Docebo Inc.

Good morning, everyone, and welcome to the Docebo Inc. first quarter 2022 earnings call. All participants are currently in a listen-only mode. Following the presentation, we will conduct a question and answer session for analysts. Instructions will be provided at that time for research analysts to ask questions. I'd now like to turn the conference call over to Docebo's vice president of investor relations, Mr. Mike McCarthy. Please go ahead, Mike.

Thank you, operator. Before we begin, Docebo would like to remind listeners that certain information discussed today 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 ND&A for additional financial 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 U.S. dollars. Now, I'd like to turn the call over to Docebo's CEO, Claudio Erba.

Ciao, everybody, and thank you for joining us for our first quarter earning call. With me today is Alessio Artuffo, our president and CRO, and Sukaran Mehta, our CFO. We are extremely pleased to report another strong quarter this morning. driven by continuous strength in demand for our products and services across all market segments. We are particularly excited about the excellent momentum in the enterprise segment that is enabling the Cebo to lead the charge in a fast-growing market characterized by secular and macro tailwind and excellent business fundamentals allowing for rapid growth scale. ARR Growth continued to benefit from the availability of our full suite of products and momentum in the enterprise segment. We saw well-distributed representation across industry verticals and continue to see more than 60% of our customers using our platform to enable external training and hybrid training use cases. Those use cases are strategically important to the CEBO as they reflect how our customers are using our solution to solve for mission-critical learning requirements. This adds to create a more intimate and sticky relationship that leads to increased ACV and drives a higher lifetime value to our customer relationships. And consistent with prior quarter, almost half of our net ARR additions came from customers with ACV over $100,000. It is also worth noting that we have seen an 83% year-over-year increase in the number of customers generating ARR of more than $100,000. Finally, profitability continues to improve as we scale. We remain on a trajectory to turn adjusted EBITDA positive as we exit the year. As innovative as we are, Maintaining capital efficiency and growth at the right cost remains in our DNA. Sukaran will discuss our financial performance in more detail momentarily. But let's take a moment to discuss why we are so excited about what the future holds for operating in a macro environment that is best characterized as one of sustained demand for the enterprise. Organizations are being challenged with inflation, talent competition, and skill gaps. all while operating in a changed environment where engaging with employees, customer and partner in a hybrid work environment is the new normal. As a result, they are focused on investing in technologies like the Chebo to drive critical business outcome, whether it's improving the efficiency and execution of their workforce or strengthening the customer and partner relationship. We see this trend cutting across industry vertical and geography. It is becoming clear that learning and training are deflationary investments. The horizontal nature of the CEBO platform supports the diverse needs of any learner. It eliminates the anarchy customers have been seeing when supporting multiple learning management systems across multiple departments and use cases. Partnered with the CEBO, organizations are implementing a federated learning model where a single LMS serves as a multi-department system with multiple owners. The adoption of learning technology is accelerating. In this multi-year phase of expansion, we believe we can grow from the 100 million plus ARR company we are today to a billion dollar revenue company of the future. Now, speaking about few notable customers in this quarter. We signed a new customer agreement with Bridgestone Americas, a leader in tires and sustainable mobility solution. Bridgestone selected Docebo as the learning management partner for employees and external channel partner training for its retail business to offer intuitive and personalized learning experiences to more than 20,000 retail employees. We continue to see retail business deploy external training as a key pillar of their customer growth and engagement strategy. Another new logo customer I would like to call out for you this morning is is a global leader in workflow automation software, specializing, among others, in solution across both customer and employee experience. They choose Docebo in the full Docebo learning suite due to their need for a superior end-user experience and the integrated capability to connect to other business enterprise software deployed across their ecosystem. Customer expansions were also strong contributors to the quarter. and we are seeing continued traction in our land and expense strategy. We believe that our goal to transform customer into raving funds will become critical to our long-term growth strategy. In case in point, we brought our partnership with the leading North American-based luxury retailer just six months after the initial agreement. This customer expanded their use of our Learn LMS into their entire retail group for onboarding and upskilling of their store associates through a tailored mobile floor solution and grew the subscription value by 137%. Turning to contribution from Prada launched last year, we are happy to see continuous progression in attach rate. In particular, the table shape connect and connect and Compent have exceeded our expectations out of the gate. For example, Decebo Connect is being deployed by one of the largest cryptocurrency exchanges in the United States that we also signed at this course. Our solution will enable automation of their learning processes that touch other applications in their software stack while getting learning data where it needs to be, all at scale. Another example is StemboNet. who is using the Cebo shape to create content quickly, consistently, and achieve a faster time to value from their Cebo elements. They are achieving this by leveraging artificial intelligence to create interactive learning experiences that facilitate social learning without burdening your content creation team. Alongside our product investment is the investment we are making in our people. These past quarter we have made a significant process in expanding our senior and mid-level leadership organizations. These recipients come to us from industry and customer alike and bring a diversity of total leadership that is essential in executing our mission and strategy. This is also a great testament to our rising profile and reputation as an innovator and disruptor. One of these new additions to the team is Nina Simosko. who has joined as our Chief Sales Officer. Nina is a large-scale builder. She has an impressive track record at companies like SAP, Nike, and Oracle and will be responsible in scaling our direct and indirect sales organization to meet the growth objectives ahead of us. Also joining our team is Nicole Williams, SVP of Revenue Strategy and Operations. Nicole brings to Docebo many years of experience in our industry at Cornerstone on Demand and will lead our revenue strategy, enablement, and operation functions. We are happy to report that Docebo is finalizing our very first ESG report, which should be published before our shareholder meeting in June. I am proud to say that every Docebian takes our responsibility as corporate citizens to heart in everything we say and do. The impact that learning has on an organization is not purely economic. We are proud to have our platform utilized by many of our customers to advance learning objectives that achieve ESG-related goals. We look forward to sharing some more of these examples with you when we publish these reports. I will now pass the call to Sukaram to speak to the financial.