed, and these three simple elements, flawless service, a clinical strategy that's differentiated by its capacity to execute and measure, and an open technology and clinical platform that allows us to engage with partners and deliver value for partners in a way that previously hadn't been available, you couldn't build this nationwide customer-obsessed, member-obsessed healthcare delivery company. It was impossible. I wanna walk you back to the four things that I want you to walk away with today. The first is we've got a greenfield opportunity in front of us. 800 of 33,000 or so potential customers in the B2B space. A huge upside of nearly 9 million members in TRICARE, that's just a part of the greenfield opportunity. The other part of the greenfield opportunity is that we haven't penetrated our existing customers with all of our solutions or all of our extraordinary partner solutions or driven the level of utilization that we believe is possible for all of those solutions. That's the greenfield opportunity. The idea of differentiation is weaving those three elements together in a way that no one in our industry has previously done. That differentiation, to us, gives us an opportunity to improve healthcare outcomes, lower costs, and make members extraordinarily happy. The fourth point is really one that I'm gonna take you all the way back to where I started today. The third point, excuse me. We're all the way back to where I started today. If you're to step back and look at Accolade in 2020, we were an advocacy company, and quite proud of the advocacy company we'd built. Here we are in 2023, an advocacy company that's now powering benefits departments across the universe or across the United States to look at their benefits, their health and wellness strategy fundamentally differently. I sat in New York with a customer who brings us in to their carrier RFPs, who brings us in to their dialogues around how everything they're doing with their benefits platform is fundamentally gonna be built around the advocacy platform that Accolade is delivering for them. That idea of advocacy-led benefits or health and benefit strategies is how significantly different the universe is in 2023 than it was in 2020. If you liked our strategy in 2020, you should really like our strategy in 2023 because it has an opportunity to enable primary care for those customers, and it has an opportunity to be right in the center of the ecosystem. There was a notion back in 2020, and some people who perhaps haven't kept up with the industry might even still believe it. It's the idea that advocacy or that things like Accolade are a supercharged customer service vehicle. That notion is absolutely antiquated. What we have here is a possibility of an advocacy-led strategy that drives better primary care utilization, that drives the capacity to implement a clinical strategy on bullet four, that in the future creates more opportunities at improving specialty care, that presents more opportunities for improving value of care for everybody that we serve, and that's what we believe the long-term opportunity for our business is. It's time for me to start wrapping up, and as I wrap up, I just wanna point something out because I won't have this opportunity a little later. You're gonna get a chance to meet the team over the course of this day as well as our reception a little bit later. I think you're gonna be struck by the quality of these individuals. I certainly am every single day. I think importantly, you're also gonna be struck by the humbleness by which they are approaching this extraordinary opportunity. Great teams build great companies. I think you're gonna see that this team outstrips me every step of the way. The first person I'm going to introduce is a person who joined us as the Co-founder of PlushCare. Ryan McQuaid joined us after the acquisition, and within about three months, it became extraordinarily obvious to me that all of the strategies inside of PlushCare and delivering extraordinary consumer experiences needed to apply to every part of our business. Today, I'm delighted to tell you, Ryan's our Chief Product Officer. Ryan, take it away, sir. Use that. Thanks, Raj. Glad to be here with everybody today. Two years ago, we started this path of slow integration of Accolade, PlushCare, 2nd.MD, and HealthReveal. As an entrepreneur, people ask me the question, "Hey, aren't you stoked you sold your company for $450 million? Chapter over onto the next." That wasn't the spirit if you guys have followed along. I couldn't be more thrilled about the opportunity we have in front of us to create what we started to out to create in 2014 when we started PlushCare, the first customer-obsessed nationwide healthcare delivery company. Going back to that story with Marjorie, as you saw her interaction with the health assistant, it was critical about the member experience she received. It was an incredible member experience. It's not just about the member experience with our health assistants. That's foundation to what Accolade does, but it's also in the technology that we provide. The technology we provide our frontline care teams to make sure that they get the right information at the right time to provide members the right recommendations to have a successful path on their healthiest lives. It's also about the solutions that we provide our members. The mobile applications, the website experiences, the interactions they have with us via phone and text message to make sure that we're meeting our members where they want to meet with us and making sure that they can have self-serve solutions that are at parity to what they can get by calling in a health assistant. It's also about our relationship with our customers. Yes, we serve members on an everyday basis, we also obsess over the experience our customers have. That begins with a seamless implementation process to providing our customers dashboards that they can see what's going on with their populations on a daily basis and that we're living up to our commitment that we made when we first signed that agreement. Additionally, it's about the handoff with our trusted partners to ensure our members are having a seamless longitudinal healthcare experience when we hand them off to somebody like Virta or Sword. It's not just about obsessing over a great member app, it's not just about having a great call center experience. It's about ensuring that we obsess over every human and digital interaction that members have with us. That's what we're committing to deliver, and that's what we are delivering. Anuja, my colleague, is gonna come up and share a demo shortly here, but I wanted to take a step back and bring you into the journey that we had, how at PlushCare we thought about member experience and how we measure ourselves. We set out on a journey back in 2014. We looked to the industry and said, "All right. Who do we want to aspire to be?" What we found was NPS is not exceeding single-digit NPSs. What we found was feedback of lack of trust, lack of transparency, surprise billing. What we said is, "We have to go look outside the industry." Let's look at companies like Apple, Zappos, Chick-fil-A, companies where their customers not only trusted them, they actually fell in love with the brands. You could see from Marjorie's story, that's the magic that's been created at Accolade. To have the opportunity to go scale that from tens of millions of people to 50 million-100 million people is extraordinary for me on the next path of journey as an entrepreneur. I'm gonna pass it off to Anuja, a wonderful colleague, clinician, and an amazing product leader, who's gonna give you a glimpse into what some of that product experience looks like. Anuja, take it away. Thanks, Ryan. Hi, everyone. Raj talked about two things, execution and measurability, and that's what I'm gonna tell you about today. Accolade has a ton of data. Raj talked about the 360-degree view. Think about that. We know if they're about to have a procedure. We know what their social risk is. We know if they've been to the hospital. We know if they go see their PCP. This is really powerful. What we do is we take this data and we make it into information, something that is individualized and personalized. It really drives that personal experience. For each member, we know exactly their next call to action. We call this True Health Actions. For one member, it could be that they need care navigation. They have questions about their benefits. They need help with their utilization management. For another member, maybe they need help finding a provider. They've just moved, and they need a refill on their medication. For somebody else, it could be like Marjorie, where we need to connect them with a partner program such as Virta. We wanna make sure that we are showing this information where it counts, and I'm gonna tell you how. This is a view of our proprietary CRM system that our frontline care team uses. It's called In View. Front and center, you can see for each member what their True Health Actions are. We've taken the guesswork out, and we're able to help people to understand what their recommendations are. Even if they're not calling about this, we're able to guide them. For the measurability piece, for these True Health Actions, we're able to understand for each member if they've accepted the True Health Action, if they've started it, if they completed it, and ultimately tying it back to the outcomes. Next, this is really important, we're showing the True Health Actions to the members themselves. When I log in to the mobile app, this is the view for the member. In the yellow there, that's their True Health Action that's front and center. When we were wanting to reimagine the mobile application, we thought about it through three different lenses. Number one, we wanted it to be seamless. We have a number of offerings, and we wanted to create an integrated experience, an app where at the member's fingertips, they are able to schedule a virtual primary care appointment or an expert medical opinion appointment or schedule time to talk to a nurse or be able to see all their information around their claims or their benefits. We wanted it to be connected. We wanted to intelligently instrument it where everyone has a personalized experience. When they log in, that data is relevant and timely for that individual. Lastly, we wanted to create a wow experience. Healthcare is really hard to navigate. We wanted to create an app that is easy to use and easy to navigate. What better way for me to bring this to life than with a demo? I'm gonna give you a sneak peek of what we are building as part of the integrated mobile experience. I'm a member who's just been told by her doctor that I need back surgery. Imagine how I feel. If I get back surgery, that means that I can't do gardening that I love, and I can't go to my kids' soccer games as easily. I'm worried about how much this is gonna cost me, and I'm worried about the pain. In my moment of need, Accolade sends me a push notification, and it says, "Get an expert medical opinion." I don't know what this is, so I'm gonna click into it. When I do that, I see a personalized view just for me. It tells me more about an expert medical opinion. This is my one True Health Action. I have a few options. I can book an appointment right from here. I can search for an in-network brick-and-mortar specialist, or I can ask Accolade. Because I have questions, I'm gonna ask Accolade. I send a note to my health assistant and I say, "I see this notification. Can you tell me more?" My health assistant is able to tell me that because I have this MSK procedure coming up, that they recommend getting a second opinion. I didn't know that I had other options. My health assistant also tells me that this is a benefit from my employer, it's free of cost to me. I feel like I don't have anything to lose to get another opinion. The health assistant is able to quickly push a tile to me. Right in the chat that I'm in, I'm able to learn more. The health assistant also within the chat connects me to a nurse to help me with this part of my journey. I'm ready to get started, I'm gonna click Learn More. Right from here, I can see more information about expert medical opinion. This does seem like it applies to me because it says, "Am I on the best treatment plan? Is this procedure the best option for me?" When I get started, I can request the consult. Now, during the day of my consult, I get connected to an ortho spine surgeon, and it's very clear that he has reviewed my medical records. He tells me that I actually don't need back surgery, that I can resolve my back pain with physical therapy as well as a back brace. This is a huge relief. When the appointment is over, I also find that my nurse already knows the updated plan of care, and the nurse reaches out back to me to say that he knows what Dr. Snow has informed me of, and I feel supported because he's gonna help me with that back brace. He pushed another tile, which is another member benefit that I have, which is digital physical therapy called Sword. I can click here and learn more right from within that same chat. As you can see, we took a really difficult point in someone's life, this healthcare path that was difficult to navigate, and we made it really easy. Right? Booking that appointment was like an everyday consumer experience, like booking an Uber or booking dinner. Yet it's very caring because we have an entire team supporting this member at this point of their journey. The other thing that I wanted to show is the second piece, which is the measurability. This is the True Health dashboard. I'm really excited to announce that this is going live this week. This is the tool that we're giving our customers, where they're gonna have insights like never before. When we started building this, we really had three intentions in mind. First, we wanted to give them a view of what their members need. Second, we wanted to be able to demonstrate to them what Accolade is doing in order to help. Third, we wanted to be able to show our collective outcomes. Right when I log in as a customer, I can see that I have access to a lot of different information here, and I'm just gonna go through a couple of tabs with you today. The first thing is I can see my members' demographic. I can see the breakdown by age, by gender, how many members I have. I can even see the breakdown by where they live. When I go to the Population Health tab, I'm