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Accolade, Inc. (ACCD) SEC Filing 10-K Annual Report for the fiscal year ending Monday, February 28, 2022

Accolade, Inc.

CIK: 1481646 Ticker: ACCD

Exhibit 99.1

Graphic

Accolade Announces Results for Fiscal Fourth Quarter and Full Year 2022 

Fiscal fourth quarter 2022 revenue of $93.8 million, a 58% increase compared to fiscal fourth quarter 2021 revenue of $59.2 million 
Fiscal year 2022 revenue of $310.0 million, an 82% increase compared to fiscal year 2021 revenue of $170.4 million

SEATTLE, April 28, 2022 --

Accolade, Inc. (NASDAQ: ACCD) today announced financial results for the fiscal fourth quarter and full year ended February 28, 2022.

“Fiscal year 2022 represented a transformational time for Accolade. Our strong financial results validate the strategic moves we made to deliver Personalized Healthcare through both internal innovation and bold acquisitions. Today, our customers and prospects look to Accolade to solve a far more comprehensive set of healthcare challenges, as they look to empower their employees by delivering a superior healthcare experience that is personal, data-driven and value-based,” said Rajeev Singh, Accolade Chief Executive Officer.

“The pipeline for new business is stronger than it has ever been. While we are seeing early selling season momentum across market segments and various industry verticals, market dynamics continue to evolve rapidly in our space. This month, a large customer notified us that they would be ending their service relationship with us after the end of calendar 2022. Coupling this event with the broader macro-environment, we are moderating our top line growth objectives and improving our path to profitability, while continuing to focus on delivering exceptional personalized healthcare services to our customers and the families of their employees. As the leader in the market for personalized healthcare with an unmatched track record of performance, industry leading customers across sectors, and a strong balance sheet, we are well positioned to maintain our discipline and emerge from this period even stronger than we entered.”

Financial Highlights for Fiscal Fourth Quarter and Fiscal Year ended February 28, 2022

Three Months Ended February 28,

%

 

Twelve Months Ended February 28,

%

 

    

2022

    

2021

    

Change(2)

 

2022

    

2021

    

Change(2)

 

(in millions, except percentages)

 

(in millions, except percentages)

 

GAAP Financial Data:

Revenue

$

93.8

$

59.2

58

%

$

310.0

$

170.4

82

%

Net Loss

$

(34.6)

$

(4.7)

(631)

%

$

(123.1)

$

(50.7)

(143)

%

Non-GAAP Financial Data(1):

Adjusted EBITDA

$

1.8

$

2.7

(34)

%

$

(42.4)

$

(26.9)

(57)

%

Adjusted Gross Profit

$

51.0

$

31.9

60

%

$

144.2

$

77.6

86

%

Adjusted Gross Margin

54.4

%

53.8

%

46.5

%

45.6

%

(1) A reconciliation of GAAP to non-GAAP results has been provided in this press release in the accompanying Financial Tables. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

(2) Percentages are calculated from accompanying Financial Tables and may differ from percentage change of numbers in Financial Highlights table due to rounding.

Steve Barnes, Accolade Chief Financial Officer, commented, “The fourth quarter of fiscal year 2022 marked the eighth straight quarter of exceeding our financial targets since our IPO in July 2020. We have delivered that consistency by being highly cognizant of the environment we operate in, and planning our business accordingly. It is in that context that we are adjusting our expectations for top line growth while continuing to reduce our Adjusted EBITDA loss consistently as we


The following information was filed by Accolade, Inc. (ACCD) on Thursday, April 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Accolade, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (Deficit)
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (Deficit) (Parenthetical)
Consolidated Statements Of Operations
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Shares Issued (Details)
Acquisitions - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Summary Of Purchase Consideration (Details)
Background
Background - Initial Public Offering (Details)
Commitments And Contingencies
Commitments And Contingencies - Legal Proceedings (Details)
Commitments And Contingencies - Purchase Obligations (Details)
Debt
Debt (Details)
Debt (Tables)
Debt - Notes (Details)
Defined Contribution Retirement Plan
Defined Contribution Retirement Plan - Additional Information (Details)
Equity-Based Compensation
Equity-Based Compensation (Tables)
Equity-Based Compensation - Common Stock Warrants (Narrative) (Details)
Equity-Based Compensation - Common Stock Warrants - Summary Of Activity Warrants - (Details)
Equity-Based Compensation - Employee Stock Purchase Plan - (Details)
Equity-Based Compensation - Restricted Stock Units (Details)
Equity-Based Compensation - Stock Option Activity Under Option Plan And Incentive Plan (Details)
Equity-Based Compensation - Stock Options (Narrative) (Details)
Equity-Based Compensation - Stock-Based Compensation Expense (Details)
Equity-Based Compensation - Weighted Average Grant Date Fair Value Of Stock Options Granted (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Fair Value Measurements - Level 3 Contingent Consideration (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Amortization Expense (Details)
Goodwill And Intangible Assets - Carrying Amount Of Goodwill (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Changes In Deferred Tax, Valuation Allowance (Details)
Income Taxes - Components Of Loss Before Income Taxes (Details)
Income Taxes - Operating Loss Carryforwards (Narrative) (Details)
Income Taxes - Reconciliation Of Income Tax Expense At U.S. Federal Statutory Income Tax Rate (Details)
Income Taxes - Significant Components Of Income Taxes (Details)
Income Taxes - Significant Components Of The Company's Deferred Tax Assets And Liabilities (Details)
Leases
Leases (Tables)
Leases - Cash Flow And Supplemental Information (Details)
Leases - Components Of Operating Lease Cost (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Future Minimum Lease Payments Under Asc 840 (Details)
Net Loss Per Share Attributable To Common Stockholders
Net Loss Per Share Attributable To Common Stockholders (Details)
Net Loss Per Share Attributable To Common Stockholders (Tables)
Net Loss Per Share Attributable To Common Stockholders - Antidilutive (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenue
Revenue (Tables)
Revenue - Cost To Obtain And Fulfill A Contract (Details)
Revenue - Revenue And Deferred Revenue (Details)
Revenue - Revenue And Deferred Revenue Narratives (Details)
Revenue - Revenues Disaggregated (Details)
Stockholders Equity (Deficit)
Stockholders Equity (Deficit) - Change Healthcare (Details)
Stockholders Equity (Deficit) - Common Stock (Details)
Stockholders Equity (Deficit) - Convertible Preferred Stock (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Basis Of Presentation And Principles Of Consolidation (Details)
Summary Of Significant Accounting Policies - Concentration Of Credit Risk (Details)
Summary Of Significant Accounting Policies - Property And Equipment And Capitalized Internal Use Software Costs (Details)
Ticker: ACCD
CIK: 1481646
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-006561
Submitted to the SEC: Mon May 02 2022 6:04:59 AM EST
Accepted by the SEC: Mon May 02 2022
Period: Monday, February 28, 2022
Industry: Business Services

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