With that, we'll start our investor briefing this morning, folks. Thank you for coming to our annual customer conference and Docebo Inspire, Docebo Inspire, which is quite an exciting event. I'm sure you've seen some of the fun stuff yesterday and more to come today. This morning, we'll know a good brief overview of our business, but as we get through the agenda, one of the things I will start with is the safe harbor statement. I'm sure everyone's aware with. Moving forward, just the agenda for today, we will cover. Alessio will speak to the CEO overview and corporate strategy. Next to him is Travis Burke, who is going to cover some of our corporate strategy and overall initiatives around the partnership area. And alongside Travis is Francesca, who is our CHRO. And then Fabio will then come in and participate and provide us an overview around the product capabilities that we built and the roadmap items that we're going to you know showcased yesterday, as well as some more perspective that we'll get today as well in the event. Finally, Nitin will come in as our Chief Information Officer to provide you an update on how we sell into the enterprise segment, how we win business from a security scalability perspective, and give you an overview as well on the government side and what we're doing in regards to FedRAMP. And then I'll provide an overview on the financial, you know, business side and of course, some numbers around how we think about the operating leverage and growth in the future. With that, I'm going to pass the stage on to Alessio, to come in and give his overview. Thank you so much, Sukaran. It is a real pleasure to see you all again in the room. It doesn't feel like it's been one year since the last time in Nashville, but it has been. Thank you for your time. Thank you for your continued work on our business. We really appreciate it. Inspire is very inspirational. For us, it is a great time to connect with every single audience that surrounds us, whether it's customers, partners, you all. Today, we're gonna have a little bit more of a refined messaging of topics that you may have heard from various sessions across the team yesterday, all compacted. It is an absolute pleasure to be here in CEO-ship for a good official 24 hours. You know, all we had to do, guys, is to have this a few months before, they would have named me earlier. No, I'm just kidding. I'm just kidding. It is an absolute pleasure, and why don't we get going? Before we start with the content, I wanted to acknowledge other team members of Docebo that are not sitting on this chair, and they are part of my leadership team and broadly about the leadership team of Docebo. They will be participating to the Q&A as well. So just briefly, in the interest of time, I'm gonna name Analisa, that is one of our leaders in our legal team. So yeah, we have the lawyer in the room. Sorry about that. Just it was a bad joke. It was, it was a terrible joke. Giuseppe, who spearheads our AI strategy as a VP of AI. Mr. Greg Swift, our CRO. Harvey, that is our GM for government. Andrea, fresh to Docebo, a few days in, SVP of Product. Noelle Miller, Chief of Staff. Alex Asnovich, CMO, also about a month in, roughly. Jen represents our amazing events organization. Brandon Farber, Vice President of Finance. David, SVP of Rev Operations and Data. Who do we have here? Am I missing somebody? All right. Sounds like I've completed the introductions. Have you all introduced yourselves here already? Yep. Yeah, good. Good. Some of you are familiar with some of the staff. We spoke to some of them during keynote and other sessions, but here I'd like to underscore certain elements. So Docebo continues to be a global story of success. North America remains the dominant market, but we continue to operate the business to differentiate our go-to-market across the world and continue to see success in other regions like EMEA and APAC. The significance of the fact that about 500,000 users have been seen logging in Docebo on a given day, it's very powerful. It underscores the reach of our platform and the reach around the global customers. Speaking of reach, I love to see our partner network growing because I think an enterprise organization needs to continue to extend its reach past its own technology, but integrating with third parties, and we're definitely focused on that. We'll speak about that. It's super significant to see the growth of revenue at a 42% CAGR. That is a testament to the quality and of the fundamentals of the business. And then, you know, the conversion of 125% FCF from adjusted EBITDA, it's also a significant metric that we'd like to underscore. Next slide, thank you. We simply continue to be working with the best in their own industry and category. From a go-to-market standpoint, what I really love about what we've been doing progressively, gradually, but steadily, is continue to refine our GTM messaging and our efficiency in our GTM. We continue to think hard about win rates and product market fit against certain industries to maximize the value of our investments or of our S&M, S&M spend, and align our product organization to build products that win where we have a strategic goal. Here you can see companies that have joined Docebo more recently and others that have been longstanding customers, and all of these are terrific logos. If I think back of Thomson, if I think back of Netflix, of Zoom, of AWS, not just great logos, but impactful projects that involve millions of users. One of the things that I say to the Docebo team all the time, what that fires me up, is knowing that every day we wake up and the things we do in our company improve people's lives, and we really contribute to people's evolution, whether they are the employees of a customer, or whether they are in the realm of the customer's life cycle as customers of the customers, of partners of the customers, we make an impact, and that's really meaningful. Next slide, thank you. Good segue to the fundamental mission. On one end, we are building a business that more and more focuses on the business of our customers, intended as employee experience and customer experience, unlocking the value of employee growth and customers' growth. On the other, we have educated the market that the LMS is no longer an internal tool that delivers compliance training. We have demonstrated, and we have almost industrialized the concept, the LMS can produce meaningful and tangible returns in the form of revenue, in the form of increased win rates, in the form of customer retention. It is a productivity technology in an enterprise. You know, we've over time have always looked to mature messaging and make our positioning more clear to the markets. As a result of that, when we think about audiences and when we think about ideal customer profiles, and when we think about who are we building Docebo for, at a macro level, the way I think about it and the way we are going to continue to be talking about our story is the investments that we make in two big macro audiences: the audience of the employees and the audiences of the customers. Within each category, there are several use cases, and from the day one of the IPO, we've always spoken about Docebo being a success story because it's a departmental story, meaning we can go and sell Docebo to varying departments to address a specific use case. When we abstract this to the concept of CX and EX, it is a lot, a lot easier to understand how we think about our investments and how we think about growing the business in general. The market is massive. The market, the opportunity across both the commercial markets and the government markets are just stunning. And that's really important to underscore, in my opinion, that when you look at where we differentiate, where companies love working with Docebo is when we are capable of entering in an organization that has both internal and external needs. It is notable that on those external needs, meaning the CX pie, the one you see here, that 62%, our research shows that about 70% of that market is a greenfield, meaning these are organizations that either have built some form of solution internally that they're seeking to replace over time or don't have a solution yet. And we really like that because, of course, it makes our job easier, in terms of, competition, and we're uniquely positioned to win that business, given our capabilities. I also wanna underscore that this third is more of the switcher market. The mid-enterprises and enterprises are the ones that, historically have been adopting, legacy or traditional technologies, that we are replacing day in, day out. More than 50% of our customers in the mid and enterprise business actually come from legacy or traditional platforms or modules of HRIS systems that they have outgrown or have really never met their needs. On the government side, it will be, I suspect, a topic of interest for all of you. It's a massive market. When we combine SLED and FED, you'll see it's a close to $3 billion market. We're going to be very focused here. We've spoken about it profusely in the Q&As of the earnings calls and we believe we have a significant right to win. And as we approach FedRAMP, that portion of the business that relates to federal is very big significance, very big significance. So, you know, the fact that out of ten, every ten customers, eight choose Docebo for varying use case across CX and EX gives me a lot of perspective about the fact that we have a very strong audience where we can leverage the fact that they are using Docebo for multiple use cases and increasing stickiness. So elements of our business that I am particularly focused on and that I want to continue to underscore and invest in. For sure what I spoke to, this intersection of internal and external or employee experience and CX experience is unique. Yesterday, I had multiple meetings with customers, and I don't know if it was either coincidental or my sales team set me up with those customers that had all the good stories, but they all were saying that they, among the reasons why they selected us, was that when they came to the table and they realized they had either immediate or a near future needs to bring to address both EX and CX use cases, Docebo was the no-brainer story. That's what I heard multiple times, one after the other, across varying industries, healthcare, financial services, and others. I asked them who we were competing with, and I also had a very similar response. The response was: "Well, you know, we, we looked at this vendor and that vendor and that vendor, and they actually were good competitors up until the moment that we asked them for complexity across both use cases. And then when we went deep in the RFP and we asked them the hard questions to address both use cases, they couldn't do it. They could only do either one or the other, or they were scrambling to get them both together, and you guys were on a different level." So I like to insist on that differentiation and elevate the bar so that we get even further and further in that differentiation capability. Skills is another big area of focus for us. Every enterprise we speak to is either undergoing or will undergo or is struggling to undergo a skills transformation process. And we have a tremendous opportunity to further Docebo in that area, and AI will be our friend for sure. We spoke about government already. I will say also that, you know, the concept that Docebo activates