able to see what is the breakdown by risk, how many people are high risk versus moderate risk. What is their relationship with their PCPs? Do my members have strong relationships with their PCPs, or do they need a relationship with a PCP? To address the second point of how Accolade is helping, I'm gonna show you engagement. We're able to show how many families Accolade has been able to engage. Not only that, I'm able to show engagement by the spend band, engagement by risk level, engagement by channel. The last thing that I wanted to point out is we do a lot of referrals to our Trusted Partner Ecosystem. Now there's a closed loop reporting available right within this tool. If I'm a business and I'm buying benefits for my members, I wanna know that they're taking advantage of them. Here you can see how many referrals are made. You can see how these referrals are made, either from the frontline care team or through self-service, our mobile app. You can also see the utilization for the top 10 partner programs. This is a really powerful tool that we're really excited about today. I've shown you our mobile app as well as our True Health dashboard. Ryan talked about the member experience. None of this would be possible without really strong underpinnings of a robust clinical platform. It's my pleasure to introduce to you two people today. First, Dr. Shantanu Nundy. Dr. Nundy really does it all. He is a primary care physician who works at a free clinic. He also is an Accolade Care physician. He is our Chief Health Officer and a published author. He's a deeply empathetic human being, and I'm lucky to call him my friend. The second person is Epson Chang. For Epson, he is a person with an unmatched ability to marry data with his clinical acumen and turn it into actionable insights. He also happens to be one of the funniest people I know. I'll turn it over to Shantanu and Epson. Thank you. Thank you. Thank you. Fantastic job. Epson, get over here. It's good to see everybody. It's good to see you guys. I know I had the chance to meet a number of you a few years ago, it's, it is unbelievable, like Raj said, to imagine how far we've come. You know, Epson and I have the next 30 minutes with you, and we really wanna use this opportunity to get you guys really, really deep in our data and our outcomes and understanding that personalized population health strategy that Raj was alluding to. When I joined Population Health 15 years ago, three things really, really struck me. I imagine as you guys are looking at different companies in the sector, maybe some of these things have struck you too. The first was when I heard the term population health, I thought, wow, we're gonna, like, help everybody. We're gonna engage everybody. When it turned out that most of the industry what we do is target 1%-3% of the population. Why is that? Because I think we think that that's the only population that's impactable. That's the only population where you can really save money. We've all heard the 20% of people that drive 80% of costs or the 10% of people that drive 90% of the cost. I think we all know stories of folks that, I mean, who's been to the ER when they maybe didn't need to? Who's been on a medication they might not have needed? Who got a procedure that they may not have needed? At the same time, on the other side, who maybe doesn't see a primary care physician every year? Maybe who hasn't gotten all the preventive care that they needed? That was something that really confused me when I joined the industry, is why are we only targeting one, two, three, 4% of the population? The second thing that really surprised me was how we use data. The industry will use data to say, "Okay, this person's high risk. This person's not." It felt like there's a lot more we could be doing with data. Data could tell us what that person actually needed, right? Think about someone that's been in the ER multiple times. Now I tell you that that person doesn't have a good primary care relationship. Now I tell you that that person lives in a health professional shortage area. Now I tell you that person is LGBTQ. As I give you more data, you can start to conjure up what the actual right action is for that member. It's not just, hey, I need to outreach this person. It's I actually know what this person needs. What this person needs is actually care. The third thing that really struck me as I joined the industry was, even if we get to the right person, even if we know what they need, the actual interventions, like the toolkit that I had, was incredibly narrow. Really what most of the industry does is we have a nurse call that member every couple of weeks and do what's called motivational interviewing. Understand how do I motivate you to take your medications. What if the person can't afford their medications? What if that person doesn't have a doctor? What if that person can't find a doctor? The third piece of this is really how do we have a really, really broad set of interventions so that when I find you, when I know what you need, I can actually solve your problem. That's the whole concept, at least from my perspective, around what engineered care, what Raj talked about, is all about, right? Predictive engagement. It's not just about the 1% or 2% or 3%. It's really understanding the needs of that whole population and having a really tailored approach to engaging each of those different segments. Because our belief is that there's a lot of value to be had for our employers across all those different risk groups. The second is that proactive care. We have to know what to do for those members. We have to have a clinical point of view. We have to have, as Raj says, a population health strategy that's personalized to you to ultimately be able to leverage our data, the 360 view that Anuja talked about, to actually be able to know what you need. Finally, we need to have an incredible broad set of interventions, one of which that we're really proud of and I think is part of Accolade's foundation, is this idea of addressing barriers. A huge reason for the tremendous differences that we all see across different marginalized populations in our country. When this comes together, right, I think most of us here know the incredible engagement that Accolade gets. What that allows us to do is create that moment where we're with a member, where we can actually convert that engagement to a clinical opportunity where our health assistants are addressing barriers, where our nurses are being able to provide care management, are helping find great doctors. Our primary care physicians are being able to deliver care. Our expert physicians are able to make sure we're providing medical certainty. All of that, all of those interactions generates more data for Epson to be able to refine his clinical models and his data models to understand what is it that member needs. You saw that in that Marjorie video, right? You saw that sort of each interaction, we're getting more and more tailored. We're getting more and more personalized. We're building more and more trust, and for our customers, delivering incremental value. Of course, a huge part of it is the people behind. You guys are looking at a lot of different, you know, telemedicine or virtual care companies. A huge part of our differentiation is that our physicians spend the majority of their practice time with us. That's a big deal because if you say you're doing primary care, but the doctors are only spending an hour on the platform a month, how is it that you're supposed to build that longitudinal relationship? It's near impossible. We have fantastic nurses. There's a lot of heterogeneity in different types of nurses. Our nurses are registered nurses, often with many, many years of experience. We're starting to get to a point where we're actually getting more specialization. For example, in cancer, a lot of our nurses spent their 15 years at MD Anderson, one of the best cancer centers in the country. Our health assistants as well, incredible work that they do. As Raj talked about, the expertise they have to know how to resolve a claim, how to find someone, a doctor in an area that nobody seems to find a doctor in is a really powerful part of what makes our whole system work. There's a bunch of other folks that support us underneath. The last part of the strategy is really understanding, well, how are we tuning our strategy? All of us know that we spend $4 trillion on healthcare, $1 trillion of waste, right? Warren Buffett calls it the tapeworm. It's about the half of care people get that they don't need, as well as the half of care people need that they don't get. That's a huge important point to understand that differentiates us from the approach that others take. Right? Others look at waste as simply, okay, you went to the hospital, you didn't need to. You got a readmission, you didn't need to. We think just as much about, hey, this is someone who needed primary care and didn't get to it. They needed a mammogram and couldn't get to it. Then particularly when you're talking about one employee population where folks stay for a considerable number of years and where it's not just about their healthcare costs, but about their productivity, all of the getting people to the care they need has a huge impact. A big part of that, as we've heard multiple times today, is this idea of digital health. We think that's a very underserved area. The innovation that's out there is not getting to the individuals. Then we have to have a philosophy. This part's really important. All of us physicians, there's an ethic, there's a principle, to how we practice medicine, and so there's a lot of components to it. When you think about the example of the weight loss drugs, I think for me the most important, Raj talked about this, is that idea of whole person care. These drugs are really impactful for a certain subset of the population. The studies that were done that show tremendous weight loss, well, guess what? Those folks were on medications, but they also got a bunch of lifestyle changes. A lot of them have other comorbid chronic conditions. Of course, there's people who don't need those medications at all. It's not appropriate for them or it doesn't fit their preferences. You have to have this whole person approach if ultimately what you care about and your customer cares about is outcomes. If you take the medication once, or you get a prescription and you can't fill it, or you take the medications but your diabetes is not addressed or your back pain, it doesn't really matter. You have to take that whole person approach and the other components are just as important. We need technology to be able to take evidence-based medicine and standardize it. We need to make sure there's the right incentives so that when we do prescribe a medication, there's no secondary benefit that we're getting, and we have to address those barriers to care. These medications cost $1,000 a month. A lot of patients need it. We have to do our part to make sure that there's no barriers to them getting it. All right. That's sort of the strategy. That's the philosophy. You're probably wondering, "Okay, well help me understand how this works." Let's take diabetes as an example. Why do we choose diabetes? Well it's not a surprise. It's a huge amount of cost in the system. When we look at our data book of business, when we apply it to a hypothetical population, this is typically what you see, guys. When we talk about the diabetes crisis in our country, it's really meaningful. A lot of people impacted, a lot of spend. Most of us have seen charts like this, right? If you take a population, you stratify it. For most of the industry, the term stratification means you only focus on the highest risk folks, but for us it's very different. We stratify to understand what are the differential needs of each group, and therefore what is the differential strategy that we need to take. For individuals in the highest risk group, we set a set of goals like reducing admissions, readmissions. There's certain actions, Anuja talked about these, that we need to take, and there's an experience that her team's trying to create. The same goes for folks that are medium risk who oftentimes are getting lower quality care and critically for folks that aren't getting care at all, that are too often underserved and overlooked by the system, both from an equity perspective, but also frankly from a cost perspective. Most folks don't think that there's any cost savings to have in this third group, we're gonna show you our data that suggests otherwise. What does that experience look like? Anuja will walk through a lot of the tools, the question is: how do those tools and those care teams come together to get to the outcomes that we have? Take Alec as example, and this gives you... This is a real hypothetical name, but a real patient, just to give you a sense of what we deal with on a day-to-day basis at Accolade. Multiple chronic conditions. He had severe peripheral artery disease and he's being considered for an amputation, which is extremely challenging and you can imagine emotionally taxing as well. These were actually his medical costs. I'm not gonna go through the detail, but when you talk about folks that cost the system half a million dollars, a million dollars, I mean, you're talking about an incredible amount of care that they're receiving, a lot of it unnecessary and not really getting them the problem solved that they need. We take someone like Alec and we construct a care plan, a longitudinal journey to support him through the different needs that he might have. The first part of it, Anuja talked about, is engagement. It might be an email that says, "Hey, schedule a call with the nurse." It might be a phone call. There's lots of different ways we engage, but that first step is critical. We have to engage the right person at the right time. We need to enroll them into case management. Anuja showed our InView system. You can see some of the alerts that show up telling us that, for example, he's overdue for a foot exam. I mean, this is a person with diabetes, peripheral artery disease or considering an amputation, he hasn't had a foot exam. This kind of information guides our team so that when you're taking care of someone as complex as this, you already have a sense of where you need to start. In this case, because he was heading down the path of amputation, it made sense to get a second opinion, right? Measure, measure