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Good morning and welcome everyone to TeamViewer's Q1 2021 results call. Oliver Steyl, CEO, and Stefan Geiser, our CFO, will take you through our presentation with the highlights of an eventful first quarter and provide further details on the financials. As it has been announced from the presentation, there will be a Q&A session, as always, and we're looking forward to many of your questions. But before we start, I would like to remind you of the note on forward-looking statements that you can see on this page. of the presentation. Now, let me hand over to Oliver.

Thank you, Carsten. Good morning to all of you. Thanks for joining. Yeah, clearly, we believe Q1 was a very eventful, as Carsten said, but also very successful quarter. I think at the same time, we have delivered on a quarter which was a tough comp from last year when we had the extra demand from COVID. And at the same time, a lot was going on to prepare the ground for long-term growth in terms of marketing, solution development, M&A, and so forth. So I think I'd like to summarize first Q1 highlights. I think first of all, and very importantly, we were beating the tough first quarter comparatives of last year. We saw strong billings growth of 26% at constant currency. and 22% year-over-year reported growth beating the tough comps from last year. This is 146.6 million euro in billings, which is, of course, a new record in the company's history. Also, adjusted EBITDA is up by 22% year-on-year, now 90 million, and this is despite continuous investments In our business, we kept the EBTA margin virtually unchanged at more than 60% in the first quarter. At the same time, next to the operational work on customer retention and growth, we've progressed with some very relevant strategic initiatives, which we believe are very important for our long-term success and our long-term growth. So first of all, on the strategic achievements on the acquisitions, we believe that our integrations are really well on track. By now, I think due to the acquisitions with Upskill and Frontline, we have a very strong global footprint in the augmented reality space, namely augmented reality assisted workflows. I think we're one of the leaders in this space and keep investing there in order to grow that space significantly. And we also have integrated the main product from Xaleon, which we acquired at the beginning of the year. Only three months after the acquisition, we have integrated that product suite into a new product solution, which is called TeamViewer Engage, which is geared to assisted sales and assisted service in a co-browsing, co-chatting world that we see more and more. all GDPR compliant with highest data privacy standards. So a new functional area that we've moved into through the acquisition of Xaleon. So those on the acquisition side. The other big initiative is the marketing and brand building, which we wanted to do given that we now have a significantly broader solution portfolio. We've announced that we entered two landmark sports partnerships with Manchester United and the Mercedes racing teams in Formula 1 and Formula E. And we are currently preparing the official launch of both partnerships as well as the overall team setup to continuously make best use of those partnerships. There's a lot of activations that will go on in these partnerships. We have a significant amount of rights, media assets and player-slash-driver access that we can use because there's a lot of prep work going into these two partnerships that are due to be launched during the next month. In order to have even more leadership on the branding and marketing side, we have hired a new CMO, Lisa Agona. We have created a new management board position for this, which I think underlines the relevance of the marketing function going forward. Lisa will be driving the global brand building and also bring the sports partnerships to life together, of course, with her global teams, which we have in the different regions. We have added another senior enterprise software executive to our leadership team. Very importantly, enterprise is an important growth pillar for us. So we have a new President Americas, Patty Nagel, who just joined the senior leadership team. to accelerate the expansion into the enterprise segment, into the channel business as well, specifically in the Americas region, so North and South America. Overall, we invested a lot in our enterprise business. We now have over 2,000 enterprise customers, and we serve them with digitalization solutions really across the entire value chain. Few more highlights on Q1. Over the last 12 months, the subscriber growth base grew by 17% to now more than 600,000. Of course, this has to be seen in the context of the very significant subscriber additions during the first quarter 2020, driven at the time by the first wave of the global lockdown, so this compares to this subscriber growth. And I would say that the sales teams and the retention teams over the last months have really done a phenomenal job stays very close to the customer cohort that we gained last year, Q1, and we're really able to retain a good amount of the billings across all customer segments. We're very pleased with this development. Net retention rate, therefore, remained very solid at 100%, demonstrating, I think, the expansion potential within our subscriber base. Clearly, we had some subscribers downselling a little bit, reducing the amount of licenses, but at the same time we were able to compensate for this. And this even with a significant negative FX effect, so very pleased with this one. In addition, usual strong cash conversion and we've significantly strengthened our liquidity position with the 300 million promissory loan note. whose interest is linked to the ESG management score, which is compiled by Sustainalytics. We thereby embedded sustainability also into our funding optimization plan that has commenced last year, while further reducing, of course, our average cost of debt. So very good development there as well. Despite adding some net debt to the balance sheet, our net leverage came down slightly to 1.6 times adjusted EBITDA, compared to 1.7 times at the end of Q4 2020. So a lot was going on operationally, strategically, balance sheet optimization. So as Carsten said, very eventful and very successful first quarter of the year. If we