Docebo Inc (DCBO) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Docebo Q1 2023 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，歡迎參加 Docebo 2023 年第一季度收益電話會議。 （操作員指示）我現在想將電話轉給 Docebo 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 forward-looking statements. 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.

謝謝你，接線員。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。任何此類信息都受到風險、不確定性和假設的影響，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。有關前瞻性陳述相關風險、不確定性和假設的更多信息，請參閱 Docebo 的公開文件，該文件可在 SEDAR 和 EDGAR 上獲取。

During the call, we will reference certain non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please see our MD&A for additional information regarding our non-IFRS financial measures, including for reconciliations to the nearest IFRS measures. Please note that unless otherwise stated, all references to any financial figures are in U.S. dollars.

在電話會議期間，我們將參考某些非 IFRS 財務指標。儘管我們相信這些衡量標準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標準，並且在國際財務報告準則下沒有標準化含義。請參閱我們的 MD&A，了解有關我們的非 IFRS 財務指標的更多信息，包括與最近的 IFRS 指標的調節。請注意，除非另有說明，所有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.

現在我想將電話轉給 Docebo 的首席執行官 Claudio Erba。

And thank you for joining us for our first quarter earnings call. With me today are Alessio Artuffo, our President and COO; and Sukaran Mehta, our CFO. I will start my comments this morning with a brief high-level summary of our results.

感謝您參加我們的第一季度財報電話會議。今天與我在一起的有我們的總裁兼首席運營官阿萊西奧·阿圖福 (Alessio Artuffo)；以及我們的首席財務官蘇卡蘭·梅塔 (Sukaran Mehta)。今天早上我將首先對我們的結果進行簡要的高級總結。

We are pleased to report revenue growth with March quarter results coming in at the upper end of our guidance range, up 32% on a constant currency basis. Our profitability exceeded our guidance with our adjusted EBITDA margin reaching 5.3%. As Docebo expand its reach, we saw a wider customer base in Q1 across various industry and learner types. Our platform versatility allows us to take advantage of global opportunities across use cases.

我們很高興地報告收入增長，3 月份季度業績達到我們指導範圍的上限，按固定匯率計算增長 32%。我們的盈利能力超過了我們的指導，調整後的 EBITDA 利潤率達到 5.3%。隨著 Docebo 的覆蓋範圍不斷擴大，我們在第一季度看到了跨不同行業和學習者類型的更廣泛的客戶群。我們平台的多功能性使我們能夠利用跨用例的全球機會。

In terms of regions, our business had a good mix, and we are happy to see our investment in new European markets gain momentum. We closed some of our largest enterprise deals in Q1 with companies in Germany and France, including the major transportation and logistics solution provider that operate in over 160 countries worldwide.

從地區來看，我們的業務結構良好，我們很高興看到我們對歐洲新市場的投資勢頭強勁。我們在第一季度與德國和法國的公司達成了一些最大的企業交易，其中包括在全球 160 多個國家/地區開展業務的主要運輸和物流解決方案提供商。

From a product perspective, our generative AI-based content creation model, Docebo Shape, maintained its performance from Q4 and achieved high attachment rate in Q1. Docebo offers AI technology that is essential to delivering learning distinct solution. Over the past 4 years, our work in AI has enabled us to fine-tune our offering in data model, particularly in content automation and the embedded search with leveraging multiple languages.

從產品角度來看，我們基於人工智能的生成式內容創作模型Docebo Shape保持了第四季度的表現，並在第一季度實現了較高的附著率。 Docebo 提供的人工智能技術對於提供學習獨特的解決方案至關重要。在過去的四年裡，我們在人工智能方面的工作使我們能夠微調我們在數據模型方面的產品，特別是在內容自動化和利用多種語言的嵌入式搜索方面。

As customer data moves through the LMS, enhancement to our product will ensure every learning journey is hyper-personalized. This is, in turn, boost productivity for our customers. Furthermore, we are continuing to enhance our AI control panel that will give our customer authority on how their internal company data can be used. The management of proprietary data is an important requirement for enterprise customer and the Docebo [debug] technology is built around this key need.

隨著客戶數據通過 LMS 移動，我們產品的增強將確保每次學習之旅都是高度個性化的。這反過來又提高了我們客戶的生產力。此外，我們正在繼續增強我們的人工智能控制面板，這將使我們的客戶有權決定如何使用其內部公司數據。專有數據的管理是企業客戶的重要需求，Docebo [調試] 技術就是圍繞這一關鍵需求而構建的。

As we look at the broader operating environment, we continue to see longer deal cycles, especially in the enterprise segment. We are pleased that in the face of such headwind, we have largely executed our growth strategy and are positioned to deliver revenue growth with stable improving profitability as we move through this year.

當我們審視更廣泛的運營環境時，我們繼續看到交易週期更長，尤其是在企業領域。我們很高興面對這樣的逆風，我們基本上執行了我們的增長戰略，並準備在今年實現收入增長和盈利能力的穩定提高。

Looking forward, our main goal is to grow the company effectively no matter what the economic condition may be. We are also focused on improving operational efficiency. At the start of this quarter, we took actions that we believe will optimize the performance of our organization. A key aspect of this involves flattening our organization hierarchy, which allows for faster decision-making closer to the customer. By streamlining processes and reducing middle management layer, we are better positioned to quickly respond to customer need, drive innovation and foster a culture of high performance.

展望未來，我們的主要目標是無論經濟狀況如何，都能有效地發展公司。我們還致力於提高運營效率。在本季度初，我們採取了一些我們認為將優化我們組織績效的行動。其中一個關鍵方面涉及扁平化我們的組織層次結構，從而可以更快地制定更貼近客戶的決策。通過簡化流程和減少中層管理層，我們能夠更好地快速響應客戶需求、推動創新並培育高績效文化。

Regarding our capital allocation, our strategy remains focused on tuck-in deals that support 2 principles: First, we see great adjacent products and features that support our build versus buy needs; second, we look for innovative team that builds Docebo culture. Shortly after the end of the quarter, we announced the acquisition of PeerBoard. This acquisition aligns with our strategy of seeking out great technology that complements the Docebo core offering, while also adding engineering talent to our team. With the community learning assets PeerBoard bring, we are materially strengthening our customer and partner training use case as we bring the best community learning features to a growing number of enterprise customers being served by the Docebo.

關於我們的資本配置，我們的策略仍然側重於支持兩個原則的補充交易：首先，我們看到支持我們構建和購買需求的優秀相鄰產品和功能；其次，我們尋找打造Docebo文化的創新團隊。本季度結束後不久，我們宣布收購 PeerBoard。此次收購符合我們尋求優秀技術來補充 Docebo 核心產品的戰略，同時也為我們的團隊增添了工程人才。借助 PeerBoard 帶來的社區學習資產，我們正在實質性地加強我們的客戶和合作夥伴培訓用例，因為我們為 Docebo 所服務的越來越多的企業客戶帶來了最佳的社區學習功能。

In regard to future M&A opportunity, we will evaluate each option based on its potential to address multiple use cases that leverage our increasing use of AI. This will enable us to deliver new innovation in areas such as hyper-personalized learning, sales enablement, reskilling and upskilling.

關於未來的併購機會，我們將根據每個選項解決利用我們不斷增加的人工智能使用的多個用例的潛力來評估每個選項。這將使我們能夠在超個性化學習、銷售支持、再培訓和技能提升等領域提供新的創新。

In conclusion, although the macroeconomic environment might continue to be challenging, we are well placed to take advantage of opportunities that provide sustainable balance and growth. Our emphasis on growth, combined with operational efficiency and adherence to stricter, more demanding performance standard, will only serve to strengthen our position as a clear win emerging from this economic cycle.

總之，儘管宏觀經濟環境可能繼續充滿挑戰，但我們完全有能力利用提供可持續平衡和增長的機會。我們對增長的重視，加上運營效率和遵守更嚴格、更高要求的績效標準，只會鞏固我們在本次經濟周期中取得明顯勝利的地位。

Now I would like to turn the call over to Alessio, who will give you an operational update.

現在我想將電話轉給阿萊西奧，他將為您提供最新的運營情況。

Thank you, Claudio, and good morning, everyone. In quarter 1, our company-wide average contract value, or ACV, increased 7% to $47,000 from approximately $43,800 at the end of the first quarter of 2022. ACV for new customers in the quarter was approximately $50,000. During the quarter, we signed 112 net new customers, including several valuable enterprise deals. This is reflected in our continued growth in annual contract value, ACV.

謝謝克勞迪奧，大家早上好。第一季度，我們全公司的平均合同價值 (ACV) 從 2022 年第一季度末的約 43,800 美元增長了 7%，達到 47,000 美元。本季度新客戶的 ACV 約為 50,000 美元。本季度，我們淨簽約 112 名新客戶，其中包括幾筆有價值的企業交易。這反映在我們年度合同價值 ACV 的持續增長上。

Customers continue to drive a measurable value from the Docebo's Learning Platform, particularly in multiple use case environments. Notable customer wins in quarter 1 include Vimeo, a platform for innovative video experiences. Vimeo has chosen Docebo to help compliance, professional development and onboarding needs. Docebo also partnered with Terex Corporation, a global manufacturer of materials processing machinery and aerial work platforms. Terex chose Docebo to address their customer and partner training needs as well as onboarding and professional development for their employees.

