Docebo Inc. (DCBO) 2026 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Docebo's second quarter 2026 earnings call. (Operator Instructions ) I'd now like to turn the call over to Docebo's Vice President of Investor Relations, Mike McCarthy. Please go ahead, Mike.

各位早安，歡迎參加 Docebo 2026 年第二季財報電話會議。（接線員指示）現在我想把電話交給 Docebo 投資人關係副總裁 Mike McCarthy。Mike，請開始。

Thank you, Krista. Earlier this morning, Docebo issued its Q2 2026 results. The press release, which included a link to management's prepared remarks in 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. 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 CDAR and EDGAR. During the call, we will reference certain non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please see our MD&A for additional information regarding our non-IFRS and our CFO, Brandon Farber. Kristin, you can open up the line.

謝謝你，Krista。今天稍早，Docebo 已公布其 2026 年第二季（Q2 2026）業績。新聞稿（其中包含我們季度投資人簡報投影片中管理層預先準備講稿的連結）已全數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。在開始今天上午的問答之前，Docebo 提醒聽眾，部分討論資訊可能屬於前瞻性陳述。此類前瞻性資訊反映公司目前對未來事件的看法。任何此類資訊均受風險、不確定性與假設影響，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。有關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 CDAR 與 EDGAR 查閱。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能就我們的財務表現提供有用的補充資訊，但它們並非 IFRS 下認可的衡量指標，且不具標準化定義。有關我們的非 IFRS 指標之更多資訊，請參閱我們的 MD&A，以及我們的財務長 Brandon Farber。Kristin，你可以開放線路了。

(Operator Instructions) Robert Young, Canaccord

（接線員指示）Robert Young，Canaccord

Thanks, good morning. First place, I'm sure there's lots of questions on this forward deployed engineer model, so place I'd like to start. How is it going to work alongside the existing professional services motion? What's the impact you anticipate on revenue and margins, both gross and EBITDA? And then I think you said that you're hiring FDEs, and so where are you in the process of building out that FDE motion?

謝謝，早安。首先，我確定大家對這個前線部署工程師（FDE）模式有很多問題，所以我想先從這裡開始。它將如何與現有的專業服務推進方式並行運作？你們預期對營收與利潤率（包括毛利率與 EBITDA）會有什麼影響？另外，我想你們提到正在招募 FDE，那麼你們在建立這套 FDE 推進機制的進度到哪裡了？

Good morning, Rob. It's Alessio. So you are correct. We are starting with hiring a foundational FDE. That is intended. so that we can build the playbook before we scale that practice further. The way we think about it is fairly straightforward. We think that on top of our upcoming release GA of agent up and enterprise knowledge, both planned in the early fall, we are going to build custom agents workloads that aim to solve for vertical use cases, right? Very specific needs that our top customers to begin with have. Think about solving for specific operational challenges across QSR, healthcare, financial services. We know that these organizations have a data challenge. everyone has an integration challenge. Everyone has a data discoverability and validity challenge. And we are going to have these FDEs help with creating these custom workflows on top of our technology. Now, how does this compound? How does this create greater value? Our plan is to abstract these agents at a greater product level and make those agents available more broadly to a broader audience. In terms of monetization, look, we are going live with Agent Hub and Knowledge Enterprise in the fall and we'll update you after that time.

早安，Rob。我是 Alessio。你說得沒錯。我們正從招募一位基礎型的 FDE 開始。這是有意為之，讓我們能在進一步擴大這項實務之前先建立作戰手冊（playbook）。我們的思考方式相當直接。我們認為，在我們即將於初秋推出的 Agent Hub 與 Enterprise Knowledge 正式全面可用（GA）版本之上，我們將打造客製化的代理（agent）工作負載，目標是解決垂直產業的使用情境，對吧？也就是先從我們的頂級客戶所具備的非常具體需求著手。例如解決 QSR（速食連鎖）、醫療保健、金融服務等領域的特定營運挑戰。我們知道這些組織都有資料方面的挑戰；每個人都有整合方面的挑戰。每個人也都有資料可發現性與有效性方面的挑戰。而我們將讓這些 FDE 協助在我們的技術之上建立這些客製化工作流程。那麼，這如何產生疊加效應？如何創造更高的價值？我們的計畫是把這些代理在更高層級的產品層面進行抽象化，並讓這些代理能更廣泛地提供給更廣大的受眾使用。就變現而言，我們會在秋季讓 Agent Hub 與 Enterprise Knowledge 上線，之後我們會再向各位更新。

Okay, that's all very helpful. Where is this going to fall inside of the income statement on the cost side? Is it going to be something bundled in? Is it going to impact your gross margins? Or is it something that's going to be part of your sales motion? I'm trying to understand where it will impact the margin structure.

好的，這些都很有幫助。在成本端，這會落在損益表的哪個項目？會是打包在一起的內容嗎？會影響你們的毛利率嗎？還是會成為你們銷售推進的一部分？我想了解它會如何影響利潤率結構。

Rob, when we start to hire them, it's going to be before the product is released. At the start, it will be more of an R&D type cost. These are going to work with our top 10, top 20 customers. As we think about scaling, charging professional services, this adding usage to our AI, whether that's through credits or fixed price, that's where it flips to gross margin. So it really depends on when does it get released, when do we start monetizing. So it's either going to be an R&D or COGS cost.

Rob，當我們開始招募他們時，會是在產品發布之前。一開始，它會比較像研發（R&D）類型的成本。他們將與我們前 10、前 20 大客戶合作。當我們考慮擴大規模、對專業服務收費、並為我們的 AI 增加使用量（不論是透過點數 credits 或固定價格）時，那就會轉而影響毛利率。所以這真的取決於何時發布、何時開始變現。因此它要嘛會是研發成本，要嘛會是銷貨成本（COGS）。

Okay. And then second question, just on the confidence in the second-half acceleration of ARR, maybe you could talk about. Where that's specifically coming from, what gets you the most excited, and then if you could touch on Q3 seasonality for the FedRAMP government opportunity alongside that, that'd be helpful, and I'll pass the line. Thanks.

好的。第二個問題，關於下半年 ARR 加速的信心，也許你可以談談。具體來說這是從哪裡來的、什麼最讓你感到興奮；另外如果你也能談一下與此同時 FedRAMP 政府機會在 Q3 的季節性影響，那會很有幫助，我就把線路讓出來。謝謝。

yeah, so let me talk a bit about the underlying ARR acceleration this is the second quarter in a row where we have a

是的，讓我稍微談一下這個 ARR 加速的底層驅動因素；這是連續第二個季度，我們有一個

and for sure, we're super pleased with that. Rob, if you recall, in November of 2025, during the conference call, we referred to 2026 as the year of the enterprise. And that's the view into 2026. and had a point of view that the initiatives we were taking on the product and as well as, you know, broadly execution were headed in the direction where we thought that 2026 we're going to show the results of the work we were doing. And when I impact that, I think it's a sort of three vectors, right? There is overall execution. where we made investments across the board over the past several years. There's a story of product with the acquisition of 365 and the acquisition of Dive, both. And frankly, a re-acceleration of shipping features in our core product as well. It's not only a story of buying technologies. And then to characterize growth re-acceleration, I always like to kind of separate our partner motion because it is, you know, a subcategory of execution, but it truly has become important. The large majority of our enterprise pipeline, you know, roughly 80% has a partner involved in some fashion, whether it's a wholesale fashion, whether it's an implement fashion, and most times it's a hybrid of both. and shout out to partners like Deloitte and new partners like an IIT that are really embedded with our org and we work super well together. So that sort of acceleration is, I would say, it hinges on several factors. It's growth-based, right? It's showing in that new, it's showing in expansion, it's showing international. and I like that very much because these multiple growth factors don't rely on just one segment doing all the work. And as far as the confidence for the future, it's very high. We're extremely pleased with the growth of our pipeline. We look at our pipeline in terms of deals that are significant in material in size, about 500K and we think It's a really great time at the Chevo and very, very excited about the coming quarters. Now, as far as federal pipeline and quarter three, look, we think about government more broadly than just federal. We think about government as a combination of our success in state, local, as well as federal. and quarter three is a heavy federal quarter. But we don't disclose what's gonna happen in that quarter. We are just extremely pleased with the pipeline build up and execution of our teams.

