Company Overview - Docebo has 3,679 customers [23] - The company's Annual Recurring Revenue (ARR) is US$182 million [24] - Docebo has over 800 employees [25] - The company has 8 offices globally [26] Financial Highlights - Recurring revenues account for 94% of the company's total revenues [25] - The Recurring Revenue Compound Annual Growth Rate (CAGR) is 52% between fiscal year 2016 and fiscal year 2022 [27] - As of September 30, 2023, the ARR growth is 26% [81] - The company's Net Dollar Retention Rate is 109% in 2022 [83] Growth Strategy - The company is focused on expanding into external use cases, with 65% of ARR tied to external/hybrid use cases [74]

Financial Data and Key Metrics Changes - Total revenues for Q2 grew to $43.6 million, an increase of 25% from the prior year, exceeding the guided range of $42.9 million to $43.2 million [15] - Subscription revenues were $40.8 million, representing 94% of total revenue for the quarter and an increase of 28% from the prior year [15] - Annual recurring revenue was $172.9 million, an increase of 25% [15] - Adjusted EBITDA performance was $3.1 million for Q2, or 7% of revenue, above the guided range of 5.5% to 6.5% [17] - The company reported a net loss of $5.7 million for Q2, compared to a net loss of $2.1 million for Q2 2022 [17] - Gross profit margin improved by 70 basis points year-over-year to 81% of revenue [36] Business Line Data and Key Metrics Changes - The average contract value increased over 8% to $48,100 from around $44,500 at the end of Q2 2022 [27] - ACV for new customers in the quarter was about $61,000 compared to $50,000 in Q1 [27] - The commercial segment (SMB) experienced some churn due to cautious spending in the macro environment, but gross retention remained relatively flat [28][91] Market Data and Key Metrics Changes - Activities in the U.S. are beginning to pick up, while Europe remains flat [3] - The company is expanding its presence in the government vertical, with successful wins at municipal, provincial, and state levels [4] - The healthcare vertical saw notable wins, including a deal with the Royal College of Physicians and Surgeons of Canada [9] Company Strategy and Development Direction - The capital allocation strategy focuses on selective mergers and acquisitions and efficient return of capital to shareholders [5] - The company is working towards becoming FedRAMP compliant to expand its customer base to federal and state government customers [24] - The acquisition of Edugo aims to enhance capabilities in AI and learning automation [23] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing macroeconomic challenges but emphasized that learning solutions are a strategic necessity for customers [6] - The company expects subscription revenue to be 2 to 3 percentage points higher than overall company revenue in the next quarter [18] - Management expressed confidence in the enterprise segment's stabilization and the potential for growth in the government sector [22] Other Important Information - The company generated positive free cash flow of $7 million and earned $2.4 million in interest income [60] - The company completed two tuck-in acquisitions during the quarter [5] - R&D investments in Q2 were $8.8 million, or 20.2% of revenue, with expectations to increase to around 19% in the next quarter [37] Q&A Session Summary Question: What is the opportunity in the public sector? - Management highlighted the public sector as a resilient market with less competition and a significant opportunity for growth, especially as customers transition from legacy systems [46][49] Question: Are there any other one-time items affecting guidance? - Management confirmed that the large tech deal was a healthy 7-figure project and indicated that the pipeline includes other large deals, although timing remains uncertain [50][72] Question: How is the company addressing churn in the SMB space? - Management acknowledged some churn in the SMB market but noted that gross retention remained flat as the focus shifts to mid-market and enterprise customers [91] Question: What are the expectations for R&D as a percentage of revenue? - Management expects R&D to tick up in the short term due to investments in AI and compliance but anticipates stabilization at around 19% to 20% in the long term [106] Question: How is the company leveraging system integrators? - Management emphasized the importance of partnerships with system integrators to penetrate the enterprise market and enhance credibility in the public sector [124]

Docebo Inc. (NASDAQ:DCBO) Q1 2023 Earnings Conference Call May 11, 2023 8:00 AM ET Company Participants Mike McCarthy – Vice President-Investor Relations Claudio Erba – Chief Executive Officer Alessio Artuffo – President and Chief Operating Officer Sukaran Mehta – Chief Financial Officer Conference Call Participants Robert Young – Canaccord Genuity Josh Baer – Morgan Stanley Suthan Sukumar – Stifel Daniel Chan – TD Cowen Stephanie Price – CIBC Christian Sgro – Eight Capital Gavin Fairweather – Cormark Marti ...

