Slide 1: Q2/H1 2024 Results
Q2/H1 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: Strong Q2 2024 results with sustained Enterprise momentum
Strong Q2 2024 results with sustained Enterprise momentum Highlights Revenue growth (+9% cc yoy) Delivered on profitability with a Enterprise double-digit Revenue with continued growth across strong Adjusted EBITDA margin of growth (21% cc yoy) and strong all regions 41% increase of NRR to 116% AMER
Slide 6: Enterprise delivered significant 60% growth in highest-value range
Enterprise delivered significant 60% growth in highest-value range SMB Billings by ACV Bucket (LTM) Enterprise Billings by ACV Bucket (LTM) (€m; LTM) (€m; LTM) € 1,500 - 10,000 >€ 200,000 534.5 € 500 - <1,500 >€ 100,000 529.9 149.0 € <500 >€ 50,000 132.6 € 10,000 - 50,000 33.3 +60% 20.8 248.0 257.9
Slide 7: Continued growth across all regions and customer categories
Continued growth across all regions and customer categories Regional Development Customer Categories (% yoy) (% yoy) AMERICAS Revenue: €57.2m (+4% | 8% cc) EMEA ENT SMB €164.1m €164.1m (+6% | 9% cc) (+6% | 9% cc) Revenue: Revenue: Revenue: €89.2m (+9% | 9% cc) €35.1m (+19% | 21% cc) €129.0m (+3% | 6
Slide 8: New Tensor wins with attractive OT use cases
New Tensor wins with attractive OT use cases TENSOR / OT TENSOR / IT & OT TENSOR / OT AMS EMEA APAC • Leading US food & • Leading UK bookmaker • Leading manufacturer of beverage distributor • Chose TeamViewer to metalworking machines improve security and and related services • Chose TeamViewer to en
Slide 9: Frontline vision picking successes across industries
Frontline vision picking successes across industries FRONTLINE FRONTLINE US operations of FMCG Fortune 500 pharmaceutical multinational company • Chose TeamViewer to transform • Picking of pharmaceuticals in Northern warehouse picking process for American warehouses for international consumer packag
Slide 10: Financial Overview
Financial Overview Michael Wilkens (CFO)
Slide 11: Q2 2024: a strong set of results
Q2 2024: a strong set of results Topline KPIs Q2 2024 Profitability / Cash Q2 2024 (% and pp yoy) (% and pp yoy) €164.1m1 €67.5m Revenue Adjusted EBITDA +6%/+9% cc +6% €158.3m Adjusted EBITDA 41%2 Billings +5%/+5% cc Margin +0pp €667.0m Free Cash Flow €60.8m ARR (LTM) +7% (FCFE) +29% 102% €0.24 NRR
Slide 12: Growth in both Revenue and Adjusted EBITDA, Margin at 41%
Growth in both Revenue and Adjusted EBITDA, Margin at 41% Quarterly Revenue and Growth Rates Adjusted EBITDA and Margin (€m; %) 180(€m; %) 90% 163.1 161.7 164.11 40% 160 80% 158.1 154.2 140 70% 30% 120 60% 44% 20% 100 41% 38% 40% 41% 50% 12% 10% 8% 7% (9% cc) 6% (9% cc) 80 40% 10% 60 30% 40 20% 0% 6
Slide 13: SMB solid, consistently growing subscriber base
SMB solid, consistently growing subscriber base Quarterly SMB Revenue and Growth Rates SMB ASP1 SMB Subscribers2 (€m; %) (€; LTM) (k; eop) 127.6 129.9 128.0 129.0 100% 124.7 857 852 636 638 841 838 629 627 840 622 9% 8% 6% 5% (7% cc) 10% 3% (6% cc) 80 1% Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 20
Slide 14: ENT delivered double-digit Revenue growth with continued increase of NRR
ENT delivered double-digit Revenue growth with continued increase of NRR Quarterly ENT Revenue and Growth Rates ENT ASP1 ENT Customers (€m; %) (€k, LTM) (eop) 33.7 35.1 33.3 30.5 4,342 29.4 4,164 4,199 34 33 34 34 34 4,034 3,956 25% 22% 19% 17% (19% cc) 19% (21% cc) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q
Slide 15: Continued to deliver on profitability, whilst investing in Enterprise growth
Continued to deliver on profitability, whilst investing in Enterprise growth €m (all adjusted non-IFRS figures) Q2 2024 Q2 2023 ∆% H1 2024 H1 2023 ∆% Revenue 164.1 154.2 6% 325.8 305.5 7% Cost of Goods Sold (COGS) (13.6) (10.7) 27% (26.4) (21.4) 23% Gross profit 150.6 143.5 5% 299.3 284.0 5% % Margi
