Slide 1: Q2/H1 2023 Results
Q2/H1 2023 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) • 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. • Retained Billings means recurring Billings (renewals, up- & cross sell) attributable to retained subs
Slide 4: Business Overview
Business Overview Oliver Steil (CEO)
Slide 5: Our investments into people, product capability and marketing are paying off
Our investments into people, product capability and marketing are paying off Q2 2023 Highlights Double-digit topline growth SMB business remains strong Good ENT execution and (Revenue +12%; Billings driver of success; improved closure of larger deals despite +13% cc) and high profitability core offe
Slide 6: SMB business remains strong driver of success
SMB business remains strong driver of success SMB Quarterly Billings and Growth Rates SMB ASP (€m; %) Growth (yoy cc) (yoy; Q2 LTM) 147.3 20% 142.8 18% +12% 16% 121.9 117.9 14% 14% 109.3 14% 12% 11% 10% SMB ASP expansion 8% to 840 EUR 6% 2% 4% 5% 2% 70 0% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Team
Slide 7: Good Enterprise growth in difficult market
Good Enterprise growth in difficult market ENT Quarterly Billings and Growth Rates ENT Customer Development (€m; %) Growth (yoy cc) (yoy; Q2 eop) 43.3 34.0 +29% 28.7 26.9 26.7 43% 37% Enterprise customer growth to 3,956 customers 15% 9% -4% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 TeamViewer | Q2 202
Slide 8: Continued upselling from strong SMB base
Continued upselling from strong SMB base (LTM Billings view) SMB Billings by ACV Bucket Enterprise Billings by ACV Bucket (€m; LTM) (€m; LTM) +13% € 1,500 - 10,000 +21% >€ 200,000 € 500 - <1,500 >€ 100,000 529.9 132.6 € <500 >€ 50,000 469.5 20.8 € 10,000 - 50,000 109.5 +1% 248.0 15.4 20.7 193.0 +28%
Slide 9: Relevant deals across regions
Relevant deals across regions TENSOR FRONTLINE One of the “Big 4” banks in Australia & New Zealand • Opted for Tensor as the single, scalable remote support solution across all • Largest Mexican wholesaler for departments & subsidiaries pharmacies, hospitals & labs with 14 warehouses across the coun
Slide 10: Leading AMS back to strong growth remains top priority
Leading AMS back to strong growth remains top priority Q2 2023: TOTAL REVENUE BY REGION EMEA Rev: €81.5m (+10%) | Billings: €78.6m (+14% | 14% cc) EMEA AMERICAS Business well on track, driven by up-/cross-selling, 53% (-1pp) 36% (+2pp) price changes, monetization, MYD & new customers; region with st
Slide 11: Financial Overview
Financial Overview Michael Wilkens (CFO)
Slide 12: Well on track to meet 2023 guidance
Well on track to meet 2023 guidance Topline KPIs Q2 2023 Profitability / cash Q2 2023 (yoy) (yoy) €154.2m1 Adjusted (Revenue) €63.8m Revenue +12% EBITDA +7% €150.6m1 Adjusted (Revenue) 41% Billings +11%/+13%cc EBITDA Margin -2pp €626.2m Free Cash Flow €47m ARR (LTM) +13% (FCFE) +68% 109% €0.22 NRR (
Slide 13: Double-digit topline growth and high profitability
Double-digit topline growth and high profitability Quarterly Revenue and Growth Rates Adjusted (Revenue) EBITDA and Margin (€m; %) 180 (€m; %) 90% 154.21 20% 160 80% 150.5 151.3 143.4 140 70% 18% 137.5 120 60% 14% 16% 100 43% 42% 41% 50% 41% 38% 12% 13% 12% 12% 80 40% 14% 60 30% 40 20% 12% 59.4 58.9
Slide 14: Strong SMB momentum continued
