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TeamViewer AG: TeamViewer AG delivers strong Q3 growth and high profitability - guidance increased

·16-min read

DGAP-News: TeamViewer AG / Key word(s): Quarterly / Interim Statement
10.11.2020 / 07:00
The issuer is solely responsible for the content of this announcement.

TeamViewer AG delivers strong Q3 growth and high profitability - guidance increased
 

- Q3 billings up 29% yoy (+34% cc) to EUR 106.4m and 9M billings of EUR 332.1m (+48% yoy; +50% cc)

- Q3 Adjusted EBITDA of EUR 58.2m (+26% yoy; +34% cc) and 9M Adjusted EBITDA of EUR 189.3m (+58% yoy; +61% cc)

- Q3 first quarter in a normalized market environment after COVID-19 pandemic-related extra demand

- Number of subscribers increased to 567 thousand as of 30 September 2020

- TeamViewer has been installed on more than 2.5 billion devices until today

- Ubimax integration progressing well

- Billings guidance for 2020 increased to EUR 450-455m, excluding Ubimax contribution
 

Goppingen, 10 November 2020: TeamViewer continued to deliver strong growth and high profitability in the third quarter, driven by the company's broad solutions portfolio and leading position in attractive markets. Q3 billings grew by 29% year-over-year (yoy) and by 34% at constant currencies (cc) to EUR 106.4m. This resulted in billings of EUR 332.1m in the first nine months of 2020, up 48% yoy (+50% cc).

Q3 Adjusted EBITDA was up 26% yoy (+34% cc) to EUR 58.2m corresponding to an Adjusted EBITDA margin of 55% (Q3 2019: 56%). 9M Adjusted EBITDA grew by 58% yoy (+61% cc) to EUR 189.3m resulting in an Adjusted EBITDA margin of 57%, up 4 percentage points.

Oliver Steil, CEO of TeamViewer, said: "In our first year as a listed company we have over-delivered on our growth plan. Until today, our software has been installed on more than 2.5 billion devices around the globe which shows our leadership in connectivity. We have significantly broadened our expertise and solutions portfolio with the successful acquisition of Ubimax. Our combined offering provides a strong platform for future growth and we see a huge market potential in particular in the industrial sector driven by Internet of Things and Augmented Reality."

Stefan Gaiser, CFO of TeamViewer, said: "Our substantial investments in recent years are a key factor for our success. We are very pleased with our performance in Q3 which proves our long-term growth opportunities in a normalized market environment after the pandemic-related extra demand. The results underline our industry-leading financial profile of strong billings growth combined with high profitability. Also, thanks to a promising start into Q4, particularly in the enterprise segment, we have raised our full-year billings guidance and are very confident for 2021."


Business Update

In July 2020, TeamViewer announced the acquisition of Ubimax to create the global leader in connectivity solutions and workplace digitalization technology. The transaction was closed in August 2020. The integration of Ubimax's products into the TeamViewer portfolio is progressing well with coordinated cross-selling opportunities already starting to materialize. With Ubimax, the size of the Total Addressable Market (TAM) increases by EUR 10 billion to EUR 40 billion in 2023. The combination of the product portfolios also accelerates the TAM's annual growth rate from 24% to 27% mainly driven by the strong expansion of the Augmented Reality market.

With the integration of TeamViewer into Microsoft Teams, allowing users to launch TeamViewer remote access and AR support connections from within the Microsoft Teams environment, the company further expands its use case scenarios and increases its brand awareness among more than 115m daily Microsoft Teams users.

The increasing maturity of the group's enterprise offering including Tensor, Frontline and IoT solutions is reflected in a now combined Go-to-Market approach for those products. As a result of TeamViewer's growth initiative in this segment, the enterprise customer base has grown by 181% to 1,658 subscribers over the last twelve months (30 September 2019: 590). The number of total subscribers increased to 567thousand (30 September 2019: 432 thousand) while the net retention rate of 104% led to a further expansion of more predictable annual recurring billings from retained subscribers.

