Docebo Inc (DCBO) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Docebo Inc 2024 earnings call. (Operator Instructions)

大家早安，歡迎參加 Docebo Inc 2024 年財報電話會議。（操作員說明）

I'd now like to turn the call over to Docebo's Vice President of Investor Relations. Mike McCarthy. Please go ahead, Mike.

我現在想將電話轉給 Docebo 投資者關係副總裁。麥克·麥卡錫。請繼續，麥克。

Thank you, Brianna. Last night, after markets closed, Docebo issued its Q1 2024 results press release, which included a link to Management's prepared remarks and our quarterly investor slide deck was posted to our Investor Relations website. This morning's call will allow participants to ask questions about our results and the written commentary that management provided last evening.

謝謝你，布麗安娜。昨晚，市場收盤後，Docebo 發布了 2024 年第一季度業績新聞稿，其中包括管理層準備好的評論的鏈接，我們的季度投資者幻燈片已發佈到我們的投資者關係網站上。今天早上的電話會議將允許參與者就我們的結果和管理層昨晚提供的書面評論提出問題。

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

在我們開始今天早上的問答之前，Docebo 想提醒聽眾，所討論的某些資訊本質上可能具有前瞻性。此類前瞻性資訊反映了公司目前對未來事件的看法。任何資訊都受到風險、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的預測有重大差異。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 reconciliations to the nearest IFRS measures. Please note that unless otherwise stated, all references to any financial figures are in US 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，以了解有關非 IFRS 的更多資訊。財務指標，包括與最接近的 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, Alessio Artuffo, and our CFO, Sukaran Mehta.

現在我想將電話轉給 Docebo 的執行長 Alessio Artuffo 和我們的財務長 Sukaran Mehta。

At this time we will open the line for questions. (Operator Instructions)

這時候我們就開通提問專線。（操作員說明）

Suthan Sukumar, Stifel.

蘇坦·蘇庫瑪，斯蒂菲爾。

Good morning, guys. My first question. I just wanted to touch on, you guys flagged the SNB weakness in their remarks and but from the KPIs and results clearly seeing continued strength and momentum in enterprise and green shoots in the government space. How should we be thinking about the durability of these trends that you're seeing? Hello? Can you hear me?

早上好傢伙。我的第一個問題。我只是想談談，你們在言論中指出了瑞士央行的弱點，但從關鍵績效指標和結果中可以清楚地看到企業的持續實力和勢頭以及政府領域的萌芽。我們應該如何考慮您所看到的這些趨勢的持久性？你好？你聽得到我嗎？

Hello. Hello.

你好。你好。

Yeah can hear you now.

是的，現在可以聽到你的聲音了。

Okay.

好的。

Okay. Okay. Sorry. You can go ahead.

好的。好的。對不起。你可以繼續。

Suthan, hi. I would say, look, this is a quarter in which we felt that our performance -- I want to underline and really focus on it being another beat on that -- on revenue and EBITDA. And underscore really our solid cash flow performance. You are correct in terms of the impact from the macro. We're seeing a more elevated, the past couple of months in the SMB and mid-market segments where would have churn and the in general seat optimization, we had more pressure on that in the past. And we expect with this to defuse overtime when you combine that with what we shared on the large customer impact that we had.

蘇坦，嗨。我想說，看，這個季度我們感覺我們的業績——我想強調並真正關注它是另一個表現——在收入和 EBITDA 上。並真正強調了我們穩健的現金流表現。就宏觀影響而言，您是對的。我們看到過去幾個月中小型企業和中端市場的情況更加嚴峻，這些領域可能會出現客戶流失和整體座位優化，我們過去對此面臨更大的壓力。我們希望將這一點與我們所分享的對客戶的巨大影響結合起來，從而緩解加班問題。

However, just for clarity, a customer that we have supported for over nine years, I would say that's kind of a little bit of the summary on the performance of the quarter. But all of this is literally by design in the sense that our enterprise segment and our golf segment adds very remarkable performance. Among other things, our new logo ACV increased by almost 20% of customers with $100,000 in ARR and above, grew over 30%, I think over 36%. Almost 50% of our ARR in Q1 came from an enterprise and government segment. And then, you know, 50% of our pipeline is enterprise and external hybrid use case, which by design is what we want more for better unit economics. So we remain very, very optimistic about the trend moving forward. On the basis of this. Sukaran, you have anything to add?

然而，為了清楚起見，我們已經支持了九年多的客戶，我想說這只是本季業績的一點總結。但這一切實際上都是經過設計的，因為我們的企業部門和高爾夫部門增加了非常出色的表現。除此之外，我們的新商標 ACV 使 ARR 為 100,000 美元及以上的客戶成長了近 20%，成長超過 30%，我認為超過 36%。第一季我們的 ARR 近 50% 來自企業和政府部門。然後，您知道，我們 50% 的管道是企業和外部混合用例，從設計上來說，這是我們更希望獲得更好的單位經濟效益的。因此，我們對未來的趨勢仍然非常非常樂觀。在此基礎上．蘇卡蘭，你還有什麼要補充的嗎？

Yes. I think this was a good summary. I think in general, I would say that as we look at some of the factors I am providing at this guide, we're being cautious as we look at some of the macro pressures, especially on the SMB side, I would say. Of course, the effect from the US dollar movement has an impact as we translate those revenues into US dollar. And I think at a high level, what's important to understand what Alessio alluded to with that, if you read through the print, this is a solid quarter across the board from a revenue EBITDA. We've actually done incredibly well in the enterprise segment and continue to speak to some of those numbers unless you've talked about.

是的。我認為這是一個很好的總結。我認為總的來說，當我們審視我在本指南中提供的一些因素時，我們在審視一些宏觀壓力時持謹慎態度，特別是在中小企業方面。當然，當我們將這些收入轉換為美元時，美元變動的影響會產生影響。我認為從較高的層面來看，理解 Alessio 所暗示的內容很重要，如果你通讀印刷品，你會發現，從收入 EBITDA 來看，這是一個全面可靠的季度。事實上，我們在企業領域做得非常好，並且會繼續談論其中的一些數字，除非你已經談論過。

At the end of the day, the company will still continue to grow as we talked about in our guide. And we provided that annual guide just under 20% and at the same time, increasing our EBITDA and free cash flow. So as we think about the medium to long term, we are now with the free cash flow and the EBITDA leverage that we are delivering. This also gives us enough firepower to invest in areas of growth and support our build versus buy strategy in terms of innovation.

最終，正如我們在指南中談到的那樣，公司仍將繼續發展。我們提供了略低於 20% 的年度指導，同時增加了我們的 EBITDA 和自由現金流。因此，當我們考慮中長期時，我們現在擁有我們正在提供的自由現金流和 EBITDA 槓桿。這也為我們提供了足夠的火力來投資成長領域，並支持我們在創新方面的建構與購買策略。

And I think the most important part, even in this operating leverage and growth story is that we will continue to invest in research and development at innovation and sales and marketing throughout the year. And I think the leverage that you're seeing now come through the system is mostly from G&A. So what that really tells you is that we are focused on driving high-quality growth with best-in-class unit economics and the consistent story from the past few quarters.

我認為，即使在這個營運槓桿和成長故事中，最重要的部分是我們將繼續全年投資於創新、銷售和行銷的研發。我認為您現在透過系統看到的槓桿作用主要來自一般行政費用。因此，這真正告訴您的是，我們專注於透過一流的單位經濟效益和過去幾季的一致故事來推動高品質成長。

Great guys. Thank you for that color. My second question, I wanted to touch on the partner channel. What is the -- can you provide some color on the current A-Force partnership and any changes that you may have seen in that relationship since that last update? And on the other front, then it sounds like you're seeing pretty healthy traction with new partners on both the enterprise and the government side. So I would just love your thoughts on the puts and takes that you see with the partner channel going forward.

很棒的傢伙。謝謝你的那個顏色。我的第二個問題，我想談談合作夥伴管道。您能否提供一些有關當前 A-Force 合作夥伴關係的信息，以及自上次更新以來您在這種關係中可能看到的任何變化？另一方面，聽起來您在企業和政府方面都看到了新合作夥伴的相當健康的吸引力。因此，我很想聽聽您對合作夥伴頻道未來看到的看跌期權和看跌期權的看法。

Yes. I'll kind of get started there. Feel free to chime in from regarding your question regarding the A-Force, as you're aware, we're currently engaged in the auction. And so we're unable to make any specific comments about the relationship at this time. However, I would say from our perspective, we remain focused on divesting our focus. We're very focused on making sure that we have a good differentiation of our partnership in terms of revenue and distribution of those.

是的。我會從那裡開始。請隨意就您有關 A-Force 的問題插話，如您所知，我們目前正在進行拍賣。因此，我們目前無法對這種關係做出任何具體評論。然而，我想說，從我們的角度來看，我們仍然專注於剝離我們的注意力。我們非常注重確保我們的合作夥伴在收入和分配方面具有良好的差異化。

In terms of the OEM book in general, our execution continues. We have added three OEMs since last summer, which was consistent with our strategy. With regards to some existing partners, EY and Darwinbox in particular, continue to scale, and we expect them to have a healthy performance in the second half of the year.

