- WKN: A2YN90
- ISIN: DE000A2YN900
- Land: Deutschland
Nachricht vom 10.02.2020 | 07:00
TeamViewer AG delivers strong results in 2019
DGAP-News: TeamViewer AG
/ Key word(s): Preliminary Results/Annual Results
Preliminary Q4 & Full-Year 2019 Results
TeamViewer delivers strong results in 2019
- Billings up 41% to EUR 324.9m, exceeding FY guidance
- Adjusted EBITDA of EUR 182.1m, Adjusted EBITDA margin increases to 56%
- High free cashflow generation with 94% cash conversion rate
- Subscriber growth to more than 464,000 at year-end 2019
- Outlook for 2020: Billings to increase to between EUR 430m and EUR 440m
Full-year revenue grew by 51% to EUR 390.2m (FY 2018: EUR 258.2m) and EBITDA increased by 38% to EUR 189.5m (FY 2018: EUR 137.2m).
Oliver Steil, CEO of TeamViewer, said: "2019 was a very successful year in TeamViewer's history: in September we went public and already in December we joined the MDAX family. This year we will continue to execute at full speed on our growth strategy by expanding use cases, customer segments and global reach".
Stefan Gaiser, CFO of TeamViewer, said: "We are very pleased with the 2019 results. TeamViewer's billings were ahead of our ambitious plans and we continued to de-lever the business. After a good start in 2020, we are confident that we keep our strong business momentum and write the next chapter of our success story".
All stated figures are preliminary and unaudited. TeamViewer intends to publish its annual report 2019, containing TeamViewer's audited consolidated financial statements as of and for the fiscal year ended December 31, 2019, on March 26, 2020.
Strategic growth initiatives
In 2019, TeamViewer expanded its subscriber base by 71% to more than 464,000 paying subscribers at year-end (FY 2018: 271,000) and delivered a net retention rate of 102%. This growth was driven by the company's continuous progress in implementing its three growth initiatives: increase the number of use cases, strengthen customer segment coverage, and expand the geographical footprint.
The accelerating traction of TeamViewer's enterprise offering showed in a 67% increase of customers with an annual contract value of EUR 10,000 or higher to 698 at year-end (Q4 2018: 419). At the same time, the company strengthened the coverage of the SoHo (small office and home office) space by rolling out TeamViewer Remote Access.
In close cooperation with its innovative customers, TeamViewer continues to expand the use cases built on its global connectivity platform. With the recent release of TeamViewer Pilot 2.0, this Augmented Reality (AR) solution for live in-field guidance by remote experts now supports Android devices as well as headsets and smart glasses.
TeamViewer further intensified its activities in offices across major growth regions to drive international expansion. Globally the number of full-time employees increased by 29% to 841 in 2019 (year-end 2018: 652) mainly due to a significant expansion in Sales staff in all regions as well as more than 40 R&D hires in EMEA. As a result, overall headcount in the APAC region doubled and the company substantially expanded its workforce both in Germany and the rest of Europe.
In the fourth quarter, TeamViewer started to build an R&D hub in the city of Ioannina, Greece. With this step, the company is strengthening its innovation and development capacity to further expand TeamViewer's platform and enable new innovative applications for its users. As the home of several universities and other technology companies, Ioannina has a large number of well-educated graduates and software engineers facilitating the company's plan to significantly increase its R&D staff in Ioannina by the end of 2020.
In December 2019, TeamViewer was included in the German MDAX and TecDAX indices. The inclusion in the indices a few months after the IPO underlines the successful implementation of the company's strategy and reflects its increasing relevance as a high-growth, high-profit German listed technology investment.
Billings and Adjusted EBITDA
Billings for the full year 2019 were up 41% at EUR 324.9m (FY 2018: EUR 229.8m) with the largest increase in AMERICAS (North and South America), followed by EMEA (Europe, Middle East and Africa) and APAC (Asia and Pacific Countries). In the fourth quarter, billings increased by 34% year-over-year to EUR 100.6m (Q4 2018: EUR 75.3m).
In 2019, TeamViewer invested substantially in its sales and marketing operations as well as its research and development. However, due to its efficient customer acquisition model, costs grew slower than billings, resulting in a 3.5-percentage point Adjusted EBITDA margin increase to 56% compared to full year 2018.
Adjusted EBITDA for the full year was up 51% at EUR 182.1m (FY 2018: EUR 120.6m). In the fourth quarter, it grew by 46% year-over-year to EUR 62.6m (Q4 2018: EUR 42.9m).
Adjusted EBITDA is a useful metric for evaluating TeamViewer's performance as it facilitates comparisons of core operating results from period to period by removing the impact of changes in deferred revenue and other material items that are not reflective of the operating performance of the business. The definition of Adjusted EBITDA corresponds exactly to the definition of Cash EBITDA, which was disclosed historically.
