Docebo Inc 6-K, filed Aug 10, 2023

Docebo Inc. (DCBO)

6-K 2023-08-10 For: 2023-06-30

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Added on April 08, 2026

About this 6-K

Docebo Inc filed this 6-K on August 10, 2023.

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Exhibit
99.1			Unaudited Condensed Consolidated Interim Financial Statements of Financial Position of the Registrant for the Three and Six Months Ended June 30 , 2023
99.2			Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Registrant for the Three and Six Months Ended June 30 , 2023
99.3			Press Release of Docebo Inc., dated August 10 , 2023, titled “Docebo Reports Second Quarter 2023 Results”
99.4			Docebo Inc. – Form 52-109F2 Certificate of Interim Filings by CEO (pursuant to Canadian regulations)
99.5			Docebo Inc. – Form 52-109F2 Certificate of Interim Filings by CFO (pursuant to Canadian regulations)
101.INS			Inline XBRL Instance Document.
101.SCH			Inline XBRL Taxonomy Schema Linkbase Document.
101.CAL			Inline XBRL Taxonomy Calculation Linkbase Document.
101.DEF			Inline XBRL Taxonomy Definition Linkbase Document.
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE			Inline XBRL Taxonomy Presentation Linkbase Document.
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).



	June 30,	December 31,
	2023	2022
	$	$
Assets
Current assets:
Cash and cash equivalents	203,923	216,293
Trade and other receivables (Note 5)	39,414	37,527
Income taxes receivable	40	435
Prepaids and deposits	9,848	6,378
Net investment in finance lease	83	174
Contract costs, net	5,545	2,778
	258,853	263,585
Non-current assets:
Contract costs, net	8,884	7,931
Net investment in finance lease	83	241
Deferred tax asset	163	118
Right-of-use assets, net (Note 6)	1,790	2,038
Property and equipment, net (Note 7)	2,339	2,624
Intangible assets, net (Note 8)	6,812	1,150
Goodwill (Note 9)	10,039	5,982
	288,963	283,669
Liabilities
Current liabilities:
Trade and other payables	31,498	26,025
Automatic share repurchase plan liability (Note 11)	41,958	—
Income taxes payable	171	101
Deferred revenue	61,294	55,779
Contingent consideration	1,136	1,083
Lease obligations (Note 6)	1,544	1,374

	137,601	84,362
Non-current liabilities:
Acquisition holdback payables	1,022	—
Contingent consideration	—	1,177
Deferred revenue	316	528
Lease obligations (Note 6)	1,169	1,692
Employee benefit obligations	2,794	2,423
Deferred tax liability	1,523	1,276

	144,425	91,458
Shareholders’ equity
Share capital (Note 11)	268,701	268,194
Contributed surplus	10,291	8,458
Accumulated other comprehensive loss	(5,203)	(9,571)
Deficit	(129,251)	(74,870)
Total equity	144,538	192,211
	288,963	283,669


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
	$	$	$	$
Revenue (Note 14)	43,594	34,936	85,053	66,991
Cost of revenue (Note 15 and 16)	8,410	6,979	16,464	13,531
Gross profit	35,184	27,957	68,589	53,460

Operating expenses
General and administrative (Note 16)	9,345	7,597	16,901	14,972
Sales and marketing (Note 16)	18,048	14,880	34,820	28,627
Research and development (Note 16)	8,808	6,110	16,185	12,296
Share-based compensation (Note 12)	1,326	1,530	2,593	2,624
Foreign exchange loss (gain)	4,355	(4,854)	4,457	(1,463)
Depreciation and amortization (Note 6, 7 and 8)	824	587	1,531	1,167
	42,706	25,850	76,487	58,223
Operating (loss) income	(7,522)	2,107	(7,898)	(4,763)

Finance income, net (Note 10)	(2,406)	(333)	(4,573)	(352)
Other (income) expense, net	—	(22)	183	(43)
(Loss) income before income taxes	(5,116)	2,462	(3,508)	(4,368)

Income tax expense	558	359	921	488

Net (loss) income for the periods	(5,674)	2,103	(4,429)	(4,856)

Other comprehensive (income) loss
Item that may be reclassified subsequently to income:
Exchange (gain) loss on translation of foreign operations	(4,209)	5,155	(4,368)	1,943




Comprehensive loss	(1,465)	(3,052)	(61)	(6,799)



Income (loss) per share - basic	(0.17)	0.06	(0.13)	(0.15)
Income (loss) per share - diluted	(0.17)	0.06	(0.13)	(0.15)

