Docebo Inc (DCBO) 2022 Q4 法說會逐字稿

Good morning, everyone, and welcome to Docebo Inc. Q4 2022 Earnings Call. (Operator Instructions) I'd now like to turn the call over to Docebo's Vice President of Investor Relations, Mike McCarthy. Please go ahead, Mike.

大家早上好，歡迎來到 Docebo Inc. 2022 年第四季度財報電話會議。 （操作員說明）我現在想把電話轉給 Docebo 的投資者關係副總裁 Mike McCarthy。請繼續，邁克。

Thank you, operator. Before we begin, Docebo would like to remind listeners that certain information discussed today may be forward-looking in nature. Such forward-looking information reflects the company's current views with respect to future events. Any such information is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward-looking statements.

謝謝你，運營商。在我們開始之前，Docebo 想提醒聽眾，今天討論的某些信息可能具有前瞻性。此類前瞻性信息反映了公司當前對未來事件的看法。任何此類信息都受風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致實際結果與前瞻性陳述中預測的結果存在重大差異。

For more information on the risks, uncertainties and assumptions relating to forward-looking statements, please refer to Docebo's public filings, which are available on SEDAR and EDGAR. During the call, we will reference certain non-IFRS financial measures. Although we believe measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under IFRS.

有關與前瞻性陳述相關的風險、不確定性和假設的更多信息，請參閱 Docebo 的公開文件，這些文件可在 SEDAR 和 EDGAR 上找到。在電話會議期間，我們將參考某些非 IFRS 財務指標。儘管我們認為衡量指標提供了有關我們財務業績的有用補充信息，但它們不是公認的衡量指標，並且在 IFRS 下沒有標準化的含義。

Please see our MD&A for additional information regarding our non-IFRS financial measures, including reconciliations to the nearest IFRS measures. Please note that unless otherwise stated, all references to any financial figures are in U.S. dollars.

有關我們的非 IFRS 財務措施的更多信息，包括與最近的 IFRS 措施的調節，請參閱我們的 MD&A。請注意，除非另有說明，所有提及的任何財務數據均以美元為單位。

Now I'd like to turn the call over to Docebo's CEO, Claudio Erba.

現在我想把電話轉給 Docebo 的首席執行官 Claudio Erba。

Hello, everybody, and thanks for joining us for our fourth quarter earnings call. With me today are Alessio Artuffo, our President and COO; and Sukaran Mehta, our CFO.

大家好，感謝您參加我們的第四季度財報電話會議。今天和我在一起的是我們的總裁兼首席運營官 Alessio Artuffo；和我們的首席財務官 Sukaran Mehta。

Let's get right into the results. On a constant currency basis, revenue for the year was up 41%, while the fourth quarter revenue grew at 35%. I'm also pleased to announce that adjusted EBITDA margin for the fourth quarter was 6% and 1% for full fiscal year 2022.

讓我們直接進入結果。按固定匯率計算，全年收入增長 41%，而第四季度收入增長 35%。我還很高興地宣布，第四季度調整後的 EBITDA 利潤率為 6%，整個 2022 財年為 1%。

Our ability to deliver strong revenue growth and improving profitability are a reflection of our consistent execution and operating discipline, with Q4 results again exceeding analyst estimates.

我們實現強勁收入增長和提高盈利能力的能力反映了我們一貫的執行和運營紀律，第四季度的業績再次超出分析師的預期。

Our performance through 2022 was strong when set against the macroeconomic headwinds. In terms of the demand environment, not much has changed since the last quarter. We continue to see longer deal cycles, more (inaudible) involvement in decision-making and increased budget scrutiny. These trends carried into the fourth quarter, but it's not worthy to share that they did not get worse.

在宏觀經濟逆風的情況下，我們到 2022 年的表現強勁。在需求環境方面，自上個季度以來變化不大。我們繼續看到更長的交易週期、更多（聽不清）參與決策和增加預算審查。這些趨勢一直延續到第四季度，但不值得分享它們並沒有變得更糟。

Looking ahead to 2023, growth remains a top priority for Docebo. This is well within our reach given the size of our market opportunity, the strength of our balance sheet and our improving profitability. Docebo continued to prioritize high growth with extreme efficiency.

展望 2023 年，增長仍然是 Docebo 的首要任務。鑑於我們的市場機會規模、資產負債表的實力和我們不斷提高的盈利能力，這完全在我們的能力範圍之內。 Docebo 繼續優先考慮具有極高效率的高增長。

We emphasized high performance for our employees and maintain a flat organizational structure with fewer layers of middle management. Additionally, we are deploying technology internally to our tech stack to scale and gain operating leverage for the next phase of growth.

我們強調員工的高績效，並保持扁平化的組織結構，減少中層管理人員的層級。此外，我們正在內部將技術部署到我們的技術堆棧中，以擴展並獲得下一階段增長的運營槓桿。

For example, in Q1 2023, we implemented a major CRM system upgrade for our quote-to-cash process that will drive further efficiency. Sukaran will provide further details on efficiency initiatives in 2023.

例如，在 2023 年第一季度，我們為我們的報價到收款流程實施了一次重大的 CRM 系統升級，這將進一步提高效率。 Sukaran 將在 2023 年提供有關效率舉措的更多細節。

In term of innovation, Docebo been investing in AI for the past 4 years. We see the next wave of investment in generative AI as fundamental or now Docebo delivers its learning solutions. We were early to this market with solutions like Docebo Shape, our generative AI-based content creation model. Docebo Shape had its best attachment rate in Q4, and we are glad to see the strategic investments that we have made are starting to pay back.

在創新方面，Docebo 過去 4 年一直在投資人工智能。我們將下一波對生成人工智能的投資視為基礎，或者現在 Docebo 提供了它的學習解決方案。我們很早就通過 Docebo Shape 等解決方案進入了這個市場，這是我們基於 AI 的生成式內容創建模型。 Docebo Shape 在第四季度的依戀率最高，我們很高興看到我們所做的戰略投資開始產生回報。

Next week, I will be hosting a webinar to discuss in more detail how generative AI will impact the learning automation. Registration details for this event are available on our Investor Relationship website.

下週，我將主持一個網絡研討會，更詳細地討論生成式人工智能將如何影響學習自動化。此活動的註冊詳細信息可在我們的投資者關係網站上找到。

During the quarter, we also launched Docebo Learn data. This is a powerful enterprise solution that seamlessly integrate our customer business intelligence ecosystem to Docebo's learning data and provide KPI for broader analysis, faster insight and the high quality that we were making. In terms of M&A, we believe that the well-designed attacking strategy that support our build versus buy methodology will be accretive to our shareholders.

本季度，我們還推出了 Docebo Learn 數據。這是一個強大的企業解決方案，可將我們的客戶商業智能生態系統無縫集成到 Docebo 的學習數據，並提供 KPI 以實現更廣泛的分析、更快的洞察力和我們正在製作的高質量。在併購方面，我們相信支持我們構建與購買方法的精心設計的攻擊策略將為我們的股東帶來收益。

Our M&A road map is carefully [thought] through and continuously reviewed. We commit from the lens of solutioning by use case such as customer education, onboarding and sales enablement. We prioritize the investment to provide fast time to market and to deliver new capabilities to our customers.

我們的併購路線圖經過仔細 [思考] 並不斷審查。我們從客戶教育、入職培訓和銷售支持等用例解決方案的角度出發。我們優先考慮投資以加快上市速度並為我們的客戶提供新功能。

In 2023, we expect valuation in the private market to become more reasonable and we are taking a closer look at tuck-in deals that support 2 principles: first, great adjacent products and features; and second, innovative teams that feed the Docebo culture.

到 2023 年，我們預計私募市場的估值將變得更加合理，我們正在密切關注支持 2 個原則的內購交易：第一，優秀的相鄰產品和功能；其次，支持 Docebo 文化的創新團隊。

In closing, I want to emphasize that we are very excited about the year ahead. Our investment has built a strong foundation for Docebo. And this is our disciplined execution that will enable us to remain a disruptor in the market for enterprise learning. Now I would like to turn the call over to Alessio, who will give you an operational update.

最後，我想強調的是，我們對來年感到非常興奮。我們的投資為 Docebo 奠定了堅實的基礎。這是我們紀律嚴明的執行力，將使我們能夠繼續成為企業學習市場的顛覆者。現在我想將電話轉給 Alessio，他將為您提供運營更新。

Thank you, Claudio, and good morning, everyone. Throughout 2022, Docebo executed effectively as we invested to support the future growth of our business in an environment shaped by economic headwinds and longer enterprise deal cycles.

謝謝克勞迪奧，大家早上好。在整個 2022 年，Docebo 在我們投資以支持我們業務在經濟逆風和更長的企業交易週期形成的環境中的未來增長時有效執行。

As Claudio noted, we saw the deal elongation trends here into the fourth quarter, but they did not get worse. In quarter 4, our company-wide average contract value, or ACV, increased 10% to just over 46,000 from approximately 42,000 at the end of the fourth quarter of 2021. ACV for new customers in the quarter was approximately 53,400 compared to 41,700 in the previous quarter.

正如 Claudio 指出的那樣，我們在第四季度看到了交易延長趨勢，但並沒有變得更糟。在第 4 季度，我們全公司的平均合同價值 (ACV) 從 2021 年第四季度末的約 42,000 增加 10% 至略高於 46,000。本季度新客戶的 ACV 約為 53,400，而去年同期為 41,700上一季度。

We signed 149 net new customers during the quarter, including a number of notable enterprise deals. In North America, enterprises continue to select Docebo for our ability to seamlessly support the multiple use cases. One of these customers was VMware, an enterprise cloud computing company also well known for their performance and innovation. They are using Docebo to support their customers and partner trade.