客戶繼續通過 Docebo 的學習平台推動可衡量的價值，特別是在多個用例環境中。第一季度贏得的顯著客戶包括 Vimeo，一個創新視頻體驗平台。 Vimeo 選擇 Docebo 來幫助滿足合規性、專業發展和入職需求。 Docebo 還與全球材料加工機械和高空作業平台製造商特雷克斯公司合作。特雷克斯選擇 Docebo 來滿足客戶和合作夥伴的培訓需求以及員工的入職和職業發展需求。

In addition, Docebo Learning Platform has been selected by Freedom Mortgage. One of the largest full-service mortgage companies and a top Veterans Administration, VA, and Federal Housing Administration, FHA, lender in the United States. Freedom Mortgage chose Docebo for multiple internal and external use cases.

此外，Docebo學習平台還被Freedom Mortgage選中。最大的全方位服務抵押貸款公司之一，也是美國退伍軍人管理局 (VA) 和聯邦住房管理局 (FHA) 的頂級貸款機構。 Freedom Mortgage 選擇 Docebo 來應對多個內部和外部用例。

In Europe, we landed one of our biggest enterprise deals in the region when we signed a large French-based transportation and logistics solutions company operating in over 160 countries, who partnered with Docebo to address a combination of internal and external learning use cases that include customers, partners and employees.

在歐洲，我們簽署了一家在 160 多個國家/地區開展業務的大型法國運輸和物流解決方案公司，該公司與 Docebo 合作解決內部和外部學習用例的組合，這是我們在該地區最大的企業交易之一，其中包括客戶、合作夥伴和員工。

Finally, in Germany, we signed a deal with Knauf Gips KG, one of the world's leading manufacturers of construction materials for interior design, building insulation and design ceilings. Knauf Gips KG chose Docebo to address multiple internal and external learning use cases, including sales enablement and retail, customer and channel partner training requirements. It is important to note that Germany and France are large and important new markets for Docebo.

最後，在德國，我們與 Knauf Gips KG 簽署了一項協議，Knauf Gips KG 是全球領先的室內設計、建築隔熱和設計天花板建築材料製造商之一。 Knauf Gips KG 選擇 Docebo 來解決多個內部和外部學習用例，包括銷售支持和零售、客戶和渠道合作夥伴培訓要求。值得注意的是，德國和法國是 Docebo 龐大且重要的新市場。

We are very pleased that we see our early investments in this country continues to build momentum with this large enterprise base. It's important to note that the company is partnering with Docebo and diverse needs for training both internal and external learners across different industries.

我們很高興看到我們在這個國家的早期投資繼續在這個龐大的企業基礎上建立勢頭。值得注意的是，該公司正在與 Docebo 合作，滿足不同行業培訓內部和外部學習者的多樣化需求。

When viewed together, this demonstrates the broad horizonal appeal of our solutions. Despite economic challenges and longer deal cycles, Docebo executed effectively and invested in supporting future business growth. Though deal elongation remained consistent in the quarter, it did not worsen, and Docebo navigated well to deliver healthy growth. This highlights the company's resilience and ability to adapt to the changing business environment, while staying focused on its growth objectives.

綜合來看，這表明我們的解決方案具有廣泛的橫向吸引力。儘管面臨經濟挑戰和更長的交易週期，Docebo 仍然有效執行並投資支持未來的業務增長。儘管本季度交易延長保持穩定，但情況並沒有惡化，Docebo 順利實現了健康增長。這凸顯了該公司適應不斷變化的商業環境、同時專注於其增長目標的韌性和能力。

In his previous comments, Claudio discussed actions we have taken to improve operating efficiency and to hold ourselves to more demanding performance parameters. Allow me to elaborate on these actions and provide further context on what we're doing. Our sales and marketing focus is on operating more efficiently as we move forward. We examine our cost of customer acquisition, CAC, lifetime value to CAC and other leading indicators that drive these results. Although we don't judge performance based on a single quarter, we will make adjustments necessary to achieve higher growth combined with better CAC efficiency.

在之前的評論中，克勞迪奧討論了我們為提高運營效率並保持更嚴格的性能參數而採取的行動。請允許我詳細說明這些行動，並提供有關我們正在做的事情的更多背景信息。我們的銷售和營銷重點是在前進的過程中提高運營效率。我們檢查客戶獲取成本、CAC、CAC 生命週期價值以及推動這些結果的其他領先指標。儘管我們不會根據單個季度來判斷業績，但我們將做出必要的調整，以實現更高的增長和更好的 CAC 效率。

As you may recall from the previous quarter, we have invested in technology, systems and processes to gain operating leverage. This has enabled us to operate as a more leaner organization and at the same time, eliminate nonproductive layers of management. We've also optimized our inbound and outbound lead generation engines. These actions aim to strengthen our pipeline coverage and support our most productive sales executives.

您可能還記得上一季度，我們對技術、系統和流程進行了投資，以獲得運營槓桿。這使我們能夠以更加精簡的組織運作，同時消除非生產性的管理層。我們還優化了入站和出站潛在客戶生成引擎。這些行動旨在加強我們的渠道覆蓋範圍並支持我們最高效的銷售主管。

Back in March, I concluded my prepared comments by sharing two reasons why we are excited about 2023. These reasons are unchanged as we position Docebo for the future. First, our market is vast and presents numerous greenfield opportunities, particularly when considering the external learner. As the leading platform for customers with multiple use case needs, internal employees and external learners, Docebo is a trusted partner for consolidation of tech staffs and delivering better returns on invested dollars for our customers.

早在 3 月份，我就準備好的評論進行了總結，分享了我們對 2023 年感到興奮的兩個原因。當我們為 Docebo 的未來定位時，這些原因不會改變。首先，我們的市場廣闊，提供了大量的新機會，特別是在考慮外部學習者時。作為具有多種用例需求的客戶、內部員工和外部學習者的領先平台，Docebo 是整合技術人員並為客戶提供更好的投資回報的值得信賴的合作夥伴。

And second, we are making the strategic investments necessary in both innovation and systems, processes and people that are needed to continue to disrupt the enterprise landscape. Partnerships like ELB and acquisitions, such as PeerBoard, are making a strong Docebo even stronger.

其次，我們正在對創新以及繼續顛覆企業格局所需的系統、流程和人員進行必要的戰略投資。 ELB 等合作夥伴以及 PeerBoard 等收購使 Docebo 變得更加強大。

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

說到這裡，我想把電話轉給蘇卡蘭。

Thank you, Alessio, and good morning, everyone. For those interested, a detailed breakdown of our financial results for the 3 months ended March 31, 2023 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 2023 年 3 月 31 日的 3 個月財務業績的詳細細目，這些報表現已在我們的網站上提供，並在 SEDAR 和 EDGAR 上存檔。

As reported, total revenue for the first quarter grew to $41.5 million, an increase of 29% from the prior year. Total revenue increased by 32% after adjusting for the impact of foreign exchange. Subscription revenues were $38.8 million, representing 94% of total revenue for the quarter. Annual recurring revenue was $164.9 million, an increase of 29% after adjusting for the foreign exchange impact from the stressing of the U.S. dollar.

據報導，第一季度總收入增長至 4150 萬美元，較上年增長 29%。扣除外匯影響後，總收入增長了 32%。訂閱收入為 3880 萬美元，佔該季度總收入的 94%。調整美元壓力帶來的外匯影響後，年度經常性收入為 1.649 億美元，增長 29%。

We added 112 net new customers in the first quarter as we ended the quarter at 3,506 customers, an increase of 19% year-over-year. Average contract value was approximately $47,000 for the first quarter, an increase from $46,000 for the fourth quarter of 2022 and a 7% year-over-year growth.

我們第一季度淨增加 112 名新客戶，季度末客戶數量達到 3,506 名，同比增長 19%。第一季度平均合同價值約為 47,000 美元，較 2022 年第四季度的 46,000 美元有所增加，同比增長 7%。

We continue to see Docebo being adopted as multiuse-case platform with almost 80% of our customers using Docebo for 2 or more use cases and 55% of customers using Docebo for 3 or more use cases. Gross retention was flat compared to the prior quarter, and net retention declined modestly in Q1, driven by slower fee and module expansion. Gross profit margin for the first quarter improved by 120 basis points year-over-year to 81% of revenue and was consistent with the prior quarter. Total operating expenses for the first quarter increased to $33.8 million from $32.4 million for the prior year period.

我們繼續看到 Docebo 被採用為多用例平台，近 80% 的客戶將 Docebo 用於 2 個或更多用例，55% 的客戶將 Docebo 用於 3 個或更多用例。與上一季度相比，毛留存率持平，而由於費用和模塊擴張放緩，第一季度淨留存率小幅下降。第一季度毛利率同比提高 120 個基點，達到收入的 81%，與上一季度持平。第一季度的總運營費用從去年同期的 3240 萬美元增至 3380 萬美元。

G&A as a percentage of revenue declined to 18.2% for the first quarter compared to 19% for the fourth quarter of 2022. Adjusted for onetime acquisition costs, G&A was 17.6% of revenue. As we go forward this year and next, investors can expect that G&A is an area where we will demonstrate the highest operating leverage. Sales and marketing expense as a percentage of revenue was 40.5% for the first quarter as compared to 39.8% for the fourth quarter, mainly due to higher seasonal payroll taxes in Q1 of each year.