In the first nine months, TeamViewer continued to invest significantly across all functions with a focus on Sales and R&D. The group has added about 370 employees (full-time equivalents) since the start of the year, thereof more than 120 in software engineering and nearly 150 across all sales functions. Despite those significant investments TeamViewer was able to further expand its Adjusted EBITDA margin.

In addition, TeamViewer signed the UN Global Compact initiative and has received favorable ESG ratings from various independent agencies. These include the "AA" ESG rating from the agency MSCI, awarding TeamViewer as a leader in ESG in the Software & IT Services sector.


Key Figures

 

1) LTM, 30 September
2) Full-time equivalents, 30 September

 


Financial Update

All regions have contributed to the group's strong billings growth. APAC's Q3 billings grew the fastest by 56% cc delivering EUR 16.1m, due to a very strong performance in Japan and China. EMEA remained the largest of the three regions with Q3 billings of EUR 48.0m, up 34% cc - the strong performance was very well balanced across EMEA, including key markets like Germany, UK and France. The AMERICAS showed particularly strong traction in enterprise, delivering EUR 42.3m of billings in Q3. Adjusted for currency effects considering the devaluation of the US-Dollar as well as other currencies in the region, billings grew by 27%.

Revenue (IFRS) exceeded billings in the third quarter (EUR 117.2m) and in the first nine months (EUR 334.6m) due to the recognition of deferred perpetual license revenue during the first nine months as well as subscription deferred revenue releases in the third quarter.

TeamViewer's high profitability continues to translate into very strong cash generation. Net cash from operating activities grew by 92% yoy in the first nine months to EUR 160.4m, while levered free cash flow increased by 142% to EUR 109.4m. Despite the Ubimax acquisition net leverage remained low at 2.0 times Adjusted EBITDA (30 June 2020: 1.9x).


Raising Full Year Billings Guidance

Following the very strong performance in the first nine months and a promising start into the fourth quarter, particularly in the enterprise segment, TeamViewer has increased its full-year billings guidance to EUR 450-455m from previous estimates of around EUR 450m. This does not include the contributions from the Ubimax business and corresponds to 38.5 - 40.0% billings growth yoy (40.5 - 42.0% cc). TeamViewer still expects revenue of at least EUR 450m, an Adjusted EBITDA margin of around 56% and a capital expenditure of EUR 25 to 30m. In 2021 and beyond, TeamViewer continues to benefit from global megatrends around digitalization and sustainability.


Conference Call and Webcast Details

Oliver Steil (CEO) and Stefan Gaiser (CFO) will host an analyst and investor conference call at 14:00 CET on 10 November 2020 to discuss the results. The audio webcast can be followed via https://webcasts.eqs.com/teamviewer20201110. A replay will be available on the Investor Relations website under https://ir.teamviewer.com/websites/teamviewer/English/1/investor-relations.html. The accompanying presentation can be also downloaded there.


###


About TeamViewer

TeamViewer is a leading global technology company that provides a connectivity platform to remotely access, control, manage, monitor, and repair devices of any kind - from laptops and mobile phones to industrial machines and robots. Although TeamViewer is free of charge for private use, it has more than 500,000 subscribers and enables companies of all sizes and from all industries to digitalize their business-critical processes through seamless connectivity. Against the backdrop of global megatrends like device proliferation, automation and new work, TeamViewer proactively shapes digital transformation and continuously innovates in the fields of Augmented Reality, Internet of Things or Artificial Intelligence. Since the company's foundation in 2005, TeamViewer's software has been installed on more than 2.5 billion devices around the world. The company is headquartered in Goppingen, Germany, and employs more than 1,200 people globally. In 2019, TeamViewer achieved billings of around EUR 325m. TeamViewer AG (TMV) is listed at Frankfurt Stock Exchange and belongs to the MDAX. Further information can be found at www.teamviewer.com.