而且毫無疑問，我們對此感到非常滿意。Rob，如果你還記得，在 2025 年 11 月的電話會議上，我們曾把 2026 年稱為「企業之年」。而這就是我們對 2026 年的展望。我們當時的觀點是，我們在產品以及更廣泛的執行層面所推動的各項舉措，正朝著我們認為 2026 年將能展現我們所做工作成果的方向前進。而當我把它拆解來看，我認為大概是三個向量，對吧？第一是整體執行力。我們在過去幾年於各方面都進行了投資。第二是產品面的故事：包含收購 365 以及收購 Dive。坦白說，也包括我們核心產品功能交付（shipping features）節奏的再加速。這不僅僅是買技術的故事。第三，若要描述成長再加速，我一直喜歡把我們的夥伴推動（partner motion）單獨拆出來看，因為它雖然算是執行的一個子類別，但確實已變得非常重要。我們企業級銷售管線（enterprise pipeline）中絕大多數——大約 80%——在某種形式上都有夥伴參與，不論是以轉售（wholesale）的方式、以導入（implement）的方式，更多時候是兩者的混合。也特別感謝像 Deloitte 這樣的夥伴，以及像 IIT 這樣的新夥伴，他們與我們組織深度嵌入，我們合作得非常順暢。所以我會說，這種加速取決於幾個因素。它是以成長為導向的，對吧？它體現在新增客戶、體現在擴張（expansion）、也體現在國際市場。我非常喜歡這一點，因為這些多重成長因子不需要只靠單一區隔去完成所有工作。至於對未來的信心，非常高。我們對管線的成長感到極為滿意。我們看管線時，會以規模顯著、具實質性（material）的交易來衡量，大約 50 萬美元以上；我們認為這對 Chevo 來說是非常好的時機，並且對接下來幾個季度感到非常、非常興奮。至於聯邦（federal）管線與第三季，首先，我們對政府市場的看法不僅限於聯邦。我們把政府視為州、地方以及聯邦成功的組合，而第三季是聯邦比重較高的一季。但我們不會揭露那一季會發生什麼。我們只是對管線的累積以及團隊的執行表現感到極為滿意。

Thanks for taking all the questions.

感謝回答所有問題。

Ryan McDonald, Needham & Company

Ryan McDonald，Needham & Company

Hi, thanks for taking my questions. Congrats on a great quarter. Alessio, I wanted to ask about the investments and decided to kind of move into healthcare here. Obviously, interesting, large opportunity, highly regulated industry. And I feel like there are some sort of correlations to federal government. And obviously, we've had those investments over the last couple of years, and that's still sort of sort of starting to generate a return or hit an inflection point. So can you just talk about sort of the decision to move into health care, how you think about the timeline for the return on the investments you're going to make there, and where you see a gap within health care organizations that you think Docebo can fill?

嗨，謝謝讓我提問。恭喜本季表現出色。Alessio，我想問一下你們的投資，以及決定在這裡切入醫療保健（healthcare）的考量。顯然這是一個有趣且龐大的機會，但也是高度監管的產業。而我覺得它與聯邦政府市場有一些相似之處。而且很明顯，你們過去幾年已經做了那些投資，而現在看起來仍在開始產生回報或到達拐點。所以你能否談談：決定進入醫療保健的原因、你們如何看待在那裡將要投入的投資回收時間表，以及你們在醫療保健組織中看到了哪些缺口，認為 Docebo 可以補上？

Yes, awesome. RyanSo, very excited about it. Yeah, super helpful context and color there. And then, you know, maybe as a follow-up, so as we think about you're sort of let's call it the increasing sort of verticalization of the platform you know with specific verticals where you've seen some big opportunities can you just talk about how you're seeing or viewing the balance of sort of the pipeline of opportunities for growth sort of within some of your let's call it your core markets or sort of more to more horizontal applications versus moving more into vertically specific applications is is the healthcare expansion being done with sort of a view Thank you so much for joining us., your premise in seeing some parallels with the investments that we made broadly into government I think it's a bit astute. I agree with you. There are several parallels. First, let me ground us in the context of the healthcare market as we have studied. We value this, we see this as a roughly $3 billion TAM over a roughly $30 billion corporate learning market that we already operate in. We already have an important base of healthcare customers, call it roughly $10 million of ARR. And we've acquired the $10 million of ARR notwithstanding certain gaps of knowledge and product that we are now much more educated about. and so I would say that similarly to what happened in the past with the state and local education market, we have operated opportunistically, but we have not been extremely focused and strategic in the way we've addressed this market. Now, as we are a much more mature company, as we have matured our GTM engine, we believe that as an horizontal player, every opportunity we have to become more efficient in our GTM engine and more efficient in the way we address customers' needs and build products for targeted audiences, the better off we're going to be. We're going to be better in our success of adoption. We're going to be better in our win rates. And so it was a no-brainer to start with healthcare because we believe the distance between where we are today capability-wise and the optimal scenario is very much in reach. and we don't have to do years of work to be in an optimal scenario to double our win rates. I think we have months of work as opposed to years of work. Now, healthcare is a broad definition and depending on how you slice and dice the verticals, we already have a view that is a multi-year view after which we would tackle life sciences. Life Sciences carries along a bit more complexity in terms of technical requirements, which we are already partially addressing, but we're preparing ourselves over the next 12, 24 months to go even deeper. What else can I tell you? I think this is a great market. We're already winning in it. I mentioned it. It's a motion where we're going to invest in products, we're going to invest in the partner ecosystem. We have partners that are really great in the healthcare industry and we work closely with them. And also, I want to mention the content network. Healthcare is also a story of content, our technology being such that you can now aggregate multiple content partners and we can augment that part is going to be important for our healthcare customers and listen one further validation point we know that in healthcare alone there are organizations that are you know very sizable frankly in ARR they are comparable to the CHEBO in that range All they do is healthcare, healthcare learning. And, you know, just that validates that if we approach this deeply and become more specialized, which I think is very much in reach, we have an additional growth factor.