revenue and the ability to use our e-commerce engine as a meaningful feature that we've further expanded, I think in the product keynote, for those that were there, you've seen that we're getting more sophisticated in that area. During keynote, I shared some stats. I think we've transacted over time about $250 million in transactions in Docebo alone. That may seem per se not a huge, massive number, but it is, it has significance when you consider that in the context of the fact that a lot of, a lot of the enterprises have their own payment gateways, their own cards, their own e-commerce infrastructure that they plug into Docebo. And so, you know, I think Docebo and the concept of monetization of knowledge is becoming more and more and more a trend that we want to be a part of and invest in. Next. Some concepts I've already shared, so I'm gonna focus on a couple here that are a little bit more towards the future as well. In particular, I would like to share our or begin sharing our vision for the future. Our vision for the future, what customers love about Docebo, we know. As a technically new CEO, but having been in Docebo for now close to thirteen years, I'm equally very aware of the areas where we can improve, where we have opportunity. These, I think, are very good to understand deeply so that we can further make sure that we maintain leadership on, and we don't let them go. I spoke to the audiences and to the customers. I made a commitment that we're going to continue to improve our core product. This is a theme. Our customers want to make sure we don't become one of those companies that go and develop flashy things and forget about what led us here. I want to make sure everybody understands that maintaining quality of the existing core product is vital for our company. So all these are capabilities that we need to continue to insist on and better every day. If I pick one from this list that is a good bridge to the future, is the world of integrations, extensions, and automated workflows. And the reason for that is we think of Docebo as a key element of the enterprise stack in the company. It's really the glue across varying processes, business process management. Today, Docebo, effectively, we think of it as a very sophisticated LMS that addresses multiple audiences. The learning life cycle in companies, particularly in large enterprises, is actually way broader than learning dissemination alone. It touches varying points. You know, if you go to a Google or an Amazon or a Zoom, there's hundreds of engineers that learn in a certain way, and that way is not through an LMS. And why? Because they're simply doing tasks. They need to learn technologies in a manner that is not always conducive to taking a course in the format of a SCORM course or a slide or a video. They have to do experiential, hands-on learning. That's an example of a learning capability that if you go to any LMS, they would say, "It's not us. We don't do that." But I question that response. I question that, you know, a leader in the learning technology space should aim at either addressing these needs directly by having these capabilities, these modules embedded, or having really strong integrations with select leaders that are deeply integrated so that the learning becomes bigger and bigger over time, and we've been starting that possibility. We have a pretty ambitious construct in mind, and that construct goes initially, becoming very, very good at extending our product with certain product extensions. We've done diligent work at selecting leaders that actually have great product teams in select technologies, and my friend Travis here will walk you through that a little bit more in detail moving forward, but I was hoping to kinda warm you up on the topic. Next slide. Apparently I'm done, but I'll be here and thank you. Trade spots? Yes, trade spots. It's like musical chairs, literally. That's right. Nice to see a lot of familiar faces. My name is Travis. I joined the business in April, but I've been working with the business for about a year before that as an advisor. Spent a lot of time with the Docebo team and then became a full team member in April. Great to see a bunch of folks again. My organization runs corporate strategy, corporate development, as well as partnerships. Just wanted to talk through some of the things that Alessio alluded to in a bit more detail, and then we can go into Q&A later on the topics as well. As we think about where we are, what's interesting is we talk to our customers, look at the ecosystem, understand what's happening in the buyer experience. We realize that getting to a broader, suite of products and, a more sticky solution within our customer base is very important for our customers. Every opportunity that we talk to within our customer base as well as new prospects, we hear about the variety of learning solutions they have today. All of them have tens and twenties and thirties of different point solutions within their learning stack, and all of them come to us and ask: How can we do more with Docebo, and how can we expand that relationship? And so, as we think about our product suite going forward, becoming this learning and knowledge platform for customers, every time a customer thinks about learning or developing their employees, we want them to think Docebo first. And so that's very important to us as we grow and continue to evolve. Fabio and the team will talk about what we're doing on the product and the innovation side around AI, as well as expanding our roadmap, but on top of that, as well, solution extension partners, so these are basically solutions that we vet as a team. We essentially certify for our customers that these are the right point solutions for them to have around their Docebo investment, and in many cases, we'll look at how do we commercialize that for our customers as well, so start the partnerships and integrations we have today into a more commercial arrangement for our customers as well, and then on top of that, looking at strategic M&A as well. As we think about the free cash flow that we're generating as a business and thinking about how we utilize that, there are a lot and, and look at the adjacent investments that they make today, and think about how do we make a broader solution that helps both our team sell into new accounts, but also expand, the relationship we have with our existing customers. So we'll look at both partnerships as well as M&A, as part of the organic support around what we're doing today. That's great. You guys see companies that do lots of M&A and have strategic partnerships. What's really important and differentiating, I think, about how we're thinking about it, is this bottom layer around how do we build a better experience that's not just an integration that you could get off the shelf with any two solutions out there today, right? And so we look at extending that by adding more tooling around workflows, building better automation for customers. It's great to have two different solutions that are in your stack, but if it's just an API point-to-point integration, like, anybody can do that, right? We just want to create better experiences, and particularly within the learning space, we don't feel that's addressed today by a lot of our competitors or the solutions that our customers use. So I think you'll see us start to think about that, both between our internal solutions, but then also the ecosystem around us as well. So just to visualize this a little bit, just sort of tying back some of the things that Alessio talked about and sort of real-world examples. This examples of solutions, so not a roadmap. We'll let Fabio talk about roadmap. But when we think about the different experiences that our customers have today, thinking about that employee experience, that customer experience, and underpinning it with workflow and orchestration, you can see that there's a lot of number of tools that apply across different parts of the learning stack. So whether it's content creation, AI Knowledge Engine, having all these tools that can overlay their investments, and then looking at today, we have the LMS, but how do we extend that into the other solutions that they... that a customer uses today, so whether that's TRMS, which is their training resource management for ILT-based training, our new communities product. A lot of our customers use things like proctoring and knowledge bases that augment the experience they have today, so different solutions that are in the learning stack and build a better experience for our customers. That's really how we think about it from a corporate strategy standpoint is not acquiring competitors and, you know, taking customer base or things like that. It's like, how do we just build a better product that our customers really think about Docebo as their single source for learning and knowledge management? So we're really focused on today and where we're seeing a lot of value driven for our customers. If you think about it on the strategic standpoint, I think we talked about Deloitte on our last earnings call and the work that we're doing with them, both on the commercial segment as well as the government space. Really seeing a great traction there and really adding a lot of expertise outside of our solution, for our customers. On the, on the far side, Accenture, we're seeing in very large strategic accounts, customers that really need to understand the change management of putting in a new solution in place. And beyond the services that we provide, you know, as a software vendor, working really closely with trusted partners at Accenture has really helped us in some of these large opportunities globally, which is great. AWS is a new avenue for us, and I don't think we've talked about this before, but as a large customer of AWS ourselves and a good strategic partner for us for a long time, we're looking at how can our customers leverage their investments in AWS as well, to help them transact and extend the relationship they have with us. AWS is a very robust marketplace program today. We're looking at it as a way to ease the buying cycles for our customers that are AWS, that already have AWS investments as well, so more to come on that as the year goes on. I just want to highlight a few key logos. We talked about this in the keynote yesterday as well, but ELB, who's been a very long-time partner of Docebo, ELB is kind of known as a custom content creation for a lot of people in the learning space, but also offers a really nice, robust suite of products, and today we're extending and able to sell some of those products to our customers already, so it's a really nice addition to what we're selling in the marketplace today, and that's really an example of how we think about our solution extension program. So this is something that we've vetted. We've worked very closely with both the vendor and our customers to understand the needs, in this case, around AR and VR learning experiences, but also looking at how do we extend that program so that our customers can ease that buying cycle. And we're looking at other solutions in a similar vein. So we announced yesterday a new integration with Honorlock, which is really. If anyone was in the keynote yesterday, it's a very slick integration that we built, and you can actually see it out there as well. But to allow our customers who have proctoring needs to have a really unified experience as they're using Docebo. And