 

Contact

 

Goppingen, 10 November 2020



Financial Calendar

 


IMPORTANT NOTICE

Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties, including, but not limited to, those risks and uncertainties described in TeamViewer's disclosures. You should not rely on these forward-looking statements as predictions of future events and we undertake no obligation to update or revise these statements. Our actual results may differ materially and adversely from any forward-looking statements discussed in these statements due to several factors, including without limitation, risks from macroeconomic developments, external fraud, lack of innovation capabilities, inadequate data security and changes in competition levels. All stated figures are unaudited.

Alternative performance measures (APMs)
This document contains certain alternative performance measures (collectively, "APMs") including billings and Adjusted EBITDA that are not required by, or presented in accordance with, IFRS, German GAAP or any other generally accepted accounting principles. TeamViewer presents APMs because they are used by management in monitoring, evaluating and managing its business and management believes these measures provide an enhanced understanding of TeamViewer's underlying results and related trends. The definitions of the APMs may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should, therefore, not be considered in isolation or as a substitute for analysis of TeamViewer's operating results as reported under IFRS or German GAAP. APMs such as billings and Adjusted EBITDA are not measurements of TeamViewer's performance or liquidity under IFRS or German GAAP and should not be considered as alternatives to results for the period or any other performance measures derived in accordance with IFRS, German GAAP or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.

TeamViewer has defined each of the following APMs as follows:
"Billings" represent the (net) value of goods and services invoiced to customers in a given period whose realization is probable - it is defined as revenue adjusted for change in deferred revenue P&L-effective; "Adjusted EBITDA" means EBITDA, adjusted for P&L-effective changes in deferred revenue as well as for certain special items relating to share based compensations and other material items that are not reflective of the operating performance of the business;
"Adjusted EBITDA margin" means Adjusted EBITDA as a percentage of billings.


Operational metrics and other financial measures for information purposes
This document also includes further certain operational metrics, such as Net Retention Rate, and additional financial measures that are not required by, or presented in accordance with IFRS, German GAAP or any other generally accepted accounting principles (collectively, "other financial measures"). TeamViewer presents these operational metrics and other financial measures for information purposes and because they are used by the management for monitoring, evaluating and managing its business. The definitions of these operational metrics and other financial metrics may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should, therefore, not be considered in isolation or as a substitute for analysis of TeamViewer's operating results, performance or liquidity as reported under IFRS or German GAAP.

TeamViewer has defined these operational metrics and other financial measures for information purposes as follows:
"Net retention rate" means annual recurring billings of existing subscription customers during the period considered less gross value churn plus billings from upselling and cross-selling, including foreign exchange effects and expiring discounts, as a percentage of annual recurring billings in the previous the period;
"Levered free cash flow" (FCFE) means net cash from operating activities less capital expenditure for property, plant and equipment and intangible assets (excl. M&A), payments for the capital element of lease liabilities and interest paid for borrowings and lease liabilities; and
"Net leverage" means the ratio of net financial debt (sum of interest-bearing loans and borrowings, current and non-current, less cash and cash equivalents) to Adjusted EBITDA.

The use by TeamViewer AG of an MSCI ESG RESEARCH LLC or its affiliates ("MSCI") data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of TeamViewer AG by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or services of MSCI.


Consolidated Profit & Loss Statement

 

Consolidated Balance Sheet

 

 

Consolidated Balance Sheet (cont'd)

 

 

Consolidated Cash Flow Statement

 

 


10.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

EUR m

Q3 2020

Q3 2019

Δ yoy

Δ cc

9M 2020

9M 2019

Δ yoy

Δ cc

Billings

106.4

82.7

29%

34%

332.1

224.3

48%

50%

EMEA

48.0

36.1

33%

34%

172.9

116.0

49%

50%

AMERICAS

42.3

35.9

18%

27%

113.3

77.0

47%

50%

APAC

16.1

10.7

51%

56%

46.0

31.3

47%

49%

 