總體而言，就 OEM 而言，我們的執行仍在繼續。自去年夏天以來，我們增加了三個 OEM，這符合我們的策略。對於一些現有的合作夥伴，特別是EY和Darwinbox，繼續擴大規模，我們預計他們在下半年會有健康的表現。

Additionally, you're correct when we think about partnerships. We think a lot about beyond the OEMs, we think about the size, we think about the broader partnership with ecosystem opportunities. In this regard, RSI focus is very significant. We are putting our energies in it from a perspective of areas of improvement, we want to do even more even better. Because we believe it's a very, very promising area where we have a lot of leverage to gain from.

此外，當我們考慮合作夥伴關係時，您是正確的。我們思考了很多超越原始設備製造商的問題，我們考慮了規模，我們考慮了與生態系統機會的更廣泛的合作夥伴關係。就此而言，RSI 關注的意義非常重大。我們從改進的角度投入精力，希望做得更多更好。因為我們相信這是一個非常非常有前途的領域，我們可以從中獲益。

And in this regard, we actually staffed our team even further to grow and mature aggregating partnerships, OEM but not only we brought on board the new seasoned executive named Travis, Bert, who has a long-standing, a great experience in HCM and space and will be leading our partnerships and corporate strategy function. And yeah, OEM partnerships in general remain one of our growth and growth pillars and growth vectors. And we plan to acquire more and continue to partner and generate more revenue with the ones that we have already.

在這方面，我們實際上為我們的團隊配備了進一步發展和成熟的聚合合作夥伴關係、OEM，而且我們不僅引進了經驗豐富的新高管 Travis Bert，他在 HCM 和空間方面擁有長期的豐富經驗並將領導我們的合作夥伴關係和企業策略職能。是的，原始設備製造商合作夥伴關係總體上仍然是我們的成長和成長支柱和成長載體之一。我們計劃收購更多，並繼續與我們已經擁有的合作夥伴合作，創造更多收入。

And the only thing I'll add to that point, Suthan, quickly on the larger sites that are ramping that are important to what we delivered this quarter and in the future, spoke about that they have continuously supported us in a number of deals in the past and government being one that we called out. But I think beyond government, we're certainly seeing that even in the commercial segment, our enterprise segment, I should say they are ramping up significantly to larger size specifically that we work with. And I think one of the things I would call out as part of my guidance in general is that we have some healthy opportunities that are in place. We are being cautious in terms of how the timing of the deals will play out and how and when they'll close. But we are vendor of choice in a number of these deals, working with some larger sites. And that's an important part of how we attribute that to be such a significant amount of our pipeline as we look forward to the growth of the Company.

我要補充的唯一一點是，Suthan，很快就在正在擴張的大型網站上，這些網站對我們本季度和未來的交付非常重要，他談到他們在許多交易中持續支持我們過去和政府是我們所呼籲的。但我認為，除了政府之外，我們當然看到，即使在商業領域，我們的企業領域，我應該說，它們正在顯著擴大到我們合作的更大規模。我認為，作為我的整體指導的一部分，我要指出的一件事是，我們擁有一些健康的機會。我們對交易的時間表以及交易的完成方式和時間持謹慎態度。但我們是許多此類交易的首選供應商，與一些較大的網站合作。這是我們將其視為管道中如此重要的一部分的重要組成部分，因為我們期待著公司的發展。

Thank you for that for the color, gents. I'll pass along.

謝謝你們的顏色，先生們。我就過去吧

Thank you.

謝謝。

Ryan MacDonald with Needham.

瑞安麥克唐納和李約瑟。

Thanks for taking my questions and congrats on the nice quarter. Alessio, first to start with the second. First of all, thanks for sort of a full year guidance. I think that helps provide some additional context how you see things playing out through the end of the year here? But as we think about the headwinds that you've called out across FX, SMB and then obviously the unexpected customer churn. Can you maybe help us frame up maybe the magnitude of impact to cross all three of those in terms of where your initial annual guidance is relative to maybe where consensus was prior to that? Thanks.

感謝您回答我的問題，並祝賀這個美好的季度。阿萊西奧（Alessio）首先從第二個開始。首先，感謝您全年的指導。我認為這有助於提供一些額外的背景信息，您如何看待今年年底的情況？但當我們想到您在外匯、中小企業中指出的逆風時，顯然還有意外的客戶流失。您能否幫助我們根據您最初的年度指導相對於之前共識的情況來確定跨越所有這三個方面的影響程度？謝謝。

Yes, Ryan, good question. I think if you just to simplify it, the answer would you be able to calculate it if you look at where the consensus was versus where we've guided to the range high end of the range, even the differential will be basically one-third, one-third, one-third between each of these components.

是的，瑞安，好問題。我認為，如果你只是為了簡化它，如果你看看共識的位置與我們指導的範圍高端的位置，你是否能夠計算出答案，即使差異基本上是三分之一，三分之一，每個組件之間的三分之一。

And so what I will speak to just in terms of the macro specifically, I want to call out in the SMB side, is that we'll call out in the past the fact that this is a customer that's a first-time buyer. Macro sensitive requires resources from an implementation perspective, and let's now will speak to in a second around some of the initiatives that were proposed to streamline and that segment. But I think what we're certainly seeing is that that SMB customer is more impacted in the past couple of months with some of the macro pressures that they're seeing.

因此，我要特別從宏觀角度講，我想在中小企業方面指出，我們過去會指出，這是一個首次購買的客戶。從實施的角度來看，宏觀敏感度需要資源，現在我們將討論一些為簡化該細分市場而提出的措施。但我認為我們確實看到的是，中小企業客戶在過去幾個月中受到的一些宏觀壓力影響更大。

And we're seeing, you know, a bit more on this, I would say not on churn but on the downgrade side. We'll see the optimization happening in that segment. And so as we look through -- we can be the macro towards the later part of this year. We think and we're just being cautious to make sure that we have passed through or we have not talked this any where. But we have enough visibility, at least for the for the remaining part of the year to be cautious around that segment.

你知道，我們在這方面看到了更多，我想說的不是客戶流失，而是降級方面。我們將看到該部分發生的最佳化。因此，當我們回顧過去時，我們可以成為今年下半年的宏觀因素。我們認為並且我們只是謹慎地確保我們已經通過或我們沒有在任何地方談論過這個問題。但我們有足夠的可見度，至少在今年剩餘時間內對該細分市場持謹慎態度。

And then the FX headwind, as you know, 30% of our revenue comes from outside the US, and that certainly has an impact with the US dollar strengthening. This large customer, one thing that's worth noting is that the large customer that we support over nine years, we are still going to support them for one of their use cases. The proportion that I said went to a company that had an in-house, of a content business that has elements that they do. All of this happened suddenly. But what happens in our world is that because the numbers are relatively -- we're not at scale, but these type of downgrades will impact us towards the latter part of this year, just because of our size and scale that impacts grow in the year.

然後是外匯逆風，如您所知，我們 30% 的收入來自美國以外的地區，這肯定會對美元走強產生影響。對於這個大客戶，值得注意的一件事是，我們支援了九年多的大客戶，我們仍然會為他們的一個用例提供支援。我所說的比例流向了一家擁有內部內容業務的公司，該公司擁有他們所做的元素。這一切都發生得很突然。但在我們的世界中發生的情況是，因為數字是相對的——我們還沒有達到規模，但這些類型的降級將在今年下半年影響我們，只是因為我們的規模和規模會影響成長年。

So to answer your question, FX, SMB, macro pressure, and the large customer impact, our breakeven previously, we attribute one-third impact from the differential from the consensus to what we guided.

因此，為了回答你的問題，外匯、中小企業、宏觀壓力以及大客戶的影響，我們先前的損益平衡，我們將三分之一的影響歸因於與我們指導的共識之間的差異。

Super helpful color there. I really appreciate it. Maybe you want to just switch gears to the new pricing strategy that you talked about in the prepared remarks, and it sounds like you've got three new pricing tiers. Can you can you provide to the extent you're able to at this point a bit more color on sort of what those three tiers entail relative or compared to sort of the prior pricing strategy?

那裡的顏色超級有用。對此，我真的非常感激。也許您只想切換到您在準備好的評論中談到的新定價策略，聽起來您已經有了三個新的定價等級。您能否在目前能夠提供的範圍內提供更多關於這三個層級相對於或與先前的定價策略相比的內容？

And depending on how long you've been in the market with this strategy so far, any feedback on from customers thus far? Or are you able to measure sort of or quantify what the impact is on what a new lens looks like under this pricing strategy relative to the prior one? Thank you.

到目前為止，根據您採用此策略進入市場的時間有多長，到目前為止，客戶有什麼回饋嗎？或者您能夠衡量或量化在這種定價策略下相對於先前的策略對新鏡頭的影響？謝謝。

Yeah. So yeah, so just to kind of give some background to the pricing that we have historically and as we price our go-to from a customer perspective, we would price historically on, as we say, a la carte basis, where the number of products and modules that we offer to the customer. I think we've done a lot of work over the last 12 to 18 months in terms of reviewing how fast how a customer interacts with what the market is, lot of benchmarking, a lot of competitive intelligence, and to really understand how we can help our customers based on their needs.

