Here are 1-2 brief analogies for Docebo (DCBO):

• Salesforce for corporate learning
• Workday for learning management

• Docebo Learn: A cloud-based Learning Management System (LMS) platform for managing, delivering, and tracking corporate online training.
• Docebo Shape: An AI-powered content creation tool designed to quickly generate and transform learning materials into engaging formats.
• Docebo Flow: A solution that enables the embedding of personalized learning experiences directly into employees' existing daily workflows.
• Docebo Connect: A comprehensive integration marketplace for seamlessly linking the Docebo platform with various enterprise applications and systems.

Docebo (DCBO) Major Customers

Docebo sells primarily to other companies (B2B), providing an AI-powered learning suite designed for enterprise learning management. Their customers typically use Docebo's platform for employee training, partner education, and customer training.

Major customer companies include, but are not limited to:

• Amazon (Symbol: AMZN)
• Starbucks (Symbol: SBUX)
• Walmart (Symbol: WMT)
• Salesforce (Symbol: CRM)
• Comcast (Symbol: CMCSA)
• LVMH Moët Hennessy Louis Vuitton (Symbol: LVMUY)

• Amazon Web Services (Parent Company: Amazon.com, Inc., Symbol: AMZN)

Alessio Artuffo - CEO, President and Chief Operations Officer

Alessio Artuffo was appointed CEO of Docebo in September 2024, and also joined the Company's Board of Directors. He previously served as interim CEO from March 2024, President since 2021, and Chief Operating Officer. Mr. Artuffo joined Docebo in 2012 as the Director of International Business Operations, playing a pivotal role in establishing the company's North American operations and contributing to its revenue growth from $1M ARR to over $200M ARR. He brings over 15 years of leadership experience, overseeing marketing, sales, professional services, and revenue functions in the e-learning industry. Prior to Docebo, he served as Country Manager for North America at eXact Learning Solutions S.r.l. from 2009 to 2012, and as a Project Manager and Sales Engineer Manager at Giunti Labs from 2007 to 2009. Additionally, he sits on the board of Viafoura and advises Gamindo.

Brandon Farber - Chief Financial Officer

Brandon Farber joined Docebo in October 2021 as Vice President of Finance, where he became responsible for managing all finance functions. His expertise is in finance, acquisitions, and accounting policy, developed through roles at Finastra, RBC, and PwC. He is a Chartered Professional Accountant and has experience on the Board of Directors at Docebo SPA (Italy), contributing to the company's financial health and growth.

Claudio Erba - Founder & Chief Innovation Officer

Claudio Erba is the founder of Docebo, established in 2005 in Italy. He started the company with Fabio Pirovano by developing a platform for students at the University of Florence to download lesson materials, which later evolved into Docebo's e-learning platform. Under his leadership, Docebo grew from having no employees to 1,000, achieved over $200M in annual revenue, and successfully completed IPOs on the Toronto Stock Exchange in 2019 and NASDAQ in 2020. He continues to drive innovation, ensuring Docebo remains a leading global enterprise learning platform.

Fabio Pirovano - Chief Product Officer

Fabio Pirovano has been Docebo's Chief Product Officer since September 2022. He previously served as the company's Chief Technology Officer from 2012. Mr. Pirovano has been with Docebo, in various capacities, since its founding in 2005, and has over 15 years of experience in e-learning software development. He collaborated with Claudio Erba to develop Docebo's initial e-learning platform.

Domenic Di Sisto - Chief Legal Officer

Domenic Di Sisto has served as Docebo's Chief Legal Officer since September 2022. He is responsible for overseeing all legal matters, ensuring compliance, and managing corporate governance for the company. His background includes expertise in corporate law and financial economics.

The key risks to Docebo's business include intense competition, the risk of slowing growth and customer churn, and challenges related to the execution of its AI strategy and technological disruption.

1. Intense Competition: Docebo operates in a highly competitive learning management system (LMS) market that includes well-established incumbents like Cornerstone, SAP, and Workday, as well as new entrants focusing on AI-powered solutions. This intense competition can lead to pressure on pricing and the need for continuous innovation in product features to maintain market share.
2. Slowing Growth and Customer Churn: Docebo faces the risk of a decelerating revenue growth rate and the potential for customer churn, particularly with large enterprise clients. Recent events, such as Amazon Web Services (AWS) deciding not to renew its Skills Builder academy contract (representing less than 2% of ARR), highlight the vulnerability associated with reliance on larger customers and the impact of contract terminations on annual recurring revenue (ARR).
3. Execution of AI Strategy and Technological Disruption: Docebo has adopted an "AI-first" approach to differentiate its offerings. However, the successful execution of this complex AI strategy, including integration challenges and the demands on research and development budgets, poses a significant risk. Failure to effectively implement its AI vision or keep pace with rapid technological advancements could hinder its ability to attract new customers and render existing solutions less competitive or even obsolete.

