Docebo Inc (DCBO) 2025 Q2 法說會逐字稿

Good morning everyone and welcome to the Docebo Q2 2025 earnings call. (Operator Instructions)

大家早安，歡迎參加 Docebo 2025 年第二季財報電話會議。（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 的投資者關係副總裁。麥克·麥卡錫。請繼續，麥克。

Thank you, Julianne. Earlier this morning, Docebo issued its Q2 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，茱麗安。今天早些時候，Docebo 發布了其 2025 年第二季業績。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, Docebo would like to remind listeners that certain information discussed may be forward- looking in nature. Such forward-looking information reflects the company's current views with respect to future events. Any such information is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on the risks, uncertainties and assumptions relating to forward-looking statements, please refer to Docebo's public filings, which are available on SEDAR and EDGAR.

在我們開始今天早上的問答之前，Docebo 想提醒聽眾，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。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 Docebo 的公開文件，可在 SEDAR 和 EDGAR 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 and do not have standardized meanings under IFRS. Please see our MD&A for additional information regarding our non-IFRS financial measures, including reconciliations to the nearest IFRS measures. Please note that unless otherwise stated, all references to any financial figures are in US dollars.

在通話過程中，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指標，並且在國際財務報告準則下沒有標準化的含義。有關我們的非國際財務報告準則 (IFRS) 財務指標的更多資訊（包括與最近的國際財務報告準則 (IFRS) 指標的對帳），請參閱我們的管理層討論與分析 (MD&A)。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, Brandon Farber. Gentlemen?

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

(Operator Instructions)

（操作員指示）

I was going to say you can take the first question, Julianne.

我本來想說你可以回答第一個問題，朱利安。

Thank you.

謝謝。

Ryan MacDonald, Needham & Company.

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

Hey, good morning. Thanks for taking the question. This is Matt Shea on for Ryan. Congrats on a nice quarter here, guys. Maybe just to start, you guys called out strength in the mid- market during the quarter. Could you just unpack that a bit? What are you seeing in the mid-market? And how durable do you think that strength is? And then were there any verticals within that mid-market strength that were particularly strong or noteworthy?

嘿，早安。感謝您回答這個問題。這是 Matt Shea 代替 Ryan 演繹的。大家，恭喜你們本季取得了良好的成績。也許只是一開始，你們就指出本季中端市場表現強勁。你能稍微解釋一下嗎？您在中端市場看到了什麼？您認為這種力量能持久到什麼程度？那麼，中階市場實力中是否存在特別強勁或值得關注的垂直產業？

Good morning. So, we did report a very strong outcome in our mid-market segment. And I would underscore that Docebo over the past several years has strengthened its position in the mid-market, mid-enterprise and enterprise segment. This is the result of work that we have done to better segment our efforts in outbound and in digital marketing, being more efficient where we allocate our spend and target verticals that are more in line with what we -- with our strength and capabilities.

早安.因此，我們確實報告了中端市場非常強勁的業績。我想強調的是，Docebo 在過去幾年中鞏固了其在中端市場、中型企業和企業領域的地位。這是我們所做的工作的結果，我們更好地細分了我們在外向型和數位行銷方面的努力，更有效地分配了我們的支出，並瞄準了更符合我們實力和能力的垂直領域。

And so really having a stronger focus on the industries where we have more success. Historically, in mid-market, the technology sector has been a leading sector of our efforts where our product resonates very much with SaaS companies. But we're seeing beyond that, even organizations across health care and financial services playing a very big role in this success.

因此，我們真正要更加關注那些我們取得更大成功的產業。從歷史上看，在中端市場，科技領域一直是我們努力的主導領域，我們的產品與 SaaS 公司產生了強烈共鳴。但我們看到，除此之外，醫療保健和金融服務領域的組織也在這項成功中扮演了非常重要的角色。

I would say, additionally, we have implemented some process and people changes in mid-market with new improved leadership capabilities, and we have seen an immediate impact. And so, we're very pleased for this uptick. Relative to durability, we expect mid- market to continue to be strong in the quarters to come. And as that combines with a strengthened H2 relative to enterprise cycles, we're very excited about the future ahead.

我想說的是，此外，我們在中端市場實施了一些流程和人員變革，並提高了領導能力，而且我們已經看到了立竿見影的效果。因此，我們對這一增長感到非常高興。相對於耐用性，我們預計中階市場在未來幾季將持續保持強勁。由於這與相對於企業週期的加強的 H2 相結合，我們對未來感到非常興奮。

Got it. That's helpful color. And then it was nice to see a majority of new customers still looking to use you for 2 or more use cases. I mean, nitpicking a little bit here, but that 65% level for 2 or more use cases we've seen in the last 2 quarters is down from the, call it, 70% to 80% rate last year. Would be good to get your view on what has changed maybe this year versus last year? Are customers just buying smaller in 2025 given the macro backdrop and then you kind of think you can expand with them over time? Or how are you thinking about the lower multi-use case adoption rate so far in 2025 relative to last year?

知道了。這是很有幫助的顏色。然後，我很高興地看到大多數新客戶仍然希望在 2 個或更多用例中使用您的產品。我的意思是，這裡有點吹毛求疵，但我們在過去兩個季度看到的 2 個或更多用例的 65% 水平低於去年的 70% 到 80% 的水平。想知道您認為今年與去年相比有哪些改變嗎？考慮到宏觀背景，到 2025 年，客戶是否只會購買較小規模的產品，然後您認為您可以隨著時間的推移與他們一起擴大規模？或者您如何看待 2025 年迄今為止相對於去年的多用例採用率較低？

Yes, sure. So, look, our priority is, as you say correctly, win as much market share within a customer or addressable market within a customer as we can. And there are a couple of ways of doing that. Way number one is to penetrate a customer and sell as wide as we can from day 1. That has the backdrop of reducing the sales velocity because bringing on board both internal and external use cases, for example, and the subcomponents of those use cases, the benefit is multi-use case and higher ACV likely.

是的，當然。所以，正如您所說，我們的首要任務是盡可能贏得客戶的市場份額或客戶的潛在市場。有幾種方法可以實現這一點。第一個方法是從第一天開始就深入客戶並盡可能廣泛地銷售。這在降低銷售速度的背景下，因為引入內部和外部用例以及這些用例的子元件，其好處是多用例和更高的 ACV。

The downside is more cooks in the kitchen and therefore, slower decision process. So, what we are continuing to refine is a process that optimizes ACV and velocity. And so when you see a slight reduction, what that means is that we found that in certain segments, it is more productive to enter in an organization with a couple of use cases and win the trust and do a really great job and expand from there, which is a very good example of what we've done with a notable enterprise customer this quarter.

