#1Accolade PERSONALIZED HEALTHCARE January 2024 NASDAQ: ACCD Accolade Inc. Investor Presentation#22 This presentation contains "forward-looking statements” –that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "guidance," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or similar expressions. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: our ability to achieve or maintain profitability; our reliance on a limited number of customers for a substantial portion of our revenue; our expectations and management of future growth; our market opportunity and our ability to estimate the size of our target market; the effects of increased competition as well as innovations by new and existing competitors in our market; and our ability to retain our existing customers and to increase our number of customers. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) changes in laws and regulations applicable to our business model; (ii) changes in market or industry conditions, regulatory environment and receptivity to our technology and services; (iii) results of litigation or a security incident; (iv) the loss of one or more key customers or partners; (v) the impact of COVID-19 on our business and results of operation; and (vi) changes to our abilities to recruit and retain qualified team members. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our Annual Report on Form 10-K for the fiscal year ended February 28, 2023, Quarterly Report on form 10-Q for the quarter ended November 30, 2023, and subsequent reports that we file. This presentation includes non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures. For example, other companies may calculate similarly-titled non-GAAP financial measures differently. Refer to the Appendix for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures. Accolade ©2024 - Confidential Accolade#33 Building a customer-obsessed, nationwide healthcare delivery company Accolade ©2024 - Confidential#44 Investment Highlights Targeting $1B in revenue and 15-20% Adjusted EBITDA in 5 years Consistent 20% revenue growth with increasing profitability Market leader in highly underpenetrated Personalized Healthcare market High revenue visibility and customer diversification Integrated platform enables scale, utilization, and margin expansion Massive opportunity to leverage Al and healthcare tech to transform healthcare experience for all employers and millions of consumers#5What stands us apart 5 Accolade ©2024 - Confidential World-class technology Broad customer profile Partner platform Flywheel value#6High Touch Healthcare Services Powered by Next Gen Technology Our extraordinary care teams drive engagement, solve the Physician Gap, and fight for our members. 6 Accolade ©2024 - Confidential Care Advocates Medical Director Nurses C Provider Search Specialist Specialists Medical Records Nurse Case Managers Women's Health Nurses Physicians (typically internal medicine or family practice) Panel of 1000+ Physician Specialists Claims & Benefits Specialists Behavioral Health Clinician Pharmacist & Pharmacist Tech Dietician Social Worker#7the Physician Gap impact is real 7 Accolade ©2024 - Confidential Jo 18 Delayed and deferred doctor visits Fragmented communication between providers (episodes) Unnecessary surgeries and wrong treatments#8We put doctors at the heart of the solution Targeted outreach Verification of benefits Utilization management Risk stratification ADT data 8 Member Accolade ©2024 - Confidential Accolade Single Point of Entry ID card Mobile app Physician-led Care Team Internal Physicians & Therapists Elite Specialists Expert Nurses Care Advocates Doctor-to-doctor data sharing External Physicians Support Benefits Claims and appeals DEI-focused provider search Care & case management Primary care Mental health therapy Expert medical opinion#9Accolade fixes the Physician Gap 9 Accolade ©2024 - Confidential Jo $ 80% of visits occur same day Data sharing with outside physicians visit summaries and relevant data Overall savings: 4%+ EMO: 25% of surgeries cancelled, 85% care plans improved#1010 Trust and human connection, every time Accolade ©2024 - Confidential Member fingerprint Integrated point solutions Specific care team matching >>>> |||| True Health Actions and care pathways#11Our World-Class Technology We use technology and data to seamlessly give members trust and human connection, every time. 11 Accolade ©2024 - Confidential Member Fingerprint Skills-Based Routing TrueHealth Actions OB Call Scheduling Automation Al#12The future state is connected for ease 12 Pre-existing burdens SDOH Benefits Lack of timely care High-risk member