Teamviewer Se · XETR:TMV
Teamviewer — Q1 2021 Earnings Presentation
27 slides from Teamviewer's earnings presentation, May 4, 2021
Slide 1: Q1 2021 Unaudited Results
Q1 2021 Unaudited Results Investor Presentation 4 May 2021
Slide 2: Important Notice
Important Notice This presentation as well as any information communicated in connection therewith (the "Presentation") contains information regarding TeamViewer AG (the "Company") and its subsidiaries (the Company, together with its subsidiaries, "TeamViewer"). It is being provided for informationa
Slide 3: Business Overview
Business Overview Oliver Steil
Slide 4: Q1 2021 Highlights
Q1 2021 Highlights Preparing the ground for long-term growth while delivering 26% cc1 billings growth and high profitability Beating Tough Q1 2020 Comp Strategic Achievements Additional Highlights • Acquisition integrations well on track • 17% subscriber growth2 - Leadership in AR-assisted workflows
Slide 5: Over 2,000 enterprise customers with billings up 90% yoy
Over 2,000 enterprise customers with billings up 90% yoy Quality of client base steadily improving and successful retention of larger enterprises Enterprise Customers (LTM)1 Enterprise Billings (€m, LTM)2 Enterprise Billings by ACV (LTM) +74% +90% €10-50k >€50k >€100k >€200k 58.7 13% 15% 32% 41% 9%
Slide 6: Trend towards higher ACVs in the enterprise segment
Trend towards higher ACVs in the enterprise segment driven by new businesses, high retention and strong upselling Sector Country ACV in € License Use Cases Industrials Germany >200k Tensor Group wide remote support for security systems in buildings with >14,000 managed devices Industrials France >20
Slide 7: Smart factory use cases digitalize the enterprise value chain
Smart factory use cases digitalize the enterprise value chain World-leading manufacturer for electronic devices AR-powered remote customer training and guidance for industrial automation systems incl. industrial control systems, drives, and robots Mitsubishi Electric Europe B.V. - Diverse customer b
Slide 8: ESG at the core of our solutions portfolio and strategy
ESG at the core of our solutions portfolio and strategy Our accomplishments drive us to improve even further Defined environmental and diversity goals partially achieved • Our platform connects people worldwide and free of charge Environmental goals 2019 2020 Target • Our solutions support businesse
Slide 9: Financial Overview
Financial Overview Stefan Gaiser
Slide 10: 22% yoy and 26% cc billings growth with 100% net retention rate
22% yoy and 26% cc billings growth with 100% net retention rate FX effects carrying into Q1 2021 Billings by Category (€m) & Net Retention Rate (LTM) +30% +33%cc 487.1 3.0 • NRR amended – now derived from reported gross billings 110.1 376.1 • NRR calculated as retained billings in the +22% 0.7 LTM p
Slide 11: Tough Q1 2020 comp beat with well-balanced performance across regions
Tough Q1 2020 comp beat with well-balanced performance across regions and sales channels… AMERICAS EMEA APAC Q1 2021 Billings Q1 2021 Billings Q1 2021 Billings €44.9m €86.7m €14.9m +18% | +28% cc +26% | +27% cc +17% | +17% cc Good performance across all sales channels Successful retention and capaci
Slide 12: Strong group billings growth and best-in-class adj. EBITDA margin
…resulting in strong group billings growth and best-in-class adj. EBITDA margin, while investments in future growth continued €m Q1 21 Q1 20 ∆ Billings 146.6 119.7 +22% Cost of sales (10.2) (7.8) % of billings (7.0%) (6.5%) +31% • Q1 2021 billings up 26% at constant currencies Gross profit 136.4 111
Slide 13: Continued strong Levered Free Cash Flow
Continued strong Levered Free Cash Flow Levered Free Cash Flow (€m) and Cash Conversion Q1 21 Q1 20 ∆ • Operational cash flow impacted by changes in other net Pre-Tax net cash from operating activities (IFRS) 46.6 62.8 -26% working capital including marketing prepayment Income tax paid (12.6) (8.1)
Slide 14: Strong liquidity position
Strong liquidity position Acquisitions funded with operating cash flow. New debt raised to fund future growth and repay RCF Development of cash & cash equivalents in Q1 2021 (€m) €400m debt raised and €52.7m RCF drawing repaid 14 TeamViewer Q1 2021 Unaudited Results - Investor Presentation
Slide 15: Debt diversified and maturities extended with promissory note loan
Debt diversified and maturities extended with promissory note loan Slight reduction in net leverage to 1.6x of LTM adjusted EBITDA Development of gross & net financial debt (€m) 1 Maturity profile (€m)2,3 889.1 30.1 100.0 58 522.3 299.3 27.2 431 438.7 451.7 1.7x 1.6x 193 495.1 459.7 100 22 22 22 22
Slide 16: 2021 outlook confirmed after strong Q1
2021 outlook confirmed after strong Q1 Strategic initiatives and marketing partnerships to underpin long-term growth with 50%+ margins Outlook 2021 2023 Objective Long-term Ambition Billings €585 – 605m ≥ €1,000m Grow ≥ 25% p.a. after 2023 (non-IFRS) Revenue €525 – 540m (IFRS) Adj. EBITDA Margin Mar
Slide 17: Thank you for your attention!