第一季度的一般管理費用佔收入的百分比下降至 18.2%，而 2022 年第四季度為 19%。經一次性收購成本調整後，一般管理費用佔收入的比例為 17.6%。隨著我們今年和明年的發展，投資者可以預期，G&A 是我們將展示最高運營槓桿的領域。第一季度銷售和營銷費用佔收入的比例為 40.5%，而第四季度為 39.8%，主要是由於每年第一季度季節性工資稅較高。

The streamlining actions Claudio and Alessio spoke to earlier, occurred at the start of Q2 with a headcount reduction of approximately 5%, and this primarily is related to sales and marketing and G&A. There will be a partial impact of savings in the second quarter, but the full impact of savings start to come through in the third quarter. R&D investments in the first quarter was $7.4 million or 17.8% of revenue, an increase from $6.4 million from the first quarter. The sequential increase was primarily as a result of the strengthening of euro.

Claudio 和 Alessio 之前談到的精簡行動發生在第二季度初，員工人數減少了約 5%，這主要與銷售和營銷以及一般管理費用有關。第二季度節省將產生部分影響，但節省的全部影響將在第三季度開始顯現。第一季度的研發投資為 740 萬美元，佔收入的 17.8%，較第一季度的 640 萬美元有所增加。環比增長主要是由於歐元走強。

Moving on from the expense line. Even with the fewer revenue days and with seasonally higher social taxes, we are pleased to report a beat in our adjusted EBITDA performance to $2.2 million for the first quarter of 2023. This equates to an adjusted EBITDA margin of 5.3%, which is up 9% compared to the prior year.

從費用線繼續。儘管收入天數較少且社會稅季節性較高，但我們很高興地報告，2023 年第一季度調整後 EBITDA 業績超預期達到 220 萬美元。這相當於調整後 EBITDA 利潤率為 5.3%，增長了 9與上一年相比%。

Reiterating what was said in March, we are deeply committed to driving growth and performance in the areas we can control and expect to exit Q4 2023 with a low double-digit adjusted EBITDA margin. We reported net income of $1.2 million for the first quarter of 2023 compared to $7 million net loss for the first quarter of 2022. Adjusted net income for the first quarter of $3.2 million increased compared to a net loss of $1.3 million for the first quarter of 2022.

重申 3 月份所說的，我們堅定致力於推動我們可以控制的領域的增長和業績，並預計在 2023 年第四季度以較低的兩位數調整後 EBITDA 利潤率退出。我們報告 2023 年第一季度淨利潤為 120 萬美元，而 2022 年第一季度淨虧損為 700 萬美元。第一季度調整後淨利潤為 320 萬美元，而 2022 年第一季度淨虧損為 130 萬美元。 2022 年。

We generated negative free cash flow of $2.3 million in the first quarter, which was driven by the timing of annual bonus, prepaid insurance and software expenses in Q1. At the end of Q1, we held cash and cash equivalents of $216 million. Shared-based compensation accounted for a modest 3.1% of first quarter revenue compared to 3.4% in the first quarter of 2022. In April 2023, the company acquired PeerBoard, a plug-and-play Community-as-a-Service platform for a total purchase consideration of $4 million. We do not expect the acquisition to materially impact the fiscal year 2023 revenues or adjusted EBITDA.

第一季度我們產生了 230 萬美元的負自由現金流，這是由第一季度年度獎金、預付保險和軟件費用的時間推動的。第一季度末，我們持有現金和現金等價物 2.16 億美元。基於共享的薪酬僅佔第一季度收入的 3.1%，而 2022 年第一季度為 3.4%。2023 年 4 月，該公司收購了 PeerBoard，這是一個即插即用的社區即服務平台，旨在為總購買價為400萬美元。我們預計此次收購不會對 2023 財年收入或調整後 EBITDA 產生重大影響。

Now for our Q2 2023 outlook. We are operating in a difficult macro environment with deal elongation similar to the second half of 2022. Our guidance is based on the assumption that current unfavorable macroeconomic conditions will continue. We expect total revenues to range between $42.9 million and $43.2 million. We expect gross margin to range between 80% and 81%. We expect adjusted EBITDA margin to range between 5.5% and 6.5%.

現在我們對 2023 年第二季度進行展望。我們正在艱難的宏觀環境中運營，交易延長時間與 2022 年下半年類似。我們的指導基於當前不利的宏觀經濟狀況將持續的假設。我們預計總收入將在 4290 萬美元至 4320 萬美元之間。我們預計毛利率將在 80% 至 81% 之間。我們預計調整後 EBITDA 利潤率將在 5.5% 至 6.5% 之間。

A few noteworthy points on the second quarter guidance. We expect subscription revenue to be 4% to 5% points higher than the overall company revenue, while professional services revenue will decline sequentially due to lower customer adds. During the second quarter, we expect to incur approximately $3.5 million in onetime charges related to the organizational streamlining initiatives that we discussed earlier. This is not reflected in the adjusted EBITDA margin guidance.

關於第二季度指導的一些值得注意的點。我們預計訂閱收入將比公司整體收入高 4% 至 5%，而專業服務收入將因客戶數量減少而連續下降。在第二季度，我們預計將產生約 350 萬美元的一次性費用，這些費用與我們之前討論的組織精簡計劃相關。這並未反映在調整後的 EBITDA 利潤指引中。

In conclusion, I want to focus your attention on a strategic point that is foundational to Docebo's DNA. Growth is always our top priority, and we have equipped our team to deliver good, profitable growth regardless of where we are in any economic cycle. I also want to emphasize that we are bringing material competitive strength to bear as we execute this profitable growth strategy. First, we have a strong debt-free balance sheet with $250 million in cash.

總之，我想將您的注意力集中在 Docebo DNA 的基礎戰略點上。增長始終是我們的首要任務，無論我們處於任何經濟周期的哪個階段，我們的團隊都能夠實現良好的盈利增長。我還想強調，在執行這一盈利增長戰略時，我們正在發揮物質競爭優勢。首先，我們擁有強大的無債務資產負債表和 2.5 億美元的現金。

Second, we have delivered profitability ahead of our schedule and our steadily improving adjusted EBITDA and free cash flow every quarter. What is most notable about this performance is that we are realizing these results without compromising key investments in sales and marketing and R&D. And third, dilution from stock-based comp is one of the lowest in the SaaS universe today. We are dedicated to aligning our team's performance with the expectations of our shareholders.

其次，我們提前實現了盈利，並且每個季度調整後的 EBITDA 和自由現金流都在穩步改善。這一業績最值得注意的是，我們在不影響銷售、營銷和研發方面的關鍵投資的情況下實現了這些成果。第三，基於股票的競爭的稀釋是當今 SaaS 領域中最低的之一。我們致力於使我們團隊的績效與股東的期望保持一致。

That concludes my prepared remarks. Operator, please open the line so that we can take some questions from the analysts.

我準備好的發言就到此結束。接線員，請接通電話，以便我們回答分析師的一些問題。

(Operator Instructions) Your first question will be from Robert Young at Canaccord Genuity.

（操作員說明）您的第一個問題將由 Canaccord Genuity 的 Robert Young 提出。

Two questions. First on higher level. During this reporting cycle, those a bit of concern raised around the negative impact of AI on e-learning. And given that you've been working on AI for a long time and have products in the market, I thought you'd -- it would be great to get your thoughts on the near-term impact you see positive or negative from AI on Docebo?

兩個問題。首先是更高層次。在本報告週期中，人們對人工智能對電子學習的負面影響提出了一些擔憂。考慮到您已經在人工智能領域工作了很長時間並且在市場上擁有產品，我想您會——如果能了解您對人工智能的近期積極或消極影響的看法，那就太好了。多西博？

Hello, Rob, Claudio speaking. First of all, I think that if I was a publisher, I will be very scared on the impact of the AI because, I mean, AI will build courses and content on, but do not forget that LMS is a delivery system that now is also becoming the content AI-driven generating system. So that's why I'm incredibly excited about because I mean, Shape is becoming the competitor of the companies that have been punished this quarter by this AI move Because the Shape is the content generating system, and we are adding features.

你好，羅布，我是克勞迪奧。首先，我認為如果我是出版商，我會非常害怕人工智能的影響，因為我的意思是，人工智能將在其上構建課程和內容，但不要忘記 LMS 是一個交付系統，現在是也成為人工智能驅動的內容生成系統。這就是為什麼我感到非常興奮，因為我的意思是，Shape 正在成為本季度因人工智能舉措而受到懲罰的公司的競爭對手，因為 Shape 是內容生成系統，而我們正在添加功能。

That said, I think that AI is not only limited to content. And for example, we are embedding in Docebo a skill matching system that will integrate all the talent management and ATS and skill management system inside Docebo through a matching system, where AI will synchronize the skill ontology of all the platform out there with Docebo allowing the customer to use their own ontology inside Docebo.