是的。所以，是的，所以只是為了給我們歷史上的定價提供一些背景，當我們從客戶的角度對我們的首選定價時，我們會按照我們所說的點菜基礎進行歷史定價，其中我們向客戶提供的產品和模組。我認為我們在過去 12 到 18 個月裡做了很多工作，包括審查客戶與市場互動的速度、大量基準測試、大量競爭情報，並真正了解我們如何能夠根據客戶的需求幫助他們。

And specifically, the pricing is focused in the world that we call offering the core platform and then solving the problems around the specific needs, the use cases. And so what you will find here is that our pricing has now moved to more of a core platform that bundles key products and services that we know the customer requires, and it's separated between a, I'll call, SMB customer versus mid-market and enterprise customers. And then beyond that, what we do is beyond the core package, the customer will have now capability of adding incremental use case specific needs, whether it's e-commerce capabilities, whether it's content offering capabilities, whether it's seven external extended enterprise and the need for having a dedicated architecture, so on, and so forth.

具體來說，定價的重點是我們所謂的提供核心平台，然後解決圍繞特定需求和用例的問題。因此，您在這裡會發現，我們的定價現在已更多地轉移到一個核心平台，該平台捆綁了我們知道客戶需要的關鍵產品和服務，並且它分為中小企業客戶和中端市場客戶和企業客戶。除此之外，我們所做的超出了核心包，客戶現在將有能力添加增量用例特定需求，無論是電子商務能力，無論是內容提供能力，無論是七個外部擴展企業和需求因為有一個專用的架構，等等。

So we've created incremental packages that the customer can benefit from by acquiring that beyond the core offering, but even in the core offering, what we've been able to do is to package more product and features and capabilities. And all of this effectively will help us from our ability to how we talk to the customer, how we solve their problems. And more so, we expect that this will help from a deal velocity and win rate perspective as the conversations and how we approached the customer from a go-to-market perspective, will be much, much simpler relative to what it was historically in ala carte basis.

因此，我們創建了增量包，客戶可以透過獲取核心產品以外的產品來受益，但即使在核心產品中，我們能夠做的就是打包更多的產品、功能和功能。所有這些都將有效地幫助我們從我們的能力到我們如何與客戶交談，以及我們如何解決他們的問題。更重要的是，我們預計這將從交易速度和獲勝率的角度有所幫助，因為對話以及我們如何從進入市場的角度接觸客戶，相對於歷史上的情況來說將要簡單得多點菜基礎。

And anything -- one thing I will call out, as you know, Ryan, is I also was listening to how HubSpot had done it recently if these things take time, right. So with the new customers, you can imagine that this new pricing went out live in April. These costs -- when these are that any new net of course, I mean, creative, you can expect that they'll start impacting us in Q4 of this year because that's like three to six month deal cycles for at least mid market.

任何事情 - 我要指出的一件事，如你所知，Ryan，我也在聽 HubSpot 最近是如何做到的，如果這些事情需要時間，對吧。因此，對於新客戶來說，您可以想像這個新定價已於四月推出。這些成本——當然，當這些是任何新的網路時，我的意思是，有創意的，你可以預期它們將在今年第四季開始影響我們，因為這對至少中端市場來說就像三到六個月的交易週期。

And then on the renewal book of business, we will be extremely sensitive. As you know, it's a longer journey. You have to make sure that each and every customer and the previous terms and previous pricing and you make sure that you can move them into the new book of pricing will generally take a few years as they kind of renew through the cycle. Ales, do you want to add anything to it?

然後在業務續約方面，我們將非常敏感。如您所知，這是一個更長的旅程。您必須確保每位客戶以及先前的條款和先前的定價，並確保您可以將它們轉移到新的定價書中，通常需要幾年的時間，因為它們會在整個週期中更新。艾爾斯，你想加點什麼嗎？

Just a couple of things. I would say this pricing exercise, redesign was a process that we took our time to define. I think our starting point was really to introduce pricing concepts that line up with our buyers buying and be less, if you will, company centric, but more customer centric and align and reduce friction in the cycle. And because we are a story of segments where different buying behaviors at and across different segments, we felt that it was appropriate -- the appropriate time to introduce a pricing and packaging that better reflected the difficult market story as opposed to an ala carte. There wasn't -- created the deal slowdown as opposed to this one.

只是幾件事。我想說的是，這次定價活動、重新設計是我們花時間定義的過程。我認為我們的出發點實際上是引入與買家購買一致的定價概念，如果你願意的話，更少以公司為中心，但更多以客戶為中心，並協調和減少週期中的摩擦。而且因為我們是一個細分市場的故事，不同細分市場和跨細分市場的購買行為不同，所以我們認為現在是適當的時機——引入更好地反映困難的市場故事而不是點菜的定價和包裝的適當時機。與這次相反，沒有造成交易放緩。

We -- our anticipation is we will have better deal velocity. That's one of the goals. And the second concept, I think as we plan on releasing more capabilities in the near future, this pricing supports that as opposed to adding more a-la-carte in a manner that could cause confusion, we wanted to streamline the packaging of our future products as well so that our customers better understand them and we can position them in the right segments in the right way. So all in all, we're very happy of the job done so far, but it's a little early to make statements or analysis like Sukaran said that. But over the next few months, we're going to start to see the benefits of this, and we have great conviction in our pricing exercise.

我們－我們的預期是我們將擁有更好的交易速度。這是目標之一。第二個概念，我認為，隨著我們計劃在不久的將來發布更多功能，這種定價支持這一點，而不是以可能導致混亂的方式添加更多點菜，我們希望簡化未來的包裝產品，以便我們的客戶更了解它們，我們可以以正確的方式將它們定位在正確的細分市場中。總而言之，我們對迄今為止所做的工作感到非常滿意，但像蘇卡蘭所說的那樣做出陳述或分析還為時過早。但在接下來的幾個月裡，我們將開始看到這樣做的好處，並且我們對我們的定價工作充滿信心。

Thanks a lot. Appreciate the color.

多謝。欣賞顏色。

Stephanie Price, CIBC.

史蒂芬妮·普萊斯，CIBC。

Hi, good morning. Focusing on the large SIs, you mentioned that they were starting to open up opportunities outside the government sector. Just hoping you can talk a little bit about what you're seeing with the SIs outside of government and how you're kind of thinking about that segment over time?

早安.針對大型系統整合商，您提到它們開始在政府部門之外開闢機會。只是希望您能談談您在政府之外的 SI 中所看到的情況以及隨著時間的推移您如何看待該細分市場？

Sure, Stephanie, great question. Yes, the SI motion is one that supports that while we started focusing on it in the beginning as a reflection of certain strategic deals that happened in corporate. And then as we started executing in the government space and certain relationship with certain size, they're accelerated. Now those same relationships have sort of stick cascaded that on the corporate side. And then what we're seeing is a definite support, a better support of larger customers. We're seeing SIs very interested in working with us in implementing services on top of these customers and in general are contributing to the pipeline, to our pipeline.

當然，史蒂芬妮，好問題。是的，SI 動議支持這一點，而我們一開始就開始關注它，因為它反映了公司中發生的某些策略交易。然後，當我們開始在政府領域和某些規模的某些關係中執行時，它們就會加速。現在，這些相同的關係在企業方面已經起到了一定的作用。然後我們看到的是明確的支持，對大客戶更好的支持。我們發現系統整合商非常有興趣與我們合作，為這些客戶實施服務，並且總體上正在為管道、我們的管道做出貢獻。

I would say, over time, this is a great opportunity at this point, I would say our efforts have started relatively in over the past few months. We now have a new executive owner of this function that has many years of experience in growing large scale SI programs. I believe that we've done really well that we can do even better. We were -- as Sukaran said it before, we have some significant opportunities in sight and we want to be cautious because this is a complex market which is not always predictable as to the exact months as to when these large opportunities may come to fruition, but these opportunities are in place, thanks to these SIs, and our job is to continue expanding those relationships and growing the portfolio of these SIs.

我想說，隨著時間的推移，這是一個很好的機會，我想說我們的努力是在過去幾個月相對開始的。我們現在擁有了該職能部門的新執行負責人，他在發展大型 SI 專案方面擁有多年的經驗。我相信我們已經做得很好了，我們可以做得更好。正如蘇卡蘭之前所說，我們看到了一些重要的機會，我們要保持謹慎，因為這是一個複雜的市場，並不總是可以預測這些巨大機會何時實現的確切月份，但由於這些SI，這些機會已經到位，我們的工作就是繼續擴大這些關係並擴大這些SI 的投資組合。

We currently work with couple very closely, and we have a few others that we are developing.

我們目前與夫婦密切合作，我們正在開發其他一些產品。

And I think the only thing I'd add to that, as said, one of the interesting dynamics also that you may have heard we talked about in the past few quarters, from a competitive landscape as well, we're seeing that some of these larger size are moving to the best in class Docebo cable relative to the historical or legacy platforms that you know we compete with. So there's also momentum from that perspective that customers are looking to the best-in-breed technology and now these larger-sized are seeing that with, for participating with us relative to the historical competitors that have legacy platforms.

