DGAP-News: TeamViewer AG releases financial update; billings ahead of 2019 guidance

TeamViewer AG releases financial update; billings ahead of 2019 guidance
 

- Q4 2019: Billings up 35% to EUR 101.4 million

- FY 2019: Billings up 41% to EUR 324.9 million

- Continued subscriber growth to more than 467,000 at year-end
 

Goeppingen, January 13, 2020 - According to preliminary figures, TeamViewer AG continued its growth path in the fourth quarter 2019. Q4 billings increased by 35% year-over-year to EUR 101.4 million (Q4 2018: EUR 75.3 million). For the full year 2019, billings were up 41% year-over-year at EUR 324.9 million (FY 2018: EUR 229.8 million) ahead of TeamViewer's billings guidance for 2019 at the higher end of a EUR 315-320 million range.

On a regional basis, AMS (North and South America) continued its strong growth in Q4 billings with 56% to EUR 32.9 million (Q4 2018: EUR 21.1 million) in the last quarter of 2019, followed by APAC (Asia and Pacific Countries) with 40% to EUR 9.9 million (Q4 2018: EUR 7.1 million) and EMEA (Europe, Middle East and Africa) with 24% to EUR 58.6 million (Q4 2018: EUR 47.1 million). For the full year, billings grew in AMS by 59% to EUR 109.8 million (FY 2018: EUR 69.2 million), followed by EMEA with 34% to EUR 174.0 million (FY 2018: EUR 129.5 million) and APAC with 32% to EUR 41.2 million (FY 2018: EUR 31.1 million).

Billings growth was driven by an expanding subscriber base of more than 467,000 paying subscribers at year-end (FY 2018: 271,000). TeamViewer's enterprise offering continues to show strong traction as the number of customers with an annual contract value (ACV) above EUR 10,000 increased to 698 (Q4 2018: 419) by the end of Q4 2019, up 67% year-over-year.

Cash EBITDA will be published with TeamViewer's full year results 2019 (unaudited) on February 10, 2020, and is expected to be in line with the previously released guidance.

Stefan Gaiser, CFO of TeamViewer, said: "The achieved billings underline the successful implementation of our strategic growth initiatives. We continue to deliver sustainable and profitable growth. The recent inclusion of our shares in the MDax and TecDax confirms that we have set the right course."

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About TeamViewer
As a leading global remote connectivity platform, TeamViewer empowers users to connect anyone, anything, anywhere, anytime. The company offers secure remote access, support, control and collaboration capabilities for online endpoints of any kind and supports businesses of all sizes to tap into their full digital potential. TeamViewer has been activated on more than 2 billion devices; up to 45 million devices are online concurrently. Founded in 2005 in Göppingen, Germany, the company employs around 800 people in offices across Europe, the US, and Asia Pacific. For more information, go to www.teamviewer.com and follow us on social media.

IMPORTANT NOTICE
Certain statements in this communication may constitute forward looking statements. These statements, including the financial information set out herein, are preliminary, unaudited, and 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 forward-looking statements as predictions of future events and we undertake no obligation to update or revise these statements. Our actual results may differ materially and adversely from any preliminary figures or other forward-looking statements discussed in these statements.

Alternative performance measures (APM)
This document contains certain alternative performance measures (collectively, APMs) including billings, EBITDA and Cash EBITDA that are not required by, or presented in accordance with, IFRS, German GAAP or any other generally accepted accounting principles. TeamViewer presents APMs because they are used by management in monitoring, evaluating and managing its business and management believes these measures provide an enhanced understanding of TeamViewer's underlying results and related trends. The definitions of the APMs may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should, therefore, not be considered in isolation or as a substitute for analysis of TeamViewer's operating results as reported under IFRS or German GAAP. APMs such as billings, EBITDA, Cash EBITDA are not measurements of TeamViewer's performance or liquidity under IFRS or German GAAP and should not be considered as alternatives to results for the period or any other performance measures derived in accordance with IFRS, German GAAP or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.

TeamViewer has defined each of the following APMs as follows:
"Billings" represent revenue adjusted for change in deferred revenue p/l effective;
"EBITDA" means operating (loss)/profit before depreciation and amortisation;
"Cash EBITDA" means EBITDA adjusted for specific non-recurring items, change in deferred revenue p/l effective.