Docebo Inc (DCBO) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to Docebo Q2 2024 earnings call. (Operator Instructions)

大家早安，歡迎參加 Docebo 2024 年第二季財報電話會議。（操作員說明）

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

我現在想將電話轉給該會議的投資者關係副總裁。麥克·麥卡錫。請繼續。

Thank you, operator. Early this morning, the Docebo issued its Q2 2024 result. The press release, which included a link to management's prepared remarks and our quarterly investor slide deck were all 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 this morning.

謝謝你，接線生。今天凌晨，Docebo 發布了 2024 年第二季的結果。新聞稿包括管理層準備好的言論的連結和我們的季度投資者幻燈片，兩者都發佈在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今天早上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 such information is subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from those projected in the forward-looking statements. 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。任何此類資訊均受風險、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 Interim CEO, Alessio Artuffo; and our CFO, Sukaran Mehta.

現在，我想將電話轉給 Docebo 的臨時執行長 Alessio Artuffo；以及我們的財務長 Sukaran Mehta。

Operator, we're ready for the first question.

接線員，我們準備好回答第一個問題了。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Suthan Sukumar, Stifel. Please go ahead.

蘇坦·蘇庫瑪，斯蒂菲爾。請繼續。

Good morning, gents, and congrats on a strong quarter. So my first question, I wanted to touch on the Deloitte partnership. So this is obviously a major name in the government space. So great to see that name called out as a key partner here. And just kind of going through your prepared remarks, it sounds like this might be more of a strategic relationship than expected, one that covers both government and commercial and reseller opportunities. Can you share a little more color on the current scope and potential of this partnership?

早安，先生們，恭喜季度表現強勁。我的第一個問題是，我想談談德勤的合作關係。所以這顯然是政府領域的一個大人物。很高興看到這個名字在這裡被稱為關鍵合作夥伴。回顧您準備好的發言，聽起來這可能比預期更像是一種策略關係，涵蓋政府、商業和經銷商機會。您能否詳細介紹一下此次合作關係的當前範圍和潛力？

Good morning, everyone, and good morning, Sutha. Alessio speaking. In general, in terms of channel partnership advance and our strategic partner's relationship, we are very, very excited. You are correct in stating that Deloitte is a marquee partnership and an absolute leader in the space.

大家早安，蘇塔也早安。阿萊西奧發言。總的來說，就通路夥伴關係的進展和我們的策略夥伴的關係而言，我們非常非常興奮。您正確地指出德勤是該領域的知名合夥企業和絕對領導者。

Look, they have an incredible human capital practice in North America, both in government and in the commercial space. If you think about the fact that they staff just over 15,000 people in the GPS practice alone, government and public sector, that's a very impressive number.

看，他們在北美擁有令人難以置信的人力資本實踐，無論是在政府還是在商業領域。如果您考慮一下這樣一個事實，即僅在政府和公共部門的 GPS 實踐中，他們就擁有超過 15,000 名員工，這是一個非常令人印象深刻的數字。

We have been working with them on this partnership for many months. This has been in the works for quite a while, frankly. What this means for Docebo -- let's just clarify, first of all, what CTS or certified to sell means in simple terms. It certifies Docebo to become an asset of Deloitte, which Deloitte will white label and market throughout their respective commercial channels across both the commercial space and the government practices.

我們已經與他們就這種夥伴關係進行了數月的合作。坦白說，這已經進行了相當長一段時間了。這對 Docebo 意味著什麼——首先，我們簡單地解釋一下 CTS 或認證銷售意味著什麼。它證明 Docebo 成為德勤的資產，德勤將在商業領域和政府實踐中透過各自的商業管道對其進行白標和行銷。

So of course, we expect this to have a significant impact over time to our pipeline, across both the gov and commercial space. And look, another -- perhaps the notion that we are very excited about, because they're such a great firm that puts a lot of emphasis in the diligence of the processes that they run, I think it's fair to say that when they work on an opportunity, they have a mechanic and a system of qualification based in the organization that allows us to dedicate our resources in deals that are already highly screened and highly qualified, which in turn makes us a lot more efficient.

當然，我們預計隨著時間的推移，這將對我們的政府和商業領域的管道產生重大影響。看，另一個——也許是我們非常興奮的概念，因為他們是一家如此偉大的公司，非常重視他們運行的流程的勤奮，我認為公平地說，當他們工作時只要有機會，他們就會在組織內擁有一名機械師和一套資格體系，使我們能夠將資源投入到已經經過嚴格篩選和高資格的交易中，從而提高我們的效率。

Finally, I want to underscore our working with the leaders at Deloitte has been delightful. These are just top-notch HCM professional. And we're just really proud of working with them and building a year's long relationship of success together.

最後，我想強調我們與德勤領導者的合作非常愉快。這些都是頂尖的 HCM 專業人士。我們非常自豪能夠與他們合作並共同建立長達一年的成功關係。

Great. Thank you for that color. So my second question, I wanted to touch on guidance. It's good to see the higher guide this quarter. Can you help unpack some of the moving pieces there that underlies your strength? Kind of just curious if this is more a function of sustaining customer win activity ahead or larger size of customers, because I did notice an uptick there in ACV from large customers? Or are you seeing a lower impact from the SMB side?

偉大的。謝謝你的那個顏色。所以我的第二個問題，我想談談指導。很高興看到本季更高的指引。你能幫忙解開一些構成你力量基礎的動人部分嗎？有點好奇這是否更多是為了維持未來客戶贏得活動或更大規模的客戶，因為我確實注意到大客戶的 ACV 正在上升？或者您認為中小企業方面的影響較小嗎？

Yeah. Morning, Suthan. Sukaran here. Yeah, the guidance that we provided reflects really -- we -- as we thought about the year -- thought about our performance in the later part of this year, we are seeing a relative strength -- strength relative to what we guided at the start of the year, specifically around our enterprise segment and some of the government customers that may come through in the later part of this year.

是的。早安，蘇珊。蘇卡蘭在這裡。是的，我們提供的指導確實反映了——當我們思考這一年時——思考我們今年下半年的表現，我們看到了相對優勢——相對於我們在去年指導的內容的優勢。特別是圍繞我們的企業部門和一些可能在今年下半年出現的政府客戶。

So I'm reflecting that in my guide to kind of speak to some of the strength in that part of the segment that we work to. And this is consistent with what we said previously, right? So we've consistently focused on moving up market. We should see some strength as we exit this year in that regards. And then to your point on the SMB side, it remains cautious. We talked about that. Those assumptions are pretty much in line with what we expected.

因此，我在我的指南中反映了這一點，以談論我們所從事的那部分領域的一些優勢。這和我們之前說的一致吧？因此，我們一直致力於拓展高端市場。當我們今年退出時，我們應該會在這方面看到一些優勢。然後就您在中小企業方面的觀點而言，它仍然保持謹慎。我們討論過這個。這些假設與我們的預期非常一致。

Great. Thanks. That's helpful. And if I just squeeze in one last question. On Dayforce, it sounds like you guys have come to a positive resolution here. Can you speak to the current state of the relationship here and the potential going forward?

偉大的。謝謝。這很有幫助。如果我只問最後一個問題。在 Dayforce 上，聽起來你們已經達成了積極的解決方案。您能否談談兩國關係的現況以及未來的潛力？

Yeah. So in regards to Dayforce, as you can understand, in Q2, we have settled the terms, which are confidentiality bound. But the legal action was resolved with Dayforce. It was initiated by Docebo when they first acquired eloomi, a small competitor in Europe. And really, the dispute allows us to resolve and move forward and achieve three primary goals: one, protecting the IP of Docebo; number two, supporting our revenue base and continuity of our revenue base; and number three, preserving a good partnership and a working relationship going forward.

