Are we good to go? Oh, perfect. Yeah. Awesome. Thanks everyone for joining us. My name's Ryan MacDonald, and I Lead Needham's Education Technology Research Efforts. Today I'm pleased to be joined by Brandon Farber from Docebo for this fireside chat session. We've got about 40 minutes to go through some questions, but we'll leave the last 5-10 for audience Q&A if you have any. With that, Brandon, thanks for joining me today. Yeah, no problem. Thanks for having us. Absolutely. Maybe just to start off, you know, for those who are new to the Docebo story, how about a brief overview of the business? Brief? Hard to keep that brief. I'll try to keep it under 40 minutes. There you go, there you go. Docebo is a learning management system, LMS. Traditionally, when I first heard about Docebo and heard it was an LMS, I always go back to start of my career at KPMG. In my first 2- 3 weeks, I was just staring at an LMS, doing compliance training, onboarding, figuring out how to, you know, navigate this massive company. Over the past five years, LMS has really transformed into more of just an internal use case tool. When I talk about internal use case, we're really talking about onboarding, compliance, talent development. That's your traditional, you know, storied LMS company. Docebo, when we were created, our Founder, CEO really thought about learning is more than just internal, but you want to train all aspects of your company. You want to train your customers, your partners. If you're association, sports organization, you want to train everyone involved in that company. From the ground zero, Docebo was built on a platform that could solve multiple different use cases and multiple different platforms. Just to give you some more concrete examples, from an external use case perspective, we serve membership associations. You know, I hate to use this example for you, but USA Hockey is one of our largest customers. They only have 1,000 employees, but they train about 600,000 external audiences. What are those external audiences? It's referees. It's volunteers, it's youth hockey, it's everyone involved in that association. We have multiple different sports associations. We have World Anti-Doping, so every Olympics they just train a massive audience of all the athletes. We have Special Olympics, MLB, a lot of niche sports organizations. That's one piece of the external academy. The other one is customer academies that could be monetized or unmonetized. If you think about a customer like Databricks. Yep. They've been using Docebo since probably 2020. Started at 100,000 customer, now over 1 million+. They have one of the most successful external academies with Docebo. It's monetized, unmonetized. You know, why is Databricks doing this? They want as many people knowledgeable on how to use Databricks so that when they go to company XYZ, instead of using one of their competitors, they can raise their hand and say, Hey, I'm a certified Databricks engineer, and have this certification. Here it is. You know, most recently, you know, very excited is that because we have this relationship with Databricks and we just acquired 365, which is on the skills intelligence. 70 days after we acquired that tool they decided to purchase, not only use Docebo for external academy, but also for skills. That was an internal tool that, funny enough, they were trying to build code themselves. Once they saw the feature-rich platform that we acquired, they stopped what they were doing and they said, All right. I'm not gonna invest my time in building this because clearly Docebo has thought about all the rules engine, all the history of skills. I'm gonna invest and buy that tool. Then there's partner training. We had a Fortune 100 company purchase Docebo this quarter, and all they're using us is for partner education. 50% of their revenues is served by partners. They have partners in 90 different countries. You know, if you think about a manufacturing company, you have, you know, one product that sometimes touches thousands of different people. How do you train them on best practices? You know, how do you tier and know which partner is better than the other? They have gold, silver, bronze, for example, c ertifications. If you're a gold partner, you get better pricing. It's actually a very key learning tool for this company. Yeah. Good incentive, for sure. I like the Databricks example because so often we get questions from investors these days about, well, when will these companies start trying to develop things internally using something like Claude Cowork? Like, to have a company like Databricks that actually tried to do this internally, which is obviously a tech-forward. Absolutely AI-forward company, and they said, you know, "We can't do this as well as Docebo, I think that shows sort of the defensibility of the moat that you have against sort of the AI trend right now. Absolutely. Yeah. Speaking of niche sports organizations, is Team Canada a Docebo customer? Not yet. Not yet. A good opportunity maybe. Yeah. We could probably have Team USA call them up and be a good reference there. All right. Well, let's go into the recent results. You had a really strong start to 2026, you know, beating consensus across the board, top and bottom line. It seems like enterprise really is driving that strong performance. You know, you had CAD 2 million plus expansions really early in the year, which was great. Can you just provide a bit more color on some of these customers and how representative they are of wins in terms of how you're viewing the pipeline and the demand trend right now? Yeah, for sure. For sure. Maybe I'll just take a step and go back to 2025. 