Accolade ©2024 - Confidential Meds Primary Care Telehealth Hospitals .. Specialists Therapy Point Solutions Urgent Care Accolade combined data is used to form True Health Actions Front door engagement Actionable steps are given to member in app#13True Health Actions Drive Personalized Care Experience 13 A B C Concept - Member Health Snapshot Deployed - Alerts Deployed - True Health Action Recommendations Accolade ©2024 - Confidential Regarding John Dale 03/22/1992 A B C The Horn & Bulletin HIPAA John Dale Need to know Health Snapshot ₂ Actions to Take Clinical Risk Level: High Risk Chronic Conditions: Chronic pain, stiffness of right knee, obesity, and osteoarthritis Medications (past 6 months): 8 different medications filled OON usage This member has recently used an OON provider Profile Benefits Claims Provider Care History Unnecessary ER visits Educate Member on urgent care and alternatives to emergency room. True health actions Preferred language Member prefers to primarily speak Spanish Primary Recommendation Warm transfer member to Accolade's EMO Intake Coordinator Enroll member into Musculoskeletal Program (MSK) Revised Virtual PCP Example (specifically PlushCare) Current reasons & tasks Benefit question Open Tasks (2) Unresolved reasons & tasks Claims question Wrap View more Open Tasks (1) < < > < Member account details Date of registration: Last mobile login: Last member portal login: Next step actions Action outcome Select HIPAA must be verified before button becomes enabled. Action outcome Select Member forgot password Action outcome Select Notes 06/26/21 08/15/22 08/15/22#1414 True Health Actions Create a Personalized Digital Experience Accolade Driven user need "For you" Support call(s) to action (True Health Actions) Home Accolade is open until 7pm PT today For you Y Time for your primary care annual visit Lorem ipsum dolor sit amet, consectetur adipiscing elit. Home Accolade ©2024 - Confidential Book an appointment today Search for a local doctor Talk to your Care Team Messages Find Care My Health. Benefits Member Driven user need "Ways we can help" Bring User Need resolution paths to front A message from your employer Flu season reminder Get a good line of defense against the cold and flu. If you haven't gotten your flu shot yet, stop by the on-site clinic to get one. If you're.... Learn more Ways we can help Medical health symptoms Understanding costs Mental health support What you can do What y Book a doctor's visit Search in- network care Your medical plan BD Book a mental health visit See employer benefits BlueCross BlueShield of Alabama Upload your insurance card D Ask about your coverage Connect with your care team#15What AI means at Accolade 15 Accolade ©2024 - Confidential Artificial Intelligence A program and capabilities that can sense, reason, act, and adapt Machine Learning Algorithms whose performance improve as they are exposed to more data over time Data Platform Foundational multi-layered data architecture that is the proprietary source that powers our business#1616 Our Al capabilities and utilization 口。 Clinical Intelligence ▪ Population Health Front Line Care Team Interaction Monitoring Auto QA Evaluations Auto Note Summarization Conversational Al across IVR and Messaging NextGen RPA & Workflow Automation Benefits & Claims Q&A Accolade ©2024 - Confidential Clinical Foundation Score EMO ML Models Decision & Workflow Engine | Ó 9 | Analytics ■ Clinical Analytics Workforce Management Forecasting ▪ NPS and CSAT Sentiment ▪ ML Engagement Prediction Gen Al Voice of Customer Trend & Insights Solution#1717 Accolade's Advantages for the Healthcare Ecosystem Data set Accolade ©2024 - Confidential Front Line Care Teams + End to end reporting#18Trusted Partner Ecosystem High-quality solutions, complementary to Accolade's own services, in categories that matter to our customers Musculoskeletal sword Hinge Health™ дв 18 Vivante HEALTH Gastrointestinal Diabetes / Metabolic O virta Accolade ©2024 - Confidential CARROT Fertility Healthcare Pharmacy @rxss™ Rx Savings Solutions Centers of Excellence Well Right Employer Direct Healthcare C carrum health Wellness / Incentives Behavioral Health Brightside Financial Health headspace Lyra Equip Health Equity FOLX Jellyvision Benefits Selection#1919 Driving appropriate use of customers' programs is core to our value proposition Ecosystem Programs Existing point solutions Benefit Center Tile Warm site connections olo FLCT training Referral and referrals reporting Accolade ©2024 - Confidential + Trusted Partner Ecosystem Best-in-class solutions where customers enjoy easier purchasing and implementation, enhanced