是的，很棒。Ryan，所以我們對此非常興奮。是的，你提供的背景與補充說明非常有幫助。然後，你知道，也許作為追問，當我們思考你所說的平台日益「垂直化」（verticalization）——也就是在你們看到一些重大機會的特定垂直領域——你能否談談你們如何看待成長機會管線的平衡：是在一些核心市場或較偏水平（horizontal）應用的機會，與更偏垂直特定（vertically specific）應用之間如何取捨？醫療保健的擴張是否是以某種觀點來進行？非常感謝加入我們。至於你提出我們在政府領域所做的廣泛投資與此有相似之處，我認為這個觀察相當敏銳。我同意你。確實有幾個相似點。首先，讓我先把我們對醫療保健市場研究後的脈絡說清楚。我們評估這個市場的總可服務市場（TAM）約為 30 億美元；而我們已經在其中運作的企業學習（corporate learning）市場約為 300 億美元。我們已經擁有一個重要的醫療保健客戶基礎，約 1,000 萬美元的年經常性收入（ARR）。即便過去在知識與產品上存在某些缺口，我們仍取得了這約 1,000 萬美元的 ARR；而現在我們對這些缺口已更有理解、也更有把握。因此我會說，類似於過去在州與地方教育市場發生的情況，我們一直是機會導向地在運作，但在切入這個市場時，並沒有以非常聚焦且策略性的方式來推進。如今，隨著我們成為更成熟的公司、我們的 GTM（go-to-market）引擎也更成熟，我們相信：作為一個水平型（horizontal）玩家，我們每一次能讓 GTM 引擎更有效率、並更有效率地滿足客戶需求、為特定受眾打造產品的機會，最終都會讓我們處於更有利的位置。我們在導入採用（adoption）的成功率會更好。我們的贏單率（win rates）會更好。因此，從醫療保健開始是毫不費力的決策，因為我們相信：以能力而言，我們今天所在的位置與最佳情境之間的距離是可及的；我們不需要投入多年工作才能達到最佳情境、把贏單率翻倍。我認為需要的是以「月」為單位的工作，而不是以「年」為單位。另外，醫療保健的定義很廣，取決於你如何切分垂直領域；我們已經有一個多年期的視角，之後會再進一步攻克生命科學（life sciences）。生命科學在技術需求上更為複雜；我們已經在部分面向著手處理，但我們會在接下來 12 到 24 個月做準備，以便更深入。我還能補充什麼呢？我認為這是一個很棒的市場。我們已經在其中持續贏單。我剛才也提到了。這會是一種我們將投資於產品、也將投資於夥伴生態系的推進方式。我們在醫療保健產業有一些非常優秀的夥伴，並且與他們密切合作。另外我也想提到內容網路（content network）。醫療保健同時也是「內容」的故事；我們的技術如今可以彙整多個內容夥伴，而我們能強化（augment）那一部分，對醫療保健客戶會很重要。再補充一個驗證點：我們知道僅在醫療保健領域，就有一些組織規模非常可觀，坦白說在 ARR 上與 CHEBO 這個區間相當；而他們所做的全部就是醫療保健、醫療保健學習。而這也驗證了：如果我們以更深的方式切入並變得更專精——我認為這完全可達成——我們就能多出一個額外的成長因子。

Super helpful context and color there and then maybe as a follow-up so as we think about your sort of let's call it the increasing sort of verticalization of the platform with specific verticals where you've seen some big opportunities can you just talk about how you're seeing or viewing the balance of sort of the pipeline of. Of opportunities for growth sort of within some of your, let's call it your core markets or sort of more horizontal applications versus moving more into vertically specific applications. Is the healthcare expansion being done with sort of a view of more of a, let's call it a shorter runway or limited opportunity within sort of broader enterprise? Or is this just based off of seeing some really nice early success, see a product market fit for the solution, and so naturally going after a new opportunity? Thanks.

這裡的背景與補充說明非常有幫助。接著也許作為追問，當我們思考你們的平台在特定垂直領域上、可以說是愈來愈「垂直化」的趨勢，且你們在其中看到一些重大機會時，你能否談談你們如何看待機會管線的平衡：也就是在你們的核心市場或較偏「水平型」應用中的成長機會，與進一步走向更具垂直特定性的應用之間的取捨。醫療保健的擴張，是不是基於一種看法：在更廣泛的企業市場中，成長跑道較短或機會較有限？還是說這只是因為你們看到非常不錯的早期成功、確認該解決方案具備產品市場契合度（PMF），因此順勢去追逐新的機會？謝謝。

Again, we've built the Chebo up to where it is today as a horizontal player. And with the exception of government, which we started specializing in a while, we've always recognized that there is a greater benefit in the earlier stages of company as being a generalist. As you grow up as a business, you realize that the generalist categorization It starts to become an impediment to healthy growth and it shows in every function of the company. It shows also in the way we support the customers. I'm a big believer that in order to do a great job with customers, you need to understand their business deeply and you need to address their needs deeply. and when you know you have, just for a sheer example, somebody in a sales executive capacity that at 9 a.m. in the morning has a conversation with a manufacturer and at 11 a.m. with a security company and at 2 p.m. with a healthcare organization, having that depth of knowledge of the business problems that each of these carry is incredibly hard to scale. And so I believe that it's incumbent upon us as we continue to mature to taking the most valuable verticals and creating emotion around it. And the caveat there is, is there an opportunity to also verticalize the product and create capabilities that go beyond the lingo and the jargon? and if there is the combination of that product build alongside the knowledge creates an unstoppable force and an absolute differentiation in the market. So we don't see it as a need to find a new pocket, rather as a desire to win at a higher rate and be seen more as a leader in those verticals. Thanks a lot.

再說一次，我們把 Chebo 打造成今天這樣，是以水平型玩家的定位起家。除了政府領域（我們在一段時間前就開始專注）之外，我們一直認知到：在公司較早期的階段，採取通才／泛用型定位會帶來更大的好處。但當你把企業做大後，你會發現「通才」這種分類開始成為健康成長的阻礙，而且會反映在公司每一個職能上。也同樣反映在我們支援客戶的方式上。我非常相信，要把客戶服務做好，你必須深刻理解他們的業務，並且深度回應他們的需求。舉個很直觀的例子：如果某位銷售主管早上 9 點跟製造業客戶談、11 點跟保全公司談、下午 2 點又跟醫療機構談，要同時具備對每一種產業所面臨業務問題的深度理解，幾乎不可能規模化。因此我認為，隨著我們持續成熟，我們有責任聚焦在最有價值的垂直領域，並圍繞它建立動能與情感連結。但這裡的但書是：我們是否也有機會把產品做垂直化，打造超越術語與行話本身的能力？如果能把產品建置與產業知識結合起來，就會形成一股不可阻擋的力量，並在市場上帶來絕對差異化。所以我們不把它視為需要去找一個新的利基口袋，而是希望以更高的勝率取勝，並在那些垂直領域中被視為更具領導地位。非常感謝。

Erin Kyle, CIBC

Erin Kyle，CIBC

Hi, good morning and thanks for taking the questions. Alessio, maybe a question for you on the skills side. You know, you've described it as a bit of a second door into new logos and a retention lever. So maybe in Q2, can you speak to how many enterprise deals were influenced by having that skills capability? And do you see it lifting your win rates versus a year ago?

