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TeamViewer AG
Investor Presentation • Feb 12, 2025
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TeamViewer
Q4/FY 2024 Results
Presentation
12 February 2025
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 purposes only and should not be relied on for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purpose.
Certain statements in this presentation may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties, including, but not limited to, those risks and uncertainties described in TeamViewer's disclosures. You should not rely on these forwardlooking statements as predictions of future events, and TeamViewer's actual results may differ materially and adversely from any forward-looking statements discussed in these statements due to several factors, including without limitation, risks from macroeconomic developments, external fraud, lack of innovation capabilities, inadequate data security and changes in competition levels. TeamViewer undertakes no obligation, and does not expect to publicly update, or publicly revise, any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to it or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Presentation.
All stated figures are unaudited.
Percentage change data and totals presented in tables throughout this presentation are generally calculated on unrounded numbers. Therefore, numbers in tables may not add up precisely to the totals indicated and percentage change data may not precisely reflect the change data of the rounded figures for the same reason.
This document contains alternative performance measures (APM) that are not defined under IFRS. The APMs (non-IFRS) can be reconciled to the key performance indicators included in the IFRS consolidated financial statements and should not be viewed in isolation, but only as supplementary information for assessing the operating performance. TeamViewer believes that these APMs provide an additional, deeper understanding of the Company's performance.
TeamViewer has defined each of the following APMs as follows:
- Adjusted EBITDA is defined as operating income (EBIT) according to IFRS, plus depreciation and amortization of tangible and intangible fixed assets (EBITDA), adjusted for certain business transactions (income and expense) defined by the Management Board in agreement with the Supervisory Board. Business transactions to be adjusted relate to sharebased compensation schemes and other material special items of the business that are presented separately to show the underlying operating performance of the business.
- Adjusted EBITDA margin means Adjusted EBITDA as a percentage of revenue.
- 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 subscribers who were subscribers in the previous twelve-month period.
- Retained ARR is defined as the ARR at the end of the reporting period from customers that have been already a customer at the end of the prior year reporting period.
- New Billings means recurring Billings attributable to new subscribers.
Important Notice / APMs (continued)
- Non-recurring Billings means Billings that do not recur, such as professional services and hardware reselling.
- Net Retention Rate (NRR) (on ARR, cc) is defined as Retained ARR at the end of the reporting period divided by the Total ARR at the end of the prior year reporting period.
- Annual Recurring Revenue (ARR) is annualized recurring revenue for all active subscriptions at the end of the reporting period. SMB (ARR view) means customers with ARR across all products and services of less than EUR 10,000 at the end of the reporting period. If the threshold is exceeded, the customer will be reallocated. Enterprise (ARR view) means customers with ARR across all products and services of at least EUR 10,000 at the end of the reporting period. Customers who do not reach this threshold will be reallocated.
- Number of subscribers means the total number of paying subscribers with a valid subscription at the reporting date.
- SMB customers mean customers with ACV across all products and services of less than EUR 10,000 within the last twelve-month period. If the threshold is exceeded, the customer will be reallocated.
- Enterprise customers mean customers with ACV across all products and services of at least EUR 10,000 within the last twelve-month period. Customers who do not reach this threshold will be reallocated.
- Churn (subscriber) is calculated by dividing the number of retained subscribers at the reporting date by the total number of subscribers at the previous year's reporting date.
- Average Selling Price (ASP) is calculated by dividing the total SMB / Enterprise Billings of the last twelve months (LTM) by the total number of SMB / Enterprise subscribers at the reporting date.
- Annual Contract Value (ACV) is used to distinguish different pricing buckets within SMB and Enterprise. The ACV is defined as the annualized value of one SMB / Enterprise contract.
- Net financial liabilities are defined as financial liabilities (without other financial liabilities) less cash and cash equivalents.
- Net leverage ratio means the ratio of net financial liabilities to Adjusted EBITDA of the last twelve-month period.
- Levered Free Cash Flow (FCFE) means net cash from operating activities less capital expenditure for property, plant and equipment and intangible assets (excl. M\&A), payments for the capital element of lease liabilities and interest paid for borrowings and lease liabilities.
- Cash Conversion means the percentage share of Levered Free Cash Flows (FCFE) in relation to the Adjusted EBITDA.
- Adjusted Net Income is the net income adjusted for certain income and expenses. These adjustments are: share-based compensation, amortization related to business combinations, other non-recurring income and expenses and related tax effects.
- Adjusted basic earnings per share is calculated in line with basic earnings per share, whereby Adjusted Net Income is used as the basis for the calculation instead of the net income.
Business Overview TeamViewer standalone
Oliver Steil (CEO)
Strong 2024 results with continued Enterprise momentum
Strong Q4 as well as FY24 Revenue growth (+9 \% cc yoy) above guidance range
Further improved profitability with FY24 Adj. EBITDA up 14 \% yoy, Adj. EBITDA Margin of $44 \%$ and FCFE of $€ 215 m$
Very strong Enterprise Revenue growth in Q4 (+38\%cc yoy) driven by high-value Enterprise and Frontline deals
Expanded offering with 1E's DEX platform; acquisition closed end of January 2025
Annual Recurring Revenue increase of +7 \% cc yoy in FY24 proves continued sustainable growth trend
Pro forma LfLFY 2025 guidance: Revenue between $€ 778 \mathrm{~m}-$ €797m; Adj. EBITDA margin around $43 \%$
[^0]
[^0]: ${ }^{1}$ Annual Recurring Revenue calculation logic changed from previous quarters. Previous year's numbers have been re-calculated based on the new logic. Previously reported Annual Recurring Revenue (ARR) (in EUR m) based on Billings was $€ 649.5 \mathrm{~m}$ in Q4 2023 and $€ 689.1 \mathrm{~m}$ in Q4 2024, $6 \%$ yoy growth.