continue, I'd like to take a closer look at the enterprise business because it's an important growth driver. I think you were always asking for disclosure on how this business developed. So we have a few more facts. During the first quarter, we have one additional 173 enterprise customers with an annual contract value of €10,000 or more. We're now serving more than 2,000 enterprise customers around the globe, which gives us a significant platform to drive use cases across the entire value chain and also to promote our expanded solution portfolio. across all industries. We have added further blue-chip customers in very attractive sectors, such as industrials, healthcare, life science, and also logistics. And we also have worked with existing clients to address more use cases, which ultimately drives ACV expansion in this segment, mostly by upgrading from the core license, so corporate, premium corporate, to our tensor product. or by extending the existing installations with our augmented reality products, Frontline and Pilot. Often, these installations start relatively small as proof of concept, but then if the customer is successful and happy, there's a very natural built-in growth path, which we also see happening. Overall LTM enterprise billings grew 90% year-on-year, now nearly 59 million euros by the end of the first quarter. And there has also been a notable shift towards larger customers, which I think shows the quality of the solution portfolio and the stickiness of customers. As you can see on this slide on the right in the pie chart, Portion of contracts now with an ACV above 50K is increasing, is now seven percentage points higher at 41%. And also the number of contracts with more than 200,000 euro has increased. That's clearly testament to the very successful up and cross-selling. So we see that movement of customers becoming more than 10,000 euro and then growing up over time. which I think is something we have been discussing since IPO, that this is our goal and it works actually very well. Just to give you another example, our most valuable customer now has an ACV of more than 1 million, which is a very, very significant improvement since the pre-IPO times. In pre-IPO, the biggest customer was around 300,000, if I remember correctly, but that was a single outlier. So I think these numbers show that our investments and the strategic growth initiatives to further increase the enterprise footprint really have paid off. And also clearly we are in the middle of some megatrends which help us in growing the business. Ultimately everything, the way we work is changing in all industries. Digitalization is on the rise and that's something which drives our demand more broadly. If we turn to the next page, you can see a selection of the deals that we have closed in the first quarter, coming from new as well as also existing subscribers. I think that's important. Again, we were able to print a good amount of larger, tenser, and also frontline tickets. Just a few examples. First on the list is the leading provider of mechanical and electronic security systems, more than 16,000 employees. They're using TeamViewer in different areas. Their goal was to implement the group-wide remote support solutions for more than 14,000 managed devices that is centrally managed. And that can also easily cope with their increasing capacity needs going forward. So they really wanted to have a scalable solution. TensorFlow Suite is what they chose, provided exactly that scalability plus also convince the client with its security features, and the seamless integration with Microsoft Intune. That's really a recurring theme. Security, scalability, integrations with other enterprise solutions, which help us win these businesses against competition. Clearly, with this rollout, I mean, this intensifies the relationship with a large customer, and it creates the stickiness that we go for and significant room for further upstairs in the future. Another large global player in the industrials has deployed a combination of tensor and pilots, and that's to address a variety of use cases. On the one hand, it was benefiting from the tensor integration with Salesforce. Again, the example of the integration with other software products. And with this product, so the tensor Salesforce integration, they are supporting all their internal sales agents running Salesforce. And then the other piece of the solution pilot is externally used to guide technicians in the field when maintaining electrical systems that their customers have installed, so to say. And as we already did with some of our other enterprise customers, we are in the process of testing a pilot integration into their own app as a white label solution. So more and more customers are rethinking the way they engage with their customers and they use part of our solutions integrated into their proprietary apps to be able to deliver remote services and remote connectivity. I think if you look at it, what clearly stands out today is the variety of industries that we can successfully penetrate with our sales reps. And as you can see, we've been winning customers across very attractive sectors, including also financial services now, where we have very high security standards. And our numerous integrations play a crucial role there, as I said before. And also, in some of the industries, for example, healthcare, life science, there is typically a large range of OTs, operations technology devices, that require super stable and high-performing connections. It's becoming more and more. and clearly in line with our strategy. Frontline augmented reality, as you can see, have shown very good traction. Of course, in areas like logistics, where, for example, Ubimax has been coming from, but also increasingly in other verticals, which is very nice proof that we are on the right strategy. I think augmented reality enabled workflows are really penetrating the enterprise world across industries and company sizes, and therefore we feel very strongly that we have acquired the right company and are betting on the right technology in the right area. I think we have a few even more specific examples. We continue. So one example is Mitsubishi Electric, the Central Eastern European Division of Mitsubishi. As you know, a worldwide leading manufacturer of electronic devices. They use TeamViewer Frontline to provide customer support for their