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    TMV   DE000A2YN900

TEAMVIEWER AG

(TMV)
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PRESS RELEASE : TeamViewer AG: Q2 / H1 2021: TeamViewer shows positive momentum and significant progress in building a global tech brand

08/03/2021 | 01:01am EDT
DGAP-News: TeamViewer AG / Key word(s): Half Year Results/Quarter Results 
TeamViewer AG: Q2 / H1 2021: TeamViewer shows positive momentum and significant progress in building a global tech 
brand 
2021-08-03 / 07:00 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
GOPPINGEN, GERMANY, 3 August 2021 
 
Q2 / H1 2021: TeamViewer shows positive momentum and significant progress in building a global tech brand 
 
- Billings growth at constant currencies of 18% in Q2 and 22% in H1, on top of extraordinary 2020 comparatives 
- Adjusted EBITDA margin of 47% in Q2 and 55% in H1, showing industry-leading profitability 
- 623,000 subscribers: plus 20,000 in Q2 and stable churn 
- Extended Augmented Reality (AR) solutions portfolio through tuck-in acquisitions 
- Major partnership with SAP providing industrial customers with cutting-edge AR technology 
- Increased global brand awareness through activation of landmark sports partnerships 
- Technology expert Ms Hera Kitwan Siu recommended as new Supervisory Board member 
- Full-year guidance unchanged 
 
Key Figures 
EUR m, unless otherwise stated  Q2 21 Q2 20 ?    ? cc^1 H1 21 H1 20 ?    ? cc^1 
Billings (non-IFRS)             121.6 105.9 +15% +18%   268.1 225.7 19%  +22% 
Adj. EBITDA (non-IFRS)          57.0  57.3  -0%         147.0 131.1 12% 
Adj. EBITDA Margin (%)          46.9% 54.0% -7pp        54.8% 58.1% -3pp 
Revenue (IFRS)                  122.8 114.7 7%          241.2 217.4 11% 
Levered Free Cash Flow          32.2  44.4  -27%        57.3  79.5  -28% 
Subscribers (thousand, 30 June) 623   534   +17% 
Employees (FTE, 30 June)        1,472 1,051 +40% 

1) At constant currency

«We are encouraged by the significant uptick in trading performance in June which makes us confident to deliver on our targets and continue our sustainable growth path in the second half of the year. We have successfully started to build a global tech brand and the first six months set the groundwork for bolstering our position as a leader in enterprise AR solutions. Particularly further acquisitions in adjacent markets and the initial activation of our global landmark sports partnerships strengthened our global footprint and overall brand visibility.»

_______

Oliver Steil, TeamViewer CEO

«In Q2, we have heavily invested in our future growth while maintaining industry-leading profitability. Our recent investments in our salesforce and the increasing demand in the enterprise segment will further allow us to build on this momentum in the second half of 2021.» _______

Stefan Gaiser, TeamViewer CFO

Business Update

TeamViewer grew second quarter billings by 15% and 18% at constant currencies, year-over-year. While the company successfully retained most of the new subscribers from the first wave of the 2020 lockdown, renewal values in April and May were lower than anticipated. This one-off effect occurred across all regions reducing capacities for home working solutions which customers had bought a year earlier. In June, trading momentum improved significantly, due to a rebound of renewal values and a very strong enterprise pipeline conversion. First half performance in the other go-to-market channels was overall strong with stable to slightly increasing average selling prices, good renewal values and stable subscriber churn. Strong customer retention and attracting new subscribers expanded the subscriber base to around 623,000 paying customers during the second quarter.

Enterprise growth supported by a broadened solutions portfolio, ACV expansion and key customer wins

TeamViewer's broadened solutions portfolio to cover digital transformation needs along the entire value chain is paying off as an increasing number of globally operating corporations rely on the company's solutions. The company has further grown the number of its largest customers with ACVs of more than EUR 10.000 to 2,252 (30 June 2020: 1.457) by expanding services to existing customers as well as through new customer acquisition.

For example, global leading manufacturer of printing presses and solutions for the print media industry Heidelberger Druckmaschinen AG uses TeamViewer's solutions to remotely connect to its software solution and machines worldwide and thus to provide faster technical support around-the-clock, reducing downtime and enhancing productivity for their customers.

TeamViewer's large subscriber base provides ample opportunity for up- and cross selling to existing customers with global operations driving enterprise growth. This is reflected in a strong pipeline of Tensor and Augmented Reality transactions.

Another example for the broadened solution portfolio is TeamViewer's new customer engagement solution TeamViewer Engage, a product brought in by the acquisition of Xaleon. It complements TeamViewer's offer by an advanced form of GDPR-compliant screensharing in web sessions. TeamViewer Engage meets the increasing demand for remote customer interactions that replace physical sales and customer services processes as an important part of the value chain in all industries. The continuous expansion of TeamViewer's solution portfolio is an important driver of TeamViewer's growth trajectory.