缺點是廚房裡的廚師較多，因此決策過程較慢。因此，我們正在繼續改進的是優化 ACV 和速度的過程。因此，當您看到略微的減少時，這意味著我們發現在某些領域，進入一個擁有幾個用例的組織並贏得信任並做得非常出色並從那裡擴展會更有成效，這是我們本季度與一位著名企業客戶合作的一個很好的例子。

Robert Young, Canaccord Genuity.

羅伯特楊 (Robert Young)，Canaccord Genuity。

Hi, good morning. Really nice to see the big 5 tech expansion. Maybe first, could you -- I think there's only 2 of those that you have currently, if you maybe confirm that. And then if you could talk about how that was won and the decision behind the displacement of an internal system.

嗨，早安。真的很高興看到五大技術的擴張。首先，您可以——我認為您目前只有 2 個，您可以確認嗎？然後，您可以談談如何取得勝利以及內部系統轉移背後的決定。

And yes, to question number one, you're accurate in that number too. Relative to the one we've announced and the expansion that we spoke about, we're really pleased about it because it really is the ultimate recognition of the strategic efforts we've been putting in place to achieve this type of growth within an account. First, let me say, this is a very strategic customer that we have been serving already for a while.

是的，對於第一個問題，您的數字也是準確的。相對於我們已經宣布的計劃和我們談到的擴張，我們對此感到非常高興，因為這確實是對我們為實現帳戶內這種增長而做出的戰略努力的最終認可。首先，我要說的是，這是一位非常具有策略意義的客戶，我們已經為其服務了一段時間。

And -- expanding these customers, especially in the enterprise space, underscores the importance of our investments in customer success, where in these enterprises, complexity and the ability to really serve the customer across multiple use cases and stakeholders becomes important to win the trust to expand further.

擴大這些客戶，特別是在企業領域，強調了我們對客戶成功投資的重要性，在這些企業中，複雜性以及跨多個用例和利益相關者真正服務客戶的能力對於贏得進一步擴展的信任變得非常重要。

Second, I think you were asking about the why behind the customers' choice. And it's very simple. The customer's main objective was to scale their learning operation, their learning infrastructure with a partner that was able to accomplish two things. Number one, have capabilities of large scale. So true enterprise capabilities.

其次，我認為您詢問的是客戶選擇背後的原因。而且非常簡單。客戶的主要目標是與能夠完成兩件事的合作夥伴一起擴展他們的學習業務和學習基礎設施。第一，具備規模化能力。真正的企業能力。

Second, high integrability, meaning the ability to integrate with multiple systems preexisting via APIs, web books and other technological means. This customer interestingly had an experience coming from an in-house grown owned system. So, I know that in the past, there has been a question of are enterprises looking to build their own system.

第二，可整合性強，能透過API、網路書籍等技術手段與現有多個系統整合。有趣的是，這位顧客擁有來自內部開發系統的體驗。所以，我知道過去一直存在著一個問題，就是企業是否希望建立自己的系統。

What we're seeing is that actually a large, big five like this one is actually moving away from a decision of an owned system towards using Docebo as the backbone of their infrastructure. And finally, what makes this additionally very special is this is for a customer experience use case, enabling technology teams that are part of the target market of this company. And so, it's just a rather perfect example of our execution.

我們看到的是，實際上像這樣的五大巨頭實際上正在放棄自有系統的決定，轉而使用 Docebo 作為其基礎設施的支柱。最後，這款產品的另一個特別之處在於，它適用於客戶體驗用例，為該公司目標市場中的技術團隊提供支援。所以，這只是我們執行的一個相當完美的例子。

Oh thanks for all that color. That's great. For my second question, Brandon, maybe great to see the guidance bump and I thought maybe you could just get into some of the assumptions behind that. Are the larger deals still upside? Is FedRAMP still upside? And then if you can feather into that, maybe just -- I think last quarter, you suggested that net retention was improving through the back half of the year. Is that still one of the assumptions? And then I'll pass the line.

噢，謝謝你這麼多顏色。那太棒了。對於我的第二個問題，布蘭登，也許很高興看到指導意見的提高，我想也許你可以談談背後的一些假設。規模更大的交易是否仍有上漲空間？FedRAMP 仍有上漲空間嗎？然後，如果您能理解這一點，也許只是——我想上個季度，您表示淨留存率在下半年有所提高。這仍然是假設之一嗎？然後我就通過了。

Rob, before I get to your question, maybe it's important if we just zoom back to when we last reported on May 9, it was -- we were roughly 30 days post Liberation Day, and we really put out a guidance at that point in time that we felt reflected the environment, which was frankly a little bit chaotic. And what we see is that in times of chaos, companies tend to deal with the change first.

羅布，在回答你的問題之前，我們有必要先回顧一下我們上次報告的時間，即 5 月 9 日，當時距離解放日大約 30 天，我們當時發布了一份指導意見，我們認為這份意見反映了當時的環境，坦率地說，當時的情況有點混亂。我們看到，在混亂時期，公司往往會先應對變化。

Once that change is controlled, they return to spend on investments. If we zoom back today, we certainly saw a portion of that chaos was maybe more noise as opposed to news. And we're just really updating our revenue guidance to reflect the macro that we see today, which is really reflecting the following.

一旦這種變化得到控制，他們就會重新進行投資。如果我們今天回顧一下，我們肯定會發現，部分混亂可能更多的是噪音，而不是新聞。我們實際上正在更新我們的收入指導，以反映我們今天看到的宏觀經濟形勢，這實際上反映了以下情況。

We saw strong performance in our mid-market sector, which Alessio talked about. We continue to see elongated sales cycles in the enterprise space. And FX became a tailwind for us, where during the current quarter, it helped us to the tune of 1% on total revenues and 2% on subscription. If you actually look at the different puzzle pieces that construct our annual guide and if you look at our Q3 guide and our full year guide together, you'll actually see that we're trending closer to the higher end of our range as opposed to the lower end or even the midpoint.

正如 Alessio 所說，我們的中端市場表現強勁。我們繼續看到企業領域的銷售週期延長。外匯對我們而言是一個順風，在本季度，它幫助我們實現了總收入的 1% 和訂閱費的 2%。如果您實際查看構成我們年度指南的不同部分，並將我們的第三季指南和全年指南放在一起查看，您實際上會發現我們正趨向於更接近範圍的高端，而不是低端甚至中點。

On your other question from an NRR perspective, consistent with last quarter, we mentioned that we expected to see improvements from a gross retention perspective after Q1. From a retention perspective, it performed at expectations, if not a little bit better. Q3, we do expect another improvement in retention before taking a dip back down in Q4 with the loss of AWS. That's all within our guidance. from a FedRAMP perspective in large enterprise, that continues to be out of our guide as well.

