All right, I'll go ahead and get started. Good afternoon, everyone. Welcome. Hope you enjoyed your mini Chicago hot dogs and popcorn a few minutes ago, directly after lunch. Pleased to have with us the Chairman and CEO of Accolade, Rajeev Singh, who's to my left. He'll be presenting today. Todd is also out in the audience. Todd runs investor relations for the firm, so many of you have probably had contact with him in the future, and both will be available up in Burnham A post the presentation, where we'll save the Q&A. Just as a bit of background, my name is Ryan Daniels. I cover healthcare services and IT for Blair and have the pleasure of covering Accolade since the company's initial public offering, and it's been a great run for the organization. It's a company that's really kept true to its mission about improving care for individuals across the country and helping employers manage healthcare costs. It's a company that's really broadened its client base and its product offering over the years, and one that's kept very good performance relative to its financial performance and metrics that they have talked about each year. So really excited to have the team here, and we think it's a great investment opportunity, too. This was our top pick for 2024. I know it has been a tough market for small cap healthcare names, but it's a company, again, that's kept true to its promises. It's one that's inflecting towards sustainable, profitable growth, a company that's actually increased its long-term margin targets over the last few quarters, seen an acceleration in growth, and again, we think has a very healthy end market demand, given what's going on with healthcare cost inflation. So we think the time is right for them to be here, and thus very excited to have, Raj here to speak a little bit to the story. Again, we'll go up to Burnham A for the breakout, and I just want to remind everyone that our disclosures are at williamblair.com. So without further ado, I will turn over the mic. Thanks, everyone. Thank you, Ryan. Yeah. So first of all, let me thank Ryan Daniels and the William Blair team for having us today. My name is Raj Singh. I'm the CEO and chairman at Accolade. I've been at Accolade now for coming up on nine years. I'll run you through the presentation. If we have any extra time today, right here before we head up to the other conference room for the follow-up questions, happy to answer them. Todd, keep me honest on time, sir, to make sure I'm running to schedule. I won't read this for you, but you're all familiar with the statement. At the end of the day, the company is really tasked with building what we view as very uncommon: a customer-obsessed, member-obsessed healthcare company across the country. We serve self-insured employers, governments, and health plans in markets across the country. Everything we do has to be scalable to be able to reach tens of thousands, tens of millions of people. Today, we're serving 12 million people across 1,200 customers. But everything is built around a core cultural foundation of member obsession, following people through their longitudinal care journey and ensuring they don't fall through the cracks, which is where people fundamentally experience the most difficulty in healthcare. The investment highlights of the story, I won't read them to you, but at the end of the day, we're coming up on this year, our guidance shows us between $480 million and $500 million a year for the first time, Adjusted EBITDA profitable, and growing on an ongoing basis to $1 billion in revenues and in the neighborhood of $150 million-$200 million in profits, in fiscal 2029. Our fiscal year runs March through February, so we're in the early stages of fiscal 2025. We've consistently shown a top-line growth rate of about 20%. The CAGR on the business over the last five years has been about 20%. We're in a category that's largely underpenetrated. Today, we have 1,200 customers out of a total addressable market segment in the commercial space of about 30,000 customers who are paying for healthcare on behalf of their employees. That underpenetrated market gives us great visibility, both in terms of our opportunities for growth and for diversification and long-term profitability of the business. The leverage in the business model is really starting to create, is, is really starting to demonstrate itself. We'll talk about that when we get into the financials of the business a little bit later. All of it really is built off of a technology platform that we think allows us to do things that our competition and that the rest of the market can't do. We'll talk about that in some more depth as well. What makes us unique is a world-class technology stack built on a data set that's cleaned and ready for work, that gives us an opportunity to do unique things. We therefore can create a partner platform that allows us not just to amplify our own services, but to actually improve the performance of downstream services, what are oftentimes referred to as point solutions, in the healthcare universe. They'll improve the utilization of those downstream, those downstream vehicles on behalf of our customers. We do that with a customer profile that has gone from 54 customers in 2020, when we went public in July of that year, to 1,200 customers