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docebo® Docebo Reports Second Quarter 2021 Results Record revenue and Annual Recurring Revenue ( “ ARR ” ) growth driven by balanced strength from new logo , OEM partner , and upsell and cross - sell activities TORONTO , ONTARIO - August 12 , 2021 - Docebo Inc. ( NASDAQ : DCBO ; TSX : DCBO ) ( “ Docebo ” or the “ Company ” ) , a leading artificial intelligence ( AI ) -powered learning suite , today announced financial results for the three and six months ended June 30 , 2021. All amounts are expressed in US dollars unless otherwise stated . " Growth in the second quarter continued to accelerate as we added $ 10 million in net ARR from the first quarter resulting in our second consecutive quarter of ARR growth in excess of 60 % and revenue growth in excess of 70 % , ” said Claudio Erba CEO and Founder of Docebo . “ We are seeing balanced growth across the board from new logo sales , OEM partners , and upsell and cross sell activity . Although still early , we are also pleased with the customer reception of the launch of the Docebo Learning Suite as we expand our coverage across the entire enterprise learning lifecycle . " Added Mr. Erba , " While the traditional LMS market has been focused on HR skills training and compliance , our customers use Docebo as a productivity enablement tool to address learning challenges enterprises have across operating departments and with their external customers and partners . This dynamic is not pandemic driven , rather it's ROI driven , and that is why we believe the tailwinds we are seeing are both consistent and sustainable . " Second Quarter 2021 Financial Highlights • • • • • • Revenue of $ 25.6 million , an increase of 76 % from the comparative period in the prior year Subscription revenue of $ 23.6 million , representing 92 % of total revenue , and an increase of 76 % from the comparative period in the prior year Revenue for the second quarter included a $ 1.1 million one - time cumulative catch up of revenue related to a customer contract that previously did not meet all requirements for revenue recognition ; excluding this amount , total revenue for the quarter was $ 24.5 million , an increase of 69 % from the comparative period in the prior year . Gross profit of $ 20.5 million , or 80 % of revenue , decline from the comparative period in the prior year Net loss of $ 7.2 million , or $ 0.22 per share , compared to net loss of $ 3.5 million , or $ 0.12 per share for the comparative period in the prior year Annual Recurring Revenue¹ , 2 as at June 30 , 2021 of $ 93.4 million , an increase of $ 36.4 million from $ 57.0 million at the end of the second quarter of 2020 , or an increase of 64 % Negative Adjusted EBITDA² of $ 2.0 million , or 8 % of revenue , compared to negative $ 0.9 million or 6 % of revenue , for the comparative period in the prior year Negative cash flow generated from operating activities of $ 0.6 million , compared to positive $ 0.2 million for the comparative period in the prior year Negative free cash flow² of $ 0.8 million compared to negative $ 0.035 million for the comparative period in the prior year Cash and cash equivalents of $ 216.3 million as at June 30 , 2021 compared to $ 219.7 million as at December 31 , 2020 Please refer to " Key Performance Indicators " section of this press release . 2 Please refer to " Non - IFRS Measures and Reconciliation of Non - IFRS Measures ” section of this press release . Second Quarter 2021 Business Highlights • Docebo is now used by 2,485 customers , an increase from 1,923 customers at the end of June 30 , 2020 1