All regions with strong Revenue growth in FY 2024 Enterprise continued its strong growth momentum
Regional Development
(\% yoy)
Enterprise achieved strong double-digit growth across all ARR value ranges
Blue chip customers across all industries and regions rely on TeamViewer
Johnson
METTER
COO
Commonwealth
AMD
Schneider
COO
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1E
Mark Banfield (CCO)
1E achieved strong $30 \%$ yoy ARR growth and strong profitability in FY 2024
[^0]
[^0]: ${ }^{1}$ As per 31 Dec 2024, in line with TeamViewer's definition ${ }^{2}$ In the 12-month period post closing, there will be a revenue hair-cut in reported 1E-related revenue due to IFRS merger accounting effects, which a normal standard practice in IFRS accounting $)^{3}$ Based on 1E's definition of contracted ARR
Financial Overview
Michael Wilkens (CFO)
FY 2024: Revenue exceeded updated guidance, $14 \%$ EBITDA yoy growth in 2024
Topline KPIs FY 2024
(\% and pp yoy)
[^0]
[^0]: ${ }^{1}$ Annual Recurring Revenue calculation logic changed from previous quarters. Previous year's numbers have been re-calculated based on the new logic. Previously reported Annual Recurring Revenue (ARR) (in EUR m) based on Billings was $€ 648.5 \mathrm{~m}$ in Q4 2023 and $€ 689.1 \mathrm{~m}$ in Q4 2024, $6 \%$ yoy growth. $)^{2}$ Net Retention Rate is now calculated on Annual Recurring Revenue in constant currency. Previous year's numbers have been re-calculated based on the new logic. Previously reported ENT NRR based on Billings was $106 \%$ in Q4 2023 and $114 \%$ in Q4 2024, which amounts to a delta of 8 pp yoy.
Strong growth across all metrics
Quarterly Revenue and Growth Rates ${ }^{1}$
ARR and Growth Rates ${ }^{2}$
Adjusted EBITDA and Margin
Billings Development
Billings Growth (yoy cc)
[^0]
[^0]: ${ }^{1}$ Q4 2024 Revenue corresponds to $€ 177.1 \mathrm{~m}$ based on average guided FX rates. $)^{2}$ Annual Recurring Revenue calculation logic changed from previous quarters. Previous year's numbers have been re-calculated based on the new logic. Previously reported Annual Recurring Revenue (ARR) (in EUR m) based on Billings was $€ 649.5 \mathrm{~m}$ in Q4 2023 and $€ 889.1 \mathrm{~m}$ in Q4 2024, $6 \%$ yoy growth.
Strong Enterprise ARR growth, new customer wins, NRR of $100 \%$ and $109 \%$ incl. upsell from SMB
Quarterly ENT Revenue and Growth Rates
ENT ARR and Growth Rates ${ }^{1}$
ENT ASP $^{1}$
ENT Customer
(eop)
ENT NRR (on ARR, cc) ${ }^{2}$
$(\% ; \mathrm{cc})$
| $106 \%$ | $107 \%$ | $108 \%$ | $108 \%$ | $109 \%$ |
|---|---|---|---|---|
| $94 \%$ | $98 \%$ | $99 \%$ | $99 \%$ | $100 \%$ |
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
| $\rightarrow$ ENT NRR (on ARR, cc) | ||||
| $\rightarrow$ ENT NRR (on ARR, cc) adj. for net upsell from SMB |
${ }^{1}$ Based on reported Billings. ( ${ }^{2}$ Net Retention Rate is now calculated on Annual Recurring Revenue in constant currency. Previous year's numbers have been re-
calculated based on the new logic. Previously reported ENT NRR based on Billings was $106 \%$ in Q4 2023 and $114 \%$ in Q4 2024, which amounts to a delta of 8 pp yoy.
Solid SMB performance despite a very strong previous year that benefited from higher price increases
Quarterly SMB Revenue and Growth Rates
FY24 adj. EBITDA increase of $14 \%$, adj. EBITDA margin at $44 \%$...
| Em (all adjusted non-ERS figures) | 042024 | 042023 | $\Delta \%$ | FY2024 | FY2023 | $\Delta \%$ |
|---|---|---|---|---|---|---|
| Revenue | 177.0 | 163.1 | $8 \%$ | 671.4 | 626.7 | $7 \%$ |
| Cost of Goods Sold (COGS) | (14.7) | (13.1) | $12 \%$ | (54.6) | (46.5) | $17 \%$ |
| Gross profit | 162.2 | 150.0 | $8 \%$ | 616.8 | 580.2 | $6 \%$ |
| \% Margin | $92 \%$ | $92 \%$ | 0 pp | $92 \%$ | $93 \%$ | $-1 p p$ |
| Sales | (24.2) | (22.7) | $6 \%$ | (97.5) | (87.2) | $12 \%$ |
| \% of Revenue | $-14 \%$ | $-14 \%$ | $-15 \%$ | $-14 \%$ | ||
| Marketing | (25.3) | (34.7) | $-27 \%$ | (114.6) | (132.9) | $-14 \%$ |
| \% of Revenue | $-14 \%$ | $-21 \%$ | $-17 \%$ | $-21 \%$ | ||
| R\&D | (16.4) | (17.9) | $-8 \%$ | (65.9) | (64.2) | $3 \%$ |
| \% of Revenue | $-9 \%$ | $-11 \%$ | $-10 \%$ | $-10 \%$ | ||
| G\&A | (11.0) | (10.1) | $9 \%$ | (36.2) | (34.1) | $6 \%$ |
| \% of Revenue | $-6 \%$ | $-6 \%$ | $-5 \%$ | $-5 \%$ | ||
| Other ${ }^{1}$ | (2.3) | (2.3) | $2 \%$ | (6.0) | (1.2) | n/a |
| \% of Revenue | $-1 \%$ | $-1 \%$ | $-1 \%$ | $0 \%$ | ||
| Total Opex | (79.2) | (87.7) | $-10 \%$ | (320.2) | (319.7) | $0 \%$ |
| \% of Revenue | $-45 \%$ | $-54 \%$ | $-48 \%$ | $-51 \%$ | ||
| Total Costs ${ }^{2}$ | (94.0) | (100.8) | $-7 \%$ | (374.8) | (366.2) | $2 \%$ |
| Adjusted EBITDA | 83.0 | 62.4 | $33 \%$ | 296.7 | 260.5 | $14 \%$ |
| \% Margin | $47 \%$ | $38 \%$ | $+9 p p$ | $44 \%$ | $42 \%$ | $+3 p p$ |
[^0]FY 2024 Recurring Cost growth of $2 \%$ below Revenue increase ( $+7 \%$ )
- COGS: Increase mainly due to deployment of Frontline projects and investments in product platform
- Sales: Growth driven by new ENT focused staff and partner channels
- Marketing: Lower due to adjusted Man Utd partnership (in H2), partially offset by FTEs and ENT campaigns
- R\&D: Up due to invest in products, security and new FTEs, offset by less external support
[^0]: ${ }^{1}$ incl. other income/expenses and bad debt expenses of $€ 3.7 \mathrm{~m}$ in Q4 2024 and $€ 3.3$ in Q4 2023 / $€ 11.8 \mathrm{~m}$ in FY 2024 and $€ 8.5 \mathrm{~m}$ in FY 2023.