here in June of 2024. What's unique about our business, above and beyond all else, is our capacity to turn the top-level engagement that we drive. We engage with about 70% of the families we serve in any given year. Turning that engagement into downstream utilization of point solutions or of primary care, preventative care benefits, et cetera. That flywheel, our capacity to take top-of-the-funnel engagement and turn it into downstream engagement that improves outcomes and lower costs, is what separates us from everyone else. All of it's built around this idea that what companies require, and I'm gonna speak to companies, we also serve the government, we serve a population in TRICARE, we also serve health plans, and so you can sub those words in, but when I speak about our core market, let's talk about employers. What companies require for their employees are personalized care teams that can fundamentally understand their longitudinal care journey and help them across every spectrum of their care. We do that by embedding physicians in the middle of those care teams. Those are primary care physicians who understand everything about that member, the conditions they're facing, the medications they're on, the other physicians that they're seeing, and have an opportunity, along with a care team that understands their benefits. A group of care advocates who can run down their claims issues, can deliver an extraordinary member service that not only drives member satisfaction in the – you know, let's call it NPS in the 70s and 80s, drive extraordinary engagement at the 70% range, but also lower healthcare costs in the tune of 4%-5% a year. We do that with one core, with one core idea in mind. I think every one of us understands, in the United States, we spend about 5% of total healthcare costs on primary care. If you were to compare that to other OECD nations, you're talking about 14, 15, 16% of total, total spend. In that context, our outcomes are not as good, and our costs are higher. I think if you were to talk to every single one of my customers, all 1,200 of them, they would say: "We want more preventative care utilization, we want more primary care utilization, we want more behavioral health utilization." We call the lack of access to that care the physician gap. If you live in Cleveland or in Chicago or in any urban area today, your capacity, even if you have a primary care physician, to get an appointment with that physician inside of 30 days is limited. If you don't have a primary care physician, it could take you 45-60 days. If you live in a rural area, it's even worse. That physician gap causes a lack of access to preventative care. That lack of access to preventative care, in turn, drives healthcare costs up. We solve that problem by actually taking our primary care physicians and putting them in the heart of our care teams. But this is where the data set becomes extraordinarily important. We actually weave together all of the claims data for that membership, and we consume that claims data weekly or daily. We consume utilization management information. What tests are they about to perform? We actually gather information called admissions, discharge, and transfer data. Did you just check yourself into the hospital without letting us know? That's okay, we can outreach to you. Did you just discharge from the hospital? Which, by the way, is a moment of profound opportunity for both value and cost. The number of people who just checked out of the hospital from a stay for oncology that checked back in via an emergency room visit, extraordinarily high. We can track that data and, in turn, leverage that information in a way that allows us to outreach those members, create engagement, have an opportunity to improve their life, while at the same time lowering costs. We become the front door for all things healthcare for the membership that we serve. We're serving today companies like American Airlines, United Airlines, Meta, Lowe's. All those companies change the number on the back of their insurance card and make it the Accolade number. They change all the portals on the back of that card and make them Accolade. And in turn, we take all of that engagement, we solve their problems, and we turn that engagement into downstream clinical engagement that drives value. All of that ties out to, as well, offerings like Expert Medical Opinion, where we will actually, if you've been diagnosed with cancer, if you're on your way to an orthopedic surgery, if you're on your way to a bariatric surgery, we'll get you to an expert in your, either in your network or outside of your network, to validate that you're on the right course of care, improve your course of care, or actually change your course of care tangibly. All of that, coupled with our linkage with all of your downstream partners, means we can weave together. We can be that platform for your entire corporation and all of your membership, even though they may be across different carriers, to drive value across every one of your members and give them a consistent member experience. We solve the physician care gap. In fact, if you're speaking with one of our care advocates today, and you'd let them know you just fell off a step stool and you're wrestling with back pain, and you're trying to figure out if the emergency room visit will be covered on your deductible, our capacity within the next 30 minutes to have you in front of one of our primary care physicians is extraordinary. 