Docebo Inc (DCBO) 2024 Q3 法說會逐字稿

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

大家早安，歡迎參加 Docebo 2024 年第三季財報電話會議。（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 Mike McCarthy。請繼續，麥克。

Thank you, Regina. Earlier this morning, Docebo issued its Q3, 2024 results. 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.

謝謝你，雷吉娜。今天早些時候，Docebo 發布了 2024 年第三季業績。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。

This morning's call will allow participants to ask questions about our results, and the written commentary that management provided this morning. Before we begin this morning's Q&A, Docebo would like to remind listeners that certain information discussed may be forward-looking in nature.

今天早上的電話會議將允許參與者就我們的結果以及管理層今天早上提供的書面評論提出問題。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。

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.

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。

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

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。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。

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.

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 CEO, Alessio Artuffo; and our CFO, Sukaran Mehta.

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

Regina, we're ready to take the first question.

雷吉娜，我們準備好回答第一個問題了。

Ryan MacDonald, Needham.

瑞恩麥克唐納，李約瑟。

Hi, good morning everyone and congrats on a great quarter. Alessio, maybe just to start with you. Obviously, the macro environment has been a tough one, but Docebo seems to continue to execute really well despite that. Can you just talk a little bit about what you're seeing sort of within the selling environment? What's enabled the company to continue to sort of really perform well, again, as things sort of continue to be elongated?

大家早上好，恭喜您度過了一個美好的季度。阿萊西奧，也許只是從你開始。顯然，宏觀環境一直很艱難，但 Docebo 似乎仍然執行得很好。能簡單談談您在銷售環境中看到的情況嗎？隨著事情繼續延長，是什麼讓公司能夠持續保持良好的表現？

And maybe talk about sort of the mix between sort of sales productivity from the direct team versus maybe support you continue to get as you expand those partner relationships? Thanks.

也許可以談談直接團隊的銷售效率與擴展這些合作夥伴關係時您繼續獲得的支援之間的混合？謝謝。

100% Ryan. So first, let me say, I am really, really proud of the efforts of the Docebo team and how we've effectively been executing in what remains, a stable yet somewhat challenging macro environment. Customers for sure, continue to demonstrate appreciation for our services, for our products, in particular, our ability to serve multiple use cases remains our superpower.

100%瑞安。首先，我要說的是，我對 Docebo 團隊的努力以及我們如何在仍然穩定但有些具有挑戰性的宏觀環境中有效執行感到非常自豪。客戶肯定會繼續對我們的服務、產品表示讚賞，特別是我們服務多種用例的能力仍然是我們的超能力。

We are the sole company that can serve at scale, a large enterprises needs for both their employee experience or EX and the customer partner experience, what we refer to as more CX. You are correct that our efforts are balanced, and target both investing in our direct sales machine as well as our partner engine, which is an articulated engine where system integrators play a key role.

我們是唯一一家能夠大規模提供服務的公司，大型企業既需要員工體驗或 EX，也需要客戶合作夥伴體驗，我們稱之為更多 CX。您說得對，我們的努力是平衡的，並且目標是投資於我們的直銷機器以及我們的合作夥伴引擎，這是一個鉸接式引擎，系統整合商在其中發揮關鍵作用。

This quarter alone, we have advanced our success with some of the system integrators. For example, in partnership with Accenture, we were able to conclude positively a relationship with a leader in the insurance sector in Europe, actually, which to me, underscores the fact that our investments in partnerships, and our investments in establishing our presence in our go-to-market even outside of North America in this particular case, it was in the DACH region are paying off and our strategy is coming together really nicely.

僅本季度，我們就與一些系統整合商取得了成功。例如，透過與埃森哲的合作，我們能夠與歐洲保險業的領導者建立積極的關係，實際上，對我來說，這強調了這樣一個事實：我們對合作夥伴關係的投資，以及我們對在我們的業務中建立業務的投資。

In terms of go-to-market more broadly, with the cutting of rates, we're seeing a resurgence of the sectors in which we have been historically very, very productive, such as software, professional services and other sectors where our products suits them really well. For example, associations and retail is really performing really nicely in these industries.

就更廣泛的市場進入而言，隨著利率的降低，我們看到我們歷來非常非常高效的行業正在復蘇，例如軟體、專業服務和我們產品適合的其他行業他們真的很好。例如，協會和零售業在這些行業中的表現確實非常好。

Look, in the enterprise space, no doubt, the deal cycle remains slightly elongated. So we are learning how to work within that environment. But again, overall, let me underscore, we have performed in alignment, with our expectations and are very proud of our results.

看起來，在企業領域，毫無疑問，交易週期仍然略有拉長。所以我們正在學習如何在這種環境中工作。但我再次強調，整體而言，我們的表現符合我們的期望，並對我們的結果感到非常自豪。

Appreciate all the color there. Maybe as a follow-up, in a week like this, it's probably impossible not to ask about anything government related, but it seems like it was a good quarter on, with in the slide and a bit of the Fed. But can you just give us a little bit of an update on the progress with FedRAMP? And is there any risk here as a new administration comes in that there's, I guess, maybe a pausing in the process as you work towards that FedRAMP certification? Thanks.

欣賞那裡的所有顏色。也許作為後續行動，在這樣的一周內，可能不可能不詢問任何與政府相關的事情，但似乎這是一個很好的季度，包括幻燈片和美聯儲的一些內容。但您能為我們介紹一下 FedRAMP 的最新進展嗎？隨著新政府的上任，是否有任何風險？謝謝。

Love the question. So let me touch first on the topic of new administration and then give you an update on where we stand relative to FedRAMP. What I've always loved about our technology is that especially at times of, say, a research for efficiency and cost cutting, what better technology is available than that, that allows organizations to upskill their own workforce.

喜歡這個問題。因此，讓我先談談新政府的主題，然後向您介紹我們相對於 FedRAMP 的最新情況。我一直喜歡我們的技術，尤其是在進行效率和成本削減研究時，還有什麼比這更好的技術可以讓組織提升自己的員工技能。

There is nothing more important than having people on the job or customers by any means that are more competent and more ready, to do the work at a fraction of the time. So our platform essentially does that. It supports upskilling and reskilling processes. And so - we understand government agencies may be asked to do more with less. And we believe that in this environment, our products provide a natural hedge against a search for increased efficiency.

沒有什麼比讓工作人員或客戶以任何方式更有能力、更準備好在更短的時間內完成工作更重要的了。所以我們的平台基本上就是這樣做的。它支援技能提升和再技能流程。因此，我們理解政府機構可能會被要求少花錢多辦事。我們相信，在這種環境下，我們的產品為尋求提高效率提供了天然的對沖。

So that is on the more new administration side. Of course, it's early days, and we will see what happens next. On the FedRAMP side, our work has continued just upfront kind of to remember where we stand in our journey of certification. Docebo, first of all, is audit ready. And what that means is we have done all our work on the so-called FedRAMP controls, to ensure that our technology processes and documentation are ready for a sponsor relationship.

