#1Accolade (ACCD) Fiscal Third Quarter Earnings Presentation January 10, 2022#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, 2021, Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2021 and subsequent reports that we file. This presentation is designed to be viewed in conjunction with Accolade's earnings release and conference call for the Company's Third Quarter of Fiscal Year 2022. 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#3Rajeev Singh Chief Executive Officer 3 O#44 2021: A year of transformation A++ O 2.1M Members January 10+M December Customers 112 January 600+ December $170BN Primary Care $22BN Expert Medical Opinion $24BN Advocacy $200+ billion TAM#55 A Powerful, Personalized Healthcare Platform Accolade Advocacy Personalized, trusted guidance and education for all benefits and clinical needs Personal Data Driven | Value Based Accolade Expert MD Real-time expert consultations for members facing high impact conditions. Accolade Care Same-day access to virtual primary and mental healthcare to address needs holistically Accolade One Value-based care that deeply integrates advocacy, virtual primary care, expert medical opinion and clinical programs#66 Fiscal Year '23 Preview ■ Accolade One and Accolade Care first go-lives on 1/1 Expansion in customers, members, partners, health plans 25% revenue growth and reduction in Adjusted EBITDA loss Target $600m in Revenue and Breakeven in FY25 Revenue vs Adjusted EBITDA (Loss) as a % of Revenue* ($ in millions) 77 -56% FY18 95 -41% FY19 133 -25% FY20 170 -16% FY21 $306- $309* -16% FY22 25% Growth* -11% FY23 *Adjusted EBITDA (Loss) excludes depreciation and amortization, acquisition and integration-related costs, stock-based compensation, and change in fair value of contingent consideration. See Appendix for disclosures and reconciliations related to preliminary guidance for fiscal years ending February 28, 2022 and 2023#77 We believe relationships matter healthcare is for everyone in value-based care in whole-person care#8Steve Barnes Chief Financial Officer 00 O#99 Fiscal Third Quarter 2022 Results versus Guidance and Prior Year Revenue (reported) ■ Revenue (pro forma)* Adjusted EBITDA (Loss)** Actuals $83.5mm $83.5mm $(11.9)mm Guidance $74.5mm - $76.5mm $(21.5)mm - $(24.5)mm Prior Year $38.4mm $57.9mm $(11.4)mm YOY 117% 44% (5)% Highlights FQ3 revenue outperformance driven by customer member counts, strength in PlushCare consumer revenue, and earlier than expected achievement of performance-based revenue Recognized $7 million of performance-based revenue in FQ3 that was previously expected in FQ4, of which $2.5 million was included in FQ3 guidance. YoY growth adjusted for this timing was 32%. Adjusted EBITDA Loss ahead of guidance primarily due to earlier than expected PG revenue and lower than planned expenses *. Pro forma operating results give effect to the acquisitions of 2nd.MD and PlushCare as if they had occurred on March 1, 2020. **Adjusted EBITDA (Loss) excludes depreciation and amortization, acquisition and integration-related costs, stock-based compensation, and change in fair value of contingent consideration. See Appendix for disclosures and reconciliations related to preliminary guidance for fiscal years ending February 28, 2022 and 2023#1010 Fiscal Fourth Quarter and FY22 Guidance YOY Change (midpoint) Revenue ■ Revenue (pro forma*) Adjusted EBITDA (Loss)** Notes Q4 FY 22 $90mm $93mm - $90mm $93mm $(4)mm - $(8)mm 54% 13% (319)% FY 22 $306mm - $309mm $(48)mm - $(52)mm (16% -17%) YOY Change (midpoint) 81% 30% (86)% Approximately $8mm of performance-based revenue has been recognized sooner than expected FYTD (previously expected in FQ4). YoY FQ4 growth including impact of revenue timing is 24% on pro forma basis at mid-point of guidance FQ4 Adjusted EBITDA Loss impacted by timing of PG revenue recognition *. Pro forma operating results give effect to the acquisitions of 2nd.MD and PlushCare as if they had occurred on March 1, 2020. **Adjusted EBITDA (Loss) excludes depreciation