Docebo Inc. (DCBO) Reports Q1 Loss of $0.17 on Revenues of $21.7M

Docebo Inc. (NASDAQ: DCBO) reported Q1 EPS of ($0.17), versus $0.03 reported last year. Revenue for the quarter came in at $21.7 million, versus $13.53 million reported last year.

First Quarter 2021 Financial Highlights

• Revenue of $21.7 million, an increase of 61% from the comparative period in the prior year
• Subscription revenue of $19.8 million, representing 91% of total revenue, and an increase of 62% from the comparative period in the prior year
• Gross profit of $17.9 million, or 82% of revenue, a 300 bps improvement from the comparative period in the prior year
• Net loss of $5.6 million, or $0.17 per share, compared to net income of $0.7 million, or $0.03 per share ($0.03 per diluted share), for the comparative period in the prior year
• Annual Recurring Revenue1, 2 as at March 31, 2021 of $83.4 million, an increase of $31.3 million from $52.1 million at the end of the first quarter of 2020, or an increase of 60%
• Negative Adjusted EBITDA2 of $2.5 million, or 11% of revenue, compared to negative $2.4 million or 18% of revenue, for the comparative period in the prior year
• Negative cash flow generated from operating activities of $2.2 million, compared to negative $2.5 million for the comparative period in the prior year
• Negative free cash flow2 of $2.4 million compared to negative $2.7 million for the comparative period in the prior year
• Cash and cash equivalents of $217.4 million as at March 31, 2021 compared to $219.7 million as at December 31, 2020

“As enterprises develop learning programs to train internal employees, partners and customers today, and in a post-pandemic world, digital learning remains at the center of their long-term strategy. We are seeing this unfold through the actions of our customers and the strength of our pipeline,” said Claudio Erba CEO and Founder of Docebo. "Our first quarter was particularly rewarding as growth in both revenue and ARR growth eclipsed 60% for the first time in our life as a public company driven by record customer expansion activity and continued strength in new logo activity and OEM sales.”

Added Mr. Erba, “I am particularly excited about the initiatives underway in 2021 that set Docebo's foundation for the future. The launch of the Docebo Learning Suite to address challenges across the entire learning lifecycle, the addition of three new OEM agreements subsequent to quarter end and the ongoing investments we are making in our sales and marketing organization are all levers we have to drive strong returns on our capital and continued business momentum."

For earnings history and earnings-related data on Docebo Inc. (DCBO) click here.

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