TeamViewer Investor Relations

Q3/9M 2022: TeamViewer with strong profitability and good topline growth; on track to meet full-year guidance

EQS-News: TeamViewer AG / Key word(s): Quarterly / Interim Statement
TeamViewer AG: Q3/9M 2022: TeamViewer with strong profitability and good topline growth; on track to meet full-year guidance
02.11.2022 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.

GOPPINGEN, GERMANY, 2 November 2022

Q3/9M 2022: TeamViewer with strong profitability and good topline growth; on track to meet full-year guidance

  • Q3 billings growth of 15% yoy leading to solid 9M 2022 billings of EUR 444.2m (+13% yoy)
  • Strong profitability with 42% Adjusted EBITDA margin in Q3 2022 (+8 pp yoy) and highly accretive EPS development
  • Q3 EMEA billings up 13% yoy underlining TeamViewer’s highly relevant product portfolio
  • Q3 Enterprise billings up 47% yoy paralleled by high Enterprise NRR of 113%
  • Financing profile improved: further repayment of debt on the back of strong cash position; cash conversion of 105%
  • Q3 results largely in line with expectations, FY 2022 guidance confirmed


Oliver Steil, TeamViewer CEO

«With nine solid months in the books we are on track to reach our full year guidance despite macroeconomic headwinds. TeamViewer continues to display a strong degree of resilience in this environment as customers benefit from efficiency gains with our solutions. Continued upselling into higher-value customer segments underlines the quality of our product portfolio. Additionally, we significantly increased momentum by stepping up our activities with our strategic tech partners.»


Michael Wilkens, TeamViewer CFO

«Driven by ongoing success in both SMB and Enterprise, we continued to deliver solid growth and strong profitability. Particularly in light of the challenging environment, this is a result of TeamViewer’s continued focus on execution. We further optimized our financial profile with a EUR 286m debt repayment, significantly reducing our exposure to rising interest rates. We also bolstered our sustainability track record with a Top-3 position in the renowned Sustainalytics ESG risk rating.»

Key Figures

EUR m unless otherwise stated Q3 22 Q3 21 Δ yoy 9M 22 9M 21 Δ yoy
Billings (non-IFRS) 144.6 125.8 +15%
444.2 393.9 +13%
Revenue (IFRS) 143.4 127.7 +12% 415.4 368.8 +13%
NRR (LTM, %) 103% 96% +7pp 103% 96% +7pp
Subscribers (thousand, 30 Sep)2 619 618 +0% 619 618 +0%
Employees (FTE, 30 Sep) 1,364 1,506 -9% 1,364 1,506 -9%
Adjusted EBITDA (non-IFRS) 60.1 42.3 +42% 201.4 189.3 +6%
Adjusted EBITDA Margin (%) 41.6 33.6 +8pp 45.3 48.1 -3pp
EBITDA 46.0 31.4 +47% 134.3 113.8 +18%
EPS (EUR) 0.09 0.02 +397% 0.23 0.11 +112%
Levered Free Cash Flow 48.5 32.5 +49% 98.6 89.8 +10%
Cash Conversion3 (%) 105 104 +1pp 73 79 -6pp

1 At constant currencies

2 Adjusted for Russia & Belarus (unadjusted: 30 Sep 22: 624k, 30 Sep 21: 628k)

3 Levered Free Cash Flow divided by EBITDA

Business Highlights

During the quarter, TeamViewer focused on promoting its core remote connectivity products, offering customers solutions to drive efficiency and productivity. Under the lead of the company’s new CCO Peter Turner, TeamViewer successfully implemented a range of global up- and cross-sell campaigns. Against this backdrop, strong customer retention and high satisfaction underscore the quality of TeamViewer’s product portfolio even in a challenging macroeconomic environment.

TeamViewer also continued to drive its high-profile tech partnerships. Together with SAP, TeamViewer carried out co-marketing and joint sales activities at various industry-specific events and is now installed in SAP Innovation Centers around the globe with real-world showcases. TeamViewer’s Augmented Reality (AR) platform Frontline is now available on Google Cloud Marketplace, making procurement easier for Google Cloud customers with existing budget commitments. Another partnership example is the embedding of TeamViewer’s remote connectivity software in the new cloud services of wearable device provider RealWear, allowing the configuration and deployment of RealWear devices from afar.

Recently, TeamViewer announced a new partnership with Hyundai Motor. The two companies will conduct joint research and development activities around AR-powered smart factory operations, digital experience for frontline workers and Artificial Intelligence (AI) for the automotive factory of the future. This partnership illustrates TeamViewer’s growing presence in the APAC region, demonstrates the company’s strong value proposition to the automotive industry and strengthens its pioneer role in the Industrial Metaverse space.

