EX-4.4





 Exhibit 4.4 

DOCEBO INC. 
 UNAUDITED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION 
 (expressed in thousands of United States dollars) 

 

									
	 	  	September 30,
2020	 	 	December 31,
2019	 
	 	  	$	 	 	$	 
			
	 Assets
	  				 			
	 Current assets:
	  				 			
	 Cash and cash equivalents
	  	 	60,835	 	 	 	46,278	 
	 Trade and other receivables (Note 3)
	  	 	17,670	 	 	 	10,108	 
	 Prepaids and deposits
	  	 	2,557	 	 	 	1,858	 
	 Net investment in finance lease
	  	 	94	 	 	 	92	 
	 Contract acquisition costs, net
	  	 	1,130	 	 	 	605	 
		  	  
	  
	 	 	  
	  
	 
		  	 	82,286	 	 	 	58,941	 
			
	 Non-current assets:
	  				 			
	 Contract acquisition costs, net
	  	 	1,205	 	 	 	698	 
	 Net investment in finance lease
	  	 	272	 	 	 	324	 
	 Right-of-use
asset, net (Note 4)
	  	 	2,702	 	 	 	2,420	 
	 Property and equipment, net (Note 5)
	  	 	1,960	 	 	 	1,477	 
	 Other non-current assets
	  	 	313	 	 	 	—  	 
		  	  
	  
	 	 	  
	  
	 
		  	 	88,738	 	 	 	63,860	 
		  	  
	  
	 	 	  
	  
	 
			
	 Liabilities
	  				 			
	 Current liabilities:
	  				 			
	 Trade and other payables
	  	 	12,517	 	 	 	9,589	 
	 Deferred revenue
	  	 	25,636	 	 	 	17,997	 
	 Lease obligations (Note 4)
	  	 	1,090	 	 	 	935	 
	 Borrowings (Note 6)
	  	 	20	 	 	 	20	 
		  	  
	  
	 	 	  
	  
	 
			
	 Non-current liabilities:
	  	 	39,263	 	 	 	28,541	 
	 Lease obligations (Note 4)
	  	 	2,593	 	 	 	2,479	 
	 Employee benefit obligations
	  	 	1,884	 	 	 	1,443	 
	 Borrowings (Note 6)
	  	 	—  	 	 	 	16	 
		  	  
	  
	 	 	  
	  
	 
		  	 	43,740	 	 	 	32,479	 
			
	 Shareholders’ equity
	  				 			
	 Share capital (Note 7)
	  	 	108,048	 	 	 	89,745	 
	 Contributed surplus
	  	 	2,364	 	 	 	1,102	 
	 Accumulated other comprehensive (loss) income
	  	 	(1,230	) 	 	 	805	 
	 Deficit
	  	 	(64,184	) 	 	 	(60,271	) 
		  	  
	  
	 	 	  
	  
	 
	 Total equity
	  	 	44,998	 	 	 	31,381	 
		  	  
	  
	 	 	  
	  
	 
		  	 	88,738	 	 	 	63,860	 
		  	  
	  
	 	 	  
	  
	 

 Subsequent events (Note 16) 

  
 The accompanying notes
are an integral part of these condensed unaudited consolidated interim financial statements. 
  

1 













 DOCEBO INC. 

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS AND 

COMPREHENSIVE LOSS 

(expressed in thousands of United States dollars, except per share amounts) 

 

																	
	 	  	Three months ended
September 30,	 	 	Nine months ended
September 30,	 
	 	  	2020	 	 	2019	 	 	2020	 	 	2019	 
	 	  	 	 	 	 	 	 	$	 	 	$	 
	 Revenue (Note 10)
	  	 	16,096	 	 	 	10,586	 	 	 	44,161	 	 	 	29,145	 
	 Cost of revenue (Note 11)
	  	 	2,883	 	 	 	2,110	 	 	 	8,564	 	 	 	6,058	 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Gross profit
	  	 	13,213	 	 	 	8,476	 	 	 	35,597	 	 	 	23,087	 
					
	 Operating expenses
	  				 				 				 			
	 General and administrative (Note 12)
	  	 	3,575	 	 	 	3,219	 	 	 	11,260	 	 	 	9,342	 
	 Sales and marketing (Note 12)
	  	 	5,796	 	 	 	5,711	 	 	 	17,559	 	 	 	13,104	 
	 Research and development (Note 12)
	  	 	3,265	 	 	 	2,175	 	 	 	9,476	 	 	 	6,434	 
	 Share-based compensation (Note 8)
	  	 	512	 	 	 	99	 	 	 	1,317	 	 	 	251	 
	 Foreign exchange (gain) loss
	  	 	440	 	 	 	148	 	 	 	(1,607	) 	 	 	102	 
	 Depreciation and amortization (Note 4 and 5)
	  	 	279	 	 	 	207	 	 	 	771	 	 	 	594	 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		  	 	13,867	 	 	 	11,559	 	 	 	38,776	 	 	 	29,827	 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Operating loss
	  	 	(654	) 	 	 	(3,083	) 	 	 	(3,179	) 	 	 	(6,740	) 
					
	 Finance expense, net (Note 6)
	  	 	78	 	 	 	228	 	 	 	37	 	 	 	707	 
	 Loss on change in fair value of convertible promissory notes (Note 6)
	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	776	 
	 Other income
	  	 	(19	) 	 	 	(18	) 	 	 	(57	) 	 	 	(57	) 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Loss before income taxes
	  	 	(713	) 	 	 	(3,293	) 	 	 	(3,159	) 	 	 	(8,166	) 
					
	 Income tax expense
	  	 	445	 	 	 	449	 	 	 	754	 	 	 	449	 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
					
	 Net loss for the year
	  	 	(1,158	) 	 	 	(3,742	) 	 	 	(3,913	) 	 	 	(8,615	) 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
					