then secondly, and then beyond that, looking at companies like Administrate, which is in the training resource management space, to allow our customers to both handle their LMS needs, but also the in-person training and all the things that go into the logistics around that and administration of that. I guess Administrate's a good name for that. And lastly, Skillable, looking at virtual experiences, so hands-on learning. It's an interesting thing. A lot of people think about that space as you know, sort of traditionally like it's an IT thing or cybersecurity, whatever. Really seeing a lot of applications across all kinds of verticals, from healthcare to retail. Having a live experience so that somebody can go in and validate the skills that they've created is, I think, really differentiating. Our customers are asking us a lot about, "Yeah, how do we augment what we're doing in the LMS with something like a virtual hands-on environment?" And so that's why we've partnered with Skillable as well. If I might- Of course. Travis. Also, with some of these, we have started a relationship with a customer in mind. So we've built this on real use case, and we already have shared paying customers. So I think that's really important to validate- That's it. Yep ... the actual experience in itself. Exactly. Yeah. And I believe that is my last slide, and I will turn it to Fabio. Thank you, friends. No problem. Thank you, everyone, for coming here. I'm Fabio Pirovano, the Chief Product Officer of Docebo. We want to start speaking about AI. Docebo is not new into the AI field. We are investing in the area since two thousand and sixteen. This allowed us to understand exactly what our customer wants and what works through via AI and what doesn't. What are the refinement needed in order to make sure that we can create valuable solution for our customer? Being a long history of investment in the area, some of the things that you see in this slide are already live and benefiting the customer when it comes to making sure that their programs and their content is researchable, and also they can drive recommendation towards their customers so that they can improve the effectiveness of their learning programs as well. And last but not least, all of the areas of AI that are to reduce the work as a platform itself. So for example, things like skill taggings allow them to avoid doing this. This is normally require an huge number of people in content management to do it. AI, it's really able to reduce the workload, to automate what they do today in order to make sure that they can optimize the investment into their learning program. And this is gonna be even more true as we move on new releases that are on the other half of the pie chart, the AI authoring, virtual coaching, and AI assistant, that aims to even enhance what we have done up to today using generative AI that enable us to have even greater results when it come to those fields. Because generative AI is an enabler and accelerator in our innovation throughout the AI fields. Okay, wonderful. I always fight with the clickers. What we have learned working on AI is that in order to make sure that it's valuable, you need to understand how it works, and you need to fine-tune it. That's why one of the key differentiator in our approach to AI and content generation is to make sure that the AI-informed model, because otherwise, when you do authoring, when you automatically create content through AI, it's very, easy to create content that hallucinate or are not effective. Effectively, you produce them quickly, but you will not be able to deploy them as a solution to, your learners. So we have a way, in order to make sure that when a content is created through the Docebo and the AI authoring, it is pedagogically sound. It follows practices that are currently in-house through people. This will really allow to make sure that we have, innovation that is regulated by what it needs and satisfy those things. It's not just innovation per se. We really are focused to make sure that everything that we produce is based on customer feedback and is valuable for them. While we do that, we also want to make sure that the AI that we produce is configurable. There are different ways between the compliance type of use cases versus the one that are more tuned to internal or external training. There are different requirement, different level of trust that throughout the AI. So in order to make sure that they can really leverage those type of solution, we need to fine-tune to make sure that they have this and the level of access to the information and how the AI works, that it's correct use cases and industry. And this is possible throughout different technologies that we've built in-house, and the ability to use even different LLMs. So we are not using specific one, we are using multiple, because based on this type of differentiator, one model may be better than another. And we always have of new opportunities, new models, that incorporate over the quality of the model and the time, so that we will always optimize those three variable in order to make sure that everything that we produce is optimized for our customer. Last but not least, the vertical Knowledge Engine. We are speaking, we have spoken about that in the keynote as well yesterday. The importance of building those Knowledge Engine is because they are the foundation to let the AI understand exactly the field of our customers. So in generic AI is not suitable for creating content. It's not suitable to let you search for learning platform. In order to make that a reality and to produce meaningful content or virtual role play, you need to know the customer field. You need to know their product. You need to know exactly their processes. That's what a Knowledge Engine is, the structure that allow the AI to make sure that they produce content for you and not for somebody else, so this is very important and connects to the Shape AI panel. As we move into this direction, the feedback that we receive from customer is that they really need to be sure that those solutions are secure, the privacy is taken into consideration, and their data need to be managed with care. In order to do that, we have established practices that allow us to make sure that this happens, that we give them that they are secure, that they are not shared with other customers, and that they can adopt solutions, shortening the approval cycle of this, of the AI adoption within enterprise, which is under vetting all the time. So we have really making sure that we have everything that they need to speed up the adoption of AI solutions and get the benefits sooner rather than later. I'm gonna conclude with new modules that we announced yesterday in the keynote and that are now available, like Communities, which we launched in August. It's an extension of our offering that allows our customers to create community-based experiences. Community-based experiences are typical in core type of training or in even certain type of assistance of franchisee. It's very common to create communities that allow not just to train, but to have people interact with expert or between peers. These models is going to be the foundation also for what Travis was saying, because allow for deeper integration between LMS's, searches, knowledge bases, especially the customer type CX experiences. It's extremely valuable. Moving forward, is gonna release this month, it's advanced analytics. In general, to prove the value, to really make sure that our customer are seeing the value of the solution, as we were saying before, the ROI of the solution itself, they need to be able to match data to see them exactly in the way in which they work. So, the typical report of a QSR is very different from the typical report of a customer that's compliance. They need to see that in different ways. In order to make sure that we accommodate all these different needs, we have created advanced analytics. It's powered by Snowflake and Amazon QuickSight, and it's a solution that will allow our customers to really control every aspect of the training, to have a single place on which they can see all the metrics and make sure that everything that they do is effective or quickly spot anything that they may want to improve. AI authoring, we have seen a demo also yesterday of, AI authoring, and, you can also have one in the booths, below. It's going to be launched, later this year, before the end of the year, and will allow really to speed up and reduce the time needed to create content. It's an authoring tool because that is, a general request that we received from our customer, mid-market, but also enterprise, to really have an environment that is connected between the creation of the content and the distribution of the content, the LMS that we already have. But it's also powered by AI in order to reduce the time needed to create content up to full content automation generation. So it benefits, even from the beginning. As you adopt this new solution, you ease in the adoption of AI up to the full automation of the content creation. And early, well, first half of next year, we are also going to launch virtual coaching that will allow for experiential learning. So the ability to simulate different situation in sales enablement, like cold call, like pitch, elevator pitches and similar, and get feedback directly from AI. This allow greater replayability of the content. The attack from the current methodology that is used in this field, which is either to use peer, which is long and actually extremely costly because you are asking other people, especially in sales, to evaluate people in onboarding instead of selling, and as well as removing those type of sort of prescriptive serious game that are already on the market. This allow for really different scenario because it's a dynamic, it's not prescriptive. This allow for replayability of the simulation and greater immersion, and as well as having specific feedback on what you say. It's not pre-tuned based on when you arrive. It's really based on each single experience. Can I- Absolutely. Can I add a couple of considerations on top of this? I think I am super excited about everything that is on this slide. One thing that I'd like to share is on communities, for instance. For your knowledge, while we're launching our own communities, now it's already in market. That Docebo, as a company, has actually experienced a technology of communities with our own customers. It has gotten so incredibly entrenched with our own business processes. It touches everything we do in the company, from customer success, account management, go-to-market, and the sales team uses that to capture interest, product management, feedback. It's so integral to the company. We simply could not live without it. What's interesting about that, when we made that investment, it was a couple of years ago, and we didn't have a communities product at that time. We are in the midst of advancing our product so that we can take out and replace what effectively is a competitive product that we are using for not much longer. The reason why I bring it up is that the experience, having drank the champagne of communities in the use case of our company, gave us a lot of perspective at what customers want. As we were building the product, we already knew sort of what to look for in order to make the product successful and have an experience on ourselves about integral it can