Beyond automotive, TeamViewer’s enterprise solutions continue to support large corporates from all over the world and different industries. For example, GlobalFoundries, one of the world’s leading semiconductor manufacturers recently introduced TeamViewer’s Frontline AR vision picking solution in Europe’s largest semiconductor factory leading to a 35% time saving in the warehouse picking process. Another example is Specsavers: The British multinational optical retail chain leverages TeamViewer’s enterprise remote connectivity solution Tensor to provide powerful, secure and privacy compliant IT support to its 32,500 employees across 2,300 stores in ten countries. Specsavers recently also introduced TeamViewer’s AR solution in its UK stores to further enhance remote support capabilities.

While remote connectivity and assistance solutions are leading to reduced travel and CO2 footprint at TeamViewer’s customer base, the company is also increasing focus on its own sustainability and ESG measures. This resulted in a further improved ESG risk score from Sustainalytics, a leading independent ESG research, ratings and data firm. TeamViewer now ranks among the Top 3 in Sustainalytics’ ESG risk rating, ahead of major software industry players.

On the back of these operational developments, TeamViewer delivered good billings of EUR 144.6m in Q3 2022, growing by 15% (7% cc) yoy. With this accelerated growth compared to the first two quarters, 9M 2022 billings were up 13% (8% cc) yoy to EUR 444.2m. Revenues increased by 12% to EUR 143.4m in Q3 yoy, and by 13% to EUR 415.4m in a 9M yoy comparison. Adjusted for Russian and Belarus customers, the subscriber base remained stable, amounting to 619k at the end of Q3 2022. The Net Retention Rate (“NRR”) of 103% for Q3 2022 (on a last twelve months “LTM” basis) compared to 96% for Q3 2021 LTM underlines a high and growing customer satisfaction.

SMB and Enterprise Development

Customer Billings Split

EUR m Q3 22 Q3 21 Δ yoy Δ yoy cc 9M 22 9M 21 Δ yoy Δ yoy cc
SMB 117.9 107.6 +10% +2% 355.5 330.3 +8% +3%
Enterprise 26.7 18.1 +47% +37% 88.7 63.6 +39% +33%
Billings (non-IFRS) 144.6 125.8 +15% +7% 444.2 393.9 +13% +8%


TeamViewer’s SMB business saw a billings improvement of 10% yoy (2% cc) in Q3, supported by the continued monetization campaign, upselling and cross selling, and USD exchange rate tailwinds. Despite a subscriber churn rate of 14% (adjusted for discontinued business operations in Russia & Belarus), the SMB subscriber base remained stable, while gaining in quality, amounting to 616k at the end of Q3 2022. This base continued to profit from the trend towards customers with higher contract values. Especially the SMB business’s highest-tier bucket (EUR 1.5k – EUR 10k Annual Contract Value (“ACV”)) saw significant growth (22% yoy) in Q3 2022 LTM.

The Enterprise business growth accelerated to 47% (37% cc) yoy in Q3 2022. This was mainly driven by the EMEA region, and an improved pipeline conversion with customers committing to increased license volumes despite the uncertain macroeconomic environment. The dedicated upselling campaign where existing SMB clients are migrated to TeamViewer’s Tensor license for enterprise connectivity, thus moving into the EUR 10k+ ACV-bucket, saw increased traction. The Enterprise subscriber base increased by 877 yoy to 3,296 at the end of Q3 2022. The Enterprise NRR increased by 4pp yoy to 113% for Q3 2022 LTM.

Regional Developments

Regional Billings Split

EUR m Q3 22 Q3 21 Δ yoy Δ yoy cc 9M 22 9M 21 Δ yoy Δ yoy cc
EMEA 68.0 60.0 +13% +13% 230.9 210.6 +10% +9%
AMERICAS 58.5 49.6 +18% +1% 159.2 133.5 +19% +6%
APAC 18.1 16.1 +12% +7% 54.1 49.8 +9% +5%
Total Billings 144.6 125.8 +15% +7% 444.2 393.9 +13% +8%


From a regional perspective, EMEA delivered the strongest performance in Q3 yoy, with a billings growth of 13%, both reported and cc. Here, the business particularly benefited from a highly relevant product portfolio and a well-developed and loyal customer base, which is key in the current macro environment.