是的。因此，就 Dayforce 而言，正如您所理解的，我們在第二季度已經解決了保密條款。但法律訴訟已透過 Dayforce 解決。這是 Docebo 在首次收購歐洲小競爭對手 eloomi 時發起的。事實上，這場糾紛讓我們能夠解決並繼續前進，實現三個主要目標：一是保護 Docebo 的智慧財產權；二是保護 Docebo 的智慧財產權；第二，支持我們的收入基礎和收入基礎的連續性；第三，維持良好的夥伴關係和未來的工作關係。

And so as you think about our channel partners as well as including Dayforce and others, it's not only MHR and EY and Darwinbox. What Alessio just alluded to in response to the Deloitte partnership, we are now creating multiple channel partners that will provide us a diversification and opportunities to grow these revenue streams.

因此，當您想到我們的通路合作夥伴以及包括 Dayforce 和其他公司時，您會發現不僅僅是 MHR、EY 和 Darwinbox。阿萊西奧剛才在回應德勤合作夥伴關係時提到，我們現在正在創建多個通路合作夥伴，這將為我們提供多元化和成長這些收入流的機會。

And so you can expect that our goal is to continue to grow these channel partners. And with the addition also of our new leader, Travis Burke, who's joined the company as EVP of Corp Dev and Partnerships, we are certainly focusing our investments to drive more and more channel partners in the future.

因此，您可以預期我們的目標是繼續發展這些通路合作夥伴。隨著我們新任領導 Travis Burke 的加入，他作為公司開發和合作夥伴關係執行副總裁加入公司，我們肯定會集中投資以推動未來越來越多的通路合作夥伴。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Thanks for taking my questions and congrats on a great quarter. Maybe just to start with the topic of AI and generative AI. It was great to see in the prepared remarks sort of all of the new solutions that are available or becoming available in the short term here, but I was intrigued by the comments around AI monetization.

感謝您回答我的問題，並祝賀您度過了一個美好的季度。也許只是從人工智慧和產生人工智慧的話題開始。很高興在準備好的評論中看到所有可用或短期內可用的新解決方案，但我對人工智慧貨幣化的評論很感興趣。

Can you just talk about what your conversations with customers and sort of their appetite to pay for generative AI solutions with Docebo, and then how you might start thinking about pricing some of these new solutions like the AI authoring solution?

您能否談談您與客戶的對話以及他們對 Docebo 生成式 AI 解決方案的支付意願，然後您將如何開始考慮對其中一些新解決方案（例如 AI 創作解決方案）進行定價？

Good morning, Ryan. Alessio speaking. We're very active, and we have been for years on the AI front as we have discussed many times. Shape was our, let's call it, first mover attempt at entering in the GenAI content creation market, and we did that well before the GenAI buzz of the past several months.

早安，瑞安。阿萊西奧發言。我們非常活躍，多年來我們一直致力於人工智慧領域，正如我們多次討論的那樣。Shape 是我們進入 GenAI 內容創作市場的先驅嘗試，我們在過去幾個月 GenAI 熱潮之前就做到了這一點。

In that timeframe, since 2021, we sold Shape to hundreds of customers. And with that alone, that's an advantage for us. We have learned a lot. So we've taken a lot of those lessons and brought them back into maturity model of our product on the AI side towards what we will be releasing shortly on the AI offering side. We can think about that in the context of taking Shape and evolving it and really, making Shape even stronger thanks to the feedback that our customers gave us.

自 2021 年以來，我們在這段時間內向數百名客戶出售了 Shape。僅此一點，這對我們來說就是一個優勢。我們學到了很多。因此，我們吸取了很多這些經驗教訓，並將它們帶回我們在人工智慧方面的產品的成熟度模型中，以實現我們很快就會在人工智慧產品方面發布的產品。我們可以在塑造 Shape 並不斷發展它的背景下思考這一點，並且實際上，由於客戶給我們的回饋，使 Shape 變得更加強大。

We have a lot of expectations for AI offering in terms of success. And those expectations we think of them in two ways: one, increasing our right to win; and two, increasing our retention as well as customers more and more request a more advanced and sophisticated offering solution.

我們對人工智慧產品的成功抱有很大的期望。我們以兩種方式看待這些期望：一是增加我們獲勝的權利；二是增加我們獲勝的機會。第二，提高我們的保留率以及越來越多的客戶要求更先進和複雜的產品解決方案。

But it doesn't stop at AI offering in terms of monetization. That's just our upcoming first step. The next steps we are going to be several, and we're at work on many fronts. One that we've spoken to and we're excited about is a solution that allows for virtual roleplay and virtual coaching. This solution is very much GenAI focused that we're already at work on it. We have said that this will be an early new year development. And we have also about this a lot of expectation, and it will be highly monetizable.

但它並不僅僅停留在人工智慧的貨幣化方面。這只是我們即將踏出的第一步。接下來我們將採取幾個步驟，並且我們正在許多方面開展工作。我們已經交談過並且感到興奮的是一種允許虛擬角色扮演和虛擬輔導的解決方案。這個解決方案非常關注 GenAI，我們已經在研究它了。我們已經說過，這將是新年伊始的發展。我們對此也抱持著很大的期望，而且它將具有很高的變現能力。

Now, you can expect an acceleration of additional AI capabilities and features in Docebo. And in general, look, we think about AI features also strengthening our core platform. There are several things that Docebo does already that are AI-based, and we'll do even more.

現在，您可以期待 Docebo 中其他 AI 功能和特性的加速。總的來說，我們認為人工智慧功能也會增強我們的核心平台。Docebo 已經做了一些基於人工智慧的事情，我們還會做更多。

But things like semantic search, recommending content, auto-tagging content, and a big topic -- the topic of skills ontology management, meaning the ability to translate skills, taxonomies across varying systems, it's a very complex capability that we are going to not only offer, but we are going to invest on even further because the skills economy is here, and it's a very, very pervasive need that large organizations have. But even further generate quizzes with AI and AI-generated voiceovers and translation. There is a lot that's coming up.

但是像是語意搜尋、推薦內容、自動標記內容和一個大主題——技能本體管理主題，意味著跨不同系統翻譯技能、分類法的能力，這是一個非常複雜的功能，我們不會只能提供，但我們將進一步投資，因為技能經濟已經到來，這是大型組織非常非常普遍的需求。還可以進一步使用人工智慧和人工智慧生成的配音和翻譯來產生測驗。還有很多事情即將發生。

I would wrap the topic of AI by saying that what we are noticing from a trend perspective is that customers are becoming more and more educated on this front. There was a lot more, I would say, the curve of -- the curve is now becoming one where customers are educated and are looking for business benefits as opposed to flashy features. And this makes me very happy, because the Docebo team is really focused at building products to solve real business problems. And so we will excite our customers with the products that we are building currently.

我想說的是，從趨勢的角度來看，我們注意到客戶在這方面的教育程度越來越高。我想說，還有更多的曲線——這條曲線現在正在成為客戶接受教育並尋求商業利益而不是華而不實的功能的曲線。這讓我非常高興，因為 Docebo 團隊真正專注於建立產品來解決實際業務問題。因此，我們將用我們目前正在生產的產品來激發我們的客戶。

I appreciate the color and content and looking forward to more updates on AI at Inspire later this year. Maybe as a follow-up, I wanted to ask about sort of -- as you continue to roll-out the new pricing methodology and strategy to net new customers and existing upon renewal, just curious to hear what sort of feedback you've been hearing from customers on the methodology thus far? Any pushback?

我很欣賞其中的色彩和內容，並期待今年晚些時候在 Inspire 上看到更多關於人工智慧的更新。也許作為後續行動，我想問一些問題——當你們繼續推出新的定價方法和策略來吸引新客戶並在續訂時現有的，只是想知道你們得到了什麼樣的反饋到目前為止，是否收到客戶關於該方法的回饋？有什麼阻力嗎？

And I think there's sort of a goal here to simplify the buying process and shorten the sales cycle. So to any -- to the extent possible, any use cases you've seen so far where you're actually seeing those benefits of a shorter sales cycle?

