#1docebo® Investor Presentation | November 2023 5x9 207 642 # GEZ 098 OCE 897 14.2 ont -> + - B FEE CELE EELLED Note: All financials presented are in US$ unless otherwise noted.#2Disclaimer General This presentation is property of Docebo Inc. (the "Company", "Docebo", "us" or "we"). It cannot be circulated or forwarded without our consent. Any graphs, tables or other information demonstrating our historical performance or that of any other entity contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of our or such entities' future performance. The information contained in this presentation is accurate only as of the date of this presentation or the date indicated. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. This presentation also contains statistical data and estimates made by independent parties and by us relating to market size, opportunity and growth, as well as other data about our industry, business and customers. These data involve a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of these data. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. All service marks, trademarks and trade names appearing in this presentation are the property of their respective owners. Solely for convenience, the trademarks and tradenames referred to in this presentation appear without the Ⓡ and TM symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor to these trademarks and tradenames. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. All references in this presentation to dollars or "US$" or "$" are to United States dollars unless otherwise noted. All references to "C$" are to Canadian dollars. Cautionary Note Regarding Forward-Looking Information This presentation contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward looking information may relate to our financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or, "will", "occur" or "be achieved", and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. This forward-looking information includes, but is not limited to, industry trends; our growth rates and growth strategies; addressable markets for our solutions; growth rates of our markets, including compared to similar markets; the achievement of advances in and expansion of our platform, including our FedRAMP certification; expectations regarding our revenue and the revenue generation potential of our platform and other products; expectations regarding future profitability; our business plans and strategies; our ability to attract and retain customers; and our competitive position in our industry. This forward-looking information is based on our opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this presentation, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) the Company's ability to execute on its growth strategies; (ii) the impact of changing conditions in the global corporate e-learning market; (iii) increasing competition in the global corporate e-learning market in which the Company operates; (iv) fluctuations in currency exchange rates and volatility in financial markets; (v) changes in the attitudes, financial condition and demand of our target market; (vi) developments and changes in applicable laws and regulations; and such other factors discussed in greater under the "Risk Factors" sections of our reports available under our profile on SEDAR+ at www.sedarplus.ca and at www.sec.gov. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this presentation represents our expectations as of the date specified herein, and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements. Non-IFRS Measures and Industry Metrics This presentation makes reference to non-IFRS measures, including "Free Cash Flow" and other key performance indicators used by management and typically used by our competitors in the software-as-a-service ("SaaS") industry, such as "Annual Recurring Revenue" or "ARR", "Recurring Revenue", "Net Dollar Retention" or "NDR", "Cash Burn" and "Average Contract Value" or "ACV". These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and SaaS metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including SaaS industry metrics, in the evaluation of companies in the SaaS industry. Management also uses non-IFRS measures and SaaS industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation. Refer to the Appendix to this presentation for reconciliations of certain non-IFRS measures to the most comparable IFRS measure.