我認為我唯一要補充的是，正如所說的，您可能已經聽到我們在過去幾個季度中談論過的有趣的動態之一，從競爭格局來看，我們看到一些相對於您知道我們與之競爭的歷史或傳統平台，這些更大尺寸的Docebo 電纜正在轉向一流的Docebo 電纜。因此，從這個角度來看，客戶正在尋求同類最佳的技術，現在這些較大規模的公司也看到了這一點，與擁有傳統平台的歷史競爭對手相比，他們與我們一起參與。

Thanks. That's good color. And then and then just my second question, I was hoping you could talk a little bit more about the macro headwinds that you're seeing impact, customers seats, and renewal happening. I'm a bit surprised that you aren't seeing at the enterprise level, just given what some other software companies are saying. Maybe you can talk a bit about your visibility into enterprise and what you're seeing more specifically there in terms of customer cost efficiencies, et cetera?

謝謝。這顏色真好啊然後是我的第二個問題，我希望你能多談談你所看到的宏觀逆風的影響、客戶席位和更新的發生。我有點驚訝的是，僅僅考慮到其他一些軟體公司的說法，您並沒有在企業層面上看到這一點。也許您可以談談您對企業的了解以及您在客戶成本效率等方面更具體地看到的情況？

Yes. It's a good question. Stephanie, in our world, when you think about SMB, mid-market or enterprise, what you'll find is that mid-market and enterprise segments are more hybrid, external leading. And so you generally what you find there is that we have more departments to serve, more use cases to solve. So our ability to retain or expand those customers is in a much superior position relative to the SMB customer who is a first time adopter of 1.0 LMS buyer. We're not a strategic -- don't have necessarily have strategic resources assigned to their use cases or use case in general. The SMB customer may or may not be always multiple use case opportunity for us. And so that's where the field optimization and any of the impact you're seeing from the macro is more felt because we, because you have in the enterprise segment and ability to retain in multiple use cases or expand. And so that's kind of really the dynamic and why we've been calling out in the past year or so.

是的。這是一個好問題。史蒂芬妮，在我們的世界中，當您考慮中小企業、中端市場或企業時，您會發現中端市場和企業細分市場更加混合、外部領先。因此，您通常會發現我們有更多的部門需要服務，更多的用例需要解決。因此，相對於首次採用 1.0 LMS 買家的中小企業客戶，我們保留或擴大這些客戶的能力處於更優越的地位。我們不是策略性的——不一定有分配給他們的用例或一般用例的策略資源。中小企業客戶可能會也可能不會總是為我們提供多個用例機會。因此，這就是現場優化和您從宏觀上看到的任何影響更明顯的地方，因為我們，因為您在企業細分市場中擁有在多個用例中保留或擴展的能力。這就是我們在過去一年左右的時間裡一直在呼籲的真正動力和原因。

Our focus is to continue to move up market and support. You saw this quarter, Alessio spoke about at the start of the call, that new logos ACV increased year over year by almost 20%, with a good majority of that is coming from mid-market and enterprise segment and government. Customers, over $100,000 and above, ARR grew 36% year over year. 50% of the number we delivered in the quarter came from enterprise and government segments.

我們的重點是繼續提升市場和支持。Alessio 在電話會議開始時談到，本季新商標 ACV 年比成長了近 20%，其中大部分來自中階市場、企業部門和政府。對於金額超過 100,000 美元及以上的客戶，ARR 年增 36%。我們本季交付的數量中有 50% 來自企業和政府部門。

So if you look at some of those critical data points, you realize that underneath all that all the customer cohorts that we support, it's really the mid-market enterprise customer that give us the best-in-class unit economics relative to the SMB customer. And we have some plays in terms of how we will support the SMB customer sold without -- by optimizing some of our operating structure. But generally that's how we think about the strategy going forward.

因此，如果您查看其中一些關鍵數據點，您就會意識到，在我們支援的所有客戶群的背後，實際上是中端市場企業客戶為我們提供了相對於中小型企業客戶而言最佳的單位經濟效益。我們在如何支援中小型企業客戶方面採取了一些措施，即透過優化我們的一些營運結構。但總的來說，這就是我們對未來策略的看法。

That's great color. Thank you.

那顏色真棒。謝謝。

Josh Baer with Morgan Stanley.

摩根士丹利的喬許貝爾 (Josh Baer)。

Great. Thanks for the question. A couple of follow-ups on some of the headwinds for this year. Just wondering if there's any theme or pattern to some of the optimizations that you're seeing in SMB and lower mid-market, whether it's departments or cross use cases? Is it internal or external? Thanks.

偉大的。謝謝你的提問。關於今年一些不利因素的一些後續行動。只是想知道您在中小型企業和中低端市場中看到的一些優化是否有任何主題或模式，無論是部門還是跨用例？是內部的還是外部的？謝謝。

Yeah, Josh, I'll continue (multiple speakers). Yeah, I think it's a little bit of a continuation of what Sukaran was addressing before, Josh, what we're seeing is smaller organizations where learning was not more integrated in a more complex ecosystem. And we're learning that was a strategic -- they may reduce the seats altogether, leave it for them, different ways of delivering a content. I would say our focus has always been on working with organizations that people use Docebo for what it's great for in Docebo.

是的，喬什，我會繼續（多個發言者）。是的，我認為這有點延續了蘇卡蘭之前所說的內容，喬什，我們看到的是規模較小的組織，其中的學習並沒有更好地融入更複雜的生態系統中。我們了解到這是一種策略——他們可能會完全減少座位，把它留給他們，以不同的方式提供內容。我想說的是，我們的重點始終是與人們使用 Docebo 的組織合作，因為 Docebo 的用途非常廣泛。

But our positioning in the market more and more we want to either our right-to-win is with organizations that execute in a multi-use case strategy. We have a great penetration with customers that are new, for at least two, three, and four use cases. That's where best unit economics are. And I would say organizations, especially sub 1,000 employees that have a point in need and smaller use cases are the ones where we have seen the biggest patterns. Sukaran, I don't know if there's anything else you would add?

但我們在市場上的定位越來越希望我們的獲勝權是與執行多用例策略的組織合作。我們對新客戶的滲透率很高，至少有兩個、三個和四個用例。這就是最好的單位經濟效益所在。我想說的是，我們看到最大模式的組織，尤其是有需求點和較小用例的 1,000 名員工以下的組織。Sukaran，不知道您還有什麼要補充的嗎？

So I think, Josh, the only thing I'll add is to your question on the use case specifically, I think the majority or the majority is a significant amount of the pressure that we're seeing on the feed us on the internal use case market. And so that's kind of relative to all the where folks are optimizing their headcounts in their companies. Petra, et cetera.

所以我想，喬什，我唯一要補充的是你關於用例的具體問題，我認為大多數或大多數是我們在內部使用中看到的巨大壓力案例市場。因此，這與人們優化公司員工人數的所有方面有關。佩特拉等等。

Okay, great. And second question, just on the strong free cash flow margin there, 18%, if anything, one-time in the quarter, should we expect free cash flow margin to track ahead of EBITDA margin for the rest of the year? How should we think about the sustainability of that free cash flow margin?

好的，太好了。第二個問題，就強勁的自由現金流利潤率而言，本季一度達到 18%（如果有的話），我們是否應該預期自由現金流利潤率在今年剩餘時間將領先於 EBITDA 利潤率？我們該如何考慮自由現金流邊際的可持續性？

Yeah, yeah, so if you look at the EBITDA guide that we gave, we get the high end of the range, 15.5% generally, I would say free cash flow on a -- if you look at on a trailing 12 month basis, which would be one or 2% higher relative to our EBITDA. That's kind of the rule of thumb in our world. And to your question, if there's any specific items in Q1, not necessarily that just always payments with some customers and the billing cycles with annual cycles that we would have collected some cash. But even on a trailing 12-month basis, Josh, you're safe to presume that our free cash flow will be 1% to 2% higher than what we guided for EBITDA.

是的，是的，所以如果你看一下我們提供的 EBITDA 指南，我們會得到該範圍的高端，一般為 15.5%，我想說的是自由現金流 - 如果你看過去 12 個月的基礎，相對於我們的EBITDA 而言，這將高出1% 或2%。這就是我們世界的經驗法則。對於你的問題，如果第一季有任何特定項目，不一定只是總是與一些客戶付款以及我們會收取一些現金的年度週期的計費週期。但喬什，即使在過去 12 個月的基礎上，您也可以放心地假設我們的自由現金流將比我們指導的 EBITDA 高 1% 到 2%。

Okay, great. Thank you.

好的，太好了。謝謝。

Robert Young, Canaccord Genuity.

羅伯特楊，Canaccord Genuity。

Hi, good morning. Some of your past comments have suggested you want to operate the business at a Rule of 40 or better kind of with an emphasis on growth. And so this annual guide for 24 suggests that the emphasis is more on EBITDA margins. And so I was curious if you could maybe and revisit that target. And then if you could also talk about your aspiration for annual growth over time. Some of the things you're calling out here driving this change seem to be depending on your view, could be temporary in nature. And so if you're looking out over a three-year horizon, are you still looking at building this business for like a 20% or higher growth profile? Or maybe just talk about your aspirations long term?