 

 

 

 

 

 

 

 

Adj. EBITDA

58.2

46.0

26%

34%

189.3

119.6

58%

61%

Margin

55%

56%

(1pp)

 

57%

53%

4pp

 

 

 

 

 

 

 

 

 

 

Subscribers (thousand)1)

567

432

31%

 

 

 

 

 

Net Retention Rate1)

104%

103%

1pp

 

 

 

 

 

Employees2)

772

1,213

57%

 

 

 

 

 

EUR m

Q3 2020

Q3 2019

Δ yoy

9M 2020

9M 2019

Δ yoy

Revenue (IFRS)

117.2

102.0

15%

334.6

283.3

18%

EMEA

63.7

57.2

11%

183.2

160.3

14%

AMERICAS

38.0

32.3

18%

108.5

88.5

23%

APAC

15.5

12.6

23%

43.0

34.5

25%

 

 

 

 

 

 

 

Operating Profit (EBIT)

43.8

18.1

142%

125.7

108.3

16%

Margin

37%

18%

20pp

38%

38%

(1pp)

 

 

 

 

 

 

 

Levered Free Cash Flow

29.9

29.1

3%

109.4

45.2

142%

Press Contact TeamViewer
Martina Dier

Director, Communications
Phone: +49 (0)7161 97200 10
E-Mail: press@teamviewer.com

Investor Relations Contact TeamViewer
Carsten Keller

Head of Investor Relations and Capital Markets Phone: +49 (0)151 1941 7780
E-Mail: ir@teamviewer.com

Q4/FY 2020 Financial Update

11 January 2021

Q4/FY 2020 Preliminary Results

16 February 2021

in thousands of euro

 

Q3 2020

Q3 2019

∆ %

Revenue

 

117,197

102,021

15%

Cost of sales

 

(16,352)

(12,646)

29%

Gross profit

 

100,845

89,374

13%

Other income

 

1,504

7,843

-81%

Research and development

 

(12,067)

(10,289)

17%

Sales

 

(19,145)

(14,148)

35%

Marketing

 

(9,484)

(6,186)

53%

General and administrative

 

(15,735)

(43,515)

-64%

Other expenses

 

62

(431)

-114%

Bad debt expenses

 

(2,228)

(4,572)

-51%

Operating profit

 

43,752

18,078

142%

Unrealised foreign exchange gains/
(losses)

 

12,372

3,336

271%

Realised foreign exchange gains/
(losses)

 

382

(21,344)

-102%

Finance income

 

2,752

16,543

-83%

Finance cost

 

(4,820)

(37,295)

-87%

Profit before taxation

 

54,437

(20,682)

-363%

Tax income/(expenses)

 

(22,812)

34,294

-167%

Profit/(loss) for the period

 

31,625

13,613

132%

Other comprehensive income for the period

 

 

 

 

Items that may be reclassified to profit or loss in subsequent periods

 

(634)

530

-220%

Hedge reserve, gross

 

(14)

6

-319%

Exchange differences on translation of foreign operations

 

(620)

524

-218%

Total comprehensive income for the period

 

30,991

14,143

119%

in thousands of euro

 

 

30 September 2020

31 December 2019

Non-current assets

 

 

 

 

Goodwill

 

 

647,117

590,445

Intangible assets

 

 

261,889

235,831

Property, plant and equipment

 

 

36,353

26,480

Financial assets

 

 

5,258

4,424

Other assets

 

 

864

1,740

Deferred tax assets

 

 

0

6,266

Total non-current assets

 

 

951,481

865,187

Current assets

 

 

 

 

Inventories

 

 

539

0

Trade receivables

 

 

16,068

11,756

Other assets

 

 

10,245

5,856

Tax assets

 

 

0

4,972

Financial assets

 

 

1,950

0

Cash and cash equivalents

 

 

52,969

71,153

Total current assets

 