關於您從 NRR 角度提出的另一個問題，與上一季一致，我們提到我們預計第一季之後總留存率會有所改善。從保留的角度來看，它的表現符合預期，甚至更好。在第三季度，我們確實預計留存率會再次提高，但在第四季度由於 AWS 的損失而再次下降。這一切都在我們的指導範圍內。從大型企業的 FedRAMP 角度來看，這也仍然超出了我們的指導範圍。

All right, thanks a lot for all of that. I'll pass.

好的，非常感謝。我會通過。

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Thank you. It was nice to see you get FedRAMP earlier than expected. It sounds like you're talking about potentially meaningful contributions in the second half of '26. Can you just give us a little sense of the trajectory of what you would expect from FedRAMP?

謝謝。很高興看到您比預期更早獲得 FedRAMP。聽起來您正在談論 26 年下半年可能做出的有意義的貢獻。您能否稍微向我們介紹一下您對 FedRAMP 的預期發展軌跡？

Hi Craig, good morning, George.

嗨，克雷格，早安，喬治。

So first, FedRAMP was a very important milestone for us. We achieved that just as a look back in May. And it really unlocks alongside SLED, state and local, a $2.7 billion TAM across US federal, state and local agencies. That's a very important fact to just recall. And you're correct, we did have an acceleration in the -- obtaining the FedRAMP certification, which we're very pleased about.

首先，FedRAMP 對我們來說是一個非常重要的里程碑。回顧五月份，我們實現了這個目標。它與州和地方的 SLED 一起真正釋放了美國聯邦、州和地方機構 27 億美元的 TAM。這是一個值得回想的非常重要的事實。您說得對，我們確實加快了獲得 FedRAMP 認證的步伐，對此我們感到非常高興。

And as far as the forward-looking we were seeing -- thanks to the work that we did in advance and preparing ourselves for this moment with partners like Deloitte and others. We've seen an increase and strengthening of our government pipeline over the past few months.

就我們所看到的前瞻性而言——這要歸功於我們提前所做的工作以及與德勤等合作夥伴一起為這一刻所做的準備。在過去的幾個月裡，我們看到政府管道的增加和加強。

While we're cautious in this market because it's not a market that we have sold into the federal one before, and we are learning its dynamics, and we will be learning over the coming months. The pipeline behavior is making us very excited with deals that have the potential to be this year, and for sure, a growth expected in 2026. We expect, as you said, H2 2026 by that time to have meaningful contribution from the federal and more broadly, the government vertical of Docebo.

我們對這個市場持謹慎態度，因為這個市場我們以前從未向聯邦市場銷售過產品，我們正在了解它的動態，並將在未來幾個月內持續學習。管道行為讓我們對今年可能達成的交易感到非常興奮，而且肯定會在 2026 年實現成長。正如您所說，我們預計到 2026 年下半年，聯邦政府以及更廣泛的政府垂直部門將為 Docebo 做出有意義的貢獻。

And I'll close by saying, look, the reason why we're super excited about it is very simple. We are in a unique position to offer a solution in this market that is scarce, because the players that are currently winning or owning market share lag behind on capabilities, features and innovation. If you look at the communications even from the White House relative to AI modernization and preferences over legacy systems, that plays exactly in our wheel allows.

最後我想說，我們對此感到非常興奮的原因很簡單。我們處於一個獨特的位置，可以在這個稀缺的市場中提供解決方案，因為目前贏得或擁有市場份額的參與者在能力、功能和創新方面都落後了。如果你看一下白宮關於人工智慧現代化和對傳統系統的偏好的溝通，你會發現這完全符合我們的預期。

So, to conclude, there's a great product market fit. Timing is more accelerated than we had originally estimated, and pipeline is in line with expectations with possibility to win business in federal already this year. And just as a reminder, in this quarter, we won a couple of new states in SLED, which is a very important fact, and we're starting to penetrate more and more states, which is a great sign of success.

所以，總而言之，該產品非常契合市場。時間比我們最初估計的還要快，而且管道符合預期，今年就有可能贏得聯邦業務。提醒一下，本季我們在 SLED 中贏得了幾個新州，這是一個非常重要的事實，而且我們開始滲透到越來越多的州，這是一個很好的成功標誌。

Yes. I would just add, seasonally, Q2 is a strong quarter for state and local, and we saw strong performance on the government sector. And while federal gets a lot of attention, I do think it's important to -- for us to continue to call out the opportunity at state and local. Today, we are in about 10 states. And within those states, we're about 10% penetrated. So, there's a lot of room for growth, and we're seeing increased traction after the FedRAMP as our brand improves in the government sector.

是的。我想補充一點，從季節性來看，第二季度對於州和地方來說是一個強勁的季度，我們看到政府部門的表現也很強勁。雖然聯邦政府受到了很多關注，但我確實認為，對我們來說，繼續呼籲州和地方的機會也很重要。如今，我們已經遍布大約 10 個州。在這些州，我們的滲透率約為 10%。因此，還有很大的成長空間，隨著我們的品牌在政府領域的提升，我們在 FedRAMP 之後看到了更大的吸引力。

Super. It was nice to see you've seated a CRO, and it looks like Mark's background is quite good. I'm curious, given sales cycles, when would we start to expect to see his imprint on the numbers?

極好的。很高興看到您已經聘請了 CRO，而且看起來馬克的背景相當不錯。我很好奇，考慮到銷售週期，我們什麼時候才能開始看到他在數字上留下的印記？

Immediately. That's what I tell him every day. But more seriously, Mark is a couple of weeks in and is already making an impact in the organization by focusing on what are obvious short-term wins or low-hanging fruit. But I have a longer-term view of his contribution.

立即地。我每天都會這樣告訴他。但更嚴重的是，馬克上任幾週後就透過專注於顯而易見的短期利益或唾手可得的成果對組織產生了影響。但我對他的貢獻有更長遠的看法。

First, let me say, like you said correctly, he has a track record of success at the likes of outreach and Catalyst, where he has mastered the art of selling, but also has a deep understanding of the customer success function as it relates to selling. That is a very important attribute in a modern CRO, and I'm excited that Mark has that. His mandate is very clear. It is to sharpen execution, increase efficiency. And look, if you ask him, I think, what he can bring in the quicker way, it's improved velocity.

首先，我要說的是，正如您所說，他在 outreach 和 Catalyst 等公司有著成功的記錄，他不僅掌握了銷售的藝術，而且對與銷售相關的客戶成功功能也有著深刻的理解。這是現代 CRO 的一個非常重要的屬性，我很高興馬克具備這個屬性。他的任務非常明確。就是要強化執行力，提高效率。如果你問他，我想，他能以更快的方式帶來什麼，那就是提高速度。

Mark is really good at identifying process and/or ways to optimize in funnel and he's actively working on that. But the biggest contribution on a longer-term perspective that I expect him with the team to make is really blending further and further our post- sales function and our sales function because that will have very meaningful impact on our retention, GRR and NDRR both, and he's spending already a lot of time on it.

