Docebo Inc. (DCBO) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Docebo Q1 2026 earnings call. (Operator Instructions)

各位早安，歡迎參加 Docebo 2026 會計年度第一季財報電話會議。(接線員指示)

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

現在我想把電話會議交給 Docebo 投資人關係副總裁 Mike McCarthy。Mike，請開始。

Thank you, Sarah. Earlier this morning, Docebo issued its fully audited Q1 2026 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，Sarah。今天稍早，Docebo 已公布其經完整審計的 2026 會計年度第一季業績。新聞稿（其中包含管理層事先準備講稿的連結，以及我們的季度投資人簡報投影片）均已發布於我們的投資人關係網站。今天上午的電話會議將讓與會者就我們的業績，以及管理層今早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.

在我們開始今天上午的問答之前，Docebo 提醒各位聽眾，討論的部分資訊可能屬於前瞻性資訊。此類前瞻性資訊反映公司目前對未來事件的看法。

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 Docebo's public filings, which are available on SEDAR and EDGAR.

任何此類資訊均受風險、不確定性與假設影響，可能導致實際結果與前瞻性陳述中所預測者出現重大差異。關於與前瞻性陳述相關之風險、不確定性與假設的更多資訊，請參閱 Docebo 的公開申報文件，可於 SEDAR 與 EDGAR 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.

在本次電話會議中，我們將提及若干非 IFRS 財務衡量指標。雖然我們相信這些指標可提供有關我們財務表現的有用補充資訊，但它們並非 IFRS 所認可的衡量指標，且在 IFRS 下不具標準化定義。

Please see our MD&A for additional information regarding our non-IFRS financial measures, including reconciliations to the nearest IFRS measures. Please note that unless otherwise stated, all references to any financial figures are in US dollars.

有關我們的非 IFRS 財務衡量指標（包括與最接近之 IFRS 指標的調節表）的更多資訊，請參閱我們的 MD&A。另請注意，除非另有說明，所有財務數字均以美元計價。

Now I'd like to turn the call over to Docebo's CEO, Alessio Artuffo; and our CFO, Brandon Farber. Sarah, you can open the queue.

現在我想把電話會議交給 Docebo 的執行長 Alessio Artuffo，以及我們的財務長 Brandon Farber。Sarah，你可以開放提問佇列。

(Operator Instructions)

(接線員指示)

Ryan McDonald, Needham.

Ryan McDonald，Needham。

Yeah, good morning everyone. Thanks for taking the questions and congrats on a great quarter. Alessio, we're obviously about a week or so post Inspire now. There was a lot of, obviously, great product updates and even a lot of the enthusiasm from customers around a lot of features and functionality. But I'd love to get a sense of the conversations you're having with your prospective enterprise customers.

各位早安。謝謝讓我提問，也恭喜你們交出非常出色的一季。Alessio，我們現在顯然已經是 Inspire 活動結束後大約一週左右。當中有很多、顯然是很棒的產品更新，客戶對許多功能與特性也展現了高度熱情。不過我很想了解一下，你們與潛在企業客戶之間的對話目前是什麼樣的情況。

Is the focus right now really on sort of updating and modernizing the LMS and focusing on some of those core or let's call it, external use cases? Or are you starting to see some of those conversations evolve to really be leading the conversation with some of the new AI features as they're thinking about the modernization cycle?

目前重點是否真的在於更新與現代化 LMS，並聚焦在一些核心、或我們稱之為外部使用情境的需求？還是你開始看到，當他們思考現代化週期時，這些對話正在演進到由一些新的 AI 功能來主導討論？

Good morning, Ryan, and thank you for the question. First of all, let me touch base super quickly on Docebo Inspire. Thank you to those of you that made the trip to come see -- what I hope you agree with was an incredible experience. The Inspire is always a place where the energy thrives. This year was growth across all factors. We had 20% growth in attendance with over 1,000 people attending a significant portion of our key customers were there. We had more than 20% of our ARR in the room on a financial basis. And yes, we were just really, really overall very pleased with the event itself.

早安，Ryan，謝謝你的提問。首先，我先非常快速地談一下 Docebo Inspire。也謝謝各位特地前來參與——我希望你們同意那是一場令人驚艷的體驗。Inspire 一直都是能量最旺盛的地方。今年在各個面向都呈現成長。出席人數成長 20%，超過 1,000 人參與，其中有相當比例的關鍵客戶到場。以財務基礎來看，現場聚集了超過 20% 的 ARR。是的，我們對活動本身整體而言真的非常、非常滿意。

When it comes to key customers and enterprise customers, enterprise prospects, the conversations we're having, Ryan are along the lines of what you are hinting and suggesting your question, let me walk you through a couple of the themes that I believe are prevalent. First, I think what I'm hearing from prospects and customers both is that we are going through the most significant transformation of the past few decades. And I'm, of course, referring to the transformation from -- into this new agentic AI world.

至於關鍵客戶與企業客戶、企業潛在客戶，我們正在進行的對話，Ryan，確實如你在問題中所暗示與提出的方向。我帶你走過幾個我認為相當普遍的主題。第一，我從潛在客戶與現有客戶那裡聽到的是：我們正經歷過去幾十年來最重大的轉型。我當然指的是——轉向這個全新的代理式 AI（agentic AI）世界的轉型。

Now our buyers are not developers. They are talent, HR, learning leaders. And now more than ever, what they want is to partner with companies that truly operate as a partner and support the customer throughout this transformation and don't operate as technology vendors alone. That was the, I would say, shared sentiment across the board.

而我們的買方並不是開發者。他們是人才、HR、學習與發展的領導者。而且現在比以往任何時候，他們想要的是與真正以「夥伴」方式運作的公司合作：在這段轉型期間全程支持客戶，而不是只把自己定位成技術供應商。我會說，這是各方普遍一致的共同感受。

Then the second part of this equation is in the enterprise sector, the large majority of the market is a substitution market. Everybody has a LMS or a comparable platform. And these companies, these enterprises now are facing, it's a generational moment that is very transitional and they are evaluating stepping out of the legacy world, often from vendors that have been really preoccupied with technical debt with integrating multiple roll-ups that, as a result of that, have given up innovation.

接著，這個等式的第二部分是：在企業市場中，絕大多數屬於替換型市場。每家公司都有一套 LMS 或類似的平台。而這些公司、這些企業如今正面臨一個世代交替、過渡性非常強的關鍵時刻；他們正在評估是否要走出舊有的傳統世界——往往是從那些長期忙於處理技術債、整合多次併購整併（roll-ups）的供應商轉出；而這些因素也使得他們在創新上有所放棄。

And so they don't just want a partner. They want a partner that is a grown up and that is an innovator. And when you look at the landscape of our competition, I was sitting in a room with one of the largest financial services firms in North America. And I flat out asked them the question, what are your alternatives to your current and soon-to-be legacy provider? And the answer was Docebo. So that's it.

因此，他們不只是想要一個夥伴。他們想要的是一個成熟、而且具備創新能力的夥伴。當你看我們的競爭版圖時，我曾與北美一家最大的金融服務公司之一同坐一室。我直接問了他們一個問題：對於你們目前、以及即將成為舊系統的供應商，你們有哪些替代選項？他們的答案是 Docebo。就這樣。

That's great to hear. I really appreciate all the color about -- on that in the context. Brandon, maybe for you. I'm curious, as you think about the enterprise customer base, sort of and the opportunity and pipeline coming out of Inspire. How are you feeling about sort of where the state of the pipeline is early in the year here within that sort of enterprise cohort of customers?