早安.您過去的一些評論表明您希望按照 40 規則或更好的規則來經營業務，並強調成長。因此，這份 24 年度指南表明，重點更多地放在 EBITDA 利潤率上。所以我很好奇你是否可以重新審視這個目標。然後您是否也可以談談您對隨著時間的推移每年增長的願望。您在這裡呼籲推動這一變化的一些事情似乎取決於您的觀點，本質上可能是暫時的。因此，如果您展望三年，您是否仍在考慮將這項業務打造為 20% 或更高的成長前景？或只是談談您的長期願望？

Yes, Rob, I'll start with your specific question on the margin, and then I'll get Alessio just speak about the long-term strategy. Firstly, first and foremost, the operating leverage that you're seeing in our that we delivered this quarter and we'll continue to deliver, as part of my guidance is that, we are focused on driving growth as the primary objective of our strategy and high quality growth with best-in-class unit economics being underscored in that statement.

是的，羅布，我將從你的特定問題開始，然後我會讓阿萊西奧談談長期戰略。首先，首先也是最重要的是，您在我們本季度交付的營運槓桿中看到的，我們將繼續交付，作為我的指導的一部分，我們專注於推動增長作為我們戰略的主要目標該聲明強調了高品質成長和一流的單位經濟效益。

If you look at the delivery of the operating leverage we've done over the past few quarters, I say this, G&A is the gift that keeps giving and we'll continue to -- we will continue to show operating discipline in our G&A functions, which is where you're seeing the majority of this leverage come from. We will continue to invest sales and marketing and R&D at levels -- you can expect sales and marketing will be relatively flat to what we have right now, around 32%, give or take. And we will continue to invest in R&D and innovation, which was close to, I think, 20% as a percentage of revenue this quarter will be slightly lower than that. But what I'm trying to get to is that we are not going to compromise investments in sales and marketing and R&D and growth remains our primary objective. And as you think about the growth of the business, still at what we delivered this quarter at 23%, natural operating leverage from G&A will get us to a position where this company as we look to 2024, 2025 cycle is more of a balanced Rule of 40, where EBITDA free cash flow naturally is getting to closer and closer to the 20% mark. And I and I'll let Alessio come in on the on the growth side, but like I said, we are focused on driving the Rule of 40 with balanced growth and balanced EBITDA.

如果你看看我們在過去幾個季度所做的營運槓桿的交付，我會說，G＆A 是不斷給予的禮物，我們將繼續 - 我們將繼續在我們的 G＆A 職能中表現出運營紀律，這就是您看到大部分槓桿來自的地方。我們將繼續對銷售、行銷和研發進行一定程度的投資——你可以預期，銷售和行銷將與我們目前的水平相對持平，大約為 32%，無論多少。我們將繼續投資於研發和創新，我認為這一比例接近 20%，佔本季營收的百分比將略低於這一水平。但我想表達的是，我們不會妥協對銷售和行銷的投資，研發和成長仍然是我們的首要目標。當你考慮業務的成長時，仍然是我們本季交付的23%，來自G&A 的自然營運槓桿將使我們達到這樣一個位置：在我們展望2024 年、2025 年周期時，這家公司更像是一個平衡的規則40，EBITDA 自由現金流自然越來越接近 20% 大關。我和我會讓阿萊西奧參與成長方面的工作，但正如我所說，我們專注於推動 40 法則，實現平衡成長和平衡 EBITDA。

Yeah, Robert. Great question and thanks Sukuran. I think we -- our thesis, as Sukuran said, are remaining extremely focused on growth, doesn't change the investments in sales and marketing, investments on product or the reflection of that thesis.

是的，羅伯特。很好的問題，謝謝蘇庫蘭。我認為，正如蘇庫蘭所說，我們的論文仍然高度關注成長，不會改變對銷售和行銷的投資、對產品的投資或論文的反映。

Now, altogether, it is different. There is a tremendous opportunity because in customer market times, it gives you an opportunity to create improvements even further to the execution and we were very focused on that. We're turning our attention more and more and more on our existing accounts. From a pipeline standpoint, we love what we're seeing in terms of our ability to generate pipeline within our base that we've been focusing on that a lot because it generates a really healthy pipeline relative to tax.

現在，情況完全不同了。這是一個巨大的機會，因為在客戶市場時代，它為您提供了進一步改進執行的機會，我們非常關注這一點。我們越來越多地將注意力轉向我們現有的帳戶。從管道的角度來看，我們喜歡我們所看到的在我們的基地內生成管道的能力，我們一直非常關注這一點，因為它產生了相對於稅收而言非常健康的管道。

Our long term plans, as I was mentioning, are supported by investments in products. And then in 2024 alone, in H2, we're going to be releasing multiple modules that we our modeling contributing to our growth in the future, in communities or altering our insights capabilities. And so our thesis of growth is unchanged. We're very focused on executing across the board on the growth pipeline side of the business and on the product side of the business and on improving our own internal functions in order to really get the best out of every single unit economics.

正如我所提到的，我們的長期計劃得到了產品投資的支持。然後僅在 2024 年下半年，我們就將發布多個模組，我們的建模將有助於我們未來在社區中的發展或改變我們的洞察能力。因此，我們的成長論點沒有改變。我們非常注重在業務的成長管道方面和業務的產品方面全面執行，並致力於改進我們自己的內部職能，以便真正從每個單位的經濟效益中獲得最佳收益。

Okay. That's very helpful. Maybe if I could then just dig into a little bit on your answer. Let's deal with them. If yes, what are the elements that we might think of as excluded from the current guidance, like the multiple modules, the product release, the pricing changes, large deals, FedRAMP, I mean, it might be helpful if you could call out some of the things that might be upside to the guidance you're giving here, that you're not concerned because maybe they're too hard to understand or too hard to time and then I'll pass the line.

好的。這非常有幫助。也許我可以深入研究一下你的答案。我們來對付他們吧。如果是，我們可能認為目前指南中排除了哪些元素，例如多個模組、產品發布、定價變化、大型交易、FedRAMP，我的意思是，如果您能指出一些內容可能會有所幫助那些可能對你這裡給的指導有好處的事情，你不關心的事情，因為也許它們太難理解或太難計時，然後我就會通過。

Sure.

當然。

Yeah, Rob, I'll take that one. I think the way to think about our guidance, I've said this in the past. We generally -- as we're building an incredibly healthy pipeline with these larger size that are a number of deals that are large where we are in a good position. But as we are -- Pas we've always said, on large deals, we generally tend to stay cautious in putting that in our in our overall thought of growth because we want to see execution and get very close to it finish line. And as you know, large enterprise deals take time and matter, it's not easy to pinpoint which exact month bill goes on sometimes.

是的，羅布，我要那個。我認為思考我們的指導的方式，我過去已經說過了。一般來說，我們正在建立一個極其健康的管道，這些管道規模較大，其中包括許多我們處於有利地位的大型交易。但正如我們一直所說的那樣，在大型交易中，我們通常傾向於謹慎地將其納入我們的整體成長思想中，因為我們希望看到執行並非常接近終點線。如您所知，大型企業交易需要時間和重要性，有時很難確定特定的帳單發生在哪個月份。

And so that's one factor, I would say that 2024 and specifically also the pricing changes are our are not going to materially impact 2024 they are more geared towards 2025 as we think about new pricing that came into play generally at six, three to six month sales cycle on net new deals that are coming through from April onwards will mean that you're not going to see the benefit of it necessarily until late '24, early '25.

因此，這是一個因素，我想說的是，2024 年，特別是定價變化，我們不會對2024 年產生重大影響，它們更適合2025 年，因為我們考慮通常在六個月、三到六個月內生效的新定價從 4 月開始，淨新交易的銷售週期意味著您要到 24 年末、25 年初才能看到它的好處。

And I think in the other one item, I would say that on the government side, similarly, on any large opportunities or the opportunities we'll have subject to our FedRAMP certification, are also more of a 2025. There may be some benefit in 2024, but we're generally cautious in calling out large events until we feel very certain on the timing of that closure. And that's really, basically, I would say is, some of the upside that may be there. But I think more importantly, I think we're looking to more of a 12 to 18-month cycle from a just reaccelerating some of the initiatives that may help from a growth perspective, including the product initiatives that Alessio talked about that. We have a number of products that are going to start rolling out in Q3, Q4, and you can expect that, that have a benefit into 2025 cycle.

我認為在另一項中，我想說的是，在政府方面，類似地，任何大型機會或我們將獲得的 FedRAMP 認證的機會也更多是 2025 年的。2024 年可能會帶來一些好處，但我們通常會謹慎地宣布大型活動，直到我們非常確定關閉的時間。我想說的是，這實際上是可能存在的一些好處。但我認為更重要的是，我認為我們正在尋求更多 12 至 18 個月的周期，只是重新加速一些可能有助於成長的舉措，包括 Alessio 談到的產品舉措。我們有許多產品將在第三季、第四季開始推出，您可以預期，這些產品將在 2025 年週期中受益。

Richard Tse, National Bank.