馬克非常擅長識別流程和/或優化管道的方法，並且他正在積極致力於此。但從長遠來看，我希望他和團隊做出的最大貢獻是進一步整合我們的售後職能和銷售職能，因為這將對我們的保留率、GRR 和 NDRR 產生非常有意義的影響，而且他已經在這方面投入了大量時間。

I would also offer the information that it's not completely common for sales organizations to have in-house, also a learning officer expert that we are leveraging Brandon Carson, our CLO. He partners with Mark and Kyle to support our enterprises in the early stage of their strategy definition. And we're seeing early signals that this strategy of involving CLO in the learning strategy in presales is actually paying dividends. So, we think it's a unique asset, and Mark, Kyle and Brandon combined are going to be a real force in our GTM efforts.

我還要提供的資訊是，銷售組織內部擁有學習官專家的情況並不常見，我們正在利用我們的首席學習官布蘭登·卡森 (Brandon Carson) 來擔任學習官。他與馬克和凱爾合作，在策略定義的早期階段為我們的企業提供支援。我們看到早期訊號表明，將 CLO 納入售前學習策略的這種策略確實正在帶來回報。因此，我們認為這是一項獨特的資產，馬克、凱爾和布蘭登的結合將成為我們 GTM 工作中真正的力量。

Great, thank you.

太好了，謝謝。

Josh Baer, Morgan Stanley.

摩根士丹利的喬希貝爾。

Great, thanks for the question. Alessio, you gave a good summary of where Docebo is with AI innovation in your prepared remarks. I was hoping you could talk about what you are most excited about and where you are with monetization. And then I'd also like to know how you're thinking about and monitoring potential risks from AI on both sides. Thanks.

太好了，謝謝你的提問。Alessio，您在準備好的演講中很好地總結了 Docebo 在人工智慧創新方面所處的位置。我希望您能談談您最興奮的事情以及您在貨幣化方面的進展。然後我還想知道雙方如何看待和監控來自人工智慧的潛在風險。謝謝。

I love this question. The risk is that I talk for far too long, and Mike and Brandon told me to shut up. I will do my best to summarize all my thoughts, but it's a great question that opens up a lot of interesting things. First, let me tell you what I'm most excited about. And I think it needs to be put in the context of what we have been doing at Docebo over the past year or so, and that is a declared intent to transition from being one of the most innovative and modern LMSs to an AI-first learning platform and company because it's not only about our products, it's also what we do within the company.

我喜歡這個問題。風險在於我講太久了，麥克和布蘭登叫我閉嘴。我會盡力總結我的所有想法，但這是一個很好的問題，它引出了很多有趣的事情。首先，讓我告訴你最讓我興奮的事。我認為這需要放在我們過去一年左右在 Docebo 所做的事情的背景下，這就是我們宣布的意圖，即從最具創新性和現代性的 LMS 之一轉型為 AI 優先的學習平台和公司，因為這不僅涉及我們的產品，也涉及我們在公司內部所做的事情。

And we've begun that change at a rapid pace about a year ago. Into that context, recently, in July, after announcing it at our conference Inspire, we've launched Harmony. What is Harmony? Harmony is our Agentic platform. We went live in July and what we announced was a great capability of being able to now search in platform in a modern way. Search like you would talk to ChatGPT or to Cloud, which brings a new level of AI capability to Docebo.

大約一年前，我們就已經開始快速進行這項變革。在這樣的背景下，最近，也就是 7 月份，我們在 Inspire 會議上宣布了這一消息，並推出了 Harmony。什麼是 Harmony？Harmony 是我們的 Agentic 平台。我們於 7 月上線，並宣布了一項強大的功能，現在能夠以現代方式在平台上進行搜尋。就像與 ChatGPT 或 Cloud 對話一樣進行搜索，這為 Docebo 帶來了全新水平的 AI 能力。

Customers can now go in Docebo and ask natural questions and get summaries. That, frankly, is just the beginning of a long-term vision, which is what excites me the most because Harmony really is destined to be an agent of agents. What it will do, it will help create content. It will automate administrative tasks that take a long time. It will perform actions at 10, 20, 100 times the speed that a human can, while they sleep, administrators can have Harmony accomplish tasks for them.

客戶現在可以進入 Docebo 並提出自然問題並獲得摘要。坦白說，這只是長期願景的開始，這也是最讓我興奮的，因為 Harmony 注定要成為代理商的代理商。它的作用是幫助創建內容。它將自動執行耗時較長的管理任務。它將以人類速度的 10 倍、20 倍甚至 100 倍執行動作，當管理員睡覺時，Harmony 可以為他們完成任務。

I would offer also that my vision for Harmony and for agents of agents is that administrative tasks and improving the admin life is one part of the equation here, but it's not the full story. The full story is allowing Docebo to become an end-to-end AI-first platform by also enabling learners when they log in Docebo to have an AI-first experience. And I believe the technology offers the possibility to switch from an instructor-led model, which frankly every LMS prioritizes where we -- somebody creates courses and students take lessons to a learner-first model where the learner is -- at the end of the learning and the control of their learning and upskilling in their hands.

我還要提出，我對 Harmony 和代理商的代理商的願景是，管理任務和改善管理生活是這裡等式的一部分，但這不是全部。完整的故事是讓 Docebo 成為一個端到端的 AI 優先平台，同時讓學習者在登入 Docebo 時獲得 AI 優先的體驗。我相信科技可以讓我們擺脫教師主導的模式，坦白說，每個學習管理系統 (LMS) 都優先考慮這種模式，即有人創建課程，學生上課，而轉向學習者優先的模式，即學習者在學習的最後階段，可以控制自己的學習和技能提升。

So, the script is flipping, and Harmony will enable our customers to do that. That's a little bit more high level. There is a lot of innovation that is coming also in the core product. When I speak about to customers, one of the things they tell me is, Alessio, you're great on AI, but we're still using the core product. So, the innovator's dilemma, right?

因此，腳本正在翻轉，Harmony 將使我們的客戶能夠做到這一點。這有點高層次了。核心產品中也出現了許多創新。當我與客戶交談時，他們告訴我的一件事是，阿萊西奧，你在人工智慧方面很棒，但我們仍在使用核心產品。那麼，這就是創新者的窘境，對嗎？

And so, we always have to deal with a trade- off between continuing to evolve our core, which is so important, while at the same time, preparing Docebo for the next one, two, three years. So that's some of the things that excite me the most. I haven't even spoken about Docebo Creati and all the capabilities about creating content, and that's also another big area of excitement. I'll shut up, like I told you, it was going to be a lot.

因此，我們始終需要在繼續發展我們的核心（這非常重要）與為 Docebo 的未來一、二、三年做好準備之間做出權衡。這些就是最讓我興奮的事。我什至還沒有談到 Docebo Creati 和有關創建內容的所有功能，這也是另一個令人興奮的領域。我會閉嘴的，就像我告訴你的，會有很多。

That's great. And on the risk side, I mean, anything that new entrants or ways that companies are leveraging LLMs internally themselves, like anything to look out for that you're looking at?

