DOCEBO INC. UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (expressed in thousands of United States dollars) | | June 30, | December 31, | | --- | --- | --- | | | 2025 | 2024 | | | $ | $ | | Assets | | | | Current assets: | | | | Cash and cash equivalents | 64,575 | 92,540 | | Trade and other receivables (Note 4) | 48,761 | 45,566 | | Income taxes receivable | 340 | 36 | | Prepaids and deposits | 11,300 | 8,604 | | Net investment in finance lease | 6 | 43 | | Contract costs, net | ...

Redacted Execution Version CREDIT AGREEMENT made as of May 8, 2025 between DOCEBO INC., as Borrower and NATIONAL BANK OF CANADA, as Lender MCCARTHY TÉTRAULT LLP Table of Contents | | ARTICLE 1 - INTERPRETATION | | --- | --- | | 1.01 | Definitions | | 1.02 | Extended Meanings | | 1.03 | Accounting Principles | | 1.04 | Non-Business Days | | 1.05 | Interest Calculations and Payments . | | 1.06 | Interest Act (Canada) | | 1.07 | Permitted Encumbrances . | | 1.08 | Currency . | | 1.09 | Conflicts | | 1.10 | Rat ...

Company Performance - Docebo Inc. reported quarterly earnings of $0.27 per share, exceeding the Zacks Consensus Estimate of $0.21 per share, and up from $0.23 per share a year ago, representing an earnings surprise of 28.57% [1] - The company posted revenues of $57.3 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.32% and increasing from $51.4 million year-over-year [2] - Over the last four quarters, Docebo has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - Docebo shares have declined approximately 28.5% since the beginning of the year, compared to a decline of 3.7% for the S&P 500 [3] - The current Zacks Rank for Docebo is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.26 on revenues of $59.2 million, and for the current fiscal year, it is $1.22 on revenues of $240.39 million [7] - The outlook for the industry, specifically the Internet - Software sector, is currently in the top 37% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

Core Insights - Docebo is recognized for its commitment to transforming learning technology, driving business success globally [1][2] - The company has achieved Diamond Level Smartchoice® Preferred Provider status, reflecting its high standards and innovative solutions in learning and development [3][4] Company Overview - Docebo is redefining enterprise learning through an AI-driven platform that integrates content creation, delivery, and personalization [4][8] - The company aims to empower organizations to build agile, high-performing teams and create meaningful changes in learning and work [2][4] Industry Recognition - Brandon Hall Group, a leading independent analyst firm, confirms that Docebo's offerings provide measurable benefits to organizations [5] - The Smartchoice® Preferred Provider Program offers resources and advisory support to ensure that Docebo maintains its high certification standards [3][5] Leadership Perspective - CEO Alessio Artuffo emphasizes that Docebo is evolving beyond a traditional LMS to become a comprehensive enterprise learning platform [4] - The recognition from Brandon Hall Group is seen as validation of Docebo's innovative approach to solving real problems at scale [4]

Group 1 - The article discusses the services provided by IPO Edge, which includes actionable information on growth stocks, first-look IPO filings, previews on upcoming IPOs, an IPO calendar, a database of U.S. IPOs, and a comprehensive guide to IPO investing [1]