	 Other comprehensive loss
	  				 				 				 			
	 Item that may be reclassified subsequently to income:
	  				 				 				 			
	 Foreign currency translation loss (gain)
	  	 	117	 	 	 	(471	) 	 	 	2,035	 	 	 	(69	) 
	 Item not subsequently reclassified to income:
	  				 				 				 			
	 Actuarial loss
	  	 	—  	 	 	 	10	 	 	 	—  	 	 	 	30	 
			 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		  	 	117	 	 	 	(461	) 	 	 	2,035	 	 	 	(39	) 
			 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Comprehensive loss
	  	 	(1,275	) 	 	 	(3,281	) 	 	 	(5,948	) 	 	 	(8,576	) 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
					
	 Loss per share - basic and diluted
	  	 	(0.04	) 	 	 	(0.16	) 	 	 	(0.14	) 	 	 	(0.37	) 
	 Weighted average number of common shares outstanding - basic and diluted (Note 9)
	  	 	28,748,652	 	 	 	23,760,149	 	 	 	28,560,806	 	 	 	23,122,698	 
		  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 


  
 The accompanying notes
are an integral part of these condensed unaudited consolidated interim financial statements. 
  

2 













 DOCEBO INC. 

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIENCY) 

(expressed in thousands of United States dollars, except number of shares) 

 

																									
	 	  	Common shares	 	  	Contributed
surplus	 	 	Accumulated
other
comprehensive
income (loss)	 	 	Deficit	 	 	Total	 
	 	  	#	 	  	$	 	  	$	 	 	$	 	 	$	 	 	$	 
	 Balance, December 31, 2018
	  	 	22,532,000	 	  	 	30,716	 	  	 	564	 	 	 	263	 	 	 	(48,319	) 	 	 	(16,776	) 
	 IFRS 16 transition effect
	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	—  	 	 	 	(38	) 	 	 	(38	) 
	 Conversion of promissory note
	  	 	800,000	 	  	 	6,120	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	6,120	 
	 Exercise of stock options
	  	 	434,700	 	  	 	495	 	  	 	(121	) 	 	 	—  	 	 	 	—  	 	 	 	374	 
	 Share-based compensation (Note 8)
	  	 	—  	 	  	 	—  	 	  	 	251	 	 	 	—  	 	 	 	—  	 	 	 	251	 
	 Comprehensive loss
	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	39	 	 	 	(8,615	) 	 	 	(8,576	) 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Balance, September 30, 2019
	  	 	23,766,700	 	  	 	37,331	 	  	 	694	 	 	 	302	 	 	 	(56,972	) 	 	 	(18,645	) 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
							
	 Balance, December 31, 2019
	  	 	28,454,200	 	  	 	89,745	 	  	 	1,102	 	 	 	805	 	 	 	(60,271	) 	 	 	31,381	 
	 Exercise of stock options
	  	 	156,100	 	  	 	197	 	  	 	(55	) 	 	 	—  	 	 	 	—  	 	 	 	142	 
	 Share-based compensation (Note 8)
	  	 	—  	 	  	 	—  	 	  	 	1,317	 	 	 	—  	 	 	 	—  	 	 	 	1,317	 
	 Issuance of common shares upon bought deal offering, net of share issuance costs (Note 7)
	  	 	500,000	 	  	 	18,106	 	  	 	—  	 	 	 	—  	 	 	 	—  	 	 	 	18,106	 
	 Comprehensive loss
	  	 	—  	 	  	 	—  	 	  	 	—  	 	 	 	(2,035	) 	 	 	(3,913	) 	 	 	(5,948	) 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Balance, September 30, 2020
	  	 	29,110,300	 	  	 	108,048	 	  	 	2,364	 	 	 	(1,230	) 	 	 	(64,184	) 	 	 	44,998	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 


  
 The accompanying notes
are an integral part of these condensed unaudited consolidated interim financial statements. 
  

3 













 DOCEBO INC. 

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS 

(expressed in thousands of United States dollars) 
  

									
	 	  	Nine months ended
September 30,	 
	 	  	2020	 	 	2019	 
	 	  	$	 	 	$	 
	 Cash flows (used in) from operating activities
	  				 			
	 Net loss
	  	 	(3,913	) 	 	 	(8,615	) 
			
	 Adjustments to reconcile net loss to net cash used in operating activities:
	  				 			
	 Depreciation and amortization
	  	 	771	 	 	 	594	 
	 Share-based compensation
	  	 	1,317	 	 	 	251	 
	 Unrealized foreign exchange (gain) loss
	  	 	(1,516	) 	 	 	44	 
	 Finance expense
	  	 	274	 	 	 	32	 
	 Loss on change in fair value of convertible promissory notes
	  	 	—  	 	 	 	776	 
	 Changes in non-cash working capital items:
	  				 			
	 Trade and other receivables
	  	 	(7,554	) 	 	 	(2,447	) 
	 Prepaids and deposits
	  	 	(713	) 	 	 	(252	) 
	 Contract acquisition costs
	  	 	(1,032	) 	 	 	(422	) 
	 Trade and other payables
	  	 	2,639	 	 	 	3,879	 
	 Employee benefit obligations
	  	 	366	 	 	 	229	 
	 Deferred revenue
	  	 	7,470	 	 	 	4,842	 
		  	  
	  
	 	 	  
	  
	 
	 Cash (used in) from operating activities
	  	 	(1,891	) 	 	 	(1,089	) 
		  	  
	  
	 	 	  
	  
	 
			
	 Cash flows (used in) from investing activities
	  				 			
	 Purchase of property and equipment
	  	 	(678	) 	 	 	(306	) 
	 Other non-current assets
	  	 	(313	) 	 	 	—  	 
		  	  
	  
	 	 	  
	  
	 
	 Cash (used in) from investing activities
	  	 	(991	) 	 	 	(306	) 
		  	  