#3A Timeline and History of Docebo 2005 Docebo office in the US. Athens (GA) Horebo 2014% Docebo HQ in Canada, Toronto Docebo docber 2019 Docebo TEX OCBO THE MARKET IS OPEN THX Docebo begins trading in the US on Nasdaq docebo LEARNING SUITE Shape Create engaging learning content 2021 docebo A suite built for any learning challen Generative Al Partnership with Google Cloud Acquired PeerBoard and Edugo Docebo was founded 1st Large Enterprise Customer Contract signed Docebo launches its IPO on the Toronto Stock Exchange Launch of the Docebo Learning Suite 2013 dosets 2016 2020 docebo g your learning vi to life 2023#4Docebo At-a-glance Leading KPIs compared to LMS sector averages 3,679 US$182M 800+ Customers 1,2 ARR 1 Employees 見 94% 8 Recurring Revenues 4 docebo Offices: Toronto, Atlanta-GA, Melbourne, Milano, Munich, London, Paris, Dubai 52% Recurring Revenue CAGR 3 % 1. 2. As at September 30, 2023. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this presentation for details on how we calculate ARR. Historically, in calculating average contract value, all references to the number of customers or companies we serve included separate accounts per customer based on their installation(s) count. For the third quarter of the fiscal year ended December 31, 2020 and going forward, any separate accounts that our customers may have will be aggregated and counted as one customer based on the contracted customer for the purposes of calculating our Average Contract Value to provide a more precise understanding of this metric. Average Contract Value is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this presentation for details on how we calculate Average Contract Value. CAGR between fiscal year 2016 and fiscal year 2022. 3. 4. For the three months ended September 30, 2023.#5+20 Global Partners 76% North America 24% Rest of World 3,679 Customers across the world 131M Value of E-commerce Transactions 1. As at September 30, 2023. docebo 50K API Calls per Minute 400+ Integrations 1.3 PB Stored Content#6Leaders Learn With Docebo S lululemon A Fannie Mae . CHIPOTL MEXICAN GRILL Milwaukee IGA Coca-Cola IN S TI T UTE docebo aws zoom THOMSON REUTERS R ROLLS ROYCE NETFLIX RE/MAX BRIDGESTONE Capital One Bupa h General Electric#7docebo A learning management platform that improves enterprise learning. -> ENTERPRISE SOFTWARE STACK: Business Intelligence Collaboration LMS (Learning Management System) CRM ERP Supply Chain Management Office Productivity The Enterprise Software stack is where companies are investing heavily. ↑#8>>> MASS 70% 20% SOCIAL = COACHING 10% FORMAL >> Today docebo (docēbō) ---> v. I will teach >>> docebo#9>>> docebo >>> Improves operational productivity Helps to reduce tech stack by using one platform Reduces complexity Improves ROI and leverages cost per users TABLE STAKES Docebo Provides All of a Customer's Learning Needs Under a Single Platform EXTERNAL TRAINING Customer Training Keep your customers happy, healthy, and loyal. REVENUE ENABLEMENT Sales Enablement Get sales teams up to speed and crushing quotas faster. TALENT DEVELOPMENT Employee Onboarding Ramp up new employees so they can get down to business sooner. COMPLIANCE Compliance Training Manage compliance training and certifications, meet standards and mitigate risks. >>> >>> Partner Training Support your partners and turn them into champions for your product. Membership Training Support your members and ensure they're seeing value. Support Enablement Get support teams up to speed and helping customers faster. Services Enablement Get services teams up to speed and contributing. Retail / Franchise / QSR Training Support franchisees, retail locations, and QSRS in every market. Marketing Enablement Get marketing teams up to speed and executing faster. Professional Development Empower employees to grow in their roles and unlock new value for the business. Leadership Development Improve the effectiveness of your leadership team and retain top talent. 