Good morning, everyone. Welcome to day four of the J.P. Morgan conference. My name is Rajeev Singh. I'm the CEO of Accolade, and we'll walk you through today a little bit about our story. Before we do, we'll give you the standard safe harbor provisions. And so I'll give you 30 seconds to read through the safe harbor document, and then we'll jump right into... Did we lose the video there? Don't want to rob people of the safe harbor. No, actually. Let's see if this pops up. Yeah. Okay. Oh, there we are. Perfect. Here, I'll go back for you. Everyone, take a look. Fantastic. At Accolade, we're building a customer-obsessed, and by customer, we mean a patient member-obsessed, nationwide healthcare delivery vehicle. And we're doing it for largely today for corporations, though we are also reaching other markets, but self-insured employers are the core of our marketplace. The investment highlights of our story before we get into the depth of what we actually do, the investment highlights of our story, we are a company, analyst expectations for the fiscal year ahead are, you know, in the neighborhood of $500 million of revenue and profitable on a target basis, $1 billion in revenues in five years with Adjusted EBITDA margins in the neighborhood of 15%-20%. Importantly, with the strong profit profile of the business, we're also growing the business at a consistent year-over-year 20% growth rate. We are the market leader in a space that continues to grow. Bookings on a year-over-year basis continue to grow. This personalized healthcare market is a market that is showing extraordinary strength, largely based on the need of self-insured employers to find innovation and value for their employees. We've got extraordinary revenue visibility on a year-over-year basis. We have a diversified customer base that gives us the strength of our P&L. We have an integrated platform that's built on a brand-new technology stack that creates scale, that creates a strong margin profile, and we have a massive opportunity, leveraging new technologies like artificial intelligence and the technology that's fundamental to our business, to transform the healthcare experience and to drive extraordinary margins for our shareholders. The business in and of itself is the idea of democratizing concierge medicine, personalized medicine, the capacity to go for every employee and family inside of a business, to give them care advocates, nurses, nurse case managers, women's health nurses, behavioral health specialists for every single employee and their family, but to tie that out with a physician that actually works within those care teams to give people the care that they need. On behalf of corporations, what we do is we lower their costs while improving the care of their individuals, and driving satisfaction for those individuals. What sets us apart, if that's the service we deliver for our customers, what sets us apart for our shareholders and differentiates us from everyone else in the category writ large, is we're built on a world-class technology stack that will drive scale, that will drive extraordinary profit margins over time. We've got a diversified customer profile that eliminates risk in the business and that creates an opportunity to grow in multiple customer segments. We have a partner platform that makes us unique. Our capacity to leverage the technology platform, to build real integration with third-party partners that drives incremental value for customers who are looking increasingly to carve out from their existing health plans, different capabilities that they believe are required for their employees. That partner platform drives extraordinary value for our customers and also high-margin revenues for Accolade. Finally, flywheel value. We'll talk a little bit about the flywheel down the road, but the idea that in driving extraordinary engagement for our customers, we can in turn drive downstream utilization of things like primary care, expert medical opinion, our trusted partners, or even in-network utilization, is an opportunity to add value for our customers and add value for our shareholders in terms of profit margin. Returning to the solution itself, what makes us specifically unique in our category is the idea that we embed physicians into our care teams, and there's a reason for that. Ultimately, while 72% of the population has a primary care physician, 28% do not, and importantly, of those 72%, there is such a thing called the physician gap. This idea that even if you have a primary care physician, each of the individuals sitting in this room today have a primary care physician, the likelihood that you can see that physician any time before 26 days from now, in terms of booking an appointment, creates a gap because healthcare happens now, not 26 days from now. Our capacity to, in fact, deliver a visit in real time, inside of 15 minutes with our physician care providers, and then push that data back to your existing brick-and-mortar care physician, gives us a capacity to do something extraordinary, to actually resolve the gaps that exist in the healthcare system and ensure people are getting longitudinal care. We're capable of doing that because our physicians have a data set that others do not. They have the capacity to look at longitudinal data sets, understand every condition you're facing, every medication you're on, and every doctor you've seen over the last several years. This idea of putting doctors at the heart of the