#1docebo Investor Presentation | May 2023 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 ™ 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, statements regarding 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; expectations regarding our revenue and the revenue generation potential of our platform and other products; expectations regarding future profitability; our future financial position, business plans and strategies; our ability to attract and retain customers; the learning management industry; 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) the Company's ability to operate its business and effectively manage its growth under evolving macroeconomic conditions, such as high inflation and recessionary environments; (vii) fluctuations in the length and complexity of the sales cycle for our platform, especially for sales or larger enterprises and (viii) developments and changes in applicable laws and regulations; and such other factors discussed in greater under the "Risk Factors" sections of our latest Annual Information Form available under our profile on SEDAR at www.sedar.com 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", "Adjusted EBITDA", "Adjusted Net Income" 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", "Net Dollar Retention", "Cash Burn", "Constant Currency ARR Growth", "Adjusted EBITDA" and "Average Contract Value". 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.#3(1) (2) (3) (4) 3,506 Customers ¹,2 94% Subscription Revenues 4 Docebo at-a-glance Leading KPIs compared to LMS sector averages CAGR between fiscal year 2019 and fiscal year 2022. For the three months ended March 31, 2023. US$165M 1 ARR ¹ 52% Subscription Revenue CAGR 3 800+ Employees 8 Offices: Toronto, Athens-GA, Melbourne, Milano, Munich, London, Paris, Dubai As at March 31, 2023. Refer to "Non-IFRS Measures and Reconciliation of Non-IFRS Measures in the Appendix to this presentation 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.#470% SOCIAL Today 20% COACHING 10% FORMAL docebo (docēbō) v. I will teach#5docebo A learning management platform that improves enterprise learning. (FD (80) 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.#6Leading Companies choose Docebo 3.506 customers across a variety of geographies and industries¹ (1) As of March 31, 2023. aws THOMSON REUTERS L'ORÉAL HEINEKEN P Pearson Lastminute.com Newcross HEALTHCARE hp Denny's experian. rrandstad North America 76% Revenue for the 3 months ended March 31, 2023 ROW 24%#7Highly Configurable, Personalized Learning at Scale docebo design < Home Making a case for social learning in your organization docebo MOREVIDO AMarcel ▶ Director of Sales Docebo Search courses, content and more How to introduce an effective social learning strategy at your organization Tra Way Seemingly, our About this lesson Wowwy to provide informou oder as atese social leaning your des Our Doof Sales, Cry Mavelist and proces practical sige in hunching oil learning your tonighy diming the ROI of social aming tin LED Tags design design thang education design education human centered design pedagogy design research sum 2 ✓ Next recommended content How to Export to HTML-Design- TAR by cards Venturas Sketch Ske 10 Service Design Innovation Trends by Valerina Bulgher What Design Chiefs At Uber by Andrea 10 Service Design innovation Trends f by Valerina herni 5 Stages in the Design Thinking Process Design Thinking-Tim Brown, CEO and Pre by Andrea Bag 0000 by Andrea Bagh The Design Thinking Process THWH Design Thinkers Academy | 12:03 TEO HOUTWOR Design Thinking Doreen Lorenzo | TEDKUTAUSE ✰✰✰✰✰00 OVERVIEW By Andres Braghi Description Whos 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 pedagogy design thinking design education design research RELATED TO human centered desig people education OPEN THIS ASSET Mobile docebo by Upload year content Thringi Design Res Al Content Suggestion Get ons? Dashboard Al-Powered Feature Sets: Auto-Tagging, Deep Search, Virtual Coach#8Reducing the Tech Stack: All your Learning Needs Under a Single Platform IMPROVES OPERATIONAL PRODUCTIVITY HELPS TO REDUCE