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K DOCUMENTS INCLUDED AS PART OF THIS REPORT For the month of April 2023 Commission File Number 001-39750 DOCEBO INC. (Exact name of Registrant as specified in its charter) N/A (Translation of Registrant's name) 366 Adelaide St. West Suite 701 Toronto, Ontario, Canada M5V 1R7 (800) 681-4601 (Address and telephone number of ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2022 grew to $39.0 million, an increase of 31% year-over-year, and 35% after adjusting for foreign exchange [31] - Adjusted EBITDA margin for Q4 was 6%, with a full fiscal year margin of 1% [9] - Annual recurring revenue (ARR) reached $157.1 million, a 36% increase after adjusting for foreign exchange [31] - Net dollar retention rate decreased to 109% from 113% in 2021, attributed to macroeconomic conditions [32] Business Line Data and Key Metrics Changes - Company-wide Average Contract Value (ACV) increased by 10% to over $46,000, with new customer ACV at approximately $53,400 [20] - Subscription revenues constituted 93% of total revenue for the quarter, amounting to $36.3 million [31] - Customers using Docebo for external or hybrid training represented 65% of total ARR, unchanged from Q3 [31] Market Data and Key Metrics Changes - North America remains the largest market, with significant enterprise deals signed, including VMware and Haier U.S. Appliance Solutions [21][22] - In Canada, a major deal was secured with a large entity within the Government of Quebec [22] - In Europe, a notable deal was closed with Agria, a pet healthcare insurance company, marking a significant presence in the Nordic region [23] Company Strategy and Development Direction - The company prioritizes growth while maintaining operational efficiency, emphasizing a flat organizational structure [12] - Investments in AI, particularly in Generative AI, are seen as fundamental to enhancing e-learning solutions [14] - A focus on M&A with a tuck-in strategy to enhance product offerings and capabilities is planned for 2023 [16][17] Management's Comments on Operating Environment and Future Outlook - Management noted that while deal cycles are elongating, the situation has not worsened, and demand remains healthy [10][60] - The company is optimistic about growth opportunities in 2023, driven by a strong market position and ongoing investments [12][28] - Management highlighted the importance of demonstrating value to customers to mitigate macroeconomic challenges [61] Other Important Information - The company reported a positive free cash flow of $2 million for Q4, equating to 5% of revenue [72] - Cash and cash equivalents at the end of Q4 stood at $216 million [72] - The company plans to provide quarterly guidance moving forward [74] Q&A Session Summary Question: How is the Q1 guidance constructed? - The guidance is based on prior quarter's ARR, with a significant portion of deals closing in the last month of the quarter [80] Question: What drove the expansion in ACV? - The expansion was driven by new enterprise customers and larger deals contributing to higher ACV [87] Question: How confident is the company about Europe contributing to revenue growth in 2023? - There is high confidence in Europe due to staffing up and positive demand trends, with significant enterprise deals being signed [106]