twice, cut once. We wanted to ensure that he was really getting on the right path. That wasn't enough. You know, if he goes through whatever option he has, a huge part of it is is he gonna have the right assistive device post-surgery so he can recover? I'm gonna play a short audio clip, and what you're listening to is an interaction between our health assistant and the patient. You'll be able to hear our health assistant very clearly, and hopefully, our empathy shines through. It's a little hard to hear the patient because like Marjorie, he's actually crying during a part of this phone call. Let's take a listen. For sure. I gotcha. There's so much information and new information, internal information. I get it. Like. Sure. Yeah, I hope you feel, you know, within all those emotions, I hope you feel relief too. I'm happy for you. Yeah. You know, in that sense. Absolutely. Yeah. Yeah. Yeah. I'm sending you a hug across the country. That's, you know. Oh my gosh. Thank you. Yeah. Yeah. You know, I've always been terrified to open up, especially because just hearing you speaking so much. Yeah. Yeah. That's incredible. I know most of us in the room have parents and other folks we take care of. As Raj talked about, I think this is how we'd want all of them to be taken care of. For me, when we talk about burnout in this country, I mean, a huge part of it is how do you create a workflow? How do we create technologies so that people can be their best every time, so we can be there for them and not be dealing with our own stuff? Really an incredible amount of work goes into creating an interaction like that. From there, we're helping him make sure that we're getting the equipment set up for him post-surgery. Now we got to get him ready for surgery. We have to make sure he understands someone has to pick him up or how many days he'll be in the hospital, understanding all the different components. Talking to the nurse before discharge. Oftentimes, we're on the phone with the patient, the family, and the nurse while the patient's in the hospital. That's really how you prevent readmissions, is starting even before the day of discharge. Continuing to identify those social barriers. Making sure that now that he has an amputation, how is he gonna get to his doctor's office? Making sure we're planning ahead, helping find bus routes or other ways that he can make sure he gets to that. When we do that, we help a high-risk member. Hopefully, you get a sense when I say there's a lot of interventions that go together. When we do that, these are some of the results that we get. This is book of business data, looking at the diabetes population, looking at the highest-risk group. What we find is that we're engaging 82%, which is fantastic. For me, what I really, really focus is on that 71%. The 71% is saying, well, who got an intervention? Who actually got something that had clinical value attached to it? That's 71%. To give us a sense, right. Typically in population health, where Epson and I first met each other, for the very high-risk group, which is 1%-2% for a commercial population, we'd celebrate if we got to a 25% intervention rate. The model allows us to get almost 3 x that amount, and so you can see the attendant savings that comes with that. I'm gonna go through the next couple examples quickly. We all heard Marjorie's story, but I think the key difference is, again, just seeing that level of personalization. It's a very different strategy. This is someone who rather than an intensive case management and barriers to care and helping the member around surgery, this is all about getting them to primary care, building trust, getting them to primary care, and then getting them to Virta to get to that incredible weight loss, and reversal of her diabetes that we saw. Completely different approach, much more technology-enabled, but also just as important for the human elements to come together. When we do that... Remember, this is a slice of the population that most of the industry doesn't even engage with at all. We're focused on the 1% to 2% to 3%. What we find is we're able to engage 59%. 48% are getting an intervention. That's incredible. A huge amount of savings there as well. Right. You can imagine this person's not on insulin anymore. Just that alone has a very material amount of savings, plus it's exactly what she wanted for her care. What you see is that it leads to clinical outcomes as well. What we're doing here is we're segmenting that group. Again, book of business, folks with medium-risk diabetes, looking at those with weak primary care relationships versus strong. Notice this is almost a commercial for primary care, right? The very significant cost difference between those groups. For folks that we intervene on, we're seeing material improvements sort of across the board on sort of their diabetes outcomes. Finally, a group that's really often missed, because remember, most risk models, Epson's gonna talk about this, look at cost, not need. These folks don't cost that much because guess what? They're not going to the doctor. It doesn't mean that he doesn't have needs. Again, a very bespoke, personalized journey. Here, it's largely around making it easy for him to do the right thing, which in this case is just to get into care in the first place. When we look at that, this is the data that gives me the most goosebumps is, you know, we all understand that certain populations in this country are engaged in their care, some folks aren't. What this data is showing is that if you take this group and you bifurcate into people that have a barrier and folks that don't have a barrier, regardless if they have a barrier or not, we pretty much see the exact same engagement intervention rate, which is really incredible, guys. You don't normally see this. And again, a very material amount of savings. Someone on our team used to call it the pennies in the cushion, but it really adds up. Sort of that mythology in the industry that, okay, there's no savings to be had here, we don't find is the case. Certainly from a outcomes perspective, an enormous amount of value if you can get people into care who aren't into care. Again, just to recap, before I pass it to the person behind, all the work here, is really looking at the risk segments, thinking about the personalized interventions that we wanna provide ultimately allows us to accrue a very material amount of savings across all groups through this really differential approach that's measurable through and through and sort of has that level of personalization, of course, supported with empathy. Epson. All right. Passing over to you. Thank you. I'm here to talk about the data, and how we use it, and how we play within our perspective and our philosophy behind it, and how it all drives what we do with True Health Actions, with the reporting, and everything else in between. I wanted to start off with this, I guess we call it slightly nerdy kind of analogy here. You know, it's people are complex, clinical medicine is complex, healthcare is complex, our environments are complex, the data is complex, everything's complex. It's not about having one single model. It's about having as many you know, characteristics, traits, and in this case, you know, the analogy here is Brushstrokes to really create a meaningful portrait of that person. That's really the only way we're gonna make our interventions or True Health Actions really personalized for each of those tiers of members that Shantu just talked about. This underlies our philosophy, and without this, it would be chaos. We would just build, you know, reactively little algorithms to target various folks that came along, and that would not be a scalable approach. We fundamentally believe that this is the right approach. Now, what does this actually mean? We start with models. That's pretty straightforward. You know, and we have lots of models. You know, we're gonna dig a little bit deeper into one of them, but, you know, and I'll allude to a couple in the following slide after that. We really wanna marry these models to actionable, timely, relevant triggers. The combination of those two things really gets at the who needs our help and what help they need. Then that, plus a lot of, you know, engineering magic and then data science is how we map each person to the highest value, most likely thing, most likely True Health action that they're going to engage and benefit from. The key here is with this approach, you know, and this is the really exciting part, it's scalable in terms of as we add more interventions, as we add more solutions, we can put more brushstrokes around that and put it in play. If we add more datasets, you know, like, connecting to HIEs, with additional ecosystem partners, getting their data, all that richness can be separated into these two categories, triggers and models, and enhance both so that it scales as we grow. One of those models is called the clinical foundation score. I wanna point out just a few things here. You know, the knee-jerk reaction, often is it's all about cost. We strongly believe I strongly believe it's not about cost. The cost is the symptom, not the root cause. In building this model, we set out to answer a different question. Can we measure, can we identify people who are sick and how sick they are? That's tough, right? Like, that's a very sort of broad kind of, statement. In doing so, what we've able to do is we're not gonna use cost data, but we're going to create this portrait to identify how sick someone is. Because of that approach, it works. You'll see here we didn't set out to predict cost, but because we know how sick someone is, logically, and as the data shows, we do predict cost. In fact, we're a little bit better at the industry standard model that predicts cost that a lot of the large carriers use. Especially when you move away from that top 1, 2 or 3% of spenders and you move down to the 5%, 10%, 15% spenders. That's where our differentiation starts really shining through because we know someone who is sick and not necessarily just finding those folks who are, you know, top 1% or 2%. Because we don't use cost, and this is very important, it's not biased. You know, there's over the last 10, 15 years of lots of articles that came out, various health systems, carriers, and everything in between, their models are racially ethnicity biased. They over-identify white members, and they under-identify minorities. We don't have that problem. Putting into play, we have clinical risk, and that's driven by this clinical foundation score. You'll see these, sort of bullets highlight all the different triggers and characterization that we do for each of these members. In Jackie's case, you know, she has a lot going on. I wouldn't say she's very high risk, but she's definitely on her way to really needing our help. If you'll notice the other two in this models here, there's actually a social index, and that's our way to identify and quantify social barriers. You know, barriers to getting the right care. If you know, heard back in Anuja section about talking about healthcare relationship, right? Primary care relationship. That's, you know, I'm gonna nerd out for a second here. Again, the knee-jerk reaction in the industry is, "Did you see a PCP in the last year? Yes or no?" That's a very black and white statement that doesn't really tell you about what that person needs. We built a model that measures the strength of a relationship to primary care. It's not just about, did you go see a doctor? It's how many times you see a doctor. Did you get a wellness check? Did you go to your urgent care 50x? It's all those factors brought together to really highlight how strong of a relationship, how connected is this person to primary care. The end result, all that goodness goes into the True Health Engine, and out comes True Health Actions. The really, really exciting thing here that's not shown here is it doesn't stop here. The data that we gather from, you know, in this case, Jackie, moving through our interventions, moving through our programs, moving through our True Health Actions, graduating or, you know, in some cases, members who don't respond to these things, all of that good richness of our experience in engaging and delivering these members, it all feeds back into the True Health Action. The next turn of the crank and the next turn of the crank, we get better at finding people who will listen and how we'll get their attention. That's the engagement part. What's the best way of getting their attention, and then building that trust, and then having them actually, you know, do something, engage in a True Health Action that they really need. Outcomes. It's working. That's the takeaway here. You know, in, in more ways than that, we've broken down, you know, right now to 3 different condition states you'll see. Members with musculoskeletal conditions, you know, and this goes back to Shantanu's point about reducing bad care. I'll simplify the words there. It's how I explain to my kids. Less bad, more good. With, you know, depression, anxiety, we're increasing good utilization. We're getting people to therapy visits more than if we didn't help them. Lastly, with members with social determined barriers, we're getting them to primary care. That's super important. With that, I'll kind of just summarize and say, you know, with this care delivery model, with all this rich data, with our philosophy behind stratification and True Health Engine and True Health Actions, this is how we're going to deliver value, increase that value, and really, you know, scale this thing efficiently and really make a true impact on hopefully all the people in the UnitedHealthcare States. With that, I'll hand the stage back off to Raj. Perfect. Thank you, Epson. Thank you, Shantanu. Appreciate it. What will happen next is we'll move to our partner panel. Far what you've heard, we'll put my section aside. First, the idea of building a flawless service relationship extends from technology to people. Second, a clinical strategy that engages, that's tied to data, that's tied to clinical rigor, and that's measurable. Third part of the story in Kristen Weeks, who runs corporate strategy, corporate development, and corporate partnerships for Accolade, that'll give you some sense. I've worked with Kristen for now coming up on seven years. We just keep giving her more and more stuff because she's extraordinary at what she does. Kristen Weeks and our partners