Docebo Inc (DCBO) 2025 Q1 法說會逐字稿

Good morning everyone and welcome and welcome to the Docebo Q1 2025 earnings call. (Operator instructions)

大家早安，歡迎參加 Docebo 2025 年第一季財報電話會議。（操作員指示）

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

現在我想將電話轉給 Docebo 的投資人關係副總裁 Mike McCarthy。請繼續，麥克。

Thank you, Julieanne. Earlier this morning, Docebo issued its Q1 2025 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. 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，朱莉安妮。今天早些時候，Docebo 發布了其 2025 年第一季業績。新聞稿包含管理層準備好的發言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。今天上午的電話會議將允許參與者就我們的結果和管理層今天上午提供的書面評論提出問題。

Before we begin this morning's Q&A, though, 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.

不過，在我們開始今天早上的問答之前，Docebo 想提醒聽眾，討論的某些資訊可能是前瞻性的。此類前瞻性資訊反映了公司對未來事件的當前看法。

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 Dolcebo's public filings, which are available on both SEDAR and EDAR.

任何此類資訊都受風險、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預測的結果有重大差異。有關前瞻性陳述的風險、不確定性和假設的更多信息，請參閱 Dolcebo 的公開文件，該文件可在 SEDAR 和 EDAR 上查閱。

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 that do not have standardized meanings under IFRS.

在通話過程中，我們將參考某些非國際財務報告準則的財務指標。儘管我們認為這些指標為我們的財務表現提供了有用的補充信息，但它們並不是公認的、在國際財務報告準則下沒有標準化含義的指標。

Please see our MDNA for additional information regarding our non-IFRS measures, including. Conciliations 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 MDNA，以了解有關我們的非國際財務報告準則措施的更多信息，其中包括。與最接近的 IFRS 指標進行調節。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 Dolcebo's CEO Alessio Artuffo and our CFO Brandon Farber. Gentlemen?

現在我想將電話轉給 Dolcebo 的執行長 Alessio Artuffo 和我們的財務長 Brandon Farber。先生們？

Julianne, would you take the first call -- first question please?

茱麗安，你能接第一通電話嗎？請問第一個問題？

(Operator instructions)

（操作員指示）

Suthan Sukumar, Stifel.

蘇坦·蘇庫馬爾（Suthan Sukumar），Stifel。

Good morning, gents. For my first question, I wanted to touch on the leadership transitions that were announced alongside the results with the departure of the CRO and, CPO roles. I mean these are obviously key roles, are these related to execution or performance issues and what stage are you at in replacing the CRO role? Would appreciate any color there.

早安，先生們。對於我的第一個問題，我想談談與 CRO 和 CPO 職位離職同時宣布的領導層變動。我的意思是，這些顯然是關鍵角色，這些是否與執行或效能問題有關，以及您在替換 CRO 角色方面處於什麼階段？任何顏色都值得欣賞。

Absolutely. Hi Alessio speaking. Fair question, and one that I'd like to address head on. So first, for perspective, when you take a step back over the past five years has grown from roughly $74 million in ARR to currently $225 million, right? Now when I stepped into the CEO role, one of the first things that I thought about was taking a close look at what kind of leadership we need for Dolcebo's next phase of growth.

絕對地。你好，我是 Alessio。這是一個公平的問題，也是我想正面回答的問題。那麼首先，從角度來看，回顧過去五年，ARR 已經從大約 7,400 萬美元成長到目前的 2.25 億美元，對嗎？現在，當我擔任執行長一職時，我首先想到的事情之一就是仔細研究 Dolcebo 的下一階段發展需要什麼樣的領導力。

So a few thoughts. First, in general, we're not the same company that we were three or five years ago. The scale that we operate at today with more enterprise customers, and more global footprint, it just requires a leadership team that is aligned with that future state.

有幾點想法。首先，整體來說，我們已經不再是三、五年前的那家公司了。我們目前的營運規模擁有更多的企業客戶和更廣泛的全球影響力，因此需要一支與未來狀態一致的領導團隊。

Second, some changes where just natural evolution, leaders moving on after building an incredible foundation, that's a fabulous example, RCPO Others were intentional decisions to bring in fresh expertise where I believe we needed it. And on all of those we've been very thoughtful and proactive and not reactive in those changes.

其次，有些變化只是自然演變，領導者在建立了令人難以置信的基礎之後繼續前進，這是一個極好的例子，RCPO 其他變化是故意決定引入我認為我們需要的新鮮專業知識。對於所有這些變化，我們都深思熟慮，積極主動，而不是被動應對。

I'd like to also point to the strength of the talent that we've attracted recently. In the past 12 months we've added very strong proven leaders. We track records in scaling our growth businesses, and the kind of bench strength isn't a sign of instability. It's more like a focus on ambition and momentum.

我還想指出我們最近吸引的人才實力。在過去的 12 個月裡，我們新增了非常強大且經驗豐富的領導者。我們在擴大成長業務方面有著驕人的成績，而這種強大的後備力量並不意味著不穩定。這更像是對雄心和動力的關注。

And finally, what really matters the most to me is preserving what makes Dolcebo special, which is our culture, our agility, and a team that is customer of while upgrading our ability to (inaudible). As far as the CRO search, I will say that we're well under way, and I'm very pleased with the process that we're running.

最後，對我來說最重要的是保留 Dolcebo 的特色，即我們的文化、我們的敏捷性以及一支以客戶為中心的團隊，同時提升我們的能力（聽不清楚）。就 CRO 搜尋而言，我想說我們的進展很順利，而且我對我們正在運行的流程非常滿意。

Thank you. Yeah, for my second question, I'd like to like to touch on the US. I appreciate the color in the prepared remarks on the loss of the skills builder use case and continue to work on internal use cases for AWS. Can you speak a little bit about how the relationship overall with AWS is now given this change, and do you see increased risk here of potentially losing AWS altogether?

謝謝。是的，對於我的第二個問題，我想談談美國。我很欣賞在有關技能建構器用例遺失的準備好的評論中的色彩，並繼續致力於 AWS 的內部用例。您能否簡單談談鑑於此變化，您與 AWS 的整體關係如何？您是否認為完全失去 AWS 的風險會增加？

So couple thoughts on this one. The first one is relative to the relationship. It is excellent. It is collaborative and we're preserving a very close relationship with the Amazon AWS team. Amazon overall remains a very important customer for and as such, we're very pleased with that relative to Amazon AWS and their journey with us, as a reminder, this is a customer that stayed with us for their entire term, and I mean five years roughly.

因此，請就此提出幾點想法。第一個是相對於關係而言的。非常棒。這是一項合作，我們與亞馬遜 AWS 團隊保持著非常密切的關係。總體而言，亞馬遜仍然是我們非常重要的客戶，因此，我們對亞馬遜 AWS 以及他們與我們合作的經驗感到非常滿意，提醒一下，這是一位與我們合作了整個任期的客戶，我的意思是大約五年。

During that time, I think it's important to underscore that we've helped to unlock a massive business. If you think about it alone in 2025, they've activated close to 10 million users, 10 million learners in the platform, and are well underway to train 29 million users, which was their goal.