我們在本季度簽署了 149 個淨新客戶，其中包括一些著名的企業交易。在北美，企業繼續選擇 Docebo 是因為我們能夠無縫支持多種用例。這些客戶之一是 VMware，這是一家企業雲計算公司，也以其性能和創新而聞名。他們使用 Docebo 來支持他們的客戶和合作夥伴的貿易。

We also landed Heyer U.S. supply and solutions. The company that acquired the appliances business from General Electric. They selected Docebo for multiple external and internal use cases, including customer and partner education, sales enablement and onboarding.

我們還登陸了海爾美國供應和解決方案。從通用電氣手中收購家電業務的公司。他們選擇 Docebo 用於多個外部和內部用例，包括客戶和合作夥伴教育、銷售支持和入職培訓。

In Canada, we won a major enterprise deal with a large entity within the Government of Quebec. This organization selected Docebo because of our ability to provide configurable learning solutions that are being tailored to multiple audiences that include external customer and internal employee training.

在加拿大，我們贏得了與魁北克政府內一家大型實體的大型企業交易。該組織之所以選擇 Docebo，是因為我們能夠提供可配置的學習解決方案，這些解決方案是為包括外部客戶和內部員工培訓在內的多個受眾量身定制的。

And finally, Europe, we closed the deal with Agria, a pet health care insurance company. Agria chose Docebo to educate their 5 million-plus customer base by integrating Docebo directly into their own insurance portal. This was a channel deal brought to us by our European partner, TicTac.

最後，在歐洲，我們完成了與寵物醫療保險公司 Agria 的交易。 Agria 選擇 Docebo 通過將 Docebo 直接集成到他們自己的保險門戶中來教育他們超過 500 萬的客戶群。這是我們的歐洲合作夥伴 TicTac 帶給我們的渠道交易。

This is a flagship deal for us in a number of ways. It is the largest deal we have closed in the Nordic region and is one of the largest Docebo Flow deals being implemented in Europe today. Docebo Flow is a solution that brings online learning directly into any software, providing the learner to knowledge in their flow work.

從許多方面來說，這對我們來說都是一項旗艦交易。這是我們在北歐地區完成的最大交易，也是當今歐洲正在實施的最大 Docebo Flow 交易之一。 Docebo Flow 是一種將在線學習直接引入任何軟件的解決方案，為學習者提供他們的流程工作知識。

What makes this implementation unique is that customer education is expected to increase insurance claims, a measurable economic benefit to Agria while also resulting in more attractive premiums for their customers, a true win-win.

這種實施的獨特之處在於，客戶教育有望增加保險索賠，這對 Agria 來說是一個可衡量的經濟利益，同時也為他們的客戶帶來更具吸引力的保費，這是真正的雙贏。

In terms of geographies, North America continues to be our largest and strongest market, with Europe and Asia continuing to scale into the investments we have made in those regions. OEM partners delivered another solid quarter led by Ceridian. We continue to see good traction into the customer base, adding depth and quality to our pipeline while expanding our reach into the enterprise space.

就地域而言，北美仍然是我們最大和最強的市場，歐洲和亞洲繼續擴大我們在這些地區的投資。 OEM 合作夥伴在 Ceridian 的帶領下又交付了一個穩定的季度。我們繼續看到對客戶群的良好牽引，增加了我們管道的深度和質量，同時將我們的影響力擴大到企業領域。

As we move into the first half of 2023, we see a healthy level of demand and are focused on investing in areas that provide resiliency to grow our business in the current macroeconomic environment.

隨著我們進入 2023 年上半年，我們看到了健康的需求水平，並專注於投資在當前宏觀經濟環境中提供彈性以發展我們業務的領域。

Let me frame out a couple of strategic initiatives that will enable this for 2023. First, we're focusing on the productivity and efficiency of our business development organization. And while doing this, we brought in leadership in senior operators with very valuable enterprise selling experience.

讓我制定一些戰略計劃，以便在 2023 年實現這一目標。首先，我們關注業務發展組織的生產力和效率。在這樣做的同時，我們引進了具有非常寶貴的企業銷售經驗的高級運營商領導。

We expect these investments to pay off in 2023 and prepare us for a strong 2024. Second is the use of the channel partners, system integrators and partnerships to replicate the success we have had across the EMEA region. Our channel partners have been effective in sourcing more deals at the local country level, where they have a better feel for the nuances of a country's culture and how to optimize the positioning of our solution.

我們預計這些投資將在 2023 年獲得回報，並為 2024 年的強勁發展做好準備。其次是利用渠道合作夥伴、系統集成商和合作夥伴關係來複製我們在歐洲、中東和非洲地區取得的成功。我們的渠道合作夥伴一直有效地在當地國家層面尋找更多交易，他們可以更好地了解國家文化的細微差別以及如何優化我們解決方案的定位。

TicTac in Europe is a very good example of one such channel relationship. Earlier this week, we announced our partnership with ELB Learning, a company that focuses on bespoke learning development and learning experiences for enterprises with strong presence in the Fortune 500.

歐洲的 TicTac 就是此類渠道關係的一個很好的例子。本週早些時候，我們宣布了與 ELB Learning 的合作夥伴關係，ELB Learning 是一家專注於為財富 500 強企業提供定制學習開發和學習體驗的公司。

The combination of the 2 companies' core business is one of high impact for all customers aiming to implement the complex learning projects. The Docebo platform, combined with ELB Learnings' innovative content development services provides our customers with an end-to-end services and technology solution that is unique in the market. Although this partnership is still in its very early stages, we expect it to grow throughout the year.

兩家公司核心業務的結合是對所有旨在實施複雜學習項目的客戶產生重大影響的因素之一。 Docebo 平台與 ELB Learnings 的創新內容開發服務相結合，為我們的客戶提供市場上獨一無二的端到端服務和技術解決方案。儘管這種夥伴關係仍處於早期階段，但我們預計它會在全年不斷發展。

In conclusion, I want to emphasize two reasons why we are excited about 2023. First, our market is large and ripe with greenfield opportunities, especially for external use cases, where we continue to build on our leadership position and product focus every day.

總而言之，我想強調我們對 2023 年感到興奮的兩個原因。首先，我們的市場廣闊且充滿新機遇，特別是對於外部用例，我們每天都在繼續鞏固我們的領導地位和產品重點。

And second, we're making the strategic investments necessary in both innovation and systems, processes and people needed to continue to disrupt the enterprise learning market.

其次，我們正在對創新和系統、流程以及繼續顛覆企業學習市場所需的人員進行必要的戰略投資。

With that, I would like to hand the call over to Sukaran.

有了這個，我想把電話交給 Sukaran。

Thank you, Alessio, and good morning, everyone. For those interested, a detailed breakdown of our financial results for the 3 months and fiscal year ended December 31, 2022, can be found in our press release, MD&A and financial statements which are now available on our website and are also filed on SEDAR and EDGAR.

謝謝你，阿萊西奧，大家早上好。對於那些感興趣的人，可以在我們的新聞稿、MD&A 和財務報表中找到我們截至 2022 年 12 月 31 日的 3 個月和財政年度的詳細財務報表，這些報表現在可以在我們的網站上找到，也可以在 SEDAR 和埃德加。

As reported, total revenue for the fourth quarter grew to $39 million, an increase of 31% from the prior year. Total revenue increased by 35% after adjusting for the impact of foreign exchange.

據報導，第四季度的總收入增長至 3900 萬美元，比去年同期增長 31%。調整外匯影響後，總收入增長了 35%。

Subscription revenues were $36.3 million, representing 93% of total revenue for the quarter. Annual recurring revenue was $157.1 million, an increase of 36% after adjusting for the foreign exchange impact from the strengthening of the U.S. dollar, which was about 2%.

訂閱收入為 3630 萬美元，佔本季度總收入的 93%。年度經常性收入為 1.571 億美元，在調整美元走強帶來的外匯影響後增長 36%，增幅約為 2%。

Customers using Docebo for external or hybrid training represented 65% of our total ARR, flat with Q3. In 2022, we reported a net dollar retention rate of 109%, down from 113% in 2021. The decrease was primarily related to macroeconomic conditions that impacted expansion of the current customer base.

使用 Docebo 進行外部或混合培訓的客戶占我們總 ARR 的 65%，與第三季度持平。 2022 年，我們報告的淨美元保留率為 109%，低於 2021 年的 113%。下降主要與影響當前客戶群擴張的宏觀經濟狀況有關。

However, gross retentions actually improved year-over-year. We can attribute this improvement to a couple of key factors. First, external use cases are tied to revenue-generating activities that are strategic in supporting core operations with key stakeholders such as customers, channel and supply chain partners. Second, we have an all-in-one solution that is designed to handle both internal and external use cases. About 80% of our ARR is derived from customers using Docebo for 2 or more use cases where we become embedded in their tech stack as a core platform to their operations.

但是，總保留率實際上同比有所改善。我們可以將這種改進歸因於幾個關鍵因素。首先，外部用例與創收活動相關聯，這些活動具有戰略意義，可以支持與客戶、渠道和供應鏈合作夥伴等關鍵利益相關者的核心運營。其次，我們有一個一體化解決方案，旨在處理內部和外部用例。我們大約 80% 的 ARR 來自將 Docebo 用於 2 個或更多用例的客戶，在這些用例中，我們作為其運營的核心平台嵌入到他們的技術堆棧中。

Gross profit margin for the fourth quarter improved by approximately 100 basis points year-over-year to 81% of revenue. This was in part driven by our ongoing work to optimize hosting architecture efficiency and higher subscription revenue.

第四季度的毛利率同比提高約 100 個基點，佔收入的 81%。這在一定程度上是由我們正在進行的優化託管架構效率和更高訂閱收入的工作推動的。

Total operating expenses for the fourth quarter increased to $31.5 million from $26.7 million for the prior year period. G&A as a percentage of revenue declined to 19% for the fourth quarter compared to 21.2% for the third quarter.

第四季度的總運營費用從去年同期的 2670 萬美元增加到 3150 萬美元。 G&A 佔收入的百分比在第四季度下降至 19%，而第三季度為 21.2%。

Growth and scale are driving natural leverage in the G&A line, and I will speak to some of these 2023 initiatives later in my remarks.

