Earnings Call Transcript - DCBO Q3 2025

Operator, Operator

Good morning, everyone, and welcome to the Docebo Q3 2025 Earnings Call. I would now like to turn the call over to Docebo's Vice President of Investor Relations, Mike McCarthy. Please go ahead, Mike.

Michael McCarthy, VP of Investor Relations

Thank you. Earlier this morning, Docebo issued its Q3 2025 results. The press release, which included a link to management's prepared remarks and our quarterly investor slide deck, were all posted to our Investor Relations website. This morning's call will allow participants to ask questions about our results and the written commentary that management provided this morning. Before we begin this morning's Q&A, Docebo would like to remind listeners that certain information discussed 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 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, Alessio Artuffo, and our CFO, Brandon Farber. Operator, we're now able to take questions.

Operator, Operator

Our first question comes from George Sutton from Craig-Hallum.

George Sutton, Analyst

Nice results. So it all comes down to ARR. So I wondered if we could start there. It was up $2.5 million, sequentially. Can you just unpack the components?

Alessio Artuffo, CEO

We are very satisfied with this quarter's results. Our business grew 14% year-over-year when excluding Dayforce. While we haven’t shared this figure before, it's important to note that this marks the second consecutive quarter of such growth, again without Dayforce. We're pleased with the fundamentals and execution that contributed to this outcome and believe it reflects a positive trend moving forward. Our mid-market operations have consistently surpassed performance expectations, thanks to the changes implemented by our new leadership team and prior adjustments at the leadership level. We're starting to see the benefits of these improvements in our personnel, frameworks, processes, and pipeline management. Additionally, our performance in EMEA has exceeded expectations, which is exciting given the significant new contracts we've secured in that region this quarter. Furthermore, our core business retention is on the rise, which we consider a critical part of our overall narrative. Despite these positive developments, our transition with Dayforce accelerated more quickly than anticipated, and the results reflect that shift.

George Sutton, Analyst

Perfect. Just one other thing on FedRAMP. Obviously, impressive to see the wins pretty early. I'm curious if that's earlier than you had expected, or on track. And then we are sitting here in the U.S. with the government that's not effectively open. I'm just curious how that impacts the opportunity.

Alessio Artuffo, CEO

Great. So we are very pleased to be achieving already 2 new federal customers shortly after our May dated FedRAMP listing. We believe that's an impressive outcome considering that originally, our thesis was to start winning federal business in fiscal 2026, and more backdated in the second half, because that is more aligned with our federal purchases. Not only we have expanded an account with the Department of Energy, which we were very pleased about, but also, we've been working closely with our partner, Deloitte, to secure the business of the Air Force Cyber Academy. In addition to that, outside of federal, which I understand is the headline, given the complexity of doing deals in federal in such a short time frame, we have continued to execute well also on the state and local side. And that trend is expected to continue. As it pertains to government shutdown, actually, we've been building pipeline at a very impressive pace, both in federal and SLED. Fortunately, if you will, the government shutdown did not affect the seasonal buying cycle that occurred with the deals that we disclosed. And I would say quarter 4 historically, for federal deals, is a very slow quarter because budgets get spent in quarter 3, our quarter 3. And in quarter 4, organizations, the federal organizations take a pause typically from purchases reigniting in our fiscal year 2026, by which time we expect the shutdowns have been addressed. I would also add and tee up by saying our progress in SLEDs is tied to our progress in federal. Why? Because we're seeing organizations in the state and local demand more and more frequently a barrier of interest called state RAM, which we do address via FedRAMP certification. So to tee it up, our investment in FedRAMP is playing a dual role here. Not only it's allowing us to increase TAM, but it's allowing us to win more in the SLED market, creating a great competitive differentiator for us for the future.

Operator, Operator

Our next question comes from Kenneth Wong from Oppenheimer.

Hoi-Fung Wong, Analyst

Alessio, I wanted to maybe dive into the FedRAMP SLED dynamic a little more. As you think about the guidance that you guys put out there for 4Q, I realize it's a kind of seasonally low quarter. But any heightened conservatism in terms of what's coming in from the pipeline on the public sector side, just given that there is that shutdown?

