Building on a very strong development in 2020 TeamViewer expects to keep its growth momentum in 2021 supported by global megatrends around digitalization, connectivity and sustainability.

The company expects constant currency billings growth of 29% to 33% in 2021 including the contributions from recent acquisitions. Due to exchange rate headwinds, primarily related to the weaker US Dollar, reported billings are expected in a range between EUR 585m and EUR 605m (2020: 460.3m) with quarterly growth rates between 20% and 40% (yoy). This assumes a US Dollar exchange rate of 1.20 per EUR and broadly stable other currencies. Full year revenue is expected to be in a range between EUR 525m and EUR 540m (2020: EUR 455.6m). Revenue growth is expected to be below billings growth as the recognition of deferred revenue from former perpetual license sales has been phasing out. From 2022, revenue growth is projected to be in line with billings growth. In terms of operating profitability, the company expects an adjusted EBITDA margin of 55% to 57%.

Mid-Term Objective

Based on TeamViewer's successful development, the company is strategically best positioned to further grow across all customer segments. For example, by developing further industry-specific solutions and addressing additional buyer groups in various line functions of the enterprise. Thus, TeamViewer solutions can support the digital transformation along the entire value chain, which significantly increases TeamViewer's total addressable market. With its existing and comprehensive growth initiatives, as well as through additional products and selected smaller acquisitions, TeamViewer expects billings to increase to EUR 1bn by 2023.

Conference Call and Webcast Details

Oliver Steil (CEO) and Stefan Gaiser (CFO) will speak at an analyst and investor conference call at 9:00 CET on 9 February 2021 to discuss the results. The audio webcast can be followed via www.webcast-eqs.com/teamviewer20210209. A replay will be available on the Investor Relations website under ir.teamviewer.com. The accompanying presentation can be 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 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 2020, TeamViewer achieved billings of EUR 460m. TeamViewer AG (TMV) is listed at Frankfurt Stock Exchange and belongs to the MDAX. Further information can be found at www.teamviewer.com. Contact


Press Contact TeamViewer     Investor Relations Contact TeamViewer 
Martina Dier                 Carsten Keller 
Director, Communications     Head of Investor Relations and Capital Markets 
Phone: +49 (0)7161 97200 10  Phone: +49 (0)151 1941 7780 
E-Mail: press@teamviewer.com E-Mail: ir@teamviewer.com Goppingen, 9 February 2021 Financial Calendar 
Annual Report 2020                       25 March 2021 
Q1 2021 Results                          4 May 2021 
Annual General Meeting                   15 June 2021 
Q2 2021 Results / Half-Year Report 2021  3 August 2021 
Q3 2021 Results                          9 November 2021 

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" 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 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. Consolidated Profit & Loss Statement


in thousands of Euro                                                      Q4 2020  Q4 2019  FY 2020  FY 2019 
Revenue                                                                   120,971  106,934  455,614  390,191 
Cost of sales                                                            (17,465) (13,810) (64,102) (50,228) 
Gross profit                                                              103,506   93,124  391,512  339,963 
Other income                                                                3,231  (8,132)    5,256    7,723 
Research and development                                                 (15,439) (11,136) (46,627) (37,934) 
Sales                                                                    (25,096) (18,048) (77,707) (52,731) 
Marketing                                                                (11,241) (12,227) (38,459) (29,571) 
General and administrative                                               (12,604)    5,377 (54,939) (58,445) 
Other expenses                                                              (185)       10    (415)    (468) 
Bad debt expenses                                                         (3,825)  (4,239) (14,576) (15,489) 
Operating profit                                                           38,346   44,728  164,045  153,048 
Unrealised foreign exchange gains/ 
(losses)                                                                   12,665    9,117   27,861    7,770 
Realised foreign exchange gains/ 

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