Slide 1: Q1 2024 Results
Q1 2024 Results Analyst / Investor Presentation
Slide 2: Important Notice / APMs
Important Notice / APMs This presentation as well as any information communicated in connection therewith (the “Presentation”) contains information regarding TeamViewer SE (the “Company”) and its subsidiaries (the Company, together with its subsidiaries, “TeamViewer”). It is provided for information
Slide 3: Important Notice / APMs (continued)
Important Notice / APMs (continued) • Non-recurring Billings means Billings that do not recur, such as professional services and hardware reselling. • Net Retention Rate (NRR) means the Retained Billings of the last twelve months (LTM), divided by the total recurring Billings (Retained Billings + Ne
Slide 4: Business Overview
Business Overview Oliver Steil (CEO)
Slide 5: Q1 2024 results mark a good start to the year
Q1 2024 results mark a good start to the year Highlights Continued Revenue growth Adjusted EBITDA Margin of 40% Strong growth in Billings from (+9% cc) yoy and ENT Revenue after additional strategic new customers (+25% yoy); all- growth of 19% cc yoy investments in marketing, sales time high subscri
Slide 6: Continued strong growth in highest value buckets
Continued strong growth in highest value buckets SMB Billings by ACV Bucket (LTM) Enterprise Billings by ACV Bucket (LTM) (€m; LTM) (€m; LTM) € 1,500 - 10,000 >€ 200,000 € 500 - <1,500 >€ 100,000 535.0 517.3 € <500 140.7 >€ 50,000 130.8 € 10,000 - 50,000 +38% 28.2 257.0 20.4 237.5 +8% 16.0 +6% 17.0
Slide 7: Revenue growth across all regions and customer categories
Revenue growth across all regions and customer categories Regional Development Customer Categories (% yoy) (% yoy) AMERICAS Revenue: €55.1m (+2% | 6% cc) EMEA ENT SMB €161.7m €161.7m (+7% | 9% cc) (+7% | 9% cc) Revenue: Revenue: Revenue: €88.6m (+11% | 11% cc) €33.7m (+17% | 19% cc) €128.0m (+5% | 7
Slide 8: Very attractive new logo wins and use cases
Very attractive new logo wins and use cases FRONTLINE TENSOR • Provider of health and age care services across Australia • Real-time remote monitoring of EEG patient data as a service, based on • Remote AR-based assistance expanded TeamViewer the ability to address clinical issues and break through
Slide 9: Financial Overview
Financial Overview Michael Wilkens (CFO)
Slide 10: Q1 2024 results mark a good start to the year
Q1 2024 results mark a good start to the year Topline KPIs Q1 2024 Profitability / Cash Q1 2024 (% and pp yoy) (% and pp yoy) €161.7m1 €65.2m Revenue Adjusted EBITDA +7%/+9% cc +2% €174.5m Adjusted EBITDA 40% Billings -1%/-1% cc Margin -2pp €656.9m Free Cash Flow €40.5m ARR (LTM) +7% (FCFE) -21% 103
Slide 11: Growth in both Revenue and Adjusted EBITDA, Margin at 40%
Growth in both Revenue and Adjusted EBITDA, Margin at 40% Quarterly Revenue and Growth Rates Adjusted EBITDA and Margin (€m; %) 180(€m; %) 90% 163.1 161.71 40% 160 80% 158.1 154.2 140 70% 151.3 30% 120 60% 42% 44% 13% 20% 100 41% 38% 40% 50% 12% 10% 8% 7% (9% cc) 80 40% 10% 60 30% 40 20% 0% 64.1 63.
Slide 12: All-time high SMB subscriber base at 636k
All-time high SMB subscriber base at 636k Quarterly SMB Revenue and Growth Rates SMB ASP1 SMB Subscribers2 (€m; %) (€; LTM) (k; eop) 127.6 129.9 128.0 100% 124.7 857 852 636 122.4 841 627 629 627 840 622 822 9% 9% 8% 6% 5% (7% cc) 10% 80 1% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q3 2023 Q1
Slide 13: ENT delivered double-digit Revenue growth with continuous increase of NRR
ENT delivered double-digit Revenue growth with continuous increase of NRR Quarterly ENT Revenue and Growth Rates ENT ASP1 ENT Customers (€m; %) (€k, LTM) (eop) 33.3 33.7 4,199 30.5 4,164 28.9 29.4 35 4,034 34 33 34 34 3,956 3,777 30% 25% 22% 19% 17% (19% cc) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q
Slide 14: Balancing investments and profitability
Balancing investments and profitability Q1 2024 Q1 2023 Revenue affected by FX €m (all adjusted non-IFRS figures) ∆% headwinds from 2023 Billings of Revenue 161.7 151.3 7% €3.5m (-2pp) Cost of Goods Sold (COGS) (12.9) (10.8) 20% Total Costs up due to strategic investments Gross profit 148.8 140.5 6%
Slide 15: Slight increase in adjusted EPS