 

81,772

93,737

Total assets

 

 

1,033,253

958,924

in thousands of euro

 

 

30 September 2020

31 December 2019

Equity

 

 

 

 

Issued capital

 

 

200,000

200,000

Capital reserve

 

 

353,854

320,661

(Accumulated losses)/retained earnings

 

 

(355,793)

(429,881)

Hedge reserve

 

 

(76)

0

Foreign currency translation reserve

 

 

428

1,081

Total equity attributable to owners of the
parent

 

 

198,413

91,861

Non-current liabilities

 

 

 

 

Provisions

 

 

289

235

Financial liabilities

 

 

472,732

582,538

Deferred revenue

 

 

568

2,572

Deferred and other liabilities

 

 

975

0

Deferred tax liabilities

 

 

21,449

308

Total non-current liabilities

 

 

496,014

585,652

Current liabilities

 

 

 

 

Provisions

 

 

2,118

3,284

Financial liabilities

 

 

82,606

34,260

Trade payables

 

 

8,312

9,069

Deferred revenue

 

 

207,255

210,250

Deferred and other liabilities

 

 

35,158

17,793

Other financial liabilities

 

 

62

6,642

Tax liabilities

 

 

3,315

114

Total current liabilities

 

 

338,826

281,411

Total liabilities

 

 

834,840

867,063

Total equity and liabilities

 

 

1,033,253

958,924

in thousands of euro

 

9M 2020

9M 2019

Cash flows from operating activities

 

 

 

Profit before taxation

 

124,130

49,070

Depreciation, amortisation and impairment of non-current assets

 

29,641

27,096

(Gain)/loss from the sale of property, plant and equipment

 

7

(18)

Increase/(decrease) in provisions

 

(137)

669

Non-operational foreign exchange (gains)/
losses

 

(17,342)

20,320

Expenses for share-based compensation

 

33,193

27,088

Net financial result

 

15,424

37,825

Change in deferred revenue

 

(5,116)

(61,250)

Changes in other net working capital and other

 

5,170

(1,850)

Income tax paid

 

(24,707)

(15,245)

Interest paid / received other than from financing activities

 

94

(18)

Net cash from operating activities

 

160,357

83,688

Cash flows from investing activities

 

 

 

Capital expenditure for property, plant and equipment and intangible assets

 

(22,781)

(8,144)

Proceeds from the sale of property, plant and equipment

 

23

18

Payments for the acquisition of non-current financial assets

 

(51)

0

Interest received

 

0

382

Acquisition of subsidiaries

 

(84,053)

0

Net cash used in investing activities

 

(106,862)

(7,744)

Cash flows from financing activities

 

 

 

Repayments of borrowings

 

(38,987)

(179,113)

Proceeds from bank borrowings

 

0

74,017

Payments for the capital element of lease
liabilities

 

(3,358)

(3,839)

Interest paid for borrowings and lease
liabilities

 

(24,837)

(26,505)

Proceeds/(payments) from the settlement of derivatives

 

0

(98)

Proceeds/(payments) in equity

 

0

25

Net cash used in financing activities

 

(67,182)

(135,512)

Net change in cash and cash equivalents

 

(13,687)

(59,568)

Net foreign exchange rate difference

 

(4,614)

1,646

Net change from cash risk provisioning

 

117

914

Internal combinations and transfers

 

0

3,768

Cash and cash equivalents at beginning of period

 

71,153

79,939

Cash and cash equivalents at end of period

 

52,969

26,698

EUR m

Q3 2020

Q3 2019

Δ yoy

Δ cc

9M 2020

9M 2019

Δ yoy

Δ cc

Billings

106.4

82.7

29%

34%

332.1

224.3

48%

50%

EMEA

48.0

36.1

33%

34%

172.9

116.0

49%

50%

AMERICAS

42.3

35.9

18%

27%

113.3

77.0

47%

50%

APAC

16.1

10.7

51%

56%

46.0

31.3

47%

49%

 

