Docebo (DCBO) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Product and use case overview

• Offers an AI-powered learning management system with modules for content, communities, and analytics, recently expanding to a multi-product approach with the acquisition of 365Talents for skills intelligence.

• Serves both internal (onboarding, compliance, talent development) and external (vendor, customer, membership training) use cases, with large external academies driving higher ticket sizes.

• Customers include major organizations like Target and Databricks, with examples of monetized and unmonetized customer academies.

• Growing trend of companies monetizing learning and training customers on their platforms.

Demand trends and financial performance

• Q4 2025 bookings were the strongest since Q4 2021, with mid-market and EMEA showing robust demand, while enterprise lagged but is showing early signs of improvement.

• Customer count above $100K grew 25%, with higher retention and stickiness among larger, more complex organizations.

• EBITDA grew 40% year-over-year in Q4 and 30% for the year, with low stock-based compensation and a declining share count.

• Normalized ARR growth in Q4 was 12.5% excluding Dayforce and 14.5% excluding AWS, with $8M of churn from non-structural sources expected not to repeat in 2026.

AI strategy and product innovation

• Launched GenAI content authoring in Q4 2024, Harmony Search for contextual answers, and Virtual Coach for role-play scenarios, with some features monetized and others driving user engagement.

• Plans to expand Harmony Search to integrate with external platforms, creating new monetization opportunities.

• Virtual role play is monetized through credits, with ongoing evaluation of pricing models.

• AI adoption is faster in mid-market than enterprise, with some enterprise customers disabling AI features due to compliance concerns.