那太棒了。在風險方面，我的意思是，任何新進入者或公司內部利用 LLM 的方式，例如您正在關注的任何需要注意的事情？

Sure. So, there are always going to be new entrants. And frankly, in the 13 years that I've been at Docebo and 20 in the industry, there have always been new entrants. Well, Docebo was a new entrant at one point. So, I know that story really well. But there's a lot of things to say about it. First of all, we have the benefit of experience, data and customers that we can work with and in order to improve the learning landscape. Second, for sure, there is a debate whether people can just learn in isolation through an LLM and skip, if you will, the formal learning component.

當然。所以，總會有新進入者。坦白說，我在 Docebo 工作了 13 年，在業界工作了 20 年，期間一直都有新進者。嗯，Docebo 曾經是一個新進入者。所以，我非常了解這個故事。但關於這一點，還有很多話要說。首先，我們擁有經驗、數據和客戶的優勢，我們可以利用這些優勢來改善學習環境。其次，當然存在一個爭論，即人們是否可以透過法學碩士學位進行孤立學習，並跳過正式的學習部分。

I would offer the following reasoning about that and the way I think about risk mitigation. Learning is a process in an organization, corporation that embodies 2 things: the transformation of knowledge into learning and then the absorption of learning towards skills, competencies that we possess and evolve over time.

我將對此提出以下推理以及我對風險緩解的看法。學習是組織、公司中的一個過程，它體現了兩件事：將知識轉化為學習，然後將學習吸收為我們擁有的、並隨著時間而發展的技能和能力。

LLMs don't have any information about once a degree of knowledge in a certain area within the corporation. They are nondeterministic system. If you go to an LLM and ask the same question, 3 times, you got three different flavors of answers. In order to be deterministic, a platform needs to have the knowledge, the ability to transform this knowledge into structured learning with pedological models and the underlying skills backbone that ties knowledge, learning to skills evolution. That's what we are doing.

LLM 不具備任何關於公司內部某一領域的知識程度的資訊。它們是非確定性系統。如果你去攻讀法學碩士學位並問同樣的問題，三次，你會得到三種不同的答案。為了實現確定性，平台需要擁有知識、將這些知識轉化為結構化學習的能力，以及將知識、學習與技能發展連結起來的底層技能主幹。這就是我們正在做的事情。

We're building a platform that has an LLM-like experience that ties learning and knowledge because those two walls are crumbling to skills. And we're doing this in an agentic way, and that is our way of mitigating risk and future-proofing Docebo for the next 10 years.

我們正在建立一個具有類似法學碩士 (LLM) 體驗的平台，將學習和知識聯繫起來，因為這兩面牆在技能方面正在崩塌。我們正在以代理的方式進行這項工作，這是我們降低風險和確保 Docebo 在未來 10 年內可持續發展的方式。

Suthan Sukumar, Stifel.

蘇坦·蘇庫馬爾（Suthan Sukumar），Stifel。

Good morning guys. I wanted to double-click on the big tech expansion deal you guys announced this morning. Could you give us a bit of sense on the size and scope of the deal? And as you think about this customer long term, what's the -- what are the levers for additional growth opportunity here?

大家早安。我想雙擊你們今天早上宣布的重大技術擴展協議。您能否向我們介紹一下該交易的規模和範圍？當您從長遠角度考慮這個客戶時，這裡額外的成長機會有哪些槓桿？

Suthan, on the size and scope, so it's a customer use case. I would say it's large 6 figures, slightly below 7-figure deal. From a customer count perspective, you'll see that it's not in our new logo ACV because it's same customer but completely different department. And sorry, your second question, can you just repeat?

Suthan，就規模和範圍而言，這是一個客戶用例。我想說這是一筆 6 位數的大交易，略低於 7 位數。從客戶數量的角度來看，您會發現它不在我們的新標誌 ACV 中，因為它是同一個客戶，但部門完全不同。抱歉，這是您的第二個問題，您能重複嗎？

Just curious on what -- how you guys think about what the growth opportunity might be ahead with this customer?

只是好奇－你們如何看待這個客戶未來的成長機會？

So, it's actually a great question because if you look at the two use cases that we have, there are still 2 customer ad use cases, which is to say we do not have the employee experience use case. And from what we know today, this customer still uses multiple different LMSs, not just for internal, but there are other customer experience use cases as well. So, while it's hard to exactly quantify how penetrated we are within that customer, I would still say we are underpenetrated.

所以，這其實是一個很好的問題，因為如果你看看我們擁有的兩個用例，仍然有 2 個客戶廣告用例，也就是說我們沒有員工體驗用例。據我們目前所知，該客戶仍然使用多個不同的 LMS，不僅用於內部，還有其他客戶體驗用例。因此，雖然很難準確量化我們在該客戶中的滲透程度，但我仍然認為我們的滲透率不足。

Got it, thank you. And just on the recent CRO hire, it's good to see a new CRO in place. And I know he's just fresh in the seat, but how do you anticipate your focus shifts or priorities change with respect to your current go-to-market motion?

知道了，謝謝。就最近聘用 CRO 而言，很高興看到新的 CRO 到位。我知道他剛上任，但您如何預測您目前的市場行動的重點或優先事項會發生轉變？

I don't believe, Suthan, that there will be any drastic shift. Like I mentioned before, rather a real focus on execution, efficiency and really ensuring that as we interact with customers, we just create value together with them. As I mentioned before, Mark has a really good experience across both sales and customer success.

蘇坦，我不相信會發生任何劇烈的轉變。正如我之前提到的，我們真正關注的是執行力和效率，並確保在與客戶互動時，我們能與他們共同創造價值。正如我之前提到的，馬克在銷售和客戶成功方面都有著非常豐富的經驗。

And integrating those functions, integrating -- having a full cycle where the customer feels taken care of and supported, and we manage against their expected outcomes is an area where I believe we have room to grow. And so, one of these mandates is to really strengthen our muscle in that area. And yes, that's -- I think those are the most important things that I would underscore.

整合這些功能，整合－擁有一個完整的週期，讓客戶感受到關懷和支持，並且我們根據他們的預期結果進行管理，我相信這是我們有成長空間的領域。因此，其中一項任務就是真正加強我們在該領域的力量。是的，我認為這些是我要強調的最重要的事情。

Okay, great. Thank you for the call I'll pass the line.

好的，太好了。謝謝您的來電，我會轉接電話。

Yi Fu Lee, Cantor Fitzgerald.

李逸夫、費茲傑拉領唱。

Good morning, Alexia and Brandon. Nothing better to end the week than a positive earnings print. So, Alessio, I just wanted to start with your favorite child that's Harmony Agentic AI, which you were most excited about at Inspire. It looks like you're ahead of schedule in delivering Harmony in dance stages first with search and Copilot this quarter and expected automated actions by year-end.