Financial Data and Key Metrics Changes - Docebo reported an increase in average annual contract value (ACV) from $70,000 to $83,000 per new customer, reflecting a 17% year-over-year growth [48] - The company achieved a net retention rate (NDRR) of 100%, down from 104%, primarily due to a large customer downgrade and a 40% increase in contracts up for renewal in 2024 compared to 2023 [104][105] Business Line Data and Key Metrics Changes - The launch of three new product modules, including community and analytics components, has positively impacted customer adoption and revenue [11][12] - The attachment rates for new products launched late last year exceeded expectations, contributing to the overall growth in new logo ACV [75] Market Data and Key Metrics Changes - Docebo serves over 40 million users globally, with expectations to reach approximately 100 million users in the next five years [13] - The company is experiencing strong demand in the mid-enterprise and enterprise markets, particularly for deals above $500,000 in ARR or ACV [98] Company Strategy and Development Direction - The strategic vision is to transform Docebo from an enterprise LMS to an AI-first learning platform that addresses a broader set of learning needs [15][17] - The company plans to leverage generative AI to enhance user engagement and automate various tasks within the platform [31][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the competitive position and the impact of new product releases on customer engagement and market share [10][11] - The company anticipates achieving authority to operate (ATO) status with FedRAMP by the end of Q3, which will enable bidding on government contracts [24][27] Other Important Information - Docebo has a cash reserve of approximately $92 million, with plans for potential stock buybacks and strategic acquisitions to enhance growth [86][88] - The company is focusing on internal upskilling initiatives, including launching an AI academy for employees [84] Q&A Session Summary Question: Update on competitive position and product adoption - Management noted satisfaction with the early impact of new product modules and emphasized the company's strong market position as an enterprise LMS [11][12] Question: FedRAMP activities and impact on customer engagement - The audit process for FedRAMP is progressing well, with expectations to achieve ATO status by the end of Q3, which aligns with government modernization efforts [24][25] Question: Insights on Agentic AI offering - The Agentic AI strategy aims to enhance user engagement and automate tasks, making the platform easier to manage [31][34] Question: Leadership changes and go-to-market strategy - New leadership has been brought on board to equip the company with necessary skills for future success, while internal talent development remains a priority [39][41] Question: Update on larger ACV lands and customer expansion - The focus is on entering organizations with a service-oriented approach, leading to trust and credibility, rather than all-in wins from the start [46][48] Question: Margins and operating leverage - Management indicated that there is room for operating efficiencies across departments, driven by AI implementation [52][53] Question: Contribution to ARR growth from current customers vs. new logos - The company expects to see growth from existing customers as they right-size their contracts, with new logo wins also contributing to future growth [115][118] Question: Capital allocation strategy - Buybacks and strategic acquisitions are being considered as part of the capital allocation strategy to enhance shareholder value [86][88]

Core Insights - Docebo Inc. reported quarterly earnings of $0.28 per share, missing the Zacks Consensus Estimate of $0.33 per share, representing an earnings surprise of -15.15% [1] - The company posted revenues of $57.04 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.37% and showing an increase from $49.28 million year-over-year [2] - Docebo shares have declined approximately 16.6% since the beginning of the year, contrasting with the S&P 500's decline of -0.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.27 on revenues of $58.55 million, and for the current fiscal year, it is $1.24 on revenues of $246.33 million [7] - The estimate revisions trend for Docebo is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Internet - Software industry, to which Docebo belongs, is currently in the top 33% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Investor Presentation | February 2025 Note: All financials presented are in US$ unless otherwise noted. Disclaimer General This presentation is property of Docebo Inc. (the "Company", "Docebo", "us" or "we"). It cannot be circulated or forwarded without our consent. Any graphs, tables or other information demonstrating our historical performance or that of any other entity contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of our or such entiti ...