2025, you know, we called out a couple segments that was really driving our business. Three quarters in a row, we saw a really strong strength in mid-market and EMEA. We're always pretty transparent saying, Hey, listen, enterprise was struggling in 2025. We had Q1, you know, the tariff noise. Yep You know, pause and delays and, frankly, some execution on Docebo's end and product. You know, what was the product gap? It was skills. We filled that product gap. We have new leadership. The enterprise, it takes about nine to 12 months to turn over that business. Really improve. Q1 was really just a combination of everything we worked in 2025 came to fruition. We had really strong pipeline, we had really strong win rates. We had really strong competitive displacements. Yeah. What drove the guidance increase? It was the strength in enterprise. What's gonna drive the, you know, beating raise in Q2 is gonna be in our enterprise. You know what we really like is we're not only seeing the execution, we're also seeing the demand. The demand is telling us that for the next 2- 3 quarters, enterprise is gonna perform well. You know, as I always say, one quarter is a data point i t's not a trend once we see 2- 3 quarters of strong enterprise w e're gonna embed that in our guidance going forward. Excellent. Maybe just coming off of your, you have your Annual Customer Conference that was a few weeks ago, how were you incrementally feeling about sort of that enterprise pipeline, you know, following the conference? Yeah, it's always a great event for pipeline b ecause we'd only have customers, we have prospects. Roughly in a given year, 10%-20% of our Inspire attendees are prospects t hey get sold at that event. You know, our win rates is close to 100%. Wow that attend because if they're speaking to customer they're seeing, they get access to Alessio, they get access to our CPO or CTO. They hear about our vision and what we're doing, and they're always impressed, right? Yeah. We had a lot of strong enterprise customers and prospects at that event. We are building the pipeline, and now we're gonna close the deals over the next two quarters. It was actually one of the prime reasons why we flipped Inspire from October to April because we have our Inspire in October. We win the deals, but it didn't contribute much to that. Yeah fiscal year. Yeah. We want to close the deals and raise our guidance for the year for that. Yeah. Always good to have conversations, too, when there's still money earlier in the year to be spent and. Yeah, exactly. available for budgets, right? That's good. One, the Docebo story is not just a growth story, right? It's also a really impressive margin story. Your updated guidance is for north of 20% EBITDA margins this fiscal year. You know, where are you seeing sort of the most leverage in the business model, and how much of that incremental margin improvement that you're seeing in the business is driven by AI productivity, if at all yet? Yeah. One of the things that is really great about Docebo is that we have been doing a step forward change over the past six years on EBITDA. This is not a business where we've gone from 5% EBITDA to 20%. we've had to, or- changes in the market have forced us. We've been really methodically stepping EBITDA up for the past three years. It's about 2% per year. Fr om 16%- 20%. We think we could keep doing that from a guidance perspective. We've raised our total year revenues by CAD 3.5 million Compared to our guide. About CAD 2 million of that was our beat in Q1, and the rest was flow through throughout the year. If I think about EBITDA, well, our subscription revenue grew by CAD 2 million. We're essentially raising EBITDA by CAD 2 million. What we're trying to say is that our high margin revenues flow into the bottom line. Yeah. By servicing the higher revenue stream, we don't need to add incrementally. Yeah. Like G&A, we're staffed up to the next level of effort. I don't need to add anyone on my finance team. Yeah from CAD 250-CAD 300. Yep. I expect that out of all my G&A partners as well. Yeah. From sales and marketing, you know, we're certainly seeing efficiencies. you know, sometimes SaaS, we get very fancy with our metrics of LTV to CAC, and CAC ratios, LTV, but sometimes you can really just simplify it on how is quota attainment. Higher the quota attainment, the better your sales efficiency. The lower your quota attainment, your sales team is inefficient. Yeah. What we're seeing is higher quota attainment because of the enterprise performance. Market