become for a technology company and beyond. Also, it's been positioned a lot as a external kinda use case product, meaning a product that allows you to build external customer communities. That's kinda where our mind goes. But interestingly, during the beta process, a lot of our "Listen, I can totally see the point about the customer training, but I have a primary internal use case, and this thing is gonna be really helpful for me to do use cases or scenarios that are internal to the company, to create an internal community, whether it's specific initiatives around the company." And so I really love that it's a technology that's versatile across the board and CX. The second thing I wanna say on is, on AI authoring. Look, you can look at that as an investment in a technology that's not new. Authoring tools, frankly, have been out there for a while. It's not revolutionary per se. Yes. However, the way we've approached it with this dual soul, where content can be built bottoms up from an instructional designer according to standard paradigms of instructional design, that's one. The other flow will be authored, and that is shifting completely the paradigm without, however, losing the pedagogy element that Fabio was so keen on describing. I would add one element that I think, Fabio, you touched on with the nuance, but I would like to make it even more clear 'cause it's a big passion I have. I think Docebo is positioned with the intersection between AI agents, AI automation, and knowledge. It's positioned uniquely to create experiences where the content creation capabilities, like authoring, are going to be transparent to the end customer. If you had a chance during the keynote before you saw me speak in German, which I don't, by the way, there was an individual in a company asking it to help with the creation of content on the fly. That's what was happening. That platform heard that request, accessed a version or we call it in and created content that was significant to the question of whether an avatar or not, and did it using an AI authoring in the back end. See, the learner doesn't care that there's an authoring tool in the back end. The end learner cares that the system is able to produce educational material on the fly. The way we do that is through AI authoring, which is almost like a PaaS component that helps us create structured content without the need to have a bunch of, you know, instructional design production on it. So score that angle, if that's okay. Absolutely. Absolutely. And with that, I think I pass the ball to Nitin. Yeah. Which doesn't have any intro slide, so sorry for the take. We'll go far. Good morning, everyone. My name is Nitin. I'm Chief Information Officer at Docebo. I'm gonna talk a little bit today about winning the enterprise from a CIO's mindset. What does that look like when we interact with enterprises, when we interact with government, and vertical sectors or areas that have high complexity on information security? And what does our play look like? So when you look at today, when Product talked about it, Fabio did, and everyone else, we have a great product. Then you go up in enterprise, we look at integration. We integrate, integrate across everything. Then you go scalability. We have a platform that can host thousands to millions of learners. But then there's an area of security and compliance that's usually non-negotiable for certain companies. You go in there, and it really becomes a differentiating factor to say: How do we win market when we go to large enterprises that demand the security and compliance to be robust and one of the top things for them? And we'll talk about it a little bit more in the next slide, but today, we've taken a two-prong approach at that. Number one is compliance and audits. We're talking to ISO 27001, GDPR, and we continue to invest on it. Two new areas that we have heavily invested on, one is FedRAMP Moderate. It's a favorite topic for the group up here. We'll spend some more time talking about it, but I'll take a minute to explain where we are in our FedRAMP journey today and what does that look like today. We consider ourselves to be audit-ready, and what audit-ready means is our users are trained, our application's online in a government place, and we're interacting actively and working through agencies to make sure we meet all their needs. Everything is up and running at this point. We're audit-ready phase. The moment we sign some paperwork, we begin the work towards it and move towards audit and interacting with agencies from there. We're waiting on that stage right now. We'll spend more time. I'm sure there'll be Q&A questions, we can spend more time there. But the big thing to note up here is there's a journey from here to where we get authorized state, but there's a point in the middle of it, where we call Authority to Operate. When we go in ATO mode, that means at that point, we can commercially then sign on and bring on other customers as well in the FedRAMP journey from us, and that's from the time we sign, the time we get authorized from there, and the second part I'll talk about is HIPAA. HIPAA is something new for us, and really for HIPAA, our focus is remove any friction that exists for us when we go to market. We wanna be able to interact with different verticals. We wanna be able to interact with any customers that are highly regulated. That's the goal of it, and again, having this badge allows us to get through it much easier and friction. And when we look at, you know, one is for us to always look at it and be, what do we need to be in a secure manner, of course, meet the compliance needs, but the second one is, how high should a bar be? What are we trying to really achieve? So when you go and interact with large enterprises, so financial services, health sector, government, it's not about just the SOC 2, it's not about just FedRAMP. You know, it actually, the bar is higher than that, which is like, can you meet requirements and set yourself to be different than everybody else? And that's how we think about it. SOC 2 and everything else, it's just a bare minimum. It allows you to get through the door and have a conversation, but the goal is really to be able to say, "Hey, what do you need from us to be a... Can we meet those requirements?" and it's always about, yes. Yes, we can, and we set the bar to be really high, so we can interact with the largest enterprises out there. Go study up there, which I thought was fascinating. They put this. When enterprises look at software decisions, what do they look at? They look at it and say, some of the top three things are price, security, and I think it goes features and functionality. Interesting thing is this has been trending higher, and I actually expect it to be next couple of years, be the number one thing. The changes that are happening with AI and other areas around the world, this is quickly going to be number one. Now, that number probably looks completely different than government. You go in a government space, in a federal, that's probably like 98% or something like that, because it's you're not able to talk to them unless you meet certain requirements. And with that is our approach to security. Our end of the day is to be, for it to be a competitive advantage for us. It's a differentiator for us, because when we talk to our customers and enterprises, it's not about the minimum, it's about we can set the bar to be dramatically higher on any of the requirements they may need meet. And those could be extremely complex something a smaller player can come in and suddenly meet those requirements. We have created the advantage where we stand out to be the differentiator in the market, and we are continuously investing towards it. I'll just leave it at that. The takeaway for me here would be, one, look at it as a competitive advantage when we go to the market, because smaller players can't touch that. They can't come around that and meet those requirements from the market. Second thing is, for our go-to-market teams, remove all the friction we can, as much as possible. When a customer is interacting with us, we can move through it super fast, 'cause we've done that, we've built the relationships, and our bar is much higher. That's all. Thank you, everyone. I think I clapped. I guess now for the fun part. You did a really good job. No, I think you did. I'll spend some time on, you know, what the business has evolved. I think this slide speaks to. It's a good segue in terms of what we've done since 2020, and I think, you know, if you take a it's a reflection point on where, how we who we were and why we've come, you know, over the years. So, you know, it's pretty obvious. You can see where what we've done on the free cash flow side, on the top end. But I think what's more important to say is that as we've moved upmarket, our ACV, this number that's on the screen, is on a total basis. But as you, as you folks know, last quarter, we reported $71,000 in gross ACV on a net new customer basis, which effectively is much higher than that number too. But that speaks to the quality of the business that has moved upmarket over the past three years. There's another slide, next slide, we'll kinda speak to some of the segments in that regard. But I think what's that move to upmarket is also important to recognize that we are in the early innings of this large opportunity, especially in the CX side, which is largely greenfield, as well as the large enterprises that are going through systemic shifts and the teams we talked about. But this slide, in a way, is more of a context of where we were and how far we've come. I think, you know, we wanted to show how the business has evolved since 2020 till the end of last year, in terms of the mix of the business and where we actually are driving growth from. And I think it's pretty obvious on the slide, as you look at the enterprise segment, the larger of the market, has moved significantly higher, and it's almost 50% of the business we do on a total base of our ARR today. And, what's also interesting, I would call out in terms of some themes, we said that in our Q2 earnings call, our large enterprise, our enterprise business is growing at a +30% rate this year. Our mid-market is close to 20%, and our SMB business is growing roughly in line with CPI. And I think why that's important to call out is that we are seeing secular demand across various verticals and use cases that are driving this. You know, if the one number that's important to highlight is 70% of what we do in a given quarter for the last seven quarters has been through net new customers coming through the door, which speaks to the fact that there is secular demand across various verticals and use cases that we serve, and that opportunity is what also is driving, and even in this market, a continuous buying pattern across net new customers. Of course, there's other areas I'll speak to in terms of expansion and the motion, but I wanted to just highlight that there is an underlying theme of secular demand that's coming through the net new customers, where 70% of a number in a given quarter comes from enterprise, comes from net new buyers. In terms of the evolution of our customer base, this also speaks to the multiple buyer personas, the multiple departments, and all the use cases that we serve in the organization. I think it highlights that 57% of our customer base today is using us for three or more departments, and that