也就是說，我認為人工智能不僅僅局限於內容。比如我們在Docebo中嵌入了一個技能匹配系統，通過匹配系統將Docebo內部所有的人才管理和ATS以及技能管理系統整合在一起，AI將所有平台的技能本體與Docebo同步，讓客戶在 Docebo 內使用自己的本體。

On top of that, and I understand it's not very effective. But what we are working is an AI control panel that will give the customer full control on how the AI will use the data. Before implementing every AI strategy, we need to be very careful on how we do it and be completely aligned with all the compliances all over the world, the regulations are different between Europe and North America.

最重要的是，我知道這不是很有效。但我們正在開發的是一個人工智能控制面板，可以讓客戶完全控制人工智能如何使用數據。在實施每一項人工智能策略之前，我們需要非常小心地對待如何實施，並完全符合世界各地的所有合規性，歐洲和北美的法規有所不同。

So AI is a broad topic. But it's a topic we love because it's allowing Docebo to experiment a new way to train people and go over the 20 years old very boring click and leap training approach, adding simulations are the new way to interact with the content, hyper-personalizing the content based on the user learning style. So I don't see AI as a threat. I see AI is that personally makes me excited. And from a Docebo standpoint, it's something we will benefit a lot.

所以人工智能是一個廣泛的話題。但這是我們喜歡的一個話題，因為它讓 Docebo 能夠嘗試一種新的培訓方式，並超越 20 年來非常無聊的點擊和跳躍培訓方法，添加模擬是與內容交互的新方式，對內容進行超個性化基於用戶的學習風格。所以我不認為人工智能是一種威脅。我個人認為人工智能讓我很興奮。從 Docebo 的角度來看，我們將受益匪淺。

Okay. Second question for me is more specific to the quarter. I mean the incremental amount of ARR added and the incremental customers added were lower than we've seen before. And so if you could talk about that, in particular the cadence through the quarter, was that the regional banking crisis at the end of the quarter? And so should we -- when we look at how to model ARR, should we think of most of the deals coming at the front of the quarter or the back of the quarter is spread evenly? Just any comments there on the slower amount of customers added and the cadence. I'll pass the line.

好的。對我來說，第二個問題更具體於本季度。我的意思是，增加的 ARR 增量和增加的客戶增量比我們以前看到的要低。那麼，如果您能談談這一點，特別是整個季度的節奏，那是季度末的地區銀行危機嗎？那麼，當我們考慮如何對 ARR 進行建模時，我們是否應該考慮季度前或季度後發生的大部分交易是均勻分佈的？只是關於增加的客戶數量和節奏較慢的任何評論。我會過線。

Rob, Alessio speaking. Robert, Q1 does have some seasonal components built within. And in addition to that, we've experienced the results of some of the macro noise, banking noise, the challenges in the North American region, particularly affecting the small and mid-customers. With that said, I'd like to draw your attention to two facts. Number one, we have increased average ARR and new logo ARR, both ACV. And in addition to that, our gross retention rates have remained consistent with quarter 4 2022. So with that said, we have work to do to reboost the performance on the small- and mid-market, but our pipeline growth that we're seeing and experiencing makes us extremely confident.

羅布，阿萊西奧發言。羅伯特，Q1 確實內置了一些季節性組件。除此之外，我們還經歷了一些宏觀噪音、銀行噪音、北美地區挑戰的結果，特別是對中小型客戶的影響。話雖如此，我想提請您注意兩個事實。第一，我們提高了平均 ARR 和新徽標 ARR（均為 ACV）。除此之外，我們的毛保留率與 2022 年第 4 季度保持一致。話雖如此，我們還有很多工作要做，以重新提升中小型市場的業績，但我們看到的管道增長經歷讓我們無比自信。

Did that answer your question, Mr. Young? Thank you. Next question will be from Josh Baer at Morgan Stanley. Please go ahead.

楊先生，這回答了您的問題嗎？謝謝。下一個問題將由摩根士丹利的喬什·貝爾提出。請繼續。

I was hoping you could expand a little bit on the efficiency actions and headcount reduction referenced in the prepared remarks. Just wondering if they were previously contemplated in the prior forward commentary on margins?

我希望您能詳細介紹一下準備好的發言中提到的效率行動和裁員。只是想知道之前關於利潤率的前瞻性評論中是否考慮過它們？

Claudio speaking. I provide the first part of the answer, and I think that Sukaran can go deep on that. From the entrepreneurial perspective, I founded the company. And I found frustrating that the great ideas that come from the field contributors, in terms of everything, product, methodologies, M&A and so on and so on were started in the middle of the organization because there was the sign that there was too much bureaucracy and too much communication channel broken between executives and high-level managers and contributors. Contributors are the foundation of the company. So what I'm impressed was less -- let the organization, let's stay more in touch with the team, let's fluidify the communication reducing the layers.

克勞迪奧發言。我提供了答案的第一部分，我認為蘇卡蘭可以深入探討這一點。從創業的角度來說，我創辦了這家公司。我發現令人沮喪的是，來自現場貢獻者的偉大想法，無論是產品、方法論、併購等等，都是在組織中間開始的，因為有跡象表明官僚主義太多高管與高層管理人員和貢獻者之間的溝通渠道過多。貢獻者是公司的基礎。所以我印象深刻的是——讓組織，讓我們與團隊保持更多聯繫，讓我們流暢地溝通，減少層級。

So from an entrepreneurial philosophy perspective, this is the reason of this action, but I will leave the rest to Sukaran that can articulate better from his point of view.

所以從創業哲學的角度來看，這就是這個行動的原因，但我會把剩下的留給Sukaran，他可以從他的角度更好地表達出來。

Yes. Thanks, Claud. Good morning, Josh. I would say that to start with we regularly review the operating efficiency of the organization. And -- I think part of the efforts this quarter, there's a couple of factors. One is, we -- as you may have noted out, in the last quarter, we implemented some significant technology investments that went live in our CRM and our order to cash process that gives us some opportunities to streamline and make our organization efficient. So to that extent, -- that is -- that was factored in. But I would say there is incremental efficiencies that we have implemented at the start of this quarter, which is April, to make the organization leaner and more efficient. And so I would say there is an element of -- a reasonable element of that cost that will be more -- not in the ecosystem, specifically in sales and marketing and G&A.

是的。謝謝，克勞德。早上好，喬什。我想說，首先我們會定期審查組織的運營效率。我認為本季度的努力有幾個因素。一是，正如您可能已經指出的那樣，在上個季度，我們實施了一些重大技術投資，這些投資已在我們的 CRM 和訂單到現金流程中投入使用，這為我們提供了一些精簡和提高組織效率的機會。因此，從這個意義上說，這已被考慮在內。但我想說，我們在本季度初（即四月份）實施了增量效率，以使組織更精簡、更高效。因此，我想說，在生態系統中，特別是在銷售、營銷和一般管理費用方面，有一個因素——成本中合理的因素會更多。

That's helpful. And just any sense for what the plan is for headcount growth in 2023 incorporating these actions?

這很有幫助。結合這些行動，2023 年員工人數增長計劃有何意義？

Yes. So when we think about headcount, you think about mostly -- if I kind of break it down between the various operating lines as we grow customers, we still look at making sure that from a services -- sorry, just from a customer support and enterprise support perspective, we have the right infrastructure as we are growing our book of business. So we'll see some incremental hiring there. And then generally, across the board, what you will see is this year is it will be some tactical investments in R&D as we are investing. Claudia spoke about from an AI perspective and other areas. But overall, you should expect us to be net neutral, slightly higher, but in terms of the hiring, mostly flat across the board. And sales and marketing and G&A is where you'll see significant efficiencies.

是的。因此，當我們考慮員工人數時，您主要考慮的是 - 如果我在增加客戶時將其分解到各個運營線之間，我們仍然會考慮從服務中確保這一點 - 抱歉，只是從客戶支持和從企業支持的角度來看，隨著我們業務的增長，我們擁有合適的基礎設施。所以我們會看到那裡的一些增量招聘。然後總的來說，今年你會看到，就像我們正在投資的那樣，在研發方面會有一些戰術投資。克勞迪婭從人工智能的角度和其他領域談到了這一點。但總體而言，您應該預計我們將保持淨中性，略高，但就招聘而言，基本持平。銷售和營銷以及一般管理費用是您將看到顯著效率的地方。

Great. And just one quick one on the opportunity side. It sounds like a lot of interest in Docebo Shape. Just wondering if, like a customer, for example, is spending $100 annually, what happens to that annual contract value when a customer adds Shape?

偉大的。關於機會方面，我只是簡單介紹一下。聽起來對 Docebo Shape 很感興趣。只是想知道，例如，如果客戶每年花費 100 美元，那麼當客戶添加 Shape 時，年度合同價值會發生什麼變化？

Yes. So good question. So we don't give this out, Josh, in terms of the breakout of individual products and attach rates. But you can expect that as part of Learn, Docebo Shape has a reasonably good attach rate as well as a reasonably good ARR dollars. And Docebo Shape, as you think about the differentiation in our model compared to the industry in offering tools is that we also go to market from a perspective of enabling social learning to all of the organization, rather than having only a number of individuals that create that content, which is the administrators or the content offers.