	  
	 	 	  
	  
	 
			
	 Cash flows (used in) from financing activities
	  				 			
	 Payments received on net investment in finance lease
	  	 	65	 	 	 	65	 
	 Repayment of lease obligation
	  	 	(786	) 	 	 	(647	) 
	 Proceeds from exercise of stock options
	  	 	142	 	 	 	374	 
	 Proceeds from issuance of secured debentures, net
	  	 	—  	 	 	 	3,000	 
	 Proceeds from drawdown on secured credit facility, net
	  				 	 	6,858	 
	 Proceeds from bought deal offering of common shares
	  	 	19,029	 	 	 	—  	 
	 Share issuance cost
	  	 	(923	) 	 	 	—  	 
	 Repayment of borrowings
	  	 	(16	) 	 	 	(7,016	) 
		  	  
	  
	 	 	  
	  
	 
	 Cash (used in) from financing activities
	  	 	17,511	 	 	 	2,634	 
		  	  
	  
	 	 	  
	  
	 
			
	 Net change in cash and cash equivalents during the period
	  	 	14,629	 	 	 	1,239	 
	 Effect of foreign exchange on cash and cash equivalents
	  	 	(72	) 	 	 	11	 
	 Cash and cash equivalents, beginning of the period
	  	 	46,278	 	 	 	3,756	 
		  	  
	  
	 	 	  
	  
	 
	 Cash and cash equivalents, end of the period
	  	 	60,835	 	 	 	5,006	 
		  	  
	  
	 	 	  
	  
	 


  
 The accompanying notes
are an integral part of these condensed unaudited consolidated interim financial statements. 
  

4 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  


	1	 Nature of business 



Docebo Inc. (the “Company” or “Docebo”) is a provider of cloud-based learning management systems. The Company was
incorporated on April 21, 2016 under the laws of the Province of Ontario. The Company’s head office is located at Suite 701, 366 Adelaide Street West, Toronto, M5V 1R9, Canada. 

On October 1, 2019, the Company filed articles of amendment to effect the change of the Company’s name from “Docebo Canada
Inc.” to “Docebo Inc.” and to split all of its issued and outstanding common shares on the basis of 100 common shares for every one common share outstanding. All share and per share amounts presented in these financial statements have
been adjusted retrospectively to reflect the share split. On October 8, 2019, the Company completed an initial public offering (“IPO”) and its shares began trading on the Toronto Stock Exchange under the symbol “DCBO”. 

The impact of the novel coronavirus (“COVID-19”) pandemic, with its combined health toll and
sharp decline in global economic output, is unprecedented and the full extent of the impact will depend on future developments. These developments are highly uncertain and cannot be accurately predicted, including new information which may emerge
concerning its severity, its duration and actions by government authorities to contain the outbreak or manage its impact. 
 In response to
the pandemic, we have modified our business practices with a focus on the health and well-being of our workforce both in Europe and North America. All of our offices are currently closed with employees working remotely. The extent of the impact of COVID-19 and measures taken to contain the virus on our results of operations and overall financial performance remains uncertain. 

The Company has the following subsidiaries: 
  

							
	Entity name	  	Country	  	Ownership
percentage
September 30,
2020	  	Ownership
percentage
December 31,
2019
	 	  	 	  	%	  	%
	 Docebo S.p.A
	  	Italy	  	100	  	100
	 Docebo NA Inc
	  	United States	  	100	  	100
	 Docebo EMEA FZ-LLC
	  	Dubai	  	100	  	100
	 Docebo UK
	  	England	  	100	  	100

  

	2	 Basis of preparation 



Statement of compliance 

These unaudited interim condensed consolidated financial statements (“financial statements”) were prepared using the same accounting
policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2019. These unaudited interim condensed consolidated financial statements have been prepared in compliance with IAS 34
– Interim Financial Reporting. Accordingly, certain disclosures normally included in annual financial statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board
(“IFRS”) have been omitted or condensed. These interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2019. 

These financial statements were approved and authorized for issuance by the Board of Directors of the Company on November 11, 2020. 

Use of estimates, judgments and assumptions 

The preparation of these financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that
affect the application of accounting policies and the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those
estimates. 
 Estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and
future periods if the revision affects both current and future periods. 
 The following are the critical judgments, apart from those
involving estimations, that management has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognized in the financial statements: 

 

	 	•	 	 Revenue recognition 



The Company derives its revenues from two main sources: software
as-a-service application (“SaaS”); and professional services revenue, which includes services such as initial project management, training and integration.


  
 5 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  

 Multi-element or bundled contracts require an estimate of the stand-alone selling price
(“SSP”) of separate elements. These assessments require judgment by management to determine if there are separately identifiable performance obligations as well as how to allocate the total price among the performance obligations.
Deliverables are accounted for as separately identifiable performance obligations if they can be understood without reference to the series of transactions as a whole. In concluding whether performance obligations are separately identifiable,
management considers the transaction from the customer’s perspective. Among other factors, management assesses whether the service or product is sold separately by the Company in the normal course of business or whether the customer could
purchase the service or product separately. 
  

	 	•	 	 Convertible promissory notes 



Convertible promissory notes in the comparative period were classified as fair value through profit or loss. The fair value of convertible
promissory notes was based on the underlying value of the equity instruments the convertible promissory notes were convertible into, which in turn requires estimates of the inherent value of the Company, considering value indicators including recent
rounds of financing and market comparable valuation metrics. 
  

	 	•	 	 Depreciation of property and equipment 



Depreciation of property and equipment is dependent on estimates of useful lives and residual values, which are determined through the exercise
of judgment. The assessment of any impairment of these assets is dependent on estimates of recoverable amounts that take into account factors such as economic and market conditions and the useful lives of assets. 