also is an opportunity, if you ask me, which is where the remaining 25 one and two use case customers are also an opportunity for us to expand into that into their organizations, whether it's external learning, customer, partner, members, whether it's sales enablement, customer support, customer enablement, onboarding compliance. There's close to six or so buyer personas in an organization, or even slightly higher sometimes in certain organizations, that we can penetrate. The more we do that, it's very straightforward. We have an ability to expand into our base. We have an ability to retain that customer 'cause we're more critical from an external use case audience that generates revenue or customer experience learning, I should say, going forward. But it also from a net retention and gross retention perspective, we've spoken about before, it is the best-in-class unit economics, and that effectively speaks to why the use cases are important to us and how much we penetrate into our customer base is an important stat here. There's work to do here from our perspective, but I think, with the 4,000 or so customers we have today, there's an incredible opportunity for us to actually do a incrementally better job in serving much more departments than we do today. I'd like to summarize, you know, of course, the last slide has some long-term guidance, but before we get to that, I think it'd be helpful to summarize what is going to drive the growth of this business over the next few years. We spoke about the opportunity in the large enterprise. Large enterprises are focused on driving EX, customer experience and removing the legacy platforms that are antiquated and moving to the modern infrastructure, which is Docebo. Our move into the large enterprise is combined with our ability to capture that 70% greenfield market in the customer experience, space. That is the market. I mean, we spoke about a number of marquee customers, the cybersecurity company last quarter, bunch of other customers that we spoke about. They are driving customer academies to drive either revenue generation, customer platform adoption, or customer experience engines. And I think that market will continue to drive that secular demand across various verticals. I think the other theme on the CX side that's been playing out pretty interesting, as Alessio spoke about earlier in the slide, was the move to nearshoring, onshoring supply chain is creating a meaningful pipeline for us. I mean, we spoke about the one large home builder we won in the last quarter, a large public company in the U.S. Their initial use case when we spoke to them was about all supply chain, logistics, management of a home builder, which has tremendously been challenged in the last two to three years. And it also speaks about large enterprise. It is the same thing that's happening with some of our customers who are in the chip manufacturing facilities and so on and so forth. So nearshoring and onshoring is going to create an opportunity not only for customer experience platforms, but also supply chain enablement. The third column, I'm sure I'll. I want to spend some time on expansion in the government, and I'll give a brief update on it. This is an important, and you're, you're seeing this is the most important, one, one pillar, which is calling out a vertical. We are fully focused in executing. The announcement we made a couple of weeks ago, when we printed our Q2 results with Deloitte, is a reflection of the partnerships and the deep bench that we have created here to support that large market. Working with our friends at Carahsoft, we will continue to have multiple partners in that regard to serve large RFPs that will be in the market. I think it is also important to note there's large buyers that are coming out to market, including this morning, the VA RFP is out, and we'll give an update to that. VA is one of the biggest buyers of software in the world, and we certainly will participate and try and be part of that story if we can. And I think on the, Nitin spoke about the fact that what we've done in the process, but what's important to understand is that we are in active discussions with agencies and, I think, it is worthwhile to note that we are in advanced discussions and it's not in our control. Ultimately, it is between the federal PMO office and the agencies that we work with, and some of that work is dependent on their timelines versus ours. But we are in multiple discussions where there are advanced, you know, discussions being had, and we'll give an update to the folks as we get through it. But these are very, you know, I would say these are penultimate discussions that we're having with some of our agencies, and we'll see how that plays out. But we also wanna be cautious to make sure that some of these things are not in our control, and as they plan out, we will certainly provide that update to the audience here. Land and Expand is important. We serve over 3,900 customers today. We've launched new modules. We've got a new pricing which allows us to actually also expand our customer base, as well as serving multiple use cases. This is one area, I'm sure Alessio will speak more about it. We have recalibrated our organization to drive better expansion into the base of our customers. This, from a CFO's perspective, is the cheapest CapEx. Expanding into our base will be of increasing importance as we move forward, and finally, I won't spend too much time on strategic partnerships, but I think what's important, 'cause Travis covered it earlier, what's important to call out here is that whether we resell, whether we work with system integrators, whether we embed in a platform, what's interesting from a sales and marketing perspective is that I've spoken this before, but it's worth highlighting, is that as we move upmarket, our ability to work with system integrators means that we are efficient on a sales and marketing basis to drive a higher quality pipeline at an advanced stage, where I'm sacrificing my professional services revenue, not paying upfront in terms of inbound or outbound investments. And I think that is driving one comment I'll make on the pipeline, which is consistent in what we said in the Q2 earnings call. We are seeing our mid to large enterprise customers, as well as government customers' pipeline, you know, improve in a reasonably good way in the last quarter or so, and we're seeing some you know those are specific investments, whether it's system integrators and the partnerships we talked about, whether the big investments we made in outbound in 2022, and we doubled the size of that team to be very targeted to the verticals and the type of buyers we wanna actually bring through that that will buy Docebo, and we typically make decisions. Combined with our inbound investments, is what's driving some of the secular demand. Even in this quarter, we've seen some good pipeline build up from where we were at the start of Q2. Which should also mean that as we come through the rest of the year, we should show some strength as we close 2024. Sorry. Last slide, and is an update similar to what we did last year, slightly revised numbers, but the way to think about this business is we are going to drive growth first, which is reflected in the sales and marketing and research and development numbers. We are holding those numbers relatively flat. There is some efficiency over the long term that you will see come through sales and marketing, but we are going to continue to invest from an R&D perspective to drive innovation, platform stability, platform security, and win the market share of our large enterprise, mid to large enterprise customers, as well as government. I think it is important time in the company's, where we are in the, at this stage of the company, that as we look at the investments we're making from an AI perspective, platform security, stability on the modules, we are going, we are going to double down on taking market share, not only in the greenfield opportunities, but go after the legacy players that are now certainly creating an opportunity for us. But we can do all of that because of the discipline we've shown in the past few years, and in the last few quarters, to drive free cash flow and have a healthy business where we can now reinvest that in platform capabilities as well as partnerships. And as we move forward, R&D will continue to be one of those. The gift that's gonna keep giving is straightforward, is G&A. It's I always say this: it's the simple, simple exercise in life. 81% gross margin business, if we're not going to compromise any investments in R&D or sales and marketing. We are going to drive that to drive growth. But if you look at our business today at close to 17% free cash flow, and if you look at our G&A, the math is simple. For this business to deliver another 5% or so in G&A operating leverage, the math gets you to a +20% free cash flow business, and that, that is a natural operating leverage that is coming without sacrificing growth investments. That, I don't think people appreciate the fact that we are not trying to... I get this question a lot. We are not going to ever distract our investments that will drive growth, and that, that is a primary focus for us. But what you're getting through this ecosystem is a beautiful 81% gross margin business that delivers free cash flow because we've shown investments in technology and productivity through our G&A, HR, finance functions, requires... For the last seven quarters, my G&A has been held relatively flat, so the math does the work itself. Long-term goal is to remain a Rule of 40 company with growth-first mindset and balancing that with scaling free cash flow contribution. I'm a bit cheeky here using free cash flow. Our board and the leadership team looks at free cash flow and the free cash flow conversion to EBITDA as a better measure. Our free cash flow conversion is 125% from EBITDA, which is important to note. As well as one of the fact that, you know, we are also mindful on a share-based comp basis. I don't have that on the slide, but you can expect that our share-based comp as a percentage of revenue will remain relatively consistent in the past, which is around 3%. True dilution of that share-based comp is under 1%, and we will continue to, to the extent that there is any dilution from a share-based comp perspective, we will, you know, buy back that stock to neutralize any impact to shareholders. And that wraps up our presentation, and we'll be, we'll be, having Giuseppe, our head of AI, Harvey, VP of Gov, as well as Greg Swift, Chief Sales Officer. They're gonna be on stage for Q&A, just momentarily, and we'll start Q&A in 10 seconds or 20 seconds. Revenue officer. Chief Revenue Officer. Sorry. Sorry, Greg. I'm gonna do it. What if they see... I'm gonna stand up. Can you hear me? Yeah. I think they need a microphone. Oh, the freaking camera. Oh, gosh! I was gonna go there, but all right. Sorry, Richard, go ahead. Yeah, no, thanks for the presentation. Richard Tse from National Bank Financial. I just wondered if you could maybe elaborate on sort of the three pricing packages. You didn't touch on that today. Yeah. Sort of how that sort of impacts ACV, and how these certain new products are gonna roll into that. Yeah ... in terms of, like, the step function of growth here. Yeah, that's consistent with what we said in Q2, so we rolled out our pricing. Historically, just some context for folks that