solution, though, starts with extraordinary engagement. Accolade engages, but today we're serving millions of people with our advocacy solutions. We, we engage nearly 70% of those, between 60% and 70% of those populations on an ongoing basis. And we do it not only by becoming the number on the back of your insurance card and taking all of your inbound, but also with outbound. And the outbound is oftentimes targeted to clinical outreach. Our capacity to understand when you're entering the healthcare system, maybe using things like verification of benefits or utilization management, pre-authorization, risk stratification, because we're collecting an enormous amount of information about the employees that we serve, or admissions, discharge, and transfer data, all giving us critical moments in a life cycle of a healthcare journey and giving us the opportunity to outreach to members when they need us. When we do that, we have an opportunity to add value, and our care teams will do things like resolve claims issues, help you understand your benefits, and of course, give you access to our physicians. Our physicians, by the way, happen to be internal medicine, family practice doctors who are traditionally primary care physicians, equipped with the data set that I mentioned. Additionally, because we're looking at things like utilization management, we have an opportunity to get those members to things like specialists, expert medical opinions to give them medical certainty when they're diagnosed with cancer, when they're heading towards a major surgery, and give them the capacity to understand whether they're on the right path. All of that, coupled with taking out the rest of the complexity of the healthcare system, gives us an opportunity to drive extraordinary value, lower healthcare costs for our employers, and drive extraordinary NPS for our members. We fix the physician gap, and in part, what we do is drive extraordinary value by getting people to those physicians inside of a single day, oftentimes inside of the hour, and driving data back to the existing brick-and-mortar healthcare system. Unlike other players in the category or other players in the space, our belief is fundamentally that collaboration with the rest of the ecosystem is required as opposed to trying to replace it. Therefore, we use things like the health information exchange to ensure that our physicians' case notes are shared with the physicians on the ground. All of that leads to the cost savings that we previously described. Now, pivoting now to our technology set and speaking to the value that's delivered from that technology set, it really starts with data. Our capacity to collect, whether that's claims data, case data, admissions, discharge data, pre-authorization information, I could go on and on. Our capacity to take that data and in turn create what we call a member fingerprint, an understanding of precisely what's happening in that person's life, and use that member fingerprint to get them to the right care team. We use things like skills-based routing to understand who the best care advocates are to serve your unique need. And then obviously, the convenient tools like call scheduling, that not only are convenient for the member, but also improve the profitability and efficiency of our own services, automation and artificial intelligence that we'll talk about a little bit later, all geared around a smart recommendations engine called we call True Health Actions, that are really geared towards aligning every individual with the next best step in their care journey. All of that gives us the capacity to ensure that every member is getting connected with a care team that can service and satisfy their needs every single time. Sometimes, that's with a dedicated member of their care team, a dedicated physician who they wanna see repeatedly. Other times, it's by guiding them to someone who has a particularly unique skill based on the fact that healthcare can have oftentimes varying needs. All of that also gives us an opportunity, this idea of True Health Actions, to actually drive utilization of downstream benefits programs on behalf of our employers. Employers oftentimes are weaving together a very complex healthcare ecosystem and are struggling to drive the utilization that they need. More on the trusted partner ecosystem a little bit later in this presentation. The idea for us is to weave together everything we know, whether that's the social determinants of health information about this member, whether that's the benefits ecosystem associated with the customer itself, or whether it's an understanding of where they are in their care journeys and their access to care, all tied together with the data that we've collected about that individual to weave what we call a True Health Action, a recommendation for that member in terms of their next step. Now, importantly, we don't just deliver that recommendation to the member. We, in fact, deliver that recommendation first, and this is a bit of an eye chart slide, but ultimately, what we're saying is, we deliver that recommendation to our care teams, to our physicians, to our care advocates, to our nurses, who are interfacing with that member so that when they have perhaps an inbound conversation, someone's calling in to replace their ID card, we have the opportunity to engage with them about a critical need on their behalf. Nearly a third or 40% of our interactions happen inbound, but we can be extraordinarily