and amortization, acquisition and integration-related costs, stock-based compensation, and change in fair value of contingent consideration. See Appendix for disclosures and reconciliations related to preliminary guidance for fiscal years ending February 28, 2022 and 2023#1111 FY 2023 Preliminary Guidance & Metrics 25% ↑ Advocacy 25% Revenue Growth ++ 30% Virtual Primary Care 20% Expert Medical Opinion I ■ ACV at end of FY21 was $248m on a pro forma basis to include 2nd.MD (excluding case rate revenue) Tracking to add $50mm - $60mm of new annual recurring revenue for FY22 Modifying ACV definition to reflect changes in Accolade business with acquisitions ACV at end of FY22 will include: all PEPM bookings, a projection of estimated EMO case rate and enterprise primary care visit fee revenue, and normal customer adjustments (changes in customer headcounts, terminations, etc.)#1212 Revenue and Customer Growth + Unit Economics Drive Path to Profitability Revenue vs Adjusted EBITDA (Loss) as a % of Revenue* ($ in millions) 77 -56% FY18 95 -41% FY19 133 -25% FY20 170 $306 - $309* -16% FY21 -16% FY22 F * 25% annual revenue growth ~$600 -11% FY23 -6% FY24 *Adjusted EBITDA (Loss) exclude depreciation and amortization, acquisition and integration-related costs, stock-based compensation, and change in fair value of contingent consideration. See Appendix for disclosures and reconciliations related to preliminary results for periods ending February 28, 2021 Breakeven FY25#1313 New Capabilities Improve Unit Economics ■ Advocacy ■ EMO + VPC Visit Fees ■ Ecosystem Value-Based Shared Savings Shared Savings Opportunity Ecosystem Virtual Primary Care & EMO: $/visit or case Advocacy: $20 PEPM Accolade Pricing Stack (Illustrative) ~$20 PEPM (based on utilization) Advocacy Incremental gross margin contribution higher on new solutions than Advocacy PEPM Predictable variable revenue based on utilization Expert Medical Opinion Virtual Primary Care Ecosystem Note: Chart is for illustrative purposes only. Actual pricing varies by factors such as solutions selected, customer size and percentage of fees subject to performance guarantees. Accolade One#1414 Financial Targets and Goals (Non-GAAP) Adj. Gross Margin Adj. Operating Expenses P&T as % of Rev. 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% Commentary Investments in technology and offering mix projected to drive GM% up Projecting to continue to increase absolute dollar investments in Product & Tech at a decreasing rate As sales efficiency metrics continue to indicate investments yield attractive returns and revenue growth, expect to invest at 15-20% of revenues. As growth moderates, reduction in S&M is a lever to drive profitability Projecting to increase absolute dollar spend in G&A with growth, with % of revenues declining below 10% at scale Expecting to drive 15-20% Adj. EBITDA margin at scale#15Accolade PERSONALIZED HEALTHCARE Q&A Rajeev Singh - Chief Executive Officer Steve Barnes - Chief Financial Officer Shantanu Nundy, MD - Chief Medical Officer#16Accolade PERSONALIZED HEALTHCARE Appendix#1717 Reconciliations of Revenue to Adjusted Gross Profit & Net loss to Adjusted EBITDA djusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted to exclude interest expense (net), income tax expense (benefit), depreciation and amortization, stock-based compensation, and acquisition and integration-related costs. 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.#1818 Adjusted EBITDA GAAP to Non-GAAP Reconciliation ($ in thousands) Fiscal year ended February 28 (29), Net Income (Loss) Adjusted for: Interest expense, net Income tax (benefit) Depreciation and amortization Stock-based compensation Acquisition and integration-related costs Other expense (income) Adjusted EBITDA (Loss) 2018 $ (61,286) 1,799 7,982 8,406 26 $ (43,073) 2019 $ (56,496) 2,374 55 9,391 5,721 90 $ (38,865) 2020 $ (51,365) 2,925 129 8,516 6,002 567 107 $ (33,119) 2021 $ (50,652) 3,724) 4 8,212 9,576 2,050 147 $ (26,939)#19Accolade PERSONALIZED HEALTHCARE