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Docebo Reports Fourth Quarter and Fiscal Year 2024 Results

Docebo Inc. (NASDAQ: DCBO; TSX:DCBO) (“Docebo” or the “Company”), a leading learning platform provider with a foundation in artificial intelligence (AI) and innovation, announced financial res...

Autore: Business Wire

Docebo Reports Fourth Quarter and Fiscal Year 2024 Results

TORONTO: Docebo Inc. (NASDAQ: DCBO; TSX:DCBO) (“Docebo” or the “Company”), a leading learning platform provider with a foundation in artificial intelligence (AI) and innovation, announced financial results for the three months and fiscal year ended December 31, 2024. All amounts are expressed in US dollars unless otherwise stated.

“We are pleased to announce Q4 and annual results, with revenue beating our expectations and profitability coming in at the high end of our guidance even as we invest in our growth initiatives. Our AI-driven platform continues to differentiate Docebo with the capabilities to support complex, multi-use case requirements,” stated Alessio Artuffo, President and CEO. “Our competitive position continued to gain strength with the successful launch of three new products: AI Authoring, Advanced Analytics, and Communities. The positive response from customers and channel partners is strengthening our enterprise pipeline, setting us up for solid growth in the year ahead.”

Fourth Quarter 2024 Financial Highlights

Fiscal Year 2024 Financial Highlights

Fourth Quarter 2024 Business Highlights

1 Please refer to “Non-IFRS Measures and Reconciliation of Non-IFRS Measures” section of this press release.

Financial Outlook

Docebo is providing financial guidance for the fiscal year ending December 31, 2025 as follows:

Docebo is providing financial guidance for the three months ended March 31, 2025 as follows:

The information in this section is forward-looking. Please see the sections entitled “Non-IFRS Measures and Reconciliation of Non-IFRS Measures” and “Key Performance Indicators” in this press release for how we define “Adjusted EBITDA” and the section entitled “Forward-Looking Information.” A reconciliation of forward-looking “Adjusted EBITDA” to the most directly comparable IFRS measure is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. Docebo believes that this type of guidance provides useful insight into the anticipated performance of its business.

Fourth Quarter and Fiscal Year 2024 Results

Selected Financial Measures

             

 

Three months ended December 31,

 

Fiscal year ended December 31,

 

2024

 

2023

 

Change

Change

 

 

2024

 

2023

 

Change

Change

 

$

 

$

 

$

%

 

 

$

 

$

 

$

%

 

Subscription Revenue (in thousands of US dollars)

53,976

 

46,486

 

7,490

16.1

%

 

204,302

 

169,764

 

34,538

20.3

%

Professional Services (in thousands of US dollars)

3,065

 

2,794

 

271

9.7

%

 

12,629

 

11,075

 

1,554

14.0

%

Total Revenue (in thousands of US dollars)

57,041

 

49,280

 

7,761

15.7

%

 

216,931

 

180,839

 

36,092

20.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Profit (in thousands of US dollars)

46,391

 

40,025

 

6,366

15.9

%

 

175,636

 

146,341

 

29,295

20.0

%

Percentage of Total Revenue

81.3

%

81.2

%

 

 

 

 

81.0

%

80.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (in thousands of US dollars)

11,910

 

3,222

 

8,688

269.6

%

 

26,736

 

2,840

 

23,896

841.4

%

Earnings per Share - Basic

0.39

 

0.10

 

0.29

290.0

%

 

0.88

 

0.09

 

0.79

877.8

%

Earnings per Share - Diluted

0.38

 

0.10

 

0.28

280.0

%

 

0.86

 

0.08

 

0.78

975.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Provided by Operating Activities (in thousands of US dollars)

9,727

 

6,476

 

3,251

50.2

%

 

29,249

 

15,964

 

13,285

83.2

%

             

Key Performance Indicators and Non-IFRS Measures

 

As at December 31,

 

2024

 

2023

 

Change

 

Change %

 

Annual Recurring Revenue (in millions of US dollars)

219.7

 

194.3

 

25.4

 

13.1

%

Average Contract Value (in thousands of US dollars)

55.2

 

51.7

 

3.5

 

6.8

%

Net Dollar Retention Rate

100

%

104

%

(4

)%

(4

)%

Customers

3,978

 

3,759

 

219

 

5.8

%

 
 

 

Three months ended December 31,

 

Fiscal year ended December 31,

 

2024

2023

Change

 

Change

 

 

2024

2023

Change

 

Change

 

$

$

$

 

%

 

 

$

$

$

 

%

 

Adjusted EBITDA (in thousands of US dollars)

9,515

6,500

3,015

 

46.4

%

 

33,616

16,277

17,339

 

106.5

%

Adjusted Net Income (in thousands of US dollars)

8,658

8,303

355

 

4.3

%

 

32,116

21,159

10,957

 

51.8

%

Adjusted Earnings per Share - Basic

0.29

0.26

0.03

 

11.5

%

 

1.06

0.65

0.41

 

63.1

%

Adjusted Earnings per Share - Diluted

0.28

0.25

0.03

 

12.0

%

 

1.04

0.63

0.41

 

65.1

%

Working Capital (in thousands of US dollars)

19,485

21,494

(2,009

)

(9.3

)%

 

19,485

21,494

(2,009

)

(9.3

)%

Free Cash Flow (in thousands of US dollars)

10,109

7,004

3,105

 

44.3

%

 

32,286

20,117

12,169

 

60.5

%

 

Conference Call

Management will host a conference call on Friday, February 28, 2025 at 8:00 am ET to discuss these fourth quarter and fiscal year results. To access the conference call, please dial +1-646-960-0169 or +1-888-440-6849 or access the webcast at https://docebo.inc/events-and-presentations/default.aspx. The Company will post Prepared Management Remarks (in .pdf format) regarding its Q4-2024 results, which will be the subject of this call, on the Investor Relations section of Docebo’s website at https://investors.docebo.com.

The consolidated financial statements for the fiscal year ended December 31, 2024 and Management’s Discussion & Analysis for the same period have been filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Alternatively, these documents along with a presentation in connection with the conference call can be accessed online at https://investors.docebo.com.

An archived recording of the conference call will be available until March 7, 2025 and for 90 days on our website. To listen to the recording, please visit the webcast link which can be found on Docebo’s investor relations website at https://docebo.inc/events-and-presentations/default.aspx or call +1-609-800-9909 or +1-800-770-2030 and enter passcode 8722408#.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws.

In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or, “will”, “occur” or “be achieved”, and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances.

This forward-looking information in this press release includes, but is not limited to, statements regarding the Company’s business; the guidance for the three months ended March 31, 2025 in respect of total revenue, Adjusted EBITDA as a percentage of total revenue and subscription revenue and fiscal year ending December 31, 2025 in respect of total revenue growth, and Adjusted EBITDA as a percentage of total revenue discussed under “Financial Outlook” in this press release; the impact of AI on our business; future financial position and business strategy; the learning management industry; our growth rates and growth strategies; addressable markets for our solutions; the achievement of advances in and expansion of our platform; expectations regarding our revenue and the revenue generation potential of our platform and other products; our business plans and strategies; and our competitive position in our industry. This forward-looking information is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions include: our ability to build our market share and enter new markets and industry verticals; our ability to attract and retain key personnel; our ability to maintain and expand geographic scope; our ability to execute on our expansion plans; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; our ability to execute on profitability initiatives; currency exchange and interest rates; the impact of inflation and global macroeconomic conditions; the impact of competition; our ability to respond to the changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards are material factors made in preparing forward-looking information and management’s expectations.

Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to:


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