增長和規模正在推動 G&A 領域的自然槓桿作用，我將在稍後的發言中談到其中一些 2023 年舉措。

Sales and marketing expense decreased as a percentage of revenue to 39.8% from 42% for the fourth quarter. The sequential reduction in expense reflects cost discipline and timing of certain marketing events in Q3 compared to Q4.

銷售和營銷費用佔收入的百分比從第四季度的 42% 下降至 39.8%。與第四季度相比，費用的連續減少反映了第三季度某些營銷活動的成本控制和時間安排。

R&D investments in the fourth quarter were $6.4 million or 16.4% of revenue and flat as a percentage of sales compared to the third quarter. As a reminder, our core R&D operations are based in Europe.

第四季度的研發投資為 640 萬美元，佔收入的 16.4%，佔銷售額的百分比與第三季度持平。提醒一下，我們的核心研發業務位於歐洲。

During Q4, the strong U.S. dollar resulted in a 1 percentage point benefit as a percentage of revenue to the R&D cost structure.

在第四季度，美元走強使研發成本結構的收入佔收入的百分比提高了 1 個百分點。

Moving on from the expense line. We are extremely pleased to report a positive adjusted EBITDA of $2.3 million for the fourth quarter of 2022 compared to an adjusted EBITDA of $0.6 million for the third quarter. This equates to an adjusted EBITDA margin of 6% for the fourth quarter. We are deeply committed to driving performance in the areas we can control and expect to exit Q4 2023 with a low double-digit adjusted EBITDA margin.

從費用線繼續前進。我們非常高興地報告 2022 年第四季度調整後 EBITDA 為 230 萬美元，而第三季度調整後 EBITDA 為 60 萬美元。這相當於第四季度調整後的 EBITDA 利潤率為 6%。我們堅定地致力於在我們可以控制的領域推動業績，並期望以兩位數的低調整後 EBITDA 利潤率退出 2023 年第四季度。

We reported net income of $1.6 million for the fourth quarter of 2022 compared to $10.3 million in net income for the third quarter. Adjusted net income for the fourth quarter of $3.4 million increased sequentially compared to $1.5 million for the third quarter. We generated positive free cash flow for the third consecutive quarter of $2 million, which equated to 5% of revenue.

我們報告 2022 年第四季度的淨收入為 160 萬美元，而第三季度的淨收入為 1030 萬美元。與第三季度的 150 萬美元相比，第四季度調整後淨收入為 340 萬美元，環比增長。我們連續第三個季度產生了 200 萬美元的正自由現金流，相當於收入的 5%。

At the end of Q4, we held cash and cash equivalents of $216 million. Share-based compensation accounted for a modest 2.8% of Q4 revenue, flat to Q3 quarter. Adjusting for the impact of share-based compensation, free cash flow would have been 2.2%. We are acutely aware of the impact of equity compensation on cash and dilutions, and we'll continue to be responsible stewards to ensure that equity grants are selectively given to high performers that align with our long-term objectives.

截至第四季度末，我們持有現金和現金等價物 2.16 億美元。基於股份的薪酬僅佔第四季度收入的 2.8%，與第三季度持平。調整基於股份的薪酬的影響後，自由現金流為 2.2%。我們敏銳地意識到股權補償對現金和攤薄的影響，我們將繼續作為負責任的管理者，確保有選擇地向符合我們長期目標的高績效人員提供股權獎勵。

Starting with the reporting of our Q4 results, we are going to begin providing quarterly guidance. So let's turn to our Q1 2023 outlook. We expect total revenues to range between $41.3 million to $41.6 million, representing 29% growth at the midpoint.

從我們第四季度業績的報告開始，我們將開始提供季度指導。因此，讓我們轉向我們對 2023 年第一季度的展望。我們預計總收入在 4130 萬美元至 4160 萬美元之間，中點增長 29%。

Adjusting for foreign exchange impact, this represents 32% growth. We expect gross margin to range between 80% and 81%. We expect adjusted EBITDA margin to range between 4% and 5%. Our guidance reflects 2 noteworthy points. There are 2 fewer days in the first quarter compared to the prior quarter impacting subscription revenue by $800,000, and we are impacted by the timing of payroll taxes, which are higher in H1 of each fiscal year.

調整外匯影響後，增長了 32%。我們預計毛利率在 80%至 81%之間。我們預計調整後的 EBITDA 利潤率將在 4% 至 5% 之間。我們的指導反映了兩個值得注意的點。與上一季度相比，第一季度的訂閱收入減少了 2 天，訂閱收入減少了 800,000 美元，而且我們受到工資稅時間的影響，工資稅在每個財政年度的上半年都較高。

Before opening the call to questions, I want to emphasize a few points. Our top priority is still growth, and we have set up Docebo to achieve this while delivering a balanced rule-of-40 performance over the long term. Operationally, our focus is on improving profitability by controlling what we can. This starts with aligning our workforce to scale with our profitable growth strategy.

在開始提問之前，我想強調幾點。我們的首要任務仍然是增長，我們已經建立了 Docebo 來實現這一目標，同時在長期內提供平衡的 40 規則性能。在運營上，我們的重點是通過控制我們能做的來提高盈利能力。這首先要使我們的員工隊伍與我們的盈利增長戰略保持一致。

We have created a high-performance environment with a relatively flat structure that reduces middle management to accelerate decision-making and innovation. One of the key drivers of efficiency is our investment in technology.

我們創造了一個結構相對扁平的高性能環境，減少了中層管理人員，以加速決策和創新。提高效率的關鍵驅動因素之一是我們對技術的投資。

Docebo utilizes its own platform and leading partner's vendors to automate its processes and systems. One example is the major sales force CRM system upgrade implemented in Q1 2023 to automate a large portion of our quote-to-cash process and to provide greater visibility to our organization in one place. This, in effect, enables smart and faster decision-making, and we have several similar initiatives planned for 2023 that will drive even greater operating leverage.

Docebo 利用自己的平台和領先合作夥伴的供應商來實現流程和系統的自動化。一個例子是 2023 年第一季度實施的主要銷售人員 CRM 系統升級，以自動化我們大部分報價到收款流程，並在一個地方為我們的組織提供更大的可見性。這實際上可以實現更明智、更快速的決策，我們計劃在 2023 年實施多項類似舉措，這些舉措將推動更大的運營槓桿。

In addition, we have optimized our real estate portfolio to better serve our hybrid employee strategy by consolidating leases and partnering with WeWork. In conclusion, I would like to highlight the fact that as we approach the end of Q4 of this year, we are confident that we can deliver low double-digit EBITDA margin level while maintaining investments to drive future profitable growth.

此外，我們還優化了房地產投資組合，通過整合租賃和與 WeWork 合作，更好地服務於我們的混合員工戰略。總之，我想強調的是，隨著今年第四季度末的臨近，我們有信心能夠實現兩位數的低 EBITDA 利潤率水平，同時保持投資以推動未來的盈利增長。

That concludes my prepared remarks. I'd like to turn it over to the operator now to take some questions from the analysts. Operator?

我準備好的發言到此結束。我現在想把它交給運營商，讓分析師回答一些問題。操作員？

(Operator Instructions) Your first question comes from Robert Young, Canaccord Genuity.

（操作員說明）您的第一個問題來自 Canaccord Genuity 的 Robert Young。

Thanks a lot for the Q-end guidance. Can you just give us a sense into how you are constructing that guidance given it's new. Is that based on current deals or are you projecting a little close by the end of Q1? And then the EBITDA margins are down a little bit quarter-over-quarter, I don't know if that's FX, maybe just give us a sense of how that's constructed?

非常感謝Q端指導。鑑於它是新的，您能否讓我們了解一下您是如何構建該指南的？這是基於當前的交易，還是您預計到第一季度末會有點接近？然後 EBITDA 利潤率環比下降了一點，我不知道這是不是 FX，也許只是讓我們了解它是如何構建的？

Yes, I'll take that, Rob. Good morning. Sukaran here. In terms of how we construct the guidance, I'll speak to revenue first. When you just think about revenue, it's pretty straightforward in our world. Take the ARR for the prior quarter, divide that by 365, multiply with number of days in the quarter, it gives you kind of your base or subscription revenue.

是的，我會接受的，羅伯。早上好。蘇卡蘭在這裡。就我們如何構建指南而言，我會先談談收入。當你只考慮收入時，它在我們的世界中非常簡單。將上一季度的 ARR 除以 365，再乘以該季度的天數，就可以得出基本收入或訂閱收入。

A good chunk, I would say, a good 70% of our deals closed in the latter part of the quarter, meaning the last month, which is typical for enterprise companies. And so we factor in a very minimal amount of revenue flowing in from deals in quarter into revenue. And then from a professional services perspective, really is a factor of onboarding on new deals as well as some customer SOWs that we do.

很大一部分，我想說，我們 70% 的交易在本季度後半段完成，也就是最後一個月，這對於企業公司來說很典型。因此，我們將季度交易中的極少量收入計入收入。然後從專業服務的角度來看，這確實是新交易以及我們所做的一些客戶 SOW 的一個因素。

So you would say that generally, you can look at it from a perspective of what the ARR is in the prior quarter, which will flow into the following quarter from a PS perspective. In terms of your question around expense, the EBITDA margin, it's really straightforward.

所以你會說，一般來說，你可以從上一季度的 ARR 的角度來看，從 PS 的角度來看，ARR 將流入下一季度。就你關於費用的問題而言，EBITDA 利潤率，它真的很簡單。

You have 2 factors that I call out in the guidance, too. One is there's 2 less days in Q1 compared to the prior quarter, which almost is close to $1 million or $800,000 in revenue that's less compared to the prior quarter just by the number of days because of February.

我在指南中也提到了 2 個因素。一是與上一季度相比，第一季度的天數減少了 2 天，收入幾乎接近 100 萬美元或 800,000 美元，與上一季度相比僅減少了 2 月份的天數。

And then secondly, Rob, you note that in North America, specifically, the first half of the year, you have higher social payroll taxes. And so some of that gets you at the front end of the year, but you kind of normalize it as we go through the year. So apples-to-apples, it will be slight improvement if you didn't have these 2 factors.