Alessio Artuffo, CEO

Like I said, I wouldn't say that we have seen a direct correlation between the pipeline outcomes and government shutdown. On our side, we're very, very focused on diversifying where we execute across state, local, and education. It's a big market. We're seeing more response and more, if you will, interest coming from civilian organizations. And the other thing I can say is that our technology favoring the use of Docebo, for both internal use cases but also external use cases, opens up to a new opportunity that in the market of government has been stark in terms of offering. So I believe that our continued pipeline execution is really the reflection of good timing, good execution, and great product market fit.

Brandon Farber, CFO

Brandon here, I just want to add and great to have you on the call. If you think about it, we started down the government route of building the business from the ground zero, roughly 2 years ago. And part of that was building relationships with all various federal departments. And while we were building and looking to achieve FedRAMP authorization, we're able to demo and show our platform and have interest from various different federal departments. So while we see the cutdown temporarily impacting the ability to generate new pipeline, we are very confident in the relationships we've built over the past 2 years, and that will enable us to start winning material contracts in Q3 of 2026.

Hoi-Fung Wong, Analyst

Perfect. We would like an update on the enterprise side. It seems that both customer counts and annual recurring revenue from large customers over $100,000 are quite strong. We would like to understand how the pipeline is shaping up this quarter. What did the sales cycles look like? Were there any extensions as we head into the fourth quarter? Do you have any thoughts on the possibility of a budget flush from customers as we move into Q4?

Alessio Artuffo, CEO

Yes. Enterprise is a crucial area for us, and we continue to see an increase in customers spending over $100,000, which indicates strong execution in both our enterprise and mid-market segments that are signing customers with various use cases and healthy annual contract values. Additionally, we are experiencing deal elongation in the market; however, historically, the fourth quarter has been our strongest period in the enterprise segment, and we anticipate that trend continuing this quarter. Notably, we had a significant win signing a multinational company like Veolia, which strengthens our EMEA business and showcases our multi-use case capabilities. Veolia has over 200,000 employees and is based in France. Moreover, we are pleased to expand our partnership with Amazon, as this marks our third department signed with them this quarter. We are optimistic about both new customer acquisitions and expansion efforts, looking forward to a strong fourth quarter. A key aspect of our enterprise strategy involves system integrators. We have made substantial investments in our partnership and system integrator programs to support our enterprise activities, with most of our enterprise deals currently involving a system integrator, reflecting years of dedicated effort.

Operator, Operator

Our next question comes from Ryan MacDonald from Needham & Company.

Ryan MacDonald, Analyst

Congrats on a great quarter. Alessio, I very much appreciate that, obviously, the enterprise is really the driving force around growth moving forward. But can we get a bit more color on sort of the OEM wind down, the Dayforce wind down? Obviously, you mentioned it sort of occurred a bit faster than you expected in the quarter. But as we think about fourth quarter and into next year, can you just help us get a bit of a better understanding on the trajectory there and what opportunities you might have to sort of compete more directly within that base of customers?

Brandon Farber, CFO

Ryan, it's Brandon. I'll take that question. So just taking a step back and just looking back, as a reminder, Dayforce started OEM and white labeling Docebo back in 2019. And they were very successful selling Docebo as an LMS, and got as big as roughly 9% to 10% of our total ARR at a specific point in time. Back in early 2024, Docebo acquired eloomi, which we all know. At that specific point in time, they were an LMS provider in Europe focused mainly on the SMB market. Subsequent to the acquisition, Docebo initiated legal action and was quickly resolved with Dayforce. Really, the goal of that lawsuit was 3 outcomes: number one, protecting our IP; number two, supporting the contributor of our revenue base; and number three, preserving our day-to-day relationship with Dayforce. How we're looking at it on a go-forward basis, we continue to expect economic benefits to flow to Docebo, and the contract to wind down over an extended period of time. To provide a little bit more color, we anticipate Dayforce to represent approximately 3.5% to 4.5% of our total revenues in 2026, 1% to 2% of our total revenues in 2027, and become immaterial thereafter. Just to leave on a positive note, it is important to note in the current quarter and since 2024, we've continued to grow. We've continued to diversify our revenue base away from Dayforce, and we're pleased with the ARR growth we had this quarter, excluding Dayforce of 14%.

Ryan MacDonald, Analyst

Maybe my second question, I wanted to talk on AI. As we've sort of spoken with companies and a number of companies rolling out AI strategies, it feels like there's sort of three buckets in which organizations are trying to sort of monetize AI efforts today. It first seems to be in improved customer retention and sort of, renewal rates. The second tends to be in sort of, building in higher annual price increases as you deliver more value with AI. And then the third tends to be sort of, separate SKUs or modules that are AI-specific modules that you can start to charge for. I'm just curious, as you think about the three buckets where you're seeing the benefits from AI. And at least in the shareholder letter, it seems like with these AI credits rolling out, it seems like you're getting a head start on that third bucket going into next year. So would love a little bit more color on that as well.