${ }^{2}$ Total Costs are the sum of Cost of Goods Sold (COGS) and Total Opex.
... results in strong uplift of adjusted EPS by $20 \%$ for 2024
| En | Q4 2024 | Q4 2023 | $\Delta \%$ | FY2024 | FY 2023 | $\Delta \%$ |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 83.0 | 62.4 | $33 \%$ | 296.7 | 260.5 | $14 \%$ |
| Adjustment for non-recurring ${ }^{1}$ items | $(17.8)$ | $(7.3)$ | $143 \%$ | $(44.1)$ | $(38.6)$ | $14 \%$ |
| EBITDA | 65.2 | 55.0 | $19 \%$ | 252.6 | 221.9 | $14 \%$ |
| D\&A | $(8.5)$ | $(13.5)$ | $-37 \%$ | $(46.2)$ | $(55.4)$ | $-17 \%$ |
| Operating Profit (EBIT) | 56.7 | 41.5 | $37 \%$ | 206.4 | 166.6 | $24 \%$ |
| Financial / FX result | $(5.6)$ | $(4.5)$ | $24 \%$ | $(19.6)$ | $(18.6)$ | $5 \%$ |
| Share of profit/loss of associates | 0.5 | $(0.5)$ | $-213 \%$ | $(2.4)$ | $(0.5)$ | n/a |
| Profit before tax (EBT) | 51.6 | 36.5 | $41 \%$ | 184.4 | 147.5 | $25 \%$ |
| Income taxes | $(16.9)$ | $(6.2)$ | $171 \%$ | $(61.4)$ | $(33.4)$ | $84 \%$ |
| Net income | 34.7 | 30.3 | $15 \%$ | 123.1 | 114.0 | $8 \%$ |
| Basic number of shares issued and outstanding ${ }^{2}$ in $m$ | 156.9 | 168.0 | $-7 \%$ | 160.2 | 172.1 | $-7 \%$ |
| EPS (basic) in $€$ | 0.22 | 0.18 | $23 \%$ | 0.77 | 0.66 | $16 \%$ |
| Adjusted EPS (basic) in $€$ | 0.30 | 0.22 | $37 \%$ | 1.05 | 0.88 | $20 \%$ |
[^0]FY 2024 YoY increase in Net income of $8 \%$...
- ... due to reduced D\&A as PPA from the acquisition of TeamViewer, which was fully amortized in July
... due to lower FX headwinds and almost stable Financial Result
... partly offset by higher income taxes due to changed tax scheme in FY 2023
Increase of Adjusted EPS also supported by lower share count due to share buybacks
[^0]: ${ }^{1}$ IFRS 2 and other items.
${ }^{2}$ Period average, without treasury shares. On 2 Aug, TeamViewer canceled 4 million ordinary shares that had been repurchased through SBB and were held in treasury. As a result, the share capital has been reduced from 174 million to 170 million ordinary shares outstanding.
FCFE up $8 \%$ yoy to strong $€ 215 \mathrm{~m}$, in line with TeamViewer's expectations
| $\mathbf{E m}$ | 042024 | 042023 | $\Delta \%$ | FY2024 | FY2023 | $\Delta \%$ |
|---|---|---|---|---|---|---|
| Pre-Tax net cash from operating activities (IFRS) | 100.7 | 78.8 | $28 \%$ | 312.6 | 275.5 | $13 \%$ |
| Capital expenditure (excl. M\&A) | (1.1) | (1.0) | $12 \%$ | (5.4) | (5.6) | $-4 \%$ |
| Lease payments | (5.2) | (5.9) | $-12 \%$ | (12.5) | (11.1) | $13 \%$ |
| Pre-tax Unlevered Free Cash Flow (pre-tax UFCF) | 94.3 | 71.9 | $31 \%$ | 294.7 | 258.8 | $14 \%$ |
| Cash Conversion (pre-tax UFCF / Adjusted EBITDA) | $114 \%$ | $115 \%$ | $99 \%$ | $99 \%$ | ||
| Interest paid for borrowings and lease liabilities ${ }^{1}$ | (3.1) | (2.5) | $24 \%$ | (16.1) | (14.4) | $12 \%$ |
| Pre-tax Levered Free Cash Flow (pre-tax FCFE) | 91.2 | 69.3 | $32 \%$ | 278.6 | 244.4 | $14 \%$ |
| Cash Conversion (pre-tax FCFE / Adjusted EBITDA) | $110 \%$ | $111 \%$ | $94 \%$ | $94 \%$ | ||
| Income tax paid | (18.6) | (14.9) | $24 \%$ | (63.4) | (45.6) | $39 \%$ |
| Levered Free Cash Flow (FCFE) | 72.6 | 54.4 | $33 \%$ | 215.3 | 198.8 | $8 \%$ |
| Cash Conversion (FCFE / Adjusted EBITDA) | $87 \%$ | $87 \%$ | $73 \%$ | $76 \%$ |
Increase of pre-tax UFCF due to positive effects from the revised scope of the Manchester United partnership
FY 2024 FCFE largely impacted by
- higher taxes vs prior year
- increased interest payments mainly due to one-off transaction costs related to a promissory note of $€ 100 \mathrm{~m}$ placed in May 2024
[^0]
[^0]: ${ }^{1}$ Excluding €3.1m banking fees related to the acquisition of $1 £$ (shown in IFRS Cash Flows)
Post-1E transaction leverage is $3.2 x$ targeting below 2.0x by end of 2026
The 1E acquisition closed at the end of Jan 2025 on track to be integrated within 12 months
FY 2025
Pro-forma guidance
FY 2024 Actuals, TMV+1E unaudited (Jan 1 - Dec 31, 2024)
| 758 m | ARR in $€^{1}$ (equivalent to YoY \%) ${ }^{3}$ |
$615 \mathrm{~m}-840 \mathrm{~m}$ $(+7.5 \%$ to +10.8 \%) |
|---|---|---|
| 740 m | Revenue in $€^{2}$ (equivalent to YoY \%) ${ }^{3}$ |
$\begin{gathered} 778 \mathrm{~m}-797 \mathrm{~m} \ (+5.1 \% \text { to }+7.7 \%) \end{gathered}$ |
| 671 m | which breaks down approx. into: ${ }^{4}$ | |
| 69 m | TeamViewer 1E | $\begin{gathered} 697 \mathrm{~m}-712 \mathrm{~m} \ 81 \mathrm{~m}-85 \mathrm{~m} \end{gathered}$ |