Revenue and EBITDA
Revenue for the full year grew by 51% to EUR 390.2m (FY 2018: EUR 258.2m). In the fourth quarter, revenue increased by 29% year-over-year to EUR 106.9m (Q4 2018: EUR 83.1m).
In 2019, revenue were EUR 65.2m higher than billings due to the significant release of deferred perpetual license revenue. As the transition to subscription was fully completed in 2018 and the vast majority of perpetual revenue is recognized by year-end 2020, the effect will reverse, and billings will therefore marginally exceed revenue from 2020.
EBITDA for the full year increased by 38% to 189.5 EUR (FY 2018: EUR 137.2m). In the fourth quarter, EBITDA grew by 16% year-over-year to EUR 54.1m (Q4 2018: EUR 46.5m). Profit for the full year amounted to EUR 110.9m, compared to EUR (12.4)m in the prior year period. In the fourth quarter, profit was EUR 51.6m (Q4 2018: EUR (12.5)m).
TeamViewer's leverage ratio improved to 3.0x by the end of 2019. Net financial debt decreased following a debt-to-equity-swap which was implemented prior to its initial public offering. Additionally, TeamViewer was highly cash generative during the year as the company managed to substantially grow its Adjusted EBITDA while maintaining a stellar cash conversion rate. TeamViewer will continue to deleverage while retaining full flexibility to pursue further growth initiatives and potential technology-focused M&A.
TeamViewer expects to keep up its strong business momentum. On that basis, the company provides the following outlook for the fiscal year 2020:
- Billings are expected to be in a range of EUR 430m to EUR 440m.
- Revenue is expected to be in a range of EUR 420m to EUR 430m.
- Adjusted EBITDA is expected to be in a range of EUR 240m to EUR 250m.
- Capital expenditure is expected to reach around EUR 25m (mainly due to new headquarter and new ERP system)
Göppingen, February 10, 2020
TeamViewer has defined each of the following APMs as follows:
TeamViewer has defined these operational metrics and other financial measures for information purposes as follows:
"Net retention rate" means annual recurring billings in the period considered less gross value churn plus billings from upselling and cross-selling, including foreign exchange effects and expiring discounts, as a percentage of annual recurring billings in the previous the period considered;
"Cash conversion" or "cash conversion rate" means the ratio of free cash flow (pre-tax) to Adjusted EBITDA, represented as a percentage of Adjusted EBITDA;
"Free cash flow (pre-tax)" means Adjusted EBITDA less capital expenditure and adjusted for change in other net working capital;
"Other Net working capital" consists of the following balance sheet positions from the operating activities: trade receivables, trade payables, other current assets, other current liabilities and accruals (excl. deferred revenues); and
"Leverage" means the ratio of net financial debt (sum of interest-bearing loans and borrowings, current and non-current, less cash and cash equivalents) to Adjusted EBITDA.
Consolidated Profit & Loss Statement
Consolidated Balance Sheet
Consolidated Balance Sheet (cont'd)
Consolidated Cash Flow Statement
Interview im Fokus
Mountain Alliance: „Großer Digitalisierungsschub“
Furioses Börsendebüt für den Datenbankspezialisten Exasol. Einer der Profiteure: Die Münchner Beteiligungsgesellschaft Mountain Alliance AG (MA, ISIN DE000A12UK08), die auch nach einem Teilexit noch rund 2% an Exasol hält. Aktuell notiert die MA-Aktie rund 30 % unter dem NAV. Financial.de sprach mit MA-CEO Daniel Wild über die stärksten Digitalisierungstrends, die kritische Größe von 100 Mio. Euro Börsenwert, den neuen Investor und weitere Aktienkäufe.
Aves One AG: Kursziel 13,60 €
Die Aves One AG ist auch in der Corona-Krise als Bestandshalter von langlebigen Logistik-Assets mit langfristigen Mietverträgen gut aufgestellt. Das Unternehmen hat als Guidance einen Umsatz und ein EBITDA mindestens auf Vorjahresniveau verkündet. Unseres Erachtens sollte dies auch ohne Zukäufe gut machbar sein, da die im abgelaufenen Geschäftsjahr 2019 erworbenen Assets bereits zu einer höheren Umsatzbasis führen sollten. Auf Basis unseres DCF-Modells haben wir ein Kursziel in Höhe von 13,60 € ermittelt und vergeben ein KAUFEN-Rating.
Der AKTIONÄR News
03. Juni 07:47 Evotec: Neuer Großauftrag – Aktie nimmt wieder Fahrt auf
03. Juni 07:15 Fast 140 Prozent mit Deutscher Bank in vier Wochen
Original-Research: GBC Insider Focus Index (von GBC AG): GBC Insider Focus Index
03. Juni 2020