很高興聽到這些。也非常感謝你在這個脈絡下提供的所有細節與說明。Brandon，或許這題給你。我想了解，當你思考企業客戶基礎，以及 Inspire 之後帶來的機會與銷售管線時，你對於今年年初在這個企業客群中的管線狀態，感受如何？

And then I was really impressed by the level of demand you're seeing for 365Talents. So curious if what you saw at Inspire is sort of changing your view or outlook for that acquired asset in particular for '26. Thanks.

另外，我對你們在 365Talents 上看到的需求強度印象非常深刻。所以也想請教，你在 Inspire 看到的情況，是否正在改變你對這項收購資產在 2026 年的看法或展望？謝謝。

Hey, Ryan, thanks for the question. On the enterprise piece, we certainly had a great quarter from an enterprise perspective. Q1 was the first quarter where we saw real strength in the market after 2025, where there's ebbs and flows within that segment.

嗨，Ryan，謝謝你的提問。就企業市場而言，我們這一季在企業面向確實表現非常好。第一季是我們在 2025 年之後首次看到市場出現真正強勁動能的一季；在那段期間，該細分市場的表現有起有落。

From a Q1 perspective, it wasn't just sales execution. It was also strong demand. While, when I think about our guide we're still being conservative from an enterprise perspective because from my perspective, one quarter is not a trend. If you look at our guidance philosophy from last year, it really took us three quarters of mid-market strength before we started embedding that assumption into our model.

以第一季來看，這不只是銷售執行的成果。同時也反映了強勁的需求。不過，當我看我們的財測指引時，我們在企業面向仍維持保守，因為在我看來，一季的表現不代表趨勢。如果你回顧我們去年的指引哲學，直到我們看到中型市場連續三季走強後，才開始把這個假設納入模型。

We're going to wait two to three quarters for enterprise strength in order for us to flow that forward. But we're seeing really strong signs in the enterprise segment that will allow us to continue to beat and raise throughout the year.

對於企業市場的強勢，我們會再觀察兩到三季，之後才會把它延伸反映到未來。但我們在企業細分市場看到非常強的訊號，這將使我們能在今年持續交出優於預期的表現，並上調展望。

From a 365 perspective, we're holding our revenue assumption at $9 million for the year. We saw really strong demand from our Docebo customers at Inspire I believe there's a stat about 50% of our customers went through the booth and viewed the demo. So we're seeing strong demand signals. It is still early with any acquisition, it does take some time to -- for your Docebo staff to learn the product, be knowledgeable on how to implement it and demo it. So we're seeing really strong signs that H2 will go in accordance with our acquisition business model.

從 365 的角度來看，我們維持今年營收假設為 900 萬美元不變。我們在 Inspire 看到來自 Docebo 客戶非常強勁的需求，我記得有個數據大約是 50% 的客戶走訪了攤位並觀看了示範。因此我們看到強勁的需求訊號。任何併購在初期仍然需要時間——讓 Docebo 的員工學習產品、熟悉如何導入並進行展示與示範。所以我們看到非常強烈的跡象，顯示下半年（H2）將會符合我們的併購商業模式推進。

Awesome. Appreciate the color. Congrats again.

太棒了。感謝補充說明。再次恭喜。

Thank you.

謝謝。

Richard Tse, National Bank Capital Markets.

Richard Tse，National Bank Capital Markets。

Yes, sorry, thank you. With Agent Hub really getting a tremendous amount of traction, particularly at Inspire, are there any sort of leading indicators that we should be tracking kind of ahead of that big rollout just to sort of assess how the demand is sort of building for it?

是的，不好意思，謝謝。Agent Hub 真的獲得非常大的動能，尤其是在 Inspire 上；在那次大型正式推出之前，有沒有任何我們應該追蹤的領先指標，好讓我們能提前評估市場需求是如何累積的？

Morning, Richard, Agent Hub, as you mentioned is our own Agentic infrastructure product that we are soon to be releasing in GA at Inspire for context and everybody is on the call. We have demonstrated the real agents at work and demoed them live, not in a constructed video for the 1,000-plus people in the audience. AgentHub aims at solving -- executing moderate to complex LMS and beyond capabilities at scale in automated ways. We're super excited about it. And we lead in that sense because in our market, this is a very innovative product.

早安，Richard。正如你提到的，Agent Hub 是我們自有的 Agentic 基礎架構產品；為了讓電話會議上的各位有背景資訊，我們即將在 Inspire 發布 GA（正式可用）版本。我們已向現場 1,000 多位與會者展示真實代理（agents）如何運作，並進行現場示範，而不是用剪輯過的影片。AgentHub 的目標是解決——以自動化方式在規模化情境下執行中度到高度複雜的 LMS 以及延伸到 LMS 之外的能力。我們對此非常興奮。而且我們在這方面領先，因為在我們的市場中，這是一個非常創新的產品。

Having said that, a couple of things that we believe are good leading indicators. At Inspire alone, Richard, we actually have asked our customers through a dedicated channel to provide their input in the form of agent requests, meaning we ask the customers, if you had a chance to create an agent for your own organization, how would that look like? What business problem would it solve?

話雖如此，我們認為有幾項是不錯的領先指標。僅在 Inspire 上，Richard，我們透過專門的管道請客戶以「代理需求（agent requests）」的形式提供意見；也就是我們問客戶：如果你有機會為自己的組織建立一個代理，它會長什麼樣子？它會解決什麼業務問題？

We were pleased to see that we've received over 500 applications digitally for agent creation. That signaled a level of engagement in the initiative that frankly surpassed our expectations because let me say this clearly, our audience once again, is not sales and marketing audience. It's not IT developers' audience where the concept of agentic, if you will, is a bit more mature. It is not yet deployed at scale by anybody. And so having this as a leading indicator was encouraging.

我們很高興看到，我們已收到超過 500 份以數位方式提交的代理建立申請。這顯示出對該計畫的參與度，坦白說超出我們的預期；因為我想清楚說明，我們的受眾再次強調並不是銷售與行銷族群。也不是 IT 開發者族群——在那個族群中，所謂 agentic 的概念相對更成熟。而且目前也還沒有任何人把它大規模部署。因此，把這個作為領先指標是令人鼓舞的。

Then we listen to our customer calls. And we understand there is tremendous opportunity to solve complex costly problems with an agentic-first mindset. We are operating effectively as an AI company. Learning is a data moat within our strategy, and agentic is going to be the future for us.

接著我們也聆聽客戶通話。我們理解到，以 agentic-first 的思維，有巨大的機會去解決複雜且成本高昂的問題。我們實際上正以一家 AI 公司的方式在運作。在我們的策略中，學習（learning）是資料護城河，而 agentic 將會是我們的未來。

Okay, great. Thanks. With respect to the enterprise RFPs today, I'm kind of curious, is there basically sort of a shift in the market away from kind of call it large HCM suites and then more to kind of best-of-breed platform players like yourself? I'm just trying to understand the dynamics of that. Like in terms of who you're displacing today, where are you seeing sort of the most momentum in terms of the segments?