Docebo Reports Fourth Quarter and Fiscal Year 2022 Results TORONTO, ONTARIO - March 9, 2023 - Docebo Inc. (NASDAQ: DCBO; TSX:DCBO) ("Docebo" or the "Company"), a leading artificial intelligence (AI)-powered learning platform provider, today announced financial results for the three months and fiscal year ended December 31, 2022. All amounts are expressed in US dollars unless otherwise stated. • Revenue of $142.9 million, an increase of 37% from the comparative period in the prior year • Revenue increased by ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2022 grew to $37 million, an increase of 37% from the prior year, and increased by 42% after adjusting for foreign exchange [24] - Subscription revenues were $34.3 million, representing 93% of total revenue for the quarter [24] - Annual recurring revenue (ARR) was $144.6 million, an increase of 44% after adjusting for foreign exchange [24] - Gross profit margin improved sequentially to 81% of revenue [26] - Positive adjusted EBITDA of $0.6 million for Q3 2022 compared to an adjusted EBITDA loss of $0.3 million for Q2 [29] - Net income for Q3 2022 was $10.3 million compared to $2.1 million in Q2 [29] - Cash and cash equivalents at the end of Q3 were $213 million [30] Business Line Data and Key Metrics Changes - Customers using Docebo for external or hybrid training increased to 65% of total ARR [25] - Company-wide average contract value (ACV) increased 17% after adjusting for foreign exchange, reaching approximately $45,000 [24] - New and cross-sell logos with ARR greater than $100,000 represented approximately 30% of net new ARR in Q3 [24] Market Data and Key Metrics Changes - North America remains the largest market, with strong external and multi-use case opportunities [21] - Expansion in EMEA and APAC is steady, with notable growth in the Nordics [21] Company Strategy and Development Direction - The company aims to demonstrate operating leverage and drive profitability to unlock shareholder value [9] - Focus areas include innovation, doubling down on the enterprise segment, and strategic hiring [10] - The company is concentrating on a solution-based approach to address specific customer use cases [17] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic headwinds but remains confident in the quality of the growing pipeline and strong win rates [15] - The commitment to sustainable growth with improving profitability is emphasized, despite potential near-term challenges [12] - Management is proactive in making necessary adjustments to achieve growth objectives [12] Other Important Information - The company reported a foreign exchange gain of $10.2 million included in operating expenses [26] - Share-based compensation as a percentage of Q3 revenue was 2.7% [30] Q&A Session Summary Question: Pipeline and Deal Opportunities - Management confirmed that the pipeline remains strong, with a healthy mix across segments and opportunities for larger deals [35][36] Question: Cost of Acquisition - Management indicated that customer acquisition cost (CAC) should be viewed on an annual basis due to seasonality, with expectations for improved efficiency moving forward [38][40] Question: MHR Relationship - The partnership with MHR is seen as beneficial, particularly in the government sector, which is currently underexplored [43][45] Question: Competitive Displacement - Management noted that they are displacing legacy vendors and single-point solutions, focusing on providing comprehensive solutions [58] Question: Use Cases and Customer Behavior - There is a growing interest in external training and monetization of learning, which is expected to drive future growth [61][63] Question: Seasonality and Deal Slippage - Management acknowledged that some deals slipped into other quarters due to seasonal factors, but they remain optimistic about Q4 and Q1 [83][84] Question: Branding and Marketing Strategy - The company is evolving its branding to focus more on solving real business problems for customers, particularly in the enterprise space [86][87]

Financial Data and Key Metrics Changes - Total revenue increased by 47% after adjusting for foreign exchange impacts, with reported revenue for the quarter growing to $34.9 million, a 36% increase from the prior year [27] - Subscription revenues were $31.9 million, representing 91% of total revenue for the quarter [27] - Annual recurring revenue (ARR) for the quarter was $138.2 million, an increase of 51% after adjusting for foreign exchange [27] - Company-wide average contract value (ACV) increased by 21% after adjusting for foreign exchange, reaching approximately $45,000 [28] - Gross profit margin improved to 80% of revenue, consistent with the prior year period [30] - Net income for the second quarter was $2.1 million, compared to a net loss of $7 million in the first quarter [33] - Positive free cash flow of $0.9 million was reported for the second quarter, ahead of plan [34] Business Line Data and Key Metrics Changes - The company added 159 net new customers during the quarter, with over 60% of deals coming from mid-market and enterprise segments [16] - Cross-sells and upsells performed well, indicating improved sales effectiveness [16] - New and cross-sell logos with ARR greater than $100,000 represented approximately 30% of net new ARR [28] Market Data and Key Metrics Changes - North America remains the strongest market with the largest greenfield opportunity, while traction in European markets, particularly the UK and Nordics, has been excellent [21] - The total addressable market (TAM) for external training in North America is estimated at $8 billion, with two-thirds being external and 70% of that being greenfield [49] Company Strategy and Development Direction - The company is focused on customer education and revenue enablement as priority investments for enterprise customers [14] - The strategy includes consolidating technology stacks and providing flexible learning solutions that integrate internal and external needs [15] - The company aims to expand use cases across customer organizations while continuing to grow in the enterprise market [62] Management's Comments on Operating Environment and Future Outlook - Management noted that while the macroeconomic environment is causing elongated sales cycles, the demand for their solutions remains strong [7][15] - The company is optimistic about long-term growth prospects, driven by technology investments that enhance productivity and revenue generation [26] - Management expects modest improvements in EBITDA and free cash flow as they continue to optimize unit economics [36][82] Other Important Information - The company reported a foreign exchange gain of $4.9 million included in operating expenses, which is primarily unrealized [30] - Share-based compensation as a percentage of revenue was approximately 4%, considered modest compared to peers [35] Q&A Session Summary Question: Impact of macro uncertainty on sales cycle and pipeline composition - Management confirmed that the pipeline is growing despite elongated sales cycles, particularly for larger enterprise deals [38][40] Question: Update on OEM channel performance, specifically Ceridian - Ceridian continues to perform well and remains a significant contributor to the ARR story [44] Question: Details on the total addressable market (TAM) - The external use case market in North America is estimated at $8 billion, with two-thirds being external and 70% of that being greenfield [49][50] Question: Competitive landscape and win rates - Management noted increased competition but maintained that win rates remain well above industry standards [77] Question: Expectations for EBITDA and cash flow improvements - Management indicated that improvements in EBITDA and free cash flow are expected due to operating leverage and optimized unit economics [82]

