![]() Before we then take a closer look at both the enterprise and SMB separately and in detail. First of all, I would like to give you an overview of how the two businesses have developed in 2021. And furthermore, our financial profile remains very strong with again lower leverage rate. At year end, we counted 627,000 subscribers, which is an increase of 7% compared to 2020, or roughly 43,000 more subscribers. This confirms our ability to retain the strong intake of customers, which we won from the COVID-19 pull forward demands in the previous year. At the same time, our subscriber churn rates further improved to 14% compared to 15.1% in 2020. ![]() And this leaves TeamViewer with an average net retention rate of 98% over the past 12 months, underlying our success in building lasting customer relationships. In addition, we increased our net retention rates in the fourth quarter significantly to 105% after a notable dip in the first half of 2021 with net retention rate of around mid-90s. At the end of ‘21, the enterprise business accounted for 17% of total billings. The enterprise business is now clearly a substantial growth engine of TeamViewer. With a growth rate of 75% and billings of almost EUR 100 million in the last 12 months. With a clear focus on cost containment, we were also able to maintain high profitability and to achieve margins ahead of our revised guidance. First of all, we increased total billings by 19% year-on-year to EUR 548 million with accelerating billings growth in the fourth quarter. At a glance, let me summarize some highlights of the fourth quarter and also the entire financial year. If we go to the next slide Q4 and the fiscal year 2021. Stefan will walk you through the details of this program in a moment. We revised our capital allocation and announced this morning a share buyback program of up to EUR 300 million or a maximum of 20 million shares which is equivalent to nearly 10% of our outstanding shares. Our strong development in 2021 combined with our highly attractive cash profile opens up venues for further value generation for our shareholders in the future. Finally, we made major progress on our improvement program ReMax which we will update you on later in more detail as well. We further improved our churn rate throughout the year and increase the ASP. In our SMB business, we successfully retained a significant part of the customers that we won during the pandemic. In addition, we initiated several new major strategic partnerships. We further strengthened and diversified our solutions portfolio, and at the same time, also our footprint in the United States. With the acquisition of Upskill and Viscopic, both leading players in the dynamic Augmented Reality industry. With record growth rates, our enterprise business has again proven to be a strong driver. And we will show you detailed overview of all those KPIs later in the presentation. Hence, we are pleased with the conclusion of the financial year as we fully delivered against our revised guidance and further strengthen the foundation for long-term profitable growth. And we remain committed to continue that path and also create value for our shareholders as demonstrated by our announcement this morning, and the progress we made in Q4. We have however, been working hard to address these. Before we dive into the fourth quarter and full year business update, I'd like to take a step back from our perspective 2021 was marked by several strategically important decisions which we made to foster TeamViewer future growth, but also have caught by a few challenges, which we clearly had to acknowledge. I will start with an update on our business followed by Stefan who will present our financials and as always, we will conclude today's close Q&A following the presentation. We are pleased to take you through the team, your fourth quarter and full year 2021 results. As always, we will conclude today’s call with the Q&A following the presentation.īefore we start, a little housekeeping exercise for today, I would like to remind you of the note on the forward-looking statements that you find on page two of the presentation. In a minute Oliver Steil, CEO of TeamViewer and Stefan Gaiser, our CFO will take you through the business and financial update with the 2021 highlights. Good morning and welcome to the TeamViewer Fourth Quarter and Full Year 2021 Results. ![]() May now I hand you over to Robert Hildebrandt from Investor Relations who will lead you through this conference. After the presentation, there will be an opportunity to ask questions. ![]() As a reminder, all participants will be in a listen-only mode. At our customers’ request, this conference will be recorded. Welcome to the conference call of TeamViewer AG. TeamViewer AG ( OTCPK:TMVWF) Q4 2021 Earnings Conference Call Febru3:00 AM ET
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