Financial Data and Key Metrics Changes - Docebo reported a 9% growth in DNA for Q4 2025 and is guiding for a 10%-11% growth in 2026, indicating a strong growth trajectory despite some challenges in 2025 [20][22] - The company experienced a decline in net dollar retention (NRR) to 99% in 2025, primarily due to the impact of AWS, but would have been at 101% excluding AWS [42][44] - The gross bookings metric showed a 12.5% growth, which includes AWS but excludes Salesforce; growth excluding both was closer to 14.5% [66] Business Line Data and Key Metrics Changes - The integration of 365Talents is seen as strategically relevant, with existing customers already sharing and utilizing integrated data [6][7] - The enterprise segment is identified as a key lever for re-accelerating growth, with early signs of improvement in demand and execution [23][24] - The mid-market segment performed strongly in 2025, but the enterprise segment is expected to be the main driver for growth in 2026 [23][39] Market Data and Key Metrics Changes - The demand environment remains strong, with no significant headwinds from the AI narrative affecting sales cycles [12][70] - The company is seeing a shift in customer concerns regarding AI, with some sectors seeking more control and compliance measures [91] Company Strategy and Development Direction - Docebo's strategy focuses on staying ahead in technology advancements, particularly in AI, while maintaining financial discipline and profitability [21][22] - The company aims to leverage the acquisition of 365Talents to enhance its product offerings and expand its customer base [78][79] - The government sector is viewed as an early opportunity for growth, with the company recently achieving FedRAMP compliance [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute and capitalize on the demand environment, particularly in the enterprise and government sectors [23][70] - The integration of AI capabilities is seen as a significant differentiator in the market, with management emphasizing the complexity and value of their offerings compared to competitors [96][98] Other Important Information - The company is undergoing a restructuring to optimize R&D and improve product capabilities closer to customers, particularly in North America [56][58] - A substantial issuer bid (SIB) is in place to buy back shares, reflecting management's belief that the current trading price does not reflect the company's underlying value [25][72] Q&A Session Summary Question: Integration efforts with 365Talents - Management highlighted the strategic relevance of integrating 365Talents, with existing customers already benefiting from shared data and aligned customer profiles [6][10] Question: Market fears regarding AI - Management noted strong demand and no significant headwinds from AI concerns, with improved sales execution metrics [12][70] Question: Net dollar retention decline - The decline was attributed to AWS, but excluding it would show a year-over-year increase in NRR [42][44] Question: AI credit pricing model - Management is testing AI credits but has faced mixed feedback from customers regarding predictability and control [45][46] Question: Competitive landscape and innovation - Management emphasized a self-centric approach to competition, noting a lack of significant innovation among competitors [96][98] Question: System integrator contributions to pipeline - Nearly 80% of the enterprise pipeline now involves system integrators, which has been beneficial for sales [99][100]

Core Insights - Pearson has launched Communication Coach, an AI-powered learning product integrated into Microsoft 365, aimed at enhancing communication skills for both native and non-native English speakers [2][4] - The product analyzes speech and communication data, providing real-time feedback on various aspects of communication, including grammar, vocabulary, tone, and clarity [3][4] - Communication Coach is part of Pearson's strategy to leverage AI in enterprise learning, with a preview scheduled for Microsoft Ignite 2025 and general availability expected in 2026 [4] Company Overview - Pearson is positioned as a lifelong learning company, serving customers in nearly 200 countries with a focus on creating impactful learning experiences [5] - The company employs 18,000 individuals dedicated to enhancing learning opportunities and personal breakthroughs through education [5] Product Features - Communication Coach utilizes Pearson's skills intelligence engine, which incorporates data from various Pearson properties and can be customized with Microsoft 365 Copilot [3] - The product aligns with Pearson's Global Scale of English, a proprietary rubric for assessing English language proficiency [3] Strategic Partnership - The collaboration between Pearson and Microsoft aims to embed AI-driven learning tools into everyday workflows, enhancing employee communication and career growth [4] - This partnership is part of a broader commitment by Pearson to scale enterprise learning in the AI era [4]

Financial Data and Key Metrics Changes - The company reported revenue of $187 million, representing a 10% year-over-year growth [6][25] - Free cash flow increased by 68% year-over-year to $29 million [6] - Gross profit was $105 million, up 13% year-over-year, with a gross margin of 56%, an increase of 180 basis points from the previous year [25] - Net income was $19 million, or 10.3% of revenue, while adjusted EBITDA was $18 million, or 9.6% of revenue [26] Business Line Data and Key Metrics Changes - Consumer segment revenue reached $123 million, also up 10% year-over-year, driven by increased learner engagement and Coursera Plus subscriptions [30] - Enterprise segment revenue was $64 million, reflecting a 10% year-over-year growth, with a net retention rate of 93% [32][34] - The number of paid enterprise customers increased by 12% year-over-year to 1,686 [34] Market Data and Key Metrics Changes - The total number of registered learners grew by 18% year-over-year to 183 million, with 7.5 million new learners added in the second quarter [7][8] - The generative AI course catalog expanded to over 925 courses, with more than 10 million enrollments [10][11] Company Strategy and Development Direction - The company is focused on product-led growth, enhancing platform capabilities, and accelerating content production to meet the rapid pace of skills development [21][22] - New appointments in leadership positions aim to drive innovation and operational rigor [9] - The company is expanding its catalog of industry micro-credentials and collaborating with universities to broaden access to job-relevant education [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to the changing labor market and the growing demand for new technologies and skills [7][11] - The company raised its full-year revenue guidance to a range of $738 million to $746 million, reflecting a midpoint increase of $17 million [7][35] - Management acknowledged macroeconomic uncertainties affecting the enterprise segment but remains optimistic about consumer growth [40][86] Other Important Information - The company has a strong balance sheet with approximately $775 million in unrestricted cash and no debt [28] - The catalog now includes over 10,500 courses, having expanded by more than 36% over the past year [10] Q&A Session Summary Question: What is driving the guidance for Q3 and Q4? - The guidance reflects strong performance in the consumer segment, with macro trends in enterprise remaining uncertain [39][40] Question: How is Coursera positioned in the context of big tech prioritizing AI skills education? - The company is well-positioned with trusted content and an AI-enabled learning platform, recognizing the need for reskilling and upskilling in the workforce [44][46] Question: Can you elaborate on consumer outperformance and future growth? - The consumer segment saw broad-based growth across regions, with ongoing improvements in product development and marketing strategies [55][56] Question: What trends are observed across government, business, and campus in the enterprise segment? - The enterprise segment showed strong performance in business and campus verticals, with ongoing monitoring of budgetary trends [60][64] Question: How sustainable are the improvements in consumer gross margins? - Improvements are driven by better revenue share agreements and investments in content, with expectations for continued positive trends [72][74] Question: What are the key metrics being monitored to assess business performance? - Key metrics include traffic conversion rates, learner engagement, and retention, all of which are essential for revenue growth [102][104]

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 ...