Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Germany
  4. Xetra
  5. TeamViewer AG
  6. News
  7. Summary
    TMV   DE000A2YN900

TEAMVIEWER AG

(TMV)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

PRESS RELEASE: TeamViewer AG: Q1 2021 - TeamViewer prepares the ground for long-term growth and achieves record billings

05/04/2021 | 12:47am EDT
DGAP-News: TeamViewer AG / Key word(s): Quarterly / Interim Statement 
TeamViewer AG: Q1 2021 - TeamViewer prepares the ground for long-term growth and achieves record billings 
2021-05-04 / 06:45 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
GOPPINGEN, GERMANY, 4 MAY 2021 
Q1 2021: TeamViewer prepares the ground for long-term growth and achieves record billings 
 
  . Strong billings growth of 26% at constant currencies to EUR 146.6m on top of extraordinary Q1 2020 
  . Adjusted EBITDA up 22% year-on-year to EUR 90.0m 
  . Adjusted EBITDA margin of 61.4% 
  . Two successful tuck-in acquisitions and two landmark sports partnerships to underpin long-term sustainable growth 
  . New CMO and new President Americas to drive global brand building and accelerate expansion and growth in the 
    Americas region 
  . EUR 300m ESG-linked promissory note loan issued at very attractive terms 
  . Full-year 2021 outlook confirmed: EUR 585m - 605m billings with 49 - 51% adjusted EBITDA margin and revenue of EUR 
    525m - 540m 
 
Key Figures 
EUR m,                        Q1 2021 Q1 2020 ? yoy  ? cc^1 
unless otherwise stated 
Billings (non-IFRS)           146.6   119.7   +22%   +26% 
Adj. EBITDA (non-IFRS)        90.0    73.9    +22% 
Adj. EBITDA Margin (%)        61.4%   61.7%   -0.3pp 
Revenue (IFRS)                118.3   102.7   +15% 
Levered Free Cash Flow        25.0    35.2    -29% 
Subscribers (thousand LTM)^2  603     514     +17% 
Employees (FTE, 31 March)     1,378   928     +49% 

1) Growth at constant currency 2) Last twelve months as of 31 March

«In the first quarter, we have continued our remarkable growth path, while setting the strategic course to build a truly global tech brand. We are delivering sustainable growth combined with high profitability and will continue to do so which underpins the strength of our business model. With two landmark sport partnerships we are investing significantly in our brand as well as in the marketing of our broadened solutions portfolio across all customer segments. Together with our investments in the enterprise segment and our recent acquisitions in adjacent markets, these strategic decisions put TeamViewer in a pole position to grow stronger for longer - to the benefit of all our stakeholders.»

_______

Oliver Steil, TeamViewer CEO

«On top of an outstanding growth against an extremely strong comparative quarter last year, we were also able to significantly drive our ESG agenda in the first three months of 2021. We embedded ESG in our financing, set the target to become climate neutral by 2030 latest and have received the confirmation by leading sustainability scientists that our offering helps our customers and users to significantly reduce their carbon footprint.»

_______

Stefan Gaiser, TeamViewer CFO

Q1 2021 Business Update

In the first quarter of 2021 TeamViewer recorded billings growth at constant currencies of 26% to EUR 146.6m. This is on top of an exceptionally strong Q1 in the prior year driven by significant extra demand after the outbreak of the COVID-19 pandemic. As a result, TeamViewer grew its Q1 billings by nearly 50% on average over two consecutive years. Adjusted EBITDA increased to EUR 90.0m, up 22% year-on-year, leading to a very strong adjusted EBITDA margin of 61.4%. This underlines TeamViewer's unique financial profile of high growth combined with exceptional profitability.

Key growth drivers for TeamViewer were the strong customer retention and continued expansion of the enterprise business. TeamViewer's subscriber base grew to 603,000, including 2,058 enterprise customers with a yearly contract value above EUR 10,000. Increasingly, large organizations are using TeamViewer for operational technology (OT) use cases including IoT and Augmented Reality (AR) technology. For example, Mitsubishi Electric Europe uses TeamViewer's AR support solution in its offices across Central and Eastern Europe to enhance customer support experience and improve repair processes for their industrial control systems, drives, and robots. Switzerland-based global technology company Bühler Group has implemented TeamViewer's enterprise solution including AR for remote maintenance and commissioning of critical infrastructure for production outlets across the globe.

Through two strategic acquisitions, TeamViewer further expanded its addressable market in the first quarter and invested in long-term growth. With the acquisition of Xaleon, TeamViewer entered the customer engagement space. Only three months later, its operations and technology are fully integrated, and the new solution suite TeamViewer Engage has been introduced to the market. It enables seamless digital customer interaction from first contact to closing contracts in virtual conversations. The second acquisition of Upskill, the US pioneer for industrial AR solutions, strengthens TeamViewer's global leadership in enterprise AR solutions across all verticals and has significantly expanded the visibility and reach in the US, TeamViewer's largest market.

To turn TeamViewer into a global tech brand, the company signed strategic five-year partnerships with two of the most successful and well-known sports brands in the world: football club Manchester United and Mercedes racing teams in formula 1 and formula E. Both partners have a very large global fanbase including APAC and the Americas as major growth regions. These landmark partnerships will enable TeamViewer to present its brand and its technology across all customer segments - through prominent brand placements across various assets and channels, through activation in social media and at live events, and through high-end hospitality for relationship-building. Another focus will be the joint creation of case studies that showcase how TeamViewer's technology supports both teams on their path to digital transformation.

Moreover, TeamViewer hired new senior talent: The company appointed Lisa Agona as new global CMO and member of the management board which underscores the relevance of the marketing function for TeamViewer. In addition, senior enterprise software executive Patricia Nagle joined as new President Americas to further accelerate business development and expansion in the Americas region. Both new hires started in Q2.