from FOLX and Virta will be joining us now to take it to the third part of the strategy. Kristen, take it away. Thank you. Thanks very much for the kind introduction. It's great to be with all of you today. I'm really excited to have this time to talk to you about our partner program. Our corporate development team is charged with finding organizations outside Accolade who provide complimentary services to what we do in-house and who we believe could add more value to our customers and partners, and then determining how we can work with them most constructively, be it through M&A or strategic partnership. Today, I'm gonna focus on the subset of strategic partnerships that make up what we call our trusted partner ecosystem or the TPE. I'm grateful to have this opportunity. I think it's really exciting. We've made a lot of strides with the program over this past year. First, gonna walk through how the Trusted Partner Ecosystem leverages Accolade's core competencies to address pain points experienced by customers and partners alike. I'll then talk about who we work with today, how we work with them, and then finally invite two of our trusted partners to the stage to talk about their experience with the program. Our Trusted Partner Ecosystem exists because Accolade is uniquely positioned to get good healthcare innovation in the hands of those who need it. Full stop. I'm gonna talk first about our customers and the circumstances that they're facing and kind of why they come to the table with this program. They are highly motivated to enrich their benefits packages. In a tight labor market, they're doing what they can to create benefits programs that attract and retain talent, but they have to do so with discipline, because they're facing budgetary pressures pretty much across the board. Figuring out which programs warrant investment can be overwhelming. Raj spoke at the outset about the flood of venture investment into digital health over the past few years, the proliferation of digital health solutions, and our customers are inundated. They're getting cold calls. They're getting buzzword-laden pitches. It can be really difficult for them to separate the wheat from the chaff. They turn to us looking for an informed perspective. Even if they can get behind a particular program and get the budget to get it deployed, procurement is tedious and implementation burdensome. We really look to help them in this process because even after all that hassle, they're still concerned based on past experience that members won't make use of the benefit. Worst case, that the addition of another point solution, however compelling its value proposition, will exacerbate the already disjointed healthcare experience that they're trying to improve. How about our partners? They have the valuable innovation. I should say existing and prospective partners. They have the valuable innovation, certainly not all of them, but many of them, with strong clinical models, demonstrated outcomes, and quality management teams. They lack efficient distribution. They're struggling for buyer attention. Even if they can get the meeting, landing how they're differentiated from an overcrowded category can be difficult to do in the few minutes that they may be afforded. Moreover, even if they are lucky enough to get deployed, almost universally, they suffer from lack of member awareness and see utilization rates that are below what would be viewed as appropriate within a given population. Enter Accolade. We have the mature go-to-market infrastructure. We've demonstrated an ability to sell effectively to enterprise buyers. We have the member engagement. We're engaging with 70% of the member populations that we serve, and in so doing, building a relationship, establishing trust, and having the opportunity to uncover the underlying healthcare needs of our members and thoughtfully offer interventions. We have access to claims data, which importantly, most of our partners do not, or if they do, are getting it less frequently than we. With that claims data, we can help our partners be better targeted in getting to the members who need them and also help them with validating their results. Finally, we have the True Health Action investment that Anuja and Epson and Shantanu spoke to, essentially positioning us to do this work scalably as we continue to grow. What do we gain? We Accolade in standing up and maintaining a program like this. We're delighting our customers, strengthening our relationships by addressing a real need. We're putting more quality interventions in the hands of our frontline care team. We are sharpening our competitive edge. We have more partnerships covering more categories than our chief competitors. As I get into a little bit more detail about how we're working with our partners, hopefully our leadership in that area as well will come through. This is feedback we've received from our partners in the benefit consultant community as well. Finally, through our arrangements with these partners, we're contributing high-margin revenue to Accolade's P&L. This program essentially exists on the back of our existing operating model and existing technology platform. Here's our ecosystem today. If a logo is up here, we have vetted the organization along clinical, data security, financial, and operational dimensions. We've been focused on categories that matter to our buyers because spending them is high, think diabetes, MSK, and/or having benefits associated with them is viewed favorably in terms of engaging talent, think fertility or LGBTQ-affirming care. Our focus has been quality over quantity, but we also look to give our customers options. The goal is essentially a few strong solutions in each category to the extent the strength of the players in a given segment justifies that. So you can anticipate some inter-category growth from us in the coming quarters. The value of this approach accrues to our customers beyond simply the optionality it affords. We believe it encourages the best behavior from our partners in terms of requiring them to bring their most competitive pricing and performance guarantees to the table, and then ultimately to delivering high-quality service. They can't take for granted the Accolade customer base. If they falter, they know there's an alternative equally well integrated with our service. So ultimately, each and every day, our partners need to show up and deliver on their value proposition. We're also looking to add new categories over time. The way we think about that is essentially feedback we get from our customers, what problems are they trying to solve, the guidance of our clinical and actuary teams, and importantly, direct feedback from our frontline care team. To them, the prompt is really simple: what more do you wish you could do for our members? How could you ultimately be more helpful? They give us that feedback, our team goes and looks to see what's out there. Really importantly, critically, our trusted partners when they're invited into the ecosystem, make a commitment to bring resources to the table to do integration work with us. For these partnerships to be greater than the sum of our parts, both teams must do the necessary work to streamline the set of processes for our customers and ultimately deliver a more streamlined experience for our members. Really since our inception, since our founding, Accolade has been in the business of getting members to the benefits available to them. That's core to what it means to be a navigator. It should be clear that there are a standard set of things we do with any benefit program a customer shows up with on day one at the point at which they're implemented, or that they may add thereafter. With our trusted partners, given our conviction about the quality of what they do and their willingness, again, to lock arms with us and do the hard work, we're able and we can do more. This first row I'll build out here is really about the administrative services we deliver with our partners. I talked a bit about the vetting process. We're able to help with contracting. At Accolade, we have our advocacy-only customers, our expert medical opinion-only customers, our care-only customers, and those who have a combination of our offerings or a bundle. In all cases, Accolade customers can leverage their paper, their agreement to procure these trusted partner solutions. We're able to shepherd implementation and ultimately streamline invoicing. Notably, we also deploy an integrated feature set meant to drive incremental appropriate utilization of these solutions. I should be clear that these features are not. It's not a requirement that the customer procure through us to get access to these. We make these available to all joint customers of Accolade and the trusted partner at no incremental cost to the customer. In the interest of time, I'm just gonna focus on the two over here to give you a sense of what we mean when we're looking to drive incremental appropriate utilization and essentially leverage the model at Accolade's core. This notion of find care promotion, many of you are probably familiar with our find care tool. It's where members or frontline care teams searching on behalf of the member go when we're looking for a provider, when someone's seeking care. What we've done with our Trusted Partners is look at our standard search query library and determine which terms, which search keywords, would be indicative of a member potentially being an appropriate candidate for that partner's program. Then, when that search term is used, we essentially promote or highlight the benefit so the members are made aware in context. To make that more tangible, if I'm a member, sorry, and I have access to Carrot Fertility through my employer and I search reproductive endocrinologist in the find care tool above those local high-quality search results, I'm seeing the reminder that I have access to Carrot. This is great. Again, we're capitalizing on what the members are telling us or signaling to us they need and delivering them value in that moment. Closed-loop reporting, Anuja alluded to a bit when she was previewing the True Health dashboard. This is essentially taking the referral reporting we've always been able to do on vendor programs a step further. It's really contingent on the partners doing the work with us because they need to send us back encounter files to make this closed-loop view available. What we're doing here is really measuring the extent to which our referrals to a program resulted in actual program use. This is really valuable. Retrospectively, customers like to see this. They wanna know how effective were you in getting members over to these programs. It's been, I'll say, much more interesting for us and valuable for us prospectively in terms of the dialogues it's encouraging between ourselves and our partners. You know, we'll be able to look at the data and say, "If our conversion rate, if the number of referrals that resulted in engagements last year was X%, what would it take to be Y% this year? How could our referrals be more qualified or the handoffs to our partners be warmer?" These discussions become the basis ultimately of a shared set of roadmaps between our respective product teams and operations teams. A number of our customers have adopted multiple of our trusted partners over time, which is a really encouraging trend. We found that if they're inclined to procure one program for us, they show a tendency to procure multiple. This is a real enterprise customer with 12,000 members who has procured a trusted partner each year following their launch of the Accolade service in 2020. They actually already had Lyra in place, and we're excited to gain access to the integrated feature set, again, at no additional cost to them when we announced that partnership a few months ago. We certainly aspire to help all of our customers in this way and essentially be their trusted advisor as they cohere an integrated benefit strategy. We're ultimately only going to be successful in delivering this type of value to our customers if we're delivering value to the partners who participate in the program. This is something our team's been focused quite a bit on over the past year, really looking for ways to demonstrate our commitment to our trusted partners, especially by supporting more pipeline generation and streamlining that contracting process. Our team was really proud that all 14 trusted partners chose to sponsor our Accolade Customer Conference Evolve a few months ago in Orlando. You can see the quotes from Ivanti and Hinge Health here from representatives of those organizations who were down there with us at the event. Each partner walked away from that event with a set of qualified leads. Moreover, they heard Raj in his keynote from the stage reassert our commitment to this program. As he put it, we at Accolade are bold enough, we're ambitious enough to believe we can meaningfully change healthcare for the better, but humble enough to know we can't do it alone. It's so with that spirit of collaboration that I'd like to invite Brad and Sami up to the stage to talk a little bit about their experience with the Trusted Partner Ecosystem. First, please introduce yourself. Okay. Virta. Let's see, then we'll turn it over to Brad. We'll say- Stand. You stand. Stand. Standing. Okay. Yeah. Go ahead. Well, thank you so much for having me here. I have to say, we're very grateful to be part of the Trusted Partner Ecosystem. Thank you to Accolade and Raj for including us. Briefly about Virta, how many of you have heard of Virta Health before today? Let's see. Okay, good. Oh, nice. Good audience engagement as well. Briefly, Virta is a provider-led telemedicine company and behavior health company on a mission to reverse type 2 diabetes. Yes, you heard right. Reverse type 2 diabetes in 100 million people. The key outcome of our program is that we make patients so healthy that most of them get rid of diabetes medications such as insulin. I think you heard this story from Marjorie, which is one of Accolade's members. On average, our patients lose 12% of body weight at one year and sustained at two years. Of course, that translates into very powerful economic savings, about $500 per member per month, which if you do the math, in two years, that's $12,000. Very substantial savings for the joint employers that we serve with Accolade. Those are just numbers. Raj talked about NPS, and the importance of member