strength, and you're going to see sales efficiencies in the back half of 2026. Yeah. Excellent. Excellent. That's great to hear. Let's take a step back and talk about the L&D market and how it's evolving a bit. It seems like the theme this year that we keep hearing is sort of this learning in the flow of work, and it seems like there's really three components to sort of execute on this learning in the flow of work vision. You need to be able to access core systems like the HRIS, the LMS, and others. You need to do that to sort of understand where the skills gaps are within your organization. Yeah. You need to create and embed content directly into some of these systems so that if I'm an employee, I need to be able to go through and, you know, have bite size sort of content so I can just learn quickly and not have to take time and go into a separate system. You know, your platform, it's not really easily built, but can you talk about what you're doing and how you're kind of building the pieces together? Yeah to be able to execute on the vision of learning in the flow of work? Yeah. Yeah. This is actually a good example of, you know, Docebo being innovative and at the forefront because we came out with a product called Docebo Flow in 2021. At that time, it was too early i t didn't have product market fit. People didn't really understand, and frankly, it was heavy on tech because someone on their organization in IT had to help us build in through APIs to embed Docebo into their work, flow of work. Yeah. Today, so much more simpler because through Docebo Companion you could add a Docebo through your browser extension, and then Docebo is literally in your flow of work. If you're in Salesforce y ou don't know how to create an opportunity, well, Docebo, through your flow could create a video that says, "Here's how you create an opportunity. Do X, Y, Z." We'll show you a video, and then you can repeat it in the flow of work. Yeah. You know, we've been building off something we built in 2021, and we've learned from our mistakes. Now we've created, like, a seamless tool that anyone could really work with. Also, your question is, it's touching on a little bit of the closed loop that we're trying to accomplish. That is right. From a skills perspective, you know, It's funny ’cause people always say this, Wow, I didn't know this, you know, live inside of an LMS. Traditionally, LMS and skills has always been separate. You'd have an LMS plus Gloat or plus Fuel50. These niche point solutions that focus on skills intelligence. You know, Docebo is the first platform where we're really combining skills plus learning. Yep. The great thing about that is, you know, let's say you're an engineer and there's a new skill that's popping up. I'm just gonna use a real example that's really hot. Yeah in Docebo is token optimization. If I'm the CTO, actually if I'm the CFO, I'm gonna go to my CTO. Yeah Say, You need to train every single one of your engineers on how to become an expert on token optimization. They create that skill, and through Docebo we could create the content through our agents. They're gonna close that gap. I'm gonna come to them and say, "If you haven't taken that training in optimized tokens. Yeah. you're in big trouble. That's right. That's right. There's never been a real tool that, you know, closes the loop from skills to actually filling that skill gap. That's what Docebo's trying to create. For sure. It's a big challenge that we're seeing from enterprise organizations today, is just simply even on the first part of that, is identifying where their skills gaps are in their organization because they're having to shift from sort of job-based sort of roles to skills-based roles in how they think about the employees in their organization. Can you talk about the 365Talents acquisition you made earlier this year and how it helps to identify those skills gaps and sort of help to start to fill those gaps? Yeah. 365Talents is a completely AI-powered skills intelligence tool that really focuses on three use cases. Skills intelligence, internal mobility, and talent marketplace. It's a true enterprise grade tool, so the target audience is 1,000 employees or above. Right now the current customer base is majority is French enterprise b ecause it's a company based out of France. Yeah. If you think about, you know, a complex, you know, let's just go through an example like a bank. A bank has 100,000 employees. Maybe they have an attrition rate of 15%. They need to fill 15,000 roles a year. Well, if you're a Junior Analyst, how do you know what skills you need to get to the next level? If you want to be a Manager, how do you know what skills you need? There's a skills graph with all of the skills you currently have and all the skills that you need to get in order to get to that next role. The future is all those skills gap, we're gonna create content for you to actually watch the content T hen prove that you filled that. You know, we have proof points from customers that through this talent marketplace internal mobility, they've saved a material amount