Docebo’s revenues and profits up
Docebo's positive financial trajectory holds into Q1. Digital learning tech vendor Docebo returned to profit in Q4 2022 and its performance continued in Q1 2023 with revenue up 29% over Q1 2022 to $41.5M and a net profit of $1.2M.
Claudio Erba, Founder and Chief Executive Officer:
“Docebo is committed to continuous innovation and our customers are seeing the benefits of our solutions in supporting their revenue operations and driving operational efficiency. We are pleased to report strong revenue growth and improved profitability in Q1."
"While the macro environment may present challenges throughout the year, we are confident in our ability to capitalize on opportunities that provide sustainable, balanced growth over the long-term.”
Docebo's First Quarter 2023 Financial Highlights
- Revenue of $41.5 million, an increase of 29% from the comparative period in the prior year
- Revenue increased by 32% after adjusting for the negative impact of approximately 3 percentage points given the strengthening of the U.S. dollar relative to foreign currencies
- Subscription revenue of $38.8 million, represented 94% of total revenue, an increase of 33% from the comparative period in the prior year
- Subscription revenue increased by 36% after adjusting for the negative impact of approximately 3 percentage points given the strengthening of the U.S. dollar relative to foreign currencies
- Gross profit of $33.4 million, an increase of 31% from the comparative period in the prior year, or 81% of revenue, compared to 80% of revenue for the comparative period in the prior year
- Net income of $1.2 million, or $0.04 per share, compared to net loss of $(7.0) million, or $(0.21) per share for the comparative period in the prior year
- Adjusted Net Income1 of $3.2 million, or adjusted net income per share of $0.10, compared to adjusted net loss of $(1.8) million, or adjusted net loss per share of $(0.05)
- Annual Recurring Revenue1 as at March 31, 2023 of $164.9 million, an increase of $35.6 million from $129.3 million at the end of the first quarter of 2022, or an increase of 28%
- Annual Recurring Revenue grew 29% after adjusting for the negative impact of approximately 1 percentage point given the strengthening of the U.S. dollar relative to foreign currencies
- Adjusted EBITDA1 income of $2.2 million, representing 5.3% of total revenue, compared to adjusted EBITDA loss of $(1.3) million, representing (4.0)% of total revenue, for the comparative period in the prior year
- Cash flow used in operating activities of $2.2 million, compared to $2.0 million for the comparative period in the prior year
- Free cash flow1 of negative $(2.3) million, representing (6)% of total revenue, compared to negative $(2.3) million, representing (7)% of total revenue, for the comparative period in the prior year
First Quarter 2023 Business Highlights
- Docebo is now used by 3,506 customers, an increase from 2,947 customers at the end of March 31, 2022.
- Strong growth in Average Contract Value1, calculated as total Annual Recurring Revenue divided by the number of active customers, increasing from $43,875 as at March 31, 2022 to $47,034 as at March 31, 2023.
- Notable new customer wins include a large European-based transportation and logistics solutions company operating in over 160 countries partnered with Docebo to address a combination of internal and external use case requirements that include employees training, customer & partner training.
- Vimeo, the world’s most innovative video experience platform, chose Docebo to address their compliance; professional development; and on-boarding needs.
- Terex Corporation, a global manufacturer of materials processing machinery and aerial work platforms, selected Docebo to address their onboarding; professional development; customers; and partner training needs.
- Freedom Mortgage, one of the largest full-service mortgage companies and a top Veterans Administration (VA) and Federal Housing Administration (FHA) lender in the US, chose Docebo’s learning platform for multiple internal and external use cases that include onboarding; compliance; customer support; and customer and partner education.
- Knauf Gips KG, based in Germany, is one of the world’s leading manufacturers of construction materials for interior design, building insulation, and design ceilings. They selected Docebo to address their onboarding; compliance; professional development; sales enablement and retail, customer, and channel partner training requirements.
- Kornit Digital, an Israeli-based worldwide market leader in sustainable, on-demand, digital fashion and textile production technologies, partnered with Docebo to address multiple internal and external use case requirements, including onboarding and compliance and external use cases for channel training.