Slide 16: High-single digit increase of Adj. EPS
High-single digit increase of Adj. EPS €m Q2 2024 Q2 2023 ∆% H1 2024 H1 2023 ∆% Adjusted EBITDA 67.5 63.8 6% 132.7 127.9 4% Adjustments for non-recurring1 items (7.2) (10.3) -30% (19.4) (20.4) -5% Net income decreased due to: EBITDA 60.2 53.4 13% 113.2 107.5 5% • Higher income taxes in Q2 2024 vs. l
Slide 17: Very strong cash conversion of 90% in Q2 2024
Very strong cash conversion of 90% in Q2 2024 €m Q2 2024 Q2 2023 ∆% H1 2024 H1 2023 ∆% Pre-tax net cash from operating activities (IFRS) 84.1 62.5 35% 145.5 129.3 13% Capital expenditure (excl. M&A) (1.1) (1.8) -37% (3.0) (2.9) 4% Higher cash flow from Lease payments (4.0) (1.5) 161% (5.3) (2.9) 85%
Slide 18: Improved leverage and debt maturity profile
Improved leverage and debt 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,
Slide 19: 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 20: Q&A
Q&A 20
Slide 21: Appendix
Appendix
Slide 22: Overview sales KPIs
Overview sales KPIs Q2’24 Q1‘24 Q4‘23 Q3’23 Q2‘23 Q1‘23 Q4‘22 Q3’22 Q2’22 SMB Billings p.q. in €m 121.3 141.8 148.6 122.8 121.9 142.8 147.3 117.9 109.3 Billings LTM in €m 534.5 535.0 536.0 534.7 529.9 517.3 502.8 479.8 469.5 Number of subscribers1 637,571 635,962 627,362 622,188 629,302 627,436 622,
Slide 23: Q2 2024: Reconciliation management metrics to IFRS
Q2 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 158.3 5.8 164.1 164.1 Cost of Goods Sold (COGS) (13.6) (13.6) (9.4) (0.4) (23.4)
Slide 24: H1 2024: Reconciliation management metrics to IFRS
H1 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 332.8 (7.0) 325.8 325.8 Cost of Goods Sold (COGS) (26.4) (26.4) (18.1) (0.9) (45
Slide 25: Non-IFRS adjustments in EBITDA
Non-IFRS adjustments in EBITDA €m Q2 2024 Q2 2023 H1 2024 H1 2023 Total IFRS 2 charges (3.5) (7.4) (10.0) (16.6) TeamViewer LTIP 1.4 (0.1) 1.1 (0.7) IFRS 2 charges decreased RSU/PSU1 (3.1) (3.8) (7.5) (7.6) due to: M&A related share-based compensation 0.0 (1.3) 0.0 (2.6) • Expired M&A-related Share-
Slide 26: Financial Statements
Financial Statements
Slide 27: Profit & Loss Statement
Profit & Loss Statement € thousand Q2 2024 Q2 2023 ∆% H1 2024 H1 2023 ∆% Revenue 164,116 154,152 6% 325,770 305,462 7% Cost of Goods Sold (COGS) (23,410) (19,343) 21% (45,498) (38,829) 17% Gross profit 140,705 134,809 4% 280,272 266,632 5% Research and development (18,948) (19,905) -5% (38,690) (38,
Slide 28: Balance Sheet – Assets
Balance Sheet – Assets € thousand 30 June 2024 31 December 2023 Non-current assets Goodwill 667,943 667,662 Intangible assets 157,016 175,736 Property, plant and equipment 46,306 43,261 Financial assets 7,697 11,866 Investments in associates1 17,574 15,414 Other assets 20,972 19,530 Deferred tax ass
Slide 29: Balance Sheet – Liabilities
Balance Sheet – Liabilities € thousand 30 June 2024 31 December 2023 Equity Issued capital 174,000 174,000 Capital reserve 108,936 105,234 Accumulated losses (46,300) (95,188) Hedge reserve 798 929 Foreign currency translation reserve 3,092 1,614 Treasury share reserve (189,163) (102,929) Total equi
Slide 30: Cash Flow Statement
Cash Flow Statement € thousand Q2 2024 Q2 2023 ∆% H1 2024 H1 2023 ∆% Profit before tax 39,796 34,996 14% 72,723 70,725 3% Depreciation, amortization and impairment of non-current assets 14,315 14,045 2% 28,583 27,744 3% Increase/(decrease) in provisions (42) 61 -169% 299 23 n/a Non-operational forei
Slide 31: Cash Flow Statement (continued)
Cash Flow Statement (continued) € thousand Q2 2024 Q2 2023 ∆% H1 2024 H1 2023 ∆% Repayments of borrowings (120,000) 0 n/a (220,000) (100,000) 120% Proceeds from borrowings 100,000 0 n/a 190,000 0 n/a Payments for the capital element of lease liabilities (3,984) (1,524) 161% (5,345) (2,892) 85% Inter
Slide 32: Financial Calendar
Financial Calendar Q3 2024 Earnings & Analyst Call 6 November 2024