strategic in terms of our capacity to engage those folks on the inbound. Additionally, our mobile application, which has millions of downloads and a 5-star rating, has an opportunity to deliver these recommendations directly to the member in real time. Our mobile application gives you the opportunity to look at all your claims, to schedule visits with doctors, to find physicians in your network or specialists in your network, all driving incremental engagement with the healthcare ecosystem, but in a way that's bespoke and tailored to the benefits program that's been put together by the employer. Now, pivoting to how we're leveraging technology. Accolade has spent more on our technology stack than anyone in our category. We continue to drive extraordinary innovation. We believe generative AI and large language models have an opportunity to have a profound impact, both on the service we deliver from a quality and capability perspective, but also in terms of our P&L and the long-term margins of our business. It starts with assembling the right data set. Determining where we believe we have unique interactions that can drive machine learning, and then leveraging the right AI tools in our mind to learn and grow from what it is we're, from the, from the interactions, the millions of interactions we're having with members. Today, I will not go through every component of this slide, today, we're applying that in three real, real ways. The first is improving efficiency of our care advocates and our frontline care teams. Our capacity to leverage artificial intelligence to ensure that we're having a high-quality interaction, that we're capturing every element of the interaction that we've had and all the tasks that need follow-up from that, to actually automate some of those tasks. Oftentimes, we're working with a disparate set of carriers or a healthcare ecosystem that automation can drive extraordinary value from, or moving to the second tranche on this slide, driving value from a clinical perspective by using risk stratification to understand who we need to engage with, how we need to engage with, and using evidence-based guidelines on an updated, often basis to give our physicians and nurses real-time guidance around the care that they need to be delivering for the members that we serve. And finally, from an analytics perspective, our capacity to, on an ongoing basis, understand what we've done and how we can learn from the services we've delivered to deliver better services moving forward. Pivoting now towards our trusted partner ecosystem. As we move through the story, one of the things that's essential for every single customer we serve is the fact that most of our customers have made the choice to begin carving things out from their health plan ecosystem. They're doing that in categories like musculoskeletal physical therapy, diabetes management, weight loss, gut health, behavioral health, you name it. And in those categories, Accolade's partnered with a number of different players where we drive extraordinary engagement for those downstream solutions. We do that both. Or excuse me, in three ways. First, our frontline care teams, our care advocates, building extraordinary engagement and with True Health Actions, guiding them to make recommendations for the downstream partner solutions at any given moment. Leveraging a data set, oftentimes, our partners do not have access to the claims data that Accolade is sitting on top of, leveraging that claims data and our Risk Stratification to identify members on their behalf in real time. Finally, closed loop or end-to-end reporting, our capacity to know not only that we've enrolled someone in a downstream program, but also that they've completed that program, and to share the data with our clinicians, or to share our clinicians' data with their clinicians, gives us a longitudinal story that is elegant and perfect for the member. Today, our trusted partner ecosystem is based across the categories listed here. You'll note that oftentimes we have multiple partners in a category. We do so because, in our view, our capacity to deliver choice to our customers gives our customers the best opportunity to make a smart selection in terms of their solutions, and allows us to ensure that there's competition for that business on an ongoing basis. It's too early to pick a winner in any one of these categories, but we've chosen high-quality partners, validated their clinical capabilities, validated their InfoS ec capabilities, and validated their financials on behalf of our customers. Customers contract directly with us to take advantage of these solutions. Today, it's also possible for us to work with partners that haven't been added to the trusted partner ecosystem. In many cases, customers have already contracted with solutions. To the degree they're not in the ecosystem, we'll continue to support them with things like single sign-on or showing their benefits in our mobile application or in our portal. But when they sign up to the trusted partner ecosystem, which is a highly sought-after opportunity for most partners, the opportunity for us to not only vet and streamline contracting, but actually build real technology integration that improves implementation, that improves reporting, that improves downstream utilization, gives our partners and our customers extraordinary value. For our shareholders, the margins generated by driving utilization of those capabilities is high and