 

	 	•	 	 Trade and other receivables 



The recognition of trade and other receivables and loss allowances requires the Company to assess credit risk and collectability. The Company
considers historical trends and any available information indicating a customer could be experiencing liquidity or going concern problems and the status of any contractual or legal disputes with customers in performing this assessment. The Company
has established a provision matrix that is based on its historical credit loss experiences, adjusted for forward-looking factors specific to the debtors and the economic environment. including the potential impact of
COVID-19 pandemic. 
  

	 	•	 	 Share-based payments 



For equity-settled plans, expense is based on the fair value of the awards granted, calculated on the grant date, with a corresponding increase
in equity. The expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are satisfied. 

The Company uses the Black-Scholes valuation model to determine the fair value of equity settled stock options. Estimates are required for
inputs to this model including the fair value of the underlying shares, the expected life of the option, volatility, expected dividend yield and the risk-free interest rate. Variation in actual results for any of these inputs will result in a
different value of the stock option realized from the original estimate. The assumptions and estimates used are further outlined in the stock options note. 
  

	 	•	 	 Income taxes 



The Company computes an income tax provision in each of the tax jurisdictions in which it operates. Actual amounts of income tax expense only
become final upon filing and acceptance of the tax return by the relevant tax authorities, which occurs subsequent to the issuance of the consolidated financial statements. Additionally, estimation of income taxes includes evaluating the
recoverability of deferred tax assets against future taxable income based on an assessment of the ability to use the underlying future tax deductions before they expire. To the extent that estimates of future taxable income differ from the tax
return, earnings would be affected in a subsequent period. 
 In determining the amount of current and deferred tax, the Company takes into
account the impact of uncertain tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available
that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. 

Comparative figures 

Certain comparative amounts have been reclassified to conform to current period presentation. 

  
 6 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  


	3	 Trade and other receivables 



The Company’s trade and other receivables as at September 30, 2020 and December 31, 2019 include the following: 

 

									
	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 
	 Trade receivables
	  	 	16,725	 	  	 	8,827	 
	 Unbilled trade receivables
	  	 	520	 	  	 	736	 
	 Tax credits receivable
	  	 	299	 	  	 	397	 
	 Other receivables
	  	 	126	 	  	 	148	 
		  	  
	  
	 	  	  
	  
	 
		  	 	17,670	 	  	 	10,108	 
		  	  
	  
	 	  	  
	  
	 

 Included in trade receivables is a loss allowance of $1,625 for the nine months ended September 30, 2020
and $474 for the year ended December 31, 2019. 
  

	4.	 Leases 



The Company’s right-of-use assets by class of assets is as
follows: 
  

													
	 	  	Premises	 	  	Others	 	  	Total	 
	 	  	$	 	  	$	 	  	$	 
	 Costs
	  				  				  			
	 Balance – January 1, 2019
	  	 	2,209	 	  	 	197	 	  	 	2,406	 
	 Additions
	  	 	481	 	  	 	159	 	  	 	640	 
	 Disposals
	  	 	—  	 	  	 	(76	) 	  	 	(76	) 
	 Effects of foreign exchange
	  	 	33	 	  	 	(4	) 	  	 	29	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	Balance – December 31, 2019	  	 	2,723	 	  	 	276	 	  	 	2,999	 
	 Additions
	  	 	783	 	  	 	—  	 	  	 	783	 
	 Effects of foreign exchange
	  	 	18	 	  	 	8	 	  	 	26	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Balance – September 30, 2020
	  	 	3,524	 	  	 	284	 	  	 	3,808	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Accumulated amortization
	  				  				  			
	 Balance – January 1, 2019
	  	 	—  	 	  	 	—  	 	  	 	—  	 
	 Amortization
	  	 	494	 	  	 	105	 	  	 	599	 
	 Disposals
	  	 	—  	 	  	 	(29	) 	  	 	(29	) 
	 Effects of foreign exchange
	  	 	9	 	  	 	—  	 	  	 	9	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Balance – December 31, 2019
	  	 	503	 	  	 	76	 	  	 	579	 
	 Amortization
	  	 	461	 	  	 	62	 	  	 	523	 
	 Effects of foreign exchange
	  	 	—  	 	  	 	4	 	  	 	4	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Balance – September 30, 2020
	  	 	964	 	  	 	142	 	  	 	1,106	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
				
	 Carrying value
	  				  				  			
	 Net balance – December 31, 2019
	  	 	2,220	 	  	 	200	 	  	 	2,420	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Net balance – September 30, 2020
	  	 	2,560	 	  	 	142	 	  	 	2,702	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 The Company’s lease obligations are as follows: 

 

									
	 	  	September 30, 2020	 	  	December 31, 2019	 
	 	  	$	 	  	$	 
	 Balance – Beginning of period
	  	 	3,414	 	  	 	3,183	 


  
 7 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  


									
	 Additions
	  	 	712	 	  	 	790	 
	 Disposals
	  	 	—  	 	  	 	(47	) 
	 Interest accretion
	  	 	267	 	  	 	319	 
	 Lease repayments
	  	 	(780	) 	  	 	(883	) 
	 Effects of foreign exchange
	  	 	70	 	  	 	52	 
		  	  
	  
	 	  	  
	  
	 
	 Balance – End of period
	  	 	3,683	 	  	 	3,414	 
		  	  
	  
	 	  	  
	  
	 
	 Current
	  	 	1,090	 	  	 	935	 
	 Non-current
	  	 	2,593	 	  	 	2,479	 
		  	  
	  
	 	  	  
	  
	 

 Expenses incurred for the three and nine months ended September 30, 2020 relating to short-term leases and
leases of low-value assets were $65 and $173, respectively (2019 - $63 and $197). 
  