are listening. Historically, the company was priced on an à la carte basis. We did a lot of work in the past 18 months. We looked at our competitive landscape, we looked at how we sold historically, we looked at how our customers wanted to, you know, look at the products and capabilities. Ultimately, what we've done is move forward with pricing that is more a core bundle and key capabilities that are beyond the bundle. And what that enables is for us to actually provide the customer a bundle that solves the problem that they're trying to solve from a use case or an overall enterprise perspective. And so what we're seeing, certainly, one, is you should expect that ACV, you know, as we track it in the next 12 to 18 months, should move up. Of course, this has gone live on April first, so from a net new customer basis, you're not gonna see those quotes will start realizing by the time you, towards Q4 of this year, early next year, because it's a six- to nine-month deal cycle. But, you know, we expect that you should at least see a reasonable 5%-10% ACV growth, depending on the use cases. But we'll track that. That is our expectation. That's certainly important for us to continue to track that. What is interesting that I certainly saw as a great indicator off the gate on between April first and as we close Q2, was that all our legacy customers sorry, all of our customers that were already in the pipeline who had the legacy pricing quotes in play, our sales team had over 25% of those quotes were converted to the new pricing. Because what that really tells you is that the sellers are now used to driving value in the conversation, and because of the new pricing, you're talking the value of the platform that we bring to the customer, which enables them to accelerate the deal cycle, enable and also from objection handling perspective, it makes that, the discussion much more value driven. We certainly thought that was. I certainly thought that was an important number to think about as a lot of the legacy quotes that were out there were converted to the new pricing. So we'll give more updates as we get through, you know, into early next year. But certainly positive signs are out of the gate. So, thanks. Hi, Rob Young, Canaccord Genuity. I wanted to dig into the TAM number you provided for the U.S. Fed, $2.7 billion, I think, flashed up there. Last year you- Fed and SLED. Fed and SLED, and then I think you said you broke the percentage, $1.2 billion, one point- Yeah. Last year, you gave some annual figures. Yeah. Maybe you could just bridge those. Or is that effectively the same that you gave last year, or there's- No. So this number is total spend, and Harvey, feel free to come in. This number is total spend in the U.S. Federal and SLED market in learning management solutions that are driven for employee experience only. That's an important call-out. This does not include customer experience because it's hard to track in the database of the government. So it's a smaller subset to start with, so we think the market is larger than what we presented. Last year we spoke about, that's the number, was the net new budget that was allocated. So the government has a budget, and then they get the net new allocation, was $300 million in the last three years, net new on top of that TAM number. Okay. Yeah. And then just a second part to that would be the maybe you can add some color around the presence of on-prem maybe the older legacy systems that are sitting out there that is there a burning platform to get off of those and move into the cloud? Just trying to think of how the pipe might develop. Is there a front-end surge or is it something that develops slowly over five years? Is there some burning platform to get off of these old systems because of end of life or end of support or any color around how that might progress? Yeah. So, can you all hear me okay? The federal government has, if you look, a Cloud First policy, so there are a lot of on-prem solutions that the government's really trying to get off of and go to the cloud. What's dragged that out or made that elongated process are things like the FedRAMP certification process that you'll see, right? So Google, AWS, Microsoft, all had to go through the FedRAMP certification processes to get themselves prepared to be able to host these solutions in the cloud. And then the second thing comes is the budgetary cycles, right? So when government comes up with an idea, especially the federal government, and says: Hey, we're gonna make this a priority or an initiative, like post-quantum encryption or Zero Trust architecture, it generally takes two budget cycles in order for agencies to start to see, hey, we're, we've funded for it, and now here comes the budget from Congress for us to be able to enact these things. So I don't know if that answers your question, but there's generally a lag there, and so we are starting to see. You know, Oracle is a great example. They have an on-premise version. There's some RFPs that we're starting to see pop up out there, that they're wanting to go away from Oracle. The other interesting one that we're seeing is open source. So the government early on jumped on open source, and what they realized was, "Hey, yeah, the open source piece is cheap from a software perspective or inexpensive from a software perspective, but to deploy it and to manage it requires a lot of services, and ends up being some sort of one-off solution that ends up costing us more over the life of the solution than it does to buy it." And so now we're starting to see RFPs coming out that, 'cause the infrastructure's there, that says, "We want product." So, I don't know if that gives you some more color. Harvey, you may wanna comment on the VA as well, if you want, this morning. I'll pass the microphone back in a second. I was gonna add, and you can add more color on top of this as well, that to the point of legacy players in government, one of our strategies is also to continue to develop partnerships with the companies that have already been operating in that environment, that have actually portfolios of accounts, and not just think about the opportunity in terms of net new, but also think about the opportunity in terms of organizations that are already actively working with our partners, that however, have an interest in switching at the right time, the business of those agencies or organizations onto us. That's true for the recent signing of Deloitte, that has a significant penetration in the government space, both SLED and Fed. And it's true for some other partners that used to or are currently supporting other LMSs, but recognize that our technology is superior. And so at the right time of the renewal cycles, we already will have an operational foot in the door in some of these organizations that we may not know yet, but they know of us because of our partnership work. I think one point, Harvey, before you speak on VA, is that to the extent that we get to FedRAMP certification, we will be one of two real, you know, companies in this market that are serving the space. Of course, Cornerstone is the other provider there. So I think it is important to call out that it is a hard market to get in. In the software world, I think there's only 200 or so companies or above that are in total FedRAMP certified. So that is also gonna be important, that the market is very limited in terms of players that are playing there. ... Yeah, Nitin made an earlier comment. I'll kind of piggyback off of that, where he talked about when you look at a, you know, sort of the hierarchy of needs. It was gonna be price, and then security, and then... So I would argue in government, it's security above price, right? So if you go to market and there's only one vendor that's FedRAMP certified or has the certifications that you need, you know, as a taxpayer, I hate that, but as somebody that sells to the government, I kind of enjoy that. So this is gonna be a true differentiator for us as an organization. All right, Ryan MacDonald with Needham. Thanks. I wanted to start the TAM slide around the commercial opportunity. You had sort of employee replacement opportunity, customer experience, more greenfield. As you think about the SI channel partners you have with Deloitte and Accenture on the commercial side, within the pipe they're helping you build, where are they bringing you more opportunities? And then how are you, may sort of expanding that conversation into the multi-product employee experience and customer experience use case? Yeah. I'll start that, and I think Travis and Alessio, you can jump in. I think what's from an SI perspective is fascinating from my point of view. So you certainly have the traditional large Fortune 500 companies that will have go through systemic shifts in their organization, are going to work with larger SIs because they're gonna do the change management, the managed services. It's not just the software, there's a big part of it. It's very similar on the government side, which we talked about Deloitte as an example. Deloitte has the capability. I mean, software is a subcomponent of a big set, multi-year change management, you know, investments in technology. The work that, you know, Deloitte has 15,000 GPS employees, government practice employees that work specifically in their GPS practice. What they can do is they can do all the managed services, they can do all the implementation, they can continuously support the customer, and what you can imagine there is, of course, that's a much material part of how they make their revenue. So that's like your typical employee experience market, where either it's the large organizations, mid to large organizations, as well as, government that you see. What I think was very interesting, at least from a number of customers that are also here, I'm sure, are prospects too, that you may have met. There are, the example I'll use, Hockey USA, we're certainly, you know, we work with our partners at Deloitte around that. What's interesting there also is there we are not just an LMS or a learning management platform, a knowledge engine platform for their organizations. We are the core ERP for Hockey USA, and I would encourage you to look at the article from the CFO. We spoke about it. Why? Because effectively, Hockey USA has 1 million members across the U.S., and they have 17 different jurisdictions, the multiple use cases, and how they charge their customers through our platform. End-to-end, they're gonna use us as the biggest investment in software they've ever made. What I'm trying to say is there's a lot of member network platforms from a SI perspective, where this is also a big change that's happening, where we continuously add all these member network platforms that are driving us as the ERP, which is an LMS effectively in their middle. And that's where the system integrators are doing an incredible amount of work to actually shift that organization. So I would say that the opportunities we see are most reasonably balanced between the external audiences and CX learning and EX learning. I'll let Alessio and Travis comment. Yeah, I would just add that, I think the beauty of working with a Deloitte or Accenture is that they are very industry focused. Yeah. And so our teams and our internal champions, we're working a lot with them right now on enabling. So if they're going to their retail business, it's not just about, "Hey, this is a learning for your employees." It's