這就是新政府方面的情況。當然，現在還為時過早，我們將看看接下來會發生什麼。在 FedRAMP 方面，我們的工作只是在前期繼續進行，以記住我們在認證之旅中的位置。首先，Docebo 已做好審核準備。這意味著我們已經完成了所謂的 FedRAMP 控制的所有工作，以確保我們的技術流程和文件為發起人關係做好準備。

We have been working, are working very actively, and this remains a top priority to finalize a sponsor relationship. And we remain cautiously optimistic by that. However, putting a date to that is basically impossible as this is outside of our control. However, we are cautiously optimistic on the outcome. One more thing I would like to say about this. Let me remind that while FedRAMP is a priority.

我們一直在努力，非常積極地工作，這仍然是敲定贊助商關係的首要任務。我們對此保持謹慎樂觀。然而，確定具體日期基本上是不可能的，因為這超出了我們的控制範圍。不過，我們對結果持謹慎樂觀的態度。對此我還想說一件事。讓我提醒一下，雖然 FedRAMP 是優先事項。

And we have invested on it, we are seeing beautiful outcomes more broadly in the government space, where we are executing very nicely in the SLED part of the business and are partnering with partners like Deloitte on advancing our positioning in the market and are selling actively together with them.

我們對此進行了投資，我們在政府領域看到了更廣泛的美好成果，我們在 SLED 業務部分執行得非常好，並與德勤等合作夥伴合作，以提升我們在市場中的地位，並積極銷售和他們在一起。

Suthan Sukumar, Stifel.

蘇坦·蘇庫瑪，斯蒂菲爾。

Apologies. Good morning. Congrats on a solid quarter here. I just wanted to check in on an update on your pricing strategy. Just curious how, what early progress you've been seeing to date? And what is some initial feedback you can share on sort of, on the success side of that strategy?

抱歉。早安.恭喜本季業績穩定。我只是想了解一下你們定價策略的最新情況。只是好奇到目前為止您已經看到了哪些早期進展？關於該策略的成功方面，您可以分享哪些初步回饋？

Sukaran here. I'll cover this one. First, yeah, just as a reminder, when we launched our pricing in April, this is, historically, the company priced its customers on an a la carte basis, and we moved to what we call the core bundle pricing, with incremental capabilities that are part of our core and more package. So what that effectively has meant is that, in terms of the trends we're seeing.

蘇卡蘭在這裡。我會介紹這一點。首先，是的，提醒一下，當我們在四月份推出定價時，從歷史上看，該公司是按點菜方式為客戶定價的，我們轉向了所謂的核心捆綁定價，具有增量功能，是我們核心和更多包的一部分。因此，就我們所看到的趨勢而言，這實際上意味著這一點。

We're certainly driving a much higher value conversation of the problem that we want to solve for our customer in terms of the outcomes that we help solve for them, whether it's the customer education, onboarding capabilities, so on and so forth. And what we also drive as a result of that is aligning value to where we can extract value effectively, meaning that in the customer education use cases.

當然，我們正在推動對我們想要為客戶解決的問題進行更高價值的對話，無論是客戶教育、入職能力等等，還是我們幫助他們解決的結果。因此，我們也推動將價值與我們可以有效提取價值的地方結合起來，這意味著在客戶教育用例中。

We are able to have a conversation around e-commerce capabilities, which we can monetize separately as part of our new packages. And so the new pricing has allowed our sales engine to drive a conversation, which is value driven. We're certainly seeing that all our new deals effectively now are priced at the new price book.

我們能夠圍繞電子商務功能進行對話，我們可以將其作為新套餐的一部分單獨貨幣化。因此，新的定價使我們的銷售引擎能夠推動對話，這是價值驅動的。當然，我們現在所有的新交易實際上都按照新的價格表定價。

As we look through 2025, you'll expect us to start utilizing that price book for our renewal cycle. With the new products that we, sorry, the new modules that were launched at Docebo Inspire, it also gives us an opportunity to utilize our new price book to streamline the renewal book over time. It will still take time because the renewal book depends on when the customer is renewing, and you also have to be sensitive to their initial contract SLAs.

展望 2025 年，您會期望我們開始在續約週期中使用該價格手冊。抱歉，我們在 Docebo Inspire 上推出的新產品，也讓我們有機會利用新的價格手冊來簡化續約手冊。這仍然需要時間，因為續約書取決於客戶續約的時間，而且您還必須對他們的初始合約 SLA 敏感。

But in general, on the net new deals, we're pretty pleased with it. You should expect that, and you're seeing that in the ACV growth, even this quarter that we showed ACV was quite strong at $71,000. I mean, we've talked about it in the past that you can expect there's a reasonable increase in ACV as a result of how we go to market.

但總的來說，對於新的淨交易，我們對此非常滿意。您應該預料到這一點，並且您會看到 ACV 的成長，即使在本季度我們也顯示 ACV 相當強勁，達到 71,000 美元。我的意思是，我們過去已經討論過，您可以預期，由於我們進入市場的方式，ACV 會出現合理的成長。

The other thing that we're seeing also is that it increases, it helps us from a deal velocity perspective, because from an objection handling perspective. You're now driving the conversation of value versus a la carte menu of items. So very pleased on that front. And then I think looking forward to 2025, you'll see us utilize that with our new modules and expansion strategy in trying to bring as many customers as possible to the new price book.

我們看到的另一件事是它正在增加，從交易速度的角度來看，它對我們有幫助，因為從異議處理的角度來看。您現在正在推動價值與單點菜單的對話。在這方面非常高興。然後我認為，展望 2025 年，您將看到我們透過新模組和擴展策略來利用這一點，試圖為新的價格手冊吸引盡可能多的客戶。

Great. Thank you. For my second question, I just want to follow up on the US government opportunity. I noticed recently in the headlines, one of your partners, Carahsoft has -- is being investigated by the FBI. Just wondering, has there been any -- have you noticed any impact to your relationship or and any impact on execution via that channel?

偉大的。謝謝。關於第二個問題，我想跟進美國政府的機會。我最近在頭條新聞中註意到，你們的合作夥伴之一 Carahsoft 正在接受聯邦調查局 (FBI) 的調查。只是想知道，您是否注意到對您們的關係有任何影響，或透過該管道對執行產生任何影響？

No. This is one of our several partners in the government sector. We don't expect any impact in our relationship. And yeah, we'll continue to monitor developments, but it's pretty neutral to us.

不。這是我們在政府部門的幾個合作夥伴之一。我們預計我們的關係不會受到任何影響。是的，我們將繼續關注事態發展，但這對我們來說相當中立。

Robert Young, Canaccord Genuity.