80% of our visits happen inside the same day. By the way, we also have behavioral health specialists embedded in every one of those care teams. We then in turn take that data because we don't have to replace your existing primary care relationship, but instead, we take that data and push it via the Health Information Exchange, back to your existing primary care physician. We wanna work within the existing system, acknowledging that longitudinal care journey and a coordinated, connected, longitudinal care journey is how you lower costs. Where people fall through the cracks is where we wanna be, making sure that we can guide them on that longitudinal journey. The overall savings associated with that is extraordinary. We have opportunities. Today, on average, our customers in the first year bend trend by about 4%. In years 2 and 3, that number goes even higher. We do it for 12 million people today. We do that, we have to do that, leveraging technology. The gross margins of the business have been expanding, the profitability of the business has been expanding. In order to deliver extraordinary service with 70, 80, 90 NPS, the leverage of technology to do things like, for example, risk stratifying the population, using all the data we have to understand this patient or this member who's calling in perhaps for the first time, or engaging via the mobile application for the first time, is an oncology patient, then we should route them to a care team with experience in oncology. And then we should route them to a nurse who's got experience with oncology or an oncology nurse. And that can all happen without that member saying a word to us. Delivers the opportunity to drive scale and to drive value without a whole bunch of transferring people around, without a whole bunch of moving them around the system. At the same time, we can make recommendations to our care teams. We call them True Health Actions, but think about them as taking or leveraging the risk stratification of that member, and in turn, using that risk stratification to say: "You may be calling or engaging with us via mobile to say, 'Is my chiropractor covered?'" And we could respond with: "Yes, your chiropractor's covered. You get two free visits every quarter. But your company also has a physical therapy benefit from a company called Sword or a company called Hinge, and it's free of charge. You can enroll in that benefit, get physical therapy online, and in turn, potentially save yourself costs and improve your outcomes." We understand your benefits, we understand your claims, we understand the physicians, conditions, and medications you're seeing. That gives us an opportunity to drive outsized value. The integrated point solution component of that technology integration is, it's very clear, partnerships abound in the industry. The number of those partnerships that actually deliver real technology integration, closed-loop reporting. Did you actually enroll in the program we referred you to? Did the outcomes actually improve? Did you graduate from a program that requires graduation? Those are all things that we build via a tech stack that allows us to integrate at scale. Those True Health Actions that I just mentioned manifest, and no need to strain your eyes here, manifest for our care teams in terms of recommendations on their screens when they're engaging with the members. And so we can be context-sensitive. The idea of recommendations has always been very interesting. The idea of recommendations in the moment where we're engaging with that member, regardless of the reason why the member engaged with us, gives us outsized opportunities to drive long-term value. Our partners, by and large, will tell you that Accolade drives 2x the utilization rate of their solutions than when they are present in a customer without Accolade. I'll show you the partners on that Trusted Partner Ecosystem in just a moment. Those same recommendations manifest for our members. North of 50% of our members are engaging with us via mobile, as opposed to picking up the phone. Those members, when they open up their mobile applications, will see recommendations that are presented in a far more consumer-oriented way. So before they get to their messaging, we can make them aware that, if they're, that if they're in a particular moment in life in their journey where they require women's reproductive health benefits, we have an opportunity to guide them to Carrot or to Kindbody as a trusted partner that their company's already contracted with on their behalf. Taking the technology story one step further, well, everyone and their brother will talk to you about artificial intelligence. Let me just start this story with the idea that artificial intelligence is fundamentally built on the idea that you can feed models, you can feed data into models, that that data is available across your entire ecosystem, and that that data is informed by millions of transactions that are happening every single year. The capacity for companies like Accolade, who are already serving 12 million members, who have a clean data set sitting in a Databricks