experience. Those are just numbers. One of the ways in which I like to make the case that the Virta members and patients love the experience when they reverse their type 2 diabetes is this photo. You may wonder, what the heck is that? That is one of our patients and their skin because they tattooed the Virta company logo permanently in their body after we reversed their type 2 diabetes. You're gonna think this is not true, but I can show you at the cocktail event in the evening. This morning, I get an email from a Virta patient that something better than the tattoo. Can you guess what that might be? 2 tattoos. This is no joke. A patient reached two-year mark on a Virta program, and he decided to take the second logo tattoo on his forearm. It's insane. Raj, we're gonna work hard to have some members with Accolade tattoos. That's the aspirational NPS 100 goal. Very, very briefly, we take patients both with type 2 diabetes and obesity. When you combine those two, and we work with a joint employer with Accolade, typically that means about half or up to half of the adults can be eligible to Virta. This is a sad stat 'cause half of American adults are obese today. Speaking of obesity, just as a final note, given the growth and availability of these ridiculously expensive GLP-1 drugs for obesity, the demand for our weight loss offering from employers, from our joint customers, has gone absolutely ridiculously through the roof in the last 6 months. I'm absolutely convinced that together with Accolade, we're uniquely positioned to not just address type 2 diabetes, but obesity and the cost of these GLP-1 drugs. Thanks. With that, back to Kris. Over to you, Brad. Thank you so much. Thanks to Raj and the Accolade team for having us today. My name is Brad Nations. I lead growth for an organization named FOLX Health. Most importantly, though, I'm a dad of two incredible kids, one of whom came as transgender about six years ago. You know, as my wife, my family, and my other daughter have worked to support our kid through her journey, right, through her transition, we've also had a front row seat to how fundamentally broken the healthcare system is for those inside the LGBTQ+ population. FOLX Health is really designed to help knock down those barriers and create access to care. One of the largest challenges that those in the community face is simply that they can't find access to high quality, equitable, affirming, and joyful healthcare. We've done this, we really work to overcome those challenges in a variety of ways. First and foremost is we actually have a one-of-a-kind virtual network of providers, most of whom are actually in the community themselves, and all of whom have dedicated their careers to serve in the LGBTQ+ community to create an equitable and affirming environment. We offer a wide range of services virtually, everything from HRT, hormone replacement therapy, all the way through day-to-day primary care, again, to anybody inside the community that needs it. We recognize that not all services can be provided virtually, so we also help identify clinicians inside their local networks or local areas, partnering with Accolade on identifying clinicians who themselves are able, willing, and have the relevant experience to really serve the community to make sure that they're in a safe space and they receive the appropriate care. A wide range of other benefits for not only the employees that utilize our services, but the employers as well, including access to our Inners pace platform, which is a one-of-a-kind online community which brings together not only those who need to reach out and identify with people that look like them, that have similar lived experience, but also for folks like me, parents, right, that are looking for community to make sure we provide the most the safest place and the most equitable experience possible. I'll close with this. We started about three years ago in the D2C world. The demand was through the roof. As you can imagine, the employer interest has to continue with the theme, has also flown through the roof. What we found is across the 11,000 members that we've served up to this point, the far majority actually had access to insurance. Believe it or not, they were actually going outside of their insurance plan with their employer to utilize FOLX Health. You ask, why are they doing that? Again, because they could not find access to affirming care in their existing networks, we built our own. Our number one job now is to take this to employers because we know the demand is huge. 49% of those in the community are actually not out at work, that means the employers themselves, although doing a great job of trying to support this community, they're actually supporting a significantly larger population than they even realize. Anywhere from 20 million to 21 million Americans identify within the community. We don't have to talk about everything that's happening politically in this world right now. FOLX Health is doing absolutely incredible, truly life-saving work to make the healthcare space better for my kid, which is why I'm here, but also for everybody else inside the LGBTQ+ community. We are so excited to be part of Accolade and good to meet you all today. Awesome. Thank you so much for being here. I'm gonna scoot my chair up, Todd. I think you've choreographed us, but I can't see these guys. All right. Well, thank you again. It's our pleasure and privilege to have you here with us. I'm gonna direct my first question to Brad. On this point of FOLX really cutting your teeth in the direct-to-consumer space, one thing I noted a few slides back was how we're intent on helping streamline your access to enterprise buyers. Yeah. I know based on your background, you have experience selling to employers. Can you talk a little bit more about when FOLX made the decision, and you're one of our newer partners, to join the ecosystem, how you thought about that value, that component of the program and ultimately how it's factored into your enterprise selling strategy? Yeah. Thanks for that. Yeah, I've been, you know, I've been in health tech for over 15 years, working to bring solutions like this to employers, and it's hard. Raj talked about it earlier, and it's been kinda touched on a few different ways today, but, you know, getting attention, getting focus, getting dollars, all of that is very, very difficult. As we look at an ecosystem like what Accolade has built here today, it does a few things for us. First and foremost is they're the brand, right, for what they do. They're the most respected name out there. They have a huge client list. Those clients trust them and utilize them, and the members that are within those employers use the service as well. Number one, it gives us a very easy access point into a large group of employers who are looking for services like ours. Because they're so connected to their employer clients, they know which ones are potentially looking for a DE&I-focused solution like what we bring to the table today. Our access point is really sped up. It gives something like procurement. Procurement is unbelievably difficult with employers, especially large employers. You know, Kris, I think you said it well. It's like there might be a great appetite to install a solution like ours, but to get procurement's attention, to get all the ducks to really line up can be really challenging. The fact that we can actually procure through a partner like Accolade is of paramount importance. Lastly, just to close this, is really engagement. You know, Kristen laid it out perfectly up here earlier. There's a lot of amazing solutions out there, but if people don't use them, employers are gonna stop paying for them. We know that our number 1 job is to serve those in the community. A platform like Accolade really allows those members to find us and get connected to us and then also to roll that back through the ecosystem that Kristen's provided here today. The benefits for us are huge. Great. Thank you. On this point of utilization, I'm actually gonna direct, Sammy, a question to you. I love that Marjorie story, and I know that the Accolade team has seen it quite a few times at this point. I think about how she learned about Virta through our model and would love to hear you kind of compare that to employers, customer accounts that you have where there isn't an Accolade presence and just kind of how you think about the most effective way to get on a member's radar and ensure you're getting the people who could benefit from the service. Yeah. First I will just echo Brad's words. We've always tried to make it easy to buy for employers, but it's ridiculously hard. Working with Accolade has made that much more easy. In this B2B2C business model, you have two hurdles. First, you have to make it easy for customers to buy, for us to sell, you have to engage the members. I think all of you know, that's a challenge for a lot of digital health companies, like a true challenge. We've had customers where we sell and they go, "Oh my god, we want to reverse type 2 diabetes." We get 0 marketing access. It's kind of like tree falls in the forest. Nobody sees the seed, this may fall. Accolade has really helped in that, and I'll give you a couple of practical examples. One, we don't have to convince the customer that we are real and you should trust us, and you should trust us to market to your employees, 'cause you've already built that trust. That's kind of the one where we immediately get over the hurdle. The second one is you have this 360 data, PBM data, claims data. Accolade has that data. You can target to individuals like Marjorie who may have type 2 diabetes or obesity in our case. That's kind of the second lever. Then the third one is kind of the hot referral. If one of the members is already talking to Accolade, you know, you may notice and say, "Hey, you just had a diabetes diagnosis. You should engage and sign on Virta right now." Those are the three kind of very practical examples. I actually ran the numbers last night, Sunday night, and we see easily north of double-digit increase in engagement when working with you. I don't know if you even knew that, but that's what we see compared to accounts 2022 that did not work with Accolade. Can I- Yeah, please. You know, I do think one thing you said at the very end of your presentation I should've led with, is this idea of closed loop reporting. If for those of you all that are not in this space, I can't stress how important that is. I tell you why that's so important for an organization like mine. Because we may be the newest benefit added to employers' ecosystem, we have to show our value, and we have to show that people are actually utilizing the service. So many solutions out there might toss a referral our way, but there's no way to report back to the employer that we're actually providing the value that said we will. This is really a huge thing. For us it's not only about, you know, getting to a client up front, but also making them stickier because of the closed loop reporting. On that point about, you know, a referral being thrown over to your services, how do we hold ourselves accountable, our respective teams and our associated organizations, on not furthering that disjointed experience as we're passing members back and forth through our solutions? I'm curious, maybe I'll start with Sami and come back to you, Brad, on how you think about that. You know, obviously, there is a hand off, no doubt, and there's movement maybe between one app to another, but how are we making that as easy as possible? How do you see the merits of kind of Accolade running alongside a member's journey in your program? Yeah. Well, maybe as a contrast first and context. I grew up in Finland, Honestly being here now almost 20 years in America, the healthcare system sucks. It's horrible. I have two little kids. It's like you get referrals, you bounce back call centers. It's piece of shit, let's be honest. It is absolutely horrible. What we've not just tried to do, we've done with Accolade, is basically fix that, just fixing that. Yeah. Let's be honest, it's not rocket science. You don't need AI to fix this. It's just that most healthcare companies, health plans and provider systems, they just cannot execute. It's not rocket science. What we've done is just make it relatively seamless technologically and between the people to have that hot referral so you can sign on to this service that's part of your program or part of your eligibility and your benefits from your employer. We do that back and forth from Accolade to Virta and from Virta to Accolade, and then exchanging data on the back end. It's not rocket science, but most healthcare companies just it comes down to execution. Yeah. Can I add, you know, down to the member experience, and you're exactly right, is that it is a very disjointed experience. I think that is the hope for employers as they hire Accolade and then for us as being inside the, inside the partner program is, you know, we want that member to not feel like they're just being tossed to some disparate solution off to the side, right? It needs to feel like a continuous experience. You know, I'll give the Accolade team a lot of credit. One reason why we thought this was a good fit away from all the other reasons that I mentioned, is just a really significant focus on the community that we serve. For example, Accolade was already down a path of supporting the LGBTQ + community with... in a variety of ways, including a team really dedicated to the transgender population. You can imagine for me, right? You've been told, you know, my personal story and my professional story, finding an organization that already had a team that was built to do this, I got to meet them. Yeah. It was like the happiest call of my career. It was like our people, we all found each other, 'cause we're here and dedicating our lives to support this community. Just from that side, that team now has a new resource to push members towards, that we can help and do our unique service, and then vice versa, we get to drive them back in. If you're an employer, right, and you're looking to better support the broader LGBTQ+ community, you know that you not only have a solution like Accolade that was already going to do a great job supporting and navigating, but from our side, we actually could really kind of round out the services. It's just something the employers are really excited about and asking for. Yeah. That