好的，很棒。謝謝。就目前的企業級 RFP 而言，我有點好奇，市場是否基本上正從大型 HCM 套件轉向像你們這樣的最佳化（best-of-breed）平台業者？我只是想了解其中的動態。例如你們現在主要是在取代誰？在各個細分市場中，你們在哪些區塊看到最多的動能？

Sure. So let me try to characterize this in the most simple and effective way. When we approach an organization, the ideal customer for Docebo, it's slightly irrespective of the organization size. I mean the organization size is an important leading indicator in what matters the most, which is the complexity of their learning infrastructure and operation.

當然。我試著用最簡單且有效的方式來描述。當我們接觸一家組織時，Docebo 的理想客戶其實與組織規模的關聯性不算那麼絕對。我的意思是，組織規模是一個重要的領先指標，但最重要的是他們學習基礎架構與營運的複雜度。

We have organizations with 500 employees that serve millions of users and have 3, 4, 5 hyper complex use cases ranging from compliance to external customer use cases, partners, et cetera, et cetera. So while there is a correlation between the fact that if you are a multi-global national bank, you usually also have complexity, the opposite can also be true.

我們有些組織只有 500 名員工，卻服務數百萬名使用者，並且有 3、4、5 個高度複雜的使用情境，涵蓋合規到外部客戶情境、合作夥伴等等。所以，雖然「如果你是一家跨國的全國性銀行，通常也會有複雜度」這件事確實存在相關性，但反過來也可能成立。

Having said that, what's your comment on the migration from one type of vendor to another, let me characterize it in this way. First, platforms -- legacy platforms, that would be more point solutions in the talent world. we are winning a significant portion of business away from these vendors. Why? Because we are still very focused.

話雖如此，針對你提到從一種供應商遷移到另一種供應商的趨勢，我用這樣的方式來描述。第一，平台——也就是傳統平台，較偏向人才（talent）領域的點狀解決方案（point solutions）。我們正從這些供應商手上贏得相當大一部分業務。為什麼？因為我們仍然非常聚焦。

We are not an HCM provider that does pay workforce time attendance and all these HR core use cases, and we combine two things that L&D and HR cares about in a unified way. What are those two things? Learning at scale and upskilling people. We are the only enterprise provider that has core enterprise-level technology with those two things combined. And now we've added the power of agents and knowledge management on top. That combination is unique in the market and will allow us to further accelerate taking market share away from legacy vendors in the learning space.

我們不是 HCM 供應商，不做薪資、勞動力工時與出勤，以及所有這些 HR 核心使用情境；我們把 L&D 與 HR 關心的兩件事以一致的方式整合起來。是哪兩件事？大規模學習（learning at scale）與人才技能提升（upskilling）。我們是唯一一家企業級供應商，具備企業級核心技術並把這兩件事結合在一起。而現在我們又在其上加入了代理（agents）的能力與知識管理。這樣的組合在市場上是獨特的，並將使我們能進一步加速從學習領域的傳統供應商手中取得市占。

Okay, great. Thank you.

好的，很棒。謝謝。

Josh Baer, Morgan Stanley.

Josh Baer，Morgan Stanley。

Thanks for the question. I was hoping we could focus on go-to-market and sales teams. Just looking to double-click on pipeline, how that's trending, sales efficiency, sales rep productivity, how reps are doing versus quotas? Like any context that you can provide around that topic would be helpful. Thank you.

謝謝讓我提問。我希望我們能聚焦在 go-to-market 與銷售團隊。我想更深入了解一下銷售管線（pipeline）的趨勢、銷售效率、業務代表生產力，以及業務代表相對於配額（quota）的達成狀況。任何你能提供的相關背景都會很有幫助。謝謝。

A few quarters ago, we've had a shift in management. You may recall, and you guys have called out the fact that the management team at Docebo went through a significant change. We brought in a new CMO, we brought in a new CRO. And these people are now short of a year in, some a year in.

幾個季度前，我們的管理層有過調整。你們可能記得，而且你們也曾指出 Docebo 的管理團隊經歷了重大變動。我們引進了新的 CMO，也引進了新的 CRO。而這些人現在上任還不到一年，有些則剛滿一年。

As a result of those changes, the company has matured and grown up its entire GTM execution and approach. What we are seeing are the following things: Mid-market is now, as Brandon mentioned earlier, constantly delivering for the past 3 to 4 quarters at or above their targets set internally. Very pleased with their execution, continues to grow. And I would say that is our steady beat, it's our bread and butter. It's something that we've always been good at. Just the performance has become even better, thanks to great leadership across the board.

因為這些變動，公司在整體 GTM 執行與方法上更成熟、也更「長大」。我們看到的情況如下：中型市場（mid-market）現在如 Brandon 先前提到的，過去 3 到 4 個季度持續達到或超過內部設定的目標。我們對他們的執行非常滿意，且持續成長。我會說那是我們穩定的節奏，是我們的基本盤。這一直是我們擅長的領域。在全體優秀領導的帶動下，表現變得更好。

Second, on the enterprise side. The enterprise side has matured. Why has it matured? It has matured because we are executing in a much more enterprise way holistically in the company. It's not just GTM. It's combining the right things to do in GTM and product and services and customer success. The entire engine is aligned. And when you align an engine, good things happen. But enterprise cycles are 12 months. So when you start fixing things 3, 4 quarters ago, that's when you start reaping the benefits, you don't get the benefit right away.

第二，企業端（enterprise）方面。企業端已經更成熟。為什麼更成熟？因為我們在公司整體上，以更符合企業級的方式在全面執行。這不只是 GTM。而是把 GTM、產品、服務與客戶成功（customer success）該做的正確事情結合起來。整個引擎已經對齊。當你把引擎對齊，好的事情就會發生。但企業銷售週期是 12 個月。所以當你在 3、4 個季度前開始修正問題，你會在那時才開始收穫成果，而不會立刻看到效益。

And finally, on pipeline. Demand has been the strongest we have ever seen in years. In an area in which everybody talks about SaaS apocalypse, what we're seeing is LMS and skills apocalypse on the reverse side. There is a demand that is pleasing to us, a demand that is centered around the type of customers that we want to acquire. And our focus has shifted away from volume, trying to get as many organizations in the pipe to quality and that choice of quality pipeline is paying off in win rates and efficiency on the CAC side.

最後，談到銷售管線。需求是我們多年來所見過最強勁的一次。在大家都在談 SaaS 末日的領域裡，我們看到的反而是 LMS 與技能的「末日」——從另一面來看。這樣的需求令我們感到欣慰，而且需求主要集中在我們希望取得的那類客戶上。我們的重點已從追求量、試圖把盡可能多的組織放進管線，轉向追求質；而選擇高品質管線的策略，正在勝率以及 CAC 端的效率上帶來回報。

Really helpful. Maybe just one for Brandon on free cash flow. It was particularly strong. Anything to call out in the quarter? Thanks.

非常有幫助。也許再問 Brandon 一題關於自由現金流。這次特別強勁。本季有什麼需要特別說明的嗎？謝謝。

Hey, Josh, from a free cash flow perspective, how I always like to look at it is, over the long run, our trailing 12-month free cash flow will always be plus or minus 2% of EBITDA margins. Now certainly, this quarter was a particularly strong free cash flow obviously, we can't keep up that pace quarter-over-quarter of having roughly 42% of our free cash flow margin. We certainly saw some onetime benefits on working capital that will normalize in Q2. So I'd expect Q2 to be maybe even below prior year.