In the AMERICAS, billings growth of 18% was mainly driven by USD exchange rate tailwinds. On a currency adjusted basis, billings were slightly up at 1%. This can be explained by temporarily longer procurement cycles in the current recessionary environment. However, TeamViewer remains confident in the resilience of its product portfolio and customers’ IT spendings for automation and digitalization in the AMERICAS going forward.

In APAC, TeamViewer saw signs of a turnaround under the new leadership of Sojung Lee. With the new structures settling in, the regional teams delivered a yoy billings plus of 12% (7% cc). The lifting of COVID restrictions generally allowed for more events translating into a strong enterprise momentum.

Earnings Development

While billings grew by 15% in Q3 yoy, recurring cost remained almost stable, which resulted in a significant Adjusted EBITDA margin improvement by 8pp, from 34% in Q3 2021 to 42% in Q3 2022.

Recurring cost (adjusted for non-recurring items and D&A)

EUR m Q3 22 Q3 21 ∆ yoy 9M 22 9M 21 ∆ yoy
Cost of Sales (10.3) (8.1) +28% (29.3) (28.2) +4%
Sales (18.7) (17.6) +7% (56.3) (51.9) +9%
Marketing (30.7) (34.5) -11% (88.7) (61.5) +44%
R&D (12.3) (10.8) +14% (38.7) (31.1) +24%
G&A (9.4) (8.4) +12% (21.9) (22.6) -3%
Other1 (3.1) (4.2) -26% (7.9) (9.2) -14%
Total COGS and OpEx (84.5) (83.5) +1% (242.8) (204.6) +19%

¹ Incl. other income/expenses and bad debt expenses of € 3.7m in Q3 22 and € 4.4m in Q3 21 / € 9.2m in 9M 22 and € 12.3m in 9M 21.


In a Q3 yoy comparison, cost of sales grew in line with billings on a like-for-like basis (Q3 2021: reclassification of debt collection costs to G&A). The Q3 increase of sales expenses was mainly currency related, while sales bonus capitalization had a positive effect. Q3 was the first quarter with a like-for-like consideration of the sponsorships in the marketing expenses. These decreased in Q3 mainly due to a lower advertising spend. The R&D and G&A expense increase was largely driven by reduced bonuses in Q3 2021. The strong yoy decrease of “other” operating expenses in Q3 was mainly driven by lower bad debt expenses due to a higher share of the Enterprise business with better payment behavior.

The described cost development led to a strong increase of the Adjusted EBITDA by 42% yoy to EUR 60.1m in Q3 2022.

Deducting the Q3 non-recurring items (IFRS 2 charges and others) of EUR 12.9m (stable yoy) and changes in deferred revenue of EUR 1.2m leads to an (unadjusted) EBITDA of EUR 46.0m, up 47% yoy. The non-recurring items in Q3 2022 include an expense of EUR 8.7m made following a jury verdict in a US patent litigation case. TeamViewer will pursue all available options for appeal after the final judgement will be issued by the court. This was mainly offset by decreasing IFRS 2 charges relating to vested shares.

With only slightly increasing D&A, the Q3 EBIT increased yoy by 77% to EUR 32.4m.

Net profit increased by 347% yoy to EUR 16.5m in Q3 2022 mainly due to the strong operating performance and an improved financial result. On a nine-month basis, net profit increased by 98% yoy to EUR 42.9m.

The lower outstanding share count after completion of the share buyback has an additional accretive effect for TeamViewer’s shareholders on basic earnings per share (EPS). On a nine-month basis, this increased by 112%, from EUR 0.11 to EUR 0.23.

Financial position

As most of TeamViewer’s investments in innovation and partnerships so far are directly expensed in the operating expenses, capital expenditures were relatively low at EUR 3.2m in Q3 2022, which was 15% below the Q3 2021 level at EUR 3.7m.

With the increased profitability, the levered Free Cash Flow also increased significantly, by 49% to EUR 48.5m in Q3 2022.

This led to a high Cash Conversion of 81% in relation to the Adjusted EBITDA and 105% in relation to the EBITDA.

Cash and cash equivalents were at EUR 89.0m at the end of Q3 2022. The reduction by EUR 461.6m compared to end of 2021 was mainly due to the EUR 300m share buyback and debt repayments of EUR 286.1m effected in Q3 2022, offset by net cash inflows.

The share buyback program started on February 3, 2022 and was successfully completed on September 26, 2022. Under the program, a total of 24,093,675 shares were acquired. At the end of Q3 2022, the number of outstanding shares, excluding 9,538,600 shares held as treasury shares, amounted to 176,977,256. The average number of shares to calculate the basic EPS in 9M 2022 (see above) amounted to 187,465,171 (9M 2021: 200,053,612).