Alessio Artuffo, CEO

We agree with the three areas of return on AI that you mentioned. Our focus has shifted towards creating value and integrating AI into our products more extensively in recent years. Initially, we were focused on developing AI-supported features to enhance customer experience and expedite outcomes, but monetization was not our main concern at that time. As we continue to progress rapidly, we are now more aligned with your second and third categories. Recently, we've launched an AI credit-based system aimed at managing our AI pricing. This allows customers to use credits for modules like AI Virtual Coach and AI Video Presenter based on the packages they purchase upfront. While we are still in the early stages of this model, we plan to expand our AI capabilities within this framework to enhance monetization opportunities in the future. Moreover, we believe that ongoing AI development will give us a competitive advantage, helping us maintain our product's premium status. Lastly, customer retention remains a key focus, and we ensure that all product managers prioritize AI development in their product strategies to improve our customers' experiences.

Operator, Operator

Our next question comes from Robert Young, from Canaccord Genuity.

Robert Young, Analyst

You said in the prepared remarks that you've seen the second consecutive quarter of improved retention. I assume that's with the OEM piece aside. So I was wondering if you could dig deeper into that. If you could update us on where churn is, where the elements of churn are, if that's improving? And then where you think that's going to go in '26?

Brandon Farber, CFO

Rob, it's Brandon. As you know, we only disclose NRR on an annual basis, so we won't go into specific numbers. But you are right. We did see 2 consecutive quarters in a row of retention improvements, whether you look at it from a gross retention or net retention. This is actually very consistent with what we have been saying for the past 2 quarters. We knew in Q1, we had a large renewal base that would bring it down and we'd only go up from there. One thing that is important to mention is that we did lap the large Thomson Reuters downgrade that happened in Q3 of last year of roughly $2 million. So obviously, lapping that did result in improvement. And to be completely transparent, we do expect that metric to go down next quarter because of the AWS downgrade. So a couple of things that I'd say is we have a renewed focus on retention. We are putting together account mapping for every at-risk customer, and making sure we're proactive and not reactive. And we feel really good about the programs we have in place to continue strong retention metrics in the future.

Robert Young, Analyst

You noted the AWS Skill Builder roll-off. How is that handover progressing? Is there a potential for a subcontract, a support contract in 2026? Or is that going to disengage completely, as you expect?

Brandon Farber, CFO

Rob, we expect that to completely disengage, December 31.

Operator, Operator

Our next question comes from Josh Baer from Morgan Stanley.

Josh Baer, Analyst

Congrats on reaching 20% EBITDA margin early. That's something that you guys have been talking about for a long time. I wanted to just follow up with a couple more on the OEM. Just curious what that percentage was last quarter? Do you have that?

Brandon Farber, CFO

Sorry, maybe if I could just rephrase, are you asking for what ARR growth was, excluding Dayforce?

Josh Baer, Analyst

No. The percentage of ARR, so 6.2% this quarter. Just wondering what it was last quarter.

Brandon Farber, CFO

Instead of giving you that exact metric, what I can give you is what our ARR, excluding Dayforce was last quarter, which was roughly 13.9%.

Josh Baer, Analyst

For Q2 also?

Brandon Farber, CFO

Correct.

Josh Baer, Analyst

I guess I'm just wondering why it was like a greater wind down than expected? Was it Dayforce-led? Was it customer-led? Any context there? And then I did want to just follow up, like is it a lot of smaller customers noticed like there was a big jump again in average contract value. So some really nice acceleration there. Wondering if it's related. I know you also had success more broadly in enterprise. But in part, I want to get a better sense of like does this average contract value continue accelerating? Or should we expect that to slow down? And then when we do get the total customer count at the end of the year, like should we expect that to move lower due to this Dayforce?

Brandon Farber, CFO

Yes. A lot of what you just said is spot on. So our ACV this quarter did grow as a result of the Dayforce wind down. If you think about the customers that typically get attracted to an HRS system plus an LMS, they tend to be a customer who use it for 1 to 2 use cases, which is onboarding and compliance. And those average tickets tend to be materially lower than a customer that would sign directly with Docebo, for multiple different use cases. So you should expect and you should model that our ACV with Dayforce is materially lower than a customer that signs directly with Docebo. Regarding customer accounts, you should expect that our customer count overall will be down, and that is a result of the wind down of Dayforce.