羅伯特楊，Canaccord Genuity。

Hi. Good morning. First place, I'd like to start is a couple of times you've given us some indication on growth by cohort. I think you said that the enterprise cohort is growing 30% or greater at the Investor Day. Can you update us on that? And maybe just give us a sense of where the different cohorts are?

你好。早安.首先，我想首先介紹的是，您曾多次向我們提供了有關群組成長的一些跡象。我想你說過，在投資者日，企業群體成長了 30% 或更多。能告訴我們最新情況嗎？也許只是讓我們了解不同群體的位置？

Yes. Rob, so Sukaran here. In terms of the cohorts, I think you might, you will see that in my prepared remarks, I mentioned it. So you'd see enterprise segment, which is our customers and the large end of the market, we grew that segment at 25% this quarter. And then we saw some -- on the SMB side, I think it's pretty similar to what we've seen in the past, but mostly in the single digits growth.

是的。羅布，蘇卡蘭在這裡。就群體而言，我想你們可能會看到，在我準備好的發言中，我提到了這一點。所以你會看到企業細分市場，也就是我們的客戶和市場的高端，我們本季將該細分市場成長了 25%。然後我們看到了一些——在中小企業方面，我認為這與我們過去看到的非常相似，但主要是個位數的成長。

But I think as we look forward, you can expect that even in Q4 and forward that you see more strength in the higher end of the market. And as we'll continue to monitoring how the rate environment impacts the lower end of the market, but there is an opportunity or potential that if there's some stabilization and confidence in the buyer, maybe the SMB market may perhaps start participating a bit more in 2025.

但我認為，當我們展望未來時，您可以預期，即使在第四季度及以後，您也會看到高端市場更加強勁。我們將繼續監測利率環境如何影響低端市場，但如果買家有一定的穩定性和信心，中小企業市場可能會開始更多地參與其中，這是有機會或潛力的。

Okay. So then I guess the obvious follow-on is, I mean, 25% is a downtick. So what would be the driver there? Is that tempers, are those long-term expectations? Just maybe give a little more detail there.

好的。所以我想明顯的後續是，我的意思是，25% 是下降。那麼那裡的司機會是什麼呢？那是脾氣，那是長期的期望嗎？也許可以在那裡提供更多細節。

Yes. It's just generally a seasonally - we think about Q3, is a seasonally slower quarter. Last year, also just as a reminder, Rob, we had a large deal, Google, that was part of our marquee deal. So that there's a bit of a comp in the prior year too.

是的。這通常是季節性的——我們認為第三季是季節性放緩的季度。去年，同樣提醒一下，羅布，我們與谷歌達成了一項大交易，這是我們大牌交易的一部分。所以前一年也有一些比較。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Thanks for the question and congrats on a strong quarter. I was hoping to get an update on just the OEM strategy broadly. And also wondering, as we head into '25, are we going to start to see any headwinds show up from some of those prior changes around Ceridian and Dayforce?

感謝您的提問，並祝賀本季表現強勁。我希望獲得有關 OEM 策略的廣泛更新。我還想知道，當我們進入 25 年時，我們是否會開始看到 Ceridian 和 Dayforce 之前的一些變化帶來的任何阻力？

Good morning, Josh. Our partner strategy continues to be very strong. As we mentioned in the past, we brought on board a new executive to lead our strategic partnership efforts that includes our OEM channel. When we think about partnerships, we think about OEM, we think about system integrators, and we think about partnerships that are accretive from a go-to-market standpoint in terms of product capabilities and in terms of product extensions.

早上好，喬許。我們的合作夥伴策略仍然非常強大。正如我們過去所提到的，我們聘請了一位新主管來領導我們的策略夥伴關係工作，其中包括我們的 OEM 管道。當我們考慮合作夥伴關係時，我們會考慮 OEM，我們會考慮系統整合商，我們會考慮從進入市場的角度來看在產品功能和產品擴展方面具有增值作用的合作夥伴關係。

So we've been at work on all these fronts and are quite pleased with our return on the business development side. I believe, in the quarters to come, we will continue to expand our wallet of significant partners, and we will update you as we go through it. But I would say from a results standpoint, our focus has been to support these large enterprises that we're working with.

因此，我們一直在所有這些方面開展工作，並對我們在業務開發方面的回報感到非常滿意。我相信，在未來幾個季度，我們將繼續擴大重要合作夥伴的規模，我們將及時向您通報最新情況。但我想說，從結果的角度來看，我們的重點是支持這些與我們合作的大型企業。

And really, the relationship with the SIs has been a tremendous area of focus for us, and the developments with the Accenture and Deloitte have taken a lot of our time, but we believe this time is very well spent and with great ROI.

事實上，與 SI 的關係一直是我們非常關注的領域，與埃森哲和德勤的發展花費了我們大量的時間，但我們相信這段時間花得非常值，並且投資回報率很高。

And I think, Joshua, the second part of your question, my apologies, there was another around pricing.

我認為，約書亞，你問題的第二部分，我很抱歉，還有另一個關於定價的問題。

No, I think that's helpful. But Sukaran, I would ask you just to -- not to guide, but maybe the opportunity to help shape analysts' thoughts on growth trajectory ahead. Like on the one hand, you have 18% ARR growth this quarter. On the other, you guided to 14% revenue growth in Q4. Is there a reason to expect stabilization in '25 from a growth perspective, more deceleration from that Q4 exit rate? Like any thoughts on the trajectory there?

不，我認為這很有幫助。但蘇卡蘭，我想請你只是——不是指導，但也許有機會幫助塑造分析師對未來成長軌蹟的想法。一方面，本季 ARR 成長了 18%。另一方面，您預計第四季度營收將成長 14%。從成長的角度來看，是否有理由預期 25 年將趨於穩定，第四季的退出率將進一步減速？對那裡的軌跡有什麼想法嗎？

No. Josh, I can give some color. I think, as you know, we'll provide our annual guidance for 2025 when we report in February. But I think the way to shape it first is, qualitatively, is that the focus in 2025 will be coming from a perspective of enterprise segment being the most important, especially on the external use cases, customer experience use cases.

不。喬什，我可以給一些顏色。我認為，如您所知，我們將在 2 月發布報告時提供 2025 年年度指導。但我認為首先定性地塑造它的方法是，2025 年的重點將來自於最重要的企業細分的角度，特別是在外部用例、客戶體驗用例上。

Alessio spoke about some investments that we're making around, not just FedRAMP around our SLED market, and that's important as we look into 2025, with a bit of delay perhaps on the FedRAMP that we just spoke about.

Alessio 談到了我們正在進行的一些投資，而不僅僅是圍繞 SLED 市場的 FedRAMP，這在我們展望 2025 年時很重要，我們剛才談到的 FedRAMP 可能會有點延遲。

But the pipeline, the way it's shaping right now is that more than 50% of our pipeline is CX learning driven. Almost 30% of our pipeline going into 2025 is also participating from an SI perspective, which speaks to the larger end of the market.