其次，Rob，你注意到在北美，特別是今年上半年，你有更高的社會工資稅。所以其中一些讓你在今年的前端，但你會在我們度過這一年時將其標準化。因此，同理，如果您沒有這兩個因素，將會有輕微的改善。

Okay. Great. My second question, Claudio, you gave a little bit of color on your efforts in generative AI in the prepared remarks. That's a rapidly changing, exciting and evolving space clearly. For those investors who are tracking your AI road map, you already -- I think you said that you had record attach on shape, I'm not sure if I heard that right. But if you could tell us or give us a sneak peek on where Docebo was heading on this generative AI road map? That would be really helpful and I'll pass line.

好的。偉大的。我的第二個問題，克勞迪奧，你在準備好的發言中對你在生成人工智能方面的努力做了一些渲染。這顯然是一個快速變化、令人興奮和不斷發展的空間。對於那些正在跟踪您的 AI 路線圖的投資者，您已經——我想您說過您對形狀有記錄，我不確定我是否聽對了。但是，如果您能告訴我們或讓我們先睹為快，看看 Docebo 在這個生成式 AI 路線圖上的發展方向？那真的很有幫助，我會通過的。

Yes, Rob, thank you for the question because this is a funny question for me. I'm a product guy. So actually, we have invested initially in the Docebo Shape, at least we started the R&D 4 years ago, where generative AI was not a thing.

是的，Rob，謝謝你提出這個問題，因為這對我來說是一個有趣的問題。我是一個產品人。所以實際上，我們最初投資於 Docebo Shape，至少我們在 4 年前就開始了研發，當時生成人工智能還不是一回事。

And the first papers in generative AI were published in the probably 2020, 2019. So we have deployed many algorithms in Docebo. And I think that you can categorize the AI that will have an impact in the organization in 2 main categories. One is increase the automation, means AI does the work of the human.

生成式人工智能的第一篇論文大概是在 2020 年、2019 年發表的。所以我們在 Docebo 中部署了很多算法。我認為您可以將對組織產生影響的 AI 分為兩大類。一是增加自動化，意味著人工智能代替人類工作。

And these -- the algorithm we have in place are keyword tagging, skills tagging, transcript, translations and this is an improvement on productivity, which will benefit and provide direct ROI to the company's -- to our customers.

這些——我們現有的算法是關鍵字標記、技能標記、成績單、翻譯，這是對生產力的提高，這將有利於公司——為我們的客戶提供直接的投資回報率。

There is another segment which is very -- which is way more disruptive, which is content generation, where generative AI plays a role. Content generation is not only you ask a question and ChatGPT or whatever other algorithm create training for you, but allows you to create slides, modify slides, add simulation into the slide, like asking provide direct feedback to an AI, and AI will provide a directed loop-back feedback to you.

還有另一個部分非常 - 更具破壞性，即內容生成，生成人工智能在其中發揮作用。內容生成不僅是你問一個問題，ChatGPT 或任何其他算法為你創建訓練，還允許你創建幻燈片、修改幻燈片、將模擬添加到幻燈片中，比如向 AI 提供直接反饋，AI 將提供定向環回反饋給你。

And this is where the industry is going. What we have discovered is that ChatGPT is super powerful, especially in certain areas like it provides a very reliable outcomes when the text they are working on is very low quality. Our algorithm, for example, the keyword tagging now perform better than ChatGPT when the text is sophisticated and long.

這就是該行業的發展方向。我們發現 ChatGPT 非常強大，尤其是在某些領域，比如當他們處理的文本質量很低時，它可以提供非常可靠的結果。我們的算法，例如，當文本複雜且較長時，關鍵字標記現在比 ChatGPT 表現更好。

That said, we think that injecting ChatCPT and others, like we are working also having some fun with DALL.E, which is the image generation of open AI, will increase the potential of the Docebo Shape, but not only in Docebo Shape, we are already working on some other initiatives that are specific for some use cases, and I don't want to spoiler, but sales enablement is some area we are having fun making experiments.

就是說，我們認為註入 ChatCPT 和其他軟件，就像我們正在使用 DALL.E 一樣，這是開放 AI 的圖像生成，這將增加 Docebo Shape 的潛力，但不僅限於 Docebo Shape，我們已經在針對某些用例開展一些其他計劃，我不想劇透，但銷售支持是我們在進行實驗時樂在其中的一些領域。

And onboarding is another area. Yesterday, we were joking with Alessio that if we build an AI that recognize an accent, we will fix the problem of many people not pronouncing correctly, Docebo, for example. That said, I mean, when I say experiment, if not that we are doing something that will go-live in 3 years. These kind of technologies can go in an alpha or MVP stage in 6 months.

入職是另一個領域。昨天，我們和 Alessio 開玩笑說，如果我們構建一個識別口音的 AI，我們將解決許多人發音不正確的問題，例如 Docebo。也就是說，我的意思是，當我說實驗時，如果不是我們正在做的事情將在 3 年內上線。這些技術可以在 6 個月內進入 alpha 或 MVP 階段。

We have a very clear idea where to implement additional AI system. Another point, Rob, it's important that -- to understand and I understand that we are in a very early stage of adoption in the world of those technologies, that those technologies are not plug-and-play.

我們非常清楚在哪裡實施額外的人工智能係統。另一點，Rob，重要的是 - 理解並且我理解我們在這些技術的世界中處於採用的非常早期階段，這些技術不是即插即用的。

I mean, they require -- I mean, we have, for example, a great experience on deploying these on scale, serving million users. I mean this require a knowledge that -- that companies that don't have deployed yet AI inside their software, require years to deploy.

我的意思是，他們需要——我的意思是，例如，我們在大規模部署這些服務、為數百萬用戶提供服務方面擁有豐富的經驗。我的意思是，這需要了解——尚未在其軟件中部署 AI 的公司需要數年時間才能部署。

Because I mean, scalability means auto scaling means you create an algorithm and those algorithm need to parse billion or gazillion megabyte of datas. So it's not a simple job. And there are way other elements that we will be happy to discuss during our webinar next week.

因為我的意思是，可伸縮性意味著自動縮放意味著您創建一個算法，而這些算法需要解析數十億或數百萬兆字節的數據。所以這不是一項簡單的工作。在下週的網絡研討會期間，我們很樂意討論其他方面的內容。

The next question comes from Josh Baer of Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Baer。

Great. You mentioned that the elongating deal trends continued in Q4 but did not get worse from Q3. Just wondering how those trends have gone into Q1 now that we're almost on the quarter or sort of the same stabilization there or better or worse?

偉大的。你提到延長交易趨勢在第四季度繼續存在，但並沒有從第三季度開始變得更糟。只是想知道這些趨勢是如何進入第一季度的，因為我們幾乎進入了該季度，或者那裡有相同的穩定性，或者更好或更糟？

Alessio speaking. We haven't seen material changes in those trends. The one thing that I'd note is we've continued and frankly doubled down our efforts in the generation and strengthening our enterprise pipeline quantity, and then quality of execution, where we are focused constantly in order to hedge against the macro that as you explained and shared attempts to drag cycles is getting really good at outlining value.

阿萊西奧說話。我們還沒有看到這些趨勢發生實質性變化。我要指出的一件事是，我們一直在繼續並坦率地加倍努力，加強我們的企業管道數量，然後是執行質量，我們不斷關注這些方面，以對沖宏觀因素，就像你們一樣解釋和分享拖動週期的嘗試在概述價值方面變得非常好。

The one thing we're focused on is being really good industrially, methodically to explain that Docebo is not a nice-to-have, Docebo saves money and makes money to companies and we do have examples of how that happens across our internal adoption of use cases of our customers and external use cases. So the answer to your question is, no specific changes in that trend, a growth in enterprise pipeline and its focus on winning the business of enterprise customers, in particular, by getting really good at value engineering and outlining value.

我們關注的一件事是在工業上做得非常好，有條不紊地解釋 Docebo 不是可有可無的東西，Docebo 可以省錢並為公司賺錢，我們確實有例子說明在我們內部採用我們客戶的用例和外部用例。所以你的問題的答案是，這種趨勢沒有具體的變化，企業管道的增長及其對贏得企業客戶業務的關注，特別是通過真正擅長價值工程和概述價值。

That's really helpful. The follow-up is on a point that you brought up about nice-to-have versus must-have. And I think that dynamic is reflected in the comment that you made that gross retention rates actually improved this year. Just wondering if -- like if that piece of the results for this year was a surprise to you or any other context for an actual improvement in gross retention in a really tough macro?

這真的很有幫助。後續行動是關於您提出的關於“可有可無”與“必須有”的觀點。我認為這種動態反映在您發表的評論中，即今年總保留率實際上有所提高。只是想知道是否 - 比如今年的那部分結果是否讓您或任何其他情況感到驚訝，因為在一個非常艱難的宏觀環境中實際改善了總保留率？

Yes, I can jump in first, and then -- sorry, Claudio, go ahead.

是的，我可以先加入，然後——對不起，Claudio，請繼續。

Please go ahead, Sukaran. I may add something if you don't address it, but please carry on.

請繼續，蘇卡蘭。如果您不解決，我可能會添加一些內容，但請繼續。

Yes. So yes, Josh, you picked up nicely. I think from a -- the important factor as you think about gross retention improving year-over-year is reflecting items that we talked about earlier, which is a lot of -- majority of our customers, 65% of our customer base, we are supporting them on external hybrid use cases. 80% of our customers use it for 2 or more use cases. The more problems we solve for our customers, the more we are embedded in the core operations, generating revenue, protecting revenue, whether it's customer education, partner, supplier education, et cetera, or we are also enhancing the employee workforce from a compliance professional development perspective.