Weighted average number of common shares outstanding - basic (Note 13)	33,151,370	33,022,813	33,127,156	33,015,045
Weighted average number of common shares outstanding - diluted (Note 13)	33,151,370	34,019,120	33,127,156	33,015,045


	Share capital		Contributed surplus	Accumulated other comprehensive income (loss)	Deficit	Total
	#	$	$	$	$	$

Balance, December 31, 2021	32,857,422	266,119	4,312	2,113	(81,888)	190,656
Exercise of stock options (Note 11 and 12)	6,409	101	(48)	—	—	53
Share-based compensation (Note 12)	—	—	2,624	—	—	2,624

Issuance of common shares related to business combination	15,364	700	—	—	—	700
Share issuance under employee share purchase plan (Note 11 and 12)	6,377	361	(57)	—	—	304
Comprehensive loss	—	—	—	(1,943)	(4,856)	(6,799)
Balance, June 30, 2022	32,885,572	267,281	6,831	170	(86,744)	187,538

Balance, December 31, 2022	32,913,955	268,194	8,458	(9,571)	(74,870)	192,211
Exercise of stock options (Note 11 and 12)	8,735	149	(49)	—	—	100
Share-based compensation (Note 12)	—	—	2,593	—	—	2,593
Share issuance under employee share purchase plan (Note 11 and 12)	8,785	322	(58)	—	—	264
Release of restricted share units (Note 11 and 12)	18,442	653	(653)	—	—	—
Shares issued related to contingent consideration	50,550	1,625	—	—	—	1,625
Shares repurchased for cancellation under normal course issuer bid (Note 11)	(279,676)	(2,242)	—	—	(7,994)	(10,236)
Share repurchase commitment under the automatic share purchase plan (Note 11)	—	—	—	—	(41,958)	(41,958)
Comprehensive loss	—	—	—	4,368	(4,429)	(61)
Balance, June 30, 2023	32,720,791	268,701	10,291	(5,203)	(129,251)	144,538


	Six months ended June 30,
	2023	2022
	$	$
Cash flows from (used in) operating activities
Net loss	(4,429)	(4,856)
Adjustments to reconcile net loss to net cash from (used in) operating activities:
Depreciation and amortization	1,531	1,167
Share-based compensation	2,593	2,624
Loss on disposal of asset	197	11
Unrealized foreign exchange loss (gain)	4,408	(1,383)
Income tax expense	921	488
Finance income, net	(4,573)	(352)
Changes in non-cash working capital items:
Trade and other receivables	(912)	(1,840)

Prepaids and deposits	(3,361)	(1,175)
Contract costs	(3,590)	(3,756)
Trade and other payables	5,575	1,033

Employee benefit obligations	335	284
Deferred revenue	4,877	6,416
Income taxes (paid) received	(299)	459
Cash from (used in) operating activities	3,273	(880)

Cash flows used in investing activities
Purchase of property and equipment	(266)	(509)

Payments of contingent consideration from acquisitions	(216)	(93)
Acquisition of business, net of cash acquired	(8,671)	(1,071)
Cash used in investing activities	(9,153)	(1,673)

Cash flows (used in) from financing activities
Payments received on net investment in finance lease	64	70
Repayment of lease obligations	(850)	(700)
Interest received	4,056	537
Proceeds from exercise of stock options	100	53

Proceeds from share issuance under employee share purchase plan	264	304

Shares repurchased for cancellation under normal course issuer bid	(10,236)	—


Cash (used in) from financing activities	(6,602)	264

Net change in cash and cash equivalents during the period	(12,482)	(2,289)
Effect of foreign exchange on cash and cash equivalents	112	(699)
Cash and cash equivalents, beginning of the period	216,293	215,323
Cash and cash equivalents, end of the period	203,923	212,335



DOCEBO INC.
UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(expressed in thousands of United States dollars)


DOCEBO INC.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
June 30, 2023
(expressed in thousands of US dollars, except share amounts)


Entity name	Country	Ownership percentage June 30, 2023	Ownership percentage December 31, 2022
		%	%
Docebo S.p.A	Italy	100	100
Docebo NA, Inc.	United States	100	100
Docebo EMEA FZ-LLC	Dubai	100	100
Docebo UK Limited	England	100	100
Docebo France Société par Actions Simplifiée (“Docebo France”)	France	100	100
Docebo DACH GmbH (“Docebo Germany”)	Germany	100	100
Docebo Australia Pty Ltd. ("Docebo Australia")	Australia	100	100
Docebo Ireland Limited	Ireland	100	100
Circles Collective Inc. ("PeerBoard")	United States	100	—
Edugo AI HK Limited	Hong Kong	100	—


