Q3 2024 TeamViewer SE Earnings Call Transcript
Key Points
- TeamViewer SE (TMVWF) reported a strong revenue growth of 8% in constant currency year over year, with positive contributions from all regions.
- The enterprise segment showed impressive revenue growth of 23% in constant currency year over year, reflecting strong momentum.
- The company achieved an outstanding adjusted EBITDA margin of 48%, supported by cost discipline and the scale back of the Manchester United Partnership.
- Net income increased significantly by 49% year over year, and adjusted earnings per share rose by 30%.
- TeamViewer SE (TMVWF) introduced annual recurring revenue (ARR) as a new metric, providing a clearer view of business performance and facilitating better growth assessment.
- The company anticipates a challenging trading environment in Q4, expecting low single-digit growth in billings due to tougher comparisons from the previous year.
- The SMB segment experienced a slight decline in billings by 2% year over year, attributed to lower multiyear deals and a reduced price increase compared to the previous year.
- Enterprise net retention rate (NRR) on ARR is below 100%, indicating room for improvement in retaining and expanding existing customer accounts.
- The macroeconomic environment remains challenging, with delays in customer decision-making impacting business operations.
- The company faces uncertainties in the market, including potential impacts from geopolitical events such as the US elections, which could affect future performance.
Good morning, ladies and gentlemen and welcome to team viewers Q3 2024 earnings call. I am Bisera Grubesic, head of Ir and today I am joined by our CEO Oliver and Co Michael. To present our results as per usual Oliver Oliver will run you through the quarterly business highlights. And in the second half, Michael will present the Q3 financials. The presentation will be concluded by a Q&A session.
Please note that you can find the important notice and the AP M disclosure on slide 2 and 3 of the presentation.
I would now like to take a few minutes to explain the introduction of AR R which we made this quarter as a leadings company. We today introduced annual recurring revenue at a group level and for our S&B and enterprise business.
This forward-looking AP offers a clear view of annually recurring revenue while eliminating multi noise from billings aligning with S Speers. This market standard metric facilitates better growth assessment and peer comparison and it provides a clear, predictable view on
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