of money on external recruiting. Because their stats on internal mobility has significantly increased so t hat Junior Analyst is now becoming an Analyst because they know how to get there and they know the role actually exists. We know that's a huge ROI that I think often gets overlooked because we know that, you know, it typically can take and cost about up to 50%-60% of what a person's salary is in filling the role in terms of getting that person hired and the lost productivity that you have. Anything you can do to sort of limit, you know, turnover in your workforce. Yeah Is a real value proposition for these organizations. Yeah. As we think about, we've heard a number of L&D vendors across the market talk about learning in the flow of work and sort of this need for this closed loop ecosystem. It's across various points. Some are LMS vendors, some are HRS vendors, some are content vendors. Can you talk about what gives Docebo the right to win in this space, and where do you think the natural point of consolidation needs to be to create that closed loop? Why is it Docebo? Yeah, I mean, I think we're in a unique position where Docebo is right now a system of record for all learning. Mm-hmm. We have the modern database that shows employee XYZ took training on XY day. You know, we have all that history of data. You know, when you compare to, like a content company, they don't have the, they're not a central repository. Yeah for that data, right? You know, I think when you talk about a closed loop, it's very hard for a content company to actually close the loop like an LMS. y ou know, we think Docebo being the only LMS plus skills you know, our right to win is very large in that space. Absolutely. As you evolve the platform beyond LMS into including knowledge and skills, and as you start to monetize this, how much incrementally larger does this make the total addressable market for Docebo? You know, funny enough, what we've seen, we had a couple shared customers between 365 and Docebo. You know, I'm just gonna make up an example. If they paid CAD 100,000 for Docebo they're also paying CAD 100,000 for skills. Oh, wow. It's actually about doubling our ACV. Yeah if we're acquired a company that's using both solutions. Just one point to your last, your last data point as well, is that we've actually seen demand from our customers to use skills for external use cases. When you're talking about, you know, your content players. Yep who are only focused on the internal u se case. If we could turn 365 to actually map skills for partners. You know, Docebo, we have about 100 partners. How do I know who's my best healthcare implementer? Mm-hmm. Yeah. I don't know. Yeah, exactly. Yeah. It doesn't exist yet. Yeah. exist yet. Yeah. It would be great to have a tool that actually tells me that, right? Or, then basically you could also look at, okay, once you identify who your best is, then you can understand better well, what are the skills associated with that makes that partner- Yeah the best, and then train the rest of it. That obviously ends up generating more revenue for your business over time. Exactly. Interesting. As we migrate this discussion of the, from the vision of the platform and where trying to go to sort of the current state of the industry and the market itself, what are you seeing right now in terms of enterprise L&D budget trends, and are you seeing any budget increases to go and tackle things like skills mapping and AI content? Yeah. I always like, on this question, I always like to remind people. Probably about 50% of our revenues come from L&D. The other 50% is actually in the CRO budget because of sales enablement. It's in the CIOs because they're in charge of consolidating 10 different LMSs. Yeah, yeah. It's in the CEO of a sports organization sometime because they're in charge of, you know, training their whole organization. It's an interesting question, but we've certainly seen budgets exist when you're providing value. If you could go into our organization and say, Here's the ROI. Here's the value you get from skills co mpanies are willing to spend that money. If you go into a sales cycle and the companies don't understand, you know, what is the value of this solution? How am I getting more efficient? How do I save money It's hard to get that incremental wallet share. Yeah, yeah. I mean, and I totally take your point but, like, a lot of the times, we see discussions or when it comes to budgets, there needs to be an awareness or a catalyst to go and start searching for those platforms. Yeah like Docebo out there. I'm kind of curious, like, what do you think needs to be the catalyst to unlock incremental budgets beyond sort of what we're already seeing, and is it the sort of forced platform refresh cycle we're seeing, like what Cornerstone is kind of creating for their customer base? Do you think that helps to unlock some of the opportunity and budget in the near term? I mean, we're certainly, based off what you just discussed. Yeah We're seeing higher RFP volume. Yep this year in the enterprise space. I mean, the LMS internal, it's