TeamViewer (TMV) Q4 2024 earnings summary

Executive summary

• Achieved 9% year-over-year revenue growth in FY 2024 (constant currency), exceeding guidance, with all regions contributing and Enterprise segment showing strong momentum.

• Enterprise revenue grew 38% year-over-year in Q4 and 24% for FY 2024, driven by large deals and high-value contracts.

• Adjusted EBITDA increased 14% year-over-year to €296.7m, with margin at 44% for FY 2024 and 47% in Q4, supported by cost discipline.

• Acquisition of 1E closed in January 2025, expanding digital employee experience capabilities; integration is underway and expected within 12 months.

• Pro forma FY 2025 guidance: revenue €778m–€797m, ARR €815m–€840m, adjusted EBITDA margin around 43%.

Financial highlights

• FY 2024 revenue: €671.4m (+9% constant currency), ARR: €684.1m (+7%), billings: €699.7m (+3%).

• Adjusted EBITDA: €296.7m (+14%), margin: 44%; adjusted EPS: €1.05 (+20%); net income: €123.1m (+8%).

• Levered free cash flow: €215.3m (+8%); cash conversion (FCFE/adjusted EBITDA): 73%.

• Q4 2024 revenue: €177m (+9% YoY); Q4 adjusted EBITDA margin: 47%.

• 1E delivered €73.4m ARR (+30%) and €68.6m revenue (+23%) with a 27% adjusted EBITDA margin.

Outlook and guidance

• FY 2025 pro forma guidance: ARR €815m–€840m (+7.5–10.8%), revenue €778m–€797m (+5.1–7.7%), adjusted EBITDA margin ~43%.

• Standalone 2025 revenue guidance: TeamViewer €697m–€712m, 1E €81m–€85m.

• Midterm targets: revenue €1,030m–€1,060m by 2028, Enterprise share above 40%, and adjusted EBITDA margin 44–45%.

• Net leverage ratio expected to decrease below 2.0x by end of 2026.

• FY 2025 SMB ARR: €550m–€565m; Enterprise ARR: €265m–€275m.