我認為這裡的目標是簡化購買流程並縮短銷售週期。那麼，對於任何人——在可能的範圍內，到目前為止，您所見過的任何用例，您實際上都看到了更短銷售週期的好處？

Yeah. Hi, Ryan. Good morning. Sukaran here. I'll take that. The pricing -- so just as a summary, the pricing changes that we made went live at the start of Q2. And really, what has been important to highlight is that historically the company has tried as we look at the pricing models on a la carte basis and we've moved to what we call -- based on the value we provide the customer on the core use case -- so think about it as a core bundle where we sell to our customers based on their actual use case and any enhancements they require are part of an add-on.

是的。嗨，瑞安。早安.蘇卡蘭在這裡。我會接受的。定價－作為總結，我們所做的定價變更在第二季初生效。事實上，需要強調的是，歷史上該公司曾嘗試過按點菜定價模式，並且我們已經轉向我們所說的——基於我們為客戶提供的核心價值用例——所以將其視為一個核心捆綁包，我們根據客戶的實際用例向他們銷售，而他們所需的任何增強功能都是附加組件的一部分。

And so what this has done is effectively move from what we would think as an a la carte model to driving value to the customer. And what that in effect has meant is that we are now discussing the problems that we can solve with the customer and the value Docebo brings to them. The new pricing methodology has actually been quite successful, I would say, at the onset.

因此，這實際上是從我們所認為的點菜模式轉變為為客戶創造價值。這實際上意味著我們現在正在討論我們可以與客戶解決的問題以及 Docebo 為他們帶來的價值。我想說，新的定價方法實際上從一開始就相當成功。

This is only the first quarter. So we'll provide more insight as we get through the later part of this year. What I'm certainly seeing is two things. One, as we are positioning our capabilities to the customer, we're not only speaking to value, but we're actually providing incremental capabilities as part of the whole package that is making the discussions much more meaningful.

這只是第一季。因此，我們將在今年下半年提供更多見解。我當然看到的是兩件事。第一，當我們向客戶定位我們的能力時，我們不僅談論價值，而且實際上我們提供增量能力作為整個方案的一部分，這使得討論變得更有意義。

Number two, as you think about objection handling and overall deal discussions, this accelerate deal cycles. And so on the net new business that -- where this was initially rolled out to, we have certainly seen that positive impact in terms of how we approach our customers from a go-to-market perspective.

第二，當您考慮異議處理和整體交易討論時，這會加速交易週期。因此，對於最初推出的淨新業務，我們當然已經看到了我們如何從進入市場的角度接觸客戶的正面影響。

And then the second thing, I would say that it's early days, but we are also -- like I said, on the renewal book of business, this is a much longer exercise, because there's a lot of terms and conditions and all the nuances that we have to be mindful of that the previous customer signed up -- or the current customer signed up to. But we are actually also seeing -- with the new capabilities that are coming out and have come out this year, we see there an opportunity to also move a reasonably good book of our business to pricing with the capabilities that are coming on board as well.

然後第二件事，我想說現在還為時過早，但我們也 - 就像我說的，在業務續訂方面，這是一個更長的練習，因為有很多條款和條件以及所有細微差別我們必須注意以前的客戶註冊過的，或是當前客戶註冊過的。但我們實際上也看到，隨著今年即將推出和已經推出的新功能，我們看到有機會將我們業務的相當不錯的書籍轉移到與即將推出的功能一起定價的機會。

George Sutton, Craig-Hallum.

喬治·薩頓，克雷格·哈勒姆。

Thank you and nice results. So I'm curious if we could talk about the FedRAMP timing. You mentioned it's on track. I'm curious if we could talk about best guess in terms of when that would go live. And then just remind us what the potential opportunities that would expand would be from that?

謝謝你，結果很好。所以我很好奇我們是否可以討論 FedRAMP 的時間安排。你提到它正在步入正軌。我很好奇我們是否可以討論一下何時上線的最佳猜測。然後提醒我們，由此帶來的潛在機會是什麼？

Good morning, Alessio speaking. Sure. So FedRAMP and government in general are a very, very hot topic these days in Docebo. They are a big area of excitement.

早安，阿萊西奧。當然。因此，FedRAMP 和政府總體上是 Docebo 最近非常非常熱門的話題。它們是一個令人興奮的大領域。

And to answer your question, our efforts in terms of expectations and timing are very consistent with our planning. Now, in terms of an exact date, nobody really can put an exact date to this, because there are a lot of external factors that we can absolutely influence, but not ultimately control.

回答你的問題，我們在期望和時間安排方面的努力與我們的計劃非常一致。現在，就確切的日期而言，沒有人能真正給出確切的日期，因為我們有許多外部因素絕對可以影響，但無法最終控制。

Our goal, to be clear, is to secure a sponsor and to swiftly move to be granted an authority to operate, which effectively opens up the gates of accessing the FedRAMP opportunities in the market. Now, what we've done over the past few months and we have completed is our systems and processes and controls readiness. So we are ready for a sponsor to take us -- and to pick us, to select us and go through the process together. The great news is that we feel that we have -- we're having the right conversations with agencies and that these conversations will yield the outcome that we want.

需要明確的是，我們的目標是找到贊助商並迅速獲得營運權，這有效地打開了獲得市場上 FedRAMP 機會的大門。現在，我們在過去幾個月所做的工作已經完成，我們的系統、流程和控制準備就緒。因此，我們已經準備好讓贊助商來帶領我們，挑選我們，一起完成整個過程。好消息是，我們認為我們正在與各機構進行正確的對話，而這些對話將產生我們想要的結果。

In terms of the impact, in the past three years alone, from a new budget allocation to new initiatives in LMS that we were able to find, more than $200 million were spent on new initiatives. This, again, does not include recurring data. And that alone gives us a very good perspective as to the massive opportunity, particularly because the competition that operates within the space currently is one that -- when we think about the same competition in the commercial space, we outperform, out-beat, functionally speaking, every day.

就影響而言，僅在過去三年中，從新的預算分配到我們發現的 LMS 中的新舉措，新舉措的支出就超過 2 億美元。同樣，這不包括重複數據。僅此一點就讓我們對巨大的機會有了一個非常好的視角，特別是因為當前該領域內的競爭是這樣的——當我們考慮商業領域的相同競爭時，我們在功能上表現出色、擊敗了說話，每天。

Yeah, during the quarter, in terms of -- we just spoke to the Deloitte success, I think, in this context. Once we get FedRAMP approved, that accelerate even further our opportunities with Deloitte thanks to the CTS program and further evolution of that partnership.

是的，在本季度，我認為，我們剛剛談到了德勤在這方面的成功。一旦我們獲得 FedRAMP 批准，由於 CTS 計劃以及該合作夥伴關係的進一步發展，我們將進一步增加與德勤合作的機會。

But even directly Docebo, irrespective of Deloitte, just to be clear, has built a government engine and a government team that is firing on all cylinders, not just in federal, but also on the other massive opportunity, which is state, local in education, where we're growing our pipeline and winning business, and a percentage of revenue relative to their total revenue continues to grow.

但即使是直接 Docebo，無論德勤如何，需要明確的是，已經建立了一個政府引擎和一個全速運轉的政府團隊，不僅在聯邦，而且在其他巨大的機會，即州、地方教育領域，我們正在擴大我們的管道並贏得業務，並且收入相對於其總收入的百分比持續增長。

And so, yes, FedRAMP is a big priority. We are on it. But I also want to remind of the big opportunity that is led, which is here, it's now, and we're executing on it.

因此，是的，FedRAMP 是重中之重。我們正在努力。但我也想提醒大家，這是一個巨大的機遇，就在這裡，就在現在，我們正在抓住它。

Perfect. One other thing that I found interesting the communities module seems like a very practical way to expand more aggressively into the external market, which is so important. Can you just give us a sense of what this is replacing or what significance this is in terms of a new capability?

完美的。我發現有趣的另一件事是，社群模組似乎是一種非常實用的方式，可以更積極地擴展到外部市場，這一點非常重要。您能否讓我們了解一下這正在取代什麼，或者這對新功能有何意義？

Perfect. So communities was -- first of all, from a thesis standpoint, the feature, the set of capabilities of the communities was very, very intended to support our CX or customer experience capabilities and supporting its success and penetration in the market.