The debt repayments of net EUR 286.1m in Q3 2022 led to a remaining debt volume of EUR 600m at the end of Q3 2022, of which EUR 300m promissory notes and EUR 300m bank loans. The share of variable interest-bearing debt was hereby reduced. In addition, TeamViewer has undrawn credit facilities in an amount of EUR 350m.

The net leverage ratio (net financial liabilities of EUR 546.0m at the end of Q3 2022 in relation to the Adjusted LTM EBITDA of EUR 269.1m) was at 2.0x at the end of Q3 2022 (December 31, 2021: 1.3x).


Despite macro-economic headwinds and the pulling out of Russia and Belarus, TeamViewer continues to expect billings at or around EUR 630m for the full year 2022. On the back of this, revenues are still expected within a range of EUR 565-580m. The outlook for the adjusted 2022 EBITDA margin is also reiterated within the range of 45%-47%.

Additional information

This Quarterly Statement and all information therein are unaudited.


Oliver Steil (CEO) and Michael Wilkens (CFO) will speak at an analyst and investor conference call at 9:00 CET on 2 November 2022 to discuss the results. The audio webcast can be followed via A replay will be available on the Investor Relations website under The accompanying presentation can also be 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 around 620,000 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 around 1,400 people globally. In 2021, TeamViewer achieved billings of around EUR 548 million. TeamViewer AG (TMV) is listed at Frankfurt Stock Exchange and is a member of the MDAX. Further information can be found at


Press TeamViewer
Martina Dier
Director, Communications
Phone: +49 (0)7161 97200 10
E-Mail: [email protected]
Investor Relations TeamViewer
Ursula Querette
Vice President Capital Markets
Phone: +49 (0)7161 60692 3512
E-Mail: [email protected]


Financial Calendar

Morgan Stanley European TMT Conference, Barcelona 16-17 November 2022
Kepler Cheuvreux German Corporate Conference, Frankfurt 18 January 2023
Preliminary Q4 2022 Results 7 February 2023


Important Notice

Forward looking statements

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 TeamViewer’s 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. TeamViewer undertakes no obligation, and does not expect to publicly update, or publicly revise, any forward-looking statement, whether as a result of new information, future events or otherwise.

Alternative performance measures

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 value (net) of goods and services invoiced to customers within a specific period and which constitute a contract as defined by IFRS 15.

“Adjusted EBITDA” is defined as operating income (EBIT) as per IFRS plus depreciation and amortization of tangible and intangible fixed assets (EBITDA), adjusted for change in deferred revenue recognized in profit or loss during the period under consideration and for certain transactions that have been defined by the Management Board in agreement with the Supervisory Board (income and expenses). Business events to be adjusted relate to share-based compensation models and other material special items of the business which are presented separately to show the underlying operating performance of the business.

“Adjusted EBITDA margin” means Adjusted EBITDA as a percentage of billings.

Operational metrics and other financial measures

This document also includes further certain operational metrics and additional financial measures for information purposes. They 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 as follows:

“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.

„Net leverage ratio“ means the ratio of net financial liabilities (sum of interest-bearing loans and borrowings, current and non-current, less cash and cash equivalents) to Adjusted EBITDA (LTM).

“Net retention rate” or “NRR” is calculated as recurring billings (subscription renewals, up-selling and cross-selling activities) over the last twelve months (LTM) attributable to retained subscribers (subscribers who were subscribers in the previous twelve-month period) divided by the total recurring billings from the previous twelve-month period. “Retained Billings” means recurring billings (renewals, up- and cross sell) attributable to retained subscribers who were subscribers in the previous twelve-month period.

“New Billings” means recurring billings attributable to new subscribers.

“Non-recurring Billings” means all billings that do not recur such as professional services and hardware reselling.

Consolidated Profit & Loss Statement (unaudited)

€ thousand Q3 2022 Q3 2021 9M 2022 9M 2021
Revenue 143,390 127,684 415,368 368,845
 Cost of sales (24,744) (16,702) (60,402) (53,656)
Gross profit 118,646 110,982 354,966 315,189
 Research and development (15,152) (14,873) (50,196) (44,870)
 Marketing (32,070) (36,287) (95,307) (67,589)
 Sales (23,493) (24,570) (71,750) (75,372)
 General and administrative (12,480) (11,932) (38,678) (38,478)
 Bad debt expenses (3,676) (4,354) (9,241) (12,306)
 Other income 763 127 4,992 2,187
 Other expenses (169) (764) (547) (2,627)
Operating Profit 32,368 18,328 94,238 76,135
 Finance income 2,464 (134) 2,939 399
 Finance costs (5,285) (4,117) (21,914) (13,972)
 Foreign exchange income 8,980 5,109 35,664 12,366
 Foreign exchange costs (9,502) (8,160) (39,889) (24,367)
Profit before tax 29,025 11,026 71,038 50,562
 Income taxes (12,544) (7,340) (28,168) (28,952)
Profit after tax 16,481 3,685 42,871 21,610
Basic number of shares issued and outstanding 180,137,497 200,159,088 187,465,171 200,053,612
Earnings per share (in € per share) 0.09 0.02 0.23 0.11
Diluted number of shares issued and outstanding 180,228,580 200,476,623 187,733,759 200,588,744
Diluted earnings per share (in € per share) 0.09 0.02 0.23 0.11