2 -65% of customers use Docebo for external training or hybrid training use cases#10Highly Configurable, Personalized Learning at Scale Al Content Suggestion docebo design <Home Search courses, content and more... a Making a case for social learning in your organization docebo MORE VIDEOS Marcel Director of Sales, Docebo 0.17/2:45 Next recommended content How to Export Sketch to HTML-Design by Riccardo Venturate 12:03 Mobile TED YOUTUBE VIDEO Design Thinking Doreen Lorenzo | TEDXUTAustin ✰✰✰✰✰00 Rate this asset OVERVIEW RELATED TO docebo By Andrea Biraghi 0 views 8 months ago Description When's the last time you worked together on a team to attack a problem? Better yet, when was the last time you did that for a class project? Seemingly, our e... My Courses and LPS Question & Answ Upload your content! Tags design design thinking education 10 Service Design Innovat Trends for Our Experience by Valentina Bulgheroni design education human centered desig 1 views) pedagogy design research What Design Chiefs At Ub curriculum people And Mic... by Andrea Biraghi Channel OPEN THIS ASSET UTAust 10 Service Design Innovat Trends for by Valentina Bulgheroni Design Thinking-Tim Brown, CEO and Pre... by Andrea Biraghi How to introduce an effective social learning strategy at your organization Instructor: Tina Way About this lesson We were recently asked to provide more information about how to introduce an effective social leaming strategy at your organization. Our Director of Sales, Corry Marcel, answers his question and provides practical tips for launching social leaming at your organization teg. by understanding the ROI of social learning to gain buy-in within your organization, and how social learning as employees to communicate interally) When's the last time you worked together on a team to attack a problem? Better yet, when was the last time you did that for a class project? Seemingly, our e... Tags design design thinking education design education human centered design pedagogy design research skill curriculum 5 Stages in the Design Thinking Process by Andrea Biraghi The Design Thinking Process by Marta Pello 1 views) Design Thinkers Academy Design Resources All Charnos Cama.com Cata Got questions? what's happening around me Design Thinking Good design | About Vitse itse Dashboard docebo AI-POWERED FEATURE SETS: Auto-Tagging Deep Search • Virtual Coach#11A TÜVRheinland" Case Study Genau. Richtig. ATOVFheinland Preciosity Night docebo We wanted to fully digitise our training offering across our 20,000+ customers base globally. We also wanted to increase our revenue streams and use reporting to better understand our customers. ་ 46% Increase in active users¹ How a German tech certification giant created over 3,000 courses and a successful web shop for their global audience in just 4 months. 1. An active user is an end user that accesses the Software Services and accesses any online course during an applicable billing period, regardless of the number of accesses during such billing period, the number of courses accessed during such billing period, or whether the end user completes the online course. 3,037 431% Total courses Increase in learning objects 11 36% Different languages Increase in courses offered 4 Month Implementation 26 Countries#12Case Study SAMSUNG Sales Training, External Training 1,100+ Users trained in 3 languages 200+ 35% Assets submitted by users² Of active users² use the Docebo Mobile App docebo Why We Win: Achieve High Personalization to support multiple use cases, via the Docebo Configuration Engine KCF technologies ONLINE COURSES Sales Training, Customer & Partner Training 4,300+ Customers enrolled completing over 12,000 courses $1.5M Training costs saved over 3 years 5x More savings for the most engaged learners compared to the least Membership and Associations Training 5x 50% AUSTRALIA Increase in licensing revenue Increased learner engagement rate 20% L&D maintenance costs saved Generate Revenue by training customers and partners, via Docebo Extended Enterprise Enable Social Learning, and allow for learning content to be user generated, via Coach & Share Automate Configuration Decisions, across administration, delivery, and tracking, via Docebo BI Access anywhere, anytime, via Docebo Mobile, also available for Offline Learning consumption Reach the World, via Docebo Multi Language support (40) and its localization engine 1. Based on users that have completed a piece of learning material. 2. An active user is an end user that accesses the Software Services and accesses any online course during an applicable billing period, regardless of the number of accesses during such billing period, the number of courses accessed during such billing period, or whether the end user completes the online course.