理查德謝 (Richard Tse)，國家銀行。

Yes, thank you. It seems like the business is being sort of deemphasized a little bit on SMB, whether it's natural or intentional. So how should we think about the mix of SMB to enterprise on ARR as we sort of look forward over the next call it, 12 to 24 months?

是的，謝謝。無論是自然的還是有意的，中小企業的業務似乎被削弱了一些。那麼，當我們展望下一個 12 至 24 個月時，我們應該如何考慮 ARR 上中小型企業與企業的混合？

Well, Richard, our focus for quite a while has been on the mid-enterprises enterprises, meaning on mid-market organizations above 1,000 employees for sure. The environment than what we're communicating is that we're seeing more pressure in the SMB segment, which coincides also with an area of less focus for us. From an ARR standpoint, I think what you can expect is that the company will perform, will continue to perform better on the enterprise side of the house and with deals above the $100,000, it continues to track the longer we have in this quarter and even this quarter, I think we again, as we said, the almost 50% of our ARR in the quarter came from our enterprise and government segments and customers with $100,000 and above in ARR, they grew 36% year-over-year. So our goal is to continue on those trends and we are running the business in that direction.

好吧，理查德，相當長一段時間以來我們的重點一直是中型企業，當然是指員工人數超過 1,000 名的中型市場組織。與我們所傳達的環境相比，我們在中小企業領域看到了更大的壓力，這也與我們不太關注的領域一致。從 ARR 的角度來看，我認為您可以預期的是，該公司將繼續在企業方面表現更好，並且對於超過 100,000 美元的交易，它會繼續跟踪我們本季度的時間，甚至本季度，我認為我們再次，正如我們所說，本季度我們的ARR 的近50% 來自我們的企業和政府部門以及ARR 為100,000 美元及以上的客戶，他們同比增長了36%。因此，我們的目標是繼續這些趨勢，我們正在朝這個方向經營業務。

Okay. And then with respect to government, you're already having a tremendous amount of momentum there in that business and that sort of continues on what you talked about at your conference last year. So when you do get that FedRAMP certification, should we expect a sort of further acceleration? Or is that just momentum kind of falling along the path kind of under the assumption that you're going to get that fairly soon?

好的。然後就政府而言，您在該行業已經擁有巨大的動力，而這種勢頭仍在延續您去年在會議上談到的內容。那麼，當您獲得 FedRAMP 認證時，我們是否應該期待進一步的加速？或者說，這種勢頭只是在假設你很快就會實現這一點的情況下沿著路徑下降的？

Our golf business is exciting and very promising. It's not just very promising. It's already been delivering significantly in quarter one. And this as a reminder, it's a relatively new initiative from Docebo. We haven't been doing the government business or focus for years. With that said, we look at the government opportunity, as we have commented in the past into tranches, as you correctly outlined. One, that we're executing on right now, the state local education or SLED and the Federal, which we currently are not in the deals yet because of FedRAMP certification, which we're pursuing and talking to agencies about. It's hard for us to model something before obtaining this certification.

我們的高爾夫業務令人興奮且前景廣闊。這不僅非常有前途。它在第一季就已經取得了顯著的成果。提醒一下，這是 Docebo 的一項相對較新的舉措。我們已經很多年沒有從事政府業務或焦點了。話雖如此，我們還是著眼於政府的機會，正如我們過去所評論的那樣，正如您正確概述的那樣。一是我們現在正在執行的州地方教育或 SLED 和聯邦，我們目前尚未參與交易，因為我們正在尋求並與各機構討論 FedRAMP 認證。在獲得此認證之前，我們很難對某些東西進行建模。

We can certainly expect that once we will have this certification and we will start to see those expand of the winning deals and exploration is conceivable, but we can't forecast something we don't have yet. With that in mind, I think the reason why we're working very hard in that direction is that because we have bigger objectives in that area. But in the meantime, I want to underscore how the size of deals in Atlanta is also growing significantly and are working with partners and distributors like KiraSoft is paying significant dividends in a relatively short timeframe.

我們當然可以預期，一旦我們獲得了此認證，我們將開始看到這些獲勝交易的擴大，並且探索是可以想像的，但我們無法預測我們還沒有的東西。考慮到這一點，我認為我們朝這個方向努力工作的原因是因為我們在該領域有更大的目標。但同時，我想強調亞特蘭大的交易規模也在顯著成長，並與 KiraSoft 等合作夥伴和分銷商合作，在相對較短的時間內支付了可觀的股息。

And the only thing Richard, I'll add to that is, you know, we've historically spoken about this segment. We were deliberate as well in regards to when we talked about it in late 2022, early 2023. Our investments in in government, this is a segment or vertical. I will call it that has more breadth and resiliency in different macro environments and generally tends to do well or more consistently. So we are also mindful that as we looked at our chart in 2023, relative to some of the macro pressure, the top question via government segment is important to us even in the future because it provides us healthy growth opportunities and consistent revenue for long period and high quality revenue.

理查德，我要補充的唯一一點是，你知道，我們歷史上已經討論過這個部分。我們在 2022 年底、2023 年初談論這個問題時也是經過深思熟慮的。我們對政府的投資，這是一個細分市場或垂直領域。我將其稱為在不同的宏觀環境中具有更大的廣度和彈性，並且通常往往表現良好或更一致。因此，我們也注意到，當我們查看2023 年的圖表時，相對於一些宏觀壓力，政府部門的首要問題即使在未來對我們來說也很重要，因為它為我們提供了健康的成長機會和長期穩定的收入和高品質的收入。

Thanks, guys. Appreciate it.

多謝你們。欣賞它。

Daniel Chan, TD Cowan.

陳 (Daniel Chan)，TD Cowan。

Hey, good morning. Just digging in on that FedRAMP. What's left to do to get that FedRAMP certification and any update on the timeline there?

嗨，早安。只是深入研究 FedRAMP。還需要做什麼才能獲得 FedRAMP 認證以及時間表上的任何更新？

And so there's -- it's certainly a very complex a project in itself. We have done a lot of work internally on the controls side of the house. We have committed the resources to doing this then. In terms of the material steps we're talking to sponsors of achieving FedRAMP through sponsor. It's our preferred pathway that are pathways that also are available without sponsors that are slightly harder. But in short, in summary, our plan is on track. It's subject to more audit type work and identifying the agency, which will invest the resources with us to effectively put this through and act as a sponsor. So we're full on it and pretty excited about the progress so far.

所以這本身就是一個非常複雜的專案。我們在內部控制方面做了很多工作。我們當時已投入資源來做這件事。就實質步驟而言，我們正在與贊助商討論透過贊助商實現 FedRAMP。這是我們的首選途徑，這些途徑在沒有贊助商的情況下也可以使用，但難度稍大。但總之，總而言之，我們的計畫正在步入正軌。它需要進行更多的審計類型工作並確定機構，該機構將與我們一起投入資源，以有效地完成這項工作並充當贊助商。所以我們對此感到滿意，並對迄今為止的進展感到非常興奮。

Thanks. And Sukuran, you talked about the free cash flow margin moving up nicely. And you also renewed the NCIB. So just wondering what your priorities are for capital deployment?

謝謝。蘇庫蘭（Sukuran），您談到了自由現金流利潤率的良好成長。您也更新了 NCIB。那麼只是想知道您的資本部署優先事項是什麼？

Yes. I mean, unless you feel free to jump in, I'll just say that we are showing reasonably good EBITDA and free cash flow performance and consistent performance, as I spoke earlier. If you look at the EBITDA guide is at the high end of the range, 15.5% for full year, which obviously means that exiting Q4 2024 EBITDA will be higher and probably getting closer and closer to the 20% mark, which also is a what I am speaking to that is also guide you to the fact that our free cash flow generally is 1% or 2% higher than that.

是的。我的意思是，除非你願意插話，否則我只想說，正如我之前所說，我們顯示出相當良好的 EBITDA 和自由現金流表現以及一致的表現。如果您查看EBITDA 指南，該指南處於該範圍的高端，全年為15.5%，這顯然意味著2024 年第四季度的EBITDA 將會更高，並且可能越來越接近20% 大關，這也是一個什麼我這樣說也是為了引導您了解這樣一個事實：我們的自由現金流通常比該數字高 1% 或 2%。

The good -- what I like about our setup is that we are generating significant amount of free cash flow to give us the ability to invest in areas which I'd like Alessio to speak, but in areas that will continue whether we want to invest in FedRAMP internal innovation or build versus buy opportunities. We generally will take priority in our kind of strategy going forward. But having an NCIB, this is a renewal of our NCIB that was already in play. It's more relative to -- we want to have that flexibility if we deem necessary. But generally, I would say that investments in growth initiatives, organic and inorganic, I suppose, is more and more strategically important to us. Alessio, you want to comment on that?