嗨，Josh，從自由現金流的角度，我一向喜歡用這樣的方式看：長期而言，我們過去 12 個月（TTM）的自由現金流率，通常會在 EBITDA 利潤率上下約 2% 的範圍內波動。當然，本季的自由現金流特別強勁；顯然我們不可能在每一季都維持大約 42% 的自由現金流利潤率這樣的速度。我們確實在營運資金上看到一些一次性的利多，將在第二季回歸正常。因此我預期第二季可能甚至會低於去年同期。

So there is a bit of push forward into Q1. But regardless it is a testament to the type of customers that we're acquiring that are high quality, sometimes paying years in advance. We have very minimal bad debt expense. So when you're coming in the enterprise motion, you're seeing strong cash flow as well. So very pleased with the Q1 free cash flow, but I would not expect that to continue at this pace going forward.

所以確實有一部分是提前到第一季。但無論如何，這也證明了我們正在取得的客戶類型是高品質的，有時甚至會預付好幾年的費用。我們的壞帳費用非常低。因此當你以企業級銷售動能切入時，也會看到強勁的現金流。所以我們對第一季的自由現金流非常滿意，但我不預期未來會以這樣的速度持續下去。

Robert Young, Canaccord.

Robert Young，Canaccord。

Hi, good morning. Maybe a slight variation to Ryan's first question. I'm just trying to -- as it relates to like the sales cycle, are customers delaying decisions for AI? Or are you suggesting that your customers, your prospects are picking vendors that they feel that can guide them through AI, i.e., they're not waiting, they're picking vendors that are best positioned. And maybe there's some pressure to update legacy platforms to position for this. Maybe just talk about that and how the sales cycle has have reacted to AI.

嗨，早安。也許是對 Ryan 第一個問題的些微變化。我想釐清——就銷售週期而言，客戶是否因為 AI 而延後決策？或者你是指你們的客戶、潛在客戶正在選擇他們認為能引導他們走過 AI 的供應商；也就是說，他們不是在等待，而是在挑選最具優勢定位的供應商。另外，可能也有一些壓力要更新既有平台，以便為此做好準備。能否談談這點，以及銷售週期對 AI 的反應如何？

For sure. So I'd say in terms of AI readiness in procurement cycles, it's not a level playing field, meaning that different organizations are differently looking at AI as an opportunity versus a challenge. And this is the result of the current dynamics certain sectors, particularly the ones that are highly regulated, still operate in a conservative and somehow skeptical, modus operandi relative to AI. Others, typically the more tech forward ones are actually taking the opposite approach. They're very AI hungry and AI postured and so they are very innovative themselves.

當然。我會說，就採購流程中的 AI 就緒度而言，並不是在同一個起跑線上；也就是不同組織對 AI 的看法不同，有的視為機會，有的視為挑戰。這是目前動態所造成的結果：某些產業，特別是高度受監管的產業，對 AI 仍以保守、甚至某種程度上懷疑的作業模式來運作。其他產業——通常是更偏科技前沿的——則採取相反的做法。他們非常渴求 AI、也以 AI 為導向，因此本身也非常創新。

Now how do we deal with this dichotomy? First, we have embedded into every enterprise conversation heavily the office of the CIO and the office of the compliance officer or risk officer. We have people that are very educated in our solutions team on working with the customers through where they are in their AI adoption curve from the most skeptic to the most innovators, and really adjust and adapt the conversation based on what is being asked.

那我們如何處理這種二分現象？首先，在每一次企業級對話中，我們都會深度納入 CIO 辦公室，以及法遵主管或風險主管的辦公室。我們解決方案團隊中有些人對我們的方案非常熟悉，能協助客戶依其 AI 採用曲線所處的位置——從最懷疑到最創新——一路推進，並根據對方提出的需求來調整與適配對話內容。

Now is AI a show slower? Is it delaying our purchases? I wouldn't say so. We have no evidence of that being a fact. What we have evidence of is that there are certain organizations that when they go live, they want to take baby steps with AI. And other organizations that before they go live, they're very aggressive and want to go all in. And the good thing is we've built our AI to be very approachable. We have a control panel with full governance and controls that our customers can use. And so that's again part of the chops of being an enterprise-ready company, ready to approach customers at a different stage of maturity.

那 AI 會不會讓進度變慢？會不會延後我們的採購？我不會這麼說。我們沒有任何證據顯示那是事實。我們看到的證據是：有些組織在上線後，會希望在 AI 上先採取小步快跑。也有些組織在上線前就非常積極，想要全面投入。好消息是，我們打造的 AI 非常容易上手。我們提供一個具備完整治理與控管的控制面板，客戶可以使用。因此，這也再次體現了作為一家企業級就緒公司的能力——能以不同成熟度階段來接觸客戶。

Okay. And then for the second question, in the prepared comments, there were some areas where you're suggesting that your proprietary data is an advantage and particularly highlighted the external business. And so I'm trying to understand what it is about the external learning environment or that area of your business that's particularly sheltered or advantageous from AI. Is that due to the network element? Or is there something else there? And then I guess I'll pass the line.

了解。第二個問題，在事先準備的發言中，你提到你們的專有資料是一項優勢，並特別強調了外部業務。因此我想了解，外部學習環境或你們該業務領域，究竟有哪些特別能被 AI 保護或具優勢之處？是因為網路效應的因素嗎？還是有其他原因？我問完就把時間交回去。

Yeah. Look, if you think about it in the context of, we serve nearly -- you know this very well, but nearly 50% of our customers, they use Docebo for a hybrid use case, and the reason why we call it hybrid is because there's an external component in that revenue. And so what that means is that the audiences they're serving are either customers or partners or a subdefinition of those.

是的。你看，放在脈絡裡來說——你很清楚——我們近 50% 的客戶使用 Docebo 是為了混合型使用情境；之所以稱為混合型，是因為那部分營收包含外部組成。這代表他們服務的受眾要嘛是客戶、要嘛是合作夥伴，或是這兩者的某種子分類。

Now when you think about years and years of performance of customers and/or partners or distributors operating on your product, on your ecosystem as a company. Imagine how important and not replicable by a nondeterministic LLM that data is. If you're running a GTM with 60,000 partners globally around the world. And your entire P&L sits on the basis of their performance, wouldn't you want to know for the past 3 years how certain partners have performed relative to their status of certification and/or qualification in your products and services. That is a vital information for any manufacturer, for any technology company that has these constituents at the base of the P&L. So can you go in the LLM and look for any of that information? You can't.

當你想到多年來客戶和／或合作夥伴或經銷商在你的產品、在你作為一家公司的生態系上運作所累積的績效資料。想像一下，那些資料有多重要，而且是非決定性的 LLM 無法複製的。如果你在全球以 60,000 名合作夥伴來推動 GTM。而你的整個損益表（P&L）都建立在他們的績效之上，你難道不會想知道過去 3 年某些合作夥伴在你的產品與服務的認證和／或資格狀態之下，表現如何嗎？對任何製造商、任何以這些利害關係人作為 P&L 基礎的科技公司而言，那都是關鍵資訊。所以你能不能到 LLM 裡去找任何這類資訊？你做不到。

Thanks for taking the questions.

謝謝回答問題。

George Sutton, Craig-Hallum.