完美的。因此，首先，從論文的角度來看，社群的功能、功能集非常非常旨在支援我們的 CX 或客戶體驗功能，並支援其在市場中的成功和滲透。

If I look back at this quarter's new logos as well as this quarter's significant upsells, on my whiteboard, there's a lot of CX on it. And so that is just reflective of the fact that our strategy that has always been to become the platform that addresses the needs of organizations on both the CX and EX side explained in the direction that we wanted.

如果我回顧本季的新商標以及本季的大幅追加銷售，我的白板上會看到很多 CX。因此，這只是反映了這樣一個事實，即我們的策略始終是成為滿足 CX 和 EX 方面組織需求的平台，並按照我們想要的方向進行解釋。

How does communities fit in this? An LMS allows primarily for learning, delivery, and dissemination. What it doesn't cater to necessarily is a deep form of collaboration of audiences involved in the learning processes. There are various scenarios and use cases that we've learned of our customers, where a community technology is necessary in the context of a learning experience.

社區如何融入其中？LMS 主要用於學習、交付和傳播。它不一定迎合參與學習過程的受眾的深度協作。我們從客戶那裡了解到了各種場景和用例，在這些場景和用例中，社區技術在學習體驗中是必要的。

We have top-tier system integrators that implemented these use cases. Docebo itself has its own Community as a software company for its own customers. It was very clear that this capability is a pervasive need. And so we bought PeerBoard that was a small company and built on top of it.

我們擁有實施這些用例的頂級系統整合商。Docebo 本身作為一家為其客戶提供服務的軟體公司，擁有自己的社群。很明顯，這種能力是一種普遍的需求。因此，我們收購了 PeerBoard，這是一家小公司，並建立在它的基礎上。

So market readiness and ability to market communities will start on August 15. We feel very, very excited about it. We are going to really focus on its success at launch but also the continued iteration to build features after feature after feature that a great pace for our customers. And I want to say beta programs have been running for these new modules and products. In the Community, early days results of those betas have been very encouraging with many end raisers or companies saying we're going to buy the new beta.

因此，市場準備工作和社區行銷能力將於 8 月 15 日開始。我們對此感到非常非常興奮。我們將真正關注它在發佈時的成功，但也會持續迭代，以一個又一個的功能建立功能，這對我們的客戶來說是一個巨大的進步。我想說的是，這些新模組和產品的測試程式已經在運作。在社群中，這些測試版的早期結果非常令人鼓舞，許多最終籌集者或公司表示我們將購買新的測試版。

So of course, its early days, and it's early to say exact figures for this module. But I'm hoping you can appreciate how A, ties to our long-term strategy, further differentiates us, and creates an opportunity to increase a right to win in our average ACV.

當然，現在還處於早期階段，現在說出該模組的確切數字還為時過早。但我希望您能夠理解 A，如何與我們的長期策略聯繫起來，進一步使我們與眾不同，並創造機會增加我們平均 ACV 的獲勝權。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Thanks for the question and congrats on a great quarter. Looking at the growth pillars, you got external and enterprise, government, broader distribution partnerships and channels. Wondering where wall-to-wall LMS deployments fits in. Is that a focus area, or are you seeing traction in ripping and replacing legacy vendors for wall-to-wall LMS? Or is the focus more land and expand, adding use cases, departments and products over time?

感謝您的提問，並祝賀您度過了一個美好的季度。著眼於成長支柱，你有外部和企業、政府、更廣泛的分銷合作夥伴關係和管道。想知道全面的 LMS 部署適合哪裡。這是一個重點領域，還是您看到了淘汰和替換傳統供應商的全面 LMS 的吸引力？或者焦點是更多的土地和擴展，隨著時間的推移增加用例、部門和產品？

Hi, Josh. Our focus is really to position ourselves as the platform that suits the needs of large organizations across multiple use cases. One interesting data point is for every 10 customers we have signed in the past quarter, eight of them have chosen Docebo for two or more use cases.

嗨，喬許。我們的重點實際上是將自己定位為滿足大型組織跨多個用例需求的平台。一個有趣的數據點是，我們在上個季度簽約的每 10 個客戶中，有 8 個客戶選擇了 Docebo 來用於兩個或更多用例。

I think that the other data point that I'd like to underscore in the context of your question -- and I want to address the wall-to-wall or end-to-end concept -- is if I think back of the investment to be put in place in order to grow our average customer profile, ideal customer profile and make Docebo more suitable for companies that want to implement multiple use cases, just think about the fact that in the past 24 months, in the past two years, our new logo ACV grew about 70% to what this quarter, $71,000. And that's not inconsistent with our decision to grow our business by embracing more EX employee-experience-based use cases and CX use cases, i.e., we're investing, putting money at work in the product to strengthen capabilities that are across both the EX side, employee experience, and CX side.

我認為我想在您的問題中強調的另一個數據點 - 我想解決全面或端到端的概念 - 是我是否回想投資為了擴大我們的平均客戶檔案、理想客戶檔案並使Docebo 更適合想要實施多個用例的公司，請考慮一下這樣一個事實：在過去24 個月、在過去兩年中，我們的新標誌 ACV 本季度增長了約 70%，達到 71,000 美元。這與我們透過採用更多基於 EX 員工體驗的用例和 CX 用例來發展業務的決定並不矛盾，即我們正在投資，將資金投入到產品中，以增強 EX 和 CX 的能力方面、員工體驗方面和客戶體驗方面。

There is no doubt in my mind that this is the number one differentiating factor today of Docebo. This ability to really cover the majority of the use cases and to be a feature-rich platform. The thing that I obsessed about a lot is maintaining this competitive advantage. And in order to maintain it and to grow it, our job and our focus is to continue to grow the capabilities of our platform in both areas, making effectively that bar that we've set very high, always harder and harder and harder to reach for those competitors that try to reach us in terms of competitiveness. Yeah, that wraps it from me.

在我看來，毫無疑問，這是如今 Docebo 的第一大差異化因素。這種能力真正涵蓋了大多數用例並成為一個功能豐富的平台。我非常關注的事情是保持這種競爭優勢。為了維持並發展它，我們的工作和重點是繼續增強我們平台在這兩個領域的能力，有效地實現我們設定的非常高的標準，而且總是越來越難達到對於那些試圖在競爭力方面接近我們的競爭對手。是的，這就是我的想法。

Yeah, that's really helpful. Thank you. And then I was just hoping that you could comment, I know enterprise and government are very strong. I was just hoping you could give an update on what you're seeing in the SMB just as far as the seat optimizations. Any stabilization there? Are you seeing better or worse? Thanks.

是的，這真的很有幫助。謝謝。然後我只是希望你能發表評論，我知道企業和政府是非常強大的。我只是希望您能提供有關您在 SMB 中看到的座位優化方面的最新資訊。有穩定的地方嗎？你看得更好還是更糟？謝謝。

Hey, Josh. Good morning. Sukaran here. I'll take that one. Yeah, I would say it's pretty much consistent to what we saw -- what we told, our last quarter remains cautious. It's a cautious buyer as you think about the renewal cycles. The macro is probably more -- in our world, more sensitive to that type of customer. So it remains consistent from our perspective.

嘿，喬許。早安.蘇卡蘭在這裡。我會接受那個。是的，我想說這與我們所看到的非常一致——我們所說的，我們上個季度仍然保持謹慎。當您考慮更新周期時，這是一個謹慎的買家。在我們的世界中，宏觀可能對這類客戶更加敏感。所以從我們的角度來看它仍然是一致的。

But I think what's important also from what we're speaking to is that the focus from a company perspective has been -- we've talked about moving up-market to mid to large enterprise customers and government. And our investments, whether you think about inbound, outbound, system integrators, channel partners are driving the pipeline in the right place, meaning where we have the right to win and multiple use cases that we can serve in these organizations.