Operator, Operator

Our next question comes from Yifu Lie from Cantor Fitzgerald.

Yi Lee, Analyst

Congrats on the strong 3Q print and a busy week of earnings. So to start with you, Alessio, I want to go over the AI product vision. We understand from Inspire, Alessio, your model is to build a product that delivers value to customers first, and they will eventually pay Docebo and you can monetize it, right? So looking at the new product lineup, whether it be Harmony Search, support AI offering, Virtual Coaching, Copilot, et cetera. So which of these products, Alessio, would you say is closer to monetization potential? On the second part of this question, Alessio, in the end of your prepared remarks, you talked about redefining the future of learning. And I understand you like to solicit continuous feedback from your customers. What are the key things you've learned from your customers and stakeholders that you want to apply to your product roadmap for the end of this year and 2026? And I also have a follow-up with Brandon after this.

Alessio Artuffo, CEO

Thank you for the question. Let’s dive into the AI and product aspect. Firstly, you're correct in noting that our vision for the Harmony ecosystem is ambitious, and we have made significant progress. Harmony Search, since its recent launch, has powered approximately 500,000 searches with the same number of queries, which aligns with our positive expectations. This is just the beginning; search is merely a starting point in our journey to transform Harmony into a helpful assistant for our customers. Harmony has evolved into a Copilot function aimed at enhancing productivity and enabling self-service capabilities on our platform. Users can interact with Docebo and ask Harmony to complete tasks or guide them on how to navigate the product, with Harmony either directing them or doing it for them. This is just the start of our long-term goal of full platform automation. Regarding Creator, which you brought up, your question centered on which capability might drive monetization the most. Creator powers the experience creation in Docebo and incorporates features like our AI Virtual Coach, simulation creation, and scenario modeling for customer service leadership and sales enablement. We recently enhanced Virtual Coach, which initially focused solely on sales enabling, and now it covers a wider range of scenarios tailored to organizational roles. We anticipate that both Creator and Virtual Coach will significantly contribute to our monetization strategies in the future. To conclude, our roadmap reflects our vision for a distinct platform. We've heard our customers express a desire for more personalized experiences and the need to create content faster and more automatically. That's what we are focusing on with Harmony and Creator.

Yi Lee, Analyst

Alessio, I'd like to follow up on the recent customer wins, particularly focusing on the industrial sector and the 200,000-seat deal. It seems like you're leaning more towards system integrator channels, similar to other Tier 1 SaaS companies. Can you share what types of partnerships you are pursuing? I know Deloitte is a significant partner. What's working well, and what areas need improvement? Also, I have a financial question, Brandon. Looking at the KPIs for new logo ACV, it stands at 71k, which is flat year-over-year but up 8% quarter-over-quarter. Given that it appears you are moving towards upper enterprise, why is that metric flat year-over-year? That's all I have.

Brandon Farber, CFO

I'll kick it off on the last part of that question. So how we look at ACV is given the fact that we're seeing extremely strong success in mid-market, and this is 2 quarters in a row where we've seen that strength, and we're seeing leading indicators that that strength will continue into Q4. That is impacting obviously, the ACV, as we have larger concentration of customer accounts coming in at the mid-market. When you think about the enterprise space, you tend to have a lower number of customer wins, but at a larger ACV. So during the quarter, we actually did have really strong performance of units that had very healthy ACVs, upwards of, let's call it, $500,000 ACV. And seasonally, we do expect Q4 to be a strong enterprise quarter, and we do expect that ACV to go up in Q4 as well.

Alessio Artuffo, CEO

On the first part of the question, you asked about how we view the market of system integrators, and you mentioned the big logo that we mentioned earlier. I would say a few things. In the past calls, we've outlined how we made such great strides in partnering with the Accenture and Deloitte type of system integrators. That work continues, and we continue to advance our relationships with them and really formally progress our status as partner type within those organizations, which in turn, will only give us more penetration in their go-to-market efforts. But also remember, it's not only a matter of pipeline creation, it's also the ability for them to support us in complex implementations, which has an incredible amount of value with large enterprises. I would add a different type of color in this call by saying that not only we've been working with these very large system integrators, but also regionally, internationally, we've identified a number of system integrators that are leaders in their respective markets. And so when you think about wins like that, the State Administration School of Latvia, we would have not been able to do that with a critical regional partner that helped us become the de facto platform for the entire public sector of the country of Latvia. And so as we continue to expand with these regional and more focused system integrators, we expect deals like these to become more and more frequent.