Slight increase in adjusted EPS Net income slightly decreased €m Q1 2024 Q1 2023 ∆% due to: Adjusted EBITDA 65.2 64.1 2% • Increased non-recurring Adjustments for non-recurring1 items (12.2) (10.0) 22% items mainly driven by fair value changes in derivatives EBITDA 53.0 54.1 -2% • D&A increased in-l
Slide 16: Cash Flow in line with our expectations
Cash Flow in line with our expectations €m Q1 2024 Q1 2023 ∆% Pre-tax net cash from operating activities (IFRS) 61.5 66.8 -8% Capital expenditure (excl. M&A) (1.9) (1.1) 69% Lease payments (1.4) (1.4) -1% Pre-tax Unlevered Free Cash Flow (pre-tax UFCF) 58.2 64.4 -10% Income taxes: Q1 2023 benefitted
Slide 17: Improved maturity profile
Improved maturity profile (€m) Share Buybacks Cash/Cash Op. Cash Equivalents Flow1 Share Buyback Net debt repayment Paid Interest CapEx incl. M&A Other2 Cash/Cash Financial Net Fin. Equivalents Liabilities3 Liabilities • As part of the ongoing €150m Share Buyback program 2023/2024, shares equivalent
Slide 18: FY 2024 guidance reiterated
FY 2024 guidance reiterated • FY 2024 guidance reiterated • Topline expectations reflect continued high levels of customer demand despite a challenging macro; additional FX headwinds in EUR 660m to 685m1 reported Revenue from 2023 Billings Revenue (IFRS) (corresponds to ca. +7-11% cc yoy2) • Margin
Slide 19: Q&A
Q&A 19
Slide 20: Appendix
Appendix
Slide 21: Overview sales KPIs
Overview sales KPIs Q1‘24 Q4‘23 Q3’23 Q2‘23 Q1‘23 Q4‘22 Q3’22 Q2’22 Q1’22 SMB Billings p.q. in €m 141.8 148.6 122.8 121.9 142.8 147.3 117.9 109.3 128.3 Billings LTM in €m 535.0 536.0 534.7 529.9 517.3 502.8 479.8 469.5 459.6 Number of subscribers1 635,962 627,362 622,188 629,302 627,436 622,410 615,
Slide 22: Q1 2024: Reconciliation management metrics to IFRS
Q1 2024: Reconciliation management metrics to IFRS Accounting Management view Change in Management view Other non-IFRS view €m adjusted P&L1 deferred revenue2 Revenue adj. P&L D&A adjustments IFRS P&L Billings / Revenue 174.5 (12.8) 161.7 161.7 Cost of Goods Sold (COGS) (12.9) (12.9) (8.7) (0.5) (22
Slide 23: Non-IFRS adjustments in EBITDA
Non-IFRS adjustments in EBITDA €m Q1 2024 Q1 2023 Total IFRS 2 charges (6.5) (9.2) IFRS 2 charges increased TeamViewer LTIP (0.3) (0.5) due to: RSU/PSU1 (4.4) (3.8) • Decreasing M&A-related M&A related share-based compensation 0.0 (1.3) vesting and extended TLO Share-based compensation by TLO2 (1.7)
Slide 24: Financial Statements
Financial Statements
Slide 25: Profit & Loss Statement
Profit & Loss Statement € thousand Q1 2024 Q1 2023 ∆% Revenue 161,654 151,309 7% Cost of Goods Sold (COGS) (22,088) (19,486) 13% Gross profit 139,567 131,823 6% Research and development (19,742) (18,900) 4% Marketing (35,505) (33,084) 7% Sales (28,259) (27,889) 1% General and administrative (11,238)
Slide 26: Balance Sheet – Assets
Balance Sheet – Assets € thousand 31 March 2024 31 December 2023 Non-current assets Goodwill 667,871 667,662 Intangible assets 166,452 175,736 Property, plant and equipment 46,225 43,261 Financial assets 9,125 11,866 Investments in associates1 14,458 15,414 Other assets 21,158 19,530 Deferred tax as
Slide 27: Balance Sheet – Liabilities
Balance Sheet – Liabilities € thousand 31 March 2024 31 December 2023 Equity Issued capital 174,000 174,000 Capital reserve 109,684 105,234 Accumulated losses (72,848) (95,188) Hedge reserve 841 929 Foreign currency translation reserve 2,712 1,614 Treasury share reserve (162,553) (102,929) Total equ
Slide 28: Cash Flow Statement
Cash Flow Statement € thousand Q1 2024 Q1 2023 ∆% Profit before tax 32,927 35,729 -8% Depreciation, amortization and impairment of non-current assets 14,269 13,700 4% Increase/(decrease) in provisions 340 (38) <-300% Non-operational foreign exchange (gains)/losses 6 156 -96% Expenses for equity sett
Slide 29: Cash Flow Statement (continued)
Cash Flow Statement (continued) € thousand Q1 2024 Q1 2023 ∆% Repayments of borrowings (100,000) (100,000) 0% Proceeds from borrowings 90,000 - n/a Payments for the capital element of lease liabilities (1,361) (1,368) -1% Interest paid for borrowings and lease liabilities (5,771) (5,136) 12% Purchas
Slide 30: Financial Calendar
Financial Calendar Annual General Meeting 7 June 2024 Q2 2024 Earnings & Analyst Call 31 July 2024 Q3 2024 Earnings & Analyst Call 6 November 2024