Lakehouse, that can feed into artificial intelligence engines based on the transactions that we've already processed and delivered for members, makes our opportunity for automation, for quality and scale extraordinary. And so it starts with data. Have you collected the data, and is the data in the form that you can actually deliver it to gen AI engines? And then it works to machine learning and artificial intelligence. In our minds, there are multiple places where we can actually drive extraordinary value. If you were to think about it in the context of our P&L, let me take you all the way back to a company doing about 50% gross margins. Of those about 50% gross margins, if of those 50% gross margins, let's just presume the company's doing between $480-$500 this year. That's the guidance that we gave in the April call. Let's call it at the midpoint of that number, $490. Take about half of that in total spend. There's a material percentage of those costs that we have an opportunity to drive automation on. Not the doctors, not the nurses. We're not gonna replace clinical care, but the automation associated with running down claims issues, with finding a doctor, with calling doctor's offices to determine if they're actually accepting new patients. We do an extraordinary amount of work for our customers that nobody else wants to do. We exist in large part because we're willing to create engagement by doing work that most other companies have said, "I'm not doing." Here's a list of doctors. You call them, you see if they're seeing patients. We'll make those phone calls. When we make those phone calls, we build a relationship, we create trust. When we can do that in an automated form, we can lower the cost while still doing work no one else wants to do. Do it, deliver it at higher margins with higher reliability and quality, and improve the unit economics of the business. We think from our capacity to generate value in the ecosystem, it is it starts with the collection of a data set that no one's assembled. And keep in mind, we're working across every carrier in the ecosystem, not just United, not just Aetna, not just Cigna, and not just the regional Blues. So the majority of our competitive landscape, where you're talking about carrier solutions, work only on their own solutions, and those solutions oftentimes are not ubiquitous in large customers. They're using Aetna in one part of the country, Blue Shield of California in California, and another solution in, and a Kaiser solution in New Mexico. Our capacity to see that value or our capacity to deliver that across, to, to create the data set across all of those different carriers, and in turn, drive different-- differentiated value to our frontline care teams to drive the engagement and the, and the downstream utilization, and then finally, to deliver tangible reports to our customer to say, "Where are we seeing engagement? Where, where do we drive value, more enrollments in clinical programs, and therefore, how did we drive cost reduction on a population-by-population basis?" is unique. Our partner ecosystem looks like this. No doubt there are logos on this screen that look familiar to you. With every one of these companies, we've built real integration.... With the vast majority, we can do closed-loop reporting that says, not only did I make a recommendation to the member to actually—So first, did I have a True Health Action to drive a member to that program? Yes. Did that True Health Action manifest in the member actually hearing about that program? Yes. Did the member enroll in the program? Yes or no? And then did the, did that member graduate from the program and in turn, see the value? For the first time ever, customers can see the value of every one of their downstream benefits programs, as long as they're in our Trusted Partner Ecosystem, with closed-loop reporting that demonstrates that value. In case of many of these partners, we're also trading case notes, so our nurses and our physicians have an opportunity to see the case notes from the clinical care teams of those partners. This ecosystem is unique because of its real integration. When you take those partnerships, you take our primary care relationships, you take our Expert Medical Opinion capabilities, what you see is the opportunity for a flywheel to extend. Can I build engagement? Well, we've been doing that for 11 years now. 70% engagement with the majority of the families that we talk with. Can we turn that engagement into True Health Actions and then drive them to primary care physicians, Expert Medical Opinion physicians, and/or trusted partner programs, in turn, driving downstream clinical value? Yes, we're proving that on a year-over-year basis, and each cohort and each population continues to grow that adoption. In turn, we're seeing customers renew at a high clip, north of 90% customer retention, and we're seeing incremental utilization that drives downstream lower costs from a healthcare perspective on a year-over-year basis. Probably the most important thing that customers will ask us for is: Are you driving improvements in outcomes, improvements in conditions, and improvements in care and value for our membership? Here you see where we're driving the capacity to deliver True Health Actions, the capacity