Outlook

Operating in the very attractive growth markets around digitalization, connectivity, and industry 4.0 solutions, TeamViewer is best positioned to grow across all customer segments. The company has put comprehensive initiatives in place to further penetrate these markets and foster sustainable long-term growth targeting more than EUR 1bn billings in 2023 and continued high billings growth of at least 25% after 2023.

Following a strong first quarter, TeamViewer confirms its 2021 outlook and projects reported billings in a range of EUR 585m and EUR 605m and revenue to be in a range between EUR 525m and EUR 540m, assuming a US Dollar exchange rate of 1.20 per EUR and broadly stable other currencies. As announced in March 2021, the company expects an adjusted EBITDA margin of 49% to 51% for fiscal year 2021.

Financial Results

TeamViewer achieved record billings of EUR 146.6m in the first quarter 2021, up 22% year-on-year and up 26% adjusted for currency effects. Subscriber retention was a key focus in the first quarter and TeamViewer's customer support and sales teams very successfully retained a large number of subscribers that were added in the first wave of global lockdowns in 2020. The net retention rate remained strong with 100%.

The expanded enterprise customer base contributed EUR 58.7m of billings during the last twelve months ending 31 March 2021, up 90% compared to the twelve-month period ending on 31 March 2020 (EUR 31.0m). At the same time, the share of contracts with annual values of EUR 50,000 or more has increased to 41% from 32% a year earlier. TeamViewer benefits form a well-diversified go to market model covering all customers segments which has shown strong growth across the EMEA and Americas regions and solid performance in APAC.

Billings and Revenue per Region

EUR m                Q1 2021 Q1 2020 ? yoy ? cc^1 
Billings (non-IFRS)  146.6   119.7   +22%  +26% 
EMEA                 86.7    68.8    +26%  +27% 
AMERICAS             44.9    38.1    +18%  +28% 
APAC                 14.9    12.8    +17%  +17% 
Revenue (IFRS)       118.3   102.7   +15%  - 
EMEA                 63.2    56.4    +12%  - 
AMERICAS             40.1    33.2    +20%  - 
APAC                 15.0    13.1    +15%  - 1) Growth at constant currency 

Q1 2021 revenue increased by 15% year-on-year to EUR 118.3m (Q1 2020: EUR 102.7m), reflecting the discontinuation of the former perpetual license model. This effect will phase out during 2021 closing the growth differential to billings from 2022 onwards. A significant amount of Q1 billings have been booked towards the end of the quarter and will therefore be recognised as revenue later in the year contributing to TeamViewer's full year 2021 revenue in the following quarters.

(MORE TO FOLLOW) Dow Jones Newswires

May 04, 2021 00:46 ET (04:46 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
ACTIVATION GROUP HOLDINGS LIMITED 2.33% 0.88 End-of-day quote.14.29%
DJ INDUSTRIAL -1.36% 34269.16 Delayed Quote.13.63%
MANCHESTER UNITED PLC -0.62% 15.98 Delayed Quote.-3.94%
MITSUBISHI ELECTRIC CORPORATION 0.45% 1674 End-of-day quote.7.51%
TEAMVIEWER AG -5.32% 31.85 Delayed Quote.-23.25%
All news about TEAMVIEWER AG
11:54aTEAMVIEWER  : acquires 3D visualization and Mixed Reality innovator Viscopic
PU
01:02aPRESS RELEASE  : TeamViewer AG: TeamViewer acquires 3D visualization and Mixed R..
DJ
01:01aTEAMVIEWER AG : TeamViewer acquires 3D visualization and Mixed Reality innovator..
EQ
05/10TEAMVIEWER AG : Release according to Article 40, Section 1 of the WpHG [the Germ..
EQ
05/05TEAMVIEWER  : Receives a Buy rating from Deutsche Bank
MD
05/05TEAMVIEWER  : Berenberg reaffirms its Buy rating
MD
05/05TEAMVIEWER  : JP Morgan keeps its Buy rating
MD
05/04TEAMVIEWER  : RBC reiterates its Buy rating
MD
05/04TEAMVIEWER  : DZ Bank reiterates its Buy rating
MD
05/04TEAMVIEWER  : Barclays remains Neutral
MD
More news
Financials
Sales 2021 539 M 655 M 655 M
Net income 2021 88,5 M 108 M 108 M
Net Debt 2021 262 M 318 M 318 M
P/E ratio 2021 77,2x
Yield 2021 -
Capitalization 6 764 M 8 231 M 8 221 M
EV / Sales 2021 13,0x
EV / Sales 2022 9,81x
Nbr of Employees 1 378
Free-Float 72,1%
Chart TEAMVIEWER AG
Duration : Period :
TeamViewer AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TEAMVIEWER AG
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 50,55 €
Last Close Price 33,64 €
Spread / Highest target 111%
Spread / Average Target 50,3%
Spread / Lowest Target 15,9%
EPS Revisions
Managers and Directors
NameTitle
Oliver Steil Chairman-Executive Board & CEO
Stefan Markus Gaiser Chief Financial Officer
Abraham Peled Chairman-Supervisory Board
Mike Eissele Chief Technology Officer
Karl Markgraf Chief Operations Officer
Sector and Competitors
1st jan.Capitalization (M$)
TEAMVIEWER AG-23.25%8 226
MICROSOFT CORPORATION13.51%1 861 655
SEA LIMITED11.81%115 634
ZOOM VIDEO COMMUNICATIONS, INC.-14.48%84 949
DASSAULT SYSTÈMES SE11.71%59 026
ATLASSIAN CORPORATION PLC-7.71%54 213