industrial automation systems. These systems, for example, include devices such as industrial control systems, drives, robots, and the likes and the likes. They're using smart wearables or any other standard mobile device. And Mitsubishi customers can receive augmented reality powered remote guidance when troubleshooting the equipment or devices. they can have experts running, Mitsubishi experts running training sessions for their own people. So very interesting use case and a very good example of augmented reality enabled field support, installation support. For their customers, so for Mitsubishi's customers, this means faster training, clearly lower error rates and maximizing machine uptime. Needless to say, super important for manufacturers from food, aerospace, automotive industries that rely on business-critical factory equipment. So it reduces downtime, improves service quality, reduces number of errors, just a significant improvement of the overall customer service of these type of companies like Mitsubishi. The other example is Bühler Group. global manufacturer of process technology for the food, feed, mobility industries, more than 12,000 employees. They use our tensor suite for remote maintenance and commissioning of its machines. With secure and efficient remote access to its systems, Bühler can react quickly in the event of a malfunction, support its customer in real time, and thus provide production capacity worldwide for urgently needed foodstuff, for example. So, they actively manage the uptime of their machinery, machine and equipment for their customers. The company has the option of configuring and commissioning their system remotely. For example, when they do, in the case of geopolitical changes or so, or in crisis areas or during the current pandemic, where they can't travel, they can really run these commissionings, configurations completely remotely using our technology, which is clearly something which more and more companies go to. So by digitalizing their support processes, Bühler Group can actually fulfill supply agreements without interruption, ensure product cycles at customers in over 140 countries and thus contribute to the security of supply of a quarter of the world's population. And in addition to tensor for device connectivity, Müller also uses our augmented reality solution on smart glasses. They use it for knowledge transfer trainings on construction sites and in manufacturing. And of course, again, this reduces travel time and contributes more to sustainability and their sustainability footprint. Now before I hand over to Stefan, I also would like to spend a couple of minutes on exactly this topic, sustainability. It's a topic that is deeply rooted in our product DNA since day one and where we have set ourselves ambitious goals. So if we go to the next slide. As you can imagine, our solutions portfolio does not only drive our commercial success. It actually also represents really the basis for our strong commitment to sustainability and ESG when we connect people and when we connect devices worldwide and also actually free of charge for private use. And this has a very significant climate aspect clearly and therefore we have incorporated that into our sustainability agenda. So the most important point of course is Companies, people using our solutions, they reduce travel and that enables companies to limit their carbon footprint. That contributes to avoid 37 megatons of carbon emissions per year, which has been calculated by an independent research institute. So very, very significant reduction of carbon emissions if you move or if customers, companies move their processes to doing more remotely. So that's number one. So the very, very positive impact of our products everywhere where they're being used. That's why we drive this forward. Internally, we've also set goals to cut emission of our own operations by at least 50% until 2030. The latest, clearly, our own footprint is very, very small compared to the carbon footprint of many of our large customers. So the biggest lever is clearly to reduce help reduce the footprint of our customers internally linked to our data centers, but we're also working on this. Besides the environmental initiatives, we also foster a culture of diversity and equal opportunity, and I think this is reflected already in the workforce from 70 nationalities. A 34% female ratio, which is actually quite high for a German-based tech company, of course, should be better and should grow from here. but I think it's a good start if we compare to other companies in our peer group. Of course, we have gender pay equality, and I think this is also a reason why we've been able to attract and retain talent quite nicely over the last years. But, of course, we shouldn't stop there. We've given ourselves targets to promote diversity on all levels, really, and the leadership level is an important one We have 29% of women in management positions as well. We've given ourselves a target of 33% there and we're very well on track. We're actively promoting women for leadership roles internally and we have set up a broad leadership development program where we have an over-representation of women as well in order to really drive this from the top. And on the senior management level, we have made progress earlier than expected. Stefan and I are very happy that Lisa Agona has joined the management board as our new CMO in April. I think with her experience, she will play a crucial role in turning TeamView into a global tech brand and drive our marketing initiatives. And of course, last but not least, the supervisory board. We are fully aware that it doesn't end there, and the supervisory board is also involved. actively working on the diversity agenda. So I think our ambition level and achievements they get the attention of various ESG rating agencies which is a good thing and of course we can always improve and we should improve and we have a clear agenda to improve but we have already received some very favorable scores based on the disclosure we did and also with the increased level of disclosures with the annual report 2020 and now clearly defined goals, we do see further improvement potential in those ratings. So very successful steps forward on this front as well. So all in all, a very successful quarter, and Stefan is going to lead you through the financial results now in more detail.