但目前管道的形成方式是，我們超過 50% 的管道是 CX 學習驅動的。到 2025 年，我們的管道中近 30% 也是從 SI 角度參與的，這說明了市場的更大端。

So, we certainly are increasing our pipeline in the larger end of the market, and that will certainly increase some deal cycles, but also give us an opportunity to show some strength into 2025. At a high level, I think that as we exit this year, we'll provide more guidance, but there's an opportunity to us to continue to maintain some growth as we look into 2025.

因此，我們肯定會增加在較大端市場的管道，這肯定會增加一些交易週期，但也讓我們有機會在 2025 年展現一些實力。從較高層面來看，我認為，當我們今年退出時，我們將提供更多指導，但在展望 2025 年時，我們有機會繼續保持一定的成長。

Richard Tse, National Bank Financial.

理查德·謝（Richard Tse），國家銀行金融部。

Yes, thank you. It's sort of along the similar question. Can you maybe help us understand how the sales and marketing organization is structured or organized in sort of the different markets you're pursuing? So you've got large enterprise, you have sort of small or mid. Are they kind of all under the same group? Do they have different groups? Like I'm just trying to understand the mechanics of how that works.

是的，謝謝。這有點類似的問題。您能否幫助我們了解銷售和行銷組織是如何根據您所追求的不同市場來建立或組織的？所以你有大型企業，也有小型或中型企業。他們都屬於同一組嗎？他們有不同的群體嗎？就像我只是想了解其工作原理一樣。

Sure. So, the setup is international markets is primarily driven by the countries. So relative to international markets, we have the concept of regional allocations, whether it's UK, Nordics, France, Benelux, South EMEA, APAC or Asia Pacific region, and DACH region, where we're seeing, by the way, great results to-date. And with regards to our biggest market opportunity in North America, where, of course we don't have the complexity of dealing with multiple languages and multiple cultures.

當然。因此，國際市場的設置主要是由國家推動的。因此，相對於國際市場，我們有區域分配的概念，無論是英國、北歐、法國、比荷盧經濟聯盟、歐洲、中東和非洲南部、亞太地區或亞太地區，以及DACH 地區，順便說一句，我們在這些地區看到了巨大的成果-日期。至於我們在北美最大的市場機會，我們當然沒有處理多種語言和多種文化的複雜性。

Our design is pretty straightforward and I would say, typical where we have our business development organization that works to expand and grow our funnel in alignment with our revenue marketing function. These are the organizations that really filling in our funnel with combined GTM activities.

我們的設計非常簡單，我想說，這是典型的，我們的業務開發組織致力於根據我們的收入行銷職能來擴展和發展我們的管道。這些組織透過組合 GTM 活動真正填補了我們的漏斗。

And then on the sales execution side, those are in charge of actually winning the deals are account executives, account managers and global account directors that specialize in working through the pipeline. And they are set up by segment, where our primary segments are the mid-market segment and the enterprise segment, the ones that we are the most focused on.

然後在銷售執行方面，負責實際贏得交易的是專門從事管道工作的客戶經理、客戶經理和全球客戶總監。它們是按細分市場設定的，其中我們的主要細分市場是中端市場細分市場和企業細分市場，這是我們最關注的細分市場。

And as a support unit, we have an organization of partnerships that works around the sales organization, to support our sales efforts by bringing in new partners, educating partners and supporting the sales team on partner execution. And then we have vertical initiatives. The one vertical initiative that we have begun more than a year ago has been our government effort, which runs as its unit given the specific GTM of government and the skill set required both in SLED and FED.

作為一個支援單位，我們有一個圍繞銷售組織工作的合作夥伴組織，透過引入新合作夥伴、教育合作夥伴以及支援銷售團隊執行合作夥伴來支援我們的銷售工作。然後我們有縱向舉措。我們一年多前開始的一項縱向舉措是政府的努力，考慮到政府的具體 GTM 以及 SLED 和 FED 所需的技能組合，該舉措作為其單位運作。

And as we continue to grow our organization will continue to evolve. There are different moments in the life of the company with different strategies, and those strategies typically reflect the growth in the sales, seeking more efficiency that's always our priority and focusing our spend and efforts where we believe there is a higher chance of winning, where we have higher win rates and higher commission.

隨著我們的不斷發展，我們的組織也將不斷發展。公司生命週期中的不同時刻有不同的策略，這些策略通常反映了銷售的成長，尋求更高的效率始終是我們的首要任務，並將我們的支出和努力集中在我們認為獲勝機會更高的地方，我們有更高的獲勝率和更高的佣金。

Okay. Thanks. And my second question. When you look at the sort of the feature set you have, it seems to me that one of the most prominent is around kind of AI authoring and helping create content. Is that what you feel from your customers you speak to and is that the biggest pain point? And from a cost perspective, how much does that actually help them save in terms of using something like AI authoring? And what is the margin profile on something like that look to the Docebo?

好的。謝謝。我的第二個問題。當你查看所擁有的功能集時，在我看來，最突出的功能之一是人工智慧創作和幫助創建內容。這是您從與您交談的客戶那裡得到的感受嗎？從成本角度來看，這實際上可以幫助他們在使用人工智慧創作等方面節省多少成本？Docebo 類似產品的利潤率是多少？

Yeah, brilliant question. So let me preface by saying AI offering is set to launch later this month, actually in 11 days. And so at this point, we don't have, let's say, an already live use case with AI offering with customer proof point of results that we can report. However, let me share a few thoughts. Number one, AI offering was the most participated beta program in the history of the company.

是的，很棒的問題。因此，我先說一下 AI 產品將於本月稍後推出，實際上是在 11 天後。因此，目前我們還沒有一個已經存在的人工智慧產品用例，以及我們可以報告的客戶結果證明點。不過，讓我分享一些想法。第一，人工智慧產品是公司歷史上參與人數最多的測試計畫。

There has been a tremendous amount of interest, which confirms your input that it is a highly sought after technology. AI offering is the evolution of Docebo Shape, a module that we've launched years ago that we have reshaped to meet the better the needs of customers. AI offering is going to be an important part of our users, not just per se for the return of investment, which is going to be quite simple.

人們對此產生了極大的興趣，這證實了您的觀點：這是一項備受追捧的技術。AI 產品是 Docebo Shape 的演變，這是我們多年前推出的一個模組，我們對其進行了重新設計，以更好地滿足客戶的需求。人工智慧產品將成為我們用戶的重要組成部分，而不僅僅是投資回報，這將非常簡單。

Frankly, to quantify once we are paying customers on it, because it's quite simple to demonstrate our content production cycle that tends to be very heavy on the cost side can be streamlined and automated thanks to AI. We're equally excited about products, frankly, that we have launched and where we are seeing return in the market. In the past few months, we've launched respectively insight.