	5	 Property and equipment 



 

																	
	 	  	Furniture and
office equipment	 	  	Leasehold
improvements	 	  	Land and
Building	 	  	Total	 
	 	  	$	 	  	$	 	  	$	 	  	$	 
	 Cost
	  				  				  				  			
	 Balance – December 31, 2018
	  	 	466	 	  	 	908	 	  	 	367	 	  	 	1,741	 
	 Additions
	  	 	114	 	  	 	252	 	  	 	—  	 	  	 	366	 
	 Dispositions
	  	 	—  	 	  	 	(37	) 	  	 	—  	 	  	 	(37	) 
	 Effects of foreign exchange
	  	 	—  	 	  	 	(5	) 	  	 	(7	) 	  	 	(12	) 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Balance – December 31, 2019
	  	 	580	 	  	 	1,118	 	  	 	360	 	  	 	2,058	 
	 Additions
	  	 	323	 	  	 	462	 	  	 	—  	 	  	 	785	 
	 Dispositions
	  	 	(107	) 	  	 	—  	 	  	 	—  	 	  	 	(107	) 
	 Effects of foreign exchange
	  	 	21	 	  	 	36	 	  	 	15	 	  	 	72	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Balance – September 30, 2020
	  	 	817	 	  	 	1,616	 	  	 	375	 	  	 	2,808	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
					
	 Accumulated depreciation
	  				  				  				  			
	 Balance – December 31, 2018
	  	 	233	 	  	 	178	 	  	 	44	 	  	 	455	 
	 Depreciation
	  	 	55	 	  	 	54	 	  	 	14	 	  	 	123	 
	 Effects of foreign exchange
	  	 	3	 	  	 	—  	 	  	 	—  	 	  	 	3	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Balance – December 31, 2019
	  	 	291	 	  	 	232	 	  	 	58	 	  	 	581	 
	 Depreciation
	  	 	125	 	  	 	113	 	  	 	10	 	  	 	248	 
	 Effects of foreign exchange
	  	 	9	 	  	 	7	 	  	 	3	 	  	 	19	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Balance – September 30, 2020
	  	 	425	 	  	 	352	 	  	 	71	 	  	 	848	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
					
	 Carrying value
	  				  				  				  			
	 Balance – December 31, 2019
	  	 	289	 	  	 	886	 	  	 	302	 	  	 	1,477	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Balance – September 30, 2020
	  	 	392 	 	  	 	1,264	 	  	 	304	 	  	 	1,960	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	6	 Borrowings 



Mortgage payable 

Mortgage payable represents the mortgage on the Sovico property with Banca Intesa San Paolo and expires in July 2021. The original amount of
the mortgage was €185 and is secured by the Sovico property and carries an interest rate of 5% per annum. The balance outstanding as at September 30, 2020 and December 31, 2019 was $20 and $36, respectively. 

  
 8 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  

 Credit Facility 

On July 25, 2019, the Company secured a committed revolving term credit facility (the “Credit Facility”) from the
Toronto-Dominion Bank. Upon the closing of initial public offering on October 8, 2019, the commitment was increased to $15,000. The amount available to be drawn under the Credit Facility from time to time is equal to the lesser of (i) the
commitment and (ii) an amount equal to the trailing one-month consolidated recurring revenue of the Company (“MRR”) multiplied by six multiplied by the trailing twelve month gross retention rate
percentage on MRR (which rate shall not exceed 100%), minus the amount of any statutory prior claims then in existence. The Credit Facility will mature on July 25, 2022 (the “Maturity Date”). The Maturity Date may be extended for an
additional 364 days, at the discretion of the lender, upon the Company providing written notice to the lender requesting such an extension. Interest on the drawn facility is set at LIBOR plus 2.75%. The standby fee on the undrawn balance is 0.50%.

 Upon closing of the Credit Facility, the Company immediately drew down $7,000 to repay the existing $7,000 of secured debentures
previously issued to the shareholders of the Company. The Company incurred cash transaction costs of $142 which are being amortized as accretion expense over the term of the facility using the effective interest rate method. 

On October 16, 2019, the Company repaid the full balance of the Credit Facility outstanding of $7,000 from net proceeds from IPO. As at
September 30, 2020 and December 31, 2019 no balance has been drawn. 
 Convertible promissory notes 

On May 24, 2017, the Company issued $2,000 convertible promissory notes to shareholders and directors of the Company with a maturity date
of May 24, 2019. The convertible promissory notes bore an interest rate of 10% payable monthly and were convertible into common shares of the Company at an exercise price of US$2.50 per share. 

The Company determined that the convertible promissory notes did not qualify as a compound instrument and therefore no equity component to the
instrument. This was due to the fact that the conversion price was denominated in a currency that is not the functional currency of the Company, resulting in variability of the conversion price. Accordingly, the convertible promissory notes were
classified and accounted for entirely as a financial liability, which the Company had elected under IFRS 9 to measure at fair value through profit or loss. The fair value of the convertible promissory notes were classified as Level 3 in the
fair value hierarchy. On March 31, 2019, a loss on change in fair value of $472 was recorded. On May 24, 2019, the convertible promissory notes were converted into 800,000 common shares of the Company. Immediately prior to conversion, the
fair value of the convertible promissory notes was $6,120 resulting in recognition of loss on change in fair value of $776. The fair value of the convertible promissory notes as at September 30, 2020 and December 31, 2019 was nil. 

Secured debentures 

In February 2018, the Company issued secured debentures to the shareholders of the Company for total gross cash proceeds of $4,000. The Company
incurred financing fees of $40 to the lenders. These secured debentures bore an interest rate of 10% per annum, payable monthly with maturity on January 31, 2020. The debentures were collateralized by all present and future assets of the
Company. 
 In May 2019, the Company issued additional secured debentures to the same shareholders for total gross cash proceeds of $3,000
bearing interest rate of 10% per annum. As part of the additional secured debentures issued, the maturity date of all outstanding secured debentures was amended to December 31, 2020. 

On July 26, 2019, these secured debentures were repaid in full. 