TECH STACK BY USING ONE PLATFORM EXTERNAL TRAINING Customer Training Keep your customers happy, healthy, and loyal. Partner Training Support your partners and turn them into champions for your product. Membership Training Support your members and ensure they're seeing value. Retail / Franchise / QSR Training Support franchisees, retail locations, and QSRS in every market. REVENUE ENABLEMENT Sales Enablement Get sales teams up to speed and crushing quotas faster. Support Enablement Get support teams up to speed and helping customers faster. Services Enablement Get services teams up to speed and contributing. Marketing Enablement Get marketing teams up to speed and executing faster. REDUCES COMPLEXITY IMPROVES ROI AND LEVERAGES COST PER USERS TALENT DEVELOPMENT Employee Onboarding Ramp up new employees so they can get down to business sooner. 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. COMPLIANCE Compliance Training Manage compliance training and certifications, meet standards and mitigate risks. - 65% of customers (by ARR) use Docebo for external training or hybrid training use cases#9(1) TÜV Rheinland® case study How a German tech certification giant created over 3,000 courses and a successful web shop for their global audience in just 4 months. A TOV F "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 3,037 431% Total courses Increase in learning objects 36% Increase in courses offered 4 Month Implementation 11 Different languages 26 Countries 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 or not the end user completes the online course.#10SAMSUNG HAWK-EYE LITERA MICROSYSTEMS (1) (2) (3) Sales Training, External Training 1,100+ Users trained¹ in 3 languages 47,000 Enrollments in just 7 months Case Study Employee Training, Partner Training 430 Average active users per month³ 4 200+ Assets submitted by users² Months to implement Customer Training, Partner Training, Employee Training 3,200+ Enrollments 35% Of active users³ use the Docebo Mobile App Based on users that have completed a piece of learning material. Asset submitted refers to learner generated content such as screen recordings or video. 750+ Onsite video reviews of key officiating incidents 1,200+ Course completion Why We Win: Achieve High Personalization to support multiple use cases, via the Docebo Configuration Engine 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 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 or not the end user completes the online course.#11Shape Al creates learning content for online courses starting from any available online source Commercial Product Docebo Learning Suite Tools to Span the Entire Enterprise Learning Lifecycle Content High-quality, off-the-shelf mobile-ready learning content from a network of 100+ providers Commercial Product 1. Learn LMS Course enrollment, online delivery, and tracking all in one place makes learning certification easy 7 Flow S Connect Commercial Product Ⓡ Learning Impact What were you expecting from this course? What impact did it have on your performance at work? Acquired Formetris Learning Analytics Learning-based data analytics and easy to use reporting will help support educated decision-making Commercial Product New products increase addressable market and share of wallet#12Å Growth Opportunity Focused on key growth vectors that feed new logos and expand mandates Grow Enterprise Customer Base OEM & strategic alliances Artificial A Intelligence Opportunistic Acquisitions Land & Expand Build New Products Geography Expansion (France, Germany, Asia-Pacific) Customer momentum in a growing market#13Docebo is Uniquely Positioned in the Fastest-Growing Segment of Enterprise Learning Small LMS or LXP A quick-to-deploy and low-cost LMS or LXP FOSWAY GROUP Core Leader 9-Grid" for Learning Systems 2022 The Suite Spot L Flexible suite that focuses on learning, not HR 2019, 2020, 2021, 2022 Core Leader for Learning Systems in the Fosway 9-Grid™ Brandon Hall GROUP EXCELLENCE IN EGY AWARDS GOLD 2021 TECHNOLOGY Corporate Talent Management Enterprise people and talent management suites 2021 Nine Brandon Hall Group Excellence in Technology Awards, including Six Golds#14>>>>MORE- -COMPLEXITY- LESS Delivering the Most Powerful All-Purpose Enterprise Learning Solution for Multi-Use Case Environments 2023 COMMERCIAL LEARNING SYSTEMS RIGHTFIT SOLUTION GRID™M TALENTED LEARNING -ALL-PURPOSE- Research and Consulting docebo cornerstone absorb totara litmos .