坦白說，一旦我們向客戶付費，就可以進行量化，因為展示我們的內容製作週期非常簡單，而我們的內容製作週期在成本方面往往非常沉重，而藉助人工智慧，可以簡化和自動化。坦白說，我們對我們推出的產品以及我們在市場上看到的回報同樣感到興奮。在過去的幾個月裡，我們分別推出了insight。

Which is our advanced analytics technology that helps enterprises really power a BI technology within the LMS and run very complex, yet streamlined reporting needs and communities, which plays into our CX, customer experience posture and allows companies to run a community interactive within the LMS. We have deep conviction in this too.

這是我們先進的分析技術，可幫助企業真正在LMS 中支援BI 技術，並運行非常複雜但簡化的報告需求和社區，這有助於我們的CX、客戶體驗狀況，並允許公司在LMS 中運行互動式社區。我們對此也深信不疑。

And we have sold units and dollars in accordance, with our ambitious plans and expectations on both. I will say back to AI offering that one of the reasons why I'm super excited about it is not just the capabilities to create content, but I view it as an integral part of our future vision of the company that focuses on learning, and knowledge transformation.

我們已經按照我們雄心勃勃的計劃和期望出售了單位和美元。我要說回人工智慧產品，我對它超級興奮的原因之一不僅僅是創造內容的能力，而且我認為它是我們公司未來願景的一個組成部分，該公司專注於學習，並且知識轉化。

Because knowledge is going to be the number one asset that every company has available and transforming knowledge into instruction, and into learning is going to be the big opportunity. Offering is the glue that allows us to connect the knowledge to transforming it in instruction and learning. And that is just a component of what will be the Docebo powerhouse of the future.

因為知識將成為每個公司擁有的第一資產，將知識轉化為指導，轉化為學習將是巨大的機會。提供是讓我們將知識連結並在教學和學習中轉化的黏合劑。這只是未來 Docebo 強國的一個組成部分。

Erin Kyle, CIBC.

艾琳·凱爾，CIBC。

It's Erin Kyle on for Stephanie Price. In your prepared remarks, you called out partnerships with those offering services complementary to LMS. Could you just dig into that strategy a bit more? And you talked about buy, build and partner. Is that also the way you would order those in terms of priority?

艾琳凱爾 (Erin Kyle) 為史蒂芬妮普萊斯 (Stephanie Price) 代言。在您準備好的發言中，您提到了與那些提供 LMS 補充服務的公司的合作關係。您能更深入地研究一下這個策略嗎？您談到了購買、建造和合作夥伴。這也是您按照優先順序排序的方式嗎？

Hello Stephanie. For sure, we see a tremendous opportunity in the market. Part of our vision is to become a more holistic partner to our customers. And it's not just our vision. That's what our customers are asking us to be better at. In 2015, when we listened carefully to the market as a much smaller company, we listened to customers said to us, we'd like to do more with an LMS than just delivering the training for our employees.

你好史蒂芬妮。當然，我們看到了市場上巨大的機會。我們的願景之一是成為客戶更全面的合作夥伴。這不僅僅是我們的願景。這就是我們的客戶要求我們做得更好的地方。2015 年，當我們作為一家規模小得多的公司仔細傾聽市場的聲音時，我們聽到客戶對我們說，我們希望利用 LMS 做更多的事情，而不僅僅是為員工提供培訓。

We listened to that feedback back then. We made a conscious bet in our product, and we developed the CX capabilities, and that remains to-date, our best investment because it has allowed us to gain market share that most LMS players did not see for many years to come.

當時我們聽取了回饋。我們有意識地在我們的產品上下了注，我們開發了CX 功能，這仍然是我們迄今為止最好的投資，因為它使我們能夠獲得大多數LMS 參與者在未來許多年裡都看不到的市場份額。

Similarly, our idea of listening to customers and listening to their needs of doing more is a good partner today. We want to solve more problems for our customers, because the learning tech stack is very fragmented. Enterprises are known to have contracts in place with dozens of providers to solve what fundamentally is a comprehensive learning need for various types of audiences in the organization.

同樣，我們傾聽客戶的想法並傾聽他們做更多事情的需求是今天的好合作夥伴。我們希望為客戶解決更多問題，因為學習技術堆疊非常分散。眾所周知，企業與數十家提供者簽訂了合同，從根本上解決組織中各類受眾的綜合學習需求。

So of course, in an ideal world, if all things were possible, we would step our fingers and have all these capabilities at hand from day one tomorrow, but that's not the way it works. And the way it works is we will prioritize building, where we have deep conviction and high synergies with our products. We will continue to partner where we think there are assets that are synergic, and that we can establish product integrations with commercial alliances attached.

當然，在理想的世界中，如果一切皆有可能，我們會伸出手指，從明天第一天起就擁有所有這些功能，但事實並非如此。其運作方式是，我們將優先建設，我們對我們的產品有堅定的信念和高度協同效應的地方。我們將繼續與我們認為具有協同效應的資​​產進行合作，並且我們可以建立具有商業聯盟的產品整合。

And why not? We will capture opportunities inorganically in the market for technologies, and we focus on very healthy quality assets that we can leverage our cash to buy and improve our market position with that.

為什麼不呢？我們將無機地抓住科技市場的機會，我們專注於非常健康的優質資產，我們可以利用我們的現金購買這些資產並以此提高我們的市場地位。

Okay. That's helpful color there. And then maybe I just have a modeling question?

好的。那是有用的顏色。也許我只是有一個建模問題？

I meant to say, Erin I apologize.

我想說，艾琳，我道歉。

That's okay. That's okay. Thanks Alessio. My other question is just on the modeling front. The free cash flow, it was a bit lower than we had expected in the quarter. And I see that's working capital driven and impacted by the timing of some payments and some bonuses. My question is, is that a seasonality thing? Like should we be modeling Q3 as a negative change in working capital going forward? Or how should I think about that?

沒關係。沒關係。謝謝阿萊西奧。我的另一個問題是關於建模方面的。自由現金流略低於我們本季的預期。我認為這是營運資金的驅動因素，並受到一些付款和獎金的時間表的影響。我的問題是，這是季節性的事情嗎？就像我們應該將第三季建模為未來營運資本的負面變化嗎？或者說我該如何思考這個問題？

Yes. Good question, Aaron. Sukaran here. Yeah, this is just first and foremost, like I've said before, when you look at our free cash flow on a trailing 12-month basis or on an annualized basis, you'll always find our free cash flow will be, give or take, plus or minus 1% to adjusted EBITDA.

是的。好問題，亞倫。蘇卡蘭在這裡。是的，這是首先也是最重要的，就像我之前說過的，當你查看我們過去 12 個月或年化的自由現金流時，你總會發現我們的自由現金流是：或採取正負1% 調整後EBITDA。

What you're pointing out is, yeah, it's just basically, our annual bonuses are now paid semi-annually. So that's just something you should just factor in as you going forward from a free cash flow perspective. But on a trailing 12-month basis, there's no difference.