These secured debentures were classified at amortized cost and accounted for using the effective interest rate method. The carrying value as at
September 30, 2020 and December 31, 2019 was nil. 
 Net finance expense 

Net finance expense for the nine months ended September 30, 2020 and 2019 is comprised of: 

 

																	
	 	  	Three months ended September 30,	 	  	Nine months ended September 30,	 
	 	  	2020	 	  	2019	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 	  	$	 	  	$	 
	 Interest and accretion expense on secured debentures
	  	 	—  	 	  	 	72	 	  	 	—  	 	  	 	312	 
	 Interest expense on convertible promissory notes
	  	 	—  	 	  	 	—  	 	  	 	—  	 	  	 	74	 
	 Interest on lease obligations
	  	 	92	 	  	 	80	 	  	 	237	 	  	 	207	 
	 Interest on credit facility
	  	 	12	 	  	 	71	 	  	 	35	 	  	 	76	 
	 Interest income
	  	 	(26	) 	  	 	—  	 	  	 	(236	) 	  	 	—  	 


  
 9 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  


																	
	 Bank fees and other
	  	 	—  	 	  	 	5	 	  	 	1	 	  	 	38	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	78	 	  	 	228	 	  	 	37	 	  	 	707	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	7	 Share capital 



Authorized 
 Unlimited common
shares with no par value 
 Issued and outstanding: 
  

									
	 	  	Number of
shares(iii)	 	  	Amount	 
	 Balance – December 31, 2018
	  	 	22,532,000	 	  	 	30,716	 
	 Stock option exercise (i)
	  	 	434,700	 	  	 	495	 
	 Conversion of promissory notes (ii)
	  	 	800,000	 	  	 	6,120	 
	 IPO share issuance (iv)
	  	 	4,687,500	 	  	 	52,414	 
		  	  
	  
	 	  	  
	  
	 
			
	 Balance – December 31, 2019
	  	 	28,454,200	 	  	 	89,745	 
	 Stock option exercise (v)
	  	 	156,100	 	  	 	197	 
	 Bought deal share offering (vi)
	  	 	500,000	 	  	 	18,106	 
		  	  
	  
	 	  	  
	  
	 
			
	 Balance – September 30, 2020
	  	 	29,110,300	 	  	 	108,048	 
		  	  
	  
	 	  	  
	  
	 

  

	 	(i)	 On May 13, 2019, 386,100 stock options were exercised resulting in the issuance of 386,100 common shares
of the Company for total cash proceeds of $311. On June 10, 2019, 6,900 stock options were exercised resulting in the issuance of 6,900 common shares of the Company for total cash proceeds of $17. On July 8, 2019, 34,800 stock options were
exercised resulting in the issuance of 34,800 common shares of the Company for total cash proceeds of $28. On August 14, 2019, 6,900 stock options were exercised resulting in the issuance of 6,900 common shares of the Company for total cash
proceeds of $18. 


  

	 	(ii)	 On May 24, 2019, the convertible promissory notes were converted into 800,000 common shares of the
Company. The fair value of the convertible promissory notes on the date of conversion was $6,120. 


  

	 	(iii)	 On October 1, 2019, the Company filed articles of amendment to split all of its issued and outstanding common
shares on the basis of 100 common shares for every one common share outstanding. All share and per share amounts for all periods presented in these financial statements have been adjusted retrospectively to reflect the share split.



  

	 	(iv)	 On October 8, 2019, the Company completed an IPO and issued 4,687,500 common shares for a total gross
consideration of $56,261 (C$75,000). Share issuance costs amounted to $3,847 resulting in net proceeds of $52,414. 


  

	 	(v)	 On February 13, 2020, 2,300 stock options were exercised resulting in the issuance of 2,300 common shares
of the Company for total cash proceeds of $6. On March 10, 2020, 6,900 stock options were exercised resulting in the issuance of 6,900 common shares of the Company for total cash proceeds of $6. On March 13, 2020, 6,900 stock options were
exercised resulting in the issuance of 6,900 common shares of the Company for total cash proceeds of $17. On June 22, 2020, 50,000 stock options were exercised resulting in the issuance of 50,000 common shares of the Company for total cash
proceeds of $40. On August 19, 2020, 90,000 stock options were exercised resulting in the issuance of 90,000 common shares of the Company for total cash proceeds of $73. 



 

	 	(vi)	 On August 27, 2020, the Company completed a bought deal offering comprised of 500,000 common shares issued
from treasury and offered by the Company for gross proceeds of $19,029 (C$25,000). Share issuance costs for the Company amounted to $923 resulting in net proceeds of $18,106. 



 

	8	 Share-based compensation 



The Company has four components of its share-based compensation plan: stock options, deferred share units (“DSUs”), restricted share
units (“RSUs”) and performance share units (“PSUs”). Share-based compensation expense for the three and nine months ended September 30, 2020 was $512 and $1,317, respectively (2019 - $99 and $251). The expense associated
with each component is as follows: 

  
 10 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  


																	
	 	  	Three months ended September 30,	 	  	Nine months ended September 30,	 
	 	  	2020	 	  	2019	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 	  	$	 	  	$	 
	 Stock options
	  	 	306	 	  	 	99	 	  	 	857	 	  	 	251	 
	 DSUs
	  	 	206	 	  	 	—  	 	  	 	460	 	  	 	—  	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	512	 	  	 	99	 	  	 	1,317	 	  	 	251	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 There were no RSUs or PSUs issued and outstanding for the three and nine months ended September 30, 2020
and 2019. 
 The changes in the number of stock options during the nine months ended September 30, 2020 and 2019 were as follows: 

 