[Fourth Quarter 2024 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Financial%20Highlights) Docebo reported strong Q4 2024 growth with total revenue up 16% to $57.0 million, net income surging to $11.9 million, and Adjusted EBITDA reaching $9.5 million Q4 2024 Financial Performance vs. Q4 2023 | Metric | Q4 2024 ($ million) | Q4 2023 ($ million) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $57.0 | $49.3 | +16% | | **Subscription Revenue** | $54.0 | $46.5 | +16% | | **Gross Profit** | $46.4 | $40.0 | +16% | | **Gross Margin** | 81.3% | 81.2% | +0.1 p.p. | | **Net Income** | $11.9 | $3.2 | +270% | | **Adjusted Net Income** | $8.7 | $8.3 | +4.8% | | **Adjusted EBITDA** | $9.5 | $6.5 | +46% | | **Adjusted EBITDA Margin** | 16.7% | 13.2% | +3.5 p.p. | | **Free Cash Flow** | $10.1 | $7.0 | +44% | - Annual Recurring Revenue (ARR) as of December 31, 2024, reached **$219.7 million**, an increase of **$25.4 million** from the end of Q4 2023[6](index=6&type=chunk) [Fiscal Year 2024 Financial Highlights](index=1&type=section&id=Fiscal%20Year%202024%20Financial%20Highlights) Docebo's FY 2024 results show total revenue of $216.9 million, a 20% increase, with net income surging to $26.7 million and Adjusted EBITDA more than doubling to $33.6 million Fiscal Year 2024 Financial Performance vs. FY 2023 | Metric | FY 2024 ($ million) | FY 2023 ($ million) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $216.9 | $180.8 | +20% | | **Subscription Revenue** | $204.3 | $169.8 | +20% | | **Gross Profit** | $175.6 | $146.3 | +20% | | **Net Income** | $26.7 | $2.8 | +841% | | **Adjusted Net Income** | $32.1 | $21.2 | +52% | | **Adjusted EBITDA** | $33.6 | $16.3 | +107% | | **Adjusted EBITDA Margin** | 15.5% | 9.0% | +6.5 p.p. | | **Free Cash Flow** | $32.3 | $20.1 | +60.5% | - Net Dollar Retention Rate was **100%** as of December 31, 2024, compared to **104%** at the end of 2023[6](index=6&type=chunk) - Cash and cash equivalents increased to **$92.5 million** as of December 31, 2024, up from **$72.0 million** a year prior[7](index=7&type=chunk) [Business Highlights and Outlook](index=2&type=section&id=Fourth%20Quarter%202024%20Business%20Highlights) Docebo expanded its customer base to 3,978 with increased ACV, launched new AI products, secured new clients, and provided positive Q1 and FY 2025 financial guidance - The company's AI-driven platform was strengthened by the successful launch of three new products: **AI Authoring**, **Advanced Analytics**, and **Communities**[3](index=3&type=chunk) - Key business developments in Q4 2024 include: - Total customers increased to **3,978** from **3,759** year-over-year - Average Contract Value grew to **$55,229** from **$51,689** - Notable new customer wins include **YMCA of the USA** and **Xponential Fitness** - Expanded relationships with existing customers such as **lululemon** and **Databricks**[11](index=11&type=chunk) Financial Outlook | Period | Guidance | | :--- | :--- | | **Q1 2025** | - Total Revenue: $57.0M - $57.2M <br> - Adjusted EBITDA Margin: 14.5% - 15.0% | | **FY 2025** | - Subscription Revenue Growth (FX-adjusted): 13.0% - 14.0% <br> - Total Revenue Growth (FX-adjusted): 12.5% - 13.5% <br> - Adjusted EBITDA Margin: 18.0% - 19.0% | [Detailed Financial Tables](index=3&type=section&id=Selected%20Financial%20Measures) This section presents comprehensive consolidated financial statements, including income statement, balance sheet, and key performance indicators for Q4 and FY 2024 Selected Financial Measures (in thousands of US dollars) | Measure | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $57,041 | $49,280 | $216,931 | $180,839 | | **Gross Profit** | $46,391 | $40,025 | $175,636 | $146,341 | | **Net Income** | $11,910 | $3,222 | $26,736 | $2,840 | | **EPS - Diluted** | $0.38 | $0.10 | $0.86 | $0.08 | | **Cash from Ops** | $9,727 | $6,476 | $29,249 | $15,964 | Key Performance Indicators (as of Dec 31) | KPI | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | **Annual Recurring Revenue** | $219.7M | $194.3M | +13.1% | | **Average Contract Value** | $55.2K | $51.7K | +6.8% | | **Net Dollar Retention Rate** | 100% | 104% | -4% | | **Customers** | 3,978 | 3,759 | +5.8% | Key Statement of Financial Position (in thousands of US dollars) | Account | Dec 31, 2024 | Dec 31, 2023 | Change | | :--- | :--- | :--- | :--- | | **Cash and cash equivalents** | $92,540 | $71,950 | +28.6% | | **Total assets** | $190,713 | $158,375 | +20.4% | | **Total liabilities** | $132,952 | $107,654 | +23.5% | [Non-IFRS Measures and Reconciliations](index=6&type=section&id=Non-IFRS%20Measures%20and%20Reconciliation%20of%20Non-IFRS%20Measures) This section defines and reconciles