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TeamViewer AG: TeamViewer discloses preliminary Q2 2021 results

·6-min read

TeamViewer AG / Key word(s): Preliminary Results/Change in Forecast
TeamViewer AG: TeamViewer discloses preliminary Q2 2021 results

08-Jul-2021 / 07:13 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Disclosure of an inside information according to Article 17 of Regulation (EU) No 596/2014 on market abuse (MAR)
 

TeamViewer discloses preliminary Q2 2021 results

- Billings up around 15% reported and around 18% at constant currencies (cc) year-over-year, below its own projections of at least 20% quarterly billings growth

- IFRS revenue in line with expectations; annual recurring revenue grew around 20%

- High retention of lockdown customer cohort reflected in consistently low churn rate, but lower renewal values

- Strong subscriber growth across all customer segments

- Outlook for 2021 confirmed in light of very positive trading momentum in June; guidance towards lower end of the expected billings and revenue ranges

 

Goppingen, 8 July 2021 - Following an initial review of its financial performance, TeamViewer AG announced preliminary financial results for the quarter ending 30 June 2021.

In the second quarter, TeamViewer expects billings of c. EUR 121.6m, up around 15% reported and around 18% cc, which is below its own projections of at least 20% quarterly billings growth. IFRS revenue amounts to c. EUR 122.8m, in line with expectations. Annual recurring revenue, i.e. IFRS revenue excluding discontinued perpetual license sales, grew around 20% to EUR 122.3m. Adjusted EBITDA amounts to c. EUR 56.6m, resulting in an adjusted EBITDA margin of around 47% for the second quarter and approximately 55% for the first half 2021, reflecting continued growth investments and expected seasonality.

As previously disclosed, the COVID-19 pandemic has significantly altered historical demand trends. While the company retained most of the new subscribers from the first wave of the 2020 lockdown, those renewal values in April and May were lower than initially anticipated. In June, trading momentum improved significantly, driven by a rebound of renewal values and a very strong enterprise pipeline conversion.

In addition to the successful customer retention (customer churn consistently low at around 15% LTM), TeamViewer increased its subscriber base during the second quarter by c. 20,000 to c. 623,000 subscribers, up around 17% compared to 30 June 2020. The number of enterprise customers with an annual contract value of more than EUR 10,000 increased by approximately 55% during the last twelve months. Over this period, enterprise billings grew about 65% to c. EUR 67m.

Considering the strong trading momentum at the end of the quarter, TeamViewer confirms its 2021 outlook, albeit towards the lower end of the expected billings and revenue ranges. The company still projects an adjusted EBITDA margin between 49% and 51%.

All information contained in this release is preliminary and unaudited.

Contact:
Carsten Keller
Head of Investor Relations
Phone: +49 7161 97200 81
E-Mail: ir@teamviewer.com

 

Additional Information to this Release

Q2 2021 Results and Webcast

The company remains in quiet period until the release of its complete second quarter and half-year 2021 results on 3 August 2021.
Senior management will host an analyst and investor conference call at 9:00 CEST on 3 August 2021 which will be webcast live at webcast-eqs.com/teamviewer20210803. A replay as well as the accompanying presentation will be available on ir.teamviewer.com.

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 600,000 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 and 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 1,400 people globally. In 2020, TeamViewer achieved billings of EUR 460 million. TeamViewer AG (TMV) is listed at Frankfurt Stock Exchange and belongs to the MDAX. Further information can be found at www.teamviewer.com.

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 figures contained in this release are preliminary and 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 within a period and constituting a contract within the meaning of IFRS 15. Billings is calculated as IFRS revenue adjusted for change in P&L-effective deferred revenue;

"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.

08-Jul-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

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:

1216481


 

End of Announcement

DGAP News Service

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