Strong end to 2022 sees Docebo return to profit
Docebo Q4 revenue up 31% to $39 million; annual revenue $142 million and EBITDA $1.3 million.
By Rob Clarke, Editor, Learning News
Docebo has reported its fourth quarter 2022 revenues of $39 million up 31% on the same period in 2021, taking total 2022 revenues to $142.9 million, an increase of 41% on 2021.
Key financial highlights include gross profit steady at 80% for the year and a return to profit: the company has reported a $1.3 million adjusted EBITDA for 2022 with the fourth quarter contributing $2.3 million towards it. This equates to just 1% of turnover, which some may consider low, albeit welcome after an $8.0 million loss in 2021.
A strong characteristic of Docebo's performance is its subscription revenue: for 2022 this was $131.6 million, 92% of the total and it added over 500 new customers in Q4 alone, taking its total number of customers to around 3,400. This included large deals with VMware and the Government of Québec in Q4. Its average contract jumped from just under $42K to over $46K.
It's also notable how the company is involved in more extended enterprise work, where its platform and solutions are increasingly used by companies to develop skills and training across their supply chains and extended networks.
Claudio Erba, Founder and Chief Executive Officer, said: “Docebo delivered strong performance in spite of the macroeconomic headwinds in 2022 as both new and existing customers are realizing measurable value from deploying our solution across external and internal use cases. Our focus remains on driving long-term growth and profitability across economic cycles, supported by continued innovation.