EQS-News: TeamViewer AG
/ Key word(s): Preliminary Results
TeamViewer delivers on full year guidance with strong 24% billings growth in Q4 2022
Goppingen, January 11, 2023 – TeamViewer AG closed the year 2022 delivering strong billings growth of 24% (20% cc) to EUR 191m in Q4 2022 according to preliminary numbers. Q4 growth translates into expected full year billings of EUR 635m in line with TeamViewer’s guidance of billings at or around EUR 630m for 2022. This corresponds to a growth rate of 16% (11% cc) year-on-year.
Full year revenue for 2022 is expected to be at EUR 566m, resulting in 13% year-on-year growth – in line with the company’s guidance of EUR 565-580m.
The full year 2022 adjusted EBITDA margin is expected to be at the upper end of the guidance range of 45-47%, despite the full effect of sport sponsorships and increasing inflationary cost pressure.
Michael Wilkens, CFO of TeamViewer, said: "We are very pleased that we were able to significantly increase our billings and deliver margins at the upper end of guidance. While we are proud of this impressive team effort, we are aware that the macroeconomic uncertainties will persist. At the same time, we are convinced of the continued high demand for TeamViewer’s high-quality offering, which we will continue to strengthen through additional R&D investments.”
TeamViewer will publish its preliminary (unaudited) Q4 and FY 2022 results on February 7, 2023. At that time, management will also give guidance on the expected FY 2023 performance and the company’s capital allocation.
On March 14, 2023, TeamViewer will publish its 2022 annual report including the non-financial report.
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 2022, TeamViewer achieved billings of around EUR 635 million. TeamViewer AG (TMV) is listed at Frankfurt Stock Exchange and belongs to the MDAX. Further information can be found at https://www.teamviewer.com/.
All numbers in this release are preliminary. 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. The Company 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.
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