Operator, Operator

Our next question is from Erin Kyle from CIBC.

Erin Kyle, Analyst

I just had a question on how we should be thinking about the margin profile here into 2026, as you continue to expand the federal pipeline and opportunity here. Do you expect to see an increased spend in sales and marketing, or the 20% margin in Q4? I guess my question is, how sustainable is that you think going forward?

Brandon Farber, CFO

The way we're thinking about EBITDA margin, and it is important to note, we do have a bit of seasonality in EBITDA where we do expect Q3 and Q4 to always be stronger than Q1 and Q2, given Q2, we have our big Inspire event in Q1, we tend to have seasonally higher payroll costs. How we're thinking about EBITDA going forward, we do think we're fairly staffed from a sales and marketing perspective. We've invested and spent money in government over the past 2 years, and we've staffed that team up for success. We do have pipeline targets, coverage ratios that once it exceeds those ratios, we will certainly accelerate hiring. But for now, the government team is fully staffed. How we're thinking about EBITDA margins going forward, we do post in our investor deck every quarter goals from a spend level. And one number to call out is we're at 20% EBITDA today. Our G&A as a percentage of revenue is roughly 15%, and our long-term or midterm goal is 9% to 11%. So if you think about incremental 5% leverage in G&A alone, that gets you to 25% margin over a mid-to long-term basis. And that's without sacrificing any investments we have to make in R&D and sales and marketing.

Erin Kyle, Analyst

Maybe I can just ask one more just on the professional services revenue in the quarter was a bit higher than we had expected. Is that related to the strength in the mid-market? And if that's the case, should we expect that to trend higher in Q4 and going forward as you see that mid-market strength continue?

Brandon Farber, CFO

Yes, it's a great question. So what we're seeing is that the type of customers in mid-market that tend to be attracted to Docebo, are customers that have complex onboarding needs and complex use cases. And with complex use cases tend to lead to more hands-on onboarding experience. What I would say is that while we're pleased with the professional revenue growth, it's not a line item we're focused on. We're really focused on growing high-margin accretive subscription revenue, and we're very comfortable with handing off professional services revenues for our partners, such as Deloitte and Accenture.

Operator, Operator

Our next question comes from Suthan Sukumar from Stifel.

Suthan Sukumar, Analyst

For my first question, I wanted to discuss the Amazon expansion. I thought that was a positive indication of the state of that relationship. Can you elaborate on what use cases you are involved with Amazon, aside from the AWS contract, and how you see that relationship developing in the future?

Alessio Artuffo, CEO

Sure. So first, let me underscore the fact I'm very pleased with the fact that notwithstanding Amazon divesting from us on the Skills Builders initiative, we continue to attract the business of other Amazon companies who continue to entrust us with our products and services. I think that's a testament also to the great work that we've done over the years with Amazon Skills Builder. Because if we had done so, you would presume that the reference calls that would happen in order to sign with Docebo, would bring these Amazon companies to make different decisions. So I think that's a little bit of also in the retrospective to clear up any doubt remaining. I would say on the current win, we did sign Amazon Health, which is the health care division of Amazon. It's a very important win for us because not only it adds another Amazon logo to our customer base, but also it's a perfect fit for our products and services. They are going to be using Docebo for both customer experience, doing customer and partner education, effectively supporting health care professionals and technology partners and service teams. And then on the employee side, they're going to be using Docebo for sales enablement, onboarding, leadership development, professional development, and compliance. What we know is that organizations that use Docebo for more than 4, 5 use cases have the best metrics in terms of unit economics and retention. And so we love what we can bring in companies that effectively become so. And on the competition side, you guys usually ask that I want to know, unsurprisingly, we did overcome the other competitors, both on the mid-market and I would say, legacy enterprise side.

Brandon Farber, CFO

One thing I'd add is that this new use case with Amazon, they were not interested in a short-term relationship with us. They did sign for 5-year contract, which just shows the strength of Docebo's relationship with Amazon.