您指出的是，是的，基本上，我們的年度獎金現在每半年支付一次。因此，從自由現金流的角度來看，這只是您應該考慮的因素。但從過去 12 個月來看，沒有什麼不同。

Daniel Chan, TD Cowen.

陳丹尼爾 (Daniel Chan)，TD 考恩 (TD Cowen)。

Hi. Good morning. As you wait for FedRAMP certification, what's your confidence that you're going to be able to participate in some of the large RFPs that are coming to market? You mentioned that the Veteran Affairs RFP came out around your Inspire conference. So what's your level of confidence you're going to be able to participate in these large opportunities?

你好。早安.當您等待 FedRAMP 認證時，您對能夠參與即將上市的一些大型 RFP 有何信心？您提到退伍軍人事務部 RFP 是在您的 Inspire 會議期間發布的。那麼，您對參與這些重大機會的信心程度如何？

Look, this is a great question. I would say the reason why we are so focused on our FedRAMP certification is that the TAM for the federal market is so impressive. Participation opportunities will be tied to achieving our FedRAMP status, and that's why that's our priority. The TAM for the federal market we reverted is in excess of $1 billion opportunity in our market alone. And so it goes without saying that the sooner we accomplish our certification, the better we will be positioned to respond to these bids and when they come out.

看，這是一個很好的問題。我想說，我們如此關注 FedRAMP 認證的原因是聯邦市場的 TAM 令人印象深刻。參與機會將與獲得 FedRAMP 資格掛鉤，這就是為什麼這是我們的首要任務。僅在我們的市場中，我們恢復的聯邦市場的 TAM 機會就超過 10 億美元。因此，不言而喻，我們越早完成認證，我們就越能更好地回應這些投標以及它們出現時的情況。

Yeah. I think, Dan, the only thing Alessio spoke earlier, there was a similar question that I had is, I think as you look at the infrastructure within the government organizations, we spoke about it, I think, at Inspire bit, but you will find that these are organizations that are sitting on very legacy old solutions that have to be modernized just because they can't even sustain their current operational practices, forget about the advancements in technology that happened over the last 20 years.

是的。我想，丹，阿萊西奧早些時候說過的唯一一件事，我也有一個類似的問題，我認為當你看看政府組織內的基礎設施時，我們在Inspire bit 上談到過它，但你會發現這些組織正在使用非常傳統的舊解決方案，這些解決方案必須現代化，只是因為它們甚至無法維持當前的營運實踐，忘記過去 20 年來發生的技術進步。

So a lot of the solutions that some of these agencies, are utilizing today have been built on Moodle and legacy platforms that are just not sustainable to even operate. And as you look at what Alessio just spoke about, the potential and looking for efficiencies in the government, technology is going to be an important factor in terms of solving that productivity efficiency that might be a focus, as we look forward to the new administration.

因此，其中一些機構目前使用的許多解決方案都是建立在 Moodle 和遺留平台上的，而這些平台甚至無法持續運作。當你看到阿萊西奧剛才談到的內容時，政府的潛力和尋求效率，科技將成為解決生產力效率的一個重要因素，這可能是一個焦點，因為我們期待新政府。

Thanks for that. Switching gears, new logo ACV came in flat at about $71,000. Just wondering whether this is a level we should expect the ACV to stabilize at or whether there are levers to take that higher? Thank you.

謝謝你。換個角度，新標誌 ACV 持平，價格約為 71,000 美元。只是想知道我們是否應該期望 ACV 穩定在這個水平，或者是否有槓桿可以使這個水平更高？謝謝。

Yes. Yes, good question, Don. Yes, we were pleased with actually the strength we showed in Q3, which is seasonally a slower quarter. But what you're seeing is that as we move upmarket, the pipeline is also increasing upmarket, but that's also showing in terms of the ACV strength even in Q3. I think, yeah, look, going forward, it is the way the pipeline also is shaping, and generally how we go to market from a mid-market and large enterprise perspective.

是的。是的，好問題，唐。是的，我們對第三季表現出的實力感到滿意，從季節性角度來看，第三季是一個放緩的季度。但你看到的是，隨著我們向高端市場邁進，管道也在增加高端市場，但這也體現在 ACV 的實力上，即使在第三季也是如此。我認為，是的，展望未來，這也是管道正在形成的方式，也是我們從中型市場和大型企業角度進入市場的一般方式。

And with the changes we've made in the pricing, you can expect that we should show some consistent strength in terms of the size of the deals. We are landing. But as we said, it's a story of segments, too. And so if you think about the segments that we've had historically, the more and more you move away from SMB into the mid-market and enterprise, you should see us continue to show strength and hopefully increase this steadily in the next few quarters.

隨著我們在定價方面所做的改變，你可以預期我們在交易規模方面應該表現出一些一致的實力。我們正在著陸。但正如我們所說，這也是一個由片段組成的故事。因此，如果您考慮我們歷史上的細分市場，您會越來越多地從中小企業轉向中端市場和企業，您應該會看到我們繼續展現實力，並希望在接下來的幾個季度中穩定成長。

Kevin Krishnaratne, Scotia Bank.

凱文‧克里希納拉特納 (Kevin Krishnaratne)，豐業銀行。

Hi there. Good morning. I joined a bit late, so apologies if this has been asked. But for can you comment on your ARR book trend so far through Q4 relative maybe to last year? And can we expect typically, you see a pretty good bump in Q4, sort of like $12 million, I think, the last couple of quarters. Do we expect something that trend to continue? Or is there something else going on, because in your script, you talked about elevated levels of scrutiny for the foreseeable future. Just any color you can give us on what you're seeing? Thanks.

你好呀。早安.我加入得有點晚，所以如果有人問這個問題，我深感抱歉。但您能否評論一下第四季迄今相對於去年的 ARR 圖書趨勢？我們通常可以預期，您會在第四季度看到相當好的成長，我認為過去幾個季度大約是 1200 萬美元。我們預計這種趨勢會持續下去嗎？或者還有其他事情發生，因為在你的劇本中，你談到了在可預見的未來提高審查水平。您可以為我們提供您所看到的任何顏色嗎？謝謝。

Yeah, Kevin. Good morning. The way to think about firstly, I'll say that our pipeline, as you understand, is mostly heavily in these quarters and future quarters in the mid-market, and large enterprise as we are driving a pretty high pipeline in that in those segments. And the commentary that we provided, just to kind of highlight that some of these deals, they are taking longer, but we're seeing our execution consistently improve.