incremental to the gross margins of the core business. Coming now to nearly the close of the presentation as it relates to our capabilities. Accolade, over the last several years, has added capabilities like primary care, like expert medical opinion, and continues to grow our trusted partner ecosystem. In so doing, we take a business that's that has been built from the jump to drive extraordinary engagement and drive extraordinary member satisfaction, and leverage that business to not only turn that satisfaction into cost savings, but also yield downstream utilization of primary care. I think we would all acknowledge that downstream that increased utilization of preventative care is good for the member, good for the company, and will lower cost, downstream utilization of medical certainty capabilities, and downstream utilization of the partner programs already selected by that customer. For shareholders, that's incremental revenue opportunities and growing average revenue per customer at a high gross margin. For our customers, it's driving better utilization that drives downstream lower costs and higher satisfaction. Turning now to the way we approach the market. Our distribution reach is really broken out. First, we go to market directly to employers. That's the preponderance of the business today. A growing segment of our business is the capacity to go to health plans, particularly regional health plans, across the country, who are looking for differentiation, looking for opportunities to take advantage of our advocacy, primary care, or expert medical opinion capabilities, or our trusted partner ecosystem, to take those solutions to their customers. Today, companies like Priority Health in Michigan, Blue Shield of California, and many others are leveraging Accolade solutions to differentiate in their respective markets. That's a growing component of our business, and we expect it to continue to be an important part of our business moving forward. Additionally, we have a government business that's aligned with the T5 Agreement that will likely in 2025 go live with an opportunity to serve military members of the population, active military members of the population. From a customer perspective, the company has matured dramatically since our public offering in 2020. In 2020, the company had 54 customers. In 2023, it's, I guess we've just turned the corner into 2024, the company has more than 1,000 customers. We're serving more than 10 million people, and the revenue diversification across the customer base by segment, by industry, is extraordinary. No customer represents more than 5% of total revenues. And from a platform perspective, not only have we built a technology platform that weaves through and delivers integration, we've also built a platform that meets customers and partners like health plans where they want to be met. You can start with primary care, you can start with expert medical opinion, or you can start with a base of advocacy, where we're the market leader in the category, to drive value for you and drive value for your members. The flywheel ultimately that we spoke about earlier is driven here. It starts... Everything starts, and this is where healthcare has often fallen down. We revisit the roots of Accolade, where the company began, servicing a member with extraordinarily high-value service that drives NPS, creates extraordinary engagement. That engagement, nearly 70%, drives the opportunity to drive downstream value. That downstream value could just be taking advantage of the existing ecosystem and ensuring you get the care that you need, or it could be taking advantage of the downstream services I've referenced today. All of it drives the opportunity to drive cost savings. All of it drives the opportunity to drive improved clinical outcomes, which we'll talk about in a second. And all of it, from the perspective of our customers, drives value. From the perspective of our shareholders, we now have a profitable business that delivers the capacity to continue to grow margins. From a clinical outcomes perspective, and this is imperative, if we intend to build a healthcare delivery vehicle that's customer-obsessed and that delivers extraordinary value, we have to talk about outcomes. Our capacity to engage and drive incremental value as it relates to musculoskeletal—you, what you see on the slide, extraordinary improvement in people looking at musculoskeletal surgeries, depression or anxiety, or social determinants of health barriers, all indicate our capacity to turn engagement into clinical value, leveraging data and leveraging our technology set. The company is built around the idea that extraordinary engagement leads to downstream cost savings, leads to downstream satisfaction. With that, I'll turn it over to our Chief Financial Officer, Steve Barnes, to speak to our financials. Steve? Thank you, Raj. Good morning. You know, absolutely, the business strategy Raj just outlined and the approach we take to improving clinical outcomes on top of a technology platform that we've built for scale, you'll see it is also generating an attractive business model that's generating a financial profile that's also extremely attractive as we head into a high-growth model that's also turning the corner on profitability. Another step back for you for a minute before we go forward on Accolade's history. From the beginning, the company's been driving customer growth and interactions for more than 10 years. We started