嗨，早安，謝謝讓我提問。Alessio，我想問你一個關於 skills（技能）這一塊的問題。你提到它有點像是打入新客戶（new logos）的第二道入口，同時也是提升留存的槓桿。所以在第二季（Q2），你能否談談有多少企業交易是受到這項 skills 能力影響的？以及你是否看到它相較一年前提升了你們的贏單率？

Sir, thank you for the question. First, let me tell you, we are beyond pleased with the progress we've made so far in the integration process of 365 Talents. It's like all integrations and acquisitions, there are always challenges, and we don't shy away from those, but the results speak for themselves. We are six months in, frankly, and our pipe targets, we've blown that up. We are very pleased with seeing the pipeline growth, including 365 in enterprise combined offering. While I can tell you exactly the percentage of deals in the tax rates, I don't know that that's something that we are necessarily disclosing. We've mentioned a couple of Wins that are very significant in this quarter, you know, one being the world's largest telecom and networking, one of the world's largest telecom and networking companies, and one being the world's largest supplier of automotive safety systems. And, you know, both of them would have, we would not have been at the table with them had we not offered the capabilities of 365. To me, that is more than an initial validation. I think it really validates what we originally thought. When I look at our pipeline, there are many more of these coming up. The next step here is the job isn't done, to be clear. The job is far from being done. what we need to do and what we're doing is progressing at fast speed our product integration so that the story of one plus one equals three becomes even more tangible even in the product and not just in theory and we are you know ahead of schedule in that regard I'm very pleased with our integration here and additionally You know, I think the story wraps and comes with all together as we launch Agent Hub and we develop further our agentic efforts. Agents that reason around data and take into consideration skills in order to train people on what they want and need is the ultimate connection of all the points here. and, you know, again, I can't tell you how excited I am about 365 moving forward. More work to do and on the standalone side, we haven't even scratched the surface of the potential of this as a secondary product and that's what we hope to do in 2027 and beyond.

女士，謝謝你的問題。首先我想說，我們對目前在 365 Talents 整合流程中所取得的進展，感到非常、非常滿意。就像所有整合與併購一樣，總會有挑戰；我們不會迴避，但成果已經說明了一切。坦白說，我們整合至今六個月，我們的管線目標已經大幅超標。我們很高興看到管線成長，包括把 365 納入企業端的組合式方案。雖然我可以告訴你在成交率中、受影響交易的確切比例，但我不確定這是否是我們一定會對外揭露的資訊。我們在本季提到過幾個非常重要的贏單，其中一個是全球最大的電信與網路公司之一，另一個是全球最大的汽車安全系統供應商。而且你知道，如果我們沒有提供 365 的能力，我們根本不會有機會坐上談判桌。對我而言，這不只是初步驗證。我認為這確實驗證了我們最初的判斷。當我看我們的管線時，還有更多這類案子正在浮現。下一步是——要說清楚——工作還沒完成。離完成還很遠。我們需要做、也正在快速推進的是產品整合，讓「一加一等於三」的故事在產品層面也更具體可感，而不只是理論；而且在這方面我們進度超前，我對這次整合非常滿意。此外，我認為當我們推出 Agent Hub、並進一步發展我們的 agentic（代理式）工作時，整個故事會更完整地串起來。能夠圍繞資料進行推理、並把技能納入考量、以訓練人們達成他們想要與需要的目標的代理（Agents），就是把所有點連成線的終極連結。再次強調，我對 365 未來的發展感到非常興奮。還有很多工作要做；而在獨立產品（standalone）這一側，我們甚至還沒有真正觸及它作為第二產品的潛力表面——這也是我們希望在 2027 年及之後去實現的。

Thanks, that's helpful, Keller. And then maybe just on the sales cycle side, We've seen some industry headlines recently about software sales cycles have begun to compress across most ACV buckets. Just wondering if Tutebo is seeing this at all across your enterprise customers.

謝謝，這很有幫助，Keller。另外想問一下銷售週期方面：我們最近看到一些產業新聞標題提到，軟體銷售週期已開始在多數 ACV（合約年價值）區間出現縮短。想請問 Tutebo 在企業客戶這邊是否也有看到這種情況？

Hey Erin, we have not seen that type of today. If anything, in H1 we've seen sales cycles decrease in a number of segments. Now a lot of that is related to execution. If you recall, Mark, our new CRO came in roughly July of last year came in and did some tweaks and changed some processes that were seen for that labor in H1. But the commentary that you're referring to of other software companies seeing elongated sales cycles is not something we're seeing today.

嗨 Erin，我們目前沒有看到那種情況。如果要說的話，在上半年（H1）我們在若干細分市場反而看到銷售週期縮短。而其中很大一部分與執行有關。如果你還記得，Mark——我們的新 CRO——大約在去年 7 月加入，做了一些調整並改變了一些流程，而這些在上半年帶來了成效。但你提到的、其他軟體公司看到銷售週期拉長的評論，並不是我們今天所看到的狀況。

Sorry, Brandon, just to clarify, we were actually seeing headlines that sales cycles were decreasing, not elongating. So good to see that shape of things.

抱歉，Brandon，我只是想釐清一下，我們其實看到的新聞標題是銷售週期在縮短，而不是拉長。很高興看到事情的走向是這樣。

Yes, correct.

是的，沒錯。

George Sutton, Craig Hallam

George Sutton，Craig Hallam

Thank you, Alessio. You called out NIT. I'm curious if you could just give us a sense of the go-to-market with them. And is that one of the reasons why you're seeing the enterprise strength that you're seeing?

謝謝你，Alessio。你提到了 NIIT。我想請你簡單談談你們與他們的 go-to-market（市場推進）方式。以及這是否是你們看到企業端強勁表現的原因之一？

George, for sure, you know, NIIT is a relatively new partner. I call them out in the context of our partner motion being a significant contributor to our ARRA acceleration. Kudos to the partners and to our partnership teams and broadly our GTM teams for, you know, the way we're leveraging this partner motion. It's a lot of work and it's not just over the past few months. And I wouldn't, you know, I wouldn't regard a single partner as part of this. And IT is a relatively new partner. We're doing great work with them. They have a great penetration. And, you know, I would equally regard the partners that we worked with longer like Deloitte as, you know, a firm that is very aligned with the way we operate and we're very close with. So yeah, that's all I have to say about that.

George，當然，你知道，NIIT 是一個相對較新的合作夥伴。我提到他們，是在我們的合作夥伴推進（partner motion）對 ARRA 加速有顯著貢獻的脈絡下。要稱讚合作夥伴、我們的合作夥伴團隊，以及更廣泛的 GTM 團隊，因為我們正在以你知道的方式運用這個合作夥伴推進。這需要大量工作，而且不只是過去幾個月的事。而且我不會把這件事歸功於單一合作夥伴。NIIT 是相對較新的合作夥伴。我們和他們合作得很順利。他們的滲透率很高。同樣地，我也會把我們合作更久的夥伴（例如 Deloitte）視為與我們運作方式高度一致、且我們關係非常緊密的公司。所以，是的，關於這點我就說到這裡。

So the topic of the week in AI, or certainly one of them, has been around rogue agents. And I'm curious with your agent hub, how can you give confidence to customers that you've built proper guardrails in to protect them?

本週 AI 的話題之一（至少是其中之一）是所謂的「失控代理」（rogue agents）。我很好奇，針對你們的 agent hub，你們如何讓客戶有信心，相信你們已建立適當的護欄（guardrails）來保護他們？

Yeah. Yeah. Look, we First of all, our agent technology is something that we've been working on for a while. We have a very sophisticated team in our AI team that has been doing this for a long time. I trust their knowledge and expertise and depth in this area. Our CTO and I have a very strong point of view on the value of the Chebo operating in the enterprise space is It's very much also reliability and safety and security. So everything we're going to be building is going to have a strong point of view on safeguards and guardrail standards. And frankly, George, I think it's a new territory and we're going to be working closely with our customers and their security officers to progress how we document this and how we give confidence to everyone that what we're building is as bulletproof as it can be. Perfect. Thank you.