#13The Learning Lifecycle Learn LMS · SHAPE Al-powered learning for all Analyze Data Create Content docebo ชินเนเอง! мәлә Content Curate Content Creation Generate content quickly with Al docebo m CONTENT Content marketplace Curate world-class learning content i LEARN IMPACT Learning Performance Measure learning effectiveness ا. LEARN DATA Learning Intelligence Prove the ROI of learning Connect Business technology/ Third party software Flow New products increase addressable market and share of wallet#14LESS- Delivering a Powerful All-Purpose Enterprise Learning Solution for Multi-Use Case Environments docebo >>>>> <<<<<- COMPLEXITY- -MORE- TALENTED LEARNING 2023 COMMERCIAL LEARNING SYSTEMS RIGHTFIT SOLUTION GRID™ -ALL-PURPOSE- -LEARNING-SYSTEM-TYPE- -SPECIALIST- Research and Consulting docebo cornerstone absorb totara schoo D2L CD2 learning POWERHOUSE brainier CYPHER LEARNING INTELLUM FULL-SERVICE <NETEXAM> Thought crowdwisdom INDUSTRIES Authentic Learning labs WEB COURSEWORKS TUMIARY! Blue Sky LEAR skilljar Administrate Training Orchestra BenchPrep acorn EthosCE By Cadmium KMI LEARNING litmos VALAMIS digitalCHALK CONTENDER LearnUpon E GYRUS FOSWAY GROUP Core Leader 9-Grid for Learning Systems -MORE- •<<<<< TESSERACT talentims Maple LMS SELF-SERVICE- SUPPORT BlueVolt GROWTH ENGINEERINGS TOPCLASS LearningCart di Digitec Onteractive lemonadeLXP INNOVATOR Grace Hill teach:able Learnie -NUMBER-OF-USE-CASES-SUPPORTED 2022 2019, 2020, 2021, 2022 LESS- Core Leader for Learning Systems in the Fosway 9-Grid™ >>>>> GEOGRAPHIC >>>>> REGIONAL -GLOBAL- " Docebo has proven its ability to deliver high-level LMS functionality and high configurability with strong audience management for concurrent employee, customer, and partner program support and supports the highest number of use cases compared to all other alternatives in the market." - John Leh, Lead Analyst at Talented Learning. Brandon Hall -GROUP- EXCELLENCE IN TECHNOLOGY AWARDS GOLD 2021 2021 Nine Brandon Hall Group Excellence in Technology Awards, including Six Golds#15Pillars of Growth Focused on key growth vectors that feed new logos and expand mandates docebo ☑ ☑ € External Use Case ●With 65% of ARR tied to external/hybrid use cases, Docebo sees its highest win rates and a substantial greenfield opportunity to win new enterprise business in each of the geographies it serves. Expansion into the Enterprise • Docebo's horizontal platform can address the diverse learning needs of leading global enterprise customers spanning every industry. Enterprise customers, with their complex multi-use case requirements, offer both greenfield and "switcher market" opportunities in addition to their superior retention rates and lifetime value. Expansion into the Government Segment ⚫ Docebo initiated FedRAMP certification which it expects to receive in 2024 and in doing so, the Company has added a new pillar to its strategic growth plan. In addition to establishing channel partner relationships with firms like Carahsoft and large systems integrators, Docebo has made strategic hires to form a dedicated government team. Land & Expand A growing base of global enterprise customers opens up the opportunity to expand into new use cases, as well as strengthening its position to replace legacy systems providers. ⚫ The consolidation of learning solutions providers offers efficiency to the customer as well as improving ACV & NDR¹ for Docebo. OEM & Systems Integrators OEMS and Systems Integrators are an important part of Docebo's enterprise go-to-market strategy. In addition to opening access to this strategically important customer base, OEMS and Sls equip Docebo with an effective way to enter new geographies - and new industry verticals such as Government. 1. NDR or Net Dollar Retention is a non-IFRS measure. Refer to "Non-IFRS Measures and Industry Metrics" in the disclaimer of this presentation for further information.#16Growing >2X the LMS Industry 150 100 50 US$10M 0 2016 Recurring Subscription Revenue Non-recurring Revenue US$143M 52% +37% US$41M +53% US$17M +74% US$27M +58% US$63M +52% US$104M +66% Recurring Revenue CAGR1 US$182M Annual Recurring Revenue² 26% ARR Growth² docebo 1. CAGR between fiscal year 2019 and fiscal year 2022. 2. 2017 2018 2019 2020 2021 2022 As at September 30, 2023. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this presentation for details on how we calculate ARR. ย Growth driven by recurring revenue from SaaS model#17Consistent Execution Driving Customer and ACV Growth 3,679 Customers1 81% ~4x of ARR4 added in 2022 represented by customers that chose multi-year contracts Growth in Average Contract Value since 2016² Customer growth by year 4.0 3.0 2.0 2.2K 1.7K 1.4K 1.0 1.2K 0.9K Average Contract Value (USD) 50.0 3.7K 40.0 3.4K 2.8K 0.0 2016 2017 2018 2019 2020 2021 2022 Q3 2023 1. As of September 30, 2023. docebo 109% Net Dollar Retention Rate in 20223 $49K $46K $42K 30.0 $34K $27K 20.0 $21K $16K 10.0 $12K 0.0 2016 2017 2018 2019 2020 2021 2022 Q3 2023 2. Average Contract Value is calculated as total ARR divided by the number of active customers. Historically, in calculating average contract value, all references to the number of customers or companies we serve included separate accounts per customer based on their installation(s) count. For the third quarter of the fiscal year ended December 31, 2020 and going forward, any separate accounts that our customers may have will be aggregated and counted as one customer based on the contracted customer for the purposes of calculating our average contract value to provide a more precise understanding of this metric. The figures presented for 2016 to 2020 have been adjusted to reflect this methodology change. Average Contract Value is a non-IFRS Measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer of this presentation and refer to the Appendix to this presentation for details on how we calculate Average Contract Value. 3. As at December 31, 2022. See "Non-IFRS Measures and Industry Metrics" in the disclaimer of this presentation and refer to the Appendix to this presentation for details on how we calculate Net Dollar Retention Rate. 4. As at September 30, 2023. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this presentation for details on how we calculate ARR.#18Robust ARR Growth Across Multiple Industries and Increasing Free Cash Flow Generation $182M Total ARR1 as of September 30, 2023 27% 9.7% Q3 2023 Subscription Revenue Growth Q3 2023 Adj. EBITDA¹ Margin Computer Software 16% IT & Telecom Services 10% Retail & Franchise 10% Manufacturing 8% Banking 5% Government 5% Education 4% Hospitals Healthcare 4% Non Profit 4% Insurance 3% Other 32% 0% 25% 50% 75% 100% Internal ● Hybrid/External docebo 18% Q3 2023 Free Cash Flow Margin¹ $50 $40 30% $46.5 20% $37.0 $30 9.7% 10% $20 1.7% $10 $0 Q3 2022 Q3 2023 Revenue (USD) Adj. EBITDA Margin 1. 0% -10% ARR, Adj. EBITDA and Free Cash Flow are non-IFRS Measures. Refer to "Non-IFRS Measures and Industry Metrics" in the disclaimer and to the Appendix of this presentation for further information.#19Capital Efficient Growth Free cash flow (1) Total ARR(3) (USD) 200 150 100 50 $74M $47M $30M $18M $11M 0 $1M $4M $3M $5M $4M $4M $118M $157M $1M $13M $182M -50 2016 2017 2018 2019 2020 2021 2022 Q3 2023 YTD 1. Free Cash Flow refers to Cash flow from operating activities less additions to property and equipment. Refer to "Non-IFRS Measures and Reconciliation of Non-IFRS Measures" in the Appendix to this presentation. 2. "Cash Generated" refers to cumulative free cash flow since Docebo received its initial investment from Intercap and Klass in 2015. 3. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this presentation for details on how we calculate ARR. EURO 50 કુનો (૦૪ ૧ docebo ~US$1M Cash generated² since 2016 while growing ARR to US$182M at the end of Q3 2023#203 Year Goal - Achieving Operating Leverage Without Sacrificing Growth docebo יון Sales and Marketing >>> Strategic growth investments while achieving operating leverage (30-35% of revenue) Research and >>> Development General and ° >>> Administrative 3 Year Goal >>> Continue to invest in innovation & FedRamp. Maintain current investment levels (16-18% of revenue) Drive leverage through process excellence and automation of processes (10-12% of revenue) Healthy Rule of 40 company with growth first mindset, balanced with scaling EBITDA contribution#21Experienced Management and Board docebo GLOBAL MANAGEMENT TEAM Claudio Erba, CEO & Board Member • CEO of Docebo since 2005 Over 15 years of experience in learning and development Alessio Artuffo, President & COO Joined Docebo in 2012; CRO since 2016 • Board Member at Viafoura • 14 years of experience in L&D Sukaran Mehta, CFO ⚫Joined Doebo in Sep 2019 as VP of Finance • Previously VP of Finance at Finastra, a Vista Equity Partners company Francesca Bossi, CHRO ⚫Joined Docebo in 2013; CHRO since 2017 • Over a decade of experience in e-learning, digital environments, and scalable processes Fabio