Docebo, the provider of a Saas-based learning management system (LMS), reported an adjusted net income of USD 0.10 per share in Q4 2022, beating the consensus estimate of USD 0.02 per share. The company reported revenue growth of 31% YoY to USD 39 million in Q4 2022, slightly (0.75%) above analyst estimates, while annual recurring revenue (ARR) rose 34% YoY to USD 157.1 million. For FY2022, the company reported revenue growth of 37% YoY to USD 142.9 million.  

At the segmental level, the growth in the top line was supported by increases in: 1) subscriptions (up 32 YoY; 93% share of total revenue) and 2) professional services (up 14.5% YoY; 7% share of total revenue). 

Docebo’s gross margin increased by 1.1 percentage points (pp) YoY to 80.7% in Q4 2022. The operating loss narrowed to USD 75,000 in Q4 2022 compared to USD 2.9 million the previous year, mainly driven by the growth in top-line. Adjusted EBITDA was USD 2.3 million in Q4 2022 compared to an adjusted EBITDA loss of USD 1.5 million in Q4 2021. For FY2022, the company reported an operating profit of USD 4.2 million (2021: loss of USD 13.4 million), and an adjusted EBITDA of USD 1.3 million (2021; loss of USD 8 million).  

The company expects its revenue for Q1 2023 to be within the range of USD 41.3 million to USD 41.6 million. Additionally, the gross profit margin is expected to be between 80.0% and 81.0%, and adjusted EBITDA margin is expected to be between 4.0% and 5.0%.