是的。好問題。因此，喬希，我們不會就個別產品和附加費率的突破來給出這一點。但您可以預期，作為 Learn 的一部分，Docebo Shape 具有相當不錯的附加率以及相當不錯的 ARR 美元。 Docebo Shape，當你思考我們的模型與提供工具的行業相比的差異時，我們也從為所有組織提供社交學習的角度進入市場，而不是僅僅讓一些個人創造該內容是管理員或內容提供的。

But what we do with Docebo Shape is empower the whole organization to utilize Shape and create content and be the champions of social learning. So that gives us higher -- what effectively that means is that gives us higher ticket in terms of seats and licenses to our customers and that's also a differentiator, not only just the attach rate.

但我們利用 Docebo Shape 所做的是讓整個組織能夠利用 Shape 並創建內容，並成為社交學習的倡導者。因此，這給我們帶來了更高的收益——這實際上意味著，我們為客戶提供了更高的席位和許可證，這也是一個差異化因素，而不僅僅是附加費率。

Yes. And Sukaran, about Shape, something is happening and something is boiling because I've seen such an interesting attachment rate that was not there 2 quarters ago. What do we have now to understand is how our learners are using and who are our -- the trainers that are using Shape because it's not the classical trainer that creates the old school learning objects are more users, trainers that are on the field and wanted to automate a leveraging generative AI inside Shape.

是的。蘇卡蘭（Sukaran），關於形狀，一些事情正在發生，一些事情正在沸騰，因為我看到瞭如此有趣的依戀率，而這在兩個季度前是不存在的。我們現在需要了解的是，我們的學習者如何使用 Shape，以及誰是我們的培訓師，因為它不是創建舊式學習對象的經典培訓師，而是更多的用戶、現場需要的培訓師自動化利用 Shape 內部的生成人工智能。

What I want to give them from a tool perspective and sorry for using the old school words like tool, as a functional -- as a future perspective, is go beyond the standard reading as live to learn something simulation, simulation, working on the globe work, [pitching] something to the AI and get the AI feedback. This is where the industry is going. And this is where we are investing in Shape. That's rate -- the attachment rate is speaking on its own. When I'm saying the attachment rate, this quarter, I'm saying, okay, this is happening after [full year]. We are in front of an inflection point, and that was happy at the end. We struggled for years to build a great product. But at the end, this is paying.

我想從工具的角度給他們提供的是超越標準閱讀，就像現場學習模擬、模擬、在地球上工作一樣，對使用工具等老派詞語表示歉意。工作，向人工智能[推銷]一些東西並獲得人工智能反饋。這就是這個行業的發展方向。這就是我們在 Shape 上投資的地方。這就是比率——依戀率本身就說明了一切。當我談到本季度的依戀率時，我是說，好吧，這是在[全年]之後發生的。我們正處於一個拐點之前，最後很高興。我們多年來一直在努力打造一款出色的產品。但最終，這是付出代價的。

Next question will be from Suthan Sukumar at Stifel.

下一個問題將由 Stifel 的 Suthan Sukumar 提出。

I just want to touch on the global expansion opportunity. Last quarter, you talked about encouraging traction in certain European markets. And you guys also highlighted a large deal that you closed this quarter in the region. Can you talk a little bit about what's driving this momentum? And really, what are your expectations for growth here over the near to long, midterm?

我只想談談全球擴張機會。上個季度，您談到了某些歐洲市場的鼓舞人心。你們還強調了本季度在該地區完成的一筆大交易。您能談談是什麼推動了這一勢頭嗎？事實上，您對近期到長期、中期的增長有何期望？

Sure. Our investments in Europe, Suthan, has happened over time. We started with our investment in the U.K. and Nordics, of course, after having an heritage where we have an office in the market in the Southern EMEA region in Italy. More recently, as you're aware, we invested in France and Benelux region as well as the very most recent investment in the [Dachau], German office region. And we know we have learned that it takes time for the brand to affirm itself in the regional markets that are fragmented. They buy slightly differently. There is a different language in the region.

當然。我們在歐洲 Suthan 的投資是隨著時間的推移而發生的。當然，我們首先在英國和北歐進行投資，此前我們在意大利歐洲、中東和非洲地區南部市場設有辦事處。最近，如您所知，我們在法國和比荷盧地區進行了投資，最近還對德國辦公區[達豪]進行了投資。我們知道，我們已經了解到，品牌需要時間才能在分散的區域市場中確認自己的地位。他們的購買方式略有不同。該地區有不同的語言。

And so the short answer to your question is, it's a matter of execution in the field of bringing the brand to the top of mind of the buyers. And I believe that the low growth that we have announced in the France region, very significant organization, is just the natural consequence of our investments in the region for quite some time now.

因此，對你的問題的簡短回答是，這是一個將品牌帶到買家腦海中的執行問題。我相信，我們在法國地區（非常重要的組織）宣布的低增長只是我們在該地區相當長一段時間以來投資的自然結果。

Now -- we're also noticing that Docebo is solving problems with a platform. There is multiuse case that in the European market, frankly, is solving the problems from more legacy competitors. And so I think we have -- we are learning how to win from a more institutional installed base, and these are starting to pay fruits not only in the small and medium market, which, frankly, was the majority of our wins in the European region, but we're starting to see enterprise pipeline growth even in this region, and we're very pleased with that.

現在，我們還注意到 Docebo 正在通過平台解決問題。坦率地說，歐洲市場有多種用途，正在解決更多傳統競爭對手的問題。因此，我認為我們正在學習如何從更加機構化的安裝基礎中獲勝，這些不僅開始在中小型市場取得成果，坦率地說，這是我們在歐洲取得的大部分勝利地區，但我們甚至開始看到該地區的企業管道增長，我們對此感到非常滿意。

Yes. And Ale, on top of that, I mean we have such an healthy balance and healthy KPIs that we can be ambitious on expanding abroad, like we did with the German office and Australian office. But we have learned with the French office and the U.K. office that start ramping and becoming a prominent player in those countries take a little bit of time. But at the end of the day, it paid back. I mean, at the end of the day, the formative acquisition allowed us to lend new [friends], boot on the ground, sell and get great contracts. And this is what we are executing both in Australia and in Germany now.

是的。 Ale，最重要的是，我的意思是，我們擁有如此健康的平衡和健康的 KPI，以至於我們可以雄心勃勃地向海外擴張，就像我們在德國辦事處和澳大利亞辦事處所做的那樣。但我們從法國辦事處和英國辦事處了解到，在這些國家開始發展並成為重要參與者需要一點時間。但最終，它得到了回報。我的意思是，歸根結底，這次收購讓我們能夠借出新的[朋友]，腳踏實地，出售並獲得偉大的合同。這就是我們現在在澳大利亞和德國正在執行的事情。

We are looking forward to sharing more wins in the newer regions in the coming quarters.

我們期待在未來幾個季度在新地區分享更多勝利。

Okay. Great. Thank you for the feedback. My second question is on the partner channel. Can you guys share an update on the impact of partner channel had on the quarter and what you're seeing there in terms of pipeline of opportunities going forward?

好的。偉大的。感謝您的反饋。我的第二個問題是關於合作夥伴渠道的。你們能否分享一下合作夥伴渠道對本季度影響的最新情況以及您在未來機會渠道方面看到的情況？

Lots of exciting things. The partner channel is gaining momentum. Momentum in the sense that we're very active on all front of the alliances partner, if you will, ecosystem. On one hand, many organizations have demonstrated an interest, and we have identified targets for integration opportunities with adjacent players in the form of [ISV] partnerships and forming a framework of mutual marketing. We have announced not too long ago a partnership with a services and software vendor called ELB. And from this partnership, we have been noticing very good outcomes from the very early days because at the end of the day, there is an incredible opportunity in working with companies that have adjacent offerings, and it's a very nice catch and demand generation and value for our customers and prospects. So that's one update.

很多令人興奮的事情。合作夥伴渠道正在蓬勃發展。從某種意義上說，我們在聯盟合作夥伴（如果你願意的話）生態系統的各個方面都非常活躍。一方面，許多組織表現出了興趣，我們已經確定了以[ISV]合作夥伴關係的形式與相鄰參與者整合機會的目標，並形成了相互營銷的框架。不久前，我們宣布與一家名為 ELB 的服務和軟件供應商建立合作夥伴關係。從這種合作關係中，我們從一開始就注意到了非常好的成果，因為最終，與擁有相鄰產品的公司合作有一個難以置信的機會，這是一個非常好的捕獲和需求生成和價值為了我們的客戶和潛在客戶。這就是一次更新。

The other thing that I'm really pleased about is our current OEM partners. First of all, the ones that we are already working with have continued to perform in line and passed our expectation, which makes us very happy. And we believe that we have a very solid roster of candidate prospects of OEM and are looking forward to telling you more as we have the right to share so.

另一件令我真正高興的是我們目前的 OEM 合作夥伴。首先，我們已經合作的那些公司的表現繼續符合我們的預期，這讓我們非常高興。我們相信，我們擁有非常可靠的 OEM 候選前景名單，並期待告訴您更多信息，因為我們有權分享這些信息。

Finally, I also want to share that we've been very active on the content side, and we have initiated and, if you will, evolve conversations that position us even stronger in our Docebo content offering. We plan to continue to have growth from this module that has done really well for us. And based on our plans and increased partner offering, we plan to improve even more the penetration of that product in our installed base.