was one of my favorite meetings as well. The enthusiasm. I was getting slacks throughout the meeting. I wanna start working with them now, even though it's still during the vetting process. It strikes me that both your models are quite clinically intensive, and even while members are in those programs, they end up with questions about their benefits programs and what's covered, and especially on the transgender side, that there's such a complexity and nuance to what they can and can't get in-network and the extent to which it will be covered, that kind of, this team dynamic, this collaborative care, really can lead to a markedly improved experience. I think I got the one-minute sign from Todd. Thank you again for making the trip out here and for working with us. We love what you guys do, having you as part of the program. It's my pleasure to invite up our Chief Financial Officer, Steve Barnes. I've had the good fortune of working alongside Steve for six years. He is an incredibly attentive and sincere leader from whom I've learned a great deal. I know you'll find this next session where we dig into the financial details an enlightening one. Come up, Steve. Thanks. Thank you. Thank you. Thank you. Thank you, Kristen. Great to see you all on our first Capital Markets Day. Thank you very much, on behalf of myself as well as Raj said. We really appreciate you all being here. Sami, I think, how to make a piece of shit healthcare system work better- Is maybe something what we're trying to do here, but this is why I'm on the finance side of the business, not on the marketing side. Today we're gonna talk a lot about how we take this platform that we've talked about today, this integrated platform that's built for growth and scale and profitability. We're on the cusp of a very important time in our life cycle that we're gonna walk through in some depth today to talk about that. You've heard a lot about the fact that we're a strategic hub for personalized healthcare for companies. Our goal is to make healthcare better for members and also to drive incredible ROI for employers who are working with us. When we do that creates a fantastic flywheel where we help members, we drive ROI for customers, and it's driving growth and differentiation for Accolade across a lot of different vectors. The financial platform that we've built has a diverse revenue stream that we're gonna talk a lot about today, and it's quite different from the one you would have learned about at the time of our IPO three years ago. It's given us strength, and we've got a platform that's ready to break through to profitability over the near term, and we're gonna talk about that clear path that we've built. First, let's start from a basis of foundational track record. You know, if you look at this chart here, you see five years of revenue growth, of a compound annual growth rate greater than 30%, including this year's guidance, fiscal 2024. Remember, Accolade has a Feb-February fiscal year end, so we're in fiscal 2024. In our last earnings call a week and a half ago, we gave guidance to revenues for this year of $410 million, which represents a 20% growth rate, excluding the impact of a large customer loss last year. Very importantly, we take a giant step towards profitability this year. We updated our guidance to a loss in terms of Adjusted EBITDA of about 3% of revenues at the midpoint. Very importantly here, you can see that Accolade has been on this steady journey towards profitability while we build the differentiated platform that you've heard about today. We've been growing the platform and also continuing to drive gross margin expansion, leverage on operating expenses, and dedication towards that break-even point that we're on the cusp of today. Very importantly, and to remind you, or maybe for those of you who are newer to Accolade, in fiscal 2022, we made two strategic acquisitions in 2nd.MD and PlushCare that are foundational to our platform, and you've heard a lot about them already today in the expert medical opinion and virtual primary care capabilities we have. In making those acquisitions, we were able to continue on the growth path and also be dedicated to creating an integrated experience and also very mindful of the P&L here. We continued on that journey, as you'll remember from our last earnings call, we made some recent, strategic decisions around bringing the company together into one Accolade in integration and are also realizing some cost synergies and savings that will benefit the company in our journey, towards profitability. Today we're gonna provide you some details about our P&L and our vision for the P&L over three different stages: near term, midterm, and longer term towards the financial targets that we've laid out previously. Importantly, we think of this in three horizons, the first being the years leading to our IPO and the year in which we break through profitability, which we forecast to be fiscal 2025, next fiscal year. In the next fiscal year, we expect to be driving about a half billion dollars in revenue and driving profitability of about 3% of the bottom line on an Adjusted EBITDA basis. That's up from a forecast we had provided previously. We had previously talked about a range of 0%-3%. We're bringing that up today as we include in that contemplation the fact that we are now by the back half of this year, fiscal 2024, we expect to be realizing the full effect of the cost synergies of bringing the companies together. That will bear out next year in fiscal 2025 at that profitability level. Next, we think about what is the next horizon for Accolade, what's the next key milestone for us? Well, we've been very consistent since the time of our IPO that the TAM that we're operating against is extremely large. 30,000 customer opportunities, $200+ billion of revenue opportunity. We believe strongly we have an opportunity to drive a top-line growth rate of 20% in the range of 20% for the foreseeable future. Run that out over a five-year period. We expect to be about a billion-dollar company in fiscal 2029. As we break through profitability, we're committed towards bottom-line EBITDA expansion to a place where we expect to be around 10%-15% EBITDA, Adjusted EBITDA by the time we reach a billion-dollar company. We're doing that through things that you've heard about today previously. Market leadership, driving innovation, driving utilization of services that customers need, that members need. Accolade's advocacy platform is extremely well positioned to drive. We've built an economic model that I'll talk about today in more depth that allows us to leverage that and capitalize on that for Accolade. All those scale drivers drive margin expansion, stickiness for customers, and an attractive profitability profile. Beyond that, when we reach that key milestone, we think the company will be set up extremely well to continue to grow and also to drive profitability of expansion beyond that, 10%-15% range at around $1 billion to the company's financial targets that we've laid out consistently since the time of our IPO, where we see Accolade driving 15%-20% EBITDA margins out in this third horizon. In the next stage, I wanna dive pretty deep with you on aspects of the revenue model that are differentiating for Accolade and are also give the company a strong platform of diversification across several different vectors. The first one you see up there is offerings, we've talked about this a lot. You've heard people talk today about leveraging the advocacy and navigation engine for sure, the expert medical opinion, the care opportunities, the trusted partners that you heard about today. That creates a diverse revenue stream in terms of offerings. Very importantly, how do you reach customers? Healthcare is complex, as we've heard. There's lots of different ways. There's 170 million people in the U.S. who get their healthcare through their employers. We've built a robust set of distribution channels to reach those people. We reach them through our own direct sales force. We also reach them through health plan partnerships, which we're gonna talk a lot about later on today. We also have a relationship with the military through TRICARE that Raj mentioned earlier, which we'll go deep on. Finally, I'll talk a little bit about our customer and industry diversification that's extremely healthy and quite different than it was when you knew us, when we came public three years ago. Let's start with the view of our offerings. At fiscal 2020, when we were going public, this was just after completing a year of $133 million in revenue on a single offering, advocacy. This year, fiscal 2024, we're projecting more than $400 million in revenue across three offerings, each of which are growing in the range of 20% or more. On the advocacy side, we had the loss of a customer, so if you exclude the impact of that, it's growing this year 20%, in the 20% range. The important part here is you have a healthy diversification of core offerings with Trusted Partner Ecosystem revenues in and across those different offerings as is fit for customers. By the end of this year, we expect to have somewhere between 50% and 60% of revenue derived from customers who are on the core advocacy platform with the balance across virtual primary care customers and expert medical opinion customers. Revenue diversification. If you think about Accolade three years ago, the company on the left, which was really foundational in building the advocacy platform with some very forward-thinking customers, you remember we had 54 customers, but six of those represented 75% of our revenues. We had four greater than 10% customers. There was heavy customer concentration. Today, we're 3 x the size, we have 800 customers. About a quarter of those are on the core advocacy platform. Three quarters are on the Expert Medical Opinion platform. Very importantly, we just launched over the past year, but particularly on January first, our first set of corporate customers on the Virtual Primary Care platform, which leverages the very same platform of doctors and technology and member engagement as the one we leverage on the consumer side, and we make it available to employers. More than 10% of our customers today are already using more than one of our core platforms. Some are using all three, and many have trusted partners integrated into the platform. Hopefully you can connect the dots between thinking about that story with Marjorie and United Airlines that could efficiently... Our health systems could efficiently leverage the advocacy engine, help Marjorie get to a virtual primary care doc, then to a trusted partner. Our arrangements with our customers who pay for our services allow us to drive revenue off of all those. I'll talk a bit about the impact that that has on our P&L. Finally, we're pleased to be across that portfolio, having a set of customers in which no single customer will be greater than 5% of revenues this year, and industry diversification is very broad. Even in uneven macroeconomic environments like that, we're not exposed to any particular industry in a materially disproportionate way. There's another aspect to our revenues that also provides diversification when we think about how we serve our customers. You'll know from our advocacy business, if you know it well, you know that most of our customers are on a recurring per employee, per month fee that includes different elements of performance guarantees, which I'll walk through in a few minutes. On the virtual primary care side, particularly on the consumer side, there's a consumer subscription fee. Those recurring fees, we consider those access fees, and those make up most of our revenues. We also have utilization-based fees, case rate revenues for expert medical opinions, visit fees for virtual primary care visits. That portion is smaller but growing. It's growing because those underlying offerings are growing. It's growing because we're also able to drive more utilization, good utilization, as we call it. We only drive that utilization when it's appropriate. When we do that, it drives access, utilization-based revenues up. We're seeing some shifts in our business in which expert medical opinion customers are asking, "Hey, can I pay you on a case rate basis as opposed to a fixed PEPM so I can understand when you're delivering those actual second opinions or expert opinions, and we'll pay you for those, for which there's a really high ROI?" We're more than happy to accommodate that because we're built on an engagement engine that can identify the people who need those second opinions and make them available efficiently. Channel. We've built the company to be able to reach a customer any which way they want to engage. This time of year, we're picking up on the heavy part of selling season. There's a lot of RFPs happening in which our own direct sales force is in the field working with consultants and customers or prospective customers on new opportunities. We've also built robust relationships with health plans, and we work with them in different ways, and Meg Worth's gonna talk later about that, but you could think of it in two big buckets. One is on a distribution channel way in which, for example, we're co-branded with national carriers like United and Aetna to distribute a co-branded offering for expert medical opinion. That's a really efficient way to distribute the offering. We also partner with health plans around innovation opportunities, and that's the one that Meg will talk a lot about with our partners from Blue Shield of California today. Things like virtual first offerings. Things like leveraging for regional and Blues who don't necessarily have the innovation budgets that the large carriers have, there's ways to partner with Accolade, where we can find ways that work great for re-reaching members and also revenue models that benefit both companies. You also know that we have a relationship with TRICARE in which we serve members of the military and their families. We just wrapped up a three-year pilot demonstrating that our advocacy platform in the military is extremely helpful and creates value for families with complex clinical care needs. We also serve members of the military who have children who are on the spectrum and need support from nurses and clinical capabilities called the Autism Care Demonstration, that's a growing opportunity within the military channel for us. Finally, we're partnered up with several of the carriers