在此期間，我認為有必要強調的是，我們幫助開啟了一項龐大的業務。如果你單獨考慮2025年的情況，他們已經在平台上啟動了近1000萬用戶、1000萬學習者，並且正在順利培訓2900萬用戶，這是他們的目標。

The decision that AWSB made, although, certainly regrettable from our standpoint, no doubt about that is that because the business has become so mission critical for them and because they have such a fundamental belief in building internally, with the recent changes in leadership, they opted for a build versus use a commercial product.

儘管從我們的角度來看 AWSB 做出的決定確實令人遺憾，但毫無疑問，這是因為這項業務對他們來說已經變得如此重要，而且他們對內部建設有著如此堅定的信念，隨著最近領導層的變動，他們選擇自行建設而不是使用商業產品。

And so they didn't take the perspective of going for another commercial product that would have been very concerning, but that was not the intent. The intent was to just have them a freedom of executing anything they wanted all around the learner experience and the way they wanted to achieve it was by building their own technologies.

因此，他們沒有考慮開發另一種會引起人們擔憂的商業產品，但這並不是他們的本意。其目的只是讓他們自由地執行他們想要的任何事情，以滿足學習者的體驗，而他們想要實現這一目標的方式是透過建立自己的技術。

And they certainly have the firepower. They're one of the companies in the world engineering wise to do so. I think in a way, I'm proud of the fact that we've given them a lot of input on how to do it because for five years they've consumed their product and they probably, it was a catalyst for idea for them.

他們確實擁有火力。他們是世界上在工程領域做到這一點的公司之一。我認為在某種程度上，我很自豪我們為他們提供了大量關於如何做到這一點的意見，因為五年來他們一直在使用他們的產品，而這可能成為他們創意的催化劑。

And, but we maintain a fantastic relationship and we'll do our best to transition them in the best way. And again, Amazon remains a great customer, a partner of ours on a number of different fronts, and we continue executing and we believe you're super well suited to win large enterprises in in the technology space thanks, to this great experience.

但我們保持著良好的關係，我們將盡最大努力以最佳方式實現轉變。再次強調，亞馬遜仍然是我們的重要客戶，也是我們在多個不同方面的合作夥伴，我們會繼續執行，並且我們相信憑藉這一豐富的經驗，你們非常適合在技術領域贏得大型企業的支持。

Great. Thank you, Alessio. I'll pass it on.

偉大的。謝謝你，阿萊西奧。我會傳達的。

Robert Young, Canaccord Genuity.

羅伯特楊 (Robert Young)，Canaccord Genuity。

Hi, good morning. Just maybe a question on the full year guide reduction. I think in the prepared comments you highlighted that it's really due to macro expectations as opposed to anything that's happening right now. Maybe we just revisit churn. Is there churn in the quarter? Is there an increase in churn? And then maybe if you could just broaden the explanation for the decision to reduce the full year guide at this point.

嗨，早安。也許只是關於全年指導減少的一個問題。我認為您在準備好的評論中強調，這實際上是由於宏觀預期，而不是現在正在發生的任何事情。也許我們只是重新審視客戶流失。本季有客戶流失嗎？客戶流失率是否有增加？然後也許您可以擴大解釋此時減少全年指南的決定。

Hey Rob, it's Brandon speaking. So if we unpack the guide just a little bit, so from a Q1 perspective on revenues, we slightly beat the upper end of our guide. From a Q2 perspective, our revenues are actually coming in right in line with where we modeled this at the beginning of the year.

嘿，羅布，我是布蘭登。因此，如果我們稍微解讀一下指南，那麼從第一季的收入角度來看，我們的收入略微超過了指南的上限。從第二季的角度來看，我們的收入其實與年初預測的一致。

So when you really look at it, we're taking a more measured approach in H2 where we're reducing our new logo growth assumption while we're holding our expansion and retention impact the same. From a PS perspective, when we look at the two different revenue streams, our professional services is mainly on boarding of new customers.

因此，當你真正看待它時，我們會在下半年採取更謹慎的方法，我們會降低新標誌的成長假設，同時保持擴張和保留的影響不變。從 PS 的角度來看，當我們檢視兩種不同的收入來源時，我們的專業服務主要集中在吸引新客戶。

So that will have a more meaningful impact in the given year. We previously guided that would be roughly flat year-over-year. We now expect professional services will be down year-over-year. And really the main message is, we're reacting appropriately to the macro that we're seeing. We came into the year with roughly one-third of our pipeline that was more geared towards macro sensitive and markets that are particularly being impacted by tariffs, in particular retail, manufacturing and automotive. And we want to make sure that we're just taking a measured approach and we react accordingly.

因此這將在當年產生更有意義的影響。我們先前預測該數字將與去年同期基本持平。我們現在預計專業服務將年減。真正主要的是，我們正在對所看到的宏觀形勢做出適當的反應。進入今年以來，我們大約三分之一的產品線更專注於宏觀敏感市場和受關稅影響尤為嚴重的市場，尤其是零售、製造和汽車市場。我們希望確保我們採取的是審慎的態度並做出相應的反應。

Okay, that's good. Okay, so for my second question would be around your large customer pipeline and last quarter, I think you said the customer count over 100,000 through 18% and then the numbers you provided this quarter looks like that's up 15% to 16%. So that seems like it's slowing. Is maybe if you could revisit the large customer pipeline, is it overrepresented in those end markets that you're you just highlighted? Maybe you just talk about the customer metrics you've shared this quarter and why the growth is decelerated, then I'll pass the line.

好的，那很好。好的，我的第二個問題是關於您的大客戶管道，上個季度，我記得您說過客戶數量超過 100,000 增長了 18％，而您本季度提供的數字看起來增長了 15％ 到 16％。所以看起來它正在放緩。也許您可以重新審視大型客戶管道，它在您剛才強調的那些終端市場中是否佔有過多的份額？也許你只是談論一下本季你分享的客戶指標以及成長減速的原因，然後我就不再多說了。

From an enterprise perspective, our pipeline still remains healthy. I would say we did see a bit of deal elongation in the enterprise space, previously we've communicated for probably the past four to six quarters that deal scrutiny, deal elongation was roughly stable. We did see that change just a little bit this quarter, but nothing really significant to call out.

從企業角度來看，我們的管道仍然保持健康。我想說，我們確實看到企業領域的交易有所延長，此前我們可能已經溝通過，在過去的四到六個季度裡，交易審查、交易延長大致保持穩定。本季我們確實看到了一點變化，但沒有特別值得關注的變化。

Overall, if you think about the enterprise motion, even at Docebo, it's typically been more weighted towards the back half of the year where we tend to see the enterprise buyer cycle buy more software near the end of the budget cycle. So we do expect a lot of that pipeline to convert in Q3 and Q4. And when you look at our new ACB growth, we still grew at a solid pace year-over-year, so the trends are consistent with with prior years as well.

總體而言，如果你考慮企業動向，即使在 Docebo，它通常也更側重於下半年，我們傾向於看到企業購買者周期在預算週期結束前購買更多軟體。因此，我們確實預期許多管道將在第三季和第四季轉換。當您查看我們新的 ACB 成長時，我們會發現我們仍然保持著同比穩健的成長速度，因此趨勢與前幾年一致。

And the end market you highlighted is the pipeline overrepresented there or is it still broadly well diversified?