是的。是的。你看，首先，我們的代理技術是我們已經投入一段時間在做的事情。我們的 AI 團隊裡有一支非常成熟的團隊，長期以來一直在做這件事。我信任他們在這個領域的知識、專業與深度。我們的 CTO 和我對於 Chebo 在企業領域運作的價值有非常明確的觀點——其中很大一部分也在於可靠性、安全性與資安。因此，我們接下來要打造的所有東西，都會對防護措施與護欄標準有很強的立場。坦白說，George，我認為這是一個新領域；我們會與客戶及其資安主管密切合作，推進我們如何把這些內容文件化，以及如何讓所有人有信心，相信我們打造的東西能在可行範圍內做到最堅固可靠（bulletproof）。很好。謝謝。

Matthew VanVleet, Cantor Fitzgerald

Matthew VanVleet，Cantor Fitzgerald

Hi, good morning. Thanks for taking the question. I guess as you look at expanding the product platform into healthcare and a couple other areas you talked about today, and then integrating 365, what is the view from here on future M&A in a broader capital allocation strategy?

嗨，早安。謝謝讓我提問。我想請教，當你們把產品平台擴展到醫療保健以及你們今天提到的其他幾個領域，並且整合 365 之後，從現在的角度來看，在更廣泛的資本配置策略下，對未來併購（M&A）的看法是什麼？

I'll start, and I don't know if Randall wants to then follow on the specifics for capital allocation, but I would say In pure business terms, we have executed two webinars with 365 and ZEISS, different profile in terms of costs and frankly different profile in terms of product category and capabilities and whatnot. But that has given us the point of view that we have a lot of work to do to truly benefit from what we have acquired. We're well ahead of integration schedule, but the integration and the work that now we can do on top of these technologies and alongside these teams, it's very significant. As a result, we are just incredibly focused on integrating and extracting value and building for future capabilities and our, you know, we remain opportunistic. We always look at the market. We don't disregard any opportunity, but M&A presently in terms of net new deals is not our primary focus. Brandon?

我先回答，我不確定 Randall 是否想接著補充資本配置的細節；但我會說，從純商業角度來看，我們已經與 365 和 ZEISS 各自執行了兩場網路研討會（webinars），在成本結構上是不同的樣貌，坦白說在產品類別與能力等方面也有不同的輪廓。但這讓我們形成一個觀點：我們要真正從已收購的資產中受益，還有很多工作要做。我們的整合進度大幅領先原定時程，但整合本身，以及我們現在能在這些技術之上、並與這些團隊並肩所做的工作，規模非常可觀。因此，我們目前極度專注於整合、提取價值、並為未來能力建構；同時，我們也保持機會主義。我們一直在看市場。我們不會排除任何機會，但就目前而言，M&A 在「全新交易」層面並不是我們的主要焦點。Brandon？

On capital allocation, you know, it's something we think about daily and as different variables change, our priorities change, you know. Right now, you know, we look at stock price and, you know, We believe it is undervalued and, you know, based on the stock price today, we believe the best capital allocation is buying back shares. You know, that could change in a couple of weeks, could change in months, depending on how the share price does. You know, we think about interest rates, we think about opportunistic M&A. You know, so it's a daily equation. And right now, as Alessio mentioned, M&A is not top priority. And, you know, when we look at the stock price, buying back shares is.

關於資本配置，你知道，這是我們每天都在思考的事情；隨著不同變數改變，我們的優先順序也會改變。目前，你知道，我們看股價，我們認為它被低估了；以今天的股價來看，我們認為最好的資本配置是回購股票。你知道，這可能在幾週內改變，也可能在幾個月內改變，取決於股價表現。你知道，我們會考量利率，也會考量機會型的 M&A。所以這是一個每天都在變動的方程式。而目前，如 Alessio 所提，M&A 不是最優先事項。而且，你知道，當我們看股價時，回購股票是。

Very helpful. And then you mentioned the success of the partner community helping you grow here. How can we think about sort of the size and scale of that partner community? Are you trying to just maybe focus on going broader and deeper with the partners you have and developing those relationships? Or is there still build out of new partners into the ecosystem that you see on the roadmap?

非常有幫助。另外你提到合作夥伴社群的成功正在幫助你們成長。我們該如何思考這個合作夥伴社群的規模與量體？你們是想更廣、更深地聚焦在既有合作夥伴並深化關係？還是你們的路線圖上仍會持續把新的合作夥伴納入生態系？

There's a great deal of opportunity because the word partner has in our mind different connotations. You have different categories of partners, different specialties, different virtualizations, different market positions. Think about, you know, company partners are a very important part of our business. We partner with several great companies in that area and it's plausible that we will increase the portfolio even more in the future. System integrators are the ones that We tend to think immediately more of an enterprise context, but there is different degrees of system integrators. Some are regional, some are more global, some are very much specialized around certain verticals and sectors. For example, we work closely with a partner called T1, a great firm that has a great deal of expertise in the healthcare sector. And it's important to have a broad-based, varied and many others. So our job, frankly, is to become crisper and crisper and more clear as to how to couple partners in the areas where we want to win and continue to execute our GDM together. There's also partnerships that are more product-attached partnerships. I can think of marketplaces, initiatives like AWS. It's less of a commercial first emotion but it's the ability to attach onto big commercial engines like the Amazon AWS one to enable customers to buy using credits. We've had a lot of deals and customers that have preferred that buying modality as opposed to a direct buying modality. And all these avenues of buying, the way we think about it is how can we reduce the risk and the friction of purchasing for the customer. Great, thank you.

機會非常多，因為在我們的認知裡，「合作夥伴」這個詞有不同的意涵。你有不同類別的合作夥伴、不同專長、不同的垂直化（verticalizations）、不同的市場定位。想想看，你知道，企業合作夥伴（company partners）是我們業務非常重要的一部分。我們在那個領域與幾家很棒的公司合作，而且未來我們很可能會把這個組合擴得更大。系統整合商是我們通常會更直接聯想到企業情境的夥伴，但系統整合商也有不同層級。有些是區域型，有些更全球化，有些則非常專精於特定垂直領域與產業。例如，我們與一個叫 T1 的合作夥伴密切合作；這是一家很棒的公司，在醫療保健領域有非常深的專業。因此，擁有一個廣泛、多元的基礎，以及許多其他夥伴，是很重要的。所以坦白說，我們的工作是把策略講得越來越精準、越來越清楚：如何在我們想要取勝的領域把合作夥伴配對起來，並持續一起執行我們的 GDM。另外也有一些更偏向產品綁定（product-attached）的合作關係。我想到像是市集（marketplaces）、像 AWS 這樣的倡議。這比較不是以商務優先的推進（commercial first motion），而是能夠掛接到像 Amazon AWS 這樣大型的商務引擎，讓客戶可以用點數（credits）來購買。我們已經有很多交易與客戶偏好這種購買方式，而不是直接購買模式。而對於所有這些購買途徑，我們的思考方式是：我們如何降低客戶採購的風險與摩擦。很好，謝謝。

John Shao, TD Cowen.