最後，我還想告訴大家，我們在內容方面一直非常活躍，我們已經發起並發展對話，使我們在 Docebo 內容產品方面更加強大。我們計劃繼續從這個對我們來說非常有效的模塊中獲得增長。根據我們的計劃和增加的合作夥伴產品，我們計劃進一步提高該產品在我們的安裝基礎中的滲透率。

Overall, this is valid for all partners. I haven't mentioned what is very strategic for us, and we are very happy with, is the partnership on the system integrator front. Whilst we don't have the right names yet because they're very stringent on that. We have the premier prospects and logos where we are teaming up with the significant system integrators. These teaming up motions are just the beginning of a long-term through deep partnership relations. And we're seeing that across the board from commercial enterprises throughout government opportunities. So the world of alliances has been incredibly active, and we're very focused on it.

總的來說，這對所有合作夥伴都有效。我還沒有提到對我們來說非常具有戰略意義的事情，我們對此非常滿意，那就是系統集成商方面的合作夥伴關係。雖然我們還沒有正確的名字，因為他們對此非常嚴格。我們與重要的系統集成商合作，擁有一流的前景和標誌。這些合作動議只是長期深入合作關係的開始。我們看到從商業企業到政府的全面機會。因此，聯盟世界非常活躍，我們非常關注它。

Next question will be from Daniel Chan at TD Cowen.

下一個問題將由 TD Cowen 的 Daniel Chan 提出。

Sukaran, last quarter, you mentioned that the revenue guidance that you provided is driven by the ARR. So if we look at your Q2 revenue guidance, midpoint is looking for about 23% year-over-year growth, but ARR grew about 28%. So just wondering what's accounting for the difference? I know you called out professional services there. Just wondering if there's anything else in there.

Sukaran，上個季度，您提到您提供的收入指導是由 ARR 驅動的。因此，如果我們看一下你們第二季度的收入指引，中點預計同比增長約 23%，但 ARR 增長約 28%。那麼只是想知道造成這種差異的原因是什麼？我知道你在那裡呼籲專業服務。只是想知道裡面是否還有其他東西。

No, that's it, Dan. It's primarily professional services. We should still see in line -- reasonably in line subscription revenue growth for the year. As you think about the number of units that they're coming through from a services perspective and also how we strategically invest in our customers as we onboard them, PS is really what's driving it down predominantly.

不，就是這樣，丹。主要是專業服務。我們仍然應該看到今年訂閱收入的合理增長。當你從服務的角度考慮他們所經歷的單位數量，以及我們在吸引客戶時如何對客戶進行戰略投資時，PS 確實是推動其下降的主要因素。

Okay. And just given that we're halfway through Q2, just any changes to the overall market sentiment that you can call out?

好的。鑑於第二季度已過半，您可以指出整體市場情緒有什麼變化嗎？

Claud, did you want to take that just overall market sentiment?

克勞德，您想了解整體市場情緒嗎？

Sorry, yes, Claudio speaking here. Actually, we are seeing different trends depending on different segments and different regions. Europe incredibly well. We are incredibly excited about how the perform -- how Europe performed, how solid are the team that they are selling in Europe and so on and so on. Europe, as you know, sometimes is more resilient. They don't grow in moment of prosperity. They don't go down in the moment of crisis (inaudible) European.

抱歉，是的，克勞迪奧在這裡發言。實際上，我們看到不同細分市場和不同地區的不同趨勢。歐洲非常好。我們對他們的表現感到非常興奮——歐洲的表現如何，他們在歐洲銷售的團隊有多強大等等。如您所知，歐洲有時更具彈性。他們不會在繁榮時期成長。他們不會在歐洲危機（聽不清）的時刻倒下。

So you ask a little bit more subject to volatility, especially in the commercial segment. On the large enterprise segment, we have seen a flow of opportunities coming from other vendors, which is also one of the reason of the alliances with bigger consulting firms. They want to ship from all the legacy vendors to the check. Australia is probably -- it's doing well in Q2. Yes, I mean, they are active. We are now in an exhibition in Singapore with partners. I don't want to provide any guidance about Australia, sorry. But one thing -- when good things happen, I'm excited there.

所以你要求更多地受到波動性的影響，特別是在商業領域。在大型企業領域，我們看到了來自其他供應商的大量機會，這也是與大型諮詢公司結盟的原因之一。他們希望從所有傳統供應商那裡發貨來進行檢查。澳大利亞可能在第二季度表現良好。是的，我的意思是，他們很活躍。我們現在正在與合作夥伴一起參加新加坡的一個展覽。抱歉，我不想提供有關澳大利亞的任何指導。但有一件事——當好事發生時，我會很興奮。

And another thing that is an organizational change is, we are seeing our BDR lead generation increasing a lot compared to the inbound. And this is a direct consequence on us moving up market. Our market is not an inbound generation segment. And it's more an outbound generation activity. And that's why we have also reorganized the team being more pushy on the outbound with the outbound initiative.

另一件組織變革是，我們看到 BDR 潛在客戶的產生量與入站潛在客戶相比增加了很多。這是我們向高端市場邁進的直接後果。我們的市場不是入境發電市場。這更像是一種外出發電活動。這就是為什麼我們還重組了團隊，通過外出計劃更加積極地進行外出活動。

So I think that on the mid, long term, we are excited to have a [neutral] business with a lot of initiatives, a lot of new partners, a lot of segments we are investing in, but this is a topic for the next quarter. And some M&A opportunities on the table, happy about that. That's it.

因此，我認為，從中長期來看，我們很高興擁有一個[中性]業務，有很多舉措、很多新合作夥伴、我們正在投資的很多細分市場，但這是下一個主題四分之一。還有一些併購機會，對此感到高興。就是這樣。

And your next question will be from Stephanie Price at CIBC.

您的下一個問題將來自 CIBC 的 Stephanie Price。

Docebo has a very strong CAC, and I'm just curious around the -- if you could give us some more details on the sales and marketing optimization and how you think about affecting the CAC going forward?

Docebo 擁有非常強大的 CAC，我只是好奇 - 您能否向我們提供有關銷售和營銷優化的更多詳細信息，以及您如何看待影響 CAC 的發展？

Absolutely, Stephanie. Docebo, yes, has always had very good CAC metrics that are derived, I think, primarily from an overall focus and cultural performance. You heard us talk about the desire to focus on creating efficiency. And as we grow that concept of efficiency, we want to maintain it. Having said that, we continue to monitor very carefully and closely our win rates. Certainly, the elongation of deals, particularly in the enterprise segment, is not always beneficial for CAC, of course.

當然，斯蒂芬妮。是的，Docebo 一直擁有非常好的 CAC 指標，我認為這些指標主要來自整體重點和文化表現。您聽到我們談論專注於創造效率的願望。隨著我們不斷發展效率概念，我們希望維持它。話雖如此，我們仍會繼續非常仔細、密切地監控我們的勝率。當然，交易的延長，特別是在企業領域，並不總是對 CAC 有利。

But at the same time, I want to stress out the concept that elongation has not been in addition to notable deal losses. And this is really important because the pipeline continues to grow and it's actually been growing. Claudio just made the reference to outbound, both quarter-over-quarter significantly as well as year-over-year.

但與此同時，我想強調這樣一個概念：除了顯著的交易損失之外，經濟增長也並未出現。這非常重要，因為管道不斷增長，而且實際上一直在增長。克勞迪奧剛剛提到了出境旅遊，無論是季度環比還是同比。

And so efficiency is a factor of bringing the deals at home and having good healthy demand to serve our capable sales executives. And so on one hand, we are focused on doing everything possible to giving the right opportunities to the right salespeople. And on the other hand, feeding the funnel with the demand needed to maintain that efficiency. And so there's a lot of work on that.

因此，效率是將交易帶入國內並擁有良好的健康需求來為我們有能力的銷售主管提供服務的一個因素。因此，一方面，我們致力於盡一切可能為合適的銷售人員提供合適的機會。另一方面，向漏斗提供維持效率所需的需求。因此，這方面還有很多工作要做。

I would only add one more thing. We realized in this environment, in order to be more efficient, we need to tell a story. During the sales cycle, there is a bit more return over investment focused. And so you heard me talk about in the past our desire to implement value selling. This initiative is well underway. So we are going to be able, very, very, very shortly to approach, particularly our mid to large enterprise market, with stories that are more value focused versus only feature focused. And so that makes us add another assumption to our thesis of efficiency. By doing all these things, our CAC will continue to improve over time.

我只想補充一件事。我們在這種環境下意識到，為了提高效率，我們需要講故事。在銷售週期中，重點關注的回報比投資要多一些。所以你聽到我過去談論過我們實現價值銷售的願望。這項舉措正在順利進行中。因此，我們將能夠非常非常非常快地進入，特別是我們的中大型企業市場，提供更注重價值而不是只注重功能的故事。因此，這使我們在效率論文中添加了另一個假設。通過做所有這些事情，我們的 CAC 將隨著時間的推移不斷改進。

Yes, I want to add one thing about the CAC. CAC is also impacted by investment that you do in the sales organization. And opening offices abroad to try to conquer the world is impacting on CAC, but is not being back for a couple of years. If you want to look from another angle is, we are so capital efficient that we can sacrifice some point of CAC to open new offices in tough moments because we are not approaching the market only from the short term, which we can do it because we are efficient on the capital, but also in the long term, being strategic and trying to go over market, which are big opportunities. Sales force in Germany is selling $1 billion. So there are markets that are incredibly appealing for us.