<<<<< -LEARNING-SYSTEM-TYPE->>>>>. -MORE- D2L POWERHOUSI CYPHER LEARNING brainier INTELLUM VALAMIS •<<<<<- schoox CD2 learning talentims acorn CONTENDER LearnUpon KMILEARNING digitalCHALK TESSERACT E GYRUS Maple LMS -SUPPORT <NETEXAM> Authentic BlueVolt Leaming tabs EthosCE Cadmium WEB COURSEWORKS TUMINARY Thought crowdwisdom Blue Sky -NUMBER-OF-USE-CASES-SUPPORTED -SPECIALIST- GROWTH LearningCart ->>>>> Administrate Training Ordnestra BenchPrep TOPCLASS -LESS lemonade XP INNOVATOR Egitec Interactive di Grace Hill teach:able Learnie -GLOBAL-<<<<< GEOGRAPHIC REGIONAL "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#15150 100 50 0 US$10M 2016 Recurring Subscription Revenue Non-recurring Revenue US$17M +74% Growing >2X the LMS industry 2017 US$27M +58% 2018 US$41M +53% 2019 US$63M +52% 2020 US$104M +66% 2021 US$143M +37% 2022 52% Recurring Revenue CAGR¹ US$165M Annual Recurring Revenue² 29% ARR Growth 2,3 (1) (2) (3) CAGR between fiscal year 2019 and fiscal year 2022 As at March 31, 2023. Refer to "Non-IFRS Measures and Reconciliation of Non-IFRS Measures" in the Appendix to this presentation Adjusted for the impact of changes to the U.S. dollar relative to foreign currencies Growth driven by recurring revenue from SaaS model#16(1) (2) (3) 3,506 Customers¹ Customer growth by year 4.0 3.0 2.0 Consistent Execution Driving Customer and ACV Growth 81% of ARR added in 2022 represented by customers that chose multi-year contracts 1.0 0.0 0.9K 2016 1.2K 2017 1.4K 2018 1.7K 2019 2.2K 2000 2.8K 2021 3.4K 3.5K 2022 Q1 2023 ~4x Growth in average contract value since 2016² Average Contract Value (USD) 50.0 40.0 30.0 20.0 10.0 0.0 $12K 2016 $16K $21K 2017 2018 $27K $34K 109% Net Dollar Retention Rate in 2022³ $42K $46K $47K 2019 2000 2021 2022 Q1 2023 As at March 31, 2023 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. As at December 31, 2022; see Appendix for definition of Net Dollar Retention Rate.#17Net ARR Added (USD) $200 $150 $100 $50 $0 28% ARR Growth in Q1 2023 $129.3 Q1 2022 Robust ARR Growth and Gross Margin Profile 29% 81% Q1 2023 Gross Margin Constant currency ARR Growth in Q1 2023 $8.9 Q2 2022 $6.4 $12.5 $7.8 Q3 2022 Q4 2022 Q1 2023 $164.9 Subtotal $50 $40 S30 $20 $10 $0 (1) $32.1 79.6% Q1 2022 Revenue (USD) 5.3% Q1 2023 Adj. EBITDA¹ Margin $41.5 80.6% Q1 2023 Gross Margin 100% 95% 90% 85% 80% 75% Refer to "Non-IFRS Measures and Reconciliation of Non-IFRS Measures in the Appendix to this presentation#18200 150 100 50 (1) (2) 0 -50 $11M $1M 2016 $18M $118M $74M ....ill $47M $30M $4M $5M $4M 2017 Free cash flow (1) Capital Efficient Growth $3M 2018 Total ARR (USD) 2019 2020 $4M $157M 2021 $1M $165M 2022 $2M Q1 2023 ~US$14M Cash burn since 2016 to grow ARR2 to US$165M at the end of Q1 2023 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 "Cash Burn" refers to cumulative negative free cash flow since Docebo received its initial investment from Intercap and Klass in 2015.#19METRIC Revenue Subscription Revenue Growth (YoY) Recurring Subscription Revenue Mix (% of Total Revenue) Gross Profit Margin Adjusted EBITDA Margin² Adjusted EPS (Diluted)² Free Cash Flow Margin² (1) (2) Strong, Scalable Financial Metrics 2020 $62.9m 54% 91% 82% (4%) 6% 2021 $104.2m 67% 92% 80% (8%) ($0.30) (4%) Adjusted for the impact of changes to the U.S. dollar relative to foreign currencies Refer to "Non-IFRS Measures and Reconciliation of Non-IFRS Measures in the Appendix to this presentation M 2022 $142.9m 37% (42%¹) 92% 80% 1% $0.07 1% Q1 23 33% (36%¹) 94% $41.5m i $42.9 $43.2m 81% 5% $0.09 I (6%) I I Q2 23 Guidance I 80-81% 5.5%-6.5% Margin Drivers Significant growth and strong unit economics set the stage for future profitability ↑ → Increasing deal sizes Executing land & expand strategy Improving sales and marketing productivity Leveraging