George Sutton，Craig-Hallum。

Great. Hey, guys. This is Logan hopping on for George. So first one for me. It was encouraging to see in the prepared remarks, you called out those $2 million-plus deals having an average contract length of 5 years, which was longer than the average enterprise contract.

太好了。嗨，各位。我是 Logan，代 George 上線。我第一個問題是：在事先準備的發言中，你們提到那些 200 萬美元以上的交易，平均合約年期為 5 年，這比一般企業合約的平均年期更長，這點令人鼓舞。

Just hoping you could speak a little bit to what you are seeing in discussions in terms of a willingness to make some of those longer-term commitments as we think about this being an era of transformation as you put it, Alessio. And I guess, in general, have you seen any change in contract lengths being discussed either up or down in recent quarters?

想請你們談談，在討論中你們看到客戶願意做出較長期承諾的意願如何——尤其當我們把這視為你所說的「轉型時代」，Alessio。另外更一般性地說，近幾季你們是否看到合約年期在討論中有任何變化——不論是變長或變短？

Hey, Logan, Brandon here. From an enterprise perspective, we actually saw enterprise customers signing on Docebo at an average length exceeding 3 years when I look at enterprise as a total. And as you mentioned, our 2 largest deals of the quarter were 5 years plus. What we're seeing is more and more as we move upmarket, enterprise customers do not want to go through an RFP process every 3 years.

嗨，Logan，我是 Brandon。從企業客戶的角度來看，當我把企業客戶作為整體來看時，我們確實看到企業客戶簽約 Docebo 的平均年期超過 3 年。而如你所提到的，本季我們最大的兩筆交易都是 5 年以上。我們看到的是，隨著我們持續往上打入更高端市場，企業客戶越來越不想每 3 年就走一次 RFP 流程。

If you think about an RFP process, it takes 12 months takes another 12 months to implement. And then once you implement, you have to run another RFP if you're on a 3-year cycle. So these large enterprises, they want to lock in for five years. They do deep due diligence to understand they're going into business with the right partner. And as we move more and more upmarket, we're seeing more and more 5-year deals. I do expect that to continue.

如果你想想一個 RFP 流程，通常要花 12 個月，接著再花 12 個月來導入。然後一旦導入完成，如果你是 3 年一個週期，就又得再跑一次 RFP。所以這些大型企業希望能鎖定五年。他們會做深入的盡職調查，以確認自己是與正確的合作夥伴做生意。而隨著我們越來越往高端市場走，我們看到越來越多 5 年期的合約。我確實預期這個趨勢會持續。

Great. And then second one for me. Alessio, it was interesting in the prepared remarks, you called out a few times how companies on a stand-alone basis are paying a lot right now for some of the value that you're starting to provide with things like Enterprise Knowledge and Agent Hub.

很好。那第二個問題。Alessio，你在事先準備的發言中提到好幾次，說到企業目前以單點（stand-alone）的方式，正在為你們開始透過像 Enterprise Knowledge 和 Agent Hub 這類產品所提供的一些價值付出很高的成本。

Just curious, as you go down this road of building out AI functionality, at what point are you kind of earning the right to get paid on that? Or I guess, said differently, how should we think about monetization following the value that you're providing with these AI products?

我只是好奇，當你們沿著這條路建置 AI 功能時，到什麼時點你們算是「有資格」開始就此收費？或者換個說法，我們應該如何看待這些 AI 產品在你們提供價值之後的變現方式？

The objective number one is increasing moat and making Docebo unique and hyper differentiated in what just as a -- for point of clarity was our market. What was our sole market not too long ago, the LMS market and historically unfavored and hyper-commoditized market. a market with a lot of players with comparable capabilities. Our strategy has been adding value on top of that core in order to continue our process of differentiation for who, for the complex use cases organization for the enterprise-type usage. And so that's been at the very core of our strategy.

第一個目標是擴大護城河，讓 Docebo 在我們的市場中變得獨特且高度差異化——為了釐清一下，這個市場就是我們的市場。不久之前，我們唯一的市場是 LMS 市場，而那是一個歷來不受青睞且高度商品化的市場；市場上有很多具備相近能力的玩家。我們的策略是在這個核心之上增加價值，以持續推動差異化，服務誰呢？就是有複雜使用情境的組織、偏企業級的使用需求。因此，這一直是我們策略的核心。

When it comes to monetization, no doubt, our objective is to continue to increase our right to win. And I believe that as we add these capabilities, the premium that we can command is a consequence -- is the right consequence of our positioning in the market. It is to be expected that the premium for the Docebo workforce readiness, meaning the combination of the learning platform, the skills platform the knowledge management platform and products that are soon to come in 2026, 2027, which we will announce at the proper time.

談到變現，毫無疑問，我們的目標是持續提升我們的勝出權（right to win）。我相信，隨著我們加入這些能力，我們能夠要求的溢價，是我們在市場定位所帶來的結果——也是合理的結果。可以預期的是，Docebo workforce readiness 的溢價——也就是學習平台、技能平台、知識管理平台的組合，以及 2026、2027 年即將推出、我們會在適當時機宣布的產品——將會反映在定價上。

I believe that our right to win and the right to continue to increase our new logo per -- sorry, our new logo dollar per new customer will continue to increase. And by the way, quarter 1, 2026, recorded a record dollar in that regard. That trend has already started.

我相信，我們的勝出權，以及持續提升每一位新客戶所帶來的新客戶標誌（new logo）美元金額——抱歉，應該說每位新客戶的新 logo 美元貢獻——將會持續增加。順帶一提，2026 年第一季在這方面創下了美元金額的新高紀錄。這個趨勢已經開始了。

Got it. Thanks for taking the questions.

了解。謝謝回答問題。

Thank you.

謝謝。

Matt Vanvliet, Cantor.

Cantor 的 Matt Vanvliet。

Yeah, good morning. Thanks for taking the questions. I guess as you look at the first step on achieving FedRAMP and ultimately sort of what that unlocks with the product road map. Curious on what the pipeline looks like over the next few months as we head into the September fiscal year-end for the US federal. And then you obviously called out a state deal like how that's playing out in the broader public sector go-to-market organization?

是的，早安。謝謝讓我提問。我想，當你們把取得 FedRAMP 的第一步完成，並最終看看這對產品路線圖能解鎖什麼。我好奇在接下來幾個月、我們邁向美國聯邦政府 9 月財政年度結束之際，你們的銷售管線看起來如何？另外你們也特別提到一筆州政府的案子，想請問這在更廣泛的公部門 go-to-market 組織中進展如何？

We started our Federal journey and SLED journey before then. I'm also pleased to say that we have recently renewed our FedRAMP certification that is subject to yearly review. That was a very good accomplishment. And our pipeline in the government space, the combination of federal and state and local or we refer to it as SLED continues to grow very, very significantly at and above our expectations.

我們在那之前就已經開始了聯邦（Federal）以及 SLED 的布局。我也很高興地說，我們最近完成了 FedRAMP 認證的續期，該認證需要每年審查。這是一項非常好的成果。而我們在政府領域的管線——聯邦與州、地方（我們稱之為 SLED）的組合——持續非常顯著地成長，達到甚至超過我們的預期。

The sales cycles for federal, as you all know, skew towards quarter 3. And so while that time line is not immediate, what we look at are the deals material that exists in that cohort and we're working closely with our partners. Partners play a huge role for the federal execution of GTM and partners, like Deloitte, are critical in their execution for us. And I can say confidently that we love the deals that we are in. And federal deals have the behavior of being lumpy, meaning that they are less units, but they're bigger units in dollar value.