a switchers market, right? Every 3-5 years you have the same companies. Now that we've been in the enterprise space, you know, it's funny. We're seeing some prospects come back to the market that we lost three years ago. You know, we're so much more of a mature company and we know exactly what they want. Yep. I think our chance to win that logo is incrementally higher than it used to be. Yeah. It's a switchers market. Right. An internal use case, you're sometimes limited to how many employees does that customer have? Then, you know, internal customer academies, we really do see companies are willing to spend more if they're getting higher demand from their customers to look at their content. Yeah. If they're monetizing their content more. Why would you not be willing to spend more on the LMS? Yeah, absolutely. Absolutely. You know, I spoke with one large customer at Inspire, at the conference a few weeks ago, and they said, I bought Docebo because I wanted to have a reliable LMS, but I wanted to know that they have a plan for AI as well. How representative do you think that comment is in terms of the current discussions you're having within the pipeline, and is AI really a current driver of adoption, or is that more of a future expansion opportunity within that existing base of customers? Yeah. The L&D buyer persona is always slower to adopt technology curves, right? Like, we're not selling to the CIOs, CTOs who are in Claude every day and just being force-fed to use it. The L&D buyer persona, they're behind. Yes. They want a tool that's thinking about change. They want a tool that is actually innovative and has real proof points, but it's not their main buying decision today. I'll give you a real example. A prospect in Europe, a large consulting company, they took a demo of Docebo and before we announced at Inspire that we had MCP functionality, they asked us, Hey, can we use Docebo through MCP? Before we even answered the question, we said, How do you want to use Docebo through MCP? Yeah. They said, I have no idea. I want to know that you're thinking about it so that when I do know, I can use it. Yeah, yeah. I think our buyer persona is slightly behind. We really have two streams in our R&D department right now. We have the innovative forefront, we have to be doing this t hat's the AgentHub. That's, Enterprise Knowledge. That's MCP i t may get low usage when it first comes out. You know, that's the reality. Yeah. We have the core platform Inspire. You may have seen, you know, people cheering that you could export PDFs now. Yeah In some of our functionalities, like, just the bare bones, you know, meat of the platform. Yeah. At some point they're gonna move to the innovative stuff. We want to make sure we have it. With that we just, you know, when people think about Docebo, they think about the most innovative tools that L&D could use. Yeah. It's definitely one of those underappreciated aspects of when you're at customer conferences, like, you know, you get a lot of the users of the software at the conference obviously, and so there's a lot more excitement for like Yeah you know. Just the plumbing. to the core functionality. Yeah of the business. I think some of the legacy competitors in the space thought too much about the future and forgot to actually maintain the core system. It's like if you can't, if you don't have a working piece of software at the core. Yeah you're never gonna be able to actually take advantage of any innovation over time. Yeah Yeah. Interesting. As AI gets weaved more into the platform and customer usage of Docebo's AI tools grows, does this drive a shift away from traditional SaaS pricing models to more of a consumption-based pricing model over time? If so, what do you think the main opportunities of, or risks are to that transition? If maybe we'll take a step back and actually think how Docebo prices today. We price per seat, but we also price per monthly active user. We technically already have a usage-based pricing. Usage-based. It's not a true usage base because, you know, a company, they buy a bundle of 5,000 monthly active users. If you go below that, you're still paying for the CAD 5,000. You know, if you have an organization of 10,000 and you only need 1,000, and only 1,000 users go in per month y ou can only pay for 1,000 monthly active users. Yep, yep. We've actually always had hybrid usage-based pricing from Docebo AgentHub, Docebo Enterprise Knowledge. We haven't released how we're gonna monetize it. You know, if you think about it, and not saying this is how we're gonna monetize, but, you know, some companies are monetizing per agent. You know, while a company, you're limited to 1,000 employees you're not limited to five agents. No. You could have 10,000 agents. You could have 100,000 agents, as long as you're providing value. Yeah. You know, there are some arguments for SaaS companies is that, you know, agentic agent pricing actually could be a tailwind because the usage could be much higher. Yeah, absolutely. I mean, when you mentioned that you're not just selling to head of L&D, you're selling to