早安，Alexia 和 Brandon。沒有什麼比積極的獲利報告更能結束這一週了。那麼，Alessio，我只是想從你最喜歡的產品 Harmony Agentic AI 開始，這是你在 Inspire 上最興奮的產品。看起來你們已經提前完成了 Harmony 的舞蹈階段交付，本季首先透過搜尋和 Copilot 實現，並預計在年底前實現自動化操作。

So, I just wanted to drill down more on the go-to-market and sales strategy best to monetize this great product. How do you think of that pricing and now that you have Mark CRO in place?

因此，我只是想更深入地研究進入市場和銷售策略，以便將這個偉大的產品貨幣化。您如何看待這個定價？現在您已經聘請 Mark CRO 了嗎？

Great question. Great question. And I believe that Josh earlier asked the question on the flavor of monetization, and I'm glad to cover this so that we can respond even to the prior note from Josh. First of all, it's good to have you on the call. And thank you for the question. So, on the merit of Harmony and monetization, if you -- if we go back to our last earnings call, I said that my priority is for us to ship capabilities that create value for our customers relative to the topic of monetization.

好問題。好問題。我相信 Josh 早些時候問過有關貨幣化風格的問題，我很高興回答這個問題，這樣我們就可以回應 Josh 之前的提問。首先，很高興您能來接電話。感謝您的提問。因此，就 Harmony 和貨幣化的優點而言，如果我們回顧上次財報電話會議，我說過，我的首要任務是提供與貨幣化主題相關的為客戶創造價值的功能。

That was the priority. In general principle, it's important first to deliver value to customers because monetization will follow once that is accomplished. We have launched Harmony Search in the beginning of July, so not even a month ago. And our approach, by the way, is an approach of shipping capabilities at a very good state of readiness and iterating fast and improving these capabilities very quickly as we go.

這是當務之急。一般來說，首先要向客戶提供價值，因為一旦實現這一目標，貨幣化就會隨之而來。我們在七月初推出了 Harmony Search，也就是不到一個月的時間。順便說一下，我們的方法是在非常好的準備狀態下交付能力，並在過程中快速迭代并快速改進這些能力。

So, this is a little bit different than your more standard three, six months release cycle. We want to improve these AI capabilities weekly. It's early to establish the hard numbers relative to usage, even though the usage dashboards that we see please us, but it's hard to make a definitive statement in just about a month.

因此，這與標準的三到六個月的發布週期略有不同。我們希望每週能提高這些人工智慧能力。雖然我們看到的使用情況儀表板讓我們感到滿意，但現在確定與使用情況相關的確切數字還為時過早，但很難在一個月左右的時間內做出明確的陳述。

But I can tell you the following: that when I see that features like a video presenter that was launched a few months ago already generated more than 20,000 minutes of video content, and that roughly 2,000 customers generated AI assessments and that with content builder that we also recently released over 2,000 learning assets that were developed by customers. All the data points to the fact that these products are becoming popular among our customer base. Now the question is will we monetize it? How fast, how soon and how in general?

但我可以告訴你以下情況：當我看到幾個月前推出的視訊簡報等功能已經產生了超過 20,000 分鐘的影片內容，並且大約有 2,000 名客戶產生了 AI 評估，並且透過內容建立器，我們最近也發布了由客戶開發的 2,000 多個學習資產。所有數據都顯示這些產品在我們的客戶群中越來越受歡迎。現在的問題是我們會將其貨幣化嗎？速度有多快、多快、整體如何？

How about the go-to-market, like how about like in terms of like how would you sell? Forget the money aspect, I get it, you want to deliver the value to customers first, right? How would you reach them? You already have an existing customer, right? How would you leverage the CMO, CRO in place, right, to say, Hey, we have this awesome product in Harmony could you give it a try?

那麼行銷情況如何？就銷售方式而言，您如何銷售？忘記金錢方面吧，我明白，你想先向客戶提供價值，對嗎？您將如何聯絡他們？您已經有現有客戶了，對嗎？您將如何利用現有的 CMO 和 CRO 來表示，嘿，我們在 Harmony 中有這款很棒的產品，您可以試試看嗎？

Yes. Well, first, for clarity, it was our strategic choice to put these products in the hands of as many customers as we can. We gave Creati and Harmony both in the hands of all our customers that wanted to activate it and without discerning or using it as an upsell mechanism. And the reason was we really want to get to a place where the customers want to use it, want more of it before, again, applying monetization strategies.

是的。首先，為了清楚起見，我們的策略選擇是將這些產品送到盡可能多的客戶手中。我們將 Creati 和 Harmony 交到所有想要啟動它的客戶手中，而無需辨別或將其用作追加銷售機制。原因是我們確實希望在應用貨幣化策略之前，讓客戶願意使用它，並且想要更多地使用它。

The way we're talking about it, the way we're using it is really a proof point of our AI strategy and a differentiator against legacy vendors. And it is the beginning of positioning us strongly in the AI-first category, which we fully belong to right now, and we're just building and building and building on top of that.

我們談論它的方式、我們使用它的方式實際上是我們人工智慧策略的證明點，也是與傳統供應商的區別所在。這是我們開始在 AI-first 類別中佔據強勢地位的開始，我們現在完全屬於這個類別，並且我們只是在此基礎上不斷構建。

Excellent color, Alessio. I just want to follow up with Brandon on the financial side. It sounds like from your prepared remarks, you are very optimistic about the second half with renewed signs of tech investments in reskilling and upskilling. So, Brandon, can you talk about other verticals in light of the ongoing trade negotiations, verticals you called out auto, industrial, retail in the last quarter.

很棒的顏色，阿萊西奧。我只是想跟進一下布蘭登的財務方面的情況。從您準備好的發言來看，您對下半年非常樂觀，因為有新的跡象表明，技術投資將用於技能再培訓和技能提升。那麼，布蘭登，您能否根據正在進行的貿易談判談談其他垂直行業，即上個季度您提到的汽車、工業、零售等垂直行業。

Are we out of the woods yet? Or do you still have some reservations? And how does that big five tech win that you mentioned earlier today prove that hey, look, Dacebo was able to serve other large tech titans right, even in light of the loss -- unfortunately lost contract with AWS. That's it for me. Thanks Alexia.

我們已經脫離險境了嗎？還是你仍然有所保留？您今天早些時候提到的五大科技巨頭的勝利如何證明，Dacebo 能夠為其他大型科技巨頭提供服務，即使在損失的情況下——不幸的是失去了與 AWS 的合約。對我來說就是這樣。謝謝 Alexia。

Thanks for the question. So, on the general industry groups that we called out, what I would say is that in the enterprise space, within those subsectors, we continue to see deal scrutiny and elongated sales cycles. And the good news is that we have a playbook that works well from this. We've been in multiple different macro environments over the past three years.