Pirovano, CPO Joined Docebo in 2005; CTO since 2012 • B.Sc. Computer Science from Politecnico di Milano; Executive MBA from SDA Bocconi School of Management Domenic Di Sisto, CLO Joined Docebo in 2022 • Previously VP & General Counsel at a TSX and Nasdaq dual listed company BOARD OF DIRECTORS Jason Chapnik, Chairman • Founder, Chair and CEO of Intercap; former Chairman of Dealer.com; 30+ years of experience • Board member at E Inc., Sharestates, Inc., Plex, Inc., StickerYou Inc., Guestlogix Inc. (post-restructuring), Reset Beauty Inc., Viafoura Inc. and Vish Limited Will Anderson • President of Resolver Inc, a division of Kroll LLC and previously CEO of Resolver since 2014 (prior to acquisition by Kroll); previously led software businesses within Iron Data and Constellation Software James Merkur • President at Intercap and the President and CEO at Logan Peak Capital Inc. • Board member at Canaccord Genuity Growth II Corp., E Inc., Sharestates, Inc., Guestlogix Inc. (post-restructuring) and Viafoura Inc. Kristin Halpin Perry • Chief People Officer of Polly (formerly DealerPolicy Inc.) with over 25 years of experience as a human resources executive. Previously Chief Talent Officer at Dealer.com, a digital marketing technology company • Board member at Fluency Trisha Price • Currently Chief Product Officer at Pendo, a leading private cloud company • Previously Chief Innovation Officer at nCino, Inc. a Nasdaq listed global leader in cloud banking software Steve Spooner • Former CFO of Mitel Networks Board member of Jamieson Wellness, E Inc., Eunomart, Key DH Technologies and Wellness Natural Summary capitalization CURRENT OWNERSHIP SUMMARY* Intercap Equity 42.7% Claudio Erba 3.8% Other *As of September 30, 2023 54.7% 100%#22Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS Measures Key Performance Indicators docebo Annual Recurring Revenue: We define Annual Recurring Revenue as the annualized equivalent value of the subscription revenue of all existing contracts (including Original Equipment Manufacturer ("OEM") contracts) as at the date being measured, excluding non-recurring implementation, support and maintenance fees. Our customers generally enter into one to three year contracts and are non cancelable or cancellable with penalty. All the customer contracts, including those for one-year terms, automatically renew unless cancelled by our customers. Accordingly, our calculation of Annual Recurring Revenue assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal. Subscription agreements are subject to price increases upon renewal reflecting both inflationary increases and the additional value provided by our solutions. In addition to the expected increase in subscription revenue from price increases over time, existing customers may subscribe for additional features, learners or services during the term. We believe that this measure provides a fair real-time measure of performance in a subscription-based environment. Annual Recurring Revenue provides us with visibility for consistent and predictable growth to our cash flows. Our strong total revenue growth coupled with increasing Annual Recurring Revenue indicates the continued strength in the expansion of our business and will continue to be our target on a go-forward basis. Average Contract Value: Average Contract Value is calculated as total Annual Recurring Revenue divided by the number of active customers. All references to the number of customers or companies we serve is based on contracted customers, including underlying OEM customers. Net Dollar Retention Rate: We believe that our ability to retain and expand a customer relationship is an indicator of the stability of our revenue base and long-term value of our customers. We assess our performance in this area using a metric we refer to as Net Dollar Retention Rate. We compare the aggregate subscription fees contractually committed for a full month under all customer agreements (the "Total Contractual Monthly Subscription Revenue") of our total customer base (excluding OEM partners) as of the beginning of each month to the Total Contractual Monthly Subscription Revenue of the same group at the end of the month. Net Dollar Retention Rate is calculated on a weighted average annual basis by first dividing the Total Contractual Monthly Subscription Revenue at the end of the month by the Total Contractual Monthly Subscription Revenue at the start of the month for the same group of customers.