Financial Data and Key Metrics Changes - Total revenue for Q1 2022 grew to $32.1 million, an increase of 47% year-over-year [16] - Subscription revenues were $29.1 million, representing 91% of total revenue for the quarter [16] - Net new ARR added during the quarter was $11.6 million, bringing total ARR to $129.3 million, a 55% year-over-year increase [16] - Gross profit margin for the quarter was 80%, compared to 82% for the prior year period [18] - Net loss for Q1 2022 was $7 million, compared to a net loss of $5.6 million for the prior year period [20] Business Line Data and Key Metrics Changes - The average contract value (ACV) increased to approximately $44,000, up 23% from $36,000 at the end of Q1 2021 [17] - ACV for new customers in the quarter was approximately $60,000, driven by a shift towards enterprise-sized deals [17] - 83% year-over-year increase in the number of customers generating ARR of more than $100,000 [7] Market Data and Key Metrics Changes - Total customers at the end of Q1 2022 were 2,947 [17] - The company continues to see strong demand across various industry verticals, particularly in the enterprise segment [6][8] Company Strategy and Development Direction - The company aims to innovate both core products and new offerings, focusing on expanding into new verticals and geographies [26] - The strategy includes investing in technologies to drive critical business outcomes and addressing skill gaps in the workforce [8] - The company is focused on transforming customer relationships into long-term partnerships to drive growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustained demand for enterprise learning solutions despite macroeconomic challenges [22] - The company is well-positioned to capitalize on long-term growth opportunities in the learning technology sector [15] - Management highlighted the importance of investing in human capital to support future growth [30] Other Important Information - The company is finalizing its first year-to-year report, which will be published before the shareholder meeting in June [14] - The company has a strong balance sheet with net cash and cash equivalents of $212 million at the end of the quarter [21] Q&A Session Summary Question: What would it take to reach $1 billion in revenue? - Management indicated that reaching $1 billion would require organic growth through product innovation, geographic expansion, and targeting new verticals [25][27] Question: Changes to the go-to-market strategy with new leadership? - Management emphasized the importance of leveraging new leadership to enhance organizational innovation and scale [30] Question: Insights on the demand environment and spending trends? - Management noted that companies are increasingly focused on talent retention and are investing in learning technologies to mitigate challenges [34] Question: Divergence in growth rates of ARR and revenue? - Management explained that the timing of enterprise deals and contract negotiations can lead to differences in ARR and revenue recognition [42] Question: Thoughts on the EdCast acquisition by Cornerstone? - Management stated that the acquisition does not significantly impact their business, as they believe their platform capabilities are superior [45] Question: Expectations for EBITDA positivity? - Management confirmed expectations for EBITDA to turn positive by Q4 2022, considering wage inflation and cost pressures [48] Question: Changes in customer acquisition strategies as the company moves to enterprise? - Management highlighted a shift towards more sophisticated lead generation strategies for enterprise customers, including account-based marketing [52] Question: Trends in displacements versus new business wins? - Management reported that over 80% of wins in the mid-market and enterprise segments are displacements, indicating a strong competitive position [59] Question: Competitive dynamics with potential SAP Litmos sale? - Management expressed that the sale of Litmos to a private equity firm could provide an opportunity for them to strengthen their market position [64]

Docebo Inc. (NASDAQ:DCBO) Q4 2021 Earnings Conference Call March 10, 2022 8:00 AM ET Company Participants Mike McCarthy - Vice President of Investor Relations Claudio Erba - Chief Executive Officer Sukaran Mehta - Interim Chief Financial Officer Alessio Artuffo - President and Chief Revenue Officer Conference Call Participants Robert Young - Canaccord Genuity Daniel Chan - TD Securities Richard Tse - National Bank Financial Christian Sgro - Eight Capital Paul Steep - Scotiabank Suthan Sukumar - Stifel Gavin ...