是的，我想補充一件事關於 CAC。 CAC 還受到您在銷售組織中進行的投資的影響。在國外開設辦事處試圖征服世界正在對 CAC 產生影響，但幾年後就不會再出現。如果你想從另一個角度來看，我們的資本效率非常高，以至於我們可以在困難時刻犧牲一些 CAC 來開設新辦事處，因為我們不僅僅從短期角度接近市場，我們可以做到這一點，因為我們資本效率高，而且從長遠來看，具有戰略性並試圖進入市場，這是巨大的機會。德國銷售人員的銷售額達 10 億美元。因此，有些市場對我們來說非常有吸引力。

And then just my second question, curious around the PeerBoard acquisition and how you think about folding it into Docebo and what it brings?

接下來是我的第二個問題，對 PeerBoard 收購感到好奇，您如何考慮將其合併到 Docebo 以及它會帶來什麼？

Yes. So as you know, PeerBoard, we are investing on external training, customer and partner communities. Partner community needs collaboration. Collaboration -- and we see how active is the Docebo customer community forum, start from a forum and then goes to learning. Collaboration between customer and partner is incredibly important because they help each other. So we found PeerBoard, which was led by Mikhail -- is led by Mikhail, which was already a plug-and-play -- a plug-in for LMSs that want to create the community. And we have acquired because the implementation time is quick, but also Mikhail was the manager behind a big, big, big social network community. So it created a group of a big, big social network.

是的。正如您所知，PeerBoard，我們正在投資於外部培訓、客戶和合作夥伴社區。合作夥伴社區需要協作。協作——我們看到 Docebo 客戶社區論壇有多活躍，從論壇開始，然後進行學習。客戶和合作夥伴之間的協作非常重要，因為他們互相幫助。所以我們找到了由 Mikhail 領導的 PeerBoard，它已經是一個即插即用的插件，是一個為想要創建社區的 LMS 提供的插件。我們之所以收購，是因為實施時間很快，而且 Mikhail 是一個很大很大的社交網絡社區背後的經理。於是就創建了一個很大很大的社交網絡群。

So the second step of this intervention is improve or rebuild Docebo Coach & Share, which is our social learning part, thanks to Mikhail's knowledge and the technology of PeerBoard behind. So it will be done into 2 phase. Phase number one, let's build the community for our customers that uses Docebo as customer community -- customer training and partner training. And part number two, let's review the social learning part of Docebo Coach & Share together with Mikhail and PeerBoard.

所以這次干預的第二步是改進或者重建Docebo Coach & Share，這是我們的社交學習部分，這要歸功於Mikhail的知識和背後PeerBoard的技術。所以它將分為2階段完成。第一階段，讓我們為我們的客戶構建一個使用 Docebo 作為客戶社區的社區——客戶培訓和合作夥伴培訓。第二部分，讓我們與 Mikhail 和 PeerBoard 一起回顧一下 Docebo Coach & Share 的社交學習部分。

And Stephanie, in addition to that, when we think of the customer makeup of the Docebo of the 3,000-plus customers, we said in the past, that more than 50% of our customers use Docebo for at least one external use case. And when you think about those that use the Docebo for an external use case, the large majority of those roughly 80%, Sukaran, keep me correct, are using it for the purpose of customer and partner education.

Stephanie，除此之外，當我們想到 Docebo 的 3,000 多名客戶的客戶構成時，我們過去說過，超過 50% 的客戶將 Docebo 用於至少一個外部用例。當你想到那些將 Docebo 用於外部用例的人時，Sukaran，請確保我正確的是，其中大約 80% 的大多數人都將其用於客戶和合作夥伴教育的目的。

Now in that hundreds of customers cohorts, the capability of a community technology is top of mind. We have found that that's the most requested capability. And finally, at Docebo, Claudio said it correctly, we have Docebo community under our initiative, Docebo Academy. And up until now, we've used the third-party vendor, frankly, because we didn't have that capability. So we have experienced ourselves within our own customer education initiatives, the need and the benefits for a community technology and the savings that have resulted out of it have made us want to own that technology.

現在，在數百個客戶群體中，社區技術的能力是最重要的。我們發現這是最需要的功能。最後，在 Docebo，Claudio 說得對，我們的倡議下有 Docebo 社區，即 Docebo 學院。坦率地說，到目前為止，我們一直使用第三方供應商，因為我們沒有這種能力。因此，我們在自己的客戶教育計劃中體驗到了社區技術的需求和好處，以及由此帶來的節省，使我們想要擁有該技術。

So now we have it. So now we can go to all those hundreds of customers and tell them that story, show them the product, and we can use it ourselves for our own use.

所以現在我們有了。因此，現在我們可以去找所有數百名客戶，告訴他們這個故事，向他們展示產品，然後我們就可以將其用於我們自己的用途。

Next question will be from Christian Sgro at Eight Capital.

下一個問題將由八資本的克里斯蒂安·斯格羅（Christian Sgro）提出。

I wanted to ask a question about your longer-term view on growth and profitability. I think you like to think of business as a rule of 40 company approaching that software profile. So my question is, is a default way to think of the next couple of years as a steadily expanding margin profile? Although you see how a normalized environment looks before you make that growth versus profitability decision. What are your thoughts longer term?

我想問一下您對增長和盈利能力的長期看法。我認為您喜歡將業務視為 40 家接近該軟件配置文件的公司的規則。所以我的問題是，是否有默認方式將未來幾年視為穩步擴大的利潤狀況？儘管您在做出增長與盈利決策之前會看到正常化環境的樣子。您的長期想法是什麼？

Christian, Sukaran here. I'll take this one. Yes, I think -- listen, I think that when you think about Docebo, we've always said growth is the number one primary factor of this organization, but we've always said that profitable growth is part of the story. As you look at the operating leverage that's also coming in the ecosystem for the last 2 quarters, what you'll very quickly realize is that we've not only hit that inflection point, but now you're seeing consistent operating leverage, primarily coming out of some -- slight improvements in cost of goods sold, but the majority of it is coming from our discipline in G&A and certain discipline that you will also continue to see in sales and marketing.

克里斯蒂安，蘇卡蘭在這裡。我要這個。是的，我認為 - 聽著，我認為當你想到 Docebo 時，我們總是說增長是這個組織的首要因素，但我們總是說盈利增長是故事的一部分。當您查看過去兩個季度生態系統中的運營槓桿時，您很快就會意識到，我們不僅已經達到了拐點，而且現在您看到了一致的運營槓桿，主要是其中一些——銷售商品成本略有改善，但大部分來自我們在一般管理費用方面的紀律，以及您在銷售和營銷中也將繼續看到的某些紀律。

And as you think about the current macroeconomic cycle, as we continue to invest in our future product road map in terms of R&D as well as continue to invest in sales and marketing to drive that long-term growth, we can achieve good consistent growth even in a macro that's challenging, but deliver even better operating leverage, and that's just the beauty of being in the 80% gross margin business as well.

當你思考當前的宏觀經濟周期時，隨著我們繼續在研發方面投資於未來的產品路線圖，並繼續投資於銷售和營銷以推動長期增長，我們甚至可以實現良好的持續增長在充滿挑戰的宏觀環境中，但可以提供更好的運營槓桿，這也是毛利率高達 80% 的業務的美妙之處。

So I would say that there's nothing really changing. All that we will see from us. It's consistent execution on growth, and we will do what's in our control to deliver good quality growth in this macro. And as we come out of the cycle, we will come out as true winners looking at the technology we have, the strength of our balance sheet, and all the investments we're making in R&D.

所以我想說沒有什麼真正改變。我們將從我們身上看到這一切。這是對增長的持續執行，我們將盡我們所能，在這個宏觀環境中實現高質量的增長。當我們走出這個週期時，我們將成為真正的贏家，看看我們擁有的技術、我們的資產負債表的實力以及我們在研發方面的所有投資。

But at the same time, we will deliver consistent EBITDA moving up. And that's a very -- and I'll leave you with this thought. That's very straightforward math. If you look at my G&A as a percentage of revenue, we have been dropping that a percent every quarter, maybe slightly higher this quarter. And so that on a long-term basis should be in and around the 10% to 12% mark, and that's where you will see the biggest operating leverage in this year and next year.

但與此同時，我們將實現 EBITDA 的持續增長。這是一個非常——我將留給你們這個想法。這是非常簡單的數學。如果你把我的一般費用佔收入的百分比看作是，我們每個季度都會下降一個百分比，本季度可能會稍微高一些。因此，從長期來看，應該在 10% 到 12% 左右，這就是今年和明年運營槓桿最大的地方。

That's very helpful. And my second question. I'll switch over both to the partner channel as well as professional services work. Let's just refresh us. It's probably an active strategy to shift some of the work to partners, to system integrators. Do you see Docebo long term a 90-10 subscription pro services business? Or could that over time, just continue to tilt more and more subscription as you scale, find more ways to offload some of that work?