如各位所知，聯邦政府的銷售週期通常偏向第三季。因此雖然時間點不是立刻，但我們關注的是在那個群組中已具備實質進展的案子，並且與合作夥伴密切合作。合作夥伴在聯邦 GTM 的執行上扮演非常重要的角色，像 Deloitte 這樣的夥伴對我們的落地執行至關重要。我可以很有信心地說，我們很喜歡我們正在參與的那些案子。而聯邦案子的特性是波動較大（lumpy），也就是案量較少，但單筆美元金額更大。

This is hedged and counterbalanced by the opposite behavior on the SLED side, more volume still very healthy, but significantly smaller tickets. And on both ends, our pipeline is healthy and getting better. Frankly, because we're getting better ourselves, we're growing our team, we're ramping our sellers, we're ramping our partners, we're ramping our business development efforts. So I feel like we are not at the beginning but not yet in the full maturity of the journey of GTM government. And I think H2 2026 and 2027 are going to be meaningful for us.

這點會被 SLED 端相反的特性所對沖與平衡：案量更大、依然很健康，但單筆金額明顯較小。在兩端，我們的管線都很健康，而且持續改善。坦白說，因為我們自己也在變得更好：我們在擴編團隊、讓業務人員加速上手、讓合作夥伴加速上手，也在加強商務開發的投入。所以我覺得我們不在起點，但也還沒走到政府 GTM 旅程的完全成熟階段。我認為 2026 年下半年以及 2027 年對我們會是很有意義的。

All right. Very helpful. And then you obviously completed the previous share repurchase and it looks like there's a new authorization. Curious on how that plays into your overall capital allocation strategy and maybe where M&A continues to fit in there or any timing and thoughts around what might still be left to acquire to build out the platform while balancing it with other capital needs.

好的。非常有幫助。另外你們顯然已完成先前的股票回購，看起來也有新的授權。我想了解這如何融入你們整體的資本配置策略；以及併購在其中仍扮演什麼角色，或是任何時程與想法：在兼顧其他資金需求的同時，為了完善平台，是否還有什麼可能需要收購的部分？

So as you know, we have three-pronged capital allocation approach, number one, investing back in the business; number two, share repurchases and three, M&A . On share repurchases, we did repurchase a significant amount of shares, both through the SIB and the NCIB. As we look at the valuation on our shares, we will continue to buy back shares as long as we see attractive valuations, which we do believe is today.

如你所知，我們的資本配置採三管齊下：第一，回投業務；第二，股票回購；第三，併購。在股票回購方面，我們確實透過 SIB 與 NCIB 回購了相當數量的股份。就我們對股價估值的看法而言，只要我們看到具吸引力的估值——而我們認為目前就是——我們就會持續回購。

From an M&A perspective, listen, we've done two M&A over the past 4 months. M&A is, as you know, inherently risky, and we really want to focus on execution. M&A, there's 2 types of M&A. One is opportunistic. A compelling asset comes in the market. And sometimes you have no option to look at it and acquire it. Another one is you have a gap or a need and you're going out into the market.

從併購角度來看，坦白說，我們在過去 4 個月做了兩筆併購。如你所知，併購本質上有風險，我們真的希望把重心放在執行上。併購大致有兩種類型。一種是機會型。市場上出現一個很有吸引力的資產。有時候你別無選擇，只能去評估並把它收購下來。另一種是你有缺口或需求，然後你主動到市場上尋找。

Right now, opportunistic M&A could be an option. It's always an option. You can never say never opportunistically. But if I had to say, will we acquire another asset in the next 3 quarters, the likelihood is low. We think we have the right assets in place. We think we have the right platform in place. We have the right product strategy, and we want to focus on execution.

目前，機會型併購可能是一個選項。它永遠都是一個選項。你永遠不能在機會型併購上說「絕不」。但如果你問我，未來 3 個季度我們是否會再收購另一項資產，可能性偏低。我們認為目前已具備合適的資產。我們認為平台也已到位。我們有正確的產品策略，而我們希望專注在執行。

Great. Thank you.

很好。謝謝。

Suthan Sukumar, Stifel.

Suthan Sukumar，Stifel。

Good morning. For my first question, I wanted to touch on the current upsell motion and kind of priorities here. Given the expected fall GA date for Agent Hub and Enterprise Knowledge, what are some of the key upsell levers you guys have in the sales motion in the meantime. And more broadly, I guess, do you still expect a typical -- the typical back-ended strength for enterprise procurement this year? Or given the strength that you're seeing now in Q1, do you expect that to be more even paced?

早安。我的第一個問題想談談目前的加購推動（upsell motion）以及這裡的優先順序。鑑於 Agent Hub 與 Enterprise Knowledge 預計在秋季 GA，上線前這段期間，你們在銷售推進中有哪些關鍵的加購槓桿？更廣泛來說，我想問的是，你們今年是否仍預期企業採購會呈現典型的——偏向年末走強的型態？或者，考量你們在第一季看到的強勁表現，你們是否預期節奏會更平均？

Yes, Suthan. On the expansion side, in Q1, we actually had a very, very strong expansion quarter, one of the strongest ever. When you think about the levers of expansion we have at the moment, number one, 365Talents, completely new product; number two, use case expansion.

是的，Suthan。在擴張（expansion）方面，第一季我們其實有非常、非常強勁的擴張季度，是史上最強的季度之一。談到我們目前的擴張槓桿，第一，365Talents，是全新的產品；第二，是使用情境（use case）擴張。

If you think about one of our largest deals this quarter with the regulated broker, we won the logo in Q4 on an internal use case. We did such a good job from a presale motion and implementation motion. In Q1, we landed the external use case. That is always going to be a big expansion driver for us. As we look out to H2, as you mentioned, there will be additional expansion levers.

如果你想到我們本季最大的一筆交易之一、那家受監管的券商，我們在第四季以一個內部使用情境拿下該客戶（logo）。我們在售前推進與導入落地上做得非常好。第一季我們又落地了外部使用情境。這一向都會是我們很大的擴張驅動因素。展望下半年（H2），如你所提，還會有額外的擴張槓桿。

From an enterprise perspective, there's always going to be lumpiness. I would always expect Q4 to be our strongest ARR quarter. that will continue in 2026. At the same time, we're just -- we're seeing strong demand and Q1 was a strong enterprise performance.

從企業端的角度來看，業績起伏（lumpiness）總是會存在。我一向預期第四季會是我們 ARR 最強的一季，這點在 2026 年也會延續。同時，我們——我們正看到強勁需求，而第一季的企業端表現也很強。

Gotcha. Okay, great. Thank you. And second question, I wanted to double-click on the five-year terms that you're seeing with some of the larger deals this quarter. I guess there are kind of pros and cons with the short-term versus long-term deals. But on these long-term deals, do you still have the same or greater opportunity to upsell and expand over the duration of these terms?

了解。好，很棒。謝謝。第二個問題，我想更深入追問一下你們本季在一些較大型交易中看到的五年期合約。我想短期與長期合約各有利弊。但在這些長期合約中，你們在合約期間內是否仍有同等或更大的加購與擴張機會？

Yeah. I mean, listen, you have the -- with any term of a customer, they're locked in. And as we add new modules and new products, those are expansion opportunities. And also, if you think about external use cases or internal, as the company grows either through headcount or through customer growth, that leads to more registered users, MAUs, whatever their pricing model is.