您強調的終端市場是管道佔比過高還是仍廣泛多樣化？

It's probably well diversified. Like if you look at our ARR by industry, we perform very well in these markets, historically manufacturing, retail and auto are well representative, high win rates, a great customer of ours. So while it is one-third, I don't think that's overrepresented compared to historical.

它可能已經非常多樣化了。如果你按行業查看我們的 ARR，我們在這些市場中表現非常出色，從歷史上看，製造業、零售業和汽車業具有很好的代表性，得標率很高，是我們的重要客戶。因此，儘管這一比例是三分之一，但我認為與歷史數據相比，這一比例並不算過高。

Okay, thanks. I'll pass line.

好的，謝謝。我會傳球。

George Sutton, Craig Hallum Capital Group.

喬治·薩頓，克雷格·哈勒姆資本集團。

Thank you. Alessio, I have kind of a DNA question. So as we look at the expected growth for the full year 9% to 10%, we start to bring in to be a single digit growth company, and I don't feel like you're building a single digit growth company. Can you just talk about that relative to your expectations longer term?

謝謝。阿萊西奧，我有一個關於 DNA 的問題。因此，當我們考慮全年 9% 到 10% 的預期成長率時，我們開始將其視為一家個位數成長的公司，但我並不覺得您正在建立一家個位數成長的公司。您能否談談您對長期預期的看法？

You're on mute.

您已靜音。

Hey, George, thank you for the question. And my background of a CRO and now CEO brings me to say that I agree with you. We're very focused. We remain extremely focused on growth. And while the guide may not reflect that statement, it takes into consideration the current market that as Brendon very well explained as dynamics that are very much outside of our control. And so we take a prudent approach in that regard.

嘿，喬治，謝謝你的提問。我曾擔任 CRO，現在擔任 CEO，因此我同意你的觀點。我們非常專注。我們仍然高度關注成長。儘管該指南可能沒有反映這一說法，但它考慮到了當前的市場，正如布蘭登很好地解釋的那樣，這些動態是我們無法控制的。因此，我們在這方面採取謹慎的態度。

But let me touch some points that perhaps give some perspective of how I think about our growth levels. Number one, I believe (inaudible) is going through a journey of improvement in the product at a pace that is very sustained. We've been adding capabilities, particularly focusing on AI enablement and really transforming the LMS in what today is a true AI enterprise learning platform.

但請容許我談談一些觀點，也許這些觀點能讓我了解我對我們的成長水準的看法。首先，我相信（聽不清楚）產品正在經歷一個以非常持續的速度改進的過程。我們一直在增加功能，尤其註重 AI 支持，並真正將 LMS 轉變為如今真正的 AI 企業學習平台。

The goal is to offer an end to end solution that comprises not only of a place where people store content and deliver content, but where our customers are able to do end to end life cycle of content creation through content delivery as well as coaching on the platform. I believe that these added capabilities will bolster growth in the future, and I'm really excited about it.

我們的目標是提供端到端的解決方案，不僅包括人們儲存內容和傳遞內容的地方，而且我們的客戶還能夠透過內容傳遞以及平台上的指導完成端到端的內容創建生命週期。我相信這些新增的功能將會促進未來的成長，我對此感到非常興奮。

I think when I then think even further and think about our future on the agentic side, for example, there's even more room to be optimistic. I inspire Rob, we've announced our major initiative called Project Harmony, and I believe that identification and agents will be a crucial component in our story in the future and very much excited about that. So in short, the answer to your question is yes, we are very focused on building remaining a balanced growth story and very much executing towards that.

我認為，當我進一步思考並從代理商角度思考我們的未來時，我們就有更大的樂觀空間。我激勵了羅布，我們已經宣布了名為「和諧計畫」的重大舉措，我相信身分認同和代理將成為我們未來故事中的關鍵組成部分，我對此感到非常興奮。所以簡而言之，你的問題的答案是肯定的，我們非常注重建立保持平衡的成長故事，並非常努力地實現這一目標。

So I'm with you on [Agenta] AI very excited about the opportunity. Here's the challenge that I wanted to understand. It's going to change workflows pretty meaningfully. That could clearly affect the Chief Learning Officer and really strengthen their position within an organization. So I'm wondering, will [Agenta] AI come through the Chief Learning Officer or will it be someone else in the organization that gets tasked with that opportunity?

因此，我和你一樣對[Agenta] AI 的機會感到非常興奮。這是我想了解的挑戰。它將極大地改變工作流程。這顯然會影響首席學習官並真正加強他們在組織中的地位。所以我想知道，[Agenta] AI 是透過首席學習長來實現的，還是由組織中的其他人來承擔這個機會？

Well, the beauty of our business, George, is, we are not only multi-industry, as and very horizontal, we're also multi-use case. What I think about the ARR of the company and I split it across multiple use cases, it's very well differentiated.

喬治，我們業務的美妙之處在於，我們不僅涉及多個行業，而且非常橫向，我們還具有多種用途。我認為公司的 ARR 和它分為多個用例，它具有很好的區分性。

Historically, the Chief Learning Officer has taken a more internal role in companies. Lately we're seeing a convergence where the CLO becomes more of a transformation officer and taps into external learning as well. Now this doesn't happen everywhere. So I expect the identification, the automation to come from different places and not just from one single unit. We will see it from the office of the Chief Marketing Officer from the office of the Chief Revenue Officer and of course, from the office of the CIO.

從歷史上看，首席學習官在公司中扮演著更內部的角色。最近，我們看到一種趨勢，首席法律官 (CLO) 更多地扮演著轉型官的角色，同時也利用外部學習。現在這種情況並不是到處都會發生。因此，我希望識別和自動化能夠來自不同的地方，而不僅僅是來自單一的單元。我們將從首席行銷長辦公室、首席營收長辦公室以及資訊長辦公室看到這一點。

These stakeholders are already involved with the. They're already talking to us. And in particular Phase 2 of our agentic solution, the one that will build the workflows and connectors between the table and third party platforms, the HCMs and others. It's going to be very much a diverse audience that will be reaping the benefits of it. So we're not designing this just for one use case, but loyal to our current strategy for multiple use cases.

這些利害關係人已經參與其中。他們已經在和我們交談了。特別是我們的代理解決方案的第 2 階段，它將在表格和第三方平台、HCM 和其他平台之間建立工作流程和連接器。將會有非常多元化的觀眾群體從中受益。因此，我們的設計並不只是為了一個用例，而是忠於我們目前的多種用例策略。

Perfect. Thank you.

完美的。謝謝。

You're more than welcome.

非常歡迎您。

Ryan McDonald, Needham & Company.

麥克唐納（Ryan McDonald），Needham & Company。

Yeah, hey, good morning, guys. This is [Matt Shaon] for Ryan. Thanks for taking the questions. Considering the guidance update and looking at sales and marketing expenses, I guess given the macro is creating a tighter budget environment with elongated sales cycles and fewer purchasing decisions, why not ramp EBITDA margins in the near term? How are you thinking about the right balance of having capacity to capture share when the market reopens first, ramping margins when market demand is weaker.

