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No. of Recommendations: 19
While I've been following Saul's board since last February, I haven't posted much but have benefited greatly from all the smart and generous investors on this board. 

Shortly after joining this group I scoured through everything in the Knowledge Base and read every, single post creating 'my list'. Then being a proud Canuck, I created an additional list of great Canadian companies that (more or less) fit Saul's criteria. 
 
I already owned SHOP. It is currently my largest holding. I first added them to my portfolio in 2016 when they piqued my interest after winning Marketing Magazine's 2015 Tech Player of the Year and shortly thereafter were recommended by MF. Since then, I've been holding and adding on the way up (and regrettably selling some too).

I added Lightspeed in mid-March when the stock tanked due to Covid and it continues to be a small 3% position. It's up over 211% since I added it. The other company on my list was Docebo. Unfortunately, I did not pull the trigger on it and have watched the stock price move from about $11 CDN in mid-March to it's current price of over $63 CDN. Docebo has been recommended by several analysts on the MF Canada website. I have no idea whether the paid service has ever recommended it.

Previously, Docebo was only traded on the TSX. But as of today, it now also trades on the Nasdaq so I thought it was a perfect time to introduce Docebo (couldn't find any posts here) to the board.

This is my first kick at putting an 'analysis' together based on Saul's criteria. I tried to use similar formats to what I seen on this board before but may have made some errors or missed some important info so bear with me. ;) So here goes:

DOCEBO
-a cloud based Saas Learning Management System (LMS) powered by AI	
-founder led by Claudio Erba; Glassdoor CEO Approval 96%; Glassdoor Overall Rating 4.2		
-went public on the TSX (Toronto Stock Exchange) in October 2019 and was trading at $13.61 CDN on that day								
Current clients include: Walmart, AWS, Docusign, Bose, Heineken, Uber, Open Table, Thomson Reuters								
-74% of shares held by insiders according to Yahoo								
-$1.4B US market cap (Yahoo) although not sure how accurate this is due next point								
-started trading on Nasdaq December 3 under symbol DCBO, with a marketed public offering  From their press release: "DCBO today announced the pricing of its previously announced marketed public offering of 3,000,000 common shares at a price to the public of US$48.00 per share in the United States and Canada, for aggregate gross proceeds to Docebo of US$144,000,000. The size of the offering has been increased from the previously announced US$125,000,000."
								
2020 Q3:
- 2,025 customers, an increase from 1,632 customers at the end of September 30, 2019								
-Average contract value, calculated as total Annual Recurring Revenue divided by the number of active customers, increased from $25,551 to $31,901								

FINANCIALS

	Revenue (Thousands US$)		
      2018	2019	   2020
Q1 	       $8,636 	 $13,530 
Q2 	       $9,923 	 $14,535 
Q3   $6,892    $10,587 	 $16,096 
Q4   $8,049    $12,298 	

	                  2019		           2020			
	                Q3	Q4	   Q1	   Q2	   Q3
Revenue Growth (YOY)    54%	53%	   57%	   47%	   52%	
% ARR Growth	        51%	58%	   56%	   55%	   55%	
Gross Profit Margin     80%	81.4%	   79.0%   80%	   82%	
Net Profit/Loss ($M)   ($3.7)	($3.3)	   $0.70  ($3.5)  ($1.2)	

-2019 Total Revenues $41.4 Million US; YOY Revenue Growth is 53%
-2019 Net Dollar Retention Rate	>100 (that's a specific as they get)

I'm considering finally pulling the trigger, perhaps just a starter position...

Would appreciate thoughts from those who are better with the financials than me and/or have looked at Docebo.

Cheers,
Rita
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