但我認為，從我們所說的內容來看，同樣重要的是，從公司角度來看，重點是——我們已經討論了將高端市場轉移到大中型企業客戶和政府。我們的投資，無論您考慮入站、出站、系統整合商、通路合作夥伴，都在正確的地方推動管道，這意味著我們有權獲勝，並且我們可以在這些組織中服務多個用例。

And so, we'll continue to execute in that regard. I think what you're also seeing one thing that's important in this cycle is that, of course, every company is trying to make sure that they have enough of a pipeline coverage, so you have to drive a slightly higher pipeline. But we're also doing it in a way that is efficient, because if you think about system integrators and others that drive my pipeline outside of the low end of the market, more in the mid-market, large enterprise and government, they also bring a advanced stage of pipeline too.

因此，我們將繼續在這方面執行。我認為您在這個週期中還看到的一件重要的事情是，當然，每家公司都在努力確保他們有足夠的管道覆蓋範圍，因此您必須推動略高的管道。但我們也以一種高效的方式來做這件事，因為如果你考慮一下系統整合商和其他將我的管道推向低端市場之外的人，更多是在中端市場、大型企業和政府，他們也帶來了管道的高級階段。

So I think those are important factors as you think through deal cycles, how we generate that pipeline, where we're moving, the numbers that Alessio spoke about are important. As we move forward in the next few quarters, you'll see that our focus is not necessarily on customer count per se; it's more on the quality of the revenue that we bring in and sustain over an extended period of time from an LTV to CAC perspective.

因此，我認為，當你思考交易週期時，這些都是重要的因素，我們如何產生管道，我們要搬到哪裡，阿萊西奧談到的數字很重要。隨著我們在未來幾季的前進，您會發現我們的重點不一定是客戶數量本身；而是客戶數量。從 LTV 到 CAC 的角度來看，更多的是我們在較長一段時間內帶來和維持的收入品質。

And that's where the SMB market -- we've called out in the past -- we'll continue to serve that market from a competitive landscape perspective. But our more primary focus remains mid-market, large enterprise and government.

這就是中小企業市場——我們過去曾呼籲——我們將繼續從競爭格局的角度為該市場提供服務。但我們更主要的關注點仍然是中端市場、大型企業和政府。

Robert Young, Canaccord Genuity.

羅伯特楊，Canaccord Genuity。

Hi, good morning. Just wanted to get a little more context from you on the steady decline in the customer adds per quarter. And I know you addressed that around the shift towards mid-market and larger. But I mean, for someone who's looking at these numbers and perhaps taking away a more negative takeaway here, and given that ACV really hasn't inflected up over the last couple of quarters, I'm curious about how you look at that on a quarter-over-quarter basis -- that continued drop in new customer adds? Just maybe a summary of what's going on there.

嗨，早安。只是想從您那裡了解更多關於每季新增客戶數量穩定下降的情況。我知道您圍繞著向中端市場和更大市場的轉變解決了這個問題。但我的意思是，對於那些關注這些數字的人來說，也許會從中得出更負面的結論，並且考慮到 ACV 在過去幾個季度中確實沒有出現變化，我很好奇您如何看待這一點環比——新客戶數量持續下降？也許只是對那裡發生的事情的總結。

Yeah, Rob, I think this is -- it's a good question, an important one. For us as a business and as I just spoke to the response to Josh's question earlier before you is that we are focused on driving our business where we see the best-in-class unit economics and where the growth is from an ACV perspective. Actually, the one quick point is ACV has gone up since last quarter from 59,000 to 71,000. So if you look at Q4 being the strongest quarter, we actually are at the same levels as Q4 this quarter too from an ACV perspective.

是的，羅布，我認為這是一個很好的問題，一個重要的問題。對於我們作為一個企業來說，正如我剛才在你們面前回答喬希的問題一樣，我們專注於推動我們的業務，我們看到一流的單位經濟效益，並且從 ACV 的角度來看增長。事實上，最重要的一點是 ACV 自上季以來已經從 59,000 上升到 71,000。因此，如果您將第四季度視為最強勁的季度，那麼從 ACV 的角度來看，我們實際上也與本季度的第四季度處於相同的水平。

But the reality is that as we move forward in the business, the customers that we add is not necessarily a good indicator relative to the growth we are showing overall from a revenue perspective. If you just look at the enterprise customer cohorts or the customers I speak about, mid to large enterprise customers, we grew that business 30% year over year. And I can potentially have one large enterprise customer wipe out 10 to 20 SMB customers in one win.

但現實是，隨著我們業務的發展，從收入的角度來看，相對於我們整體成長而言，我們增加的客戶不一定是一個好的指標。如果你只看企業客戶群或我所說的客戶，大中型企業客戶，我們的業務年增了 30%。我有可能讓一名大型企業客戶在一場勝利中消滅 10 到 20 名中小企業客戶。

So if you try and do the math around customer adds and ACV, I don't think that's necessarily going to be a good indicator of looking at the business going forward. And so, that's really where I would kind of highlight the view because historically, I understand over the last four years, when we started giving this disclosure, it was important. But as we move forward and add large enterprise mid-market customers, I think you can expect that the customer add becomes less relevant rather than the revenue we have overall.

因此，如果你嘗試圍繞客戶添加和 ACV 進行數學計算，我認為這不一定是衡量未來業務的良好指標。因此，這確實是我要強調的觀點，因為從歷史上看，我知道在過去四年中，當我們開始披露這項資訊時，這很重要。但隨著我們繼續前進並增加大型企業中端市場客戶，我認為您可以預期客戶增加的相關性將變得不那麼重要，而不是我們整體收入的相關性。

Okay. And then you had some large deals in the quarter -- in the press release looked like larger deals. As you look at the pipeline, would you say that there are very large deals like mega deals along the long lines of Amazon, Google, et cetera, that are still in the pipeline? And like are there any in the current quarter that would have been close to that size, maybe just sort of break out the different cohorts of size of customers in the pipeline if you can, in any way, and I'll pass the line.

好的。然後，本季度發生了一些大交易——在新聞稿中看起來像是更大的交易。當您查看管道時，您是否會說亞馬遜、谷歌等公司的大型交易等大型交易仍在進行中？就像當前季度是否有任何接近這個規模的客戶一樣，如果可以的話，也許可以以任何方式將管道中不同規模的客戶群分開，我會通過這條線。

Yeah, Rob, just generally, as you think about the customer deals that are in the pipeline, I'll speak to in a second -- but the ones that were in the quarter, these are large customers, large six-figure deals. And also, we -- one of the things that's important with the customers we serve is that if you look at example like Databricks this quarter, we continue to expand. It's not just about what we get in the onset; we continue to expand.

是的，羅布，一般來說，當你想到正在醞釀的客戶交易時，我稍後會談到——但本季的交易，這些都是大客戶，六位數的大交易。而且，對於我們服務的客戶來說，最重要的事情之一是，如果你看看本季度 Databricks 這樣的例子，我們會繼續擴張。這不僅關乎我們一開始得到什麼；也關乎我們一開始得到什麼。我們繼續擴大。

Especially as you think about the CX learning, whether it's customer add, partner add, you will see that the customers, as they see their products and capabilities being delivered from a learning perspective to their end users, that adoption also increases. So the Databricks team is important to be mindful of as you think about the names that, for example, Axon this quarter or companies -- the cybersecurity company that we also won this quarter. These are customer education platforms that will expand over time.

特別是當您考慮 CX 學習時，無論是添加客戶還是添加合作夥伴，您都會看到客戶，當他們看到他們的產品和功能從學習的角度交付給最終用戶時，採用率也會增加。因此，當您想到本季的 Axon 或我們本季也贏得的網路安全公司等公司名稱時，請務必注意 Databricks 團隊。這些是會隨著時間的推移而擴展的客戶教育平台。

But to answer your question, this quarter, these are healthy six-figure deals closer to seven figures. And also the pipeline, I've said this before -- as we look at the pipeline, there are certainly large opportunities in the pipeline. We call them strategic, meaning seven figures and above.