是的，嘿，大家早安。我是 [Matt Shaon]，代表 Ryan 報道。感謝您回答這些問題。考慮到指導更新並查看銷售和行銷費用，我猜想鑑於宏觀經濟正在創造一個更緊張的預算環境，延長銷售週期和減少購買決策，為什麼不在短期內提高 EBITDA 利潤率？您如何考慮在市場重新開放時擁有奪取市場份額的能力，並在市場需求較弱時提高利潤率之間的平衡？

Hey Matt, the way we're thinking about EBITDA is, you'll notice based off of our guide is that there's going to be a fairly big step function change from Q2 to Q3 and even to Q4 where we're approaching if not at 20% EBITDA margin.

嘿，馬特，我們對 EBITDA 的看法是，根據我們的指南，您會注意到，從第二季度到第三季度，甚至到第四季度，將有一個相當大的階躍函數變化，即使不是 20%，我們的 EBITDA 利潤率也會接近。

How we're thinking about investments in sales and marketing and more broadly is, we have two big investment opportunities right now and we want to make sure that we're still investing in those.

我們如何看待在銷售和行銷方面的投資，更廣泛地說，我們現在有兩個重大的投資機會，我們希望確保我們仍然在投資這些機會。

Number one is the government's go to market motion. We just received the ATO status and we're seeing strong demand, strong pipeline. And we want to make sure that we're investing and unlocking those investment dollars across the whole go to market motion from a government perspective in order to capture that market.

第一是政府的市場化動議。我們剛剛收到 ATO 狀態，我們看到了強勁的需求和強大的管道。我們希望確保從政府的角度在整個市場行動中投資並釋放這些投資資金，以佔領該市場。

Secondly, but probably more importantly is on products. We just unveiled last month a road map that requires more headcounts and also different skill sets than we used to hire from our product of yesterday. So from an investment perspective we're really thinking about these two levers and then across the remaining area of the business, we're pulling on efficiencies not only from an AI perspective, but we're just also looking at the overall demand perspective and make sure we're hiring in the right places.

其次，但可能更重要的是產品。我們上個月剛公佈了一份路線圖，與我們過去根據昨天的產品招募的員工相比，這份路線圖需要更多的員工和不同的技能。因此，從投資角度來看，我們確實在考慮這兩個槓桿，然後在業務的剩餘領域，我們不僅從人工智慧的角度提高效率，而且還從整體需求的角度考慮，並確保我們在正確的地方招募。

Okay, got it. That's helpful. Maybe sticking with the selling environment, 65% of new customers partnered with [Tobo]had two or more use cases this quarter down slightly from 70% last quarter, I guess anything to call out there and I assume this is still up on a year-over-year basis, but maybe it'd be good to get your thinking around the metric and how you expect it to trend in 2025 is 65% to 70% the right level, or could it maybe move lower given the macro and then maybe be good to just get a refresh on how you're incentivizing the sales force to drive more of those multi-use case deals given the environment.

好的，明白了。這很有幫助。也許堅持銷售環境，本季與 [Tobo] 合作的新客戶中有 65% 擁有兩個或兩個以上的用例，比上一季的 70% 略有下降，我想這其中有什麼值得注意的，我認為這個數字同比仍然上升，但也許您最好思考一下這個指標，以及您預計它在 2025 年的趨勢是 60%是正確的水平，還是考慮到宏觀因素可能會更低，然後也許最好重新審視一下在當前環境下您是如何激勵銷售人員推動更多多用例交易的。

So the way we look at it is, we certainly see higher retention metrics with the more use cases customers have. At the same time when we look at certain enterprise customers, it's not uncommon to for them to come to nocebo with one use case. And then we expand those use cases over time.

因此，我們的看法是，客戶的使用案例越多，留存率指標就越高。同時，當我們審視某些企業客戶時，他們用一個用例來採取反安慰劑的情況並不少見。然後我們隨著時間的推移擴展這些用例。

So when we land a new customer we're not necessarily trying to land or we're not 100% focused on landing eight different use cases. We want to land a customer. We want to onboard them correctly. We want to support them correctly, and we want to expand across the org multiple different departments, multiple different use cases, and over time make sure they become a stickier customer.

因此，當我們獲得一個新客戶時，我們不一定會嘗試獲得或不會 100% 專注於獲得八種不同的用例。我們想要獲得一位客戶。我們希望正確地讓他們加入。我們希望正確地支持他們，我們希望在整個組織內擴展多個不同的部門、多個不同的用例，並隨著時間的推移確保他們成為更忠誠的客戶。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Thanks for the question. I was just hoping you could come back to some of the assumptions embedded in guidance and really wanted to focus on the retention piece, which sounds like the prudence is more on the new logo side.

謝謝你的提問。我只是希望您能回顧指導中包含的一些假設，並真正希望專注於保留部分，這聽起來像是在新標誌方面更加謹慎。

Just wondering, if you could expand on what those retention assumptions are. I know you're like that's not an area where you're putting in, assuming that they declined. Just thinking through past times of budget scrutiny, I think that we have seen retention decline and so what are the assumptions and why maintain that.

只是想知道，您是否可以詳細說明這些保留假設是什麼。我知道你會覺得這不是你要投入的領域，假設他們拒絕了。回顧過去的預算審查，我認為我們已經看到保留率下降，那麼假設是什麼以及為什麼要維持這種假設。

So from a Q1 perspective on retention, we performed exactly as we expected. The last quarter, we mentioned that Q1 would be the highest quarter of renewals that Docebo has ever had. And just to put that in perspective, it was a 75% increase in contracts up for renewal in Q1 of 2025 compared to Q1 of 2024.

因此，從第一季的保留率來看，我們的表現完全符合預期。上個季度，我們提到第一季將是 Docebo 有史以來續約量最高的一個季度。從這個角度來看，2025 年第一季待續約的合約數量與 2024 年第一季相比增加了 75%。

When we look out to the next quarters, we're actually seeing a fairly clear path to gross retention improvements quarter-over-quarter. So from a growth retention perspective when we look at the overall macro environment we're not seeing a big impact.

當我們展望未來幾個季度時，我們實際上看到了總留存率逐季度改善的相當清晰的路徑。因此，從成長保持的角度來看，當我們觀察整體宏觀環境時，我們並沒有看到很大的影響。

Okay, thank you. And then on the AWS news, so saying that's not going to really impact '25, does that come into play in 2026 or what's the timing of that? Thanks.

好的，謝謝。然後關於 AWS 新聞，這麼說來這不會真正影響 25 年，這會在 2026 年發揮作用嗎，還是什麼時候？謝謝。

So as of now they've provided their intention to not renew as of December 31, 2025 and just to give you guys a little bit more color, AWS was roughly 1.8% of our total ARR which when you think about a top 10 customer concentration perspective, we don't really have any big concentration from our top 10 customers. So there will there will be no impact on 2025.

因此，截至目前，他們已表示有意在 2025 年 12 月 31 日之前不再續約，為了讓大家了解更多情況，AWS 約占我們總 ARR 的 1.8%，從前 10 名客戶集中度來看，我們的前 10 名客戶並沒有太大的集中度。所以對2025年不會有影響。

And of course, we're going to support them through this migration and there's a chance that this takes longer than expected and into 2026 but as of now we're guided and we're taking a look at this business as if it's going to go away on December 31.