是的，凱文。早安.首先要考慮的方式是，如您所知，我們的管道主要集中在這些季度和未來幾個季度的中端市場和大型企業中，因為我們在這些細分市場中推動了相當高的管道。我們提供的評論只是為了強調其中一些交易需要更長的時間，但我們看到我們的執行力不斷提高。

As we guided for Q4, we will provide the next year's guidance when we kind of report February. But as we uplifted our guidance for revenue, you'll see that we're pretty comfortable in terms of our 2024 targets. And as we look into 2025 and what that bookings will come as a result of our Q4 quarter, we'll provide that highlight in early 2025.

正如我們對第四季的指導，我們將在二月發布報告時提供明年的指導。但當我們提高收入指導時，您會發現我們對 2024 年的目標相當滿意。當我們展望 2025 年以及第四季的預訂量時，我們將在 2025 年初提供這項亮點。

But generally, the way to think about it is going forward, is that the mix of the business is meaningfully in the large enterprise cycle, and that certainly is a factor in terms of when and how we close some amount of those deals. And that should also be hopefully an opportunity to maintain our growth, as we look forward and potentially show some improvements in our ACV.

但總的來說，考慮未來的方法是，業務組合在大型企業週期中是有意義的，這當然是我們何時以及如何完成部分交易的因素。這也應該是一個保持我們成長的機會，因為我們期待並可能在我們的 ACV 上顯示出一些改進。

Got it. No, I appreciate that. And good quarter. Thanks. I'll pass the line.

知道了。不，我很欣賞這一點。良好的季度。謝謝。我會過線。

Thank you.

謝謝。

(Operator Instructions) Martin Toner, ATB Capital Markets.

（操作員指令）Martin Toner，ATB 資本市場。

Hi, thanks for taking the call. Just wondering, in the prepared remarks, you used the term improving pipeline. Just you've talked a little bit about it over the course of the call, but just wondered if you could just revisit, and give us a little more depth into why you put that into the prepared remarks?

您好，感謝您接聽電話。只是想知道，在準備好的評論中，您使用了術語“改進管道”。您在通話過程中對此進行了一些討論，但只是想知道您是否可以重新回顧一下，並讓我們更深入地了解您為什麼將其放入準備好的評論中？

Yeah. It's a story of focus, Martin, focus of our engine that I have described before where there was a question prior about organizational setup. And we have over time, continued to learn operationally how to allocate our resources and efforts in a more narrow way where we are focused. This is no easy task when for many, many years, we were operating across the SMB, mid-market and enterprise space.

是的。這是一個關於焦點的故事，馬丁，我們引擎的焦點，我之前已經描述過，之前有一個關於組織設置的問題。隨著時間的推移，我們不斷在操作上學習如何以更狹窄的方式在我們關注的領域中分配我們的資源和努力。這並不是一件容易的事，因為我們多年來一直在中小企業、中端市場和企業領域開展業務。

We have continued to adjust our business development motion, marketing motion, both in the form of paid and non-paid marketing and branded campaigns towards a more focused mid-market and enterprise outcome, which in return will have resulted in marginal improvements in the pipeline because our units are bigger and because the customer profile is more in line with what we're looking for.

我們繼續以付費和非付費行銷和品牌活動的形式調整我們的業務發展行動、行銷行動，以實現更加集中的中端市場和企業成果，這反過來將導致管道的邊際改善因為我們的單位更大，而且客戶資料更符合我們的需求。

I would add to that, that one of the tactics that we are implementing more and more, is the so-called ABM approach where we are putting quite a bit of effort, in strategic revenue analysis of our top-performing industries and verticals, and carving our territories accordingly across the board from demand to execution. Again, that is with the objective of creating better unit economics in terms of cost for sure.

我想補充一點，我們越來越多地實施的策略之一就是所謂的 ABM 方法，我們在對錶現最好的行業和垂直行業進行戰略收入分析方面投入了大量精力，並且從需求到執行，全面相應地開拓我們的領土。同樣，這肯定是為了在成本方面創造更好的單位經濟效益。

But also in terms of improved pipeline. So we're pleased with those efforts. I believe that we have a long way to grow more. I believe that we have an even greater opportunity. And as we continue to launch new products, and establish new partnerships and increase our addressable market as a result, the opportunity ahead of us is really exciting.

而且在改進管道方面也是如此。所以我們對這些努力感到滿意。我相信我們還有很長的路要走。我相信我們還有更大的機會。隨著我們不斷推出新產品、建立新的合作關係並擴大我們的目標市場，我們面前的機會確實令人興奮。

That's great. Thank you very much. Alessio. I'm going to be in Atlanta soon, so I'm going to hit you up for some restaurant [record].

那太棒了。非常感謝。阿萊西奧.我很快就要去亞特蘭大，所以我會去找你找家餐館[記錄]。

Let's do it.

我們開始做吧。

All right, thank you.

好的，謝謝。

Kiran Sritharan, Eight Capital.

基蘭·斯里塔蘭，八資本。

Hi. Good morning, guys. Congratulations on the quarter. Now with yourself as CEO Alessio and a recently promoted CRO, there's obviously been some shuffling in senior leadership this year. I wanted to ask you broadly on any structural tweaks you've made that's seeing results? And also, can you give an update on what your hiring priorities are across different teams into next year?

你好。早安，夥計們。恭喜本季。現在，阿萊西奧 (Alessio) 擔任首席執行官，最近晉升為首席風險官 (CRO)，今年高層領導層顯然發生了一些變動。我想廣泛詢問您所做的任何結構性調整是否取得了成果？另外，您能否介紹一下明年不同團隊的招募重點的最新情況？

For sure. Well, look, first of all, I am honored and super excited to be in the permanent CEO position, and I am so grateful to the team that I work with closely every day, whoever the champion, and for play to our Board and investors for the trust they put in me. In terms of decisions and people, you're right to think that one of my top priorities is a focus on people.

一定。嗯，看，首先，我很榮幸也非常興奮能夠擔任永久首席執行官，我非常感謝每天與我密切合作的團隊，無論誰是冠軍，並感謝我們的董事會和投資者感謝他們對我的信任。在決策和人員方面，您認為我的首要任務之一是專注於人員是正確的。

People more broadly as the champions, every employee of the company, but for sure, assembling the eight players team that I work with every day. In the first few months from my appointment, I was very happy to welcome to the business a few new executives, a new Chief of Staff, Noel Miller, a new EVP of Corporate Development and Partnerships, Travis Burke.

更廣泛地說，人們是冠軍，公司的每一位員工，但可以肯定的是，組建了我每天一起工作的八名球員團隊。在我上任後的頭幾個月裡，我非常高興地迎來了幾位新高管加入公司，其中包括新任幕僚長諾埃爾·米勒(Noel Miller)、新任企業發展和合作夥伴關係執行副總裁特拉維斯·伯克(Travis Burke)。

More recently a new SVP in Product Management with Andreas Sivieri, and very critical to our go-to-market execution, a new Chief Marketing Officer, Alex Asnovich. Is there more to come? Look, we're always looking to improve our organization. We're always looking for areas where we can do things better. And so I'm really proud of the team that we've assembled, but we're never happy, never good enough, and we look for opportunities to strengthen ourselves, both in people, products and services.