Thank you, Oliver. Good morning, everyone, and a very warm welcome from my side as well. Now let's dive into our Q1 financials. On that slide, you can see 26% constant currency growth and 22% reported growth. Q1 2021 was clearly our best ever quarter, beating a very tough comp from last year. Of course, first quarter 2020 was fueled by a spike in demand during the first wave of the global lockdowns. And also, we didn't face the much weaker US dollar that we have today currently. So I think against this backdrop, delivering such a growth is actually a really great achievement by our sales and retention teams. And as Oliver already mentioned, we stayed very, very close to the March and April cohorts, engaging with them early on and thereby successfully retaining those subscribers. This is reflected in an unchanged subscriber churn rate compared to Q4 2020 and actually applies across the customer spectrum, including a significant amount of enterprise accounts, as you've seen from Oliver's slides, that churned to us last year to make a push in remote working and digitalization. The retained subscribers amount to 437,000 compared to 514,000 at Q1 2020, and thereby represents a subscriber churn of 15%, which is completely unchanged compared to Q4 2020. I think that's a really good result. As we anticipated, there has been, of course, some right-sizing and proper procurement procedures of corona-driven subscribers adapting to the new environment. On the other hand, We saw a very nice ACV expansion in the enterprise segment and a general shift of ACVs to 50k euro and more. I think on balance, we were clearly able to compensate the cross churn and the higher downsell with up and cross sell and therefore recorded a net retention rate of 100%, which includes significant negative FX headwinds as well. As the peak in this corona-driven extra demand largely occurred between mid-March and April 2020, some of that lapping even into May, with the exception of most APEC countries where it started earlier, the temporary headwind on our NRR will clearly continue into the second quarter, also reflecting this continued negative FX impacts and some pull-forward effects in Q1 to early on secure effective retention of our customs. And the positive impact from, sorry, therefore we expect the net retention rate to reach low in the first half of 2021, with upside thereafter when those negative impacts will fade out. And the positive impacts from selective price increases, as we talked about, will fully kick in in the second half of the fiscal year. Also, just a quick one, you should know that our net retention rate calculation is now based on reported billings so that you can fully reconcile the numbers and it's not based on billings net of payment defaults or bad debt anymore. I think that makes it easier for external readers as well. Turning to page 11, let's take a look at the regional highlights. The Americas and EMEA again led the pack with 28% and 27% constant currency billings, growth above last year's outstanding Q1 APEC has been a little slower in the first quarter let me talk about that but first to the Americas clearly America significant FX headwinds as we talked about but underlying growth was very healthy with good performance across all sales channels a bit of a softer start in Q1 following a very strong Q4 2020 finish but then the team really read it once again and produced another quarter of really strong winnings growth so kudos to the entire America sales team Also, with the upscale acquisition, we made a great step forward strategically. It significantly strengthens our U.S. footprint with additional offices across the U.S. and also expanding our enterprise customer base. I think, in particular, it's a strong boost to our enterprise OT business, providing potential to build pipeline and accelerate up and cross-sell in the augmented reality field going forward. And speaking about enterprise business and OT, we appointed a very experienced and proven enterprise software executive with Patricia Nagel, who is now at the helm of the Americas business, and she will drive our growth initiatives with a particular focus on larger enterprise deals and partnerships. Moving on to EMEA, yearly customer retention was the main focus overall, but especially in our European home turf, which benefited the most from the Corona extra demand in 2020. I'm super happy with what our sales retention teams have achieved. I think they stayed extremely close to the Corona cohort from last year. I think we had overall a really good grip on our churn rates and proactively worked with our customers to right-side subscriptions with intelligent packaging and thereby retaining our subscribers. And as you can see in the enterprise numbers all of us presented earlier, this resulted in an ACV expansion, moving customers from the below 50K to the above 50K marketplace. and also the above 200K deals grew nicely. Our largest deal is now significantly above €1 million, very significant upsell from this customer in Q1 2020. I think it's very pleasant to see and confirms our strategy to move into the enterprise space. Moving on to APEC, the dynamics in APEC remain pretty heterogeneous as we have many different countries with their own characteristics and momentum. While last year in Q1, EMEA in America saw a spike in demand only in March. APEC, of course, following the pandemic, experienced a corona