Docebo reports Q2 financial results

Docebo has announced its financial results for the three and six months ended June 30, 2023.

Headline numbers include a steady increase in revenue, continuing Docebo's trend of high revenue growth. Gross margin is also up, yet profits have turned to a loss over the same period in 2022, down £7.77 million from a profit of $2.1 million to a net loss of £5.7 million.

Second Quarter 2023 Financial Highlights

• Revenue of $43.6 million, an increase of 25% from the comparative period in the prior year.
• Subscription revenue of $40.8 million, represented 94% of total revenue, an increase of 28% from the comparative period in the prior year.
• Gross profit of $35.2 million, an increase of 26% 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 loss of $(5.7) million, or $(0.17) per share, compared to net income of $2.1 million, or $0.06 per share for the comparative period in the prior year.
• Adjusted Net Income of $4.7 million, or adjusted net income per share of $0.14, compared to Adjusted Net Loss of $(0.7) million, or adjusted net loss per share of $(0.02).
• Annual Recurring Revenue as at June 30, 2023 of $172.9 million, an increase of $34.7 million from $138.2 million at the end of the second quarter of 2022, or an increase of 25%.
• Adjusted EBITDA income of $3.1 million, representing 7.0% of total revenue, compared to Adjusted EBITDA loss of $(0.3) million, representing (0.9)% of total revenue, for the comparative period in the prior year.
• Cash flow from operating activities of $5.5 million, compared to $1.1 million for the comparative period in the prior year.
• Free Cash Flow of $7.0 million, representing 16% of total revenue, compared to $1.0 million, representing 3% of total revenue, for the comparative period in the prior year.

Claudio Erba, Founder and Chief Executive Officer: "In the second quarter, we exceeded the upper end of our revenue and profitability guidance by focusing on enterprise accounts across multiple verticals. Despite macroeconomic headwinds, this progress carried into Q3 as we signed a Big 5 US-based global technology leader."

"Furthermore, we strengthened our leadership position with the acquisition of Edugo and Peerboard which expands our AI and customer community learning capabilities. These provide technology and expertise that support both competitive differentiation and serving multi-use case requirements.”

Docebo is providing financial guidance for the three months ended September 30, 2023 as follows:

• Total revenue between $45.9 and $46.1 million
• Gross profit margin between 80.0% and 81.0%
• Adjusted EBITDA as a percentage of total revenue between 7.5% to 8.0%

Further information
Mike McCarthy
Vice President - Investor Relations
(214) 830-0641
mike.mccarthy@docebo.com