謝謝你的提問。因此，對於我們所關注的一般行業群體，我想說的是，在企業領域，在這些子行業中，我們繼續看到交易審查和延長的銷售週期。好消息是，我們有一個可以有效發揮作用的劇本。過去三年我們經歷了許多不同的宏觀環境。

And when the deals become tough, we really lean on value engineering and really work with our prospects to build a business case and prove out the ROI of learning so that they could pitch that to their executives and show that every month you do not purchase this LMS, you're actually losing out of money. In the current quarter, that worked out very well in the mid-market space, and we saw value engineering make a difference on a couple of manufacturing wins that we had during the quarter.

當交易變得艱難時，我們真正依靠價值工程，並真正與我們的潛在客戶合作，建立商業案例並證明學習的投資回報率，以便他們可以向他們的高管推銷這一點，並表明每個月你不購買這個 LMS，你實際上就在損失金錢。在本季度，這在中端市場領域效果非常好，我們看到價值工程對我們在本季度取得的幾項製造業勝利產生了影響。

So generally, I would continue to separate mid-market in all end segments, we saw strength in enterprise. In most of the sub-segments, we continue to saw deal elongation. From a large tech company win, this is a customer of ours that we've had for a while. They're fans of Docebo. They come to our Inspire event. And the continued expansion is just proof of Docebo executing from an implementation perspective, from a customer success perspective, from a customer support perspective.

因此，總的來說，我會繼續在所有終端領域中區分中端市場，我們看到了企業領域的實力。在大多數細分市場中，我們繼續看到交易延長。從一家大型科技公司贏得勝利，這是我們已有一段時間的客戶。他們是 Docebo 的粉絲。他們來到我們的 Inspire 活動。而持續的擴張只是從實施角度、從客戶成功角度、從客戶支援角度執行的證明。

And there are continued fans of Docebo, and we continue to get introduced through different departments within that company. Ultimately, having more and more of these large tech logos does help because they ultimately become referenceable companies, and that helps us win other logos.

Docebo 一直擁有忠實的粉絲，我們也不斷透過該公司內部的不同部門來介紹。最終，擁有越來越多的大型科技標誌確實有幫助，因為它們最終成為可參考的公司，這有助於我們贏得其他標誌。

Kevin Krishnaratne, Scotiabank.

凱文‧克里希納拉特納 (Kevin Krishnaratne)，豐業銀行。

Hey there, good morning. Just one maybe clarification here. In your prepared remarks, you talked about the customer count above 100,000 ramping at 23%. I think it was 16%. So, a really nice acceleration there. I'm just wondering what we're seeing there. Is there something mechanically to think about because it looks like just quite a jump from the 16% to 23%.

嘿，早安。這裡可能只需要澄清一點。在您準備好的發言中，您談到了超過 100,000 的客戶數量將增加 23%。我認為是 16%。所以，那裡的加速效果確實很好。我只是想知道我們在那裡看到了什麼。從機械角度來看是否存在什麼需要考慮的問題，因為從 16% 到 23% 看起來是一個相當大的飛躍。

Yes, Kevin, there's really 3 ways that a customer could become a customer count above $100,000. Number one, first-time Docebo customer during the quarter. Number two, that current customer was a $50,000 customer, and they expanded during the current quarter to become over $100,000. And we did see not only strong performance in mid-market from a new logo perspective, but also from an expansion perspective. And then thirdly, we did see a benefit on the customer count due to FX, where certain contracts denominated in euro GPP that were around the roughly 90 to 95 range got pushed above $100,000. So, all those 3 factors together led to the acceleration in the customer count growth.

是的，凱文，實際上有 3 種方法可以讓客戶成為價值超過 10 萬美元的客戶。本季首次成為 Docebo 的第一位客戶。第二，該現有客戶是一位價值 5 萬美元的客戶，本季其價值已擴大至 10 萬美元以上。我們確實不僅從新標誌的角度看到了中端市場的強勁表現，而且從擴張的角度也看到了中端市場的強勁表現。第三，我們確實看到外匯對客戶數量的好處，其中以歐元計價的某些合約（GPP 約為 90 至 95 的範圍）被推高至 100,000 美元以上。因此，這三個因素共同導致了客戶數量成長的加速。

I see. Okay, that's super helpful. Thanks for that. The second one, I know you gave us the guide for Q3, but can you talk about the ARR trends and sort of what you expect to close out the year, Q3, Q4, you had a pretty good bump up here in the Q2, $8 million. I know FX would have helped there. Obviously, you had a couple of big deals that you signed. But just help us think about the ARR build for Q3 that will help us think about the rest of the year.

我懂了。好的，這非常有幫助。謝謝。第二個問題，我知道您給了我們第三季的指南，但您能否談談 ARR 趨勢以及您對今年第三季、第四季的預期，您在第二季取得了相當大的成長，達到 800 萬美元。我知道 FX 會對此有所幫助。顯然，您簽署了幾項大合約。但只需幫助我們思考第三季的 ARR 構建，這將有助於我們思考今年剩餘的時間。

Generally, Q3 is a seasonally weak quarter for us, specifically in EMEA, where vacations in July and August really make September the only month that we could execute on contracts. So, from an ARR perspective, we would expect a step down in Q3 from the $8 million we printed in the current quarter. And in Q4, while seasonally typically the strongest quarter, we have AWS coming out of December 31 as well. Ultimately, I would say the impact of ARR is in our revenue guide, and we expect the same seasonality trends that we historically have.

總體而言，第三季度對我們來說是一個季節性疲軟的季度，特別是在歐洲、中東和非洲地區，7 月和 8 月的假期使得 9 月成為我們唯一可以執行合約的月份。因此，從 ARR 的角度來看，我們預計第三季的 ARR 收入將比本季的 800 萬美元有所下降。第四季通常是季節性表現最強勁的季度，但 AWS 也將在 12 月 31 日結束。最終，我想說 ARR 的影響體現在我們的收入指南中，我們預計季節性趨勢與歷史上相同。

Thanks, Brandon. I'll pass on.

謝謝，布蘭登。我會傳承下去。

Erin Kyle, CIBC.

加拿大帝國商業銀行的艾琳凱爾 (Erin Kyle)。

Hi, good morning. I just wanted to ask a question on the Global Education Solutions customer win in the quarter. You mentioned students in response to an earlier question as well, Alessio. So, I'm just -- I'm curious on that win. First of all, how many use cases they selected Docebo for? And then just on the education vertical in general, are you seeing more demand in that industry?