當然，我們將在這次遷移過程中為他們提供支持，這有可能會比預期花費更長的時間，甚至要到 2026 年，但截至目前，我們已經有了指導，並且我們正在考慮這項業務，就好像它會在 12 月 31 日消失一樣。

Thank you.

謝謝。

Stephanie Price, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Stephanie Price。

Hi, good morning. I just wanted to follow up on AWS as well. So Amazon uses Docebo for three other use cases. Just curious if you could give us how much of the Amazon is in total. And wondering when these three other Amazon contracts expire and if they could move to an internally built AWS solution.

嗨，早安。我也只是想跟進 AWS 的情況。因此，亞馬遜將 Docebo 用於其他三個用例。我只是好奇你能否告訴我們亞馬遜的總面積是多少。並且想知道這三個亞馬遜合約何時到期，以及他們是否可以轉向內部建置的 AWS 解決方案。

Hey Stephanie. So the other use cases is, so we're in three different departments within Amazon and there's three separate contracts that renew throughout over the next three years. They are smaller use cases that, let's call them roughly six figures each, low six figures each. And given the size of the departments, we do not believe that they'll move to internally develop solutions just because they're smaller in scope and if they were, they're overall immaterial to our revenue growth.

嘿，史蒂芬妮。其他用例是，我們在亞馬遜內部的三個不同部門，並且有三個單獨的合約將在未來三年內續約。它們是較小的用例，我們稱它們每個大約為六位數，每個為低六位數。考慮到各部門的規模，我們不認為他們會僅僅因為範圍較小就轉向內部開發解決方案，而且即使這樣做，對我們的收入增長來說總體上也無關緊要。

Okay, that's good color. And Brandon, maybe you could provide an update on capital allocation priorities as well. You were active on the NTIB in the quarter and announced the renewal, and also a new credit facility. How are you thinking about balancing shareholder returns and potential M&A here?

好的，顏色不錯。布蘭登，也許您也可以提供有關資本配置優先事項的最新資訊。您在本季積極參與 NTIB 並宣布續約以及提供新的信貸安排。您如何考慮平衡股東回報和潛在的併購？

Yeah, and just, overall in the credit facility, we're entering into this credit facility from a position of strength. We have $90 million of cash on the balance sheet. We just generated $9 million of free cash flow during the quarter. We repurchased $9 million of shares in the open market during the quarter.

是的，整體而言，在信貸安排方面，我們以實力優勢進入該信貸安排。我們的資產負債表上有 9000 萬美元的現金。我們在本季剛剛產生了 900 萬美元的自由現金流。本季我們在公開市場回購了價值 900 萬美元的股票。

So we're always going to look at our three prongs of cash deployment, which is investing back in the business, buying back shares and buying companies from an M&A perspective and this [Coretta] facility allows us to operate in those three levers at the same time if the opportunity exists.

因此，我們始終會關注現金部署的三個方面，即重新投資於業務、回購股票以及從併購的角度收購公司，如果有機會，這個 [Coretta] 設施可以讓我們同時在這三個方面開展運營。

Thank you.

謝謝。

Richard Tse, National Bank.

Richard Tse，國家銀行。

Yes, thank you. So beyond the management changes you were talking about earlier, are there any things you need to do from an operating perspective to kind of get your execution with large enterprise to the level it's been in the past for, sort of prior smaller cohort. So as an example, do you need to lean in more heavily on SI partnerships or anything like that?

是的，謝謝。那麼，除了您之前談到的管理變革之外，從營運角度來看，您是否需要做些什麼來使您在大型企業中的執行力達到過去在較小群體中的水平？舉個例子，您是否需要更多地依賴 SI 合作夥伴關係或類似的東西？

Hi, Richard. Your reference to partners is a very good one. We are in fact leaning heavily in leveraging the relationships with SI partners, namely we're working very closely with Accenture and Deloitte and many others to strengthen our position in the enterprise space, and these efforts are paying off.

你好，理查德。您對合作夥伴的提及非常好。事實上，我們非常重視利用與 SI 合作夥伴的關係，即我們與埃森哲、德勤等多家公司密切合作，以加強我們在企業領域的地位，這些努力正在取得成效。

Additionally, I mentioned that Amazon AWS is a partner. We've recently become a part of their certified program and are seeing a great success in leveraging AWS as a partner with the enterprises buying (inaudible) through Amazon AWS as a channel.

此外，我提到亞馬遜 AWS 是我們的合作夥伴。我們最近成為了他們的認證計劃的一部分，並且在利用 AWS 作為合作夥伴與透過 Amazon AWS 作為管道購買（聽不清楚）的企業方面取得了巨大成功。

In general, I would say our goal in the coming months is to strengthen overall principles such as, discipline in forecasting in the overall execution, and I believe we're doing a great job in that regard. As I spend more time with the revenue organization these days and I become very, very involved in it. I'm really focused on again strengthening our capabilities so that we set up our incoming CRO for success.

總的來說，我想說我們未來幾個月的目標是加強整體原則，例如在整體執行中預測的紀律，我相信我們在這方面做得很好。最近我花了更多時間在收入組織上，並且非常投入其中。我真正專注於再次加強我們的能力，以便我們為即將到來的 CRO 取得成功做好準備。

Okay, great, thanks. And my second question is, with respect to the departure of your CPO. Should we read anything into it and that your product portfolio is sort of still in need of some changes, so that the timing given that you're making this hard to enterprise, you released a bunch of products and then he announces the departure like, how should we sort of read that?

好的，太好了，謝謝。我的第二個問題是關於你們首席採購官離職的事情。我們是否應該從中解讀出什麼，您的產品組合仍然需要進行一些改變，考慮到您讓企業面臨困難的時機，您發布了一堆產品，然後他宣布離職，我們應該如何解讀呢？

Well, yeah, I can give some color. So first, this is not a reaction or a sudden departure. It's part of a well thought out succession planning. About 10 months ago we brought on Board a very capable leader in Mr. [Siri] as our SCPO product, and Andrea since has taken over our our management organization. And be doing a great job at that. Him and our Vice President of artificial intelligence have been really instrumental at accelerating our product, especially on the AI front.

嗯，是的，我可以提供一些顏色。首先，這不是一種反應或突然離開。這是深思熟慮的繼任計劃的一部分。大約 10 個月前，我們聘請了一位非常有能力的領導者 Mr. [Siri] 作為我們的 SCPO 產品，Andrea 自那時起就接管了我們的管理組織。並且做得很好。他和我們的人工智慧副總裁在加速我們的產品發展方面發揮了重要作用，特別是在人工智慧方面。

Relative to Fabio's departure, it was, again part of the succession planning, and Ricardo La Rosa joining us. As Chief Technology Officer brings the characteristics of the leader we were looking for in terms of engineering that, and our goal really is to strengthen our overall organization and make it an AI first organization not just. On the product offering side, but in the backbone and in the core of the product and so this is all a cohesive plan towards that.

相對於法比奧的離職，這又是繼任計畫的一部分，里卡多·拉羅薩也加入了我們。首席技術長具備我們在工程方面尋求的領導者的特質，我們的目標實際上是加強我們的整體組織，使其成為一個不僅僅是人工智慧的組織。在產品供應方面，但在產品的骨幹和核心方面，這是一個有凝聚力的計劃。

Kevin Krishnaratne, Deutsche Bank.