who are in competition to win the T5 contract, which is in the process of a final decision. When that happens, we expect to be able to be a partner to provide innovative solutions as part of that. Finally, we have a direct-to-consumer channel, which Ryan spoke about, and really is the backbone of the way PlushCare was built. That channel continues to grow at an attractive pace while we leverage that capability of virtual primary care into every member opportunity that we have on the employer side. Now, we'll use that as a backdrop to go deep into our revenue build. I think the way to think about this is let's walk through the build for the $410 million revenue guidance this year, and I'll take you through some really critical factors to understand about the way you build that up. Before we do that, let me remind you about how our contracts with customers work. Particularly on the advocacy side, one of the things that we align with customers on from the beginning is we commit to driving a measurable ROI on the fees that customers pay us for our services. The PEPM or PMPM fee that a customer pays us on the advocacy side has three components. There's a fixed fee or a base fee. There's performance guarantees in which we need to achieve certain hurdles on the operational side around things like consumer satisfaction, engagement rates, and driving to the right people to Trusted Partners. Then there's a claims-based or trend deflection-based component of healthcare savings that we sign up to every year. That's really important to understanding our revenue flow. The value of all those contracts at any point in time is called annual contract value, and it's a critical part of building up the way to think about our revenue. What I'm gonna do is to walk you through the $410 million of revenue projection for fiscal 2024. Let's start a year earlier because you have to build up to an ACV number to understand how we project revenue forward. A year ago, at the beginning of fiscal 2023, we walked into the year with $286 million of annual contract value. On the prior slide, there was a term up there, gross dollar retention. We have a very high retention rate in terms of customers and value that runs at about... Excuse me. That runs at about 95%, which we're retaining 95% of the value of a customer year to year. That was consistent last year, but we did lose a large customer that we included in the shading number. Other than that, we deduct about 5% of that ACV walking in through fiscal 2023, and then we have new bookings from new customers. You heard us talk on our last couple of earnings calls that we had the most successful selling season in fiscal 2023 that we've had in the company's history to date. Booked about $70 million of ARR, annual recurring revenue, the gross value of a contract. We make some assumptions about the realizability and look at the different components of the contracts and discount that back to a number to add on to our ACV. We arrived at the end of the year with $309 million of ACV. The end of the year, the end of February 28th, 2023, we start fiscal 2024 with that number. While it's not a perfect science, that $309 million is the average, you know, annual amount that we have under contract. It gives us very good visibility. We've got about 75% visibility walking into the year while we have lots of other opportunities to add revenues for the year. What we do is we assume that same 95% retention rate in terms of gross dollar retention. We also know that we're gonna have in-year revenues from a few different sources as we build them up. The largest contributor to that increase in revenue this year of in-year revenue, we expect to come from the consumer channel. Consumer revenues are not included in ACV because those are based upon, you know, monthly arrangements with patients or members, but they do have a subscription fee and visit fees. I mentioned earlier that the virtual primary care offering is growing at about 25% this year, and most of that revenue is from the consumer channel this year. As I mentioned, we've just launched our first set of enterprise customers, which will also contribute. On top of that, there are in-year revenues that we derive from existing customers. Customers who expand with us from one offering to one or two others, customers who acquire Trusted Partner Ecosystem capabilities. We drive utilization, populations expand. All of those contribute from the existing customer base. Finally, we'll have new bookings during the year this year. As we're in selling season, most customers are lining up to launch our service on January first of the new calendar year. With a February 28th fiscal year-end, about two-twelfths of an annual contract value number for a new customer will flow into our P&L next year. That's how you walk up from ACV to our projection of revenue for fiscal 2024. While we're on this topic, I want to take a minute to go in some depth on fiscal 2024 revenue. Particularly, the fact that we're all here today together and we are on the heels of our earnings call about a week ago. The most frequently asked question we got was: help me understand how that $410 flows by quarter in fiscal 2024. There were different variations of the way people asked that question, it's an important topic. One of the reasons why this is important is the way in which Performance Guarantees flow in any given quarter is important to understand. We're gonna lay out some detail here that we haven't done before in order to give you a sense for how we model this ourselves as the company. What you have here is three years of data by quarter, with in the third column to the right of each quarter is the fiscal 2024 expectation that we have, with the blue bar on top representing an estimate of savings based or cost savings-based Performance Guarantee revenues. You'll recognize the $90 million as the midpoint of the range we provided for four, and the $93, $96, and $131 is our estimates by quarter. The important takeaway here is this: savings PGs this year in fiscal 2024, we expect to work just like they do any other given year. We've historically realized about 95% of the P and we expect the same thing this year. We put about 10%-15% of our advocacy customer, PG, excuse me, PEPM at risk for savings PGs. What we also do at the beginning of a fiscal year is we assume that we need to wait until the full year occurs before we measure, final measure and recognize that revenue. When we sit here in the first quarter, we almost always... our chart internally looks like that because we know that most of our customers have a service year, a measurement year that maps to the calendar year. In fact, that's why we have a February fiscal year-end, so we can get through that year, do those final calcs, and we've been very consistent with the way that we've earned and the performance we've had in earning those revenues. The other takeaway here is if you were to take those savings-based revenues and just spread them evenly across the year by quarter, and for fiscal 2024, you would need to back out the loss of a large customer. If you did those two things, you would see a quarterly year-over-year growth rate that would map about to that 20% growth rate x the loss of a customer that we expect to occur this year. Now, now that we provide revenue, we know that it'll be on your minds, well, how would... how do you guys expect the bottom line to flow as well from an Adjusted EBITDA perspective? This is a view of Adjusted EBITDA for fiscal 2024 as we see it by quarter for Q1 and Q2, and then the second half taken together. What you see on the screen is we expect a material amount of positive EBITDA in the back half of this year in the range of $18 million-$20 million for two reasons. One is, when we sit here today, we expect those savings PGs to hit in the fourth quarter. By the back half of the year, we expect to be realizing the full benefit of the cost structuring changes that we made, and we announced on February 28th, and we talked about more in more depth on the last earnings call. There's one more thing I wanna mention about the PGs on that prior page. Sometimes we earn those savings PGs sooner in quarter one, quarter two, or quarter three, for various reasons. We may have hit the cost savings hurdle sooner, and it's almost impossible that we would miss that, and we would book it sooner than Q4. When that happens, we call that out for you on earnings calls, or we'll put it in our guidance if we can see it, we know that it's gonna happen next quarter. Last year, we had two of those. We called them out. If you're putting a growth rate on top of that quarter, you would be ahead of where we are in that flow that I showed on the prior slide, because when those happen, we'll let you know, but otherwise we're assuming that those savings PGs are going to occur in the fourth quarter. I'm going to pivot on that topic over to talking about the rest of the P&L. How we think about gross margin expansion, operating expense leverage, and the platform that we're building that my colleagues have talked about today, how that contributes to long-term scale and profitability on the business. These financial targets haven't changed since the time of our IPO. You recognize these. We operate on a gross margin basis today in the high forties. Our expectation is by the time we break through profitability, we'll be in the range of 50%, growing north of that. On the bottom line I mentioned earlier, we're projecting long-term targets of 15%-20% of Adjusted EBITDA. I'll talk about the stuff in between in just a minute. When you think about our platform, when you think about in particular, the commentary that Shantanu and Epson and Anuja and Ryan were talking about, how that platform works, how we drive utilization to the right members at the right time. Not only does that create better health outcomes, it also gives us an opportunity to drive increasing revenue and performance guarantee achievement because we know who are the people who need those services and capabilities, and let's get our frontline care teams there efficiently. Let's make their work really easy. Screen pop. This Steve Barnes guy, we should get him to Sword because he's been seeing his back doctor lately. That bears out in efficiency that I'm gonna walk you through a couple of examples. Now, before we get to that, I wanted to lay out for you an illustrative view, not a perfectly to scale view, but to just to give you a sense for how our different offerings today operate and contribute to gross margin. You know, I mentioned we're in the high 40s as a percentage of revenue in terms of gross margins. The advocacy offering operates at about that range today. virtual primary care, particularly on the consumer side, operates a fair amount higher than that, and we're making investments to launch those enterprise customers onto the virtual primary care platform. That was a bit of a drag in the short term for a big opportunity in the long term. On the expert medical opinion offering, those margins are a bit lower than the average for the company for a few reasons. We haven't yet seen expert medical opinion utilization volumes come back to where we were pre-COVID. We've also seen some customers, as I mentioned earlier, wanna move from a fixed PUPM fee per month to a utilization-based fee. As those volumes haven't yet come all the way back, there's been some margin compression. In the government side, we've also built capabilities that are enabling us to be able to drive scale and serve many millions of many more people than we are on the platform today. Today, we're subscale in terms of the number of people that we serve on that government platform. Finally, the Trusted Partner Ecosystem arrangements that Kristen talked about are highly margin accretive, as well as being highly outcomes accretive, let's say, to the people who need them and use them and are directly correlated with the companies, our customers who wanna get them to help their employees find those TPEs. Gross margins as it relates to our platform. You know, from our company, talking about since back at the time of our IPO, it's been a very strategic decision by Accolade going back to 2016 for sure, when we invested heavily in building out a technology platform that could be an open platform to take advantage not only of the best of what Accolade has, but what the entire ecosystem has. That investment, we think, has not only has it resulted in some of these elements that you've heard about today, it's also helped build the moat that we've been building around Accolade as a strategic differentiator to being that open platform that can do things like innovate with partners, trusted partners, who get better access to customers through Accolade and also better utilization for members because they're on our platform. If you think about some of the things here, that True Health Engine I was mentioning earlier, the value that that has for our care teams is night and day from where we were three, four, five years ago. To have that frontline care team person see that 360-degree view of a member and the needs that they have and to get them efficiently to their next step in their journey takes the manual knowledge that needs to happen in that frontline person's head to a scalable capability. We've also built self-service tools that Ryan was talking about earlier, with the goal of having a unified member experience that allows them to maybe not talk to a person until they absolutely need them. That drives a great experience. It also drives margin opportunity. Finally, the member offerings that we use to build and integrate the expert medical opinion capabilities with the navigation engine, with virtual primary care, all makes that a simplified experience across our entire company and drives expansion of margin. On the operating expense side of the business, we've been, as I mentioned earlier, making very steady, intentional progress towards profitability while we invest in areas that drive growth and value, and also making some decisions around the best way to bring the company together to position ourselves for profitability, which we are on the cusp of. When you look at this chart and see this steady improvement year-over-year towards where we are today, we expect in fiscal 2024 that operating expenses will be about 50% of revenues. When you look at that across those different components, look at with where product and technology is today versus