The increasing maturity and adoption of native learning modules within comprehensive Human Resources Information Systems (HRIS) and Enterprise Resource Planning (ERP) platforms (e.g., Workday Learning, SAP SuccessFactors Learning, Oracle HCM Cloud Learning).

Docebo (DCBO) operates primarily within the corporate e-learning and Learning Management System (LMS) markets, offering cloud-based solutions for employee, partner, and customer training. The addressable markets for Docebo's main products and services are substantial and span several regions globally.

Addressable Markets for Docebo's Main Products or Services:

• Global Corporate E-learning Market: This market was estimated at USD 104.32 billion in 2024 and is projected to reach USD 334.96 billion by 2030. North America held a significant share, accounting for over 35.0% of the revenue in 2024.
• Global Learning Management System (LMS) Market: The overall global LMS market was valued at USD 24.05 billion in 2024 and is projected to grow to USD 70.83 billion by 2030. North America dominated this market with a revenue share of over 36% in 2024.
• Global Enterprise Learning Management System (LMS) Market: More specifically, the global enterprise LMS market was estimated at USD 12.02 billion in 2024 and is predicted to increase to approximately USD 72.30 billion by 2034. The North America corporate LMS market surpassed USD 4.69 billion in 2024. Within this, the U.S. corporate LMS market was valued at USD 2.70 billion in 2024.
• U.S. Federal Government Market (LMS): Docebo is pursuing FedRAMP certification to access the U.S. federal government market, which is estimated to be approximately $1.2 billion.
• Customer Experience (CX) Learning: Docebo is also focusing on the Customer Experience (CX) learning sector, identifying an $18.5 billion "greenfield" opportunity globally.

Docebo (DCBO) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. AI-First Platform Strategy and New Product Launches: Docebo's continued investment in its AI-first platform strategy, including the launch of its Harmony ecosystem with AI capabilities, is a significant driver. This strategy aims to enhance personalized learning experiences, improve administrative efficiency, and meet the evolving needs of customers, thereby fueling sustained growth.
2. Expansion into Government Sectors: The company's achievement of FedRAMP Moderate Authorization has opened up a substantial Total Addressable Market (TAM) within the US federal, state, and local government agencies. Docebo is actively investing in these federal and state/local markets, with meaningful revenue contributions from this sector anticipated by the second half of 2026.
3. Growth in Mid-Market and Enterprise Segments: Docebo has demonstrated strong performance and continues to focus on expanding its presence in both the mid-market and enterprise segments. The company employs a "land and expand" strategy to target enterprises with multiple departments and use cases, with the enterprise segment identified as a primary force for future growth.
4. Strategic Partnerships: Enhanced partnerships with systems integrators are a key component of Docebo's growth strategy. These collaborations are instrumental in expanding market penetration and delivering scalable learning solutions to a broader client base.

Share Repurchases

• Docebo authorized a Normal Course Issuer Bid (NCIB) to repurchase up to 1,764,037 shares, representing approximately 10% of its public float, which commenced on May 20, 2024, and was set to expire on May 19, 2025.
• As of May 6, 2025, Docebo repurchased and cancelled 947,298 shares for a total cash consideration of $31.5 million, at an average price of $33.26 (C$45.84) per share.
• The company renewed its NCIB to begin around May 20, 2025, and conclude by May 19, 2026.

Share Issuance

• On August 11, 2020, Docebo issued 500,000 common shares from treasury for aggregate gross proceeds of C$25 million through a bought deal offering.
• Share-based compensation expenses, a non-cash expenditure related to share issuance to employees and directors, represented 3.5% of revenue in recent years.

Inbound Investments

• Docebo raised approximately $102.2 million (CA$128.8 million) in a Post-IPO Equity round in September 2021, aimed at enhancing product development and global expansion.
• The company secured a new three-year, $50 million credit facility with National Bank of Canada to enhance financial flexibility and support strategic investments.

Outbound Investments

• Docebo prioritizes investing back into the business, focusing on strategic opportunities and advancing its AI-first strategy.
• The company evaluates merger and acquisition (M&A) opportunities that strengthen its learning and knowledge ecosystem, expand its addressable market, and accelerate innovation.

Capital Expenditures

• Docebo's capital expenditures averaged $1.384 million annually for the fiscal years ending December 2020 to 2024.
• Capital expenditures were $1.448 million in 2021, $1.464 million in 2022, $0.841 million in 2023, and $1.79 million in 2024.
• Expected capital expenditures for 2025 are estimated at 1% of revenue, as Docebo operates a capital-light business. These expenditures primarily focus on investing in infrastructure to support growth.