TORONTO--(BUSINESS WIRE)--August 08, 2025--
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 and six months ended June 30, 2025. All amounts are expressed in US dollars unless otherwise stated.
"Docebo delivered a solid quarter, outperforming our guidance on both revenue and profitability while maintaining disciplined execution in a still-uncertain macro environment," said Alessio Artuffo, President & CEO of Docebo. "We continue to invest with focus--advancing our AI-first strategy, strengthening our leadership team with the appointment of Mark Kosglow as Chief Revenue Officer, and achieving FedRAMP Moderate Authorization to expand our public sector reach. These milestones position us well to support our customers' evolving needs and to drive durable, long-term growth."
Second Quarter 2025 Financial Highlights
-- Subscription revenue of $57.1 million, an increase of 15% from the
comparative period in the prior year, represented 94% of total revenue.
-- Subscription revenue increased by 13% after adjusting for the positive
impact of approximately 2 percentage points resulting from the weakening
of the U.S. dollar relative to foreign currencies.
-- Total revenue of $60.7 million, an increase of 14% from the comparative
period in the prior year.
-- Total revenue increased by 13% after adjusting for the positive impact
of approximately 1 percentage point given the weakening of the U.S.
dollar relative to foreign currencies.
-- Gross profit of $49.1 million, an increase of 15% from the comparative
period in the prior year, represented 80.9% of revenue compared to 80.7%
of revenue for the comparative period in the prior year.
-- Net income of $3.1 million, or $0.10 per share, compared to net income
of $4.7 million, or $0.15 per share for the comparative period in the
prior year.
-- Adjusted Net Income1 of $8.9 million, or Adjusted Earnings per share of
$0.30, compared to Adjusted Net Income of $7.9 million, or Adjusted
Earnings per share of $0.26 for the comparative period in the prior
year.
-- As at June 30, 2025, ARR was $233.1 million, an increase of $27.2
million from $205.9 million as at the end of the second quarter of 2024.
-- Adjusted EBITDA1 of $9.2 million, representing 15.2% of total revenue,
compared to $8.0 million, representing 15.0% of total revenue, for the
comparative period in the prior year.
-- Cash flow from operating activities of $6.2 million, compared to $6.8
million for the comparative period in the prior year.
-- Free Cash Flow1 of $11.4 million, representing 18.7% of total revenue
for the three months ended June 30, 2025, compared to $8.4 million,
representing 15.9% of total revenue, for the comparative period in the
prior year.
Second Quarter 2025 Customer Updates
-- Notable new customer wins include a large cross-sell within a Big 5
US-based global technology leader replacing an internally developed
system to support a Customer and Engineer training use case.
-- Founded in 1904, Big Brothers Big Sisters of America $(BBBS)$ is the
nation's oldest and largest one-to-one youth mentoring organization,
supporting 400,000 volunteers and youth across 300+ U.S. affiliate
offices. In replacing its legacy LMS, BBBS chose Docebo for its
configurability and ability to support complex audience segmentation. The
upgrade focused on delivering a better user experience, tech stack
integration, and stronger analytics to measure onboarding effectiveness.
-- A global leader in education solutions--supporting millions of learners
and educators across K--12, higher education, and professional
development in more than 80 languages--selected Docebo to replace its
legacy LMS and bring greater flexibility to its learning strategy. Key
factors in the decision included Docebo's real-time analytics, ease of
integration across a complex tech stack, and ability to support a range
of Employee and Customer Experience use cases, including Sales Enablement,
Customer Support, Onboarding, Professional Development, and Leadership
Training.
-- A North American based leading men's fashion retailer selected Docebo
to power its Sales Enablement programs across its retail network. With
products manufactured in more than a dozen countries and sold through
several distinct retail chains, they chose Docebo for our ability to
deliver scalable, customized learning experiences tailored to each
brand.
-- Docebo's Government Sales team secured two new state-level wins for
Employee Experience use cases, in partnership with our systems integrator
partners in Connecticut and Utah, and an upsell with an existing
department in Kentucky.
-- At the end of May, Docebo was named one of Newsweek's 2025 Top 100
Global Most Loved Workplaces$(R)$--a recognition earned through the
commitment and values of our global team. This distinction reflects a
culture rooted in collaboration, continuous growth, and shared
purpose--key drivers of our ability to innovate, serve our customers, and
execute with agility.
(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 three months ended September 30, 2025 as follows:
-- Total revenue between $61.0 million and $61.2 million
-- Adjusted EBITDA as a percentage of total revenue between 19.0% to
19.5%
Management expects subscription revenue to be in line with total revenue growth.
Docebo is revising financial guidance for the fiscal year ended December 31, 2025 as follows:
-- Subscription revenue growth of 10.75% to 11.75%
-- Total revenue growth between 10.0% to 11.0%
-- Adjusted EBITDA as a percentage of total revenue of between 17.0% to
18.0%
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.
Second Quarter 2025 Results
Selected Financial Measures
Three months ended June 30, Six months ended June 30,
2025 2024 Change Change 2025 2024 Change Change
$ $ $ % $ $ $ %
------ ------ ------ ------ ------- ------- ------ ------
Subscription
Revenue (in
thousands of
US dollars) 57,066 49,821 7,245 14.5% 111,249 97,711 13,538 13.9%
Professional
Services (in
thousands of
US dollars) 3,666 3,233 433 13.4% 6,779 6,746 33 0.5%
------ ------ ------ ------ ------- ------- ------ ------
Total Revenue
(in thousands
of US
dollars) 60,732 53,054 7,678 14.5% 118,028 104,457 13,571 13.0%
------ ------ ------ ------ ------- ------- ------ ------
Gross Profit
(in thousands
of US
dollars) 49,148 42,797 6,351 14.8% 95,049 84,274 10,775 12.8%
Percentage of
Total
Revenue 80.9% 80.7% 80.5% 80.7%
Net Income (in
thousands of
US dollars) 3,076 4,698 (1,622) (34.5)% 4,550 9,867 (5,317) (53.9)%
Earnings per
Share -
Basic 0.10 0.15 (0.05) (33.3)% 0.15 0.33 (0.18) (54.5)%
Earnings per
Share -
Diluted 0.10 0.15 (0.05) (33.3)% 0.15 0.32 (0.17) (53.1)%
Cash Provided
by Operating
Activities
(in thousands
of US
dollars) 6,244 6,761 (517) (7.6)% 14,189 15,187 (998) (6.6)%
Key Performance Indicators and Non-IFRS Measures
As at June 30,
2025 2024 Change Change %
----- ----- ------ ----------
Annual Recurring Revenue (in millions
of US dollars) 233.1 205.9 27.2 13.2%
Average Contract Value (in thousands
of US dollars) 58.9 52.8 6.1 11.6%
Three months ended June 30, Six months ended June 30,
2025 2024 Change Change 2025 2024 Change Change
$ $ $ % $ $ $ %
------ ----- ------- ------ ------ ------ ------- ------
Adjusted
EBITDA (in
thousands of
US dollars) 9,225 7,954 1,271 16.0% 18,146 15,421 2,725 17.7%
Adjusted Net
Income (in
thousands of
US dollars) 8,914 7,929 985 12.4% 17,409 15,203 2,206 14.5%
Adjusted
Earnings per
Share -
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