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]