Docebo financials head North; 24% increase in revenue and net income

"First quarter revenues and profitability exceeded expectations as Docebo's innovative learning platform continued to gain traction with customers requiring a modern, robust learning solution. During the quarter, we passed the $200 million mark in Annual Recurring Revenue (ARR)," said Alessio Artuffo, Interim Chief Executive Officer, President and Chief Operating Officer.

First Quarter 2024 Financial Highlights

• Subscription revenue of $47.9 million, an increase of 23% from the comparative period in the prior year, represented 93% of total revenue.
• Total revenue of $51.4 million, an increase of 24% from the comparative period in the prior year.
• Gross profit of $41.5 million, an increase of 24% from the comparative period in the prior year, represented 80.7% of revenue, compared to 80.6% of revenue for the comparative period in the prior year.
• Net income of $5.2 million, or $0.17 per share, compared to net income of $1.2 million, or $0.04 per share for the comparative period in the prior year.

Docebo is used by 3,833 customers, up from 3,506 this time last year. It has strong growth in its average contract values, increasing over the last 12 months from $47K to over $52K.

Notable new customer wins in the quarter include:

Ansys, a global engineering simulation software company. Ansys is collaborating with Docebo to develop a scalable customer learning academy.

GovCIO is a rapidly growing provider of advanced technology solutions and digital services for the US federal government. It chose Docebo for its onboarding, compliance, professional development, and leadership training use case needs.

Docebo was selected by the Centre for Addiction and Mental Health (CAMH) to address their external use case requirements in customer and partner education, and membership training.