impact for almost the entire quarter, obviously adding to a higher base effect in year-on-year growth for the APEC region. Japan saw that impact later in April and May. I think given our increased product portfolio, our enterprise sales team's expansions, they are now very well equipped to build a strong pipeline, and we also do see that. But at the same time, I think even more than in the other two regions, the brand building and a step up in marketing is required and should really help our group significantly to accelerate growth going forward. Turning on to page 12, our financials and cost structure. No major surprises there. GP margins remain comfortably above 90%. That's also what I expect for the full year. Clearly, infrastructure has proven to be very scalable and is frankly the key reason for our very stable and attractive GP margins. We talked a lot about our growth strategies in the past, comprising meaningful investments across all functions. Clearly over the last 12 months, we have grown our number of employees very substantially by more than 40%, with significant additions to Salesforce and R&D. Clearly, we continue to invest there, but we also mentioned at the time of the guidance for 2021 that we want to step up our marketing approach and better position and present our enlarged solution portfolio. And therefore, our discretionary marketing spend has significantly increased, as you can see from those numbers. So on one hand, we continued with all these investments, while on the other hand, we retained the adjusted EBITDA margin at very high levels. levels of 61% as we saw scale effects in G&A and some lower bad debt expenses compared to Q1 last year. And this high profitability as always is converted into very strong cash flows as you can see on the next slide. Net cash from operating activities is reported net cash is somewhat lower than last year solely due to higher tax payments completely in line with our plans. and because of an increase in net working capital. This increase was solely caused by the significant marketing partnerships repayments. So at the end of Q1, we made a significant prepayment here, which will then be expensed in starting Q2 and fully effective starting Q3 and Q4, as well as company bonus payments for 2020. So without those items, the change in trade net working capital was actually cash flow positive by more than a million. So our underlying levered free cash flow momentum remains very strong. Given lower capex, as we talked about, and significantly less interest paid for borrowings and lease liabilities, the impact on the levered free cash flow, which obviously excludes M&A, was less pronounced. And our cash conversion remained very high with 62% of EBITDA converted into levered free cash flow. On the next page, you can see that this free cash flow we generated was more than enough to fund our bold loan acquisitions, while at the same time also improving our cash position. As you might have heard or read during Q1, we also used the very attractive conditions in the debt markets and we continued our funding optimization program, which was already initiated last summer and therefore have successfully amended the syndicated loan facilities. In February, we raised 300 million by way of a widely distributed and ESG-linked promissory note, which was then complemented by a very attractive four-year, 100 million euro bilateral loan in March. If you add all of this together, those transactions, we have an average interest margin of 1.1%, and therefore have been able to reduce our cost of debt significantly even further. So we've raised roughly 400 million of debt in the last quarter. Around 50 million has been used to repay the drawn portion of the RCF. But with cash of 437 million at quarter end, we have a very comfortable liquidity position now, which we will use to execute in our growth plan or accelerate it if and when opportunity arises. So with those financings, we could not only lower our average cost significantly, but also smooth and extend that maturity profile, as is illustrated on the next page. As you can see, we have only very minor scheduled repayments in the next three years, and therefore we can deploy the cash for growth while also retaining the optionality to deliver. Leverage is now at 1.7 times, or it was at 1.7 times at the end of 2020. It's now down to 1.6 times. despite a small increase in the net financial debt. So for the time being we feel very comfortable with our cash position here and a net leverage of 1.5 to 2 times and clearly any form of cap returns is currently not on the agenda. So what does it all mean for the remainder of the year? Obviously we only have one quarter under our belt now but following this very strong first quarter beating the tough come from last year. We are confident that we will meet our ambitious targets and therefore confirm our 2020 outlook with reported billings in the range of 585 up to 605, assuming a US dollar of 120. Full year revenue should be in the range of 525 and 540 as a different revenue related to billings in Q1 will now be released during the remainder of the year and therefore the gap between revenue and billings will be less pronounced in the remaining quarters And in terms of profitability, we expect an adjusted EBITDA margin between 49 and 51 for the full facility. So with that, that concludes our presentation. And now we would hand over to Q&A.