我喜歡我們的設置的好處是，我們正在產生大量的自由現金流，使我們能夠投資於我希望阿萊西奧發言的領域，但無論我們是否願意投資，這些領域都將繼續FedRAMP 內部創新或構建與購買機會。我們通常會優先考慮我們的未來策略。但有了 NCIB，這是我們已經在發揮作用的 NCIB 的更新。它更相關的是——如果我們認為有必要的話，我們希望擁有這種靈活性。但總的來說，我認為對有機和無機成長措施的投資對我們來說具有越來越重要的策略意義。阿萊西奧，你想對此發表評論嗎？

No. Pretty good. Thank you.

不。不錯。謝謝。

Thank you.

謝謝。

Kevin Kumar, Goldman Sachs.

凱文庫馬爾，高盛。

Hi. Thanks for taking my question. I wanted to ask about the enterprise customer that divested. Were they using dual chamber for multiple use cases in terms of external and internal? And I think you touched on this a bit. Just for clarification of how are they replacing that lost functionality?

你好。感謝您提出我的問題。我想問一下撤資的企業客戶。他們是否在外部和內部的多個用例中使用雙室？我認為你稍微觸及了這一點。只是為了澄清他們如何替換丟失的功能？

Yeah, the customer that we downgraded was a customer that we have onboarded about nine years ago, and that has a complex set of use cases, both internal and external. Now this organization divested a significant part of the company and the acquirer of that technology that was primarily in the content business also was the owner of a proprietary light delivery technology. And so what the what the new entity decided to do was to pretty simply leverage their own existing technology instead of the schedule for those specific use cases and the part that did not get acquired, did not get delisted, continuing to Docebo.

是的，我們降級的客戶是我們大約九年前加入的客戶，它有一組複雜的用例，包括內部和外部。現在，該組織剝離了公司的很大一部分，而該技術的​​收購者主要是內容業務，也是專有光傳輸技術的所有者。因此，新實體決定要做的就是簡單地利用他們自己的現有技術，而不是那些特定用例的時間表，以及沒有被收購、沒有被除名的部分，繼續到 Docebo。

Now I think I would like to underscore a couple of things of this experience. Number one. I think a customer of this magnitude and complexity once demonstrates that we kept them very happy and satisfied for almost 10 years. And to me, that's a testament to our capabilities to execute that complexity and extend their enterprise and internal hybrid. Secondly, and quite importantly, we learned a lot. We were able to extract a lot of value out of experience with this customer and we've really leveraged this experience across multiple current customers.

現在我想我想強調一下這次經歷的一些事情。第一。我認為如此規模和複雜性的客戶曾經證明，我們在近 10 年來一直讓他們感到非常高興和滿足。對我來說，這證明了我們執行複雜性並擴展其企業和內部混合的能力。其次，也是非常重要的一點，我們學到了很多。我們能夠從與該客戶的合作中獲得很多價值，並且我們確實在多個當前客戶中利用了這種經驗。

So we wish that it stayed with us for the next 10 years again, absolutely. But we understand, you know, there is a nine year lifetime value, is not bad. And we certainly understand the customer that gets acquired by somebody that has its own technology that wants to use their own technology. Now who knows, maybe they will realize that technology is not as good as ours and maybe we'll come back a little shy of it possible angle. But that's -- those are the facts.

所以我們絕對希望它能在接下來的十年中再次陪伴我們。但我們明白，要知道，有九年的終生價值，也不錯。我們當然理解那些擁有自己的技術並希望使用自己的技術的客戶所收購的客戶。現在誰知道呢，也許他們會意識到科技不如我們的好，也許我們會在可能的角度上有點害羞。但這是——這些都是事實。

And I think, and the only thing I'll add here is that this customer still remains a customer outside the diversity another portion and there's still a meaningful customer to us, and we will continue to work in expanding our capabilities with them. So the portion that remains with them is still material, and we are very thankful for the trust preferred over the years, how they've supported us.

我認為，我在這裡唯一要補充的是，該客戶仍然是多元化另一部分之外的客戶，並且對我們來說仍然是一個有意義的客戶，我們將繼續與他們一起擴展我們的能力。因此，他們留下的部分仍然很重要，我們非常感謝多年來的信任以及他們對我們的支持。

Understood. That's helpful. And then I wanted to ask about maybe, an update on the cross-selling motion and how that's trending shape continues to see some functionality improvements. So curious kind of how the messaging on that solution is resonating with customers as well? Thank you.

明白了。這很有幫助。然後我想問交叉銷售運動的更新，以及它的趨勢形狀如何繼續看到一些功能改進。非常好奇該解決方案上的消息如何引起客戶的共鳴？謝謝。

Yes. So let's say, I would address the question in two different ways from the perspective of our engine of growing our customer base in terms of pipeline, we are extremely focused on it. I mentioned that before. What we have done in specifically in that area is we had increased our investments in the so called account development area. We have dedicated more resources into prospecting in the base with the goal of generating more upsell and cross-sell pipeline. Of course, in order to generate more upsell and cross-sell pipeline, you need to address the needs that are uncovered and we are leveraging their existing new products and newer modules. And as we release new ones over the next few months, we're building the engine to support the penetration of those new products, which has communities. You mentioned shape, but we're extremely focused on the operating component of shape and the AI offering component of it, very important to us and to our customers. And we get a lot of demand for it and insights, our analytics product upcoming.

是的。這麼說吧，我會從我們在管道方面擴大客戶群的引擎的角度以兩種不同的方式解決這個問題，我們非常關注它。我之前有提到過。我們在該領域具體所做的就是增加了對所謂的帳戶開發領域的投資。我們投入了更多的資源在基地進行勘探，目標是產生更多的追加銷售和交叉銷售管道。當然，為了產生更多的追加銷售和交叉銷售管道，您需要滿足未發現的需求，我們正在利用他們現有的新產品和更新的模組。當我們在未來幾個月發布新產品時，我們正在建立引擎來支援這些新產品的滲透，其中有社群。你提到了形狀，但我們非常關注形狀的操作組件和它的人工智慧提供組件，這對我們和我們的客戶都非常重要。我們對它和見解有很多需求，我們的分析產品即將推出。

And one thing that we haven't quite touched on is the concept of extensions that we're working on, in order to differentiate Docebo even more from the LMS point solutions. So our work on strengthening in the days the BV engine is not only to obtain results immediately, but also profitably to the launch of the new products.

我們還沒有完全觸及的一件事是我們正在研究的擴展概念，以便將 Docebo 與 LMS 單點解決方案區分開來。所以我們現在加強BV引擎的工作不僅是為了立即取得成果，也是為了新產品的推出帶來利潤。

Yes. Thank you so much. Appreciate it.

是的。太感謝了。欣賞它。

Christian Sgro with Eight Capital.

克里斯蒂安·斯格羅（Christian Sgro）與八資本。

Good morning. I wanted to ask on the mix of business across new logo activity versus expansion activity. You're selling more across existing clients. Would you say in Q1 maybe some more expansion activity than normal in this environment? And I don't know how you think of your pipeline, but could you comment on how that's balanced again between new logos and some predictable upsell and cross-sell?

早安.我想詢問新徽標活動與擴展活動之間的業務組合。您在現有客戶中的銷售額增加了。您是否認為第一季在這種環境下可能會有比正常情況更多的擴張活動？我不知道您如何看待您的管道，但您能否評論一下新徽標與一些可預測的追加銷售和交叉銷售之間如何再次平衡？

Yes, Christian, I'll start with that. So yes, generally, I would say that our expansion business and new business, from a segmentation perspective is focused similarly in terms of mid-market enterprise customers, right? But we, as I spoke earlier, if you think about mid-market, large enterprise customers generally supporting customers with two, three, four more use cases only really possible at the mid-market enterprise customers, which have at least a thousand or more employees in their organization that fits in, that's a benchmark just from an internal use case perspective, but also that the size of the company that reflects the ability to support them, whether it's customer education, partner education, onboarding compliance, but then revenue enablement, sales enablement.

是的，克里斯蒂安，我就從這個開始吧。所以，是的，一般來說，我會說，從細分角度來看，我們的擴張業務和新業務同樣關注中端市場企業客戶，對嗎？但是，正如我之前所說，如果你考慮中端市場，大型企業客戶通常支援具有兩個、三個、四個以上用例的客戶，只有中端市場企業客戶才真正可能，這些客戶至少有一千個或更多組織中適合的員工，這不僅是從內部用例角度來看的基準，而且也是反映支持他們的能力的公司規模，無論是客戶教育、合作夥伴教育、入職合規性，還是收入支持，銷售支援。

So for us to serve these multiple departments, where Docebo is the one platform that solves multiple departments problems without each of these departments interacting with them in on a daily basis. That realistically is where why we cannot continue to articulate our focus on mid-market and large enterprise because that is really where you can do that.

因此，對於我們為這些多個部門提供服務而言，Docebo 是一個解決多個部門問題的平台，而無需每個部門每天與他們互動。實際上，這就是為什麼我們無法繼續闡明我們對中型市場和大型企業的關注的原因，因為這確實是您可以做到的地方。

So I would say that to your question around segments, even on expansion, it's exactly the same story, right? If you think about cross-sell or upsell opportunities from a use-case business perspective, those are the type of customers where we can focus and do that. And it makes us much, much more stickier as you can imagine, in those segments and it's at least as we look forward as well, that the other area that we look at cross-sell is where we have entities where instead of department, they have multiple AWS, Amazon Logistics.