是的。所以，是的，喬希，你表現得很好。我認為，您認為毛留存率逐年提高的重要因素反映了我們之前談到的項目，其中很多——我們的大多數客戶，占我們客戶群的 65%，我們在外部混合用例上支持他們。我們 80% 的客戶將它用於 2 個或更多用例。我們為客戶解決的問題越多，我們就越深入核心業務，創造收入，保護收入，無論是客戶教育、合作夥伴、供應商教育等等，還是我們也從合規專業人員那裡加強員工隊伍發展前景。

So when you have an all-in-one solution like Docebo, which is embedded in multiple departments, multiple stakeholders, and in multiple tech stacks within that same enterprise company, this is a much, much stickier solution that is strategic to an organization and these companies take a significant amount of time and thought on how they want to run those learning programs across the organization. So that is a reflection of what you're seeing in terms of gross retention from our perspective.

因此，當您擁有像 Docebo 這樣的一體式解決方案時，它嵌入了多個部門、多個利益相關者以及同一家企業公司的多個技術堆棧中，這是一個非常非常粘性的解決方案，對組織和組織具有戰略意義這些公司花費大量時間和思考他們希望如何在整個組織內運行這些學習計劃。因此，從我們的角度來看，這反映了您在總保留率方面所看到的情況。

Sukaran, I was going to add 2 things just to wrap on this. Number one, the concept of -- the advantage of being an horizontal player that edges against any particular one industry and we are reaping the benefits of that positioning in the market. The other thing that I was again mentioning in the topic of value and on the topic of not being a nice-to-have and the follow-on on gross retention. If you think about a couple of examples, they're all public on our website.

Sukaran，我打算添加兩件事來總結一下。第一，概念——作為橫向競爭者的優勢，可以對抗任何特定的行業，我們正在從市場定位中獲益。另一件事，我在價值話題和不值得擁有的話題以及關於總保留率的後續話題中再次提到。如果您考慮幾個示例，它們都在我們的網站上公開。

But I think it's important to kind of resurface them. Companies in the 4,000, 5,000 employees stage like Getronics, they reported that since they implemented us, they cut down employee churn by about 40%.

但我認為重現它們很重要。像 Getronics 這樣擁有 4,000、5,000 名員工的公司，他們報告說，自從實施我們後，他們將員工流失率降低了大約 40%。

If you run the math of that result, it's significant for a company that size. If you think about Zoom, according to the public data, employees more than 200 CSMs reports saving hundreds of hours per year per CSM that -- those are real topline savings.

如果您對該結果進行數學運算，那麼對於這種規模的公司來說意義重大。如果你想想 Zoom，根據公開數據，200 多個 CSM 的員工報告說每個 CSM 每年節省數百小時——這些是真正的頂線節省。

Docebo, where our data is very known to us. We have in excess of $1.5 million in savings and support costs alone because we've implemented our software as a university and we reflect our implementation efforts, reduced them by more than 15% and save 20% of CSM time by using our software on the academy and university side.

Docebo，我們對我們的數據非常了解。我們僅在一所大學實施了我們的軟件，就節省了超過 150 萬美元的成本和支持成本，並且我們反映了我們的實施工作，通過在學院和大學方面。

So the area where we have to get really good at and we are in the journey of it is being able to recognize that we affected the unit economics of all the companies that we work with and we delivered true economic value and return. And we're in the journey of really creating an engine that not only is able to implement the product but also can explain and then market the advantages of it.

因此，我們必須真正擅長的領域和我們正在努力的領域是能夠認識到我們影響了與我們合作的所有公司的單位經濟效益，並且我們提供了真正的經濟價值和回報。我們正在真正創造一個引擎的旅程中，它不僅能夠實施產品，而且能夠解釋並推銷它的優勢。

The next question comes from Stephanie Price, CIBC.

下一個問題來自 CIBC 的 Stephanie Price。

This is Scott Fletcher on for Stephanie Price. I wanted to ask a question over just the pace of margin improvement. You talked about ending the year, I had a double-digit margin. Is that -- should we expect sort of a consistent increase from the sort of 4% to 5% in Q1 over the course of the year?

我是斯蒂芬妮·普萊斯的斯科特·弗萊徹。我想問一個關於利潤率提高速度的問題。你談到年底，我有兩位數的利潤。那是——我們是否應該期待今年第一季度從 4% 到 5% 的持續增長？

Yes, morning. Sukaran here. I would say the way to think about -- I mean, the way to think about how the trajectory has. So if you look at the past year as well, the biggest improvement you would have seen is coming, of course, from G&A line. And that's something that we should be delivering, and we will continue to deliver.

是的，早上。蘇卡蘭在這裡。我會說思考的方式——我的意思是，思考軌跡如何的方式。因此，如果您也回顧過去的一年，您會發現最大的改進當然來自 G&A 系列。這是我們應該提供的東西，我們將繼續提供。

If you look at a company like us, and as it scales, you should be dropping that closer to lower double digits where we are today at 19% to a much lower, maybe by 8% or 9%. Now nothing that is going to happen this year in its own right, but on G&A, a company on my side of the skills will be close to 10%, 12% G&A margin over our, let's say, say, medium to long term. So there's going to be that element is going to be the biggest area from where which you're going to get leverage coming in from as well as, as you've seen small incremental improvements, both in our COGS line, where we've done an incredible amount of work in our hosting architecture.

如果你看看像我們這樣的公司，隨著規模的擴大，你應該將這一比例下降到接近較低的兩位數，即我們今天的 19% 到更低的水平，可能下降 8% 或 9%。現在，今年本身不會發生任何事情，但在 G&A 方面，我這邊技能的公司將接近 10%，12% 的 G&A 利潤率，比方說，中長期。因此，該元素將成為最大的領域，您將從中獲得影響力，以及正如您所看到的小的增量改進，無論是在我們的 COGS 系列中，我們已經在我們的託管架構中完成了大量工作。

So our gross profit -- gross margin has improved even that 0.51% you're seeing that there, as you look through sales and marketing and throughout this year, you'll see some efficiencies come through in that element, too. But all of that, whilst we are focused on growth and that growth continues to move forward, and we did continue to drive discipline in G&A as well as some of the other elements.

因此，我們的毛利潤 - 毛利率甚至提高了 0.51％，當你查看銷售和營銷以及全年時，你會看到該元素也有一些效率。但所有這一切，雖然我們專注於增長並且增長繼續向前發展，但我們確實繼續推動 G＆A 以及其他一些要素的紀律。

You can kind of derive the math pretty quickly to see that we'll get to low double digits as we exit 2023.

你可以很快地推導出數學，看看我們將在 2023 年退出時達到低兩位數。

Okay. And then I wanted to ask on the partner piece of the business. Obviously, you had a nice win that you announced in the quarter. Can you sort of speak to what is driving that sort of improvement in the partner experience? Is it more just them getting more comfortable selling your product or is there a different strategy or approach that you've sort of worked with them to take to help improve the performance?

好的。然後我想問一下業務的合作夥伴部分。顯然，你在本季度宣布了一場漂亮的勝利。您能談談是什麼推動了合作夥伴體驗的改善嗎？是他們更願意銷售您的產品，還是您與他們合作採取了不同的策略或方法來幫助提高績效？

We are maturing -- hello, it's Alessio speaking. We're maturing our overall posture and vision of our partner business well beyond the OEM that remains a critical area of focus for us in order to continue to win the businesses of the likes of Ceridian and MHR.

我們正在成熟——你好，我是阿萊西奧。我們正在完善我們的合作夥伴業務的整體態勢和願景，遠遠超出 OEM，這仍然是我們關注的關鍵領域，以便繼續贏得 Ceridian 和 MHR 等公司的業務。

And we're making very significant process in that area with a continuously growing pipeline. With that said, OEM is not anymore the sole area of focus. We believe that in an environment in which creating demand becomes more and more costly, there are different avenues to optimize demand creation in a more efficient way and to create, if you will, pipeline in ways that are partner-friendly.

我們正在通過不斷增長的管道在該領域進行非常重要的過程。話雖如此，OEM 不再是唯一關注的領域。我們相信，在創造需求的成本越來越高的環境中，有不同的途徑可以以更有效的方式優化需求創造，並以對合作夥伴友好的方式創造管道。

We have announced a partnership with a premier player in the content world called the ELB, formerly known as eLearning Brothers, you may have noticed the PR about it. And this is just an example of our efforts to partner with companies that are adjacent to our capabilities.

我們已經宣布與內容世界中名為 ELB 的主要參與者建立合作夥伴關係，前身為 eLearning Brothers，您可能已經註意到有關它的 PR。這只是我們努力與與我們能力相近的公司合作的一個例子。

Adjacent means that they may complement our capabilities strategically or they may be software technologies that are in adjacent spaces. This can be rewards products, coaching platforms, LXPs, talent mobility platforms, the customer success platforms. We're extremely active on all fronts because we believe that when companies that share common audiences partner, the flywheel that we can generate together becomes very interesting.

相鄰意味著它們可以戰略性地補充我們的能力，或者它們可能是相鄰空間的軟件技術。這可以是獎勵產品、輔導平台、LXP、人才流動平台、客戶成功平台。我們在各個方面都非常活躍，因為我們相信，當擁有共同受眾的公司合作時，我們可以共同產生的飛輪會變得非常有趣。

And finally, I would say partners are not only about demand generation, but they are also about implementation capabilities. In the enterprise segment, we understand that in hybrid model of implementation, adding true consultative capabilities is necessary. And so we're strengthening our ability to not only be very good at implementing a complex project directly, but also really leverage some of the best companies in the world in value-added services.

最後，我想說的是，合作夥伴不僅要產生需求，還要有執行能力。在企業領域，我們了解在混合實施模型中，添加真正的諮詢功能是必要的。因此，我們正在加強我們的能力，不僅要非常擅長直接實施一個複雜的項目，而且還要真正利用世界上一些最好的公司提供增值服務。

And Ale, I will add something about this integration ecosystem because OEM partnership, product integration, it's all part of a big network of ecosystem and also adding training capabilities to other software, like I have seen our prototype of Docebo for Microsoft Team.