凱文·克里希納拉特納，德意志銀行。

Hey there, good morning. Just first a question maybe for Brandon on the the SMB based. Can you remind us how big that business is? I think it's historically been around 25% of your ARR, sort of what are you seeing there? What gives you the confidence in the coming quarters that you won't be impacted by macro uncertainty, SMBs are quite sensitive is it is that mainly because the majority of those renewals happen in Q1, or just give us your your view on the confidence of that SMB business is not falling off, at a faster pace.

嘿，早安。首先我想問 Brandon 關於 SMB 的問題。你能提醒我們這個生意有多大嗎？我認為從歷史上看，它大約佔您的 ARR 的 25%，您看到了什麼？是什麼讓您有信心在未來幾個季度不會受到宏觀不確定性的影響，中小企業非常敏感，主要是因為大多數續約都發生在第一季度，或者只是告訴我們您對中小企業業務不會以更快的速度下降的信心的看法。

Yeah, guys, I think, Brandon and Mike, got kicked out of the call and are currently in the process of dialing in, so no problem at all. I will answer the question. So relative to SMB, the figures you've shared are accurate. And in terms of the retention trend, we don't see any reason why we believe this is going to accelerate in anyway now.

是的，夥計們，我想，布蘭登和麥克被踢出了通話，目前正在撥號，所以完全沒有問題。我會回答這個問題。因此，相對於 SMB，您分享的數字是準確的。就保留趨勢而言，我們看不出有任何理由相信這一趨勢現在會加速。

With regards to our strategy, we've been very clear. We're building on a on a position of strength with our mid-market business and enterprise, and the reason is very simple. The capabilities that we're building suit a complexity that is more appropriate of companies that have more complex use cases, more use cases and as a result over time we will see SMBs, probably dilute, but we have many SMBs that are very happy customers and we maintain them as such and I don't have any information that makes me believe that let's say, loss of SMB customers should accelerate at this point.

關於我們的策略，我們已經非常明確了。我們正在鞏固我們在中端市場業務和企業領域的優勢地位，原因很簡單。我們正在建立的功能適合具有更複雜用例、更多用例的公司，因此隨著時間的推移，我們會看到中小企業的數量可能會減少，但我們有許多非常滿意的中小企業客戶，我們會保持他們的滿意，我沒有任何資訊讓我相信中小企業客戶的流失應該在此時加速。

Got it. Okay, thanks, Alessio. Maybe just a small question here. In the script, you talked about instances where procurement teams are tapping the brakes and bringing deals to sign off, and a majority of that is from macro used the majority. So I'm wondering, are there, what else are you seeing outside of macro? Is there anything on competition, is it decisions on products with an AI flavor taking a bit longer. Just anything else that you're that you're seeing there that might be impacting sort of the tapping of the brakes. Thanks.

知道了。好的，謝謝，阿萊西奧。也許這只是一個小問題。在腳本中，您談到了採購團隊踩剎車並簽署交易的情況，其中大部分來自宏觀使用。所以我想知道，除了宏觀之外，您還看到了什麼？是否存在競爭問題，對具有人工智慧的產品的決策是否需要更長的時間。您在那裡看到的任何其他事物都可能對踩剎車產生影響。謝謝。

Yeah, for sure. So macro plays a very significant role in all of this. Decision scrutiny is not a new factor in this environment, but certainly some industries, as described before, have taken a prudent position again in light of the frankly daily uncertainty that many have been subjected to.

是的，當然。因此宏觀在這一切中扮演著非常重要的角色。在這種環境下，決策審查並不是一個新因素，但正如之前所述，鑑於許多行業每天都面臨不確定性，一些行業肯定再次採取了審慎的立場。

I think another element that plays into this, and I believe it's a very temporary element that will resolve itself from a maturity curve standpoint is the one of AI readiness, not so much of us on the selling part, but of the buyers themselves.

我認為另一個影響這個問題的因素是人工智慧的準備情況，我相信這是一個非常暫時的因素，從成熟度曲線的角度來看，它會自行解決，不是我們銷售人員的問題，而是買家自己的問題。

What we see is that while the businesses, meaning the people that want the products, are very AI first. The procurement officers, the GRC teams, the risk teams are not always aligned already, if you will with this posture. And so, there is sometimes a disconnect in the buying journey between what the customers are looking for and what the let's say, legal ramifications of the house are ready to embrace.

我們看到的是，企業，也就是想要這些產品的人，首先是人工智慧。如果您願意採取這種姿態，採購人員、GRC 團隊和風險團隊並不總是保持一致。因此，在購買過程中，客戶的需求和房屋準備承擔的法律後果之間有時會出現脫節。

And so it's a lot of education. It's a lot of working through steps with legal teams with the IT teams, with the risk teams. And frankly, as we continue to do this, we've become better and better and better, and frankly we see this also on the flip side as we buy ourselves AI technologies at [Tochebo] we experience this with our legal team, really looking into how to ask the right questions to these providers.

所以這需要大量的教育。這需要與法律團隊、IT 團隊和風險團隊一起完成許多步驟。坦白說，隨著我們繼續這樣做，我們變得越來越好，坦白說，我們在另一方面也看到了這一點，當我們在 [Tochebo] 購買自己的人工智慧技術時，我們與我們的法律團隊一起體驗了這一點，真正研究如何向這些提供者提出正確的問題。

I believe it's part of a natural cycle that will resolve itself and does remind me a little bit of the era of on-prem to cloud when procurement teams were very, let's say not ready at first to embrace SaaS providers and then it became the de facto standard.

我相信這是一個自然循環的一部分，它會自行解決，也確實讓我想起了從本地到雲端的時代，當時採購團隊還沒有準備好接受 SaaS 供應商，然後它就成了事實上的標準。

Got you. Thanks, Alessio.

明白了。謝謝，阿萊西奧。

Gavin Fairweather, Cormark.

加文‧費爾韋瑟 (Gavin Fairweather)，Cormark。

Oh hey, thanks for taking my questions. Maybe just on the gov side with ATO completed and and do seeming to to calm down a little bit. Curious if you're seeing any change in the pace of sales processes and maybe you can just discuss your expectations for the flow of RPs over the next year.

哦，嘿，感謝您回答我的問題。也許只是在政府方面，隨著 ATO 的完成，似乎確實平靜了一些。好奇您是否看到銷售流程速度有任何變化，也許您可以討論您對明年 RP 流量的預期。

Hey Gavin, this is a reminder, if we zoom out on the Fed ramp opportunities just for a second. So a couple weeks ago we announced we received authority to operate, which is ATO status, and what that means for us is that essentially it unlocks the opportunity to bid and win contracts as if we're fully authorized. Since the introduction of Docebo, we've actually seen a step function change where the Fed ramp PMO office is moving faster.

嘿，加文，這是一個提醒，如果我們稍微縮小一下聯準會的上升機會。因此，幾週前我們宣布獲得了經營權，即 ATO 地位，這對我們來說意味著，它基本上為我們提供了投標和贏得合約的機會，就好像我們獲得了完全授權一樣。自從 Docebo 推出以來，我們實際上已經看到了聯準會 PMO 辦公室運轉速度的階梯變化。

So if you look at our previously communicated timeline, we expected to receive ATO status at the end of Q3, and we received it well in advance of where we expected. Full authorization usually takes or previously took 6 to 12 months after ATO, and now we expect to get that closer to the six month mark, if not sooner.