| $43 \%$ | Adj. EBITDA margin \% | around $43 \%$ |
- Ranges indicate guidance ranges between the specified values
- As 2025 is a transition year, additional directional steering is provided on slide 22
- Based on EUR/USD FX rate of of 1.05
- As 2025 is a transition year, breakdown of TeamViewer \& 1E standalone is provided for information purposes only
Pro forma figures
In preparation of the pro forma figures, the historical FY 2024 pro forma financials of TeamViewer and 1E separately and combined have been included for like-forlike YoY comparison purposes only:
- The pro forma (1E and combined TMV+1E) figures have been prepared as if the acquisition of 1E had been completed on Jan 1, 2024, are presented in euro, are unaudited and for comparison only
- The pro forma FY 2025 guidance financials reflect the period Jan 1, 2025 - Dec 31, 2025
The acquisition of 1E is completed on Jan 31, 2025:
- The month of Jan 2025 will be excluded when reporting according to IFRS
- Therefore, Purchase Price Allocation ("PPA") adjustments are only included from Feb 1, 2025, and onwards
- There will be a hair-cut in deferred revenue, which affects reported IFRS revenue in the first twelve months after closing of the 1E acquisition. Directional steering will be provided at a later point this year
Additional indicative steering for modelling purposes only
FY 2025 pro forma revenue \& ARR (TMV + 1E) ${ }^{1}$
Pro forma indicative FY 25 quarterly revenue phasing
FY 2025 SMB/ENT ARR:
- SMB ARR: €550m - €565m
- ENT ARR: €265m - €275m
FY 2025 other items
non-recurring items related to the 1 E transactions \& integration:
- P\&L: ca. €13m pre tax
- Cash flow: ca. €17m
Other:
- Total interest costs (P\&L): ca. €35m
- Effective P\&L tax rate: ca. 31\%
- Net leverage ratio: ca. 2.6x
- FCFE conversion (excl. non-recurring cash flow items related to 1E): ca. $70 \%$
TeamViewer
Creating a world that works better
Investor presentation
February 2025
TeamViewer
Market-leading IT-OT automation platform positioned to capitalize on digital workplace megatrends
Operating in a multi-billion TAM as every organization is seeking productivity enhancements
Since IPO, we successfully expanded the business along three key growth dimensions
A. Well-invested GTM with global sales footprint and premium brand equity
B. Successful organic move into ENT, from almost zero to $23 \%$ of revenues, turbocharged by 1 E
C. Decisive organic and inorganic development strategy to now cover full spectrum of IT automation and Frontline digitalization...
D. ...delivering significant, tangible productivity improvements across a broad range of customers and use cases
E. Very successful development into highly strategic partner for renowned global IT \& OT leaders
A. 1E adds industry-leading EUC and DEX capabilities to TeamViewer's platform
B. Stronger together: pioneering the intelligent IT-OT endpoint for a frictionless digital workplace
C. Bringing ENT innovation down-market will further strengthen TeamViewer's market-leading SMB proposition
A strong platform for sustained double-digit revenue growth from FY 2027 onwards, at best-in-class margins and with EPS accretion
TeamViewer's IT-OT automation solutions are positioned at the center of the C-Suite agenda
Hybrid and remote work
Number of global remote jobs to rise by roughly $25 \%$ by $2030^{1}$
Cybersecurity at scale
Connected devices to double worldwide to 40bn by $2033^{2}$
Shortage of skilled labor
Job vacancies per unemployed person increased 4.2 x since $2010^{3}$
Digital transformation
98\% of companies see technology as their top lever for reinvention ${ }^{4}$
Increased Sustainability
41 mn tons $\mathrm{CO}_{2}$ emissions avoided through TeamViewer usage in a year ${ }^{5}$
Rise of
Big Data and AI
$72 \%$ of companies have adopted Al innovation in at least one function ${ }^{6}$
Operating in a multi-billion TAM as every organization is seeking productivity enhancements
Total Addressable Market (TAM) and CAGR ${ }^{1}$
(€bn, \%)
2024
2028
Since IPO, we successfully expanded the business along three key growth dimensions
Well-invested GTM with global sales footprint and premium brand equity
Successful organic move into ENT, from almost zero to 23\% of revenues, turbocharged by 1E
Decisive organic and inorganic development strategy to now cover full spectrum of IT automation and Frontline digitalization...
