Docebo Inc. (NASDAQ:DCBO) Q2 2023 Results Conference Call August 10, 2023 8:00 AM ET

Company Participants

Mike McCarthy - Vice President, IR

Claudio Erba - CEO

Alessio Artuffo - President and COO

Brandon Farber - Senior Vice President of Finance

Conference Call Participants

Suthan Sukumar - Stifel

Robert Young - Canaccord Genuity

Josh Baer - Morgan Stanley

Kevin Kumar - Goldman Sachs

Stephanie Price - CIBC

James Burns - National Bank Financial

Evan Chow - TD Securities

Martin Toner - ATB Capital Markets

Christian Sgro - Eight Capital

Mike McCarthy

Thank you, operator. Before we begin, Docebo would like to remind listeners that certain information discussed today may be forward-looking in nature. Such forward-looking information reflects the company's current views with respect to future events. Any such information is subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on the risks, uncertainties and assumptions relating to forward-looking statements, please refer to Docebo's public filings, which are available on SEDAR and EDGAR.

During the call, we will reference certain non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, they are not recognized measures and do not have standardized meanings under IFRS. Please see our MD&A for additional information regarding our non-IFRS financial measures, including reconciliations to the nearest IFRS measures. Please note that unless otherwise stated, all references to any financial figures are in U.S. dollars.

Now, I'd like to turn the call over to Docebo's CEO, Claudio Erba.

Claudio Erba

Hi, everybody, and thank you for joining us for our second quarter earnings call. With me today, Alessio Artuffo, our President and COO; and Brandon Farber, our Senior Vice President of Finance. Brandon is filling in for Sukaran Mehta, our CFO, who is with his wife for the arrival of their first child. We wish Sukaran and his wife the very best.

This morning, I will begin with a high-level summary of our results. We are pleased to report revenue growth of 25% in the June quarter that exceeded the upper end of our guidance range. Our profitability also exceeded our guidance with an adjusted EBITDA margin of 7%. From a macro perspective, we saw a trend consistent with the prior quarter. Enterprise segment spending is showing sign of stabilization where our pipeline is healthy, while SMB customer took a more cautious approach due to macroeconomic impacts.