Strong SMB momentum continued … Quarterly SMB Revenue and Growth Rates1 SMB ASP SMB Subscribers2 20% (€m; %) (€; LTM) (k; eop) 18% 840 629 124.7 16% 822 627 122.5 122.4 118.5 14% 804 622 114.0 12% 10% 773 616 616 10% 8% 753 9% 9% 8% 6% 6% 4% 2% 80 0% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q2 2022 Q
Slide 15: … and good execution in Enterprise
… and good execution in Enterprise Quarterly ENT Revenue and Growth Rates1 ENT ASP ENT Customers (€m; %) (€k, LTM) (eop) 3,956 29.4 3,777 28.9 3,666 28.0 36 36 36 23.5 24.9 35 34 3,296 3,062 50% 38% 33% 30% 25% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q2 2022 Q4 2022 Q2 2023 Q2 2022 Q4 2022 Q2 2023 E
Slide 16: Continued cost discipline
Continued cost discipline … Total COGS and Opex increased by 16% or €12.3m yoy in Q2 2023; around half of yoy increase €m (all adjusted non-IFRS figures) Q2 2023 Q2 2022 ∆% H1 2023 H1 2022 ∆% personnel-related Billings 150.6 136.1 +11% 327.3 299.6 +9% Further key cost drivers in Q2 include: Change i
Slide 17: … leading to strong profitability
… leading to strong profitability … Q2 2023 key profitability drivers: €m Q2 2023 Q2 2022 ∆% H1 2023 H1 2022 ∆% • Lower non-recurring cost mainly due to reduced IFRS 2 charges (M&A- Adjusted (Revenue) EBITDA 63.8 59.4 +7% 127.9 113.7 +12% related SBC vesting) Adjustments for non-recurring1 items (10
Slide 18: … driving high Cash Conversion
… driving high Cash Conversion Q2 2023 key cash flow drivers: €m Q2 2023 Q2 2022 ∆% H1 2023 H1 2022 ∆% • Increased net cash from operations reflecting growing operations and Pre-tax net cash from operating activities (IFRS) 62.5 48.2 +30% 129.3 87.8 +47% positive working capital effects Capital expe
Slide 19: Attractive financial profile
Attractive financial profile (€m) Share buyback Cash/Cash Op. Cash Equivalents Flow1 CapEx incl. M&A Paid Interest Net debt repayment Share Buyback Other2 Cash/Cash Financial Net Fin. Equivalents Liabilities3 Liabilities • Tranche I of the € 150m SBB 2023 successfully completed; 5,078,064 shares / €
Slide 20: Confirming 2023 guidance
Confirming 2023 guidance EUR 305.5m Revenue (IFRS) • Revenue growth in line with guidance – +12% yoy H1 despite challenging macro-environment, 2023A soft ENT and AMS ✓ 42% • EBITDA margin also in line with guidance Adjusted (Revenue) EBITDA Margin +0pp Revenue (IFRS) EUR 620m to 645m1 • Performance
Slide 21: Q&A
Q&A
Slide 22: Appendix
Appendix
Slide 23: Overview sales KPIs
Overview sales KPIs Q2‘23 Q1‘23 Q4‘22 Q3’22 Q2’22 Q1’22 Q4’21 Q3’21 Q2’21 SMB Billings p.q. in €m 121.9 142.8 147.3 117.9 109.3 128.3 124.4 107.6 99.3 Billings LTM in €m 529.9 517.3 502.8 479.8 469.5 459.6 454.6 444.2 435.3 Number of subscribers1 629,302 627,436 622,410 615,650 615,531 607,834 614,2
Slide 24: Q2 2023: Reconciliation management metrics to IFRS
Q2 2023: 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 150.6 3.6 154.2 154.2 Cost of sales (10.7) (10.7) (8.5) (0.2) (19.3) Gross profi
Slide 25: H1 2023: Reconciliation management metrics to IFRS
H1 2023: 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 327.3 (21.9) 305.5 305.5 Cost of sales (21.4) (21.4) (16.9) (0.5) (38.8) Gross p
Slide 26: Non-IFRS adjustments in EBITDA
Non-IFRS adjustments in EBITDA €m Q2 2023 Q2 2022 H1 2023 H1 2022 Total IFRS 2 charges (7.4) (10.1) (16.6) (15.5) • IFRS2 charges lower in Q2 yoy due to: TeamViewer LTIP (0.1) (0.7) (0.7) (0.8) o Decreasing leadership SBC (e.g. due to M&A-related vesting, allocation re- RSU (3.8) (1.2) (7.6) (1.2) a