這非常有幫助。我的第二個問題。我將同時轉向合作夥伴渠道和專業服務工作。讓我們刷新一下吧。將部分工作轉移給合作夥伴、系統集成商可能是一種積極的策略。您認為 Docebo 長期是一家 90-10 訂閱專業服務業務嗎？或者隨著時間的推移，隨著規模的擴大，繼續傾斜越來越多的訂閱，找到更多方法來減輕部分工作？

Sure. No doubt in mind that maintaining a gross margin remains a focus for us. But our goal is to balance that with actually an approach that gives more value to our customers. What we have learned increasingly more and more every day is that organizations, that learning projects, particularly as it pertains to higher-end, mid-market and enterprise. And for sure, the strategic enterprises, they need more services and more sophistication in the consulting aspects.

當然。毫無疑問，保持毛利率仍然是我們的重點。但我們的目標是在這一點與實際為客戶提供更多價值的方法之間取得平衡。我們每天學到的越來越多的是組織、學習項目，特別是涉及高端、中端市場和企業的項目。當然，對於戰略企業來說，他們在諮詢方面需要更多的服務和更成熟的服務。

Now yes, we have leverage partners, and we will continue to do so. Services like, for example, managed services are a continued request. We believe that a healthy mix of direct provisioning with some strategic partnerships, we mentioned the size before, are the right angle to accomplish this. Also, we look at services not only from a revenue split, whether it's 90-10 or 80-20, but also as a leading factor to maintaining high and positive gross retention because the reality is a learning platform is only as good as it is the strategy behind it.

現在是的，我們有槓桿合作夥伴，我們將繼續這樣做。諸如託管服務之類的服務是一個持續的請求。我們相信，直接供應與一些戰略合作夥伴關係（我們之前提到過的規模）的健康組合是實現這一目標的正確角度。此外，我們不僅從收入分配（無論是 90-10 還是 80-20）的角度來看待服務，而且還將其視為保持高且積極的毛保留率的主要因素，因為現實是學習平台只有它本身就足夠好。其背後的策略。

And when there is a not so strong strategy in the implementation, again, particularly in the enterprise, it usually leads to impact on the retention side. So yes, we believe a balanced mix with partners will continue to exist, but we believe there are more opportunities to offer value services that impact both revenue retention.

當實施中沒有那麼強有力的策略時，特別是在企業中，通常會導致對保留方面的影響。因此，是的，我們相信與合作夥伴的平衡組合將繼續存在，但我們相信有更多機會提供影響收入保留的價值服務。

Next question will be from Gavin Fairweather at Cormark.

下一個問題將由 Cormark 的 Gavin Fairweather 提出。

Just on NDRR, I think you mentioned that it moderated a little bit this quarter. Can you just discuss kind of how the upsell environment is evolving and how your tweaking tactics to navigate that? And that's it for me.

就 NDRR 而言，我想您提到本季度有所放緩。您能否討論一下追加銷售環境是如何演變的以及您如何調整策略來應對這種變化？對我來說就是這樣。

Sure. Gavin, 100%. We are extremely focused on continuing in a moment in which there is a pressure and everybody is focused, especially in the enterprise front, is focused on consolidation. We are investing our resources, number one, to strengthen our position with customers and ensure that our renewals performed at the rate which we have. The top of priority really is maintaining healthy customer relationships. Number two is continue to expand the base.

當然。加文，100%。在這個充滿壓力、每個人都專注的時刻，我們非常專注於繼續前進，尤其是在企業方面，專注於整合。我們正在投資我們的資源，第一，是為了加強我們在客戶中的地位，並確保我們的續訂按照我們現有的速度進行。最重要的是保持健康的客戶關係。二是繼續擴大基地。

We expand the base in two ways, by adding users, modules to existing customers and by cross-selling. Cross-selling is an area that as we were organized, in my opinion, we have not reached enough benefits. Yes, I think we're very focused on changing the trend. So we are very, very focused on improving our NDRR numbers on the basis of this possibility alone. But for sure, Claudio spoke about our enthusiasm of Shape. Shape, in addition to Connect, in addition to Docebo Content, in addition to other things that we will be doing, thanks to PeerBoard, give us the possibility to go back to the base and sell valuable additional module. So all in all, acknowledging the moderate NDRR, we have the means to do more, and we have plan to do so.

我們通過兩種方式擴展基礎：向現有客戶添加用戶、模塊以及交叉銷售。在我看來，交叉銷售是我們組織起來的一個領域，我們還沒有獲得足夠的好處。是的，我認為我們非常專注於改變趨勢。因此，我們非常非常專注於僅基於這種可能性來提高我們的 NDRR 數字。但可以肯定的是，克勞迪奧談到了我們對 Shape 的熱情。 Shape，除了 Connect，除了 Docebo Content，還有我們將要做的其他事情，感謝 PeerBoard，讓我們有可能回到基礎並銷售有價值的附加模塊。總而言之，考慮到適度的 NDRR，我們有能力做更多的事情，我們也有計劃這樣做。

And I think the one just quick call out, Gavin, is, as we said, gross retention, I gave some other metrics on top of it, which gives you a sense of gross retention was flat quarter-over-quarter. We continue to see 80% of our customers use Docebo for 2 or more of their problems and almost 55% of our customers use Docebo for 3 or more of their use cases. So when you think about the problems we solve for our customers, specifically revenue-generating parts of their organization, we continue to expand our -- expand Docebo within the organization and saw more departments problems that creates us as a much stickier platform.

加文，我認為，正如我們所說，毛保留率是一個快速指出的問題，除此之外，我還給出了一些其他指標，這讓您感覺毛保留率與季度相比持平。我們繼續看到 80% 的客戶使用 Docebo 解決 2 個或更多問題，近 55% 的客戶使用 Docebo 解決 3 個或更多用例。因此，當你考慮我們為客戶解決的問題時，特別是他們組織中創收的部分，我們繼續在組織內擴展 Docebo，並看到更多部門的問題，這使我們成為一個更具粘性的平台。

Next question will be from Martin Toner at ATB Capital Markets.

下一個問題將由 ATB Capital Markets 的 Martin Toner 提出。

Is the macro causing growth in the pipeline to slow in addition to elongating sales cycle?

除了延長銷售週期之外，宏觀經濟是否還會導致管道增長放緩？

Martin, we are seeing the pipeline remaining strong. For sure, there is -- there are different ways that we are accomplishing growth in pipeline, as mentioned by Claudio before. Our success right now is primarily derived from our outbound motion. That's a result of our up move -- sorry, upmarket move primarily. Another thing that we're doing to contrast what is inbound channel being frothy is we're investing again finally, thank God, post-COVID in-person events. These are driving incredible outcomes.

馬丁，我們看到管道仍然強勁。當然，正如克勞迪奧之前提到的，我們可以通過不同的方式來實現管道的增長。我們現在的成功主要歸功於我們的出境行動。這是我們向上移動的結果——抱歉，主要是向高端市場移動。我們正在做的另一件事是，感謝上帝，我們終於再次投資了新冠疫情后的現場活動，以對比入境渠道的泡沫。這些正在帶來令人難以置信的成果。

We were just last week -- sorry, a couple of weeks ago in the United Kingdom, in London, actually I was last week, asking one of the largest learning events in the world where we have collected an amount of leads in the history of that conference, we doubled it. So I would say, certainly, we're seeing a different dynamic in the demand world. And as a result of the different dynamics, we are approaching it in slightly different ways. We're being very agile in using events and outbound as the growth mechanic.

我們就在上週——抱歉，幾週前在英國倫敦，實際上我上週在詢問世界上最大的學習活動之一，我們在該活動中收集了歷史上大量的線索那次會議，我們把它增加了一倍。所以我想說，當然，我們在需求世界中看到了不同的動態。由於不同的動力，我們以略有不同的方式來處理它。我們非常靈活地使用活動和出站作為增長機制。

Yes. But Ale, invent and outbound are the channel to drive mid and large enterprise buyers that are not the buyers that click Google and ask for a demo. I mean they also -- they move of the offering up market with sophisticated products like learn data, like Docebo Connect, is the consequence of having a different composition of the pipeline that now is made more by mid enterprise and large enterprise deals than previous, than commercial segment deals. But it's obvious, it's physiological that when you have these kind of deals, the sales cycle is elongating. So it's also due to a new positioning of Docebo, which is communicating and working with different kind of customers, which is reflected by the ACV, which is growing.

是的。但 Ale、發明和出站是吸引大中型企業買家的渠道，這些買家不是點擊 Google 並要求演示的買家。我的意思是，他們還通過學習數據等複雜產品轉移了供應市場，例如 Docebo Connect，這是管道組成不同的結果，與以前相比，現在管道更多地由中型企業和大型企業交易組成，比商業部門的交易。但很明顯，當你進行此類交易時，銷售週期就會延長，這是生理上的。所以這也是由於Docebo的新定位，即與不同類型的客戶進行溝通和合作，這也體現在不斷增長的ACV上。

And at this time, I would like to turn the call back to Mr. Erba. Please go ahead.

這時，我想把電話轉回給埃爾巴先生。請繼續。

Thank you for being here again. I don't remember how many earning calls we did already, but can be probably 16 -- 14. Thank you again, and speaking on quarter. Thank you so much.

感謝您再次來到這裡。我不記得我們已經打了多少次盈利電話會議，但可能有 16 - 14 次。再次感謝您，並在季度發言。太感謝了。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and we do ask that you please disconnect your lines.

謝謝你，先生。女士們、先生們，今天的電話會議到此結束。再次感謝您的出席，我們懇請您斷開線路。