Thank you for your attention! 5 May Roadshow (Morgan Stanley) 19 - 20 May Commerzbank European Conference, USA 15 Jun Annual General Meeting 3 Aug Q2 2021 Results
Slide 18: Appendix
6 TeamViewer Appendix
Slide 19: Billings categories definitions: comparative view
Billings categories definitions: comparative view Previous Definitions OLD New Definitions Amended Renewal Billings: Billings from subscription renewals and up- & cross sell to all subscribers. Retained Billings: Annual recurring billings (renewals, up- & cross sell) attributable to retained subscri
Slide 20: Q1 2021 reconciliation from management key metrics to IFRS
Q1 2021 reconciliation from management key metrics to IFRS Management view Change in Other non-IFRS Accounting view €m adjusted P&L1 deferred revenue2 D&A adjustments IFRS P&L1 Billings / Revenue 146.6 (28.2) 118.3 Cost of sales (10.2) / (7.0%) (8.0) (0.1) (18.3) / (15.5%) Gross profit 136.4 100.0 %
Slide 21: Deferred revenue and non-IFRS adjustments in EBITDA
Deferred revenue and non-IFRS adjustments in EBITDA Deferred revenue adjustments Other non-IFRS adjustments €m Q1 21 Q1 20 €m Q1 21 Q1 20 Billings 146.6 119.7 Total IFRS 2 charges (15.0) (10.1) TeamViewer LTIP (0.9) (0.1) Perpetual def. revenue 1.7 17.4 M&A related share-based Release / (Addition) (
Slide 22: Deferred revenue development
Deferred revenue development Perpetual deferred revenue from previous license sales model largely released €m Q1 21 Q1 20 Perpetual deferred revenue (BoP) 2.6 48.9 (–) Release 1.7 17.5 (+) Addition 0.0 0.1 Perpetual deferred revenue (EoP) 0.9 31.4 Subscription deferred revenue (BoP) 212.5 164.0 (–)
Slide 23: Profit & Loss Statement
Profit & Loss Statement (unaudited) € thousand Q1 2021 Q1 2020 ∆% Revenue 118,330 102,717 15% Cost of sales (18,380) (14,067) 31% Gross profit 99,950 88,650 13% Sales (24,625) (15,705) 57% Marketing (12,994) (8,691) 50% R&D (13,814) (9,473) 46% G&A (13,676) (12,829) 7% Bad debt expenses (4,495) (5,1
Slide 24: Balance Sheet
Balance Sheet (unaudited) € thousand 31 March 2021 31 December 2020 Non-current assets Goodwill 665,076 646,793 Intangible assets 268,074 255,330 Property, plant and equipment 43,329 40,469 Financial assets 4,516 4,516 Other assets 966 857 Deferred tax assets 159 159 Total non-current assets 982,119
Slide 25: Balance Sheet (cont'd)
Balance Sheet (cont’d) (unaudited) € thousand 31 March 2021 31 December 2020 Equity Issued capital 201,071 201,071 Capital reserve 381,012 366,898 (Accumulated losses)/retained earnings (323,608) (326,854) Hedge reserve (48) (61) Foreign currency translation reserve 320 (343) Total equity attributab
Slide 26: Cash Flow Statement
Cash Flow Statement (unaudited) € thousand Q1 2021 Q1 2020 Cash flows from operating activities Profit before taxation 9,936 21,465 Depreciation, amortisation and impairment of non-current assets 11,937 9,613 (Gain)/loss from the sale of property, plant and equipment (0) 3 Increase/(decrease) in pro
Slide 27: Cash Flow Statement (cont'd)
Cash Flow Statement (cont’d) (unaudited) € thousand Q1 2021 Q1 2020 Cash flows from financing activities Repayments of borrowings (52,730) 0 Proceeds from bank borrowings 400,000 0 Payments for the capital element of lease liabilities (1,107) (967) Interest paid for borrowings and lease liabilities