嗨，早安。我只是想問一個有關本季全球教育解決方案客戶獲勝的問題。阿萊西奧，您在回答先前的問題時也提到了學生。所以，我只是──我對那場勝利感到好奇。首先，他們選擇 Docebo 的用例有多少？那麼就整個教育垂直領域而言，您是否看到該行業的需求增加？

So yes, the good call out. This is one of the world's largest education publishers. And so, we're very pleased to welcome them to our family. As far as the use case, this is a full Docebo multi-use case hybrid category. We are delivering capabilities for sales enablement, customer support, onboarding and then a more customer-focused use case for continuing education aspects. I think notably, this

是的，這是很好的呼聲。這是世界上最大的教育出版商之一。因此，我們非常高興歡迎他們加入我們的大家庭。就用例而言，這是一個完整的 Docebo 多用例混合類別。我們提供銷售支援、客戶支援、入職培訓等功能，以及更以客戶為中心的繼續教育方面的用例。我認為值得注意的是，

customer came from a very well-known large legacy vendor where the pains were frankly, the ones that we hear the most in rigidity, not very usable. And so, we solved for those by bringing flexibility and what we do really well, which is configuring an environment that has complexity for the customer.

客戶來自一家非常知名的大型傳統供應商，坦白說，我們聽到最多的問題是僵化，不太實用。因此，我們透過提供靈活性和我們真正擅長的事情來解決這些問題，即為客戶配置一個複雜的環境。

I think the other things I can tell you is we -- it was a very competitive deal against a number of both, I would say, mid-market competitors as well as enterprise competitors, and we were pleased with winning it. Additionally, in the competition, we understand that there were also, if you will, the giant HRIS vendors with a learning module. But again, because their learning capabilities are not up to par with Docebo, we were able to overcome those.

我想我可以告訴你的其他事情是，這是一筆非常有競爭力的交易，我們要與眾多中端市場競爭對手以及企業競爭對手競爭，我們很高興能贏得這筆交易。此外，據我們了解，在競爭中，還有擁有學習模組的大​​型 HRIS 供應商。但同樣，由於他們的學習能力不如 Docebo，我們能夠克服這些問題。

So, all in all, a great deal. And as far as the question for broader education sector, it is a segment that we love, selling a learning solution to educators. It's something that comes natural to us. For sure, Docebo is not geared towards the education space in the sense of the academia, but we have a large amount of customers that use Docebo similarly to this use case. And so, it's definitely a growing footprint in the market.

總而言之，這是一件很棒的事。至於更廣泛的教育領域的問題，這是我們喜歡的一個領域，即向教育工作者銷售學習解決方案。這對我們來說是很自然的事。當然，Docebo 並不面向學術意義上的教育領域，但我們有大量客戶以類似的方式使用 Docebo。因此，它在市場上的影響力肯定在不斷擴大。

Thanks, Alessia. That's very helpful color there. And maybe I'll just switch gears to capital allocation. You're fairly active on the NCIB this quarter on share buybacks. Maybe if you can just give us an update on capital allocation priorities for the second half of the year as we look forward?

謝謝，阿萊西亞。那顏色非常有用。或許我會轉向資本配置。本季您在 NCIB 股票回購方面相當活躍。或許可以向我們介紹一下今年下半年資本配置重點的最新情況嗎？

Aaron, so as we've discussed in the past, we really have three areas where we deploy our cash. Number one is investing back in the business where we see strategic opportunities. At the moment, we're investing in headcount and sales and marketing from a government vertical perspective and R&D to really accelerate our AI road map.

亞倫，正如我們過去討論過的，我們實際上有三個領域來部署我們的現金。第一是重新投資我們所看到的策略機會的業務。目前，我們正在從政府垂直角度投資員工數量、銷售和行銷以及研發，以真正加速我們的人工智慧路線圖。

Buybacks is a good use of cash. It's not a fixed program, and it's certainly a program we use to deploy cash when we see our shares are at attractive valuations. And M&A is a vertical that we continue to look at. And we continue to wait for an asset that has the right product, is at the right price and has the right people. And until all of those 3 line up, we'll continue to deploy our cash in other means.

回購是現金的良好用途。這不是一個固定的計劃，當我們看到我們的股票估值具有吸引力時，這肯定是我們用來部署現金的計劃。併購是我們持續關注的垂直領域。我們繼續等待擁有合適產品、合適價格和合適人才的資產。在這三項條件全部滿足之前，我們將繼續以其他方式部署現金。

Thanks Brandon.

謝謝布蘭登。

Gavin Fairweather, Cormark.

加文‧費爾韋瑟 (Gavin Fairweather)，Cormark。

Oh hey, good morning. Thanks for taking my question. Just a quick one on the federal sector. Given sales cycles, I'm curious how much visibility you have on expected RFP levels in 2026? And what are you hearing from your partners on kind of upcoming activity levels, maybe versus the historical norms?

噢嘿，早安。感謝您回答我的問題。我只想簡單談談聯邦部門。考慮到銷售週期，我很好奇您對 2026 年預期的 RFP 水準有多少了解？您從合作夥伴那裡聽說了哪些有關即將到來的活動水平的消息，也許與歷史規範相比？

Gavin, we've taken the opportunity and we're reaching out to all the federal departments ourselves. We've been talking to them for a number of years to prep Docebo to become FedRAMP solutions. And I would say we're building pipe not just on RFPs, but through self-sourcing and pitching Docebo. Generally, what I would say from a sales cycle perspective is that Q3 tends to be the largest quarter from a federal contracting perspective because the government year-end ends September 30.

加文，我們抓住了這個機會，我們正在親自聯繫所有聯邦部門。我們已經與他們溝通多年，準備讓 Docebo 成為 FedRAMP 解決方案。我想說，我們不僅在 RFP 上建立管道，還透過自我採購和推銷 Docebo 來建立管道。一般來說，從銷售週期的角度來看，我認為第三季度往往是聯邦承包角度最大的季度，因為政府年度結束於 9 月 30 日。

And that's really why we've always discussed that we expect to see more meaningful revenues from the federal sector in Q3 of 2026 because we just received FedRAMP compliance. And in order to pitch, validate product, procure before September 30 of this year, it's tight. While we do see one or two potential deals to land, we do think it's the right approach to stay measured and continue to guide that this is more of a 2026 opportunity.

這就是為什麼我們一直在討論，我們預計 2026 年第三季聯邦部門的收入將更加可觀，因為我們剛剛獲得了 FedRAMP 合規性。為了在今年 9 月 30 日之前進行推銷、驗證產品和採購，時間非常緊迫。雖然我們確實看到了一兩筆潛在的交易，但我們確實認為，保持謹慎並繼續引導這更像是一個 2026 年的機會是正確的方法。

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

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

Thank you, everyone. Thank you for participating in this earnings call. We look forward to seeing you in the next call for quarter 3 reporting in November. Have a great day. Thank you.

謝謝大家。感謝您參加本次收益電話會議。我們期待在 11 月的下一次第三季報告電話會議上見到您。祝你有美好的一天。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。