Slide 27: Refined Revenue split for ENT / SMB
Refined Revenue split for ENT / SMB Total – no change to total Group revenue Refined methodology avoids €m Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 distortion in revenue split from MYD Total Revenue (IFRS) 154.2 151.3 150.5 143.4 137.5 134.5 growth yoy in % 12% 13% 14% 12% 12% 14% ENT When ca
Slide 28: Future profit and loss transfer agreement results in significantly lower tax rates
Future profit and loss transfer agreement results in significantly lower tax rates starting Q2 2023 • Considering a future profit and loss transfer agreement (2025ff PLTA), tax assets related to TeamViewer SE tax and interest losses are recognized starting Q2 2023 • The tax asset recognition leads t
Slide 29: Share count development since IPO
Share count development since IPO Ubimax Share Buyback Share Buyback 2023 Share Buyback 2023 Acquisition 2022 Tranche I Tranche II Capital increase by (24,093,675 shares) (5,078,064 shares) (174,074 shares) contribution in kind 210,000,000 (1,070,931 shares) Share Redemption (14,555,075 shares, 13 J
Slide 30: Financial Statements
Financial Statements
Slide 31: Profit & Loss Statement
Profit & Loss Statement € thousand Q2 2023 Q2 2022 ∆% H1 2023 H1 2022 ∆% Revenue 154,152 137,484 12% 305,462 271,978 12% Cost of sales (19,343) (17,459) 11% (38,829) (35,658) 9% Gross profit 134,809 120,025 12% 266,632 236,320 13% Research and development (19,905) (18,251) 9% (38,805) (35,044) 11% M
Slide 32: Balance Sheet – Assets
Balance Sheet – Assets € thousand 30 June 2023 31 December 2022 Non-current assets Goodwill 667,856 667,929 Intangible assets 194,554 212,864 Property, plant and equipment 46,287 50,265 Financial assets 18,842 18,537 Other assets 16,461 11,922 Deferred tax assets 14,705 2,126 Total non-current asset
Slide 33: Balance Sheet – Liabilities
Balance Sheet – Liabilities € thousand 30 June 2023 31 December 2022 Equity Issued capital 180,000 186,516 Capital reserve 181,677 236,849 Accumulated losses (152,007) (209,203) Hedge reserve 79 (1,620) Foreign currency translation reserve 2,410 3,003 Treasury share reserve (109,378) (100,263) Total
Slide 34: Cash Flow Statement
Cash Flow Statement € thousand Q2 2023 Q2 2022 ∆% H1 2023 H1 2022 ∆% Profit before tax 34,996 19,597 79% 70,725 42,013 68% Depreciation, amortisation and impairment of non-current assets 14,045 13,362 5% 27,744 26,493 5% Increase/(decrease) in provisions 61 266 -77% 23 379 -94% Non-operational forei
Slide 35: Cash Flow Statement (cont'd)
Cash Flow Statement (cont’d) € thousand Q2 2023 Q2 2022 ∆% H1 2023 H1 2022 ∆% Repayments of borrowings 0 0 n/a (100,000) 0 n/a Payments for the capital element of lease liabilities (1,524) (2,631) -42% (2,892) (4,060) -29% Interest paid for borrowings and lease liabilities (1,924) (3,436) -44% (7,06
Slide 36: Financial Calendar | Planned Conference Attendance
Financial Calendar | Planned Conference Attendance Q2 2023 Virtual Roadshow GS 1/2 August 2023 2023 Technology Conference, Dana Point / USA 30/31 August 2023 DB Access, London 5/6 September 2023 GS/BB German Corporate Conference, Munich 18/19 September 2023 Q3 2023 Results 31 October 2023 MS TMT Con