the CIO and sometimes the CFO. You know, how do they feel about such pricing models on an agent basis or on a token basis? I mean, I imagine as a CFO it probably makes you break into a cold sweat a little bit. Oh you know, when you think about the budget. They hate it. I hate to go back to Docebo Inspire. Yeah at Inspire we have our top customers and top prospects, and they have access to our whole management team. You know, Alessio strategically asked, like, Raise your hands if you want Docebo to switch to a completely usage-based pricing. Guess how many hands were raised? Zero? Zero. None. Oh, wow. There you go. Yeah. You know, it's people like predictability especially in G&A software. For sure. You know, the last thing a CHRO wants to do is go to their CFO and say, I blew through my budget in two months. Can I get more? 'Cause the CFO is gonna say, No. Yeah, exactly. Exactly, yeah. Maybe shifting to the go-to-market. I think what has been really impressive, and we kinda talked about sort of like the enterprise motion and how you've really bolstered your chops there as an organization. Yeah. Can you just talk about over the last couple of years of what investments you've made, and then how you've adjusted, say, the structure and the type of talent you've brought in to really- Yeah become more of an enterprise business versus one that really focuses on SMB mid-market? Yeah, I think this is a little bit of time in market and learning from your mistakes. We started to create this enterprise team in 2021 and, you know, looking back, you know, we always call it they weren't actually an enterprise team. We had a team of eight sellers, a combination of, you know, quota carriers, account managers, and a manager. The majority of that headcount sellers were Docebo reps that previously sold in the SMB and mid-market space. They were treating the enterprise sales cycle exactly the way they were treating mid-market. We learned quickly over time that that's not how you sell. The enterprise motion is completely different, y ou have to multi-thread it. You have to work it over three years, sometimes over five. You need to know who the vendor is, when the end date is. You know, you have to do a true solution-based sell-in. I think just over time we've upskilled our team. We've upskilled the talent. Our product has matured. When you talk about skills, you know, in 2025, we noticed in enterprise RFPs the number one feature that was coming up was skills. That was a feature- There you go. Yeah we didn't really have. You know, we closed the product gap. We closed the talent gap. Now we're seeing the fruits of that in 2026. That's great. If you think about, you know, let's call it capacity and sort of a bit, a market coverage, let's call it that. What% RFPs do you think you see within the market, you know, today, and how does that compare to 12 or 24 months ago? That's a really interesting question. I think from an enterprise perspective, we're probably seeing close to 50% more than we used to. Wow. We still don't see the whole RFP market. The reason why I say that is because there's a couple sectors that Docebo needs to get better at. If I think about healthcare. Healthcare has very niche requirements. Yes. You have to have a validated environment. You have to have CFR 11. Sometimes you need to have HIPAA. Sometimes you need you know, niche content management that they need in the healthcare space. We're actually potentially interested in, you know, should we verticalize that h ave that as another avenue of growth in 2027 and 2028? Yeah. You know, those type of RFPs we don't see today. Two years ago we didn't see pretty much any government RFPs. Yeah. Right? Now we're seeing significantly more government RFPs as it comes out. Yeah. I think as we mature, as we get more of these logos in different verticals. Our product is getting better for those verticals. We're seeing more RFP volume as well. Got it. Well, as the resident Health Tech Analyst at Needham as well, you will be horrified by how antiquated some of those technology infrastructure and healthcare companies are. Good luck with that. You know, before I finish up with a few more questions, I want to just check with the audience to see if there was any audience questions for Brandon. All right, good. All right. Let's shift over to the U.S. government segment. Can you give us a sense of what the current pipeline looks here across both Fed and SLED? I know the federal government opportunity in particular has been, you know, a long time sort of. Yeah slow burn as you've built into it, but you've-. Yeah crushed it in SLED over the last couple of years. Maybe just talk about the state of those two businesses. Yeah. SLED, we've been probably selling in the SLED for close to two years. Fed, less than 12 months w e just became FedRAMP compliant at the end of May. Over that period of time we've been building the pipe and building, you know, the relationships. You know, frankly, the government business is a very relationship- Yes relationship business. What I would say is that over the last three quarters, our