Docebo Clocks 25% Revenue Growth In Q2, Beats Estimates

Docebo Inc DCBO reported second-quarter FY23 revenue growth of 24.8% year-on-year to $43.59 million, beating the consensus of $43.03 million.

Subscription revenue was $40.8 million (+28% Y/Y), representing 94% of total revenue.

As of June 30, 2023, Annual Recurring Revenue was $172.9 million (+25% Y/Y).

Docebo customers reached 3,591, an increase from 3,106 customers a year ago.

Gross profit rose 25.9% Y/Y to $35.18 million, and the margin expanded by 70 bps to 80.7%.

Adjusted EPS improved to $0.14 from $(0.02), beating the consensus of $0.08.

Operating cash flow totaled $5.45 million for the quarter, compared to $1.09 million a year ago. Docebo held $203.92 million in cash and equivalents as of June 30, 2023.

Adjusted EBITDA improved to $3.05 million, and the margin was 7%.

"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," commented Claudio Erba, Founder and Chief Executive Officer.

3Q23 Outlook: Docebo expects total revenue of $45.9 million-$46.1 million versus consensus of $45.41 million; Gross profit margin of 80%-81%, and Adjusted EBITDA margin of 7.5%-8%.

Price Action: DCBO shares traded higher by 0.23% at $35.39 on the last check Thursday.