...delivering significant, tangible productivity improvements across a broad range of customers and use cases
Very successful development into highly strategic partner for renowned global IT \& OT leaders
1E adds industry-leading EUC and DEX capabilities to TeamViewer's platform
Stronger together: pioneering the intelligent IT-OT endpoint for a frictionless digital workplace
Unparalleled
Visibility
End-to-End Device Control
Al-Piloted Operations
1E
DEX
Real-time observability of deep telemetry across device, application, network, and cloud
Online/Offline edge automation in depth and at scale for real-time issue remediation
Al Autopilot: self-healing of endpoint friction and configuration drift
The Intelligent Endpoint
RS/RA and DEX intelligence enrichment to baseline and contextualize IT-OT anomalies
Integrated IT-OT device control from continuous automation to seamless expert intervention
Synergetic blend of IT-OT autoand copiloting en route towards the Autonomous Endpoint
In-depth context of IT issues from ticket to resolution incl. in-session knowledge capture
Secure remote connectivity for device-agnostic attended and unattended expert support
Al Copilot: augmentation of expert support with session insights and automation
Bringing ENT innovation down-market will further strengthen TeamViewer's market-leading SMB proposition
A strong platform for sustained double-digit revenue growth from FY 2027 onwards, at best-in-class margins and with EPS accretion
Positioned at the center of digital megatrends
Global footprint, with exceptional brand equity
Vast customer and install base in SMB and ENT
Category-leader across solution portfolio
Strategic partnerships with top-tier tech firms
Best-in-class financial profile with excellent cash flow
Revenue Mid-Term Targets
| FY25 | FY26 | FY27 | FY28 |
|---|---|---|---|
| FY28 ENT Revenue shares | FY27 Revenue yoy Growth ${ }^{1}$ |
FY28 EBITDA Margin: |
|
| $>40 \%$ | c. $10 \%$ | 44-45\% | |
| Substantial shareholder value creation | EPS Growth FY24-FY28 ${ }^{2}$ | ||
| 70\% |
Appendix
Definitions
Annualized Recurring Revenue
Annualized Recurring Revenue (ARR) is calculated as:
the annualized revenue of active subscription contracts as at the end of the reporting period. This excludes nonrecurring revenues (e.g. one-time fees, hardware revenues).
Daily Subscription Revenue at the end of the reporting period multiplied by 365 days (or 366 days for leap years).
Daily Subscription Revenue is calculated as: the total active contract value divided by the contract duration in days.
The end of the reporting period is defined as the last calendar day of the respective period.
Net Retention Rate on ARR
- Net Retention Rate on ARR (on ARR, cc) is calculated as:
- Retained ARR at the end of the reporting period divided by the Total ARR at the end of the prior year reporting period
- Retained ARR is defined as the ARR at the end of the reporting period from customers that have been already a customer at the end of the prior year reporting period
- NRR (on ARR, cc) is provided 'in constant currency'
Historic ARR / NRR
New calculation method
(as introduced in Q3 2024)
| Based on Revenue | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|
| Total | ||||
| ARR in €m | 684.1 | 669.3 | 663.2 | 652.9 |
| ARR yoy | 6\% | 6\% | 6\% | 6\% |
| ARR yoy in cc | $7 \%$ | $7 \%$ | $8 \%$ | $9 \%$ |
| - | ||||
| NRR (on ARR) in cc | $98 \%$ | $98 \%$ | $99 \%$ | $99 \%$ |
| Enterprise | ||||
| ENT ARR in €m | 150.3 | 139.3 | 134.0 | 127.4 |
| ENT ARR yoy | $21 \%$ | $19 \%$ | $18 \%$ | $17 \%$ |
| ENT ARR yoy in cc | $21 \%$ | $20 \%$ | $21 \%$ | $21 \%$ |
| - | ||||
| ENT NRR (on ARR) in cc | $100 \%$ | $99 \%$ | $99 \%$ | $98 \%$ |
| SMB | ||||
| SMB ARR in €m | 533.7 | 530.1 | 529.2 | 525.5 |
| SMB ARR yoy | $3 \%$ | $3 \%$ | $3 \%$ | $4 \%$ |
| SMB ARR yoy in cc | $3 \%$ | $4 \%$ | $5 \%$ | $6 \%$ |
Previous calculation method
(method applied until Q2 2024, disclosed in parallel for transparency purposes)
| Based on Billings | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|
| Total | ||||
| ARR (LTM) in €m | 689.1 | 672.6 | 667.0 | 656.9 |
| ARR (LTM) yoy | $6 \%$ | $6 \%$ | $7 \%$ | $7 \%$ |
| - | ||||
| NRR (LTM) reported | $102 \%$ | $101 \%$ | $102 \%$ | $103 \%$ |
| - | ||||
| Enterprise | ||||
| - | ||||
| - | ||||
| - | ||||
| ENT NRR (LTM) reported | $114 \%$ | $120 \%$ | $116 \%$ | $108 \%$ |
| - | ||||
| SMB | ||||
| - | ||||
| - |
Overview Sales KPIs
| Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | |
|---|---|---|---|---|---|---|---|---|---|
| SMB | |||||||||
| Billings p.q. in $€ \mathrm{~m}$ | 150.3 | 118.8 | 121.3 | 141.8 | 148.6 | 122.8 | 121.9 | 142.8 | 147.3 |
