News story

Docebo Reports First Quarter 2022 Results

Toronto, Canada12 May 2022Learning NewsDocebo

Revenue growth of 47% and ARR growth of 55% on continued new customer and ACV growth.

First Quarter 2022 Financial Highlights

• Revenue of $32.1 million, an increase of 47% from the comparative period in the prior year
• Subscription revenue of $29.1 million, representing 91% of total revenue, and an increase of 47% from the comparative period in the prior year
• Gross profit of $25.5 million, an increase of 43% from the comparative period in the prior year, or 80% of revenue compared to 82% of revenue for the comparative period in the prior year
• Net loss of $7.0 million, or $0.21 per share, compared to net loss of $5.6 million, or $0.17 per share for the comparative period in the prior year
• Annual Recurring Revenue1, 2 as at March 31, 2022 of $129.3 million, an increase of $45.9 million from $83.4 million at the end of the first quarter of 2021, or an increase of 55%
• Adjusted EBITDA2 loss of $1.3 million compared to adjusted EBITDA loss of $2.5 million for the comparative period in the prior year
• Negative cash flow generated from operating activities of $2.0 million, compared to negative $2.2 million for the comparative period in the prior year
• Free cash flow2 of negative $2.3 million compared to negative $2.4 million for the comparative period in the prior year

First Quarter 2022 Business Highlights

• Docebo is now used by 2,947 customers, an increase from 2,333 customers at the end of March 31, 2021.
• Strong growth in average contract value (“ACV”), calculated as total Annual Recurring Revenue divided by the number of active customers, increasing from $35,739 as at March 31, 2021 to $43,875 as at March 31, 2022.
• Strong new logo wins including a new customer agreement with Bridgestone Americas, a leader in tires and sustainable mobility solutions, to deliver intuitive and personalized learning experience to more than 20,000 Bridgestone retail employees in the United States.
• Affirm, a leading Silicon Valley fintech company, selected Docebo to provide a more streamlined approach to compliance training and onboarding with a more modern learning experience.
• The largest cryptocurrency exchange in the United States chose Docebo to be their long-term Learning Suite provider. Docebo will support their Customer Experience team as they prepare to launch an internal employee and external customer & partner training platform for their 185,000 ecosystem partners and 3,700 employees with future plans to launch a public corporate university demonstrating the scalability of the Docebo Learning Suite.
• A global leader in workflow automation software was searching for a learning solutions partner capable of delivering an innovative, personalized learning experience for their employees. They chose the Docebo LMS and the Docebo Learning Suite to address their internal learning requirements because of Docebo's ability to integrate with other business tools they're using and its robust performance.
• Smoothie King selected Docebo as their learning management system to create personalized learning experiences to train all their global franchise employees across their more than 1300 locations in the United States and internationally as well as their corporate HQ teams within a single learning environment. The increased investment in learning and development is focused on helping Smoothie King open more than 100 stores every year.
• Fortune 500 telecommunications and real estate investment trust American Tower selected Docebo to satisfy their needs and have all the functionality of a Learning Management System (“LMS”), Learning Experience Platform (“LXP”) and Learning Record Store (“LRS”) in one easy to use platform. They have invested in their future with Docebo's learning suite including Learning Analytics, Shape and Connect and will utilize the suite to train more than 5,000 employees.
• A North American chain of luxury department stores expanded its agreement with Docebo following a successful deployment to their corporate team that started in the third quarter of 2021. The expansion will see Docebo used within their full retail group for the onboarding and upskilling of associates via a custom mobile-first solution.
• Stambaugh Ness, a multi-discipline, professional services firm with a strategic focus on the architecture and engineering, professional services, construction, real estate, and manufacturing industries, has chosen Docebo Learn LMS for the training and education of their clients. An integral part of their LMS deployment will include Docebo Shape as they seek to increase learner engagement and maximize critical knowledge sharing across their organization.

View the full press release from Docebo.