			Fair value recognized on acquisition
			$
Assets
Current assets:
Cash and cash equivalents			4


			4
Non-current assets:



Technology			4,126

Goodwill			2,798

Total assets			6,928

Liabilities
Current liabilities:
Trade and other payables			187







Total liabilities			187
Fair value of net assets acquired			6,741


Paid in cash			6,151
Holdback payable			552
Pre-funded expenses			38
Total purchase consideration			6,741


	2023	2022
	$	$
Trade receivables	33,250	29,128
Accrued revenues	3,191	3,288
Tax credits receivable	2,195	3,054
Interest receivable	657	1,662
Other receivables	121	395
	39,414	37,527


	Premises	Others	Total
	$	$	$
Costs




Balance – December 31, 2022	4,717	382	5,099
Additions	357	—	357

Effects of foreign exchange	105	5	110
Balance – June 30, 2023	5,179	387	5,566

Accumulated amortization




Balance – December 31, 2022	2,796	265	3,061
Amortization	616	27	643

Effects of foreign exchange	60	12	72
Balance – June 30, 2023	3,472	304	3,776

Carrying value
Net balance – December 31, 2022	1,921	117	2,038
Net balance – June 30, 2023	1,707	83	1,790


						2023
						$
Balance – January 1						3,066
Additions						357

Interest accretion						112
Lease repayments						(850)
Effects of foreign exchange						28
Balance – June 30						2,713

Current						1,544
Non-current						1,169
						2,713


	Furniture and office equipment	Leasehold improvements	Land and Building	Total
	$	$	$	$
Cost




Balance – December 31, 2022	2,983	1,864	332	5,179
Additions	245	21	—	266

Effects of foreign exchange	40	22	7	69
Balance – June 30, 2023	3,268	1,907	339	5,514

Accumulated depreciation



Balance – December 31, 2022	1,493	979	83	2,555
Depreciation	409	162	6	577
Effects of foreign exchange	27	13	3	43
Balance – June 30, 2023	1,929	1,154	92	3,175

Carrying value
Balance – December 31, 2022	1,490	885	249	2,624
Balance – June 30, 2023	1,339	753	247	2,339


	Acquired
	Customer relationships	Technology	Trademarks	Total
	$	$	$	$
Cost



Balance – December 31, 2022	1,335	502	43	1,880
Acquisitions through business combinations	—	5,956	—	5,956
Effects of foreign exchange	20	7	1	28
Balance – June 30, 2023	1,355	6,465	44	7,864


	Three months ended June 30,		Six months ended June 30,
	2023	2022	2023	2022
	$	$	$	$

Interest on acquisition related consideration	20	39	36	55
Interest on lease obligations	53	69	112	144

Interest income	(2,479)	(443)	(4,721)	(553)
Bank fees and other	—	2	—	2
	(2,406)	(333)	(4,573)	(352)


1			Nature of business


2			Basis of preparation


3			Summary of significant accounting policies


4			Business combinations


Authorized:
Unlimited common shares with no par value
Issued and outstanding:
	Number of shares	Amount
	#	$


	2023		2022
	Number of options	Weighted average exercise price	Number of options	Weighted average exercise price
	#	C$	#	C$
Options outstanding – January 1	1,349,001	13.60	1,283,088	12.00
Options granted	215,575	52.15	146,119	45.09
Options forfeited	(77,523)	40.30	(45,697)	41.84
Options exercised	(8,735)	16.00	(6,409)	13.89

Options outstanding – June 30	1,478,318	17.81	1,377,101	14.51
Options exercisable – June 30	1,030,186	6.81	891,673	4.11



	2023			2022
	C$			C$
Weighted average stock price valuation	$	52.15		$	45.09
Weighted average exercise price	$	52.15		$	45.09
Risk-free interest rate	3.00		%	2.51		%
Expected life in years	4.5			6.25
Expected dividend yield	—		%	—		%
Volatility	65		%	62		%
Weighted average fair value of options issued	$	28.14		$	26.78


Options outstanding			Options exercisable
Exercise price range	Number outstanding	Weighted average remaining contractual life (years)	Exercise price range	Number exercisable
C$	#	#	C$	#
0.0001 - 1.09	784,368	2.49	0.0001 - 1.09	784,368