| Billings LTM in $€ \mathrm{~m}$ | 532.2 | 530.6 | 534.5 | 535.0 | 536.0 | 534.7 | 529.9 | 517.3 | 502.8 |
| Number of subscribers ${ }^{1}$ | 638,964 | 639,480 | 637,571 | 635,962 | 627,362 | 622,188 | 629,302 | 627,436 | 622,410 |
| ASP (LTM) in $€$ | 833 | 836 | 838 | 841 | 852 | 857 | 840 | 822 | 804 |
| Enterprise | |||||||||
| Billings p.q. in $€ \mathrm{~m}$ | 62.5 | 35.3 | 37.0 | 32.7 | 52.2 | 27.1 | 28.7 | 34.0 | 43.3 |
| Billings LTM in $€ \mathrm{~m}$ | 167.5 | 157.2 | 149.0 | 140.7 | 141.9 | 133.0 | 132.6 | 130.8 | 132.0 |
| Number of subscribers ${ }^{1}$ | 4,738 | 4,494 | 4,342 | 4,199 | 4,164 | 4,034 | 3,956 | 3,777 | 3,666 |
| ASP (LTM) in $€$ | 35,353 | 34,977 | 34,309 | 33,509 | 34,089 | 32,971 | 33,517 | 34,619 | 36,000 |
| Total | |||||||||
| Billings p.q. in $€ \mathrm{~m}$ | 212.8 | 154.1 | 158.3 | 174.5 | 200.8 | 149.8 | 150.6 | 176.8 | 190.6 |
| - Retained p.q. in $€ \mathrm{~m}$ | 195.9 | 139.1 | 139.2 | 155.2 | 179.6 | 135.4 | 135.9 | 161.4 | 174.8 |
| - New p.q. in $€ \mathrm{~m}$ | 15.2 | 14.0 | 17.5 | 18.5 | 19.4 | 14.2 | 13.9 | 14.7 | 14.3 |
| - Non-subscribers p.q. in $€ \mathrm{~m}$ | 1.6 | 1.0 | 1.6 | 0.9 | 1.8 | 0.3 | 0.8 | 0.6 | 1.5 |
| MYD with full upfront payment p.q. in $€ \mathrm{~m}$ | 22.3 | 17.4 | 17.4 | 9.4 | 20.9 | 15.9 | 14.7 | 16.2 | 20.9 |
| Billings LTM in $€ \mathrm{~m}$ | 699.7 | 687.8 | 683.5 | 675.7 | 678.0 | 667.7 | 662.5 | 648.1 | 634.8 |
| ARR in $€ \mathrm{~m}^{2}$ | 684.1 | 669.3 | 663.2 | 652.9 | 644.1 | 631.8 | 625.7 | 614.0 | 603.6 |
| Number of subscribers ${ }^{1}$ | 643,702 | 643,974 | 641,913 | 640,161 | 631,526 | 626,222 | 633,258 | 631,213 | 626,076 |
[^0]
[^0]: ${ }^{1} 2022$-2023 adjusted for discontinuation of business in Russia and Belarus.
${ }^{2}$ Annual Recurring Revenue calculation logic changed from previous quarters. Previous year's numbers have been re-calculated based on the new logic. Previously reported Annual Recurring Revenue (ARR) (in EUR m) based on Billings were as follows: Q4 2024: 689.1, Q3 2024: 672.6, Q2 2024: 667.0, Q1 2024: 656.9, Q4 2023: 649.5, Q3 2023: 632.5, Q2 2023: 626.2, Q1 2023: 613.6, Q4 2022: 602.5
Q4 2024: Reconciliation management metrics to IFRS
| Management view adjusted PAE ${ }^{1}$ | Change in deferred revenue ${ }^{2}$ | Management view Revenue adj. PAE ${ }^{1}$ | D\&A | Other non-IFRS adjustments | Accounting view IFRS PAE | |
|---|---|---|---|---|---|---|
| Billings / Revenue | 212.8 | (35.8) | 177.0 | 177.0 | ||
| Cost of Goods Sold (COGS) | (14.7) | (14.7) | (3.0) | (0.2) | (17.9) | |
| Gross profit contribution | 198.1 | 162.2 | 159.0 | |||
| \% of Billings / Revenue | 93.1 \% | 91.7\% | 89.9 \% | |||
| Sales | (24.2) | (24.2) | (1.9) | (2.8) | (28.9) | |
| Marketing | (25.3) | (25.3) | (0.9) | (0.5) | (26.7) | |
| R\&D | (16.4) | (16.4) | (2.0) | (1.6) | (20.0) | |
| G\&A | (11.0) | (11.0) | (0.7) | (4.8) | (16.5) | |
| Other ${ }^{3}$ | (2.3) | (2.3) | 0.0 | (7.9) | (10.2) | |
| Adj. EBITDA | 118.8 | 83.0 | ||||
| \% of Billings / Revenue | 55.8 \% | 46.9 \% | ||||
| D\&A (ordinary only) ${ }^{4}$ | (7.0) | (7.0) | ||||
| Adj. EBIT / Operating profit (EBIT) | 111.9 | (35.8) | 76.0 | $(1.6)^{5}$ | (17.8) | 56.7 |
| \% of Billings / Revenue | 52.6 \% | 43.0 \% | 32.0 \% | |||
| D\&A (total) ${ }^{4+6}$ | 8.5 | |||||
| EBITDA | 65.2 | |||||
| \% of Billings / Revenue | 36.9 \% |
[^0]
[^0]: ${ }^{1}$ Margins and percentages of billings in adjusted view and IFRS revenue ${ }^{2}$ included change in undue billings
${ }^{3}$ incl. other income/expenses and bad debt expenses of $€ 3.7 \mathrm{~m}$
${ }^{4}$ D\&A excl. amortization intangible assets from PPA
${ }^{5}$ Amortization intangible assets from PPA
FY 2024: Reconciliation management metrics to IFRS
| Cm | Management view adjusted PAL ${ }^{1}$ | Change in deferred revenue ${ }^{2}$ | Management view Revenue adj. PAL ${ }^{1}$ | D\&A | Other non-IFRS adjustments | Accounting view IFRS PAL |
|---|---|---|---|---|---|---|
| Billings / Revenue | 699.7 | (28.3) | 671.4 | 671.4 | ||
| Cost of Goods Sold (COGS) | (54.6) | (54.6) | (24.5) | (1.8) | (80.8) | |
| Gross profit contribution | 645.1 | 616.8 | 590.6 | |||
| \% of Billings / Revenue | 92.2 \% | 91.9 \% | 88.0 \% | |||
| Sales | (97.5) | (97.5) | (7.6) | (8.7) | (113.8) | |
| Marketing | (114.6) | (114.6) | (3.4) | (1.6) | (119.6) | |
| R\&D | (65.9) | (65.9) | (7.9) | (6.1) | (79.9) | |
| G\&A | (36.2) | (36.2) | (2.8) | (11.9) | (50.9) | |
| Other ${ }^{3}$ | (6.0) | (6.0) | 0.0 | (14.0) | (20.0) | |
| Adj. EBITDA | 325.0 | 296.7 | ||||
| \% of Billings / Revenue | 46.4 \% | 44.2 \% | ||||