Suthan Sukumar, Analyst

Great. My second question is about the growth profile. ARR has decreased by 10% year-over-year, and if we exclude Dayforce, it is down 14%. This indicates the strong underlying growth momentum in the business. Could you clarify the impact of the AWS contract roll-off on ARR? Additionally, what needs to happen for growth to continue accelerating from this point? I'm aware that you have a new CRO on board, and I'm interested in what changes and priorities are being implemented to support that growth acceleration.

Brandon Farber, CFO

I'll start off and pass it off to Alessio. So the AWS impact consistent with last quarter is approximately $4 million hit to ARR, which will come out December 31.

Alessio Artuffo, CEO

Regarding the question of reacceleration, I appreciate your observation. I want to highlight that our CRO and CMO have only been with us for a short period. However, in the last 90 days, I've noticed a significant impact from Kyle and Mark, who I hope are listening today. I want to commend them for their efforts. I've been very impressed with the sophistication we've already introduced into our revenue architecture. We're making improvements in various practical aspects, from forecasting methodologies to customer success strategies. We are making significant investments in optimizing our marketing spend and becoming leaders in AI referral traffic generation, which is crucial as digital marketing evolves beyond traditional SEO. Their execution has been strong, and I see the beginning of a positive trajectory that will continue in the future. We expect reacceleration to come from several initiatives we are working on, focusing on four key areas. First is our ongoing effort to improve retention metrics, which involves not only enhancing our retention rates but also strengthening our expansion engine to boost net dollar retention. We are placing a strong focus on this and are beginning to see positive trends in our pipeline. The second area is our performance in the mid-market, where we are executing well thanks to a combination of our people and processes, and we anticipate this will continue in the upcoming quarters. The third area is government, where we've just scratched the surface of a journey that began in May and will remain strong through 2026, coupled with our continued execution in stable areas. Lastly, we're working on enhancing our enterprise momentum and pipeline, and we are starting to see positive outcomes from that. We expect to see good indicators in the fourth quarter, but we believe that 2026 will be a pivotal year for enterprise at Docebo.

Operator, Operator

Our next question comes from Richard Tse from National Bank Capital Markets.

Richard Tse, Analyst

I just want to go back to this AI product portfolio. Can you help us understand your assumptions around how your attach rates are going to scale with those products? And with that, how the revenue profile will lift alongside that?

Brandon Farber, CFO

I will hold off on answering that question about Inspire until our investor update, where we will discuss in more detail how we expect AI credits to influence our business. One point to note is that our Annual Recurring Revenue (ARR) will not align perfectly with our typical smooth revenue, as we will recognize ARR credits as they are utilized. The most significant effect will occur when we sign a new customer with an AI credit bundle, as they won't begin using it until after their onboarding. However, we view AI credits as a powerful opportunity to increase our Net Revenue Retention (NRR) and drive growth within our current customer base.

Richard Tse, Analyst

I guess the other question is around partnerships. You've been spending a lot of time talking today about SI partnerships. I think a few years ago at your conference, you showcased Microsoft from a technology partnership standpoint. So when you sort of look at those 2 types of partnerships, what's your sort of perspective on each in terms of driving lifetime value? I was under the impression that sort of the integration with Microsoft tends to make it stickier and potential to expand those offerings. And if that's the case, are you pursuing those types of partnerships as well in addition to these SIs?

Alessio Artuffo, CEO

Our technology partnerships are an important part of our partnership thesis. On the Microsoft side, I believe you may be referring to our module called Microsoft Teams, which is a module that allows customers that use Teams, to connect Docebo to it. It's a module that we're seeing having success in organizations that are Microsoft add. In terms of our overall technology partnerships, what we're favoring and what we're leading with are capabilities that our customers can use to extend the value of the Docebo platform. To give you an example, we have integrated with Docebo tightly technologies like S'ABLE for Virtual Labs, or Honorlock for Proctoring. I would say our partnership focus remains more on the go-to-market side. And as far as the technology side, we will continue to invest to some extent with the integrations with the core platforms like Teams, Slack and others.

Operator, Operator

We have no further questions. I would like to turn the call back over to Alessio Artuffo for closing remarks.

Alessio Artuffo, CEO

Thank you very much for attending and for helping us tell a story of another exciting quarter at Docebo. We look forward to seeing you at the end of February, for our Q4 results. Thank you.

Operator, Operator

This concludes today's conference call. Thank you for your participation. You may now disconnect.