with this idea around creating a high-touch model with a member and have since been investing for more than 7 or 8 years now into our technology platform that is now generating the capabilities and outcomes that Raj just described. And importantly, over the past period of 5 or 6 years, we've demonstrated the ability to not only create our own innovation, but also to create an open platform that's built for including into it other capabilities, both through organic growth and through acquisition. About three years ago, we acquired the second opinion business, 2nd.MD, that's powering our expert medical opinion capability. PlushCare, which is our virtual primary care capability, also we acquired onto our platform, and today we have the integrated personal healthcare platform that Raj described earlier, that not only includes our own capabilities, but the trusted partner ecosystem that is very much a part of that. That's been powered by our IPO 3.5 years ago, and accessing the public markets in order to build a strong balance sheet, which is now, again, just generating our first cash flow positive quarter in the third quarter that just ended, and heading into profitable growth here into our next fiscal year, fiscal 25, which begins on March 1st. Stepping back for a minute about the size of the market. All of what translates today, that more than 1,000 customers, that more than 10 million members that we're serving with one or more of our offerings, we're really just scratching the surface on a market that we see as an opportunity of more than 30,000 customer opportunities. Today, again, we're serving more than 1,000, but, but plenty to go, and certainly a very large TAM in the tens of $ billions. The company's been on a path of consistent growth in this very large market, historically, a more than 30% CAGR on revenue growth, and we've given guidance that we see as a consistent 20% compounding revenue opportunity. Importantly, we've also been on a very consistent path to profitability as we've not only invested in that customer growth, but invested in that really core asset and differentiator of ours, which is our technology platform, that's giving us the ability to not only drive those clinical outcomes and integrate with the rest of the ecosystem, but also be built for scale for a company that can be very much larger than it is today. And as you see on the bottom part of the slide here, we've been on a consistent drive towards profitability. We are currently in fiscal 2024, which ends in February. Our current revenue guidance is for $413 million at the midpoint, and just a net loss or Adjusted EBITDA loss in the range of $6 million-$10 million. Next year, fiscal 2025, we expect to be around $500 million in revenue and profitable, and profitable growth from here, driving not only benefiting from the growth opportunity, but also the incremental margin opportunities very much that Raj was describing. You can see that here on this slide. We're projecting this consistent growth rate that we can see into the foreseeable future, that you look at it five years out, we're projecting this a billion-dollar company generating adjusted EBITDA and cash flow margins that are attractive, EBITDA margins in the 15%-20% range by that five-year point. Where is that coming from? Growth in our integrated platform, very much driven by the advocacy capabilities, with the physician capability embedded into it through our primary care capabilities Raj just described, along with the other capabilities of expert medical opinion and the disparate group of partners that we've woven together. Taking that, we're seeing increased revenue per customer, which is driving incremental revenue that is attractively gross margin accretive. All that generates into an attractive financial model. Raj touched on this a few minutes ago, but one thing that's really important and beneficial to the company and shareholders of where we are today versus where we were just a few years ago, not only have we grown from that 54 customer base, but the company started in proving out the model with very large customers. So three years ago, we had 50 customers, but a handful of them represented more than half of our revenue. Today, we have a very healthy diversification. We've taken that model and proven it out with large customers, small customers, across many industries. So we have high industry diversification, customer type diversification, channel and reach diversification, so we reach customers directly with our own sales force, partnered with health plans, with the government channel. So we have broad reach and broad diversification that's building out a healthy, diversified revenue stream, which gives the company stability and growth and profitability in front of it. All of that translates into an attractive financial profile, as I mentioned as well. That financial profile is built on a few things and at our long-term targets. Businesses today generating gross margins in the high 40s, which is up significantly from a four or five year-ago period, whereas we've achieved scale, we project driving those gross margins into the 50s over the coming years here. As well, we're seeing operating leverage being a very important lever point here as we approach that $500 million mark, and leveraging the value of the technology investments we've made and the sales and marketing capabilities that we've built, driving incremental bottom-line margins towards that 15%-20% target