TORONTO - Docebo (TSX:DCBO) Inc. (NASDAQ: DCBO; TSX: DCBO), a prominent AI-driven learning platform provider, announced a robust finish to its fiscal year with Q4 earnings and revenue exceeding analyst expectations.
The company's Q4 EPS reached $0.26, surpassing the analyst estimate of $0.12. Total revenue for the quarter stood at $49.3 million, also beating the consensus estimate of $48.35 million.
The company's strong performance was reflected in an 8.98% increase in stock price after hours on Thursday.
The company's subscription revenue, which accounts for 94% of total revenue, climbed to $46.5 million, marking a 28% increase YoY. This growth contributed to a total revenue uptick of 27% YoY, and a gross profit of $40.0 million, up 27% from the same quarter last year. The net income reported was $3.2 million, or $0.10 per share, a significant rise from the $1.6 million, or $0.05 per share, in the prior year's comparable period.
Docebo's adjusted net income reached $8.3 million, or $0.26 per share, a significant leap from $3.4 million, or $0.10 per share, YoY.
Claudio Erba, Founder and CEO of Docebo, expressed delight in the company's Q4 results, which exceeded guidance for both revenue and profitability. "As we look ahead to 2024, we have an ambitious product roadmap and remain focused on driving innovation into the learner experience by leveraging AI throughout our platform," Erba said.
Looking forward, Docebo provided financial guidance for Q1 2024, projecting total revenue between $51.0 and $51.3 million, which is in line with the analyst consensus of $51.113 million. The company also anticipates a gross profit margin between 81.0% and 81.5% and an adjusted EBITDA as a percentage of total revenue between 12.5% to 13.5%.
Docebo's platform continues to gain traction, now serving 3,759 customers, up from 3,394 at the end of the previous year. The company also reported strong growth in Average Contract Value, from $46,288 to $51,689 YoY. These metrics underscore Docebo's sustained momentum and potential for continued expansion in the corporate e-learning market.
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