																	
	 	  	2020	 	  	2019	 
	 	  	Number of
options	 	  	Weighted
average exercise
price	 	  	Number of
options	 	  	Weighted
average exercise
price	 
	 	  	#	 	  	C$	 	  	#	 	  	C$	 
	 Options outstanding – January 1
	  	 	1,692,347	 	  	 	5.41	 	  	 	1,546,700	 	  	 	0.98	 
	 Options granted
	  	 	44,190	 	  	 	12.44	 	  	 	193,200	 	  	 	8.54	 
	 Options forfeited
	  	 	(38,385	) 	  	 	9.51	 	  	 	(21,000	) 	  	 	2.14	 
	 Options exercised
	  	 	(156,100	) 	  	 	1.18	 	  	 	(434,700	) 	  	 	1.13	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
					
	 Options outstanding – September 30
	  	 	1,542,052	 	  	 	5.94	 	  	 	1,284,200	 	  	 	2.05	 
	 Options exercisable – September 30
	  	 	823,600	 	  	 	1.31	 	  	 	893,400	 	  	 	1.03	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 The following table is a summary of the Company’s share options outstanding as at September 30,
2020: 
  

																	
	Options outstanding	 	  	Options exercisable	 
	 Exercise price range
	  	Number outstanding	 	  	Weighted average
remaining contractual
life (years)	 	  	Exercise price range	 	  	Number exercisable	 
	C$	  	#	 	  	#	 	  	C$	 	  	#	 
	 0.0001 - 1.09
	  	 	927,800	 	  	 	6.47	 	  	 	0.0001 - 1.09	 	  	 	787,200	 
	 8.86 - 11.06
	  	 	221,818	 	  	 	10.19	 	  	 	8.86 - 11.06	 	  	 	36,400	 
	 15.79 - 26.43
	  	 	392,434	 	  	 	9.04	 	  	 	15.79 - 26.43	 	  	 	—  	 
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	1,542,052	 	  	 	7.66	 	  				  	 	823,600	 
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 The following table is a summary of the Company’s share options outstanding as at September 30,
2019: 
  

																	
	Options outstanding	 	  	Options exercisable	 
	 Exercise price range
	  	Number outstanding	 	  	Weighted average
remaining contractual
life (years)	 	  	Exercise price range	 	  	Number exercisable	 
	C$	  	#	 	  	#	 	  	C$	 	  	#	 
	 0.0001 - 1.09
	  	 	1,079,400	 	  	 	7.43	 	  	 	0.0001 - 1.09	 	  	 	884,200	 
	 3.09 - 3.43
	  	 	23,200	 	  	 	9.81	 	  	 	3.09 - 3.43	 	  	 	9,200	 
	 8.86 - 11.06
	  	 	181,600	 	  	 	11.35	 	  	 	8.86 - 11.06	 	  	 	—  	 
	 15.79 - 26.43
	  	 	—  	 	  	 	0	 	  	 	15.79 - 26.43	 	  	 	—  	 
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	1,284,200	 	  	 	8.03	 	  				  	 	893,400	 
	  
	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 


  
 11 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  

 DSUs 

The following table presents information concerning the number of DSUs granted by the Company: 

 

					
	 	  	#	 
	 DSUs – January 1, 2019
	  	 	—  	 
	 Granted (at C$16 per unit)
	  	 	36,250	 
		  	  
	  
	 
		
	 DSUs – December 31, 2019
	  	 	36,250	 
	 Granted (at C$26.43 - $38.87 per unit)
	  	 	14,820	 
		  	  
	  
	 
		
	 DSUs - September 30, 2020
	  	 	51,070	 
		  	  
	  
	 

  

	9	 Loss per share 



The Company has three categories of potentially dilutive securities: convertible promissory notes, share options and DSUs. All potentially
dilutive securities have been excluded from the calculation of diluted loss per share for all periods presented, given the Company was in a net loss position during those periods. Including the dilutive securities would be anti-dilutive; therefore,
basic and diluted number of shares used in the calculation is the same for the all periods presented. 
 The outstanding number and type of
securities that could potentially dilute basic net income per share in the future but would have decreased the loss per share (anti-dilutive) as at September 30, 2020 and 2019 are as follows: 

 

									
	 	  	2020	 	  	2019	 
	 	  	#	 	  	#	 
	 Share options
	  	 	1,542,052	 	  	 	1,284,200	 
	 DSUs
	  	 	51,070	 	  	 	—  	 
		  	  
	  
	 	  	  
	  
	 
		  	 	1,593,122	 	  	 	1,284,200	 
		  	  
	  
	 	  	  
	  
	 

  

	10	 Disaggregated revenue 



The Company derives its revenues from two main sources, software-as-a-service application (“SaaS”), and professional services revenue, which includes services such as initial project management, training and integration. Subscription revenue
related to the provision of SaaS is recognized ratably over the contract term as the service is delivered. Professional services revenue is recognized as services are rendered. 

The following table represents disaggregation of revenue for the three and nine months ended September 30: 

 

																	
	 	  	Three months ended September 30,	 	  	Nine months ended September 30,	 
	 	  	2020	 	  	2019	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 	  	$	 	  	$	 
	 Subscription revenue
	  	 	15,101	 	  	 	9,802	 	  	 	40,699	 	  	 	26,036	 
	 Professional services
	  	 	995	 	  	 	784	 	  	 	3,462	 	  	 	3,109	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	16,096	 	  	 	10,586	 	  	 	44,161	 	  	 	29,145	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	11	 Cost of revenue 



The following table represents cost of revenue for the three and nine months ended September 30: 

 

																	
	 	  	Three months ended September 30,	 	  	Nine months ended September 30,	 
	 	  	2020	 	  	2019	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 	  	$	 	  	$	 
	 Employee wages and benefits
	  	 	1,953	 	  	 	1,580	 	  	 	5,836	 	  	 	4,203	 