因此，如果您查看我們之前傳達的時間表，我們預計將在第三季末收到 ATO 狀態，並且我們比預期提前收到了它。完全授權通常需要（或以前需要）ATO 之後的 6 到 12 個月，現在我們預計該時間將更接近六個月，甚至更短。

There's also some positive news where the White House last week or roughly last month in April, put out an executive order where they're essentially telling their the federal departments to favor off the shelf fast solutions over on-prem. That's definitely all playing in our favor. The pipeline growth since we received ATO, we've been surprised by it. We're building the pipe. We even have an expansion opportunity with our sponsoring agency. So we continue to be very excited about this opportunity.

還有一些正面的消息，白宮上週或大約四月上個月發布了一項行政命令，他們基本上是在告訴聯邦部門要優先考慮現成的快速解決方案，而不是內部部署。這絕對都是對我們有利的。自從我們收到 ATO 以來，管道的增長令我們感到驚訝。我們正在建造管道。我們甚至與贊助機構有擴展的機會。因此，我們繼續對這個機會感到非常興奮。

It's very helpful. And then just my second question just on cap paybacks they've been impacted by the renewal cycle that you're moving through. But I'm curious how those are trending on a gross bookings basis if you could discuss that.

這非常有幫助。然後我的第二個問題是關於上限回報的，它們受到了您正在經歷的更新周期的影響。但我很好奇這些在總預訂量基礎上的趨勢如何，如果您可以討論一下的話。

And then secondly, how do you think about a target tax payback for this business in more of a kind of normal environment given your shift up market and the building partner network?

其次，考慮到您的升級市場和合作夥伴網路建設，您如何看待在更正常的環境下這項業務的目標稅收回報？

From a cap perspective on a new logo perspective, it's certainly not where we want it to be. We realized we're never going to get back to the levels we were during the COVID era where there were some natural efficiencies in our operating model.

從新標誌的角度來看，這肯定不是我們想要的。我們意識到，我們永遠無法回到新冠疫情時期的水平，當時我們的營運模式具有一些自然的效率。

At the same time, we think where we are now versus where we used to be, somewhere in the middle of that is the right target operating model. Now we're doing a lot of things to become more efficient. We are now fully staffed from an enterprise perspective. We're investing in gov and expect that to pay off in 2026.

同時，我們認為，與過去相比，我們現在的狀況處於中間位置，這兩者之間的某個位置就是正確的目標營運模式。現在我們正在做很多事情來提高效率。從企業角度來看，我們現在已經人員齊全。我們正在對政府進行投資，並期望在 2026 年獲得回報。

And we're really focused on pipeline conversion, improvement in win rates, and as you know we take a deeper look into our go to market, we see a lot of opportunities for continued efficiency and continued improvement from cap perspective.

我們真正關注的是管道轉換、中標率的提高，正如你所知，我們深入研究了我們的市場走向，從上限的角度來看，我們看到了許多持續提高效率和持續改進的機會。

Thanks so much.

非常感謝。

Yi Fu Lee, Cantor Fitzgerald.

李逸夫、費茲傑拉領唱。

Thank you for taking my question and good morning, Alessio and Brandon. So a couple couple of questions for Alessio first, like, kicking off from the inspired event, obviously well attended, attendance on the prospect is 3x higher, was wondering if you could give us some of the feedbacks you received from the event and how is the pipeline building process on that, Alessio, in terms of having the pipeline built and converting throughout the year.

感謝您回答我的問題，早安，阿萊西奧和布蘭登。所以首先要問 Alessio 幾個問題，例如，從這次鼓舞人心的活動開始，顯然參加人數很多，預期的出席人數是平時的 3 倍，想知道您是否可以給我們提供一些您從活動中收到的反饋，以及 Alessio，就全年的渠道建設和轉換而言，渠道建設過程是怎樣的。

And then the second piece of my question is on the product side. I mean, you spoke pretty foolish on the Atlantic Automation Harmony co-pilot. Was wondering, obviously, it's in the early phase. When will this opportunity be more monitizable, like, be more material.

我的第二個問題是關於產品方面的。我的意思是，你在大西洋自動化和諧號副駕駛上說的話相當愚蠢。我很好奇，顯然它還處於早期階段。這個機會什麼時候才能變得更具貨幣化，更物質化？

And then I have a follow up with Brendon on the financial side.

然後我會跟進布蘭登在財務方面的情況。

So great question. Let me start with the experience of the inspire which you attended and were able to witness the infectious energy around the conference.

這個問題問得真好。首先，我想說你們參加這次會議的經歷，你們能夠親眼見證會議中充滿感染力的能量。

First, let me say one thing about this conference. It started historically as a Docebo customer conference, and it's becoming an industry conference, Docebo standard. I myself have met customers, but as you pointed correctly, prospects which have increased very materially year-over-year, and certainly serving as a lead generation sales acceleration platform for us, but also (inaudible) experts and analysts we had in the room some of the most recognized industry experts in the field. So we take a lot of pride in building not just a conference, but an incredible experience.

首先，我想講一下這次會議的情況。它最初是作為 Docebo 客戶會議開始的，現在正在成為行業會議，成為 Docebo 標準。我自己也見過客戶，但正如您正確指出的那樣，潛在客戶的數量逐年大幅增長，並且無疑為我們提供了銷售加速平台，而且（聽不清）我們在場的專家和分析師都是該領域最知名的行業專家。因此，我們不僅為舉辦一次會議而感到自豪，而且為打造一次令人難以置信的體驗而感到自豪。

During inspire, as you said well, we've announced and committed beyond announced because if one can announce things and not put a date to it for each and every single thing that we spoke about, we were bullish in saying whether it's live or already or very shortly live, meaning a week or a month or for the medium term.

在激勵期間，正如您所說，我們已經宣布並承諾超越宣布的範圍，因為如果人們可以宣布事情，而不必為我們談論的每件事都設定一個日期，那麼我們就可以樂觀地說，無論是上線還是已經或很快就會上線，也就是一周或一個月或中期。

So customers have really appreciated that. Some of the feedback has been the most enthusiastic frankly is varied, it varied across a few categories. The one that continues to be an area of real interest from customers is relative to the (inaudible) creator. Creator, I think it's a very symbolic example of our renewed AI first vision.

因此顧客們對此非常感激。坦白說，一些最熱烈的回饋是多種多樣的，涵蓋多個類別。繼續成為客戶真正感興趣的領域是相對於（聽不清楚）創作者而言的。創造者，我認為這是我們重新定義的人工智慧第一願景的一個非常具有像徵意義的例子。

Because it's not just simply about creating the content which one could superficially attribute to it. It goes well beyond it. Creator is a real creator of a learning experiences. You can go in creator now and create videos from simple text. You can convert text into fully narrated podcasts. You can do things that were unimaginable just a year ago.