non-IFRS financial measures like Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow to IFRS equivalents - The company uses non-IFRS measures to provide investors with alternative views of operating performance and liquidity, highlighting business trends not always apparent from IFRS measures alone[30](index=30&type=chunk) [Key Performance Indicators (KPIs)](index=7&type=section&id=Key%20Performance%20Indicators) This subsection defines key performance indicators such as Annual Recurring Revenue, Average Contract Value, and Net Dollar Retention Rate, used to track customer trends - **Annual Recurring Revenue (ARR):** The annualized equivalent value of subscription revenue from all existing contracts - **Average Contract Value (ACV):** Total ARR divided by the number of active customers - **Net Dollar Retention Rate:** Measures the change in monthly subscription revenue from the existing customer base, including expansions, contractions, and churn[34](index=34&type=chunk) KPI Performance | KPI | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | **Annual Recurring Revenue** | $219.7M | $194.3M | +13.1% | | **Average Contract Value** | $55.2K | $51.7K | +6.8% | | **Net Dollar Retention Rate** | 100% | 104% | -3.8% | [Adjusted EBITDA](index=7&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA, defined as net income adjusted for specific non-operating items, showed significant growth of 46.4% in Q4 and 106.5% for FY 2024 Reconciliation of Net Income to Adjusted EBITDA (in thousands of US dollars) | | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net income** | $11,910 | $3,222 | $26,736 | $2,840 | | Adjustments | ... | ... | ... | ... | | **Adjusted EBITDA** | $9,515 | $6,500 | $33,616 | $16,277 | | **Adjusted EBITDA Margin** | 16.7% | 13.2% | 15.5% | 9.0% | [Adjusted Net Income and Adjusted EPS](index=8&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20Earnings%20per%20Share) Adjusted Net Income, excluding non-cash and non-recurring items, reached $32.1 million for FY 2024, with diluted Adjusted EPS at $1.04 Reconciliation of Net Income to Adjusted Net Income (in thousands of US dollars) | | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net income** | $11,910 | $3,222 | $26,736 | $2,840 | | Adjustments | ... | ... | ... | ... | | **Adjusted net income** | $8,658 | $8,303 | $32,116 | $21,159 | | **Adjusted EPS - diluted** | $0.28 | $0.25 | $1.04 | $0.63 | [Free Cash Flow](index=10&type=section&id=Free%20Cash%20Flow) Free Cash Flow, derived from operating activities less capital expenditures, increased to $10.1 million in Q4 2024 and $32.3 million for the full year Reconciliation of Cash Flow from Operations to Free Cash Flow (in thousands of US dollars) | | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Cash flow from operating activities** | $9,727 | $6,476 | $29,249 | $15,964 | | Purchases of property and equipment | ($287) | ($249) | ($1,245) | ($635) | | Other adjustments | $669 | $777 | $4,282 | $4,788 | | **Free cash flow** | $10,109 | $7,004 | $32,286 | $20,117 | [Other Information](index=3&type=section&id=Other%20Information) This section provides supplementary information, including investor conference call details, forward-looking statement disclaimers, and a corporate profile - Management will host a conference call on February 28, 2025, to discuss the results, with an archived recording available[13](index=13&type=chunk)[15](index=15&type=chunk) - The press release contains forward-looking statements, including financial guidance, which are based on management's current estimates and assumptions and are subject to various risks and uncertainties[16](index=16&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - Docebo positions itself as a company redefining how enterprises use technology for content creation, training delivery, and measuring learning impact[25](index=25&type=chunk)

Group 1 - The core thesis is that Docebo (NASDAQ: DCBO) has significant growth potential due to a large Total Addressable Market (TAM) and ample room for expansion [3] - The company is positioned to continue growing its top line, indicating a positive outlook for future performance [3] - The analysis emphasizes a long-term growth strategy, suggesting that the company can compound its earnings and shareholder returns over time [3] Group 2 - The article does not provide specific financial metrics or performance data for Docebo [3] - There are no disclosed positions or plans to initiate positions in Docebo within the next 72 hours, indicating an unbiased perspective [3] - The analysis is presented as an independent opinion without any compensation from the company mentioned [3]