where it was years ago. We made a massive investment to build out the core of our platform that we're continuing to innovate on and continuing to add to, but we are now approaching the targets for where we would expect to invest for product and technology on an ongoing basis. You think about G&A, and we're hitting a level of scale at a $400 million-$500 million company when we expect that number to come down towards 10% or better over the coming years. Sales and marketing spend, distribution spend becomes our lever between growth and profitability. We obsess about serving the largest part of the market that we can to grow at the top line area that we've talked about and to do that while balancing our profitability goals. What I can tell you is that the returns on sales and marketing, whether you think about that in terms of LTV that we're creating for Accolade or retention value and the ROI that drives the high levels of retention and renewal and win rates in the field, the return on those dollars is high, and we're managing that lever towards our bottom line commitments, which we are laying out here today. Our balance sheet is very strong. We have a healthy $320 million-$321 million in cash as of the end of fiscal 2023. We also have convertible notes that are due three years out that bear interest at 50 basis points today. We expect on this financial profile that we're laying out today, that we'll achieve free cash flow breakeven far in advance of needing to go back to capital markets at all to finance the company. We would expect to have optionality around whether we pay down or refinance or how we'll deal with the convertible notes in three years. Now before I wrap on this section, I wanna hit a very important topic about how we think about the bringing together the personalized healthcare platform that we've been talking about today and how we think about that from a financial perspective. You might recognize a version of this chart we've talked about in the past about our model customer, and you'll hear from two model-like customers this afternoon who leverage all of the capabilities of Accolade. We believe strongly that customers who leverage the navigation engine and virtual primary care and mental health and expert medical opinions and the best of our Trusted Partner Ecosystem not only get better outcomes and ROI for their companies and their employees, but it drives an incredibly attractive financial model for us because it gives us an opportunity to stack revenues on top. You think of advocacy as being about a $20 PEPM opportunity, and you stack these up, you're talking about 120%-130% of, you know, of the advocacy revenue. That creates not just increased revenue per customer, but also an incredibly sticky relationship with a customer, where everything that they're doing is flowing through an advocacy-led benefits program with Accolade at the center. Finally, when you look out to the right, that top-level shaded area that we call other opportunities, we believe strongly that down the line, and we have these conversations with customers today, but we think this is real optionality for Accolade to lean even more into opportunities around driving value for customers. Whether you wanna think about that as additional savings, PGs or some type of value-based care type of capability, we see that opportunity down the line as we're able to stratify those populations, see where the needs are, get members there efficiently, and make those populations less costly for employers, Accolade ought to participate in that. We see that opportunity down the line. In short, I hope you can feel the enthusiasm that we all have as a management team, that we know we're building a company that's doing great things for people and changing healthcare for the better. We're also building a company with a financial profile that we see as being extremely attractive and highly differentiated with a revenue mix that is broad and diversified, and a strategy and execution rhythm that allows us to reach customers wherever they are with different offerings that they need, and build a profile that has attractive unit economics and is headed towards a clear path to profitability and growth. With that, I think, Todd, are we opening up for Q&A now? Yeah. We've, 10 minutes here for Q&A. Yeah. We've got a handheld here that I'll run to questions, and then management that's seated, we can give them mic if there's a question to them. You seem lonely up here. I thought I'd come up and join you. Yeah. Jailendra. There's a couple of other hands up. Fire away, Jailendra. Thank you. Jailendra Singh from Truist Securities. Very, very insightful presentation. Thank you so much. First o20n fiscal 29 outlook, couple of things. A, first, what are you assuming for TRICARE T5 contract? Are you building any revenue or EBITDA contribution there? Second, you talked about new opportunities like these savings PG or Value-based care capabilities. Is that built in your outlook or is it upside to expectations? Yeah. Thank you. I'll start. Yeah, fire away. First of all, on the back half, you're right, I should've been clear. I think those value-based opportunities, those aren't baked into our model in order to achieve the profile we have up there. We're going after it. Down the line I really do think that that's, that is a real optionality that Accolade has, we're not betting on that in the kinds of numbers you're seeing here. In terms of T5, I think we're optimistic. We think we're well-positioned. We're not building a, I like to say, heroic assumption about that. We're still probably fiscal... Or sorry, calendar 2025 until that launches. A lot to be determined about who the winners are and how those contracts look and what our opportunities are to participate in them. Yeah. Jai, there are a few things. Greenfield opportunity, the enterprise B2B space, big enough by itself to sustain 20% growth. Any new business or new business opportunities de-risk that opportunity and give us new opportunity potentially upside or de-risking. One or the other, but 20% growth exists in our core business right now. Hi, Jessica Tassan from Piper Sandler. I was hoping you could just help us understand some of the PG attainment levels in the FY 2024 guidance. I think you had in the deck about $70 million of FY 2023 ARR bookings relates to about $61 million of ACV in the FY 2024 guidance. By our math, that would seem to imply that there's about 0% PG attainment baked into guidance. Is that accurate if we think about 10%-15% of fees? Yeah. I know what you're getting at. We've talked about $70 million of ARR. We've got about $61 million of that flowing into ACV. What it really reflects, Jess, is we're taking a bigger haircut on a couple of the components of new types of customer opportunities that are built into that. There are some savings-based PGs in there. We're taking a more conservative view towards them. Got it. Just on the 248 of ACV that is not related to FY 2023 bookings, are you being similarly conservative with respect to PG attainment on that 248? Thanks. Sure. I would say in the case of those which are with existing customers, we have more visibility, and we would have that typical kind of 95% achievement of the total PEPM baked into the existing customer base. Sure. Who's next? Hi, Craig Hettenbach with Morgan Stanley. Just a question on the 20% revenue CAGR, if you could talk about kind of the core advocacy versus expert medical opinion and virtual care. When I think about that 10%-15% Adjusted EBITDA margin versus the longer term target of 15%-20%, how you think about kind of growth versus margins and kind of balancing that? Mind if I start there, Steve? Yeah, sure. If you were to think about our core business today, we start a relationship with a brand-new enterprise customer, and we deliver what we call ARR inside the business, 12 x the monthly value of that agreement. Two years ago, those were entirely advocacy transactions. Today, increasingly, we're selling transactions that have both advocacy, virtual primary care, Accolade Care, and our expert MD or expert medical opinion offering. Oftentimes in those relationships. Remember, if you remember Steve's slide, we saw gross margin expansion opportunities with our virtual primary care business against the core advocacy business. In those businesses, you'll see utilization levels of primary care and expert medical opinion grow on a year-over-year basis. The base as it grows, we have an opportunity both to sign new customers, but also to expand utilization of our existing services inside of our core customers, which will have a positive impact on gross margin and profitability long term. Hey, guys. Thanks for taking my question. Stephanie Davis from the artist formerly known as SVB Securities. I had a question on the partnership ecosystem. You've been talking about that a lot, and it felt like a pretty marked change from what we saw at the IPO. What made you decide that 2nd.MD and PlushCare had to be owned assets versus the partner ecosystem you've created today? How should we think about the revenue share or kind of the partner economics as you grow this part of your base? Steve, Let me take the first part. You take the second part. How's that? Great. Sounds good. Deal? I don't wanna leave you just up here without answering questions. Yeah. Thank you. Let's do the first part, Stephanie. When you think of, for us, forever, from the outset of my time here, the understanding that a virtual care team, that up until the time we acquired PlushCare and added the Accolade Care offering to our business, we included nurses, pharmacists, everything up to that primary care physician in our capacity to actually impact downstream care. Primary care was always gonna be a part of our strategy, it fits perfectly into the way we think about delivering value to our customers. I think the early returns now, a year and a half in, is our customers agree with us. Second part of the story, expert medical opinion. There's no way for a business like ours that delivers virtual care to actually enter the specialty care business on a virtual basis if you don't participate in medical certainty around something like expert medical opinion. We're not gonna be a brick and mortar, I shouldn't say forever, but I should say I can't see a near-term or mid-term future where we're in the brick and mortar space. Our capacity to actually entertain value for our members and for our customers in the specialty care space had to be in that expert medical opinion universe. I think when you look at things like what you saw today, you saw Saami, you saw Brad, you've probably met a number of the entrepreneurs and teams that run other companies that Kristen showed on that slide. Our capacity to outperform them in their core discipline is just not realistic. Our capacity to instead dramatically improve their performance, that we're already proving. Want to take the economics question? Yep. I think the question, Stephanie, is around the trusted partners, what are the economic arrangements there, the way those work? There's a few different ones. You could think of it broadly as, like, an add-on PEPM, like an administrative fee, in which we're adding on additional revenues related to a partner arrangement. Sometimes driving, it might be based upon driving a higher level of engagement, for example, than the partner was achieving with the customer beforehand. Importantly, the incremental cost to add one once we do that initial integration and training of the frontline care teams that Kristen talked about, is highly margin accretive. It adds on at a very high rate because you're essentially making that available and then getting it efficiently to the partner and collecting a revenue component that's there's not a lot of incremental costs associated with that. Again, you can think about utilization driving value there. You heard Sami talk about GLP-1 and how that's gonna have an impact on his business. When it has an impact on his business, it has an impact on our business. Time for one more? We have time for one more. Depends on how erudite we are with our responses. This is a short one. Allen Lutz, BofA. What have been the engagement rates over the past couple years on the core navigation business? Has that changed at all? Has it gone up as you've embedded those new services into the platform? The core engagement rate of the business has stayed relatively constant. It'll vary a little bit by customers, but you're by and large continuing to see engagement rates between 55% and 65% on a year-over-year basis. I think the next part of your question, Alan, is, are we seeing engagement rates grow for those specialty services, primary care, expert medical opinion, et cetera? It's too early to tell, but we expect that they will. That was quick. Probably one more if we have time. Jonathan Yong, Credit Suisse. Just going back to your 20% CAGR, how are you thinking about EMO, the VPC and advocacy within that context of that 20%? Is one much higher than the other? On PGs, are you building in, at least based on the conversation today, it sounds like you're going down more of a risk type model. Are you embedding more of PGs more at risk in this situation or how are you thinking about that? I'll grab those, Jonathan. First of all, just on the, this year's roughly 20% growth, again, excluding the loss of a customer, we think about as three components. Advocacy is approaching that 20% range. Virtual primary care as an offering is growing in the mid-20s, and expert medical opinion growing closer to 20. Sorry, second part of your question? More risk. Oh. Payable. No, the short answer is the deal constructs we're seeing as far as components that are performance guarantees, savings PGs for advocacy customers are around 10%-15% of the total PEPM opportunity. Operational PGs around things like consumer satisfaction, engagement rates are in the neighborhood of 15%-20%, so about a third of the contracts are on a performance fee basis. Sometimes we'll have a new type of customer in which we haven't worked with them before, we take a bit of a bigger discount as it relates to ACV. By and large, the dynamics are similar. I think we're out of time, Steve. We're out of time here. For everyone in the room, we're gonna take a 15-minute break. We'll start right at 3:45. For those in the webcast, thank you for joining. We're gonna end the webcast here. We'll do our customer and partner panels after the break. Thanks.