Docebo(DCBO)2024-02-22 16:00Revenue Performance - Subscription revenue for Q4 2023 was $46.5 million, representing 94% of total revenue and an increase of 28% year-over-year[5] - Total revenue for Q4 2023 reached $49.3 million, a 27% increase compared to the same period last year[5] - Total revenue for the three months ended December 31, 2023, was $49.28 million, a 26.4% increase from $38.96 million in the same period of 2022[26] - Gross profit for the fiscal year ended December 31, 2023, was $146.34 million, up from $114.73 million in 2022, reflecting a growth of 27.5%[26] - Annual Recurring Revenue (ARR) as of December 31, 2023, was $194.3 million, up $37.2 million or 24% from $157.1 million in 2022[11] - Annual Recurring Revenue (ARR) increased to $194.3 million in 2023, representing a 23.7% growth compared to $157.1 million in 2022[32] Profitability Metrics - Adjusted EBITDA for Q4 2023 was $6.5 million, representing 13.2% of total revenue, compared to $2.3 million or 5.8% of total revenue in Q4 2022[5] - Adjusted EBITDA for Q4 2023 was $6,500,000, up from $2,260,000 in Q4 2022, reflecting a 187.2% increase and 13.2% of total revenue[35] - Net income for Q4 2023 was $3.2 million, or $0.10 per share, compared to $1.6 million, or $0.05 per share in the same quarter last year[5] - Net income for Q4 2023 was $3,222,000, compared to $1,600,000 in Q4 2022, representing a 101.4% increase[35] - Adjusted net income for the fiscal year 2023 was $21,159,000, significantly higher than $2,296,000 in 2022, marking an increase of 820.5%[39] Customer and Contract Metrics - The number of customers increased to 3,759 as of December 31, 2023, up from 3,394 at the end of 2022, marking a 10.8% growth[9] - Average Contract Value rose to $51,689 as of December 31, 2023, an increase of 11.7% from $46,288 in 2022[11] - Average Contract Value rose to $51.7 thousand in 2023, an increase of 11.7% from $46.3 thousand in 2022[32] - The Net Dollar Retention Rate as of December 31, 2023, was 104%, down from 109% in 2022[11] - Net Dollar Retention Rate decreased to 104% in 2023, down from 109% in 2022, indicating a 5% decline[32] Cash Flow and Working Capital - Free Cash Flow for Q4 2023 was $7.0 million, representing 14.2% of total revenue, compared to $2.0 million or 5.1% of total revenue in Q4 2022[5] - Free cash flow for Q4 2023 was $7,004,000, compared to $1,972,000 in Q4 2022, indicating a 254.5% increase and 14.2% of total revenue[45] - Cash flow from operating activities for the fiscal year 2023 was $15,964,000, compared to $2,288,000 in 2022, reflecting a significant increase[43] - Working capital decreased to $21.5 million in 2023 from $178.7 million in 2022, a decline of 88.0%[40] - Free cash flow as a percentage of total revenue for the fiscal year 2023 was 11.1%, up from 0.8% in 2022[45] Balance Sheet Highlights - Cash and cash equivalents decreased by 66.7% to $71.95 million as of December 31, 2023, compared to $216.29 million in 2022[28] - Total assets fell by 44.2% to $158.38 million in 2023 from $283.67 million in 2022[28] - Total liabilities increased by 17.7% to $107.65 million in 2023, up from $91.46 million in 2022[28] Strategic Initiatives - The company plans to expand its use of AI across its platform and enter new markets as part of its growth strategy[18] Shareholder Information - The weighted average number of common shares for Q4 2023 was 31,900,115 (basic) and 32,858,853 (diluted), down from 33,087,982 and 34,064,465 respectively in Q4 2022[39] - Share-based compensation for the fiscal year 2023 was $6,049,000, an increase from $4,834,000 in 2022, representing a 25.2% rise[39] Other Financial Metrics - Operating income for the three months ended December 31, 2023, was $1.08 million, compared to a loss of $0.075 million in the same period of 2022[26] - Acquisition-related compensation paid in Q4 2023 was $669,000, while transaction-related expenses paid were $90,000[45]