John Shao，TD Cowen。

Good morning, guys. Thanks for taking my question. Maybe one more question on the healthcare vertical.

各位早安。感謝讓我提問。我想再問一個關於醫療保健垂直領域的問題。

So could you compare the healthcare opportunity today to where, you know, government was when you first began investing in FAT grant and what kind of milestones should investors expect to over the next 12 to 18 months to gauge the success?

那麼，您能否把目前醫療保健的機會，與你們剛開始投資 FAT grant 時政府領域所處的階段做個比較？另外，投資人應該在未來 12 到 18 個月期待哪些里程碑，以衡量成功與否？

Great question. So, the first milestones are going to be, you know, setting up the team for success. We are going to be staffing an organization across product and GM to to really conquer this new vertical while we continue, by the way, in parallel to win in the vertical. It's a bit like eating a more sophisticated plane while we fly a radio plane. So once we have the teaming seat, which is what we're working on actively, then comes the development of You know, it's the org readiness. It's the development of ROM books. It's the development of specific vertical problem roadmap that allows us to have the confidence that we're executing towards something tangible that then leads to improved win rates, that it leads to customer satisfaction in general. And that, you know, will occur over the next few quarters. I guess differently from federal, okay, in this category, I want to emphasize is that You know, we're already winning significant customers in healthcare right now. And some of these requirements at times become more stringent and at times are a little looser. And it's not that, you know, federal is either you have FedRAMP or you don't have FedRAMP. With healthcare, it's our ability to increase our right to win is going to be dependent upon how fast we execute on the people and product factors. That's as simple as that. and so the faster we do all of the above, the faster we're going to increase our share of wallet in that industry. Got it.

好問題。所以，第一批里程碑會是，先把團隊建立到能成功的狀態。我們會在產品與 GM（總經理）等面向配置人力，建立一個組織來真正攻下這個新的垂直領域；同時也會並行持續在該垂直領域贏單。這有點像是在飛著一架螺旋槳小飛機的同時，還要吃下一架更精密的飛機。所以一旦我們把團隊座位（編制）就位——這正是我們目前積極在做的——接下來就是你知道的，組織就緒度。包括 ROM 手冊的建立。以及針對特定垂直領域問題的產品路線圖，讓我們有信心我們是在朝著具體可落地的目標執行，進而帶來更高的贏單率，也提升整體客戶滿意度。而這些會在接下來幾個季度發生。我想跟聯邦（政府）領域不同的是，在這個類別我想強調：我們現在在醫療保健領域已經在贏下一些重要客戶。而且這些需求有時會更嚴格，有時也會相對寬鬆一些。不像聯邦領域是「要嘛你有 FedRAMP、要嘛你沒有 FedRAMP」這種二元狀態。在醫療保健領域，我們提升「勝出權」（right to win）的能力，將取決於我們在人員與產品因素上的執行速度。就是這麼簡單。因此我們把上述事情做得越快，就越能更快提升在該產業的錢包份額（share of wallet）。了解。

And on FTE, I know it's still relatively early, but could you maybe talk about the revenue opportunity? Is it recurring or one-time and maybe the margin profile?

另外關於 FTE，我知道現在還算早期，但能否談談營收機會？這會是經常性收入還是一次性收入？以及可能的毛利／利潤率輪廓？

You know, I'm hesitant to... share details that have not been fully ironed out yet. I described the FD opportunity on a principal basis because we believe in this AI era. Customers are more and more in need of working with true builders. And that's what we're prepared to do. We want to really enter in organizations and not just onboard them and let them do the work. We want to do the work with them and for them towards their own personalized outcomes. How does this translate in a recurring model and the marginality of it? It's something that, of course, we're thinking about deeply, and we believe we have good constructs, but it's perhaps premature to sharing this call, and I feel more comfortable So we're going to have a more polished point of view as we talk in November, post our Aged Dog release, which is going to be in the fall.

你知道，我有點猶豫……去分享一些還沒有完全釐清的細節。我之所以以原則性的方式描述 FD 的機會，是因為我們相信在這個 AI 時代，客戶越來越需要與真正的建造者（builders）合作。而這正是我們準備要做的。我們希望真正進入客戶組織，而不只是把他們上線導入後就讓他們自己做。我們想要與他們一起做、也替他們做，朝向他們各自客製化的成果。這要如何轉化為經常性模式，以及其邊際利潤表現如何？當然這是我們正在深入思考的，我們也相信我們有不錯的架構，但在這通電話上分享可能還太早；我會更放心的是——我們會在 11 月、在我們的 Aged Dog 發布之後（會在秋季）再談，屆時我們會有更成熟、更完整的觀點。

That's great.

太好了。

Thank you.

謝謝。

Thank you.

謝謝。

Ken Wong, Oppenheimer

Ken Wong，Oppenheimer。

Fantastic. Thanks for taking my question. Brandon, I wanted to circle up on the guidance a little bit. You guys have a second straight quarter of accelerating underlying ARR. Just want to get a sense for what level of prudence is baked into the guidance. Have you guys changed your philosophy in terms of handicapping some of the big deal pipeline? Any color there would be helpful.

太棒了。感謝讓我提問。Brandon，我想再回到指引（guidance）上追問一下。你們已經連續第二個季度看到底層 ARR 加速。我想了解一下，你們的指引中包含了多大程度的保守（prudence）。你們在對一些大型交易管線（big deal pipeline）做折扣／保守估計（handicapping）的哲學上，有沒有改變？任何補充說明都會很有幫助。

Yeah, maybe let's just take a step back and look at the actual revenue increase. So we raised our guidance by $3.5 million relative to last quarter. Transparently, $1.6 million of that was from our Q2 meet, that $2.1 million of that is a flow through gauge two. And then even within that $2.1 million, you have $1.2 million of that being professional services and closer to $900,000 of subs. So what's really driving that increase, what assumptions are we changing.

好，我們或許先退一步，看一下實際的營收上修。相較於上季，我們把指引上調了 350 萬美元。坦白說，其中 160 萬美元來自我們 Q2 的達標（meet），另外 210 萬美元是流入到第二個衡量項（flow through gauge two）。而在這 210 萬美元裡，又有 120 萬美元是專業服務（professional services），接近 90 萬美元是訂閱（subs）。所以真正推動這次上調的是什麼？我們改變了哪些假設？

When we go through our different segments, mid-market, our assumptions are pretty much flat. We have seen consistent performance. The team is still performing great. There's no changes. Governments, we already had strong expectations built into our guidance. So we knew we were going to execute in Q2. We had a record flat quarter in Q2. Q3, we do expect a solid FedRAMP quarter, and that was always based into argument. So what changed? It's really enterprise. We came into 2026. I talked about it in February where we assumed roughly flat enterprise growth, which was conservative. We saw two quarters of good performance, strong win rates, good pipeline. And that's given us the confidence to increase our enterprise assumptions in H2. And that's really what's driving the incremental revenue guide.