而 Ale，我將添加一些關於這個集成生態系統的內容，因為 OEM 合作夥伴關係、產品集成，它都是生態系統大網絡的一部分，並且還為其他軟件添加了培訓功能，就像我看到了我們的 Microsoft Team Docebo 原型一樣。

These attach the software to the enterprise software stack and enterprise ecosystem where people can have training inside other software. So I mean, the OEM is one angle, the ISV partnership is another, the integration with software, it's also another part.

這些將軟件附加到企業軟件堆棧和企業生態系統，人們可以在其他軟件中進行培訓。所以我的意思是，OEM 是一個角度，ISV 合作夥伴關係是另一個角度，與軟件的集成也是另一部分。

The next question comes from Daniel Chan of TD.

下一個問題來自TD的Daniel Chan。

So ACV expanded nicely. Just wondering if you could provide any color on what drove that expansion? I think you mentioned that new customers came in much higher than the average ACVs (inaudible) existing customer expansion go and then how you see these, is a lot of that coming from more seats or customers taking on more product?

所以 ACV 擴展得很好。只是想知道您是否可以提供有關推動該擴展的任何顏色？我想你提到新客戶的收入遠高於現有客戶擴展的平均 ACV（聽不清），然後你如何看待這些，其中很多是來自更多的席位或客戶接受更多的產品？

I'll start that. Sukaran here. Good morning, Dan. I would say, from an ACV perspective, it's a mix of items, you would think. And in terms of the ACV number, that will refer to the fact that new logos enterprises contributing to higher deals this quarter, as expected, drove some of that expansion and some number of deals that we talked about also in the enterprise space also drove some of that higher ACV.

我會開始的。蘇卡蘭在這裡。早上好，丹。我會說，從 ACV 的角度來看，它是項目的混合，你會想。就 ACV 數量而言，這將指的是新標識企業如預期的那樣在本季度促成更多交易，推動了一些擴張，我們在企業領域也談到的一些交易也推動了一些更高的 ACV。

Within the in-quarter ACV that I also gave in my prepared remarks or I think Alessio gave in his prepared remarks, that is more so driven by -- that's because that only includes new logos and cross-sell. So that is primarily driven by enterprises that are larger in size.

在我也在準備好的評論中給出的季度 ACV 中，或者我認為 Alessio 在他準備好的評論中給出的，更多是由 - 那是因為它只包括新徽標和交叉銷售。因此，這主要是由規模較大的企業推動的。

And in terms of color, I'm sure Alessio would give some color, but I think that, that kind of speaks to the fact that we saw some strength in the back of Q4 in the enterprise segment that helps lift that number.

在顏色方面，我相信 Alessio 會給出一些顏色，但我認為，這說明我們在第四季度的企業領域看到了一些有助於提升這一數字的力量。

And as you know, the mix between sales and -- sorry, the mix between SMB or what we call commercial major and enterprise can drive that number up or down, but the more enterprises you have in the quarter, the higher that ACV will be.

如您所知，銷售與 - 抱歉，SMB 或我們所說的商業專業與企業之間的混合可以推動該數字上升或下降，但本季度您擁有的企業越多，ACV 就越高.

Ale, I don't know if you want to add...

艾爾，不知道要不要加...

Yes. Agreed on the general sense that it's a mix of a few factors alongside the fact that quarter 4 usually lands with more enterprise impact in I'd say also that given the comments made before as our enterprise pipeline continues to grow, we certainly look forward to continue to perform well, in terms of ACV averages as we land more and more enterprise deals in the future.

是的。同意一般意義上的觀點，即它是幾個因素的混合，以及第 4 季度通常對企業產生更多影響的事實，我還要說，鑑於之前發表的評論，我們的企業管道繼續增長，我們當然期待隨著我們在未來獲得越來越多的企業交易，在 ACV 平均值方面繼續表現良好。

Yes. And Ale, there is another point. I mean we now have a lot of large -- I mean large enterprise deals in the pipeline that are slipping from one quarter to another, so maybe in the future, we will land more enterprise deal altogether that will create a spike in the ACV and then we will see this ACV going back because this macroeconomic downturn is not killing deals, it's just delaying deals, but the pipeline in flow continues. So there is a sedimentation of large enterprise deals that are still healthy in the pipeline but did not happen. Yes.

是的。而艾爾，還有一點。我的意思是我們現在有很多大型的——我的意思是大型企業交易正在從一個季度下滑到另一個季度，所以也許在未來，我們將完成更多的企業交易，這將在 ACV 和然後我們將看到這個 ACV 回落，因為這種宏觀經濟衰退並沒有扼殺交易，它只是推遲了交易，但流量的管道仍在繼續。因此，大型企業交易的沉澱仍在進行中，但並未發生。是的。

That's very helpful. And then maybe just any more color on the pipeline. You talked about it growing. Any metrics you can provide around that? You also talked about 65% using it for external and 80% coming in with 2 or more use cases. When you look at the pipeline, would you say that the customers in there are actually using (inaudible) that you're seeing in your current customer base?

這很有幫助。然後可能只是管道上的任何顏色。你談到了它的成長。您可以提供任何指標嗎？您還談到 65% 的人將它用於外部，80% 的人使用 2 個或更多用例。當您查看管道時，您會說那裡的客戶實際上正在使用您在當前客戶群中看到的（聽不清）嗎？

I'd say the following, that we continue to see a very healthy mix of companies that are looking to solve a mix between what we refer to as internal training and learning issues as opposed to external and externally impact issues, right?

我要說的是，我們繼續看到非常健康的公司組合，他們希望解決我們所說的內部培訓和學習問題，而不是外部和外部影響問題，對吧？

So there's a healthy mix in terms of the use cases in the pipeline. One thing that I'd like to point out is our efforts of focusing on solutions and marketing on solutions, meaning use cases, have begun not too long ago. We are extremely now focused on a joint product management and product marketing function that allows us to tell better stories of how we solve against various problems.

因此，就管道中的用例而言，存在健康的組合。我想指出的一件事是，我們不久前就開始專注於解決方案和解決方案營銷，即用例。我們現在非常專注於聯合產品管理和產品營銷功能，這使我們能夠更好地講述我們如何解決各種問題的故事。

We're not necessarily focused on trying and winning the business of every function in a company where we -- when we land them. We have said this over and over. We'd rather solve the one problem in time and then create fidelity in the account and grow them over time. So that's our approach right now.

我們不一定專注於嘗試和贏得我們所在公司的每個職能部門的業務——當我們登陸它們時。我們已經說過一遍又一遍。我們寧願及時解決一個問題，然後在帳戶中創建保真度並隨著時間的推移而增長。這就是我們現在的方法。

The next question comes from Martin Toner of ATB Capital Markets.

下一個問題來自 ATB Capital Markets 的 Martin Toner。

Congrats on a good quarter. Most of my questions have been answered, but I think it might be useful to give you guys a chance to reiterate conservative nature of how you build the Q1 guide. Can you repeat the -- what is in the guide for sort of like the rest of the quarter from here? You mentioned minimal deals flowing into revenue in the remaining part of the quarter.

祝賀一個好的季度。我的大部分問題都已得到解答，但我認為給你們一個機會重申你們如何構建 Q1 指南的保守性可能會很有用。您能否重複一下——指南中的內容與本季度的其他部分類似？你提到在本季度剩餘部分流入收入的交易最少。

Yes, Martin, I'll kind of reiterate that. So when you think about forecasting revenue for a quarter, your starting point is always the prior quarter's ending ARR. And so from a subscription perspective -- subscription revenue perspective, your math at a minimal is saying, what's my ARR at the start of the quarter divided by the number of days in the quarter multiplied by the days -- divided by 365, sorry, multiplied by the number of days in the quarter. That gives you a baseline for your subscription revenue.

是的，馬丁，我要重申一下。因此，當您考慮預測一個季度的收入時，您的起點始終是上一季度的期末 ARR。因此，從訂閱的角度來看——訂閱收入的角度，你的數學至少是說，我在本季度初的 ARR 除以本季度的天數乘以天數——除以 365，抱歉，乘以該季度的天數。這為您提供了訂閱收入的基準。

In terms of in-quarter deals, as you know, a large part of our deals are enterprise and they close towards the latter part of the quarter because our enterprise buyers are also smart in terms of when they procure it and align their budgets, et cetera. So you should expect a good portion of our ARR closes within the quarter towards the end with enterprise being the heavy lift there.

就季度交易而言，如您所知，我們的大部分交易都是企業交易，它們在本季度後半段接近尾聲，因為我們的企業買家在採購和調整預算等方面也很聰明，等等等等。因此，您應該期望我們的 ARR 的很大一部分在本季度末結束，而企業是那裡的重任。

And so therefore, give or take, close to 70% of our deals will -- if they're signed within the last month of the quarter, you don't necessarily see a benefit to the revenue until the following quarter because you take that or add up over the course of the contract.

因此，無論給予還是接受，我們近 70% 的交易都會——如果它們是在本季度的最後一個月內簽署的，那麼在下一季度之前你不一定會看到收入的好處，因為你接受了或在合同期間累加。

And then you add PS revenue, which I talked about earlier when Rob asked the question, which is a byfactor of similar to last quarter, that ARR is, let's just call it, extra $10 million if you generate x dollars of PS revenue, that's what we take into the quarter because the PS revenue split, give or take, between 3 to 6 months based on the onboarding packages we sell to our customer.

然後你加上 PS 收入，我之前在 Rob 問這個問題時談到過，這是一個與上個季度類似的因素，ARR 是，我們就這麼稱呼它，如果你產生 x 美元的 PS 收入，額外的 1000 萬美元，那就是我們進入本季度的收入是因為 PS 收入根據我們出售給客戶的入職套餐在 3 到 6 個月之間分配、給予或接受。

Certain customers have a slightly higher implementation period if it's a major enterprise deal. So just adding those 2 will give you your revenue for the quarter. But in a simple nutshell, subscription revenue is just pretty much what you have in the prior quarter with some small incremental flowing in the quarter. And then PS revenue is a flat 3- to 6-month projection that we do.