features, and incremental utilization >>00 |* ||||| Partner Streamlined Implementation ACCD-managed vetting contracting Billing support program eligibility management ni Codeveloped ACCD-generated Find Care FLCT training target outreach files promotion Low Medium RISK High 1 Closed loop reporting#20Business Model Builds Momentum as Adoption Grows 20 Accolade ©2024 - Confidential Partner Expert MD Engage Primary Care Identify Route#2121 Accolade ©2024 - Confidential Tore 4. Distribution Reach#22Diversified customer profiles create opportunity and expand TAM 22 Direct Health Plan Consumer • Ecosystem Partners. Government ● Accolade ©2024 - Confidential Broad customer profile Diversified channel reach Diversified across Size Industry Enterprise, government, health plan, consumer Multi-offering platform Integrated Leverage investments Extensible#23Business Model Builds Momentum as Adoption Grows Early and Repeat Engagement Expert Physicians Diagnosis & Treatment Review 69% Member Insights and care recommendation 23 Em Outcomes Ongoing data analysis Accolade ©2024 - Confidential 0 Member takes right action Member Care team interaction and influence Health Assistants Advocacy & Benefits Utilization PCPs & Therapists Acute, Chronic & Preventive Registered Nurses Care Mgmt. & Provider Steerage#24Improved Outcomes Across Conditions 24 Musculoskeletal 57% members engaged 44% received 1+ Interventions Depression or Anxiety 47% members engaged 35% received 1+ Interventions SDOH Barriers 31% members engaged 21% received 1+ Interventions Accolade ©2024 - Confidential One or more True Health Action AVOIDABLE ER VISITS No True Health Action 15% 3.3 13% OUTPATIENT BH VISITS (per member per year) 47% 4.8 Improvement -13% 60% ANNUAL WELLNESS VISITS +47% +28%#25Financials#26Created a Proven High Touch, High Tech Personalized Advocacy Model 26 Accelerating Accolade's Innovation Continuous investment in clinical transformation and operational excellence Launched Intelligent Provider Matching (MDI Acquisition) Accolade ©2024 - Confidential Launched Accolade COVID Response Care Launched Mental Health Integrated Care Accolade Nasda Opening Bell Nasdaq C Acquired 2nd.MD - Expert Medical Opinion Acquired PlushCare - Virtual Primary Care IPO • July 2020 ● Follow-on Offering October 2020 Convertible Debt Offering • March 2021 ● Introduced Personalized Healthcare#27Significantly Expanded Addressable Market 900 800 700 600 500 400 300 200 100 O 27 15 FY 2018 20 FY 2019 Customers 54 FY 2020 Accolade ©2024 - Confidential 112 FY 2021 600+ FY2022 (w M&A) 800+ FY 2023 $170B Primary Care $22B Expert Medical Opinion $24B Navigation & Advocacy $216 billion TAM#28Consistent growth and progress toward profitability 33% CAGR $310M 28 Revenue $133M FY20 70% -25% Adjusted EBITDA (Loss) & Adjusted OpEx as % of revenue FY20 $170M FYE = February FY21 61% -16% FY22 FY21 60% -14% FY22 $363M FY23 57% -10% FY23 ~$413M FY24P ~50% -2% FY24P#29Strong visibility to growth and profitability Targeting $1 billion revenue and 15-20% Adjusted EBITDA in FY29 29 Revenue AEBITDA $363M FY23 (10%) Horizon 1 $413M FY24P (~2%) ~$500M 2-4% FY25P Horizon 2 20% CAGR FY26-28P $1B+ 15-20% FY29P ● Key drivers Integrated healthcare platform o Advocacy o Primary Care and mental health o Expert Medical Opinion o Trusted Partner Ecosystem Continued market growth, penetration and leadership Increasing revenue-per-customer and net dollar retention Data-driven models achieve scale: Engineered to Care Scale drives margin expansion#30Customer and revenue diversification 30 FY20 54 customers 6 customers ~ 75% of revenue Accolade ©2024 - Confidential FY23 800+ customers 200+ Advocacy 600+ EMO Launched eVPC in past year >10% with >1 core offering No 5% customer in FY24P Broad industry diversification#31Financial Targets and Goals (Non-GAAP) 31 Accolade ©2024 - Confidential Adj. Gross Margin P&T as % of Rev. Adj. Operating Expenses S&M as % of Rev. G&A as % of Rev. Adj. EBITDA Margin Long-Term Goals 50-55% 13-17% 15-20% 7-9% 15-20%#32Growth, Scale & Profitability Highly diversified revenue mix Expanding margins and operating leverage One Accolade driving operational efficiencies Attractive and improving unit economics Clear vision toward $1B+ revenue and target financial model Accolade ©2023 32#33Accolade PERSONALIZED HEALTHCARE#3434 4 Appendix#35Reconciliations of Revenue to Adjusted Gross Profit & Net loss to Adjusted EBITDA Adjusted Gross Profit is a non-GAAP financial measure that we define as revenue less cost of revenue, excluding depreciation and amortization, and excluding stock-based compensation and severance costs. We define Adjusted Gross