Docebo Inc.

Good morning, everyone, and welcome to the Docebo Q1 2023 earnings call. All participants are currently in listen-only mode. We will open the lines for a question-and-answer session for analysts following the presentation. Instructions will be provided at that time for research analysts to ask questions. We ask that analysts please limit themselves to two questions and return to the queue for any follow-ups. I'd now like to turn the call over to Docebo's Vice President of Investor Relations, 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 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 financial measures, including for 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.

And thank you for joining us for our first quarter earning call. With me today are Alessio Tuffo, our president and COO, and Sukara Mehta, our CFO. I will start my comments this morning with a brief high-level summary of our results. We are pleased to report revenue growth with March quarter results coming in at the upper end of our guidance range, up 32% on a cost and currency basis. Our profitability exceeded our guidance with our adjusted BDA margin reaching 5.3%. As Docebo expands its reach, we saw a wider customer base in Q1 across various industry and learner types. Our platform versatility allows us to take advantage of global opportunities across use cases. In terms of regions, our business has a good mix and we are happy to see our investment in new European markets gain momentum. We closed some of our largest enterprise deals in Q1 with companies in Germany and France, including a major transportation and logistics solution provider that operates in over 160 countries worldwide. From a product perspective, our generative AI-based content creation model, DeceboShape, maintained its performance from Q4 and achieved high attachment rate in Q1. Docebo offers AI technology that is essential to delivering distinct learning solutions. Over the past four years, our work on AI has enabled us to fine-tune our offering in data models, particularly in content automation and embedded search with leveraging multiple languages. As customer data moves through the LMS, enhancement to our product will ensure every learning journey is hyper-personalized. This will, in turn, boost productivity for our customers. Furthermore, we are continuing to enhance our AI control panel that will give our customers authority on how their internal company data can be used. The management of proprietary data is an important requirement for enterprise customers, and the Chabot D-Volt technology is built around this key need. As we look at the broader operating environment, we continue to see longer deal cycles, especially in the enterprise segment. We are pleased that in the face of such headwind, we have largely executed our growth strategy and are positioned to deliver revenue growth with steadily improving profitability as we move through this year. Looking forward, our main goal is to grow the company effectively, no matter what the economic condition may be. We are also focused on improving operational efficiency. At the start of this quarter, we took actions that we believe will optimize the performance of our organization. A key aspect of this involved flattening our organizational hierarchy, which allowed for faster decision-making closer to the customer. By streamlining processes and reducing middle management layer, we are better positioned to quickly respond to customer need, drive innovation, and foster a culture of high performance. Regarding our capital allocation, our strategy remains focused on tuck-in deals that support two principles. First, we seek great adjunct products and features that support our build versus buy needs. Second, we look for innovative teams that fit the Docebo culture. Shortly after the end of the quarter, we announced the acquisition of PeerBoard. These acquisitions align with our strategy of seeking out great technology that complements the CEBO core offerings, while also adding engineering talents to our team. With the community learning assets Billboard brings, we are materially strengthening our customer and partner training use case, as we bring those community learning features to the growing number of enterprise customers being served by the CEBO. In regard to future M&A opportunities, we will evaluate each option based on its potential to address multiple use cases that leverage our increasing use of AI. This will enable us to deliver new innovation in areas such as hyper-personalized learning, sales enablement, reskilling, and upskilling. In conclusion, although the microeconomic environment might continue to be challenging, we are well-placed to take advantage of opportunities that provides sustainable, balanced growth. Our emphasis on growth, combined with operational efficiency and adherence to stricter, more demanding performance standards, will only serve to strengthen our position as a clear winner emerging from this economic cycle. Now, I would like to turn the call over to Alessio, who will give you an operational update.