但要回答你的問題，本季度，這些是接近七位數的健康六位數交易。還有管道，我之前已經說過——當我們審視管道時，管道中肯定存在巨大的機會。我們稱之為策略性的，即七位數及以上。

And I think for those type of opportunities as we get closer and absolute certain in the timing of the closure of those deals, until that moment -- I certainly don't forecast them. But you are right; there are certainly a number of opportunities that are large in our pipeline that we are excited about, both in government and enterprise customers.

我認為，隨著我們越來越接近並絕對確定這些交易完成的時間，直到那一刻，對於此類機會 - 我當然不會預測它們。但你是對的；當然，我們在政府和企業客戶中存在著許多令我們感到興奮的大量機會。

Erin Kyle, CIBC

艾琳·凱爾，CIBC

Hi, good morning. It's Erin Kyle on for Stephanie Price. Maybe if I could just ask a question on your capital allocation priorities when it comes to M&A versus share buybacks, and how are you thinking about tuck-ins at this point? And then maybe just related, if you could talk about your appetite for M&A versus making organic growth investments as well?

嗨，早安。艾琳凱爾 (Erin Kyle) 為史蒂芬妮普萊斯 (Stephanie Price) 代言。也許我可以問一下您在併購與股票回購方面的資本配置優先順序，以及您目前如何考慮增資？然後也許只是相關，您是否可以談談您對併購與有機成長投資的興趣？

Sure. Hi, Erin. Look, in the past, for sure, we have not approached M&A with very sizable acquisitions. That's a fact. We have focused our efforts on continuing to build our platform from within and have brought on board the smaller entities like PeerBoard and Edugo to accelerate our advance in strategic aspects like communities as we discussed just now and on Edugo from the very strategic, very important for AI acceleration.

當然。嗨，艾琳。可以肯定的是，在過去，我們並沒有進行過大規模的收購。這是事實。我們的重點是繼續從內部建立我們的平台，並引入了PeerBoard 和Edugo 等較小的實體，以加快我們在社區等策略方面的進展，正如我們剛才討論的那樣，在Edugo 上，從非常戰略性的、非常重要的角度來看，人工智慧加速。

But where we sit today, we have both our capital structure and free cash flow generation. They provide us with a great deal of opportunity and flexibility both. One of the things that we said recently that we brought on board a gentleman by the name of Travis Burke, who is a very senior corporate dev professional to really help us in the definition and execution of our corporate plans.

但我們今天所處的位置，我們既有資本結構，也有自由現金流的產生。它們為我們提供了大量的機會和靈活性。我們最近說過的一件事是，我們聘請了一位名叫特拉維斯·伯克（Travis Burke）的紳士，他是一位非常資深的企業開發專業人士，可以真正幫助我們定義和執行我們的企業計劃。

So at this point, look, we are really thinking very deeply about quality investments. They have to fit our long-term vision for the business. The priority here, Erin, is creating value, value for the customers and value for the prospects, and in reaching our solution and growing it horizontally and winning more market share.

所以在這一點上，我們確實正在深入思考優質投資。它們必須符合我們的長期業務願景。艾琳，這裡的首要任務是創造價值，為客戶創造價值，為潛在客戶創造價值，並實現我們的解決方案並橫向發展並贏得更多市場份額。

What we are not keen to do is to double, triple overlap capabilities, because we have seen what that does on the receiving end by talking to customers that are working with companies that are doing that. And we ourselves are reaping the benefits of that strategy.

我們並不熱衷於將重疊能力加倍、三倍，因為透過與正在這樣做的公司合作的客戶交談，我們已經看到了這對接收端的影響。我們自己也正在從這項策略中獲益。

Thank you. That's helpful color there. And then maybe I can just switch gears. Question for you, Sukaran, on cost optimization. It sounds like your G&A expense declined as a percentage of revenue by about 50 basis points this quarter. Is that sort of the pace you should be modeling for G&A optimization quarter over quarter? Or how should we think about that? And is there a longer-term target that you can point to here?

謝謝。那是有用的顏色。然後也許我可以換個方向。Sukaran，關於成本優化的問題。聽起來您本季的一般管理費用佔收入的百分比下降了約 50 個基點。這是您應該按季度為 G&A 優化建模的節奏嗎？或者說我們該如何思考這個問題？您可以在這裡指出一個長期目標嗎？

Yeah, it's a good question. Maybe you're asking a good question, prior to Inspire. I will give some update there at the Investor session. But I think the simple way to think about G&A in this business is, you've seen for the last six to seven quarters, G&A has been either held flat or actually down on an absolute dollar basis. And I think you can just -- this is the gift that should keep giving from an operating leverage perspective and will be an important lever as we kind of continue to show operating leverage.

是的，這是一個好問題。也許您在 Inspire 之前問了一個很好的問題。我將在投資者會議上提供一些最新情況。但我認為，考慮這個行業的一般行政費用的簡單方法是，你在過去六到七個季度中看到，一般行政費用要么持平，要么實際上在絕對美元基礎上下降。我認為你可以——從營運槓桿的角度來看，這是應該繼續給予的禮物，並且隨著我們繼續展示營運槓桿，這將成為一個重要的槓桿。

So I think that's really the simple way to think about it as generally the absolute dollar should be relatively flat. And we've executed that by -- and the reason for that, most importantly, is also because we've made significant investments in systems and capabilities that from an automation perspective, whether it's finance, HR and even in sales and marketing, the efficiencies that you're seeing is because of the major rollout we had last year from a Salesforce 2.0 rollout perspective.

所以我認為這確實是一個簡單的思考方式，因為一般來說絕對美元應該相對持平。我們已經執行了這一目標，最重要的是，我們對系統和功能進行了大量投資，從自動化的角度來看，無論是財務、人力資源，甚至是銷售和行銷，您所看到的效率是由於我們去年從Salesforce 2.0 推出的角度進行的重大推出。

And so that is where G&A is going to continue to deliver from an execution, operating leverage perspective. And so hopefully, that gives you enough color for now. I'll provide more color as we speak at Inspire. But G&A, you can expect will be held relatively flat and will just be the -- as we grow the business from a revenue perspective, it's just the operating leverage that comes through the system.

因此，這就是 G&A 將繼續從執行、營運槓桿角度提供服務的地方。希望這給了你足夠的色彩。當我們在 Inspire 上發言時，我將提供更多的資訊。但一般行政費用，你可以預期將保持相對平穩，並且只是——當我們從收入角度發展業務時，這只是透過系統產生的營運槓桿。

Daniel Chan, TD Cowen.

陳丹尼爾 (Daniel Chan)，TD 考恩 (TD Cowen)。

Hi. Good morning. You're doing better than what we've seen from some HCM peers. Why do you think that is? And do you anticipate potentially higher unemployment to be a headwind to your momentum?

你好。早安.你們做得比我們從一些 HCM 同行那裡看到的要好。你認為這是為什麼？您預期失業率上升是否會阻礙您的發展動能？

Hi, Daniel. Thanks for that comment. And it goes back, for me, to the strategy that I was referring to before. The reason why we are is that we are focused strategically on what somebody once referred to before has the wall-to-wall logic or end-to-end logic. We reaped the benefits of growing in the organizations and addressing the needs of both employees and then a world that is made of customers, partners, and various other entities that surround our customer ecosystem.

嗨，丹尼爾。感謝您的評論。對我來說，這可以追溯到我之前提到的策略。我們這樣做的原因是，我們策略性地關注以前有人提到的「全面邏輯」或「端到端邏輯」。我們在組織中成長並滿足員工的需求以及由客戶、合作夥伴和圍繞我們的客戶生態系統的各種其他實體組成的世界中獲益匪淺。

If I think about the Axon win, which we have communicated, that is an example of a combined customer education and employees use case. If I think about USA Hockey that we've communicated, that's a partner-driven play. And if I think of Databricks that there is, again, a massive customer experience play in it.