當我們看各個不同的分部：中型市場（mid-market）方面，我們的假設基本上持平。我們看到表現一貫穩定。團隊仍然表現得很出色。沒有任何改變。政府（government）方面，我們原本就已把較強的預期納入指引。所以我們知道 Q2 會執行到位。我們在 Q2 創下了紀錄的持平季度（flat quarter）。Q3 我們確實預期會是一個穩健的 FedRAMP 季度，而這一直都已納入我們的假設。那改變的是什麼？主要是企業（enterprise）。我們進入 2026 年時，我在 2 月提過，我們當時假設企業端成長大致持平，這其實是偏保守的。我們看到連續兩季表現不錯、贏單率強、管線也好。這讓我們有信心在下半年（H2）上調企業端的假設。而這就是推動額外營收指引上修的主要原因。

Fantastic. And then the other half of the guidance, you guys kept EBITDA unchanged. I think you called out healthcare as an investment that you guys are making in the back half. How should we think about the run rate of that investment? Is this just a small start that ramps up? Is this something that we should expect to carry into 27?

太好了。那指引的另一半，你們把 EBITDA 維持不變。我想你們提到醫療保健是你們在下半年要投入的投資項目。我們應該如何看待這項投資的運行速率（run rate）？這只是小規模起步、之後再逐步拉升嗎？還是我們應該預期這會延續到 2027 年？

It's going to be a relatively small pod for H2. The expenses will certainly continue to grow. It's 2027, but how we're thinking about it is that H2 is more heavy on R&D investments. So when I think about our spend patterns, like sell the marketing, we know it's going to be down sequentially in Q3. A lot of that is event-related spend that happens in Q2 and Q1. R&D will scale up. throughout the year. So from Q2, Q3 to Q4, we're going to see R&D scale up and G&A is going to remain relatively flat. The Constitution team is going to be its own pod of engineering team with a specific product manager that's specialized in healthcare. And then we're going to scale up a sales team with a leader that's specific to healthcare and their own sellers of You know, we're going to start off small with a team of three, which is exactly what we did in government. So we're really following the exact playbook of spending that we did in government.

對於 H2 來說，這會是一個相對較小的 pod。費用當然會持續成長。雖然是 2027 年，但我們的思考方式是，H2 會更偏重於研發投資。所以當我看我們的支出型態，例如銷售與行銷，我們知道在第三季會較前一季下降。其中很大一部分是發生在第二季與第一季的活動相關支出。研發會在全年擴大。因此從第二季、第三季到第四季，我們會看到研發擴大，而 G&A 將維持相對持平。Constitution 團隊會成為一個獨立的工程 pod，並配置一位專精於醫療保健的特定產品經理。接著我們會擴編一個銷售團隊，配備一位專注於醫療保健的主管，以及他們自己的業務人員；你知道，我們會先從一個三人的小團隊開始，這正是我們在政府市場所做的。所以我們基本上是在完全沿用我們在政府市場採用的支出劇本。

Fantastic.

太棒了。

Thank you for the call.

感謝參與這通電話會議。

Gavin Fairweather, APB Cormark.

Gavin Fairweather，APB Cormark。

Oh, hey, good morning and thanks for taking my questions. Maybe just on internal use cases, I'm curious to what extent 365 talents near AI releases are helping carve out a bit more differentiation in a competitive space and if you've seen any movement in your win rates as a result.

喔，嗨，早安，謝謝讓我提問。也許先談內部使用案例，我很好奇 365 Talents 近期的 AI 發布在多大程度上有助於在競爭激烈的市場中拉開一些差異化，以及你們是否因此看到贏單率有任何變化。

You're correct, Gavin. 365 talents is giving us a stronger posture in internal use cases where the topic of SBO or skills-based organization, upskilling and reskilling are critical topics. Frankly, we had a light response prior to 365 Talents in that context. And that becomes particularly true in the enterprise and strategic enterprise segments. your observation therefore that 365 impacts our ability to win at larger scale internal use cases where our capabilities were lighter in the past is correct and you know when I think about our agentic capabilities I believe this becomes even more true in the upcoming months and so we're seeing a very positive return from the 365 side relative to this.

你說得沒錯，Gavin。365 Talents 讓我們在內部使用案例上有更強的態勢，尤其是在 SBO（skills-based organization，技能導向組織）、提升技能（upskilling）與再技能（reskilling）這些關鍵議題上。坦白說，在 365 Talents 出現之前，在那樣的情境下我們的回應相對薄弱。而這在企業與策略型企業（strategic enterprise）客群中尤其明顯。因此，你的觀察——365 確實提升了我們在更大規模的內部使用案例中取勝的能力，而這些正是我們過去能力較弱的地方——是正確的；而且當我想到我們的代理式（agentic）能力，我相信在接下來幾個月這點會更加明顯，所以相較之下，我們從 365 這一側看到非常正向的回報。

Great, very helpful. And then just secondly, on the enterprise motion, it's been about a year, maybe a little bit more than that from the leadership changes. You've now had two very good quarters in a row. When you look at the sales team productivity, would you say that you've now kind of hit your stride or are you seeing still potential improvement in that motion given sales cycles?

很好，非常有幫助。第二個問題是關於企業端的推進（enterprise motion）。距離領導層調整大約一年、可能稍微更久一些。你們現在已經連續兩季表現非常好。當你看銷售團隊的生產力時，你會說你們現在已經進入節奏了嗎？還是考量到銷售週期，你仍看到這個推進方式還有進一步改善的空間？

You know, first of all, it's a good opportunity to give kudos to our great management team led by our CRO and our CMO and our ADPO partnerships. These guys have been working super hard. And their teams on the enterprise side and even our mid-market function international, because it's not only a story of one segment, as I said earlier, It's a broad day of success. They've been doing really good. As far as whether we reached the max of what we can do, I believe there's a lot of runway ahead of us. That's both in terms of the single unit productivity per seller. So, you know, the ability to increase quotas given the amount of products that we are, you know, delivering to sales by customers and upcoming products. That's just something that we would likely do. But also, you know, having access to capabilities like enterprise knowledge and 365 opens up a new territory in terms of not only companies, buyers, but also buyer personas that we're going to be able to sell it to. We're going to get closer, much closer to the CIO office. We're going to get much closer to the chief people office as a result of these products and capabilities. I think we're starting to scratch the surface of how this can look like over the next three years. And for that, I'm really excited.

你知道，首先，這是個很好的機會，向我們優秀的管理團隊致敬——由我們的 CRO、CMO 以及 ADPO 合作夥伴所帶領。這些人真的非常努力。而且他們在企業端的團隊，甚至我們的中型市場與國際業務職能，因為這不只是單一細分市場的故事，正如我先前所說，這是一個全面性的成功日。他們做得非常好。至於我們是否已經達到所能做到的上限，我相信前方還有很長的跑道。這包括每位業務的人均產出（single unit productivity per seller）。也就是說，考量到我們正在交付給銷售端的產品數量、客戶需求以及即將推出的產品，我們有能力提高配額（quotas）。這很可能是我們會做的事。但同時，像企業知識（enterprise knowledge）與 365 這類能力，也開啟了新的疆域：不只是公司與買家，還包括我們能銷售的買家角色（buyer personas）。我們會更接近 CIO 辦公室。藉由這些產品與能力，我們也會更接近人資長／人力資源主管（chief people office）。我認為我們才剛開始觸及未來三年這會呈現出什麼樣貌的表層。為此，我非常興奮。

Thanks so much for the past one.