profile. With that, we're really pleased with the business that we've built today, but also really more excited about where we're going. You know, the continued diversification of this revenue mix, the opportunity we have in front of us as the market leader in demonstrating that this integrated platform not only is driving value, but it's highly differentiated based upon the investments we've made in meeting the market with that physician-led advocacy capability, is driving a business model with attractive unit economics and this path towards $1 billion in revenue and an attractive P&L bottom-line profile as well. With that, we'd love to open it up for any questions in the audience or on the line. Stay there. Sure. That's right. If you have any questions in the audience, we'll get you a mic, and then if you're online, you can ask questions, and then we'll pull them up. While we wait for the questions to come in online, I do have a question for you both: How have discussions with employers changed relative to where they were a year ago? And what is top of mind for benefits buyers? Thanks for the question, Neil. I think perhaps a few things to contemplate that have changed in the universe of benefits buyers and therefore changed in the dialogues they're having with us. The first, inflation and the idea of trend line. Healthcare trend line has traditionally been in the neighborhood of 4%-6%. We're starting to see an increase in that trend line. Inflation is a part of that story. The second part of that story is clearly we're seeing pharmaceutical trends in the pharmaceutical spend area drive potential pressures on employers, things like GLP-1 drugs, weight loss being a particularly prominent discussion in employer dialogues today. Then finally, cancer care. Cancer care has increased on a year-over-year basis. That's an increasingly important conversation for customers around how they can deliver... Obviously, it's a moment of profound need for their employees and a moment where they'd like to drive extraordinary value and improve the cost structure. Each of those three areas represent complexity, either complexity in cost, complexity in treatment, and each of those, in our view, from an Accolade perspective, represent an opportunity for us to add value to that customer. And so, the increasing complexity creates opportunities for us to simplify. That's what customers hire us for, and so that is oftentimes the nature of the dialogue we're having with them. Thank you. I know you stated a 20% long-term revenue target. What gives you confidence in your ability to achieve that goal? Is it mostly about adding more logos, or is it about growing wallet share with existing customers? Steve, I'll maybe start, and you want to jump in if there's something more. Very clearly, Neil, we've seen extraordinary growth on a year-over-year basis in what we call bookings, new subscription contracts, where customers are taking advantage of our services. That grew from the mid-50s a couple years ago to guidance this year from our last earnings call just this past Monday in the mid-80s. That growth is representative of a market that's continuing to grow. Customers identified a need around advocacy and the complexity of healthcare, and as a market leader in that category, we're seeing that need drive extraordinary value for us. Incrementally, the business model has now evolved from what we talked about in the presentation, from a straight advocacy company, like perhaps many of our competitors, to a company that has the opportunity to drive downstream value with things like primary care, expert medical opinion, and our trusted partners. The usage associated with those capabilities on an ongoing basis, each cohort of customers who go live with those capabilities, those members have an opportunity to expand utilization, and that's another element of the growth of the business. Yeah, just pile on top of that a little bit more with to Raj's point, we're seeing customers recognize the differentiation and the value of this integrated platform, and not only our ability to drive that utilization, but bundle essentially to view that advocacy offering to comprise not only a traditional advocacy offering, but with virtual primary care, with expert medical opinion and those partners. And we've built a business model to drive incremental revenue while we're driving that better utilization. One last point is that we have extremely high retention rate in the business for our customers, so north of 90% retention very consistently. Obviously, that translates to an attractive base of revenue to work from each year, contributes to a good visibility towards that 20% growth rate. One of the key reasons why we drive that retention rate is there is a portion of our fees that we put on a performance basis with our customers to demonstrate not only will we do all this great work clinically for your employees and help them create a better outcome, we're also warranting the cost savings that we will generate for your business on a very demonstrable, claims-based approach. Meaning, the entirety of your medical and Rx spend will improve versus market when you use Accolade, not just for the which we are all aware of, many of the different solutions in the market might say, "Just for our services." We're looking at the entire medical and Rx spend and committing to do better than market with that. And so that gives a customer a chance to evaluate us each and every year on