infrastructure scale Back-office automation and efficiencies Improving efficiency of global support#20GLOBAL MANAGEMENT TEAM Experienced Management and Board 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 Martino Bagini, CCDO • Chief Corporate Development Officer since Aug 2021; COO of Docebo from Jan 2018 to Aug 2021 • Over 15 years of experience as an investor and entrepreneur 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., Resolver, Inc., Sticker You Inc., Guestlogix Inc. (post-restructuring), Reset Beauty Inc., Viafoura Inc. and Vish Limited Will Anderson • CEO of Resolver since 2014; 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., Resolver, Inc., Guestlogix Inc. (post-restructuring) and Viafoura Inc. Kristin Halpin Perry Previously Chief Talent Officer at Dealer.com with over 25 years experience as an HR executive • 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 Claudio Erba Other *As at March 2023 41.3% 3.7% 55.0% 100%#21docebo® Bringing Al innovation to enterprise learning Large global addressable market Customer momentum and leading innovation O Strong KPI's capital efficient business model#22Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS Measures Key Performance Indicators 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.#23Free 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 2022 (In thousands of US dollars) Cash flow used in operating activities Additions to property and equipment and non-current assets Free Cash Flow 2016 (1,037) (258) (1,295) 2017 (2,983) (689) (3,672) 2018 (2,300) (410) (2,710) 2019 (4,582) (366) (4,948) 2020 4,791 (1,081) 3,710 2021 (3,254) (1,081) (4,399) 2022 2,287 (1,081) 1,206 Q1 2023 (2,181) (107) (2,288)#24Adjusted EBITDA Adjusted EBITDA is defined as net income (loss) 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 and transaction related expenses. The IFRS measure most directly comparable to Adjusted EBITDA presented in our financial statements is net income (loss). The following table reconciles Adjusted EBITDA to net income (loss) for the periods indicated: (In thousands of US dollars) Net income (loss) (Finance (income) expense, net(¹) Depreciation and amortization (2) Income tax expense Share-based compensation (3) Other income (4) Foreign exchange loss (gain)(5) Acquisition related compensation (6) Transaction related expenses(7) Adjusted EBITDA Adjusted EBITDA as a percentage of total revenue Three months ended March 31, 2023 2022 2022 $ $ (6,959) 7,018 (2,167) (19) (3,512) 707 580 2,333 363 129 764 III 1,267 1,215 4,834 183 (21) (85) 102 3,391 (11,112) 295 948 101 101 (1,288) $ 1,245 256 254 2,210 5.3 % Fiscal year ended December 31, (4.0) % 1,289 0.9 % 2021 $ (13,601) 65 2,019 172 2,261 (85) 473 408 319 (7,969) (7.6) % 2000 $ (8,016) 130 1,209 336 1,619 (77) 1,775 416 (2,608) (4.1) %#25Adjusted Net Income (Loss) is defined as net income (loss) excluding amortization of intangible assets, share-based compensation and related payroll taxes, acquisition related compensation, transaction related expenses, foreign exchange loss (gain), and income tax (recovery) expense. Adjusted Net Income (Loss) per share - basic and diluted is defined as Adjusted Net Income (Loss) 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 income (loss). The following table reconciles net income (loss) to Adjusted Net Income (Loss) for the periods indicated: (In thousands of US dollars) Net income (loss) for the period Amortization of intangible assets Share-based compensation Acquisition related compensation Transaction related expenses Foreign exchange loss (gain) Income tax (recovery) expense related to adjustments(¹) Adjusted net income (loss) 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. Three months ended March 31, 2023 $ 1,245 85 1,267 256 254 102 18 3,227 33,153,231 34,159,651 0.10 0.09 2022 (6,959) 88 1,215 295 101 3,391 92 (1,777) 33,017,421 33,017,421 (0.05) (0.05) Fiscal year ended December 31, 2022 $ 7,018 333 4,834 948 101 (11,112) 174 2,296 33,067,716 34,041,754 0.07 0.07 2021 $ (13,601) 373 2,261 408 319 473 24 (9,743) 32,867,801 32,867,801 (0.30) (0.30)