因為這不僅僅是簡單地創建人們表面上可以歸因於它的內容。它遠遠超出了這一點。創造者是真正具有學習經驗的創造者。現在您可以進入創作者並使用簡單的文字創建影片。您可以將文字轉換為完整敘述的播客。您可以做一年前還無法想像的事情。

And customers are really pleased not only with all those capabilities, but also with the fact that we've made a strategic and frankly bold decision to include creator for every customer, and we've done it on the basis of a belief that if we have the customers happy and creating content within our platform and not having to leave the platform to create content, we have not only happier customers, but also stickier customers.

客戶不僅對這些功能感到非常滿意，而且我們做出了一個大膽的策略性決定，為每個客戶提供內容創作者，我們也因此而感到滿意。我們這樣做是基於這樣的信念：如果客戶滿意，並在我們的平台內創作內容，而不必離開平台去創作內容，那麼我們不僅會讓客戶更滿意，還會讓客戶更加忠誠。

The second wow at the conference was relative to our UX plan. Let's face it, the bus UX, because we have such an enterprise that has become complex on the administrative side, and we ourselves know that when that happens, administrators get overwhelmed. So we've announced a deeper work of our administrative features and the customers are really happy about that. It shows in our MPS scores and it shows all the feedback we've been given.

會議上的第二個驚喜與我們的用戶體驗計劃有關。讓我們面對現實吧，因為我們有這樣一個企業，它在管理方面已經變得複雜，我們自己也知道，當這種情況發生時，管理員就會不堪重負。因此，我們宣布了對管理功能的更深入的研究，客戶對此感到非常高興。它顯示在我們的 MPS 分數中，並顯示了我們收到的所有回饋。

And finally, just because otherwise they take a lot of time, this is a question that I'm very passionate about agents and agentic and monetization. So in the summer we are launching our first agency platform to improve platform operation. They will take care of automating and enabling the capabilities as our administrators sleep.

最後，只是因為否則他們會花費很多時間，這是我對代理商和代理商和貨幣化非常感興趣的問題。因此，今年夏天我們將推出第一個代理平台，以改善平台運作。當我們的管理員睡覺時，他們將負責自動化和啟用這些功能。

My goal over time, this is a journey. It's not a sprint is that (inaudible) becomes a manageable platform that allows agents to do the work and creative people to be creative and not waste their time spending endless amounts of hours rolling users into courses. We will enable automation in all of this.

我的目標就是長期堅持，這是一趟旅程。這不是一個衝刺，而是（聽不清楚）成為一個可管理的平台，允許代理商開展工作，讓有創造力的人發揮創造力，而不是浪費時間花無數的時間將用戶吸引到課程中。我們將實現這一切的自動化。

From a monetization standpoint, my focus is building the best learning platform out there. Monetization is absolutely important. And it's not a second thought. However, our priority is shipping a product that makes people happy. Monetization will come. We're introducing a credit-based system already for the first time in our history on the AI video presenter capability.

從貨幣化的角度來看，我的重點是建立最好的學習平台。貨幣化絕對重要。這並不是第二個想法。然而，我們的首要任務是提供讓人們滿意的產品。貨幣化將會到來。我們在歷史上首次在 AI 視訊演示者功能中引入了基於信用的系統。

So we're starting to introduce. We're logical and we're aligned with the way buyers buy some consumption form. But again agents are something that first we need to shift them. We need to prove that they solve customer problems and they really have ROI for our customers. At that point when value meets business processes and it's in the end of customers, monetization will be very simple.

那我們開始介紹。我們是有邏輯的，我們與買家購買某些消費形式的方式保持一致。但首先我們需要轉變代理。我們需要證明他們解決了客戶問題並且確實為我們的客戶帶來了投資回報。當價值與業務流程相遇並最終到達客戶時，貨幣化將變得非常簡單。

Got it. Thanks for that, Alessio, very extremely appreciate that really comprehensive answer. And then Brendon on the financial side, understood, you do this some of the guidance for 2025. Was wondering how much conservatism have you placed on this revision considering, we have the headwinds, the renewal headwinds, once you, has that been ended?

知道了。謝謝你，Alessio，非常感謝你提供的非常全面的回答。然後布蘭登在財務方面理解了這一點，你對 2025 年做出了一些指導。想知道考慮到我們面臨的阻力、更新阻力，您對這次修訂持多大程度的保守態度，一旦您知道這些阻力已經結束，您對此有何看法？

We have the AWS headwind, and then on the flip side, the upside, you have the FED ramp. It sounds like it takes six to nine months, but you envision on the lower end side, nine months, right? So, we presume by like September maybe, you get FED ramp certified, and I assume that you're building a pipeline, when will that show the upside in the background as well to offset that. So basically, your your conservatism on the guidance on that.

我們面臨 AWS 的逆風，而另一方面，我們又面臨 FED 的推動。聽起來好像需要六到九個月，但您預計最短的時間是九個月，對嗎？因此，我們推測大概到九月份，你會獲得美聯儲的坡道認證，而且我假設你正在建造一條管道，什麼時候會在後台顯示出上行趨勢以抵消這一點。所以基本上，你對此的指導持保守態度。

Yeah, I mean, I would certainly say we took a more measured approach. Some of the items you just mentioned are not factored into our guide. We certainly do not have a material amount of Fed ramp revenues expected for 2025. So if that does materialize, that will be upside and we continue to guide in a way where we do not include whale heels in our forecast.

是的，我的意思是，我肯定會說我們採取了更謹慎的方法。您剛才提到的一些項目並未納入我們的指南中。我們當然不會預期聯準會在 2025 年會大幅增加收入。因此，如果這確實實現，那將是一個好處，我們將繼續以不將鯨魚跟鞋納入預測的方式進行指導。

So if we see certain large deals, which I'm talking about deals over a million ARR in the given year that will be upside to the guide as well. But as I mentioned, we're reacting to what we're seeing in the macro and we feel this is a measured approach and with upside potential with the items I discussed.

因此，如果我們看到某些大型交易，我指的是特定年份內超過一百萬 ARR 的交易，這也將對指南產生積極影響。但正如我所提到的，我們正在對宏觀上看到的情況做出反應，我們認為這是一種審慎的方法，並且具有我所討論項目的上行潛力。

Got it. Thanks for that, Brandon, and thanks for that Alessio.

知道了。謝謝你，布蘭登，也謝謝你，阿萊西奧。

Thank you.

謝謝。

We have no further questions, I would like to turn the call back over to Alessio Artuffo for closing remarks.

我們沒有其他問題，我想將電話轉回 Alessio Artuffo 做最後演講。

The excitement at Docebo is at a peak. We're not just improving the LMS. We're imagining the future of learning with an AI first learning platform that aims at solving real life business problems and again giving back the time and the power to learning professionals. The team at Docebo is super excited. Our customers are thrilled about the innovation we're rapidly bringing to the market. We appreciate your time and we look forward to the next call and thank you very much.

Docebo 的興奮程度達到了頂峰。我們不只是在改進 LMS。我們正在設想學習的未來，採用人工智慧優先學習平台，旨在解決現實生活中的商業問題，並再次將時間和精力歸還給學習專業人士。Docebo 團隊非常興奮。我們的客戶對我們迅速推向市場的創新感到非常興奮。感謝您的時間，我們期待下次來電，非常感謝您。

This concludes today's conference call. Thanks 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。