最近，Andreas Sivieri 任命了新的產品管理資深副總裁，而新任行銷長 Alex Asnovich 對我們的上市執行至關重要。還有更多嗎？看，我們一直在尋求改進我們的組織。我們一直在尋找可以做得更好的領域。因此，我為我們組建的團隊感到非常自豪，但我們永遠不會快樂，永遠不會足夠好，我們尋找機會在人員、產品和服務方面增強我們自己。

Appreciate the color there. And then my second, can you discuss the new communities product and how adoption and feedback has been since that launch? And more broadly, how your appetite of kit for M&A has changed given that growing meaningful free cash flow you mentioned?

欣賞那裡的顏色。然後我的第二個問題，您能否討論一下新的社群產品以及自推出以來的採用和回饋情況如何？更廣泛地說，考慮到您提到的有意義的自由現金流不斷增長，您對併購套件的興趣發生了怎樣的變化？

Absolutely. Great questions. Communities have me really excited. As you may have learned over time in the earnings call, we've always been very enthusiast, so to speak of our CX posture, meaning our ability to serve our customers to enable their own customers, partners, and external audiences. Communities is a result of a small acquisition that we did of a company called PeerBoard that had a, I would say, start-up product focused on the community business.

絕對地。很好的問題。社區讓我非常興奮。隨著時間的推移，您可能在財報電話會議中了解到，我們一直非常熱情，可以說我們的CX 姿態，這意味著我們有能力為客戶提供服務，從而為他們自己的客戶、合作夥伴和外部受眾提供支援。社群是我們對一家名為 PeerBoard 的公司進行小額收購的結果，我想說，該公司有一個專注於社區業務的新創產品。

We took the technology and the talent that was also high quality and brought it in the fold in Docebo and continue to develop, and we've recently released the communities product. The beta involved dozens of customers at Docebo, all showing great signs of engagement during the beta program. One of the things that communities excites me tremendously is that whilst its main focus is one of addressing the needs of external audiences.

我們採用了高品質的技術和人才，並將其納入 Docebo 並繼續開發，我們最近發布了社群產品。Docebo 的數十名客戶參與了測試版，所有客戶都在測試版計劃期間表現出了良好的參與度。社群讓我非常興奮的事情之一是，它的主要焦點之一是滿足外部受眾的需求。

We found in the market that there are many organizations that actually want to implement communities for their own internal use case as well. So not only it's going to be accretive for us as intended for the customer experience use case, it will also give us an opportunity to further strengthen and differentiate our EX or employee experience capabilities. Now further, I will tell you one thing that -- it's very factual.

我們在市場上發現，有許多組織實際上也希望為自己的內部用例實施社群。因此，它不僅會為我們的客戶體驗用例帶來增值，而且還將為我們提供進一步加強和區分我們的 EX 或員工體驗能力的機會。現在，我還要告訴你們一件事──這是非常事實的。

We have several thousand customers of Docebo interacting every day with our own community technology. Our desire is to continue to drink our own champagne to show to our customers, our prospects, how Docebo leverages and makes a company better using a community technology. We have here now victory of doing that. We have developed best practices. So not only we've developed the product communities that is strong.

我們有數千名 Docebo 客戶每天與我們自己的社群技術互動。我們的願望是繼續喝我們自己的香檳，向我們的客戶、我們的潛在客戶展示 Docebo 如何利用社群技術並使公司變得更好。我們現在已經取得了這樣做的勝利。我們已經制定了最佳實踐。因此，我們不僅開發了強大的產品社群。

But we also have the expertise to go out there in the market and showcase how we've actually implemented and you have a really good return on it by having that. On the M&A front, we are, first of all, I would say job number one is a very clear thesis. A very clear thesis of where we want to go, what we want to do, and when, under what circumstances. That to me is job number one.

但我們也擁有進入市場的專業知識，展示我們的實際實施方式，並且您將獲得非常好的回報。在併購方面，首先，我想說，首要任務是一個非常明確的論點。一個非常清楚的論點，說明我們想去哪裡、想做什麼、何時、在什麼情況下。這對我來說是第一位的工作。

It's part of drawing a very clear vision for our company, which we believe we have very crystal clear. M&A are a tool at our disposal. Our financial profile is elite. We are positioned really well with no debt and very healthy cash on the balance sheet, and more importantly, an EBITDA profile, and free cash flow profile that supports M&A efforts now in the future.

這是為我們公司製定非常清晰的願景的一部分，我們相信我們的願景非常清晰。併購是我們可以使用的工具。我們的財務狀況非常出色。我們的定位非常好，沒有債務，資產負債表上有非常健康的現金，更重要的是，我們的 EBITDA 狀況和自由現金流狀況可以支持現在和未來的併購工作。

We are active in the market. We look for opportunities, but we're very selective. The opportunities we're looking for are accretive to our story. They are value creation for our customers and the companies we are interested in as a positive to neutral profile to our existing balance sheet. But again, more important, they have to be good technologies and healthy businesses.

我們在市場上很活躍。我們尋找機會，但我們非常有選擇性。我們正在尋找的機會會豐富我們的故事。它們為我們的客戶和我們感興趣的公司創造價值，對我們現有的資產負債表產生積極到中性的影響。但更重要的是，它們必須是良好的技術和健康的業務。

So we are at work. Travis Burke is a professional that has done this for many years. He supports us in this effort. And we will see. We will keep updated as things evolve, but we're very excited.

所以我們正在工作。特拉維斯·伯克（Travis Burke）是一位從事此工作多年的專業人士。他支持我們的這項努力。我們將會看到。我們將隨著事情的發展不斷更新，但我們非常興奮。

That will conclude our question-and-answer session. And I'll now turn the call over to Alessio for closing remarks.

我們的問答環節就到此結束。現在我將把電話轉給阿萊西奧做總結發言。

Thank you very much. We are really pleased to report another successful quarter marked by consistent execution and profitability. We are in a trajectory to become the complete AI-driven learning, and knowledge platform used by enterprises for their end-to-end learning needs. The world will learn with the channel.

非常感謝。我們非常高興地報告又一個成功的季度，其特點是一致的執行力和盈利能力。我們有望成為完整的人工智慧驅動學習和企業用來滿足其端到端學習需求的知識平台。世界將透過該管道學習。

This position will increase our TAM and strengthen our position of innovative and differentiated company. Thank you for your time. We look forward to updating you when we report Q4 results in February. Thank you.

這一職位將增加我們的 TAM 並鞏固我們作為創新和差異化公司的地位。感謝您抽出時間。我們期待在二月報告第四季業績時向您通報最新情況。謝謝。

Ladies and gentlemen, that will conclude today's meeting. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的會議到此結束。感謝大家的加入，現在可以斷開連線了。