pipeline has exceeded targets. We're seeing a mix of demand pretty much 50/50 between SLED and Fed. Within Fed it's about 50/50 between on-prem to cloud versus. Okay you know, our, some legacy competitor replacements. Yeah. We're seeing a very healthy mix of pipeline. We're seeing pipeline demand that gave us confidence to say SLED in Q2 is gonna have a good quarter. If you think about budget timelines, June 30th is, tends to be when a lot of the SLED contracts get.signed Fed is September 30th. Yeah. We're seeing strong demand to say Q2 is going to be a good SLED quarter. Q3 will be our first real learning proof points from a Fed perspective. You know, the reality is Fed teams tends to be lower amount of units higher ARR. You know, you know, as Alessio as a he used to be a seller, and he always has this quote that, Sometimes you need to learn through losing before you can win. We're hoping that doesn't happen this Q3. In our guidance, we're trying to be cautious because this is our real first hit at a true, like, Q3 Fed quarter. We're actually seeing a lot of mature that is signaling we're gonna win some units, but it's early. Yeah we don't know what we don't know. Yeah, for sure. Maybe one of the last things to also, that I want to touch on is talk about some of the metrics and the dynamics of the strength you're seeing at enterprise, and then what you're seeing within the OEM channel and the wind down there, because I think what really hit me from our conversation after Q1 earnings was, you know, how fast your enterprise customer count is, how fast ACV is growing, ARR is growing, and yet it's a lot faster than the overall top line number because of the OEM dynamic. Maybe just walk, you know, people in the room through that. Yeah. We had a OEM relationship with Dayforce, where essentially Dayforce white labeled Docebo as their own product. They sold Docebo as a product called Dayforce Learning Module. When you came to Dayforce for payroll, it was a very add-on, it was a very easy add-on for them to sell learning as well. Their population is a heavy onboarding compliance use case. You know, a use case where frankly, it's not Docebo's ideal customer profile. Yeah which is why it's a great idea for us to OEM. Docebo for payroll providers. I think it was Q1 of 2024, they acquired a small LMS called Ellomi. They took about 12 months to re-platform it, embed it within their platform. When I think about Q1 2025, Dayforce ARR with Docebo is roughly $20 million. That's wind down to $8 million in Q1 of 2026. We have this headwind embedded within our top line, ARR, reported ARR. Within that, we've actually accelerated core Docebo growth,y ou know, excluding all that wind down and acquired ARR, we grew CAD 13.6 million versus CAD 12.5 million last quarter. Our ARR above 100,000 is growing 31%, and that's our stickier customer. Yep higher expansion opportunity, longer contracts. We've been talking about some 3, 5-year contracts in the enterprise space. Over time, you know, once we get over those headwinds, you know, it's very easy to model how on a top line ARR perspective, it's gonna be pretty easy to start re-accelerating growth in Q3, Q4 and into 2027 for us. Absolutely. How's that factoring into your sort of target updated target model that you provided at Inspire? Yeah. From a revenue perspective, we put, 10%-15% compounded growth over the next three years. When we talk about all these levers, we talked about enterprise, we talked about skills, we talked about government we talked about external use case. We're gonna use all those levers we have to continue to compound at a healthy rate. If you look at the EBITDA guidance, I believe it's roughly 27% is the midpoint on our EBITDA guide. If you take, you know, the midpoint of revenues, CAD 12.5 million. Yep The midpoint of EBITDA, that gets you to a Rule of 40. Yeah, absolutely. Yep. Awesome. Last one, capital allocation. You have strong balance sheet. You've made a couple acquisitions with 365, more recently Zive. Yep. How are you thinking about uses of cash? Yeah, we had a busy quarter in capital allocation. Yeah, you did. You might not want to do more M&A for a little bit. Busy quarter. Yeah. Reminder, we bought 365, which was roughly CAD 55 million + 5 earn-outs. We did a CAD 6 million SIB plus another CAD 3 million- CAD 4 million on our NCIB. Right now, how we think about capital allocation, I think from an M&A perspective, we're more in execution mode. You know, Docebo, we don't have a strong history in M&A. We're not moving towards a company that's buying revenues. Yep. That's just not in our DNA. For sure. We want to be organic growth story. We're gonna really put our heads down, focus on execution. At the same time, you know, we look at our stock, we're trading today, I think, down to close to 8x EBITDA. It's pretty tempting to continue to buy back shares. Yeah. We're likely gonna continue to be active in our buyback. Awesome. Well, Brandon, that's all I've got for you. Thanks so much for taking the time today. No problem. Thanks for having me. Thanks for everyone for joining us. Thank you.