所以我想說，對於你關於細分市場的問題，即使是在擴展方面，這也是完全相同的故事，對吧？如果您從使用案例業務角度考慮交叉銷售或追加銷售機會，那麼我們可以專注於並做到這一點的客戶類型。正如您可以想像的那樣，它使我們在這些細分市場中更具粘性，至少正如我們所期望的那樣，我們關注交叉銷售的另一個領域是我們擁有實體而不是部門的地方，他們擁有多個AWS、亞馬遜物流。

It's kind of the examples we look at to win from unrelated subsidiaries or departments that are not just about just a deal supporting HR or sales, but we're also trying to win customers across the multitude of that portfolio. So we go about that in multiple ways, but I would say that generally, it is a mid-market and large enterprise play where we can expand both on the current base or new base on the onset with multiple use cases.

這是我們從不相關的子公司或部門贏得的例子，這些子公司或部門不僅僅是支持人力資源或銷售的交易，而且我們還試圖在眾多的產品組合中贏得客戶。因此，我們以多種方式來解決這個問題，但我想說的是，一般來說，這是一個中型市場和大型企業的遊戲，我們可以在當前基礎上或在多個用例開始時的新基礎上進行擴充。

Okay, great. And then for my second question, the services revenue, I think, chucked a little bit higher than your own expectations in the quarter, but wondering if there's anything you'd call out there and any change to the longer term subscription services mix that you guys are targeting?

好的，太好了。然後，對於我的第二個問題，我認為本季度的服務收入略高於您自己的預期，但想知道您是否會提出任何要求，以及您認為長期訂閱服務組合是否會發生任何變化。正在瞄準？

Yes, I'll take that as well. So basically, the way to think about services in Q1, is this a bit of a reflection on Q4. So we had a strong Q4 quarter. So as you look to implement those customers in the first quarter, of 2024, you'll see a higher revenue. The reason it's also higher to our expectations is that what we're also seeing with our customers as part of our value-added services and white-glove services. Our customers are looking for us to support them in beyond just the onboarding. We are helping them in a number of ways, whether it's just doing not customizing anything but customizing the needs of their use case and helping them in that journey.

是的，我也會接受。基本上，思考第一季服務的方式是對第四季的一些反思。所以我們第四季表現強勁。因此，當您希望在 2024 年第一季實現這些客戶時，您將看到更高的收入。它之所以高於我們的期望，是因為我們也將客戶視為我們的增值服務和白手套服務的一部分。我們的客戶希望我們在入職培訓之外為他們提供支援。我們正在以多種方式幫助他們，無論是不自訂任何東西，而是自訂他們的用例的需求並幫助他們完成這趟旅程。

And so we're more hands on deck is what happened as well in Q1 and I think that is kind of what the less you spoke about around some of the extensions and being what's the one place where customers feel like we can support them for the end-to-end journey. And so on the large customers, we certainly saw that as well play out in Q1, but at a high level of services from Q4 ARR implementation has a higher impact to services in Q1, some additional services that we're providing to large enterprise customers. And as we think about Q2, I would say, probably be going to be in line, it was slightly higher than prior.

因此，我們在第一季也發生了更多的事情，我認為這就是您在某些擴展方面談論得越少的情況，並且是客戶覺得我們可以為他們提供支援的地方。對於大客戶，我們當然也看到了這一點在第一季的表現，但在第四季度的高水準服務中，ARR 實施對第一季的服務產生了更大的影響，我們為大型企業客戶提供的一些附加服務。當我們考慮第二季時，我想說，可能會保持一致，它比之前略高。

That's great context. Thanks for taking my questions.

這是很好的背景。感謝您回答我的問題。

Kevin Krishnaratne with Scotiabank.

豐業銀行的凱文·克里希納拉特納 (Kevin Krishnaratne)。

Hey, hey, good morning. Just one for me. What I look historically through 21 and into early 22, there were a lot of logo ads added. Then I know you've got three-year contracts. So I think these are the ones that are sort of probably coming up for renewal now. Can you confirm that, where a lot of those local ads at SMB back then? How to think about that? And just confirm to you that the sort of see optimizations that you're seeing that you're calling out in SMB that you're not necessarily seeing that in enterprise. I just want to get an understanding of your visibility on some of the renewals from that strengthened local ads for about three years ago? Thanks.

嘿嘿嘿，早安。只給我一個。從我的歷史來看，從 21 世紀到 22 年初，增加了許多標誌廣告。那我知道你簽了三年合約。所以我認為這些現在可能會更新。您能否證實，當時 SMB 上有許多本地廣告？對此該如何思考呢？只需向您確認您在中小企業中看到的那種優化，您在企業中不一定會看到這種優化。我只是想了解一下您對大約三年前強化的本地廣告的一些續訂的可見度？謝謝。

Yeah, again, I'll take that. So the way to think about it in terms of the segment differential is that in the mid-market to enterprise segment, but we're supporting multiple use cases if it's primarily supporting an internal use case and the company is going through headcount optimization themselves, we may see impact there. But there we do continuously work as we spoke about in the previous question in our ability to expand in multiple departments.

是的，再一次，我會接受的。因此，從細分市場的角度來考慮它的方法是，在中端市場到企業細分市場，但如果它主要支援內部用例並且公司正在自行進行人員優化，那麼我們將支援多個用例，我們可能會在那裡看到影響。但正如我們在上一個問題中談到的那樣，我們在多個部門擴展的能力方面不斷努力。

And so we find in multiple departments, especially external use-case departments. We tend to do much better in terms of expansion and retention. And then if it's just purely internal use case, and that tends to compound a bit more in the SMB segment is that if it's internal use case than the customer and the SMB segment, specifically, budget-sensitive is strategic or not for the business, it plays out a bit more, and that's where we are seeing more seat optimization where we also don't necessarily have the opportunity to go out and win or expand into different departments just because of the size of those customers and the complexity of those customers.

我們發現多個部門，尤其是外部用例部門。我們在擴張和保留方面往往做得更好。然後，如果它只是純粹的內部用例，並且在SMB 細分市場中往往會更加複雜，那麼如果它是內部用例而不是客戶和SMB 細分市場，具體而言，預算敏感對於業務而言是否具有策略意義，它發揮得更多，這就是我們看到更多座位優化的地方，我們不一定有機會出去贏得勝利或擴展到不同的部門，只是因為這些客戶的規模和這些客戶的複雜性。

And so that's kind of how we kind of work through the cohorts of our customers. I would say that the comment around the multi-year and how many SMB customers we had in 2020, '21 era, I would say roughly 25% to 30% of our book of business still is SMB. So as we move through the cycle in the next few years, I would say that you can expect that, that continues to as the enterprise book moves up, that will start continue to move as a percentage lower. And I think we are also doing certain things in that regard in terms of our offering with the new pricing. We've had a very nuanced, targeted pricing towards that type of customer and the support we give them to simplify and also improve our operating leverage in terms of how much we want to spend to support that customer.

這就是我們與客戶群合作的方式。我想說的是，圍繞著多年的評論以及我們在 2020 年、21 時代擁有多少 SMB 客戶，我想說我們的業務中大約 25% 到 30% 仍然是 SMB。因此，當我們在未來幾年經歷這個週期時，我想說，你可以預期，隨著企業帳面的上升，這種情況將繼續下降。我認為我們也在這方面做了一些事情，以新的定價提供產品。我們針對此類客戶制定了非常細緻的、有針對性的定價，並為他們提供支持，以簡化並提高我們的營運槓桿，即我們希望花多少錢來支持該客戶。

Great. Thanks a lot. Just a real quick one. I know your ARR in the quarter was 22% company wide, but any way to think about what enterprise ARR growth looks like?

偉大的。多謝。只是一個非常快的。我知道您本季的 ARR 全公司範圍為 22%，但有什麼方法可以考慮企業 ARR 成長是什麼樣的嗎？

I don't have in the top my head, but I would just say one number is that 50% of the number that came from this quarter was from enterprise.

我不太清楚，但我只想說一個數字是，本季 50% 的數字來自企業。

Thanks will follow up as well. Thank you.

感謝也會跟進。謝謝。

Thanks.

謝謝。

Think this will conclude the question and answer session on today's call. I will now turn it back over to Alessio Artuffo for any closing remarks.

我想這將結束今天電話會議的問答環節。現在，我將把它轉回給阿萊西奧·阿圖福 (Alessio Artuffo)，讓其發表結束語。

Well, thanks, everyone. Thanks for attending. Thanks for your very good questions, and we are super excited going into the next quarter about our continued execution. We believe we have an amazing business and we are very focused on our long-term success. Thanks again and see you next quarter.

嗯，謝謝大家。感謝您的參加。感謝您提出非常好的問題，我們對進入下個季度的持續執行感到非常興奮。我們相信我們擁有令人驚嘆的業務，並且非常注重長期成功。再次感謝，下個季度再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。