非常感謝上一個回答。

Suthan Sukumar, Stifel

Suthan Sukumar，Stifel。

Good morning, guys. For my first question, I wanted to touch on the ARR reacceleration over H2. A.W.S. Headwinds tapering off this year, allowing the strong underlying growth to show. What is giving you guys that visibility from a net new AR as perspective? And how much is that growth is coming from expansion versus net new?

各位早安。我的第一個問題想談談下半年（H2）ARR 再加速。今年 AWS 的逆風逐步消退，讓強勁的基本面成長得以顯現。從淨新增 ARR 的角度來看，是什麼讓你們有這樣的能見度？而這些成長有多少來自擴張（expansion），又有多少來自淨新增（net new）？

It's a good question. So, you know, as we know, we are starting to lapse some of the quarters that make it easier for us to reaccelerate on the top line. So, you know, just as a reminder, AWS turned into four of last year, that was about $4 million. And we have, we have Bay Forest, which we've disclosed has essentially gone from 19 and a half to 6.5 million in the current quarter. So we're lapsing in, let's call it $19 million of solids over the next four quarters. What's given us that confidence is really what I talked about before, where we're seeing strength across our end markets, whether we're talking about mid markets. Gov, if you think about last Q3, we essentially won FedRAMP, I think it was three to four months prior to this September 30th close. We didn't have much of an opportunity to play in the FedRAMP space. This is really what we consider our first Q3 with significant pipe and the ability to win in FedRAMP. So we have the FedRAMP opportunity. Enterprise, you know, there's no doubt about it. The year-over-year growth is significant. We're seeing strong performance, good pipeline. and when you just add everything together, it's pretty easy to see how we can re-accelerate on the top line.

這是個好問題。所以你知道，如我們所知，我們開始進入一些更容易讓營收端再加速的比較基期季度。提醒一下，AWS 在去年第四季的影響大約是 400 萬美元。另外我們有 Bay Forest，我們已揭露其在本季基本上已從 1,950 萬降到 650 萬。所以在接下來四個季度，我們將跨過（lapse）大約 1,900 萬美元的拖累。讓我們有信心的，主要是我之前提到的：我們在各個終端市場都看到強勁表現，不論是中型市場。政府端方面，如果你回想去年第三季，我們大概是在 9 月 30 日結束前的三到四個月拿到 FedRAMP。當時我們幾乎沒有太多機會參與 FedRAMP 市場。而這是我們認為第一個在 FedRAMP 具備顯著管線（pipe）並有能力贏單的第三季。所以我們有 FedRAMP 的機會。企業端方面，毫無疑問。年對年成長相當顯著。我們看到強勁的表現與良好的管線；把所有因素加總起來，就很容易看出我們如何能在營收端再加速。

Okay, good. Thank you for that color. My second question I want to touch on more from a balance sheet capital allocation perspective. You guys appear to be in an investment mode given the new FD model, the healthcare vertical ramp and I think and I have to think strategic acquisitions may still be part of the overall strategy. What is the leveraging path here to get you to a more flexible balance sheet, and can you remind us on what your capital allocation priorities are? Thank you.

好的，很好。謝謝你提供這些補充說明。我的第二個問題想從資產負債表的資本配置角度多談一些。鑑於新的 FD 模式、醫療保健垂直領域的爬坡，我認為而且我也必須認為策略性併購可能仍是整體策略的一部分，你們看起來正處於投資模式。在這裡，你們的槓桿化路徑是什麼，才能讓資產負債表更具彈性？也請提醒我們你們的資本配置優先順序是什麼？謝謝。

So if you look at the numbers today, and I'm just going to use some clean round numbers to make it a little bit easier. So, we have $45 million in cash. We have about $90 million of debt. So let's call it 45 of net debt on our annual EBITDA. As we know, we've announced an SID for our end. That $70 million funded by $60 million in debt and cutting cash that would take us from 90 in debt to 150. Now, at the same time, it's a bit of a nuanced question because... We don't know how many shares will get tendered in the SIB. If we look at today and you think about a rational investor, our current stock price is relatively close or slightly above our SIB price. So that would suggest we're going to have fairly, frankly, no shares tendered in our SIB. That's just kind of the rational assumption to make as of today. But we always never say never, so we need to think about the maximum potential. We do think at the moment, as Alessio mentioned, we are looking at opportunity.

如果你看今天的數字，我就用一些乾淨的整數來讓它更容易理解。我們有 4,500 萬美元現金。我們大約有 9,000 萬美元的債務。所以以我們年度 EBITDA 來看，淨負債大概是 4,500 萬。如我們所知，我們已宣布一項 SIB。那 7,000 萬美元由 6,000 萬美元的債務融資並動用現金，會使我們的債務從 9,000 萬增加到 1.5 億。同時，這是一個有點細緻的問題，因為……我們不知道在 SIB 中會有多少股份被交付（tender）。如果看今天，並以理性投資人的角度思考，我們目前股價相對接近或略高於我們的 SIB 價格。因此，坦白說，這表示在我們的 SIB 中可能幾乎不會有股份被交付。就今天而言，這算是一個理性的假設。但我們一向不把話說死，所以也需要考慮最大可能性。我們確實認為目前，如 Alessio 所提到的，我們正在尋找機會。

While Docebo made two acquisitions in H1, we don't believe that's the norm. We are very much an organic growth shop that's in our DNA and that will always be part of our DNA. Will we continue to look at other opportunities such as 365 that are easier bolts on that improve our sales and marketing efficiency because it's an easy add-on? We will look at that, but we just don't see anything in the next 12 months. So if you think about 12 months of runway or strong free cash flow generation, we do think we have the capacity to look at maybe increasing debt capacity, paying down debt or building up cash through free cash flow generation.

雖然 Docebo 在上半年做了兩筆收購，但我們不認為那是常態。我們非常重視有機成長，這在我們的 DNA 裡，也將永遠是我們 DNA 的一部分。我們會不會繼續尋找像 365 這類更容易的補強型（bolt-on）機會，因為它是容易加上的附加項，能提升我們的銷售與行銷效率？我們會看，但我們在未來 12 個月內看不到任何（合適的標的）。所以如果你把它想成 12 個月的跑道或強勁的自由現金流產生能力，我們確實認為我們有能力去考慮：也許提高可承擔的債務額度、償還債務，或透過自由現金流累積現金。

On your second question. New logo versus expansion, we are typically 65 new logo, 35 expansion, and we've seen that formula relatively similar in Q2. In Q1, it was a little more heavily shifted towards expansion. We had a couple of large expansions, but, we're generally in that 65-35 range.

關於你的第二個問題。新客戶（new logo）對比擴張（expansion），我們通常是 65% 新客戶、35% 擴張，而我們在第二季看到這個組合也相對類似。第一季則稍微更偏向擴張。我們有幾筆較大的擴張案，但整體而言，我們大致就在 65-35 的區間。

Okay. Okay, great. Thanks for taking my questions, guys. I'll pass the line.

好的。好的，很棒。謝謝你們回答我的問題，各位。我把時間交回去。

And that concludes the question-and-answer session. I would now like to turn the conference back over to Alessio for closing comments.

問答環節到此結束。現在我想把電話會議交回給 Alessio 作結語。

Thank you all for being on the call today, and we look forward to our next earnings call in November. Have a good day.

感謝各位今天參與電話會議，我們期待在 11 月的下一次財報電話會議再與各位見面。祝各位有美好的一天。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。