IR Releases

TeamViewer AG releases financial update - strong finish to 2020
 

- FY 2020 total billings including Ubimax of around EUR 460m

- FY 2020 organic billings ahead of guidance with around EUR 456m

- Q4 2020 total billings grew 32% at constant currencies

- Strong enterprise business in Q4 2020; 1,885 enterprise customers at year-end (+170%)

- Continued subscriber growth to more than 584 thousand at year-end

Goppingen, 11 January 2021 - According to preliminary figures, TeamViewer AG experienced strong demand during the fourth quarter 2020. Q4 total billings grew 32% at constant currencies and were driven by strong new business due to the company's expanded global sales coverage and broadened solutions portfolio coupled with high renewals. While the total subscriber base grew to 584 thousand by year-end (31 December 2019: 464 thousand), the number of enterprise customers with annual contract value above EUR 10,000 increased by 227 to 1,885 during Q4 (31 December 2019: 698) as a result of continued strong Solution Sales in the enterprise segment.

TeamViewer expects full year 2020 billings of around EUR 460m and an Adjusted EBITDA margin of around 56%. These preliminary figures include the contribution of Ubimax GmbH and its subsidiaries ("Ubimax") which were acquired by TeamViewer in 2020 and will be fully consolidated in 2020. Excluding Ubimax, the company expects organic billings of around EUR 456m ahead of guidance (EUR 450 - 455m). TeamViewer will publish its full Q4 and preliminary FY 2020 results (unaudited) on 9 February 2021.

Stefan Gaiser, CFO of TeamViewer, said: "We are very pleased with the performance in the fourth quarter which concludes a remarkable year in TeamViewer's history. For 2021 we remain very confident to continue our growth path built on a clear strategy, leading technology, and valuable solutions for our customers."
 

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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 550,000 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.

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Goppingen, 11 January 2021

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" (NRR) 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.