如果我想想我們已經傳達過的 Axon 勝利，那就是客戶教育和員工用例相結合的一個例子。如果我想想我們所交流的美國曲棍球，那就是合作夥伴驅動的比賽。如果我想到 Databricks，它又會發揮巨大的客戶體驗作用。

And so think about this. 65% alone of our ARR is attached to the CX/hybrid use cases. That means, in simple terms, well more than 50% of our business is supported by this capability of playing as an integral function of the go-to-market mission critical of the companies we work with. I believe that is one of the key ingredients, if not the key ingredients, for us to have an advantage over those HCM players that are, by any means, focused on the end-user persona being an employee only.

想想這個。我們的 ARR 中有 65% 與 CX/混合用例相關。簡單來說，這意味著我們超過 50% 的業務是由這種能力支持的，這種能力是我們合作的公司的進入市場使命的一個不可或缺的功能。我相信，這是我們比那些只專注於最終使用者角色（僅作為員工）的 HCM 參與者的關鍵要素之一（如果不是關鍵要素的話）。

Yeah. Thank you that that makes a lot of sense. And maybe another question on the government timing. Do you anticipate any impact from the coming US elections on the timing of your government opportunities? Is there any risk things pause from here both from a FedRAMP certification or even RFP perspective? Thank you.

是的。謝謝你，這很有意義。也許還有一個關於政府時間安排的問題。您預計即將到來的美國大選會對您擔任政府職務的時間表產生任何影響嗎？從 FedRAMP 認證甚至 RFP 的角度來看，從這裡暫停是否有任何風險？謝謝。

We don't believe so. Like we said, from a timing standpoint of things, nobody knows exactly. It's very hard to predict an exact date. But we believe that the processes that we are running are quite independent from the outcome of that and therefore, don't expect a major impact.

我們不這麼認為。就像我們說的，從時間的角度來看，沒有人確切知道。很難預測確切的日期。但我們相信我們正在運行的流程與結果完全獨立，因此預計不會產生重大影響。

Richard Tse, National Bank Financial.

理查德‧謝 (Richard Tse)，國家銀行金融部。

Yes. As you kind of continue this shift towards larger enterprise, can you help us understand the timing how your existing base of smaller customers will tail off? Like I'm sure it's not going to be immediate, but like just trying to figure that out from a modeling perspective.

是的。當您繼續向大型企業轉變時，您能否幫助我們了解您現有的小型客戶群將如何減少的時間？就像我確信這不會立即發生一樣，但就像只是試圖從建模的角度弄清楚這一點。

Yeah, Richard, I'll take that one. Sukaran here. I think it's important to underscore we will continue to play in the lower end of the market from a couple of reasons. One is that is a market where we will certainly learn about how the competitive landscape with the next capabilities of Docebo, and that is up and coming. And second, with the capital and the investments we make from an R&D perspective, it keeps us on our toes. And so that strategy remains consistent.

是的，理查德，我就買那個。蘇卡蘭在這裡。我認為有必要強調我們將繼續涉足低端市場，原因有幾個。一是我們肯定會了解這個市場的競爭格局與 Docebo 的下一個功能，這是即將到來的。其次，憑藉我們從研發角度進行的資本和投資，它讓我們保持警覺。因此該策略保持一致。

What we will see is that the customer that even from a pricing perspective this quarter -- what I didn't articulate earlier was that even from a pricing and capabilities point of view we have simplified our go-to-market motions for the SMB customer and ensured that our investments are aligned to drive the right LCV to CAC in that lower end of the market. So you will still see us play in that market.

我們將看到的是，即使從本季度的定價角度來看，客戶 - 我之前沒有闡明的是，即使從定價和功能的角度來看，我們也簡化了中小企業客戶的上市行動並確保我們的投資能夠在低端市場中為CAC 提供合適的輕型商用車。因此，您仍然會看到我們在該市場中發揮作用。

But if you ask us where the incremental growth is going to come from, and how we think about the business from a growth perspective, the incremental growth and the investments are to drive the superior unit economics in the mid-market, large enterprise and government business. So what I want to make sure everyone understands we will still play in that space. We will continue to build features around supporting the low end of the market, but we are being very thoughtful about LCV to CAC and how we want to ensure that the business is run to drive the best-in-class unit economics and revenue growth.

但如果你問我們增量成長從何而來，以及我們如何從成長的角度看待業務，增量成長和投資將推動中端市場、大型企業和政府的卓越單位經濟效益商業。所以我想確保每個人都明白我們仍然會在那個空間裡玩。我們將繼續圍繞支持低端市場建立功能，但我們正在認真思考 LCV 到 CAC 的問題，以及我們希望如何確保業務運營以推動一流的單位經濟效益和收入成長。

And that's kind of how you should think about it. It's certainly not going to be the case that we're going to go away from that side of the business, because that's really what gives us the competitive edge as well.

這就是你應該如何思考的。我們當然不會放棄這方面的業務，因為這確實也為我們帶來了競爭優勢。

Okay. And then with respect to the net new wins, can you help us understand what channels they're coming from or perhaps the mix of channels partner versus direct or other?

好的。然後，關於淨新勝利，您能否幫助我們了解它們來自哪些管道，或者可能是通路合作夥伴與直接管道或其他管道的組合？

Sure. So in terms of net new wins, we continue to source the majority of our business directly, no doubt. We continue to grow our pipeline with a focus on the mid enterprise to large enterprise. We are very excited about the trend in that regard for the quarters to come in terms of pipeline growth percentage.

當然。因此，就淨新勝利而言，毫無疑問，我們繼續直接採購大部分業務。我們繼續擴大我們的產品線，專注於中型企業到大型企業。我們對未來幾季管道成長百分比的趨勢感到非常興奮。

Relative to the enterprise space, very critical has been the contribution of SIs. We named Deloitte, but we also continue to work with different SIs across the multiple fronts and geos. I would say our enterprise posture is strengthened by the fact that working with this enterprise with these integrators, not only on the generation side but also giving them opportunities for services, gives us an advantage, because some companies have high complex needs, not just of implementing elements but it's part of a much bigger digital transformation. So working with these SIs is a critical component of our strategy.

相對於企業領域，系統整合商的貢獻非常關鍵。我們命名為德勤，但我們也繼續與多個領域和地區的不同系統整合商合作。我想說的是，我們的企業姿態得到了加強，因為與該企業與這些整合商合作，不僅在發電方面，而且還為他們提供服務機會，這給我們帶來了優勢，因為有些公司有很高的複雜需求，而不僅僅是實施元素，但它是更大的數位轉型的一部分。因此，與這些系統整合商合作是我們策略的重要組成部分。

Kevin Kumar, Goldman Sachs.

凱文庫馬爾，高盛。

(technical difficulty) for taking the question. I wanted to ask another one on Dayforce. Just trying to better understand the impact to the model here. Anything you can share in terms of how large the partnership is today and how you're thinking about the short- and medium-term impacts to the revenue contribution moving forward? Thanks.

（技術難度）回答這個問題。我想在 Dayforce 上問另一位。只是想更能理解這裡對模型的影響。您能否分享一下目前合作關係的規模以及您如何看待對未來收入貢獻的短期和中期影響？謝謝。

Hi, Kevin. Good morning. Sukaran here. Like I said, just I'll start with the point that we resolved the legal action with Dayforce. As you can understand, the terms of the settlement are confidentiality bound. What I will say is that whilst we've resolved -- the action with Dayforce we initiated as part of the acquisition of eloomi. The main goal for us was to protect the IP, continue the revenue base, and preserve our good working relationship and partnership going forward.

嗨，凱文。早安.蘇卡蘭在這裡。就像我說的，我將從我們解決與 Dayforce 的法律訴訟開始。如您所知，和解條款具有保密性。我要說的是，雖然我們已經解決了問題，但作為收購 eloomi 的一部分，我們發起了與 Dayforce 的行動。我們的主要目標是保護智慧財產權、維持收入基礎並維持我們良好的工作關係和夥伴關係。

I think the answer is at this point, any of the discussions that we've had as part of the settlement terms in 2024, you've seen that embedded in my guidance. And as we work through some of these settlement terms and have that information in the next few months, we'll provide some of the out-year guidance at that point.