是的。我的意思是，聽著，無論客戶的合約期限如何，他們都被鎖定在合約內。而當我們新增模組與新產品時，那些都是擴張機會。另外，如果你想到外部使用情境或內部使用情境，隨著公司成長——不論是人頭數增加或客戶成長——都會帶來更多註冊用戶、MAU（每月活躍用戶）等，取決於他們的定價模式。

So as Docebo adds more modules to our product suite or becomes a bigger multiproduct company that is going to continue to increase our expansion levers.

因此，隨著 Docebo 在產品套件中加入更多模組，或成為一家更大型的多產品公司，這將持續增加我們的擴張槓桿。

Great. Thank you.

很好。謝謝。

(Operator Instructions)

（接線員指示）

Ken Wong, Oppenheimer.

Ken Wong，Oppenheimer。

Great. Thanks for taking my question. Alessio, I wanted to circle back to the federal SLED pipeline. It's great to see the interconnectivity between Fed and SLED deals that you mentioned in your prepared script. As you look at your pipeline, do you have other interwoven deals here where one piggybacks on top of the other so we have to wait for some sort of a sequencing for one to come out before you can maybe close some of the other deals. Like what's that particular conversion funnel look like?

很好。謝謝讓我提問。Alessio，我想回到聯邦 SLED 的管線。很高興看到你在事先準備的講稿中提到的 Fed 與 SLED 交易之間的互聯性。當你檢視管線時，是否還有其他交織在一起的交易——也就是一筆交易會搭著另一筆交易的順風車，因此我們必須等待某種先後順序，先讓其中一筆先出來，你才可能成交其他交易？那這個轉換漏斗（conversion funnel）大概長什麼樣子？

I'm so sorry, I didn't fully catch that, Ken. Would you mind going one more time?

很抱歉，我沒有完全聽清楚，Ken。你介意再說一次嗎？

Yeah. I'm just wondering in terms of your deal pipeline, are you seeing other deals that are somewhat connected with one another where it looks like the Department of War was able to kind of bring in the Connecticut deal, Utah deal. Is that a -- is there a similar type of framework as we think about the deals in your pipeline where one some might depend on another one closing first?

好的。我只是想問，就你們的交易管線而言，你們是否看到其他彼此有些關聯的交易？就像戰爭部（Department of War）那筆交易似乎能帶動康乃狄克州、猶他州的交易。當我們看你們管線中的交易時，是否也有類似的框架——某些交易可能要先等另一筆先成交？

Ken, I don't know if it depends on one closing first, but I think it is an expansion lever. So for example, if you think about State of New Jersey, we have a contract with the transit department. And once you get in with the state in one lever, and you have champions within that department. It becomes easier to expand within that different states.

Ken，我不確定是否存在必須先成交某一筆的依賴關係，但我認為這是一個擴張槓桿。例如，以新澤西州（State of New Jersey）來說，我們與其運輸部門有合約。一旦你透過某個切入點進入該州，並在該部門內有支持者（champions），就會更容易在該州內的不同部門擴張。

And I'll give you one example in one state, we have a correctional facility as a customer of ours, and they're introducing us to a correctional facility in a different state. So I think it's a matter of the more customers we have in the SLED space, the more we could use that cross-sell motion, but I wouldn't say there's interdependencies where we have to close one before we could close the other.

我再舉一個例子：在某個州，我們有一所矯正機構是我們的客戶，而他們正在把我們介紹給另一個州的矯正機構。所以我認為，SLED 領域的客戶越多，我們就越能運用這種交叉銷售（cross-sell）的推進方式；但我不會說存在那種必須先成交一筆才能成交另一筆的相互依賴。

Understood. Appreciate the clarity there. And then Brandon, just in terms of the guidance, I just wanted to kind of think through Q2 a little bit. I guess on the surface, it looks like perhaps sequentially a little slightly subseasonal. Any comment on whether there's incremental conservatism or perhaps just some context on the shape of the pipeline conversion that might be baked into the 2Q full-year guide?

了解。謝謝你說明得很清楚。接著 Brandon，關於財測指引，我想稍微推敲一下第二季。表面上看，似乎在季比上有一點點偏離季節性、略顯疲弱。你能否評論一下，這是否反映了額外的保守性？或提供一些背景，說明在第二季與全年指引中，對管線轉換形狀（pipeline conversion）的假設是什麼？

Yeah. I mean just important to take a step back a little bit. So we did raise our guidance from a revenue perspective by about $3.5 million. $2.2 million of that came from the Q1 beat. So we're still not only raising our annual guide by the Q1 beat but flowing strength throughout the rest of the year.

好的。我想重要的是先稍微退一步看。我們確實把營收指引上調了大約 350 萬美元，其中 220 萬美元來自第一季的超預期。所以我們不只是把全年指引提高到等同第一季超預期的幅度，而是把強勁動能延伸到今年剩餘期間。

As we mentioned, Enterprise had an exciting Q1 but we're still being conservative in Q2 and Q3 just based off of prior experience, and we want to see a couple of quarters of strength before we call it a trend but we're definitely seeing strengths throughout our segments, whether we talk about EMEA mid-market and seeing good traction in the government space on SLED in Q2.

如我們所提，企業端第一季令人振奮，但基於過往經驗，我們在第二季與第三季仍維持保守；我們希望先看到連續幾季的強勁表現再把它稱為趨勢。不過我們確實在各個分部都看到強勢，不論是談到 EMEA 的中型市場，或是在第二季於政府端（SLED）看到不錯的進展。

So we're really kind of keeping with the core assumptions that we had last quarter with tweaking an increase in our confidence from the pipeline.

因此，我們基本上仍維持上季的核心假設，只是基於管線（pipeline）讓我們的信心有所提升，做了些微調整。

Fantastic. Thanks very much.

太棒了。非常感謝。

John Shao, TD Cowen.

John Shao，TD Cowen。

Good morning. Thanks for taking my question. I want to ask about Databricks because it looks like that this is the kind of customer that would want to build their own platform given they have the talent and resources, but that clearly did not happen. And they're actually doing more with you guys. So just curious what happened behind the scenes? And any color on this customer decision-making will be helpful.

早安。謝謝讓我提問。我想問 Databricks，因為看起來這類客戶本來會想自己打造平台，畢竟他們有人才與資源，但顯然並沒有發生。而且他們實際上與你們合作得更多。所以我很好奇背後發生了什麼？如果能分享一些這位客戶決策過程的細節，會很有幫助。

Thank you, John. I think we're first super proud and grateful to Databricks, a great partner, a great customer has been with us for a significant amount of time. and has grown in its adoption and use of different Docebo products and modules over the years.

謝謝你，John。我想我們首先對 Databricks 感到非常自豪也非常感謝；他們是很棒的合作夥伴、很棒的客戶，與我們合作已相當長一段時間，並且多年來在採用與使用不同 Docebo 產品與模組方面持續成長。

I don't have difficulty in saying it's a really great story of execution and establishing a relationship of partnership as opposed to vendorship, as I was mentioning in the beginning of this earnings call. And so I'm very proud of that. But it's also -- it always takes two to tango. And in the case of Databricks, it takes a customer that is very strategic and determined to accomplishing what they know they want and looking for that. And so I believe we've responded to their needs in the right way and show them through partnership.