a real dollar basis. And so, we think that's obviously robust in terms of the visibility and the durability of the business. Thank you. As a double click on the customers, what are you seeing in terms of customers buying multiple solutions? How are the attach rates for primary care and expert medical opinion? In fact, it's one of the areas of the business that we're most satisfied with. We really started selling our primary care and expert medical opinion services into the customer base in 2022. What we saw in 2022 actually exceeded our expectations. The vast majority of customers not only took our advocacy solution but also took one or more of the other solutions we offer, including our trusted partners. That continued in 2023, where nearly every customer took advantage of more than one solution on top of the advocacy capability. I think another thing to add to that story is, in 2022, that first year of selling, we sold customers with those capabilities. 2023 was the first cohort of customers that went live with those capabilities. In fact, what we saw was utilization in line with our expectations or better, which gives us a strong sense of the capacity to continue to grow the business in that regard and of the incredible value customers see in advocacy with an embedded physician, with embedded specialty capabilities. Customers are clearly seeing the value of that, and that creates a level of differentiation for Accolade from the rest of the industry, that creates a competitive moat that we're very excited about. Thank you. Sorry. I thought I saw a hand. How has the competitive landscape evolved over the past few years? Do you expect any consolidation in the advocacy space? And can you speak to how primary care and EMO give you competitive advantage when you go to market? Yeah. First of all, I think one of the things we're most excited about is the incredible strength of the category. Meaning, year over year, one of the questions investors were asking two or three years ago was: "Hey, is this a must-have, or is this a nice-to-have solution?" Given the growth in bookings year over year over year, and given the nature of the strategic dialogues we're having with customers, I think increasingly, our customer base, the consulting community, and even investment analysts are understanding this is a must-have category with extraordinary strength that can support growth across multiple players in the ca- in the space. That's part one. Part two is the competitive landscape, clearly starts with the carriers. Carriers have traditionally been tasked with solving these problems, haven't necessarily done so, and so every time we're competing to win a customer, the carrier is offering some solution of their own. There are other solutions in the category. Where we differentiate is in this idea that, one, we have an extraordinary history of delivering advocacy services with high value and extraordinary retention. Our history of delivering high engagement rates and lowering costs is unmatched. We're a leader in the category... as we've added capabilities like embedding physicians, embedding expert capabilities to give medical certainty, as we've added technology capabilities, we're really a best-in-class company as it relates to healthcare services and in terms of technology delivery. We've distanced ourselves from the competition in a way that will be difficult for them to follow. That competitive moat is something that our customers identify, and this is evidenced in our win rate, and that our shareholders should identify as it relates to the expansion of our margins, which we're seeing as in our first profitable year and the year ahead. Thank you. You mentioned this briefly, in your presentation, but how are you benefiting from the demand for weight management and GLP-1s? Do you have a program specifically designed for weight management? And are you involved in or do you make money from drugs themselves, or is Accolade a complementary offering to aid in the weight loss? Accolade's delivery of longitudinal care, primary care, is fundamentally built on the idea that we want to deliver longitudinal care for members because we know longitudinal care, preventative care, is a fundamental driver of lowering costs and improving outcomes and making people's lives better. Weight loss drugs are, in fact, something that people approach their primary care physician about. And so are we seeing an increased demand or an increased number of visits associated with these, these so-called miracle drugs that are driving value for individuals as it relates to losing weight? The answer is yes, we are. But importantly, we differentiate ourselves from those who might prescribe those medications without the clinical rigor associated with the labs, with understanding where people are from their weight journey. We want to understand the longitudinal journey and understand that people who are oftentimes trying to lose weight are also wrestling with hypertension, high blood sugar, pre-diabetic or behavioral health challenges that they want to manage alongside of it, which is traditionally what a great longitudinal primary care service does. So is it driving increased demand? Yes. Is that increased demand feeding into our core service, not a new service? The answer to that is yes as well. Thank you. I think that concludes our presentation. Thank you, Raj. Thank you, Steve. Thanks, all, for being here, and thank you to J.P. Morgan for having us. Thank you.