如果是大型企業交易，某些客戶的實施期會稍長一些。所以只需添加這 2 個就可以為您提供本季度的收入。但簡而言之，訂閱收入與上一季度的收入差不多，本季度有一些小的增量流動。然後 PS 收入是我們所做的 3 到 6 個月的持平預測。

Perfect. Any thoughts on capital allocation going forward?

完美的。對未來的資本配置有什麼想法嗎？

Yes, I'll start with this. I'm sure Claudio will have some thoughts on it. I think as you think about our cash, we've got $260 million on the balance sheet right now. We are -- we talked about the fact that on an M&A front, we continue to look at opportunities. This year will be an interesting year for us as we look at great products, modules and teams that can support our organic engine.

是的，我將從這個開始。我相信 Claudio 會對此有一些想法。我想當你想到我們的現金時，我們現在的資產負債表上有 2.6 億美元。我們是——我們談到了一個事實，即在併購方面，我們繼續尋找機會。今年對我們來說將是有趣的一年，因為我們會尋找可以支持我們有機引擎的優秀產品、模塊和團隊。

And so you should expect that we are at least eyes much more wide open than we were before as we look into 2023, and there are certainly some interesting technologies that I'm sure Claudio if you want to jump in and give a perspective on.

因此，在我們展望 2023 年時，您應該期望我們至少比以前睜大眼睛，而且肯定有一些有趣的技術，我相信克勞迪奧，如果您想參與進來並發表看法。

Yes. We do have, and it's not only AI related. A good of it is on how to improve our product in order to provide better value to our customers. Mainly, actually, we are focusing on 3 main use cases -- I mean, we are prioritizing 3 main use cases: sales enablement; customer and partner education, that means external training; and we are having a good feedback from the market in terms of onboarding, which sounds like a paradox because people are laying off employees and stuff like that, but there is a good, good interest on employee onboarding.

是的。我們確實有，而且不僅僅是人工智能相關。其中一個好處是關於如何改進我們的產品以便為我們的客戶提供更好的價值。實際上，我們主要關注 3 個主要用例——我的意思是，我們優先考慮 3 個主要用例：銷售支持；客戶和合作夥伴教育，即外部培訓；我們在入職方面從市場上得到了很好的反饋，這聽起來像是一個悖論，因為人們正在裁員之類的，但對員工入職有很好的興趣。

So our idea is to explore the opportunity, to do tuck-in M&A, to add functionalities, features new training opportunities, new value to our customers in those 3 particular use cases. That said, there are many other use cases which are very interesting, well performing in Docebo, paradoxically compliant training that is very -- the first use case that we were working on in 2005 when I founded the company, it's still hot.

因此，我們的想法是在這 3 個特定用例中探索機會，進行併購，增加功能，提供新的培訓機會，為我們的客戶提供新的價值。也就是說，還有許多其他非常有趣的用例，在 Docebo 中表現良好，矛盾的合規培訓非常 - 我們在 2005 年成立公司時正在處理的第一個用例，它仍然很熱門。

So I mean, we are exploring different opportunities. But all those opportunities will be tied to offer additional new modern learning experiences to our customer. We don't want to become a dinosaur, so we need to invest and continue to innovate.

所以我的意思是，我們正在探索不同的機會。但所有這些機會都將與為我們的客戶提供更多新的現代學習體驗相關聯。我們不想成為恐龍，所以我們需要投資並不斷創新。

That's great. Last one for me. How confident are you that Europe will be a strong contributor to revenue growth 2023?

那太棒了。最後一個給我。您對歐洲將成為 2023 年收入增長的強大貢獻者有多大信心？

I'm so sorry,we couldn't hear the question on this side.

很抱歉，我們無法聽到這邊的問題。

I'll try one more time. How confident are you that Europe will be a strong contributor to revenue growth in 2023?

我再試一次。您對歐洲將成為 2023 年收入增長的強大貢獻者有多大信心？

Thank you for that question. Yes, sure. On Europe, we actually have a pretty high degree of confidence on the basis of the fact that our teams have been staffing up. We have been ramping leadership, and we've seen very good results coming from the growing regions. As you may recall, our newest team is the one in the DAC region, and we're seeing very encouraging signs on the demand and execution side both. The France and Benelux region have had a very positive uptick in our demand in our pipeline.

謝謝你提出這個問題。是的，當然。在歐洲，我們實際上有相當高的信心，因為我們的團隊一直在增加人員。我們一直在提升領導力，我們已經看到來自增長地區的非常好的結果。您可能還記得，我們最新的團隊是 DAC 地區的團隊，我們在需求和執行方面都看到了非常令人鼓舞的跡象。法國和比荷盧地區對我們管道的需求有非常積極的增長。

And we've signed some significant large deals in Europe, which historically large deals were in the majority in North America. So now the sign that we continue to see large enterprise deals happen in Europe also allow us and give us a position in the region to continue to bear the fruits of that segment or the enterprise segment.

我們在歐洲簽署了一些重要的大型交易，歷史上大型交易在北美佔多數。因此，現在我們繼續看到歐洲發生大型企業交易的跡像也使我們能夠並讓我們在該地區佔據一席之地，繼續承擔該領域或企業領域的成果。

Finally, I would say that in Europe, we have a very strong channel play that we've invested in for the past 2 years. We do have partners that we mentioned in the script like TicTac and others that continue to give us the benefit of getting deep in the dynamics of each and every country.

最後，我想說的是，在歐洲，我們在過去兩年中投資了非常強大的渠道。我們確實有我們在劇本中提到的合作夥伴，例如 TicTac 和其他合作夥伴，它們繼續讓我們受益於深入了解每個國家的動態。

And so we're leveraging that a lot, and they are part of the success we're having even with these large enterprise deals. So the level of confidence is high. The trend of performance is very good, and we continue to invest and manage performance very tightly.

因此，我們充分利用了這一點，即使在這些大型企業交易中，它們也是我們取得成功的一部分。所以信心水平很高。業績的趨勢非常好，我們繼續投資和管理業績非常嚴格。

Also, U.K. is holding up well.

此外，英國表現良好。

Yes. Yes.

是的。是的。

(Operator Instructions) The next question comes from Suthan Sukumar of Stifel.

（操作員說明）下一個問題來自 Stifel 的 Suthan Sukumar。

Congrats on a strong Q4. It's good to see strong customer win activity despite what's going on in the macro. I was wondering if you could talk a little bit about what you're hearing from customers today with respect to the new wins that you've secured and the expansion opportunities with existing customers, especially in the latter with little softer this last year. You've touched on vendor consolidation as a theme in the past. Just curious if there's been any change there?

祝賀第四季度表現強勁。儘管宏觀上發生了什麼，但很高興看到強大的客戶贏得活動。我想知道你是否可以談談你今天從客戶那裡聽到的關於你所獲得的新勝利以及與現有客戶的擴展機會，尤其是去年後者的情況略有緩和。您過去曾將供應商整合作為一個主題。只是好奇那裡是否有任何變化？

Sure. There's -- the trends we're seeing are consistent on one side with some macro aspects, the aspect of consolidation that you just mentioned is a frequent one, meaning companies that are trying to reduce the complexity of their learning techonomy and trying to centralize learning operations with less platforms in a more cost efficient but also more productive environment.

當然。有——我們看到的趨勢在一方面與某些宏觀方面是一致的，你剛才提到的整合方面是一個常見的方面，這意味著公司正試圖降低其學習技術的複雜性並試圖集中學習在更具成本效益但也更俱生產力的環境中使用更少的平台進行操作。

And this is why we more and more frequently engage with CIOs and CFOs as opposed to what perhaps was happening years ago. On the other hand, another trend we're seeing that continues to be material is Docebo is more and more recognized as a leader in training the support, not only internal LND teams.

這就是為什麼我們越來越頻繁地與 CIO 和 CFO 接觸，而不是幾年前可能發生的情況。另一方面，我們看到的另一個持續重要的趨勢是 Docebo 越來越被公認為培訓支持方面的領導者，而不僅僅是內部 LND 團隊。

We have a very significant, I would call them a go-to-market projects with the very large companies whose goal is to maximize the return from the marketing in a way or another of their knowledge and training capability, whether it's B2B2C scenarios or B2B2B scenarios, there is a lot of variety there.

我們有一個非常重要的項目，我會稱它們為大型公司的上市項目，這些公司的目標是以某種方式最大化營銷回報他們的知識和培訓能力，無論是 B2B2C 場景還是 B2B2B場景，那裡有很多種。

And finally, even those institutions that have an internal only problem where historically, Docebo, I would say, gave a lot of credit to the more institutional players in our industry, we're seeing a trend very strong in financial services and automotive, where these mega companies are frankly bothered by using for many years out-of-date systems and are looking for new, fresher interfaces.

最後，即使是那些只有內部問題的機構，從歷史上看，Docebo，我想說，對我們行業中更多的機構參與者給予了很多信任，我們在金融服務和汽車領域看到了非常強勁的趨勢，其中坦率地說，這些大型公司對使用多年的過時系統感到困擾，並且正在尋找新的、更新的界面。

They want to increase employee engagement. And to do so, they opt for modern learning platforms. And so we're having conversations with, again, the very large Fortunes in banking, in insurance, in automotive and just for internal projects. So it's a mix of these trends, in particular, that we're seeing in the demand.

他們希望提高員工敬業度。為此，他們選擇了現代學習平台。因此，我們再次與銀行業、保險業、汽車業和內部項目的非常大的財富進行對話。因此，特別是我們在需求中看到的是這些趨勢的混合體。

And Suthan, I'll just add and keep bringing the fact -- Suthan, I'll just quickly add that if you just take a step back, what's important to remember, even with -- when Alessio talked in his prepared remarks about that deal from Agria, it's a good reminder of the external use case when we talk about the fact that anything that touches beyond the employee, which is what we call external use case, customer education being one example, Agria as you noted, is trying to train all of the pet insurance customers in Europe, over 8 million, using our platform.