like, "No, there's like these, sort of multitude of use cases." So I think from that standpoint, there is definitely education within the businesses that, you know, a lot of times people hear LMS, they just think about internal employees' compliance training, but it's really expanding that conversation. So I think because they are industry aligned, it actually allows us to make very, like, specific messaging for each industry team, both across all the large- And I think the platform side, just quickly, just, before Alessio comes in, is that federated concept is important because if you have a problem statement, so let's just take. I know there's an example, that there's opportunities where school safety and 'cause some of the stuff around security of the schools is important. If you do it for one state, Deloitte can actually do that at a federated level for other states, so it's a pretty easy spin-off for them to do multiple, you know, and that's an efficiency for them, too. I don't have a ton to add. I think the most important concepts have been shared. I would perhaps underscore the fact that SIs themselves, because the CX posture of learning platforms is a relatively new space. SIs themselves tend to have developed practices that, over time, have focused more on the internal side. What we witnessed, for example, with the what do we say publicly? Tech Five, a company that starts with a G and ends with an E. You know, the SI has been able to support them on both the internal and external use case, but historically, we have seen them more involved on complex internal use cases, so as the CX posture of companies continues to evolve, we expect the practices of these consulting companies to focus more and more. We're in a very, very interesting time right now with AI blending into this opportunity of customer experience and knowledge. I feel like we're uniquely positioned to capture secular trends, and we are at the very top of choice of this company, so it's extremely exciting. Really helpful. Maybe just one on the product side, since you mentioned AI. It seemed like there was a lot of enthusiasm for the AI authoring tool and that impending launch here. But excitement's around the full automation content generation side, and it seems like that's where to maybe replace some of the incumbent vendors. Sort of where are we at in the of like when we can get to that sort of ideal state of what you showed in the demo in sort of a general availability, sort of full launch capability? Yeah. Thanks. We spoke about the Five Degrees of Autonomous Learning earlier yesterday, and I would say that AI authoring we prioritize that development, and we really concentrated our resources on it. Because as stated before, it's such a prerequisite towards many other derivative initiatives, such as the learning automation concept. I don't know that I would characterize learning automation as a needed requirement to displace the antiquated and/or traditional platforms because they're so antiquated that that is really a very forward concept. But for sure, in order to stay relevant in the minds... We want our brand to be seen as the absolute intersection between reliability, security, and innovation. We want organizations in the world to think of Docebo as safe, stable, and ahead of others. You know, frankly, it's not easy to do because you're usually either on the, on the left side or on the right side. It's difficult to meet all those requirements. Automation is definitely tilting towards the highly innovative concept in a solid way. What I don't want to do is to rush, rush, rush, change priorities, make it happen in one quarter, and leave behind all the things that our customers are asking now that are more centered in, you know, their immediate requirements. Is it something that belongs to our vision? Absolutely. Do I think that that is going to make people go crazy, and the industry is gonna really think of us in a further, more, more excited way? Absolutely. But what we're not going to do is to drop everything and go after the next shiny thing. And by the way, I don't think automation is shiny. I think it's going to be saving thousands of hours of work to people. But I think you know what I mean. It's important to stay grounded in the reality and work towards the future in a responsible way. You made some good progress moving to the enterprise. Obviously, from a technology perspective, the integrations are there. You've got some pretty big channel partners. What's left to do on the enterprise side? Do you think there are some factors that still need to be done or built out in order to help accelerate that, and what are they? There's a tremendous amount of opportunity. Greg, would you wanna take a stab at it? Yeah, I mean, I think, as has been covered earlier, I mean, we've made a lot of changes in the organization to truly become an enterprise-focused company. So key is product, you know, and we're at commercial scale. We've got large organizations with 10 million + users loaded in the system, a multitude CX, EX use cases. So from a product standpoint, there's always gaps, you know, areas of improvement that we've identified specifically around verticals that we're prioritizing, but I would suggest we're there. Especially as Nitin had covered earlier, security, privacy, compliance, which are key to those types of organizations. I think some of the changes that we've made organizationally are now allowing us to truly, you know, drive enterprise, the significant enterprise growth. Unfortunately, we can only put a limited number of the logos up, but we've had a solid year so far. I have to be careful what I say. We've got a fantastic pipeline with Fortune 500 organizations. I think from a marketing perspective, we're truly aligned now to market ourselves based on all these wonderful examples, and qualifications, and skills that we have. We've got a robust business development organization that directly and strategically targets that market segment. And then, the sales organization, we've changed the pedigree. You know, it is a different sale. We grew up in the mid-market. We've brought basically rebuilt the enterprise segment sales organization this year to focus on individuals that have sold enterprise, as it is a different set of unique challenges, shall we say. I'm very confident that we're in a great place that's bolstered by the numbers and logos we're driving, and we'll continue to make some tweaks and improvements, but it'll be a solid bounce year. Oh, no, I already have a microphone. I forgot. I would add- I would add two things. Look, it, the statement, "It takes a village to build a great company" is true, and it takes, you know, three-quarters of the village to improve in any specific initiative that is significant, like enterprise refinement, improvement, maturity model. It touches many components of the company. If you zoom out and look at the company from outside, it touches the way we brand and position ourselves and message. It touches the way we talk about our pricing and structure pricing. It touches the way we implement customers and post- and manage the overall post-sale experience of our customers, interfacing with and facilitating with partners. It touches so many things. One area that I'm extremely passionate about and that I talk to our team a lot, and these conversations have, for sure, become more and more deeper as I took a new role already in the interim phase. But they will become more pervasive in the coming months, is our attitude as a company towards the concept of the customer. I'm a firm believer that, especially at the size in which we are, having a posture where the company thinks of our customers as our biggest investment, that we deeply care about them, that we make them feel loved, that we make them feel unique, that we surprise them, and that we have sometimes an unreasonable hospitality logic towards them, where we shock them about things that we can do for them when they don't expect it. I want the customers to think of Docebo as this progressive company on the product side, no doubt. But when they think, talk about us to others, I want them to express of a brand that takes care of them and makes sure they are successful. I think this is a little bit of a perhaps a maturity model, a focus away from just the technology onto the customer, where we have more opportunity. I think in the enterprise space it matters a lot because the longevity and the depth of investments relates a lot to how deep you are in those organizations. I sat with Google yesterday, had a 30-minute delightful conversation, and I learned what an incredible job the team has done in the months past to develop those relationships. I mean, it was just really delightful to hear them say the things that I heard, and it's not because only we did a great implementation, but it's because we cultivated the account in a manner that perhaps years ago we wouldn't have done, because we were so on the next new feature and losing a little bit sometimes sight of the importance of those relationships. Yeah, thanks for that. That definitely makes sense, and it's consistent with the feedback I'm hearing from your customers. It's fantastic. So it seems like it's paying off. But, you also made some pretty big changes, like you're alluding to, with the sales org for enterprise. Yes. Can you dig into what some of that is? You talked about, you know, the pedigree. Also, customer success was built out. Can you give us more details on exactly what you've done there, and then maybe some of the lead time? Because we know enterprise sales does take a little bit longer, but you're hiring experienced people. So how long to ramp those guys up, and then the sales cycle on top of that? Then just for time check, we're gonna wrap in eight minutes. There's some meetings afterwards. I'll stick around, but I think if we can do Josh and just that table afterwards, and we'll stick around. I'll just say one thing only and then pass the baton to Greg. Yesterday, again, referring to a key customer meeting, they made a comment about that, actually. They said, "Hey, just wanted to give you feedback and let you know that the fact that now, you are one of the few vendors that we worked with in the past few years where, you've given us continuity after the sales process, so that the person we work with, pre-sales and post-sales, for a certain amount of time, has been the same individual." That, for us, is critical because we have, we didn't have to re-explain the whole thing. We didn't have to rebuild the relationship. We had already our advocate in the company, and that is one of the most significant changes we've made. But, Greg, leading a lot of this and can speak to that. Yeah, I mean, I should clarify, because a lot of the pieces were in place. I mean, I was referring to the sales organization itself, but as we know, it starts well upstream or upmarket from that. As we noted with marketing was aligned, business development, so the engine was built. So just making sure, you know, I'm a Canadian, so the ice is set. Now, to putting the right team on the ice. So pipeline is robust. Can't get into too much detail, but we're in a good position. So it's certainly not a rebuild. We've just upskilled, upleveled the enterprise sales organization in North America, specifically. And yeah, I assumed the revenue organization, I guess, four months ago, and I've got a background in both software and services. To