  
 12 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  


																	
	 Web hosting fees
	  	 	694	 	  	 	443	 	  	 	1,981	 	  	 	1,245	 
	 Partner fees
	  	 	166	 	  	 	23	 	  	 	480	 	  	 	290	 
	 Other
	  	 	70	 	  	 	64	 	  	 	267	 	  	 	320	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	2,883	 	  	 	2,110	 	  	 	8,564	 	  	 	6,058	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	12	 Employee compensation 



The total employee compensation comprising salaries and benefits for the three and nine months ended September 30, 2020 was $10,332 and
$29,907, respectively (2019 - $7,897 and $20,610). 
 Employee compensation costs were included in the following expenses for the three and
nine months ended September 30: 
  

																	
	 	  	Three months ended September 30,	 	  	Nine months ended September 30,	 
	 	  	2020	 	  	2019	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 	  	$	 	  	$	 
	 Cost of revenue
	  	 	1,953	 	  	 	1,580	 	  	 	5,836	 	  	 	4,203	 
	 General and administrative
	  	 	1,633	 	  	 	1,268	 	  	 	4,683	 	  	 	3,365	 
	 Sales and marketing
	  	 	4,219	 	  	 	3,379	 	  	 	11,998	 	  	 	8,388	 
	 Research and development
	  	 	2,527	 	  	 	1,670	 	  	 	7,390	 	  	 	4,654	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	10,332	 	  	 	7,897	 	  	 	29,907	 	  	 	20,610	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	13	 Related party transactions 



Key management personnel are those persons having the authority and responsibility for planning, directing and controlling activities of the
entity, directly or indirectly, including the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Technology Officer and equivalent and Directors. 

Compensation expense for the Company’s key management personnel for the three and nine months ended September 30, 2020 and 2019 is as
follows: 
  

																	
	 	  	Three months ended September 30,	 	  	Nine months ended September 30,	 
	 	  	2020	 	  	2019	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 	  	$	 	  	$	 
	 Salaries and benefits
	  	 	388	 	  	 	523	 	  	 	1,622	 	  	 	1,533	 
	 Share-based compensation
	  	 	206	 	  	 	—  	 	  	 	460	 	  	 	1,136	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	594	 	  	 	523	 	  	 	2,082	 	  	 	2,669	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	14	 Segmented information 



The Company reports segment information based on internal reports used by the chief operating decision maker (“CODM”) to make
operating and resource decisions and to assess performance. The CODM is the Chief Executive Officer. The CODM makes decisions and assesses performance of the Company on a consolidated basis such that the Company is a single reportable operating
segment. 
 The following table presents details on revenues derived and details on property and equipment domiciled in the following
geographical locations as at September 30, 2020 and December 31, 2019 and for the periods ended September 30, 2020 and 2019. 

Revenue is as follows: 
  

																	
	 	  	Three months ended September 30,	 	  	Nine months ended September 30,	 
	 	  	2020	 	  	2019	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 	  	$	 	  	$	 
	 North America
	  	 	11,579	 	  	 	7,249	 	  	 	31,551	 	  	 	20,062	 


  
 13 














 DOCEBO INC. 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 

September 30, 2020 
 (expressed in
thousands of US dollars, except share amounts) 
  


																	
	 EMEA
	  	 	4,517	 	  	 	3,337	 	  	 	12,610	 	  	 	9,083	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	16,096	 	  	 	10,586	 	  	 	44,161	 	  	 	29,145	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 Property and equipment as at September 30, 2020 and December 31, 2019: 

 

									
	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 
	 North America
	  	 	486	 	  	 	468	 
	 EMEA
	  	 	1,474	 	  	 	1,009	 
		  	  
	  
	 	  	  
	  
	 
		  	 	1,960	 	  	 	1,477	 
		  	  
	  
	 	  	  
	  
	 

 ROU asset as at September 30, 2020 and December 31, 2019: 

 

									
	 	  	2020	 	  	2019	 
	 	  	$	 	  	$	 
	 North America
	  	 	1,699	 	  	 	1,319	 
	 EMEA
	  	 	1,003	 	  	 	1,101	 
		  	  
	  
	 	  	  
	  
	 
		  	 	2,702	 	  	 	2,420	 
		  	  
	  
	 	  	  
	  
	 

  

	15	 Financial instruments and risk management 



Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations, and arises principally from deposits with banks and outstanding receivables. The Company trades only with recognized, creditworthy third parties. Due to the Company’s diversified customer base, there is no particular concentration
of credit risk related to the Company’s trade and other receivables. Trade and other receivables are monitored on an ongoing basis to ensure timely collection of amounts. There are no receivables from individual customers for 10% or more of
revenues or receivables. Potential effects from COVID-19 on the Company’s credit risk have been considered and have resulted in increases to its allowances for expected credit losses on customer balances.
The Company continues its assessment given the fluidity of COVID-19’s global impact. 
  

	16	 Subsequent events 



On October 22, 2020, the Company filed a short form base shelf prospectus with securities regulatory authorities in each of the provinces
and territories of Canada to allow us and certain of our shareholders to qualify the distribution by way of prospectus in Canada of up to C$750 million of common shares, preferred shares, debt securities, subscription receipts, warrants, units,
or any combination thereof, during the 25-month period that the base shelf prospectus is effective. 

On October 30, 2020, Docebo acquired all of the issued and outstanding shares of forMetris Société par Actions
Simplifiée (“forMetris”), a leading SaaS-based learning impact evaluation platform based in Paris, France. The transaction will be accounted for as a business combination. Consideration for the purchase is approximately $3,750
consisting of $2,623 in cash and the balance in common shares of the Company. Additional contingent consideration up to an aggregate of $5,250 may be payable over three fiscal years following closing of the acquisition based on achievement of
certain revenue milestones. 
 Due to the limited time between the closing of the acquisition and the issuance of these financial statements,
certain business combination disclosures required under IFRS 3, mainly the preliminary purchase price allocation, have not been provided as this information is not yet available. The Company is in the process of assessing the fair values of the
assets acquired and liabilities assumed. 

  
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