| D\&A (ordinary only) ${ }^{4}$ | (27.6) | (27.6) | ||||
| Adj. EBIT / Operating profit (EBIT) | 297.4 | (28.3) | 269.1 | $(18.6)^{5}$ | (44.1) | 206.4 |
| \% of Billings / Revenue | 42.5 \% | 40.1 \% | 30.7 \% | |||
| D\&A (total) ${ }^{4+6}$ | 46.2 | |||||
| EBITDA | 252.6 | |||||
| \% of Billings / Revenue | 37.6 \% |
[^0]
[^0]: ${ }^{1}$ Margins and percentages of billings in adjusted view and IFRS revenue ${ }^{2}$ included change in undue billings
${ }^{3}$ incl. other income/expenses and bad debt expenses of $€ 11.8 \mathrm{~m}$
${ }^{4}$ D\&A excl. amortization intangible assets from PPA
${ }^{5}$ Amortization intangible assets from PPA
Non-IFRS adjustments in EBITDA
| Cm | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Total IFRS 2 charges | (0.6) | (7.2) | (16.6) | (23.7) |
| TeamViewer LTIP | 0.4 | 0.4 | 0.9 | $(0.9)$ |
| RSU/PSU ${ }^{1}$ | (4.2) | (3.7) | (15.4) | (15.5) |
| M\&A related share-based compensation | 0.0 | 0.0 | 0.0 | (3.3) |
| Share-based compensation by TLO ${ }^{2}$ | 3.2 | (3.9) | (2.1) | (3.9) |
| Other material items | (9.2) | (4.5) | (13.5) | (9.4) |
| Financing, M\&A, transaction-related | (4.0) | 0.7 | (4.0) | (1.0) |
| ReMax | 0.0 | 0.0 | 0.0 | (0.1) |
| Other | (5.2) | (5.2) | (9.6) | (8.3) |
| Valuation effects | (8.0) | 4.4 | (14.0) | (5.5) |
| Total | (17.8) | (7.3) | (44.1) | (38.6) |
[^0]Total Non-IFRS adjustments in FY 2024 increased largely due to valuation effects from fair value changes of EUR/USD hedges
[^0]: ${ }^{1}$ Refers to the Restricted Stock Unit Plan (RSU) und Phantom Stock Unit Plan (PSU) introduced by TeamViewer in 2022.
${ }^{2}$ Pre-IPO management incentive program provided by Tiger LuxOne S.à r.l.
Share Count Development since IPO
[^0]
[^0]: ${ }^{1}$ Including 95,306 shares already bought back but still held on trading accounts of executing bank per 29 December 2023
Annual Contract Value (Billings based)
Financial Statements
Profit \& Loss Statement
| \& thousand | Q4,2024 | Q4,2023 | $\Delta \%$ | FY,2024 | FY,2023 | $\Delta \%$ |
|---|---|---|---|---|---|---|
| Revenue | 176,971 | 163,114 | 8\% | 671,422 | 626,689 | 7\% |
| Cost of Goods Sold (COGS) | (17,943) | (22,163) | $-19 \%$ | (80,834) | (81,743) | $-1 \%$ |
| Gross profit | 159,028 | 140,951 | 13\% | 590,588 | 544,946 | 8\% |
| Research and development | (19,994) | (21,752) | $-8 \%$ | (79,950) | (80,138) | 0\% |
| Marketing | (26,723) | (37,039) | $-28 \%$ | (119,600) | (138,699) | $-14 \%$ |
| Sales | (28,905) | (28,540) | 1\% | (113,763) | (106,691) | 7\% |
| General and administrative | (16,502) | (14,861) | 11\% | (50,915) | (49,381) | 3\% |
| Bad debt expenses | (3,712) | (3,273) | 13\% | (11,757) | (8,506) | 38\% |
| Other income | 943 | 3,290 | $-71 \%$ | 2,478 | 8,537 | $-71 \%$ |
| Other expenses | (7,438) | 2,735 | n/a | (10,688) | (3,506) | 205\% |
| Operating Profit | 56,697 | 41,510 | 37\% | 206,393 | 166,562 | 24\% |
| Finance income | 178 | 567 | $-69 \%$ | 853 | 1,373 | $-38 \%$ |
| Finance costs | (3,993) | (4,252) | $-6 \%$ | (17,496) | (16,389) | 7\% |
| Share of profit/(loss) of associates | 530 | (467) | $-213 \%$ | (2,379) | (467) | n/a |
| Foreign currency result | (1,807) | (852) | 112\% | (2,922) | (3,624) | $-19 \%$ |
| Profit before tax | 51,604 | 36,505 | 41\% | 184,450 | 147,455 | 25\% |
| Income taxes | (16,913) | (6,234) | 171\% | (61,369) | (33,440) | 84\% |
| Net income | 34,692 | 30,272 | 15\% | 123,081 | 114,015 | 8\% |
| Basic number of shares issued and outstanding | 156,851,078 | 168,024,755 | 160,245,321 | 172,140,196 | ||
| Basic earnings per share (in $€$ per share) | 0.22 | 0.18 | 23\% | 0.77 | 0.66 | 16\% |
| Diluted number of shares issued and outstanding | 158,456,904 | 169,125,651 | 162,061,330 | 172,980,453 | ||
| Diluted earnings per share (in $€$ per share) | 0.22 | 0.18 | 22\% | 0.76 | 0.66 | 15\% |
Balance Sheet - Assets
| C thousand | 31 December 2024 | 31 December 2025 |
|---|---|---|
| Non-current assets | ||
| Goodwill | 668,091 | 667,662 |
| Intangible assets | 149,006 | 175,736 |
| Property, plant and equipment | 41,457 | 43,261 |
| Financial assets | 5,412 | 11,866 |
| Investments in associates ${ }^{1}$ | 20,862 | 15,414 |
| Other assets | 22,440 | 19,530 |
| Deferred tax assets | 28,750 | 18,596 |
| Total non-current assets | 936,018 | 952,065 |
| Current assets | ||
| Trade receivables | 30,187 | 21,966 |
| Other assets | 39,221 | 52,366 |
| Tax assets | 257 | 2,892 |
| Financial assets | 9,394 | 9,423 |
| Cash and cash equivalents | 55,265 | 72,822 |
| Total current assets | 134,323 | 159,468 |
| Total assets | 1,070,341 | 1,111,533 |
[^0]
[^0]: ${ }^{1}$ Previously shown under financial assets.