me, you know, I think as Alessio noted, it's just a point of maturity for us to make sure that we have... We look at the customer journey, and we look at the significant phases of the life cycle and make sure that we've got people, process, technologies aligned. So we've made some, again, people, process, technology changes in customer support, and now it's my responsibility to own not only bringing customers into the organization, making sure they're enabled effectively, that we help sustain, and most importantly, grow and innovate. I think now across the organization, we've got those changes in place, and we're in a good position. Thanks, Greg. Hi, Josh Baer with Morgan Stanley. Question is on consolidation of learning spend, potential to win some of that. Just given the number of learning solutions out there, I think you're in a really good place, and also that relates to replacing legacy vendors. So I was hoping you could touch on that, but then sticking to that theme of consolidation, moving upmarket to the enterprise, was also hoping that you could touch on how you think about Workday as a competitor, just around their efforts that they're making around learning and skills, the potential for them to be a consolidator, just given their place in enterprises across HCM. Thanks. Yes, that's- Alessio, you wanna take that? I'll give it a start. In terms of consolidation, consolidation is mentioned in our surveys as a top five appreciation areas of our customers. Meaning, when we ask customers what they like the most about Docebo is the ability to manage and aggregate multiple assets into one platform. So we know that we have done something right in that area, but we agree with you that the opportunity is significant. Then we've asked ourselves: How can we be better at that? How can we encourage organizations to actually insist on the process of consolidation, the ones that haven't done it yet? We're taking some. We're taking, and we will be taking, even more initiatives to facilitate that. One of the things that comes into immediate attention is removing friction, the friction points that lead an organization to being skeptical about that. So if you go into a company that has more than one LMS, what are those elements of skepticism? Usually, they are two. They are in the area of governance, meaning, and the second one is in the area of data and migration. Governance requires a relationship work that we do by entering in the company through a department and working the account to understand who are the different players, and understanding if there is a centralized governance or if it's really hub and spoke, where there are multiple owners that need to be taken at the table. This process can take from months to more time, depending on the complexity and size of the organization. On the data migration side, that is something that we can control and do. We can target certain technologies that are more pervasive as far as incumbents, and make that process less painful. It is a very typical play in fragmented markets, where you have a dominant player that knows how to migrate customers from one platform to another. That's what we will be focusing, to ease that transition, ease that friction point, and be able to say: "Do you have technology A? We understand you don't like it, and we understand you're a little bit scared because you have 10 years of history on it, of transcripts, 20,000 learning objects, 150,000 enrollments, all this audit material. We've done it for 10 other customers. Let us, and let us tell you how these three references can speak to that exactly. That helps a lot. That eases that level of concern that many organizations have. I think there was a second part to your question. I wanted to just add something before you come to Workday. A couple points. Oh, Workday. Just quickly, sorry, on that point, is one of the ways to also think about, and that my friend here, Nathan, will speak to it, is when you sell into these organizations, typically what will happen also pretty... You know, if you think about the large home builder, it was both an HR use case as well as supply chain. So our ability to use the, you know, if I go to the CIO, our ability to say, "Well, we're also gonna solve your supply chain, well, why can't I displace you on the legacy platform at the same time?" is an opportunity for us to utilize that. The other thing I will say that on the product side is important to call out, there are certain verticals we clearly have identified in the past year or so, where we are targeting. You know, if you think about the large FIs that we sign, we are going to target certain capabilities that will also unlock our ability to penetrate further into those verticals from a product perspective. So as you think about the buyer as well, and put my friend, the CIO, hat on, the consolidation, the tech stack is real, especially when I'm leading from a more integral CX experience platform, and I'm asking the question, why you actually need any... Why do you need a legacy HCM, HRIS platform? And to, I'll set up Workday for you, but the challenge is, the moment you grow out of the EX needs on onboarding, you're gonna be disqualified from a bid. And so that's where we have the advantage from a CX, EX combination. Sorry, Alessio, go to you now. No, it's great. It's great. I think on the Workday topic, look, I can only speak about the data and the experience that we've had, and Greg and others can chime in. But when we look at specifically the cohort of customers that we've either lost at net new and/or leveraged an existing Workday module, what we've seen is that over a period of time, they have manifested their desire to adopt a different strategy. I'd say the point of growing our story towards more than just an LMS point solution is also to differentiate ourselves further from the modular story of Workday, which will do the bare minimum a customer may have. But when the complexity is on the table, learning complexity, educational complexity, our customers tell us that they want a different experience. So, you know, we don't necessarily view that as one of our top threats. Yeah. I'm just being mindful of the time check. We certainly will take one more question, and we'll, some of the management team will stay behind for questions. We'll just have to stop recording after the last question, please. Hi, James Rush from Craig-Hallum. Thanks for squeezing me in here. So you mentioned making some changes to improve net expansion. Could you provide some detail on what those changes are, kind of maybe when those could show up in improving NRR? And then if you could maybe put some numbers around sort of what the overall opportunity could be within the existing base today, that'd be helpful. Go on, Greg. ... Yeah, I did think, I think it's a, it's a good question. I think the way I think about the expansion side, and Greg can speak to some of the motion changes, but there's really, there's a few, three or four ways to think about expansion. One is your typical, a customer comes from an external CX audience, large enterprise, starts small, and has seat expansion. The second way to think about it is that we work our way through the logos that we have and win sister companies and others. And the third element that's important from an expansion point of view is, is our ability to expand the, the products and capabilities with which we have within the base. I think, I think with the new pricing changes, as well as the new modules that we've launched this week and in the coming months, there is certainly, as I say, enough meat on the table for us to ensure that we can enhance and add those incremental capabilities to our current customer base. And so between those three areas and how we positioned, and I'm sure Greg will speak to how we positioned our account executives and account managers to actually stay with the customer for long term, we are going to focus on this as the thirty-nine hundred customers that we have today. If we just simply execute on those verticals and the capabilities we can provide them, we will certainly. This is an important pillar of growth for us and an area of improvement. Yeah, I think I know we're short on time, but I think as Alessio noted, it's truly becoming a customer-first organization. And as I said to my team, you know, the renewal starts the day the contract is signed, and aligning an organization behind that. So as Sukaran noted, you know, some of the changes we've made, we have, especially in the enterprise and strategic level, where our global account directors stay with an account. I mean, those sales cycles are typically a year, a year and a half. You build a lot of relationships. You understand an organization, their needs, requirements, so making sure we've got that continuity of coverage from an account executive perspective. We've also streamlined the process and worked very closely with customer support, I should say, and product, to make sure between customer success, customer support, and product, that the customer is the center of that triangle. So streamlining ticketing, you know, responsiveness, and other key programs like executive sponsorship. So again, certainly in the major and enterprise realm, making sure our executives are interfacing with their executives. The other piece that we've aligned along is becoming a value-based sales organization with value engineering. Done a lot of work there, I could speak for hours on that, but how do we create value for our customers and measure? How do we ensure that they have reached those goals, that they have recognized that value? And then, most importantly, how do we continue through the customer journey to ensure that they optimize the value? So hopefully, very high level at this juncture, but, I think that, that's an important call-out. I think value engineering, just from my perspective as the CFO, is that, the more and more we talk to customers, if you think about the learning practice historically, the practitioners have needed help to articulate the story, especially on the employee experience side, of what value you drive. And our value engineering team, both on the CX learning and the EX learning, is enabling those customers to have that conversation themselves at the leadership level. And I think that's an important part of how we support them through our value engineering team, and most of that is KPI-driven outcomes subsequent to going live with a customer. I think that's where we're focusing on as we think about the expansion side of the story, is to drive that value conversation within those organizations around ROI-specific KPIs. We have a beautiful free cash flow, and we have a continuously more clear corporate strategy. You've seen some of it this morning. We believe that by adding the right assets at the right time, at the right value, the right assets or the right profile, we can use those assets, those technologies, as very good Trojan horses inside organizations. Eventually, having a multi-product capability is going to be critical to continue to grow the company, and that will lead itself to improve the cross-selling across capabilities, and result in better NRR. We're going to stop the recording at this stage, folks, but some of the management team will stick, stay behind for questions still. Some of us, a few of us have to go for customer, but I'm around for a while. Thank you. Thank you. Thank you so much. Thank you, everyone.