Margin as our Adjusted Gross Profit divided by our revenue. We believe Adjusted Gross Profit and Adjusted Gross Margin are useful to investors, as they eliminate the impact of certain noncash expenses and allow a direct comparison of these measures between periods without the impact of noncash expenses and certain other nonrecurring operating expenses. Adjusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted to exclude interest expense (income), net, income tax expense (benefit), depreciation and amortization, stock-based compensation, acquisition and integration-related costs, goodwill impairment, change in fair value of contingent consideration, severance costs, and other expense (income). Severance costs include severance payments related to the realignment of our resources. Other expense (income) includes foreign exchange gain or loss. We believe Adjusted EBITDA provides investors with useful information on period-to-period performance as evaluated by management and comparison with our past financial performance. We believe Adjusted EBITDA is useful in evaluating our operating performance compared to that of other companies in our industry, as this measure generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Adjusted Gross Profit, Adjusted Gross Margin and Adjusted EBITDA have certain limitations, including that they exclude the impact of certain non-cash charges, such as depreciation and amortization, whereas underlying assets may need to be replaced and result in cash capital expenditures, and stock- based compensation expense, which is a recurring charge. These non-GAAP financial measures may also not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner, limiting their usefulness as comparative measures. In evaluating these non-GAAP financial measures, you should be aware that in the future we expect to incur expenses similar to the adjustments in this presentation. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or nonrecurring items. When evaluating our performance, you should consider these non-GAAP financial measures alongside other financial performance measures, including the most directly comparable GAAP measures set forth in the reconciliation tables below and our other GAAP results. The following tables present, for the periods indicated, reconciliation of our revenue to Adjusted Gross Profit and net loss to Adjusted EBITDA. 35 Accolade ©2024 - Confidential#3636 Adjusted EBITDA (Loss) Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Net Loss Adjusted for: Interest expense (income), net Income tax expense (benefit) Depreciation and amortization Stock-based compensation Acquisition & integration-related costs Goodwill impairment Change in fair value of contingent consideration Severance costs Other expense Adjusted EBITDA (Loss) *Please refer to page 27 for important information regarding non-GAAP financial measures 2020 $ (51,365) 2,925 129 8,516 6,002 567 1 107 2021 $ (50,652) 3,724 4 8,212 9,576 2,050 147 $ (33,119) $ (26,939) 2022 $ (123,124) 2,905 (5,639) 42,608 72,939 13,219 (45,416) 133 $ (42,375) 2023 $ (459,650) (255) (3,624) 46,377 72,644 1,218 299.705 7,065 15 $ (36,505)#3737 Adjusted Gross Margin Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Revenue Less: Cost of revenue, excluding depreciation and amortization Gross Profit, excluding depreciation and amortization Add: Stock-based compensation, cost of revenue Severance costs, costs of revenue Adjusted Gross Profit Gross Margin, excluding depreciation and amortization Adjusted Gross Margin *Please refer to page 27 for important information regarding non-GAAP financial measures 2020 $ 132,507 (73,685) 58,822 318 $ 59,140 44.4% 44.6% 2021 $ 170,358 (93,673) 76,685 948 $ 77,633 45.0% 45.6% 2022 $ 310,021 $363,142 (169,019) 141,002 3,197 $ 144,199 45.5% 2023 46.5% (198,905) 164,237 4,794 1,025 170,056 45.2% 46.8%#3838 Adjusted Operating Expense Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Revenue Operating Expenses Less: Depreciation and amortization Stock-based compensation Acquisition, integration-related costs and other Goodwill Impairment Change in fair value of contingent consideration Severance costs Adjusted Operating Expenses Adjusted Operating Expenses as a % of Revenue *Please refer to page 27 for important information regarding non-GAAP financial measures 2020 $ 132,507 107,026 (8,516) (5,684) (567) $ 92,259 70% 2021 $ 170,358 123,462 (8,212) (8,628) (2,050) $ 104,572 61% 2022 $ 310,021 266,727 (42,608) (69,742) (13,219) 45,416 $ 186,574 60% 2023 $363,142 627,751 (46,377) (67,850) (1,218) (299,705) (6,040) $206,561 57%#39Accolade PERSONALIZED HEALTHCARE