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docebo Docebo Reports Third Quarter 2021 Results Record Net Annual Recurring Revenue ( “ ARR ” ) additions driven by record new logo and average - contract value growth TORONTO , ONTARIO November 11 , 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 nine months ended September 30 , 2021. All amounts are expressed in US dollars unless otherwise stated . “ In the third quarter , we reported growth in revenue and ARR that once again exceeded 60 % as we added a record $ 10.2 million in net ARR , " said Claudio Erba CEO and Founder of Docebo . " The momentum in our business continues to build , and while our growth remains well balanced across customers and industry verticals , the use cases are getting larger , driving further growth in average contract value as more organizations leverage Docebo as a productivity enablement tool to train their employees , partners and customers . " Added Mr. Erba , “ I am also very proud of our recent achievements as a global organization that continues to grow and mature . This includes our recent inclusion in the S & P TSX Composite and our positive social impact efforts such as the training we help deliver to non - profit organizations like Heart & Stroke , Amnesty International , and INHOPE , and our extensive internal CSR initiatives led to recent recognition with a Tech Cares Award from TrustRadius . These initiatives are a testament to Docebo's culture of caring , including Docebo Green Ambassadors , focused on our planet and environment , Docebo Pride , and Docebo Women's Alliance , bringing the importance of diversity , equality , and inclusion to the forefront of our efforts as a company . " Third Quarter 2021 Financial Highlights • • • • • • • Revenue of $ 27.1 million , an increase of 68 % from the comparative period in the prior year Subscription revenue of $ 25.1 million , representing 93 % of total revenue , and an increase of 66 % from the comparative period in the prior year Gross profit of $ 21.4 million , an increase of 62 % from the comparative period in the prior year , or 79 % of revenue compared to 82 % of revenue for the comparative period in the prior year Net income of $ 0.7 million , or $ 0.02 per share , compared to net loss of $ 1.2 million , or $ 0.04 per share for the comparative period in the prior year ( net income for the quarter reflected an unrealized gain on FX of $ 4.8 million ) Annual Recurring Revenue ¹ , 2 as at September 30 , 2021 of $ 103.5 million , an increase of $ 38.9 million from $ 64.6 million at the end of the third quarter of 2020 , or an increase of 60.2 % Negative Adjusted EBITDA² of $ 2.0 million , or 7 % of revenue , compared to $ 0.6 million or 4 % of revenue , for the comparative period in the prior year Negative cash flow generated from operating activities of $ 0.4 million , compared to positive $ 0.5 million for the comparative period in the prior year Negative free cash flow² of $ 1.0 million compared to negative $ 0.1 million for the comparative period in the prior year Cash and cash equivalents of $ 215.5 million as at September 30 , 2021 compared to $ 219.7 million as at December 31 , 2020 1 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 . Third Quarter 2021 Business Highlights • • Docebo is now used by 2,636 customers , an increase from 2,025 customers at the end of September 30 , 2020 Strong growth in average contract value , calculated as total Annual Recurring Revenue divided by the number of active customers , increasing from $ 31,900 to $ 39,275 • Record average contract value for new deals signed during the third quarter at $ 58,784 Signed a new customer agreement with Zoom Video Communications to create personalized learning experiences with the ability to robustly scale and service employees , partners and customers under a single platform