 

 

 

 

 

 

 

 

Adj. EBITDA

58.2

46.0

26%

34%

189.3

119.6

58%

61%

Margin

55%

56%

(1pp)

 

57%

53%

4pp

 

 

 

 

 

 

 

 

 

 

Subscribers (thousand)1)

567

432

31%

 

 

 

 

 

Net Retention Rate1)

104%

103%

1pp

 

 

 

 

 

Employees2)

772

1,213

57%

 

 

 

 

 

EUR m

Q3 2020

Q3 2019

Δ yoy

9M 2020

9M 2019

Δ yoy

Revenue (IFRS)

117.2

102.0

15%

334.6

283.3

18%

EMEA

63.7

57.2

11%

183.2

160.3

14%

AMERICAS

38.0

32.3

18%

108.5

88.5

23%

APAC

15.5

12.6

23%

43.0

34.5

25%

 

 

 

 

 

 

 

Operating Profit (EBIT)

43.8

18.1

142%

125.7

108.3

16%

Margin

37%

18%

20pp

38%

38%

(1pp)

 

 

 

 

 

 

 

Levered Free Cash Flow

29.9

29.1

3%

109.4

45.2

142%

Press Contact TeamViewer
Martina Dier

Director, Communications
Phone: +49 (0)7161 97200 10
E-Mail: press@teamviewer.com

Investor Relations Contact TeamViewer
Carsten Keller

Head of Investor Relations and Capital Markets Phone: +49 (0)151 1941 7780
E-Mail: ir@teamviewer.com

Q4/FY 2020 Financial Update

11 January 2021

Q4/FY 2020 Preliminary Results

16 February 2021

in thousands of euro

 

Q3 2020

Q3 2019

∆ %

Revenue

 

117,197

102,021

15%

Cost of sales

 

(16,352)

(12,646)

29%

Gross profit

 

100,845

89,374

13%

Other income

 

1,504

7,843

-81%

Research and development

 

(12,067)

(10,289)

17%

Sales

 

(19,145)

(14,148)

35%

Marketing

 

(9,484)

(6,186)

53%

General and administrative

 

(15,735)

(43,515)

-64%

Other expenses

 

62

(431)

-114%

Bad debt expenses

 

(2,228)

(4,572)

-51%

Operating profit

 

43,752

18,078

142%

Unrealised foreign exchange gains/
(losses)

 

12,372

3,336

271%

Realised foreign exchange gains/
(losses)

 

382

(21,344)

-102%

Finance income

 

2,752

16,543

-83%

Finance cost

 

(4,820)

(37,295)

-87%

Profit before taxation

 

54,437

(20,682)

-363%

Tax income/(expenses)

 

(22,812)

34,294

-167%

Profit/(loss) for the period

 

31,625

13,613

132%

Other comprehensive income for the period

 

 

 

 

Items that may be reclassified to profit or loss in subsequent periods

 

(634)

530

-220%

Hedge reserve, gross

 

(14)

6

-319%

Exchange differences on translation of foreign operations

 

(620)

524

-218%

Total comprehensive income for the period

 

30,991

14,143

119%

in thousands of euro

 

 

30 September 2020

31 December 2019

Non-current assets

 

 

 

 

Goodwill

 

 

647,117

590,445

Intangible assets

 

 

261,889

235,831

Property, plant and equipment

 

 

36,353

26,480

Financial assets

 

 

5,258

4,424

Other assets

 

 

864

1,740

Deferred tax assets

 

 

0

6,266

Total non-current assets

 

 

951,481

865,187

Current assets

 

 

 

 

Inventories

 

 

539

0

Trade receivables

 

 

16,068

11,756

Other assets

 

 

10,245

5,856

Tax assets

 

 

0

4,972

Financial assets

 

 

1,950

0

Cash and cash equivalents

 

 

52,969

71,153

Total current assets

 