to make membership recommendations on behalf of those, that those populations that are receiving that are seeing incremental value as it relates to cost savings and value. Now, keep in mind, every one of our populations, we take about 30% of our fees at risk associated with driving value for that member. For many of our customers, it's a claims savings view of, are we saving money for that customer? We put 30% of our fees at risk for the majority of our customers, and, historically, we've delivered north of 90% of that value to the P&L on a year-over-year basis. So now I'm gonna make the shift to financials. My CFO is not here with me today. His daughter's graduating from high school today, and so you're gonna get an abbreviated quick run of our financials, which probably will make him happy, knowing that I'm not gonna screw this up in some way, shape, or form. The business is built on innovation and, and diversification, and this slide really speaks to the amount of innovation and diversification that's happened over the course of the last four years or five years. We've continued to grow the platform, we've diversified revenue streams, and we've continued to innovate in ways that make sense to our customers. Customers taking advantage of all of our downstream capabilities. Our TAM is significant. I won't spend a bunch of time on it. We're not gonna replace all of the primary care in any relationship, but we are gonna improve primary care relationships. We're not gonna replace primary care in any of our customers, but it, for many of our members who experience our primary care for the first time, they will stay with our primary care physicians and continue, because the idea of instant access to care matters. That TAM is significant in part because most of the employer population hasn't understood that there's a better answer out there than their carrier answer is today. That is changing. We were 50 customers in 2020, 1,200 customers in 2024. Oops! The CAGR of the business continues to grow. The bottom line of the business, you can see the consistent steps towards profitability from 2020 onwards. And in 2025, we actually just in our April earnings call, improved the bottom line guidance to the business and expect to be generating, you know, $15 million-$20 million of Adjusted EBITDA in the year. That leverage that you're seeing in the business, we expect to continue, and we expect it to continue because of the incredible diversification of revenues. And what you see here is what we call Platform Connect revenues. When someone deploys advocacy and puts primary care, Expert Medical Opinion, and our partners on top of that platform, this only started happening in 2020, when we actually entered those markets. Revenues in 2020, about 2021, about $7 million. The next year, $14 million. The year after that, $28 million. We expect them to be about $50 million this year. Those are all high gross margin revenues, demonstrating the fact that our customers trust us and want more capabilities from us, and that's showing up in what we call platform-connected revenues. The customer base is diversified in a material way. What you see on the right is the customer profile based on different offerings that we deliver and the nature of the different platforms that we actually deliver on their behalf. We also sell through health plans. It's a one of the fastest-growing parts of our business. Places like Blue Cross Blue Shield of Arkansas offering us to their customers, Blue Shield of California offering us to their customers. Places like United, Aetna, Cigna, Blue Cross Blue Shield of Massachusetts, offering our Expert Medical Opinion service to their customers. The diversification gives us an opportunity to continue to grow through any sort of different challenging environment. The long-term targets on the business look something like this. We're getting closer and closer to those long-term targets. For this, this spells out fiscal 2029, which is kinda calendar 2028 for the rest of us who don't look at fiscal years. But if you were to think about it in context, our gross margins approaching... We're about 49% right now. We expect to be in that long-term range in the year ahead. Product and tech as a percentage of sales and marketing, sales and marketing and G&A, all declining as a percentage of total revenues on a year-over-year basis, generating the bottom line, adjusted EBITDA margins that we talked to here, 15%-20%. As Ryan mentioned, we took those numbers up about a quarter or Q2 ago. I'll close here, and I'm not sure if I've consumed all of our time, but if I have, then we'll wrap up and go upstairs. But ultimately, what we think is unique about the business, there are not very many disruptors in healthcare that get from 5 customers in 2016 to 1,200 customers in 2024, that get to this type of scale, $500 million in revenues, that get to profitability, that get to 1,200 customers in multiple distribution channels. It's difficult to get from point A to point B in this market. We've done it by driving all of the lines that are demonstrated there. And we're excited about the future, and we're excited about the value proposition we're delivering our customers. With that, I think, are we out of time, Ryan? I really appreciate all of your time. Thank you.