Consolidated Balance Sheet (unaudited)

€ thousand 30 September 2022 31 December 2021
Non-current assets    
Goodwill 668,530 667,224
Intangible assets 221,930 248,159
Property, plant and equipment 53,714 45,484
Financial assets 8,333 4,848
Other assets 11,013 3,824
Deferred tax assets 1,153 496
Total non-current assets 964,672 970,035
Current assets    
Trade receivables 12,615 11,560
Other assets 33,111 13,029
Tax assets 11,102 1,513
Financial assets 0 0
Cash and cash equivalents 88,973 550,533
Total current assets 145,801 576,635
Total assets 1,110,474 1,546,670



Consolidated Balance Sheet (continued) (unaudited)

€ thousand 30 September 2022 31 December 2021
Issued capital 186,516 201,071
Capital reserve 229,082 394,487
(Accumulated losses)/retained earnings (233,932) (276,803)
Hedge reserve 2,014 12
Foreign currency translation reserve 5,792 1,320
Treasury share reserve (100,263) 0
 Total equity attributable to shareholders of TeamViewer AG 89,209 320,087
Non-current liabilities    
Provisions 521 366
Financial liabilities 520,900 842,495
Deferred revenue 13,340 6,095
Deferred and other liabilities 1,573 2,032
Other financial liabilities 5,744 8,769
Deferred tax liabilities 32,733 29,764
Total non-current liabilities 574,811 889,522
Current liabilities    
Provisions 10,313 1,893
Financial liabilities 114,050 34,973
Trade payables 9,533 7,272
Deferred revenue 266,925 244,480
Deferred and other liabilities 41,312 41,784
Other financial liabilities 2,771 5,911
Tax liabilities 1,549 749
Total current liabilities 446,453 337,061
 Total liabilities 1,021,264 1,226,583
Total equity and liabilities 1,110,474 1,546,670

Consolidated Cash Flow Statement (unaudited)

€ thousand Q3 2022 Q3 2021 9M 2022 9M 2021
Profit before tax 29,025 11,026 71,038 50,562
Depreciation, amortization and impairment of non-current assets 13,610 13,040 40,103 37,661
Increase/(decrease) in provisions 8,196 6 8,575 (134)
Non-operational foreign exchange (gains)/losses (2,420) 2,901 4,363 13,739
Expenses for equity settled share-based compensation 5,296 12,235 19,865 40,464
Net financial costs 2,821 4,252 18,975 13,573
Change in deferred revenue 2,482 (2,518) 29,690 20,203
Changes in other net working capital and other 11,553 10,939 (34,271) (18,632)
Income taxes paid (12,588) (10,333) (34,569) (39,879)
Cash flows from operating activities 57,975 41,546 123,770 117,558
Payments for tangible and intangible assets (3,159) (3,718) (6,832) (12,098)
Payments for financial assets 0 0 0 0
Payments for acquisitions 0 0 (1,977) (23,383)
Cash flows from investing activities (3,159) (3,718) (8,809) (35,481)
Repayments of borrowings (470,376) 0 (470,376) (52,730)
Proceeds from borrowings 184,323 0 184,323 400,000
Payments for the capital element of lease liabilities (2,200) (1,027) (6,260) (4,647)
Interest paid for borrowings and lease liabilities (4,152) (4,310) (12,128) (11,054)
Purchase of treasury shares (68,930) 0 (300,088) 0
Cash flows from financing activities (361,335) (5,337) (604,528) 331,569
Net change in cash and cash equivalents (306,518) 32,491 (489,567) 413,647
Net foreign exchange rate difference 10,985 4,240 27,702 6,021
Net change from cash risk provisioning 1,110 187 305 (707)
Cash and cash equivalents at beginning of period 383,396 465,572 550,533 83,531
Cash and cash equivalents at end of period 88,973 502,491 88,973 502,491

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