TeamViewer 'more than confident' in its 2024 forecast

TeamViewer SE

07/05/2024 06:00

May 7 (Reuters) - German software developer TeamViewer
 TMV.DE  on Tuesday posted first-quarter revenues that were
slightly below market expectations as customers signed fewer
multi-year deals but reiterated its 2024 forecast.
    Revenue in the quarter rose 7% from a year earlier to 161.7
million euros ($174.17 million), slightly below analysts'
forecast of 165.62 million euros, according to LSEG data.
    "We delivered growth in both revenue and adjusted EBITDA, a
notable success given a persistently demanding macroeconomic
climate," CFO Michael Wilkens said in a statement.
    TeamViewer's shares have declined since the end of the
COVID-19 pandemic, during which companies had used its remote
connectivity software for employees and customers working from
home.
    Billings for the quarter were 174.5 million euros, a 1%
decrease from last year, mainly driven by the lower contribution
from multi-year deals with full upfront payments.
    The company reiterated its 2024 forecast, expecting revenue
within a range of 660 to 685 million euros and adjusted EBITDA
margin of at least 43%, seeing savings from the end of the
company's sponsorship of Manchester United's  MANU.N  shirts. It
said their exit from the sponsorship deal should positively
affect margins in the second half of the year.
    "We are more than confident to fulfill our guidance for the
full year 2024," the company's CFO added.
    

($1 = 0.9284 euros)

 (Reporting by Eva Orsolya Papp in Gdansk, Editing by Michael
Erman)
 ((EvaOrsolya.Papp@thomsonreuters.com;))