8.86 - 11.06	51,811	7.46	8.86 - 11.06	35,126
15.79 - 16.00	228,509	5.67	15.79 - 16.00	139,060
26.43 - 95.12	413,630	6.61	26.43 - 95.12	71,632
	1,478,318	4.31		1,030,186


			#





DSUs – December 31, 2022			87,222
Granted (at C$43.93 - $53.15 per unit)			3,391


DSUs - June 30, 2023			90,613


			#


RSUs – December 31, 2022			103,626
Granted (at C$43.55 - $52.38 per unit)			116,301
Released (at C$42.24 - $86.38 per unit)			(18,442)
Forfeited (at C$42.24 - $86.38 per unit)			(30,076)
RSUs - June 30, 2023			171,409


	2023	2022	Change	Change %
Annual Recurring Revenue (in millions of US dollars)	172.9	138.2	34.7	25.1%
Average Contract Value (in thousands of US dollars)	48.1	44.5	3.6	8.1%


	June 30, 2023	December 31, 2022	Change	Change
	$	$	$	%
Cash and cash equivalents	203,923	216,293	(12,370)	(6)	%
Total assets	288,963	283,669	5,294	2	%
Total long-term liabilities	6,824	7,096	(272)	(4)	%
Total liabilities	144,425	91,458	52,967	58	%


	Three months ended
(In thousands of US dollars, except per share data)	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
	$	$	$	$	$	$	$	$
Revenue	43,594	41,459	38,955	36,966	34,936	32,055	29,801	27,068
Net (loss) income before taxes	(5,116)	1,608	1,781	10,369	2,462	(6,830)	(2,887)	1,456
Net (loss) income attributable to equity owners of the Company	(5,674)	1,245	1,600	10,274	2,103	(6,959)	(1,428)	661
(Loss) income per share - basic	(0.17)	0.04	0.05	0.31	0.06	(0.21)	(0.04)	0.02
(Loss) income per share - diluted	(0.17)	0.04	0.05	0.30	0.06	(0.21)	(0.04)	0.02


	2023	2022
	$	$
Current assets	258,853	251,840
Less: Current portion of net investment in finance lease	(83)	(182)
Less: Current portion of contract costs	(5,545)	(2,487)
Current assets, net of net investment in finance lease and contract costs	253,225	249,171

Current liabilities	137,601	76,339
Less: Current portion of contingent consideration	(1,136)	(1,168)
Less: Current portion of lease obligations	(1,544)	(1,364)

Current liabilities, net of borrowings, contingent consideration and lease obligations	134,921	73,807
Working Capital	118,304	175,364


Period	Consolidated Statement of Financial Position	Consolidated Statement of Income (Loss) and Comprehensive Loss
	Current Rate	Average Rate
Three months ended June 30, 2022	$0.7744	$0.7852
Three months ended June 30, 2023	$0.7545	$0.7399


	As at June 30,
	2023	2022	Change	Change %
Annual Recurring Revenue (in millions of US dollars)	172.9	138.2	34.7	25.1	%
Average Contract Value (in thousands of US dollars)	48.1	44.5	3.6	8.1	%

Customers	3,591	3,106	485	15.6	%


(In thousands of US dollars, except percentages)	June 30, 2023	December 31, 2022	Change	Change
	$	$	$	%
Cash and cash equivalents	203,923	216,293	(12,370)	(5.7)	%
Total assets	288,963	283,669	5,294	1.9	%
Total liabilities(1)	144,425	91,458	52,967	57.9	%
Total long-term liabilities	6,824	7,096	(272)	(3.8)	%



	Three months ended June 30,				Six months ended June 30,
(In thousands of US dollars)	2023		2022		2023		2022
	$		$		$		$
Net (loss) income	(5,674)		2,103		(4,429)		(4,856)
Finance income, net(1)	(2,406)		(333)		(4,573)		(352)
Depreciation and amortization(2)	824		587		1,531		1,167
Income tax expense	558		359		921		488

Share-based compensation(3)	1,326		1,530		2,593		2,745
Other income(4)	—		(22)		183		(43)
Foreign exchange loss (gain)(5)	4,355		(4,854)		4,457		(1,463)
Acquisition related compensation(6)	732		317		988		612
Transaction related expenses(7)	556		—		810		101
Restructuring(8)	2,784		—		2,784		—
Adjusted EBITDA	3,055		(313)		5,265		(1,601)
Adjusted EBITDA as a percentage of total revenue	7.0	%	(0.9)	%	6.2	%	(2.4)	%