我不難說，這真的是一個關於落地執行的絕佳故事，也是在建立一種夥伴關係，而非供應商關係——正如我在本次財報電話會議一開始提到的。因此我對此感到非常自豪。但同時——這始終需要雙方配合。而以 Databricks 的案例來說，需要一位非常具策略性、並且堅定要達成他們清楚知道自己想要什麼、並積極尋求它的客戶。因此我相信，我們以正確的方式回應了他們的需求，並透過夥伴合作向他們展現。

And as far as building versus buying, look, this is one of the -- some of the smartest people in the tech world and they've opted to -- opted for Docebo as their learning technology partner and recently upgraded to use 365 as their skills platform. And that, to me, says a lot about once again, the strategy that we put in place, which is equipping enterprises not just with the learning aspect, but also with the talent aspect that really creates a unique combination.

至於自建還是採購，你看，這些人是科技界最聰明的一群人之一，而他們選擇了——選擇 Docebo 作為他們的學習科技夥伴，並且最近升級採用 365 作為他們的技能平台。而對我來說，這再次充分說明了我們所制定的策略：不只是為企業提供學習面向，也同時提供人才面向，兩者結合形成真正獨特的組合。

And this was proof in our strategy. It was a great execution. It was a sharp fast sales cycle. And so it was a little bit of a test bed for us of our thesis around 365 expansion strategy for the quarters to come.

這也證明了我們的策略。執行得非常出色。銷售週期精準且快速。因此，這也在某種程度上成為我們對未來幾季 365 擴張策略論點的一個試驗場。

That's great color. I also want to ask about the mix between external training versus internal. I know right now, it's roughly 50-50. But as we continue to go after large enterprise with more complex use cases, where do you think this number will eventually land?

這些補充很有幫助。我也想問一下外部訓練與內部訓練之間的組合。我知道目前大約是 50 對 50。但隨著我們持續切入大型企業、且使用情境更複雜，你認為這個比例最終會落在哪裡？

Let me first be clear. Our -- half of our audience is hybrid. And it's an even stronger metric, meaning that we have more than half of our customers that are using Docebo for multiple use cases across both the internal and external use case, not just the external use case. Secondly, I would say there is no specific change in our strategy that leads us to believe that this mix will change dramatically in the short timeframe. Our fundamental strategy in terms of product mix and target audiences is not changing. It's strengthening because we're adding products to address these audiences.

我先說清楚。我們——有一半的受眾是混合型（hybrid）。而且這其實是一個更強的指標，意思是：我們有超過一半的客戶在內部與外部兩種使用情境上，使用 Docebo 來支援多種用例，而不只是外部用例。第二，我會說，我們的策略並沒有任何特定變化，會讓我們相信這個組合在短期內會出現劇烈改變。我們在產品組合與目標受眾方面的基本策略沒有改變。它正在被強化，因為我們正在新增產品來服務這些受眾。

Now the trend we expect naturally is that the hybrid portion over the years will continue to increase because our goal is to convert as many customers that are only either all internal or only external to adopt Docebo or products of Docebo for more than one audience use case. That's the upsell motion that Brandon was referring to earlier. But we like this mix, and we continue to execute in accordance to what we've done so far.

我們自然預期的趨勢是：隨著時間推移，混合型的占比會逐年提高，因為我們的目標是讓盡可能多原本只做內部、或只做外部的客戶，採用 Docebo 或 Docebo 的產品來支援不只一種受眾使用情境。這就是 Brandon 先前提到的加購（upsell）推進方式。但我們喜歡目前這個組合，也會持續依照我們迄今的做法來執行。

That's great, I'll pass the line.

很好，我把時間交回去。

Thank you.

謝謝。

Gavin Fairweather, ATB Cormark.

ATB Cormark 的 Gavin Fairweather。

Hey, good morning. When you announced 365Talents, the initial cross-sell conversation is largely around internal, but it's pretty clear from Connect that there is an external play here also. Curious if there's any product work needed to open that up and if you're getting any early feedback from clients that's informing your view on that opportunity?

嗨，早安。你們宣布 365Talents 時，最初的交叉銷售（cross-sell）討論多半圍繞在內部端，但從 Connect 來看，很明顯外部端也有一個打法。我想了解，是否需要做任何產品工作才能把這部分打開？以及你們是否已從客戶那裡收到任何早期回饋，正在影響你們對這個機會的看法？

Super smart question, Gavin. I love it because you should know that I've always had a big passion since 2014 in transforming our business at Docebo from an internal only business to what it is today, a hybrid business. So I know that story really well from having done it here. And when I first looked at the 365 as an asset, an asset that had the majority of its success.

Gavin，這問題非常聰明。我很喜歡，因為你應該知道，自 2014 年以來，我一直很熱衷於推動 Docebo 的業務從「只做內部」轉型成今天的「混合型」業務。所以我非常熟悉這段故事，因為我在這裡親自做過。而當我第一次把 365 視為一項資產來看——一項其成功主要來自於……

On the internal side, when I met the founders, I said to them, I bet you there is a very strong play for external here. And they had some proof in that some customers that were using it on the external side. But it was not a majority. And I thought that was a huge opportunity. We continued to develop the conversation. We looked at the road map in that regard. And then we started doing what I think the best companies do, listen to the customers and listen to the leading indicators.

在內部端——當我見到創辦人時，我對他們說，我敢打賭外部端也有非常強的打法。而他們也有一些證據，因為有些客戶確實在外部端使用它。但那並非多數。我認為那是一個巨大的機會。我們持續推進相關討論。我們也檢視了在這方面的產品路線圖。接著我們開始做我認為最好的公司會做的事：傾聽客戶，並傾聽領先指標。

At Docebo Inspire, at our conference with more than 1,000 people, half of that audience showed up at a 365 booth. And you know what more than half of that audience said, we'd love to know how we can use skills in an external use case scenario. So what we've continued to do is to advance our thoughts on that road map and you're accurate in inferring that there should be some light product adjustments to support the skills relative to external use cases as opposed to internal. So we are on that journey, and we believe it will strengthen even further our hybrid play.

在 Docebo Inspire——我們有超過 1,000 人參與的年度大會上——有一半的與會者來到 365 的攤位。而且你知道超過一半的那些人說了什麼嗎？他們說：我們很想知道如何在外部使用情境中運用技能（skills）。因此我們持續在做的是：推進我們對該路線圖的思考；而你推論得沒錯，為了支援相對於內部用例的外部用例，確實需要做一些輕量的產品調整。所以我們正在這條路上前進，並相信這將進一步強化我們的混合型打法。

Thanks so much.

非常感謝。

This concludes the question-and-answer session. I'll turn the call to Alessio for closing remarks.

問答環節到此結束。我將把電話交給 Alessio 作結語。

As we continue to build Docebo as an AI company with learning and knowledge and skills at the center of it, we remain not just excited, we're thrilled about the opportunity ahead. We thank you for the time today, and we look forward to the next call. Thank you.

隨著我們持續將 Docebo 打造成一家以 AI 為核心、並以學習、知識與技能為中心的公司，我們對前方的機會不只是感到興奮——我們非常振奮。感謝各位今天撥冗參與，我們期待下一次的電話會議。謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。