 

81,772

93,737

Total assets

 

 

1,033,253

958,924

in thousands of euro

 

 

30 September 2020

31 December 2019

Equity

 

 

 

 

Issued capital

 

 

200,000

200,000

Capital reserve

 

 

353,854

320,661

(Accumulated losses)/retained earnings

 

 

(355,793)

(429,881)

Hedge reserve

 

 

(76)

0

Foreign currency translation reserve

 

 

428

1,081

Total equity attributable to owners of the
parent

 

 

198,413

91,861

Non-current liabilities

 

 

 

 

Provisions

 

 

289

235

Financial liabilities

 

 

472,732

582,538

Deferred revenue

 

 

568

2,572

Deferred and other liabilities

 

 

975

0

Deferred tax liabilities

 

 

21,449

308

Total non-current liabilities

 

 

496,014

585,652

Current liabilities

 

 

 

 

Provisions

 

 

2,118

3,284

Financial liabilities

 

 

82,606

34,260

Trade payables

 

 

8,312

9,069

Deferred revenue

 

 

207,255

210,250

Deferred and other liabilities

 

 

35,158

17,793

Other financial liabilities

 

 

62

6,642

Tax liabilities

 

 

3,315

114

Total current liabilities

 

 

338,826

281,411

Total liabilities

 

 

834,840

867,063

Total equity and liabilities

 

 

1,033,253

958,924

in thousands of euro

 

9M 2020

9M 2019

Cash flows from operating activities

 

 

 

Profit before taxation

 

124,130

49,070

Depreciation, amortisation and impairment of non-current assets

 

29,641

27,096

(Gain)/loss from the sale of property, plant and equipment

 

7

(18)

Increase/(decrease) in provisions

 

(137)

669

Non-operational foreign exchange (gains)/
losses

 

(17,342)

20,320

Expenses for share-based compensation

 

33,193

27,088

Net financial result

 

15,424

37,825

Change in deferred revenue

 

(5,116)

(61,250)

Changes in other net working capital and other

 

5,170

(1,850)

Income tax paid

 

(24,707)

(15,245)

Interest paid / received other than from financing activities

 

94

(18)

Net cash from operating activities

 

160,357

83,688

Cash flows from investing activities

 

 

 

Capital expenditure for property, plant and equipment and intangible assets

 

(22,781)

(8,144)

Proceeds from the sale of property, plant and equipment

 

23

18

Payments for the acquisition of non-current financial assets

 

(51)

0

Interest received

 

0

382

Acquisition of subsidiaries

 

(84,053)

0

Net cash used in investing activities

 

(106,862)

(7,744)

Cash flows from financing activities

 

 

 

Repayments of borrowings

 

(38,987)

(179,113)

Proceeds from bank borrowings

 

0

74,017

Payments for the capital element of lease
liabilities

 

(3,358)

(3,839)

Interest paid for borrowings and lease
liabilities

 

(24,837)

(26,505)

Proceeds/(payments) from the settlement of derivatives

 

0

(98)

Proceeds/(payments) in equity

 

0

25

Net cash used in financing activities

 

(67,182)

(135,512)

Net change in cash and cash equivalents

 

(13,687)

(59,568)

Net foreign exchange rate difference

 

(4,614)

1,646

Net change from cash risk provisioning

 

117

914

Internal combinations and transfers

 

0

3,768

Cash and cash equivalents at beginning of period

 

71,153

79,939

Cash and cash equivalents at end of period

 

52,969

26,698

Language:

English

Company:

TeamViewer AG

Bahnhofsplatz 2

73033 Göppingen

Germany

Phone:

+49 7161 97200 81

Fax:

+49 7161 60692 335

E-mail:

ir@teamviewer.com

Internet:

www.teamviewer.com

ISIN:

DE000A2YN900

WKN:

A2YN90

Indices:

MDAX, TecDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1146796


 

End of News

DGAP News Service

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