Building a leader in AR solutions through acquisitions and strategic partnership with SAP

Throughout the first half of the year, TeamViewer worked on extending its solutions portfolio with special focus on building its leading position in the rapidly growing enterprise AR market through acquisitions and a new strategic partnership.

Besides the acquisition of Upskill, the US pioneer for industrial AR solutions, TeamViewer acquired Viscopic, a leading German innovator of Mixed Reality solutions and interactive 3D visualization. Upskill strengthens TeamViewer's coverage of more industrial verticals and further enhances the company's presence in North America. In addition, Viscopic's interactive 3D visualization capabilities enable additional use cases in manufacturing, training, and quality assurance processes.

Beyond its successful M&A activities, TeamViewer is joining forces with SAP to drive the digital transformation of workplaces and processes in the context of SAP's Industry Cloud. The recently announced partnership will be kicked-off with the integration of TeamViewer Frontline, TeamViewer's AR based workflow and remote support suite, into SAP's solutions for asset and service management in the coming weeks. The partnership underlines TeamViewer's leading position in enterprise AR solutions and proves its scalability across use cases and applications, making it even more compelling for potential customers. Already today, customers such as Coca-Cola Hellenic Bottling Company and DB Schenker are using TeamViewer Frontline integrated with their SAP systems. Activating global sports partnerships

Opening new sales channels and possibilities for additional use cases is another key element of the company's strategy. TeamViewer activated its global marketing landmark partnerships with two iconic sports brands: Manchester United and Mercedes' racing teams in Formula 1 and Formula E. Both partners revealed the new branding of their teams with the TeamViewer logo. As part of the sponsorship package, global marketing activities were initiated across channels, leading to a significant increase in TeamViewer's global brand visibility. TeamViewer's branding at the Formula One races in Monaco and Baku generated in excess of USD 20m of AVE (advertising value equivalent). The partnership launch activities amounted to a total reach of around 5m people worldwide via Mercedes-AMG Petronas Formula One's Instagram and Facebook channels. Manchester United launch content obtained ca. 30m views of global media coverage. Additionally, the club's social media channels generated around 8.4m views globally. These efforts signal the start of the five-year partnerships which will allow TeamViewer to present its brand as well as its technology to an extensive global fanbase - especially in APAC and the Americas as major growth regions.

Strengthening of the management team

In Q2 2021, TeamViewer successfully extended its Management Board, adding Lisa Agona as global CMO and member of Senior Leadership Team (SLT). The company also welcomed Patricia Nagle as President Americas and Georg Beyschlag as Executive Vice President Strategy & Corporate Development to drive the company's strategic functions and to accelerate business development.

Technology expert Ms Hera Kitwan Siu proposed as new member of the Supervisory Board

TeamViewer today also announced changes to its Supervisory Board. The company's Nomination and Remuneration Committee recommended Ms Hera Kitwan Siu, Member of the Board of Directors of The Goodyear Tire & Rubber Company, as a new member of the Supervisory Board. Subject to her appointment by court, Siu will succeed Holger Felgner, who retires from TeamViewer's Supervisory Board with immediate effect. A member of the Board since 2019, Felgner will focus on his work as Co-CEO of Chrono24, the leading online marketplace for luxury watches.

Siu has served in various executive and leadership roles at leading global tech and software companies including SAP, Nokia and most recently as CEO of Greater China for Cisco Systems, and consults technology companies as Digital China Group. Besides her role on the Board of Directors of The Goodyear Tire & Rubber Company, Ohio, USA, she also serves on the Board of Directors of Vallourec S.A., France and Qingdao AInnovations, China.

(MORE TO FOLLOW) Dow Jones Newswires

August 03, 2021 01:00 ET (05:00 GMT)

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Financials
Sales 2021 528 M 618 M 618 M
Net income 2021 61,1 M 71,6 M 71,6 M
Net Debt 2021 298 M 349 M 349 M
P/E ratio 2021 94,8x
Yield 2021 -
Capitalization 5 825 M 6 821 M 6 826 M
EV / Sales 2021 11,6x
EV / Sales 2022 8,73x
Nbr of Employees 1 472
Free-Float 80,0%
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 28,97 €
Average target price 44,54 €
Spread / Average Target 53,8%
EPS Revisions
Managers and Directors
Oliver Steil Chairman-Executive Board & CEO
Stefan Markus Gaiser Chief Financial Officer
Abraham Peled Chairman-Supervisory Board
Mike Eissele Chief Technology Officer
Karl Markgraf Chief Operations Officer
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