我認為答案就在這一點上，我們作為 2024 年和解條款的一部分進行的任何討論，您都已經在我的指導中看到了這一點。當我們處理其中一些和解條款並在接下來的幾個月內獲得這些資訊時，我們將在那時提供一些年度指導。

But you can imagine that part of this relationship is to continue to -- our focus is to continue to build more and more channel partners. We've obviously spoken about the fact that EY, Darwinbox, and MHR are the ones that we continue to ramp. But now with the announcement of Deloitte as another channel partner, we are driving a much larger partner channel as well as a diversification of the revenue stream.

但你可以想像，這種關係的一部分是繼續——我們的重點是繼續建立越來越多的通路合作夥伴。我們顯然已經談到了這樣一個事實，即 EY、Darwinbox 和 MHR 是我們繼續加強的公司。但現在，隨著德勤宣布成為另一個通路合作夥伴，我們正在推動更大的合作夥伴管道以及收入來源的多元化。

So that's how we think about the business. I would say that as we think through the settlement terms, we'll provide some more updates on the out-years as we provide guidance for next year.

這就是我們對業務的看法。我想說的是，當我們考慮和解條款時，我們將在為明年提供指導時提供更多有關未來幾年的最新資訊。

Martin Toner, ATB.

馬丁·托納，ATB。

Hey. Thanks for taking the call. Can you just talk to -- you had a nice incremental ARR number in the quarter. Can you talk to what the pipelines look like? Has it improved in the quarter and what your thoughts are going forward?

嘿。感謝您接聽電話。您能談談嗎——本季度您的 ARR 數字取得了不錯的增量。能談談管道是什麼樣子的嗎？本季情況有改善嗎？

Sure. Hi, Martin. Alessio speaking. So as I mentioned before, pipeline trends continue to grow very positively. Late last year, we made further efficiency improvements to our demand and business development engine. And unsurprisingly, these improvements, according to our expectation, started manifesting in enterprise -- qualitative enterprise pipeline that is coming up in this H2.

當然。嗨，馬丁。阿萊西奧發言。正如我之前提到的，管道趨勢繼續非常積極地增長。去年年底，我們進一步提高了需求和業務發展引擎的效率。不出所料，根據我們的預期，這些改進開始在企業中體現出來——下半年將出現的定性企業管道。

I would say -- I would outline some things from that pipeline that I believe are very interesting. The number one theme that we see is that -- we've always been very focused -- we've always had a lot of success in the software and IT verticals. Cybersecurity, even recently being an incredibly strong vertical, we have signed in that sector, two worldwide leaders recently, back-to-back.

我會說——我會概述該管道中的一些我認為非常有趣的事情。我們看到的第一個主題是——我們一直非常專注——我們在軟體和 IT 垂直領域取得了巨大的成功。網路安全，即使在最近還是一個非常強大的垂直領域，我們最近在該領域連續簽署了兩位全球領導者。

I would say the other trend that has been very interesting that we're seeing clearly in our pipeline constitution is that post-COVID, there's been a resurgence in onshoring activities. And this has given us great opportunities to support the supply chains that require the need for reskilling and upskilling.

我想說的是，我們在我們的管道章程中清楚地看到的另一個非常有趣的趨勢是，在新冠疫情之後，境內活動有所復甦。這為我們提供了絕佳的機會來支持需要重新技能和提陞技能的供應鏈。

Another aspect that is becoming very clear as the win opportunity for Docebo is the pervasiveness of our many times customers who want to implement the go-to-market revenue play in their use case. And when they do, our e-commerce capabilities play a critical role.

作為 Docebo 的勝利機會，另一個變得非常明顯的方面是我們的許多客戶普遍希望在其用例中實施進入市場的收入策略。當他們這樣做時，我們的電子商務能力將發揮關鍵作用。

Hundreds of millions of dollars have been transacted on Docebo. This is a data point that we reflect on a lot. And that represents very clearly our customers are using Docebo not just as a training platform, but also as a monetization platform itself.

Docebo 上的交易額已達數億美元。這是我們經常反思的一個數據點。這非常清楚地表明，我們的客戶不僅將 Docebo 用作培訓平台，而且將其用作盈利平臺本身。

And finally, I want to underscore a couple of things relative to verticals. Docebo has been praised, in my opinion, over the years as we have been growing as a horizontal platform. That means we've sold and been successful in various industries. As we grow our footprint, we recognized that in order to maintain high efficiency and high quality of revenue, we need to become better and better and better at our posture in certain strategic segments, and we've taken steps towards that.

最後，我想強調一些與垂直產業相關的事情。在我看來，Docebo 多年來一直受到好評，因為我們一直在成長為一個水平平台。這意味著我們已經在各個行業銷售並取得了成功。隨著我們的足跡不斷擴大，我們認識到，為了保持高效率和高品質的收入，我們需要在某些策略領域變得越來越好，我們已經為此採取了措施。

We are doing really well in the fin-served, financial services, vertical, for example. We've been investing in it with some level of specialization in the past year. And look, we've seen banks, asset managers, insurance companies, very, very eager to modernize their tech stack, their approach to skilling and reskilling that historically was based on, if you will, more legacy technologies.

例如，我們在金融服務、垂直領域做得非常好。去年我們一直在一定程度上的專業化投資。看，我們看到銀行、資產管理公司、保險公司非常非常渴望現代化他們的技術堆棧，他們的技能和再培訓方法，如果你願意的話，歷史上是基於更多的傳統技術。

Then finally, I'll wrap it with one topic, actually two. I would say one that we're really excited about is that customers -- our customers and prospects talk to us a lot about skilling and reskilling. We're paying a lot of attention to this. We see essentially as -- we see ourselves as an enablement technology that allows mapping of upskilling journey of our customers and employees. And so really, think about us as a brokering platform for upskilling.

最後，我將用一個主題（實際上是兩個主題）來結束它。我想說，我們真正感到興奮的一點是，客戶——我們的客戶和潛在客戶與我們談論了很多關於技能和再培訓的問題。我們對此非常關注。我們本質上將自己視為一種支援技術，可以繪製我們的客戶和員工的技能提升之旅。因此，實際上，請將我們視為一個提陞技能的經紀平台。

And to close on this point of pipeline and trends, I would say, government. Government is a very, very significant contributor to our pipeline. It's accelerating according to our plans, no particular surprises. But we're very pleased to see the growth of our pipeline in government, for now, limited to the flat market, which is where we have the current right to win. And as we further our federal posture, there is going to be even more to come. So we're very thrilled. Thank you.

為了結束這個管道和趨勢，我想說的是政府。政府是我們管道的非常非常重要的貢獻者。它正在按照我們的計劃加速，沒有特別的驚喜。但我們很高興看到我們在政府管道的成長，目前僅限於平坦市場，這是我們目前有權利獲勝的地方。隨著我們進一步加強我們的聯邦立場，將會有更多的事情發生。所以我們非常興奮。謝謝。

We have no further questions at this time. I will now turn the call back to Docebo's CEO, Alessio Artuffo, for any closing remarks.

目前我們沒有進一步的問題。現在，我將把電話轉回給 Docebo 執行長 Alessio Artuffo，讓其結束語。

Well, we thank you for having with us today again in yet another earnings call. We always love to share our story and to keep you posted with our success in building the best learning company in the world. I want to remind you that we have our customer conference set for September 9 through September 11 in Dallas, US. We warmly await the analyst community to join us there and to learn more about what we're up to. We will be unveiling some really interesting initiatives that Docebo is taking for the futures and really look forward to seeing you there. Thank you for being with us today.

好吧，我們感謝您今天再次參加我們的另一場財報電話會議。我們總是樂於分享我們的故事，並讓您隨時了解我們在打造世界上最好的學習型公司方面所取得的成功。我想提醒您，我們定於 9 月 9 日至 11 日在美國達拉斯舉行客戶會議。我們熱忱等待分析師社群加入我們並更多地了解我們的動態。我們將公佈 Docebo 為未來採取的一些非常有趣的舉措，並非常期待在那裡見到您。感謝您今天和我們在一起。

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。