#23Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS Measures docebo Free Cash Flow: Free Cash Flow is defined as cash used in operating activities less cash used for purchases of property and equipment and capitalized internal-use software costs, plus non-recurring expenditures such as the payment of acquisition-related compensation, the payment of transaction-related costs, and the payment of restructuring costs. Free Cash Flow is not a recognized measure under IFRS. See "Non-IFRS Measures and Reconciliation of Non-IFRS Measures". The IFRS measure most directly comparable to Free Cash Flow presented in our financial statements is cash flow used in operating activities. The following table reconciles our cash flow used in operating activities to Free Cash Flow for the periods 2016 to 2023 189 (In thousands of US dollars) 2016 2017 2018 2019 2020 2021 2022 Q3 2023 YTD Cash flow used in operating activities (1,037) (2,983) (2,300) (4,582) 4,791 (3,254) 2,287 9,488 Additions to property and equipment and non-current assets (258) (689) (410) (366) (1,081) (1,081) (1,081) (386) Acquisition related compensation paid Transaction related expenses paid Restructuring costs paid Free Cash Flow I - I 991 2,831 (1,295) (3,672) (2,710) (4,948) 3,710 (4,399) 1,206 13,113 I#24Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS Measures docebo Adjusted EBITDA Adjusted EBITDA is defined as net income excluding net finance income, depreciation and amortization, income taxes, share-based compensation and related payroll taxes, other income, foreign exchange gains and losses, loss on disposal of assets (if applicable), acquisition related compensation, transaction related expenses and restructuring costs. The IFRS measure most directly comparable to Adjusted EBITDA presented in our financial statements is net (loss) income. The following table reconciles Adjusted EBITDA to net income (loss) for the periods indicated: Three months ended September 30, 2023, $ Nine months ended September 30, 2022, $ 2023, $ 2022, $ Net income (loss) for the period Finance income, net (1) Depreciation and amortization (2) Income tax expense Share-based compensation (3) Other (income) expense (4) Foreign exchange loss (gain) (5) 4,047 10,274 (382) 5,418 (1,933) (1,325) (6,506) (1,677) 1,506 564 2,587 1,731 997 95 1,918 583 1,845 1,000 4,438 3,745 (2) (21) 181 (64) (3,092) (10,213) 1,365 (11,676) Acquisition related compensation (6) 1,258 256 2,246 868 Transaction related expenses (7) 271 1,081 101 Restructuring (8) 65 2,849 Adjusted EBITDA 4,512 630 9,777 (971) Adjusted EBITDA as a percentage of total revenue 9.7% 1.7% 7.4% (0.9)%#25Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS Measures docebo Adjusted Net Income (Loss) is defined as net (loss) income excluding amortization of intangible assets, share-based compensation and related payroll taxes, acquisition related compensation, transaction related expenses, restructuring costs, foreign exchange gains and losses, and income taxes. Adjusted Net Income (Loss) per share - basic and diluted is defined as Adjusted Net (Loss) Income divided by the weighted average number of common shares (basic and diluted). The IFRS measure most directly comparable to Adjusted Net Income (Loss) presented in our financial statements is net (loss) income. The following table reconciles net income (loss) to Adjusted Net Income (Loss) for the periods indicated: Net income (loss) for the period Amortization of intangible assets Share-based compensation Acquisition related compensation Transaction related expenses Restructuring Foreign exchange loss (gain) Income tax expense related to adjustments(1) Adjusted net income (loss) Nine months ended September 30, Three months ended September 30, 2023, $ 4,047 2022, $ 2023, $ 2022, $ 10,274 (382) 5,418 381 80 692 252 1,845 1,000 4,438 3,745 1,258 256 2,246 868 271 1,081 101 65 2,849 - (3,092) (10,213) 1,365 177 75 567 198 4,952 1,472 12,8561 (1,094) (11,676) Weighted average number of common shares - basic Weighted average number of common shares - diluted Adjusted net income (loss) per share - basic Adjusted net income (loss) per share - diluted 1. This line item reflects income tax expense on taxable adjustments using the tax rate of the applicable jurisdiction. 32,474,975 33,513,101 33,044,250 32,907,374 33,024,887 34,069,688 32,907,374 34,032,666 0.15 0.04 0.39 (0.03) 0.15 0.04 0.39 (0.03)