Balance Sheet - Equity \& Liabilities
| E thousand | 31 December 2024 | 31 December 2023 |
|---|---|---|
| Equity | ||
| Issued capital | 170,000 | 174,000 |
| Capital reserve | 70,327 | 105,234 |
| (Accumulated losses)/retained earnings | 27,893 | $(95,188)$ |
| Hedge reserve | 5,822 | 929 |
| Foreign currency translation reserve | 4,653 | 1,614 |
| Treasury share reserve | $(178,211)$ | $(102,929)$ |
| Total equity attributable to shareholders of TeamViewer SE | 100,485 | 83,660 |
| Non-current liabilities | ||
| Provisions | 615 | 389 |
| Financial liabilities | 329,143 | 432,149 |
| Deferred revenue | 44,827 | 41,367 |
| Deferred and other liabilities | 1,488 | 2,486 |
| Other financial liabilities | 288 | 13 |
| Deferred tax liabilities | 45,540 | 39,693 |
| Total non-current liabilities | 421,902 | 516,098 |
| Current liabilities | ||
| Provisions | 10,184 | 9,503 |
| Financial liabilities | 115,490 | 97,274 |
| Trade payables | 15,840 | 8,016 |
| Deferred revenue | 336,390 | 314,797 |
| Deferred and other liabilities | 65,412 | 73,067 |
| Other financial liabilities | 1,817 | 8,125 |
| Tax liabilities | 2,822 | 993 |
| Total current liabilities | 547,954 | 511,775 |
| Total liabilities | 969,856 | 1,027,873 |
| Total equity and liabilities | 1,070,341 | 1,111,533 |
Cash Flow Statement
| E thousand | Q4 2024 | Q4 2023 | $\Delta \%$ | FY 2024 | FY 2023 | $\Delta \%$ |
|---|---|---|---|---|---|---|
| Profit before tax | 51,604 | 36,505 | $41 \%$ | 184,450 | 147,455 | $25 \%$ |
| Depreciation, amortization and impairment of non-current assets | 8,525 | 13,528 | $-37 \%$ | 46,169 | 55,358 | $-17 \%$ |
| Increase/(decrease) in provisions | 681 | (761) | $-189 \%$ | 907 | 349 | $160 \%$ |
| Non-operational foreign exchange (gains)/losses | (426) | 693 | $-162 \%$ | (440) | 758 | $-158 \%$ |
| Expenses for equity settled share-based compensation | 1,075 | 7,554 | $-86 \%$ | 16,808 | 21,842 | $-23 \%$ |
| Net financial costs | 3,286 | 4,153 | $-21 \%$ | 19,022 | 15,483 | $23 \%$ |
| Change in deferred revenue | 26,186 | 22,670 | $16 \%$ | 25,054 | 43,875 | $-43 \%$ |
| Changes in other net working capital and other | 9,758 | (5,527) | $-277 \%$ | 20,595 | (9,630) | n/a |
| Income taxes paid | (18,585) | (14,946) | $24 \%$ | (63,387) | (45,624) | $39 \%$ |
| Cash flows from operating activities | 82,104 | 63,869 | $29 \%$ | 249,178 | 229,865 | $8 \%$ |
| Payments for tangible and intangible assets | (1,143) | (1,025) | $12 \%$ | (5,373) | (5,607) | $-4 \%$ |
| Payments for financial assets | (1,890) | (13,843) | $-86 \%$ | (7,450) | (15,881) | $-53 \%$ |
| Payments for acquisitions | 0 | 0 | n/a | 0 | (8,073) | $-100 \%$ |
| Cash flows from investing activities | (3,033) | (14,868) | $-80 \%$ | (12,823) | (29,561) | $-57 \%$ |
Cash Flow Statement (continued)
| E thousand | Q4 2024 | Q4 2023 | $\Delta \%$ | FY 2024 | FY 2023 | $\Delta \%$ |
|---|---|---|---|---|---|---|
| Repayments of borrowings | $(20,000)$ | 0 | n/a | $(279,000)$ | $(100,000)$ | $179 \%$ |
| Proceeds from borrowings | 0 | 0 | n/a | 194,000 | 0 | n/a |
| Payments for the capital element of lease liabilities | $(5,206)$ | $(5,914)$ | $-12 \%$ | $(12,471)$ | $(11,079)$ | $13 \%$ |
| Interest paid on borrowings and lease liabilities | $(6,255)$ | $(2,537)$ | $147 \%$ | $(19,190)$ | $(14,409)$ | $33 \%$ |
| Purchase of treasury shares | $(17,592)$ | $(46,691)$ | $-62 \%$ | $(137,732)$ | $(161,902)$ | $-15 \%$ |
| Cash flows from financing activities | $(49,053)$ | $(55,142)$ | $-11 \%$ | $(254,393)$ | $(287,390)$ | $-11 \%$ |
| Net change in cash and cash equivalents | 30,018 | $(6,142)$ | n/a | $(18,039)$ | $(87,087)$ | $-79 \%$ |
| Net foreign exchange rate difference | 792 | $(927)$ | $-185 \%$ | 482 | $(1,088)$ | $-144 \%$ |
| Net change from cash risk provisioning | 0 | 0 | n/a | 0 | 0 | n/a |
| Cash and cash equivalents at beginning of period | 24,455 | 79,891 | $-69 \%$ | 72,822 | 160,997 | $-55 \%$ |
| Cash and cash equivalents at end of period | 55,265 | 72,822 | $-24 \%$ | 55,265 | 72,822 | $-24 \%$ |
Financial
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Annual Report
6 May 2025
Q1 2025 Results \& Analyst Call
28 May 2025
Annual General Meeting
29 July 2025
Q2/H1 2025 Results \& Analyst Call
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Q3 2025 Results \& Analyst Call