Suthan，我將補充並繼續提出事實——Suthan，我將快速補充一點，如果你退後一步，記住什麼是重要的，即使——當 Alessio 在他準備好的評論中談到這一點時來自 Agria 的交易，當我們談論任何觸及員工以外的東西時，它很好地提醒了外部用例，這就是我們所說的外部用例，客戶教育就是一個例子，正如你所說的 Agria，正在努力使用我們的平台培訓歐洲所有超過 800 萬的寵物保險客戶。

That's a much bigger total addressable market compared to just the employee base that Agria would have. So when you think about the market opportunity when you spoke about the TAM, even just in the U.S., was $8.6 billion, 2/3 of that was external learner. This is really where it shows you why that's a greenfield opportunity out of that 2/3 of TAM, where we can target certain external use cases that drive higher clear ROI and value for the customer, but a much higher total addressable market than just the internal employee too.

與 Agria 擁有的員工基礎相比，這是一個更大的總目標市場。因此，當您談到 TAM 時考慮市場機會時，即使只是在美國，也有 86 億美元，其中 2/3 是外部學習者。這確實是它向您展示了為什麼那是 2/3 TAM 中的綠地機會的地方，我們可以在其中針對某些外部用例，這些用例可以為客戶帶來更高的明確投資回報率和價值，但總體可尋址市場比僅內部員工也是。

Appreciate the color, guys. The platform does an interesting win with the government of Quebec. Can you talk a little bit about the public sector as an end market? Just kind of curious, how much does it account for in terms of business mix today? And what is the opportunity you see with the public sector longer term?

欣賞顏色，伙計們。該平台與魁北克政府取得了有趣的勝利。您能談談作為終端市場的公共部門嗎？只是有點好奇，它在今天的業務組合中佔多少？從長遠來看，您認為公共部門的機會是什麼？

Yes. Very good question. And let me share a couple of thoughts on that. So as of right now, Docebo has, I would say, an immaterial sub-5% total business across government for state local education, what we could refer to government type that doesn't include necessarily those big federal agencies.

是的。很好的問題。讓我就此分享一些想法。因此，就目前而言，我想說，Docebo 在州地方教育方面的政府業務總量不足 5%，我們可以指的是不一定包括那些大型聯邦機構的政府類型。

We believe this is a market that is very interesting. And winning the deals like the one of the government of Quebec is just proof that our solution meets the needs of these organizations.

我們相信這是一個非常有趣的市場。贏得像魁北克政府這樣的交易只是證明我們的解決方案滿足這些組織的需求。

Now, we have and are actively doing a lot of research in the overall government space that spans from SLED through federal and are in the discovery phase of the opportunity and the cost. And our initial findings are that this is very interesting for us. But we remain extremely focused on what we do.

現在，我們已經並且正在積極地對從 SLED 到聯邦的整個政府空間進行大量研究，並且處於機會和成本的發現階段。我們的初步發現是這對我們來說非常有趣。但我們仍然非常專注於我們所做的事情。

And when and if the time is right, we will be sharing updates as to further investments in that area. But at this point, we remain extremely opportunistic. We'll catch and bid all those RFPs that we have the requirements to win.

如果時機成熟，我們將分享有關該領域進一步投資的最新消息。但在這一點上，我們仍然非常機會主義。我們將捕獲並投標所有我們有獲勝要求的 RFP。

In terms of the future, midterm future, yes, we believe this is a market that can yield a lot of success for us, but today, we're not prepared to say more than that.

就未來而言，中期未來，是的，我們相信這是一個可以為我們帶來很多成功的市場，但今天，我們不准備說更多。

The next question comes from Christian Sgro of Eight Capital.

下一個問題來自 Eight Capital 的 Christian Sgro。

I wanted to ask a question about winning new enterprise business and the use cases that are sold at the time of deal signing. On average, is it common to win a new enterprise customer with 1, 2 or 3 use cases in place? What trends are you seeing with a number of use cases that they're taking on at the onset?

我想問一個關於贏得新企業業務和在交易簽署時出售的用例的問題。平均而言，通過 1、2 或 3 個用例贏得新企業客戶是否常見？您從一開始就採用的許多用例中看到了什麼趨勢？

Sure. It is common to see an enterprise come in with a very large amount of users for a single use case, that is not uncommon. What we see though is that as we further conversations and as we get more intimate and grow, frankly, are the level of trust and respecting that account, the people that we work with that are humans as they get to understand us, our company and our product better and they get deeper, they immediately connect our capabilities to what they do in other functions.

當然。通常會看到一個企業為單個用例帶來大量用戶，這並不少見。我們看到的是，隨著我們進一步的對話，隨著我們變得更加親密和成長，坦率地說，是信任和尊重該賬戶的水平，與我們一起工作的人是人類，因為他們開始了解我們、我們的公司和我們的產品更好，他們變得更深入，他們立即將我們的能力與他們在其他職能部門所做的聯繫起來。

And it's very common that our process and our methodology leads them to introducing us to other functions in that organization. And again, this is a mega large company that may have in short order initiatives of looking at additional vendors. So I would say the entry point is usually 1 unit, but it's very common that ones we do already, let's say, time 0 net new logo, others join the conversation.

很常見的是，我們的流程和方法會導致他們向我們介紹該組織中的其他職能。同樣，這是一家超大型公司，可能會在短期內採取行動尋找更多供應商。所以我想說入口點通常是 1 個單位，但我們已經做的很常見，比方說，時間 0 淨新徽標，其他人加入對話。

Now that in itself, of course, is a really good dynamic, where we are cautious is ensuring that this is not a cause for deal elongation because as you may infer that causes various buyers who want to have more depth and analysis of requirements and it is not uncommon to go through a deal, be done almost ready to sign and now a new group with additional 100 requirements comes to the table.

現在，這本身當然是一個非常好的動態，我們謹慎地確保這不是延長交易的原因，因為正如您可能推斷的那樣，這會導致各種買家希望對需求進行更深入的分析，並且它完成一筆交易，幾乎準備好簽署，現在一個有額外 100 個要求的新團隊來到談判桌上並不罕見。

And so we navigate that by trying to be methodical and again, have a methodology to close the deal and then continue to grow it. But at the root of elongation of deal cycles in enterprise, this multi-audience dynamic is also a factor. Again, it's a positive factor because we see the deal value, the deal ARR grow, but at the same time, it can be a cause of push.

因此，我們通過嘗試有條不紊地進行導航，並再次採用一種方法來完成交易，然後繼續發展。但在企業交易週期延長的根源上，這種多受眾動態也是一個因素。同樣，這是一個積極因素，因為我們看到交易價值、交易 ARR 增長，但與此同時，它可能成為推動的原因。

So I don't know if that answers your question. But that's kind of what we see.

所以我不知道這是否回答了你的問題。但這就是我們所看到的。

Ale, let me make a joke. I mean we have such a great product that when we are in a negotiation stage, department goes and ask other departments to join the deal, which is because the table is great. But on the other side, these elongate the sales cycle. So we don't like when the customer gets too excited about us at the day 1.

艾爾，讓我開個玩笑。我的意思是我們有一個很棒的產品，當我們處於談判階段時，部門會去要求其他部門加入交易，這是因為桌子很棒。但另一方面，這些都拉長了銷售週期。所以我們不喜歡客戶在第一天就對我們過於興奮。

Mixed feelings about it.

對此百感交集。

Yes.

是的。

That's a good problem to have. And for my follow-on, on the same vein, maybe you can give an example or if there's a trend you could speak to it? But what's the most common first use case you see winning new business? And then what becomes the most natural upsell of the next conversation that you have? I'm curious to see where it starts and where it goes quickly, what makes sense for your team?

這是一個很好的問題。對於我的後續，同樣，也許你可以舉個例子，或者如果有趨勢你可以談談嗎？但是，您看到贏得新業務最常見的第一個用例是什麼？然後什麼成為您下一次談話中最自然的追加銷售？我很想知道它從哪裡開始，到哪裡很快，什麼對您的團隊有意義？

We started analyzing this. And currently, I don't have a definitive one or the other. We see a mix of entry points in the external use cases with folks implementing customer-related or partner-related projects and then eventually open up on the flip side into internal initiatives of sales mastery or onboarding and learning and development, professional education. And the flip side is also very true.

我們開始對此進行分析。目前，我沒有確定的一個或另一個。我們在外部用例中看到混合切入點，人們實施與客戶相關或與合作夥伴相關的項目，然後最終在另一面開放進入銷售掌握或入職培訓、學習和發展、專業教育的內部計劃。另一方面也是如此。

Now I don't want to get in the weeds too much. This dynamic is multifactoral and changes can change depending on the industry and the sector. So we see certain dynamics and patterns in, say, technology and services and different patterns manufacturing and pharmaceutical and others. So It's, again, pretty complex to the whole spectrum of entry point and how it evolves over time. It depends on the business and the industry of the company itself. But again, we like the fact that it varies because it gives us a very good hedging against one specific industry behavior.

現在我不想過多地涉足雜草。這種動態是多因素的，變化可能會因行業和部門而異。因此，我們在技術和服務以及製造和製藥等不同模式中看到了某些動態和模式。因此，對於整個切入點範圍以及它如何隨時間演變來說，這又是相當複雜的。這取決於公司本身的業務和行業。但同樣，我們喜歡它變化的事實，因為它使我們能夠很好地對沖一種特定的行業行為。

There are no further questions at this time. I will turn the call over to Claudio Erba for closing remarks.

目前沒有其他問題。我將把電話轉給 Claudio Erba 作結束語。

Thanks again for listening to our Q4 call. We look forward to having you join us on the generative AI and ChatGPT who have been on March 14. Registration information is available on our IR website, docebo.Inc. Thank you so much.

再次感謝您收聽我們的第四季度電話會議。我們期待您加入我們 3 月 14 日的生成式 AI 和 ChatGPT。註冊信息可在我們的 IR 網站 docebo.Inc 上獲得。太感謝了。

Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開您的線路。