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Good morning and welcome to TeamViewer's Q1 2022 earnings call. I'm Michael Lönne for Investor Relations and I'm joined by TeamViewer CEO Oliver Stahl and CFO Stefan Geiser. They will now present our business and financial update for the first quarter of 2022. As always, the presentation will be concluded by Q&A. Please pay attention to the note regarding forward-looking statements on page two. Oliver, over to you.

Thank you, Michael. Good morning and thank you for joining. We are pleased to take you through TeamViewer's Q1 2022 results. I will start with an update on our business, followed by Stefan, who will provide you with a detailed look at our financials. As always, we will conclude today's call with a Q&A and are looking forward to your questions. Before we dive into the business update, I would like to point out some highlights of the first quarter. We believe we had a robust start into 2022. Our company continued to grow and simultaneously increased profitability. Our profitable growth was driven by both segments, enterprise and SMB. In simple terms, in both segments, billings are up, revenues are up, ASPs and ACVs are up, and at the same time, costs are down. These positive developments translated into a number of key figures shown on this slide. We increased our total Q1 billings by 12% year-on-year to now 163.5 million. Our adjusted EBDA margin stood at 51%, which is an increase of 7 percentage points compared to the previous quarter and above expectations. Despite a normalizing working environment post-COVID and overall economic uncertainties, we managed to retain substantial pandemic cohorts, resulting in a total net retention rate of 101% in the first quarter. Our SMB business grew by 4%. Its higher quality tiers grew significantly stronger with 15%, but this growth on the other side was countered by a decline in the entry segment, which remains competitive. Enterprise continued to gain momentum with the first quarter billings growth of 51% year on year. This was driven by intake of new customers, a strong continuously improving net retention rate, and rising ASPs and ACVs. Continued product innovations and our high-profile strategic partnerships further supported this trend. Enterprise in the first quarter accounted for 22% of total billings now, illustrating the ongoing mix shift within our business, meaning the fact that our business continues to lean more towards sticky enterprise business. Our essentially flat subscriber development in Q1 is not really representative anymore. It looks broadly flat, whilst in fact we have a strong development in the higher value tiers of that business and a decrease in the entry businesses. which accounts for roughly 20% of our billings, but 50% of subscribers. Therefore, there's an increasing trend towards the decoupling between the subscriber and billings growth, which continued in the first quarter. Stefan will talk you through this in much more detail during the presentation. Finally, our liquidity remained solid with a net leverage ratio of 1.8 at the end of the first quarter. If you continue and look at the regional performance, First, the Americas, our second largest regional market, posted the strongest increase in billings on a year-on-year basis. Here we achieved an increase of 18% to 53.1 million, which was also supported by FX Tailwind. That being said, we see very strong reception and growth rates in our enterprise business in the Americas. In absolute terms, EMEA is still our largest regional market, and in the first quarter we recorded billings of 93.8 million. This is an increase of 8% in comparison with the first quarter 2021. EMEA overall was a bit softer than we would like it to be. We did not experience any major deal slippages, but overall customer tonality was a bit more cautious compared to the fourth quarter. As you know, we've been putting a focus on the APEC region for some time since we consider it a key growth region. With strong billings growth of 11% to 16.6 million year on year, confirm that we are on the right track with our updated strategy there. As mentioned last quarter, we appointed Sojung Lee as president APEC in December. Sojung and I recently celebrated the opening of our Singapore office, because working from there, our new APEC leadership team is already showing very promising progress in building strategic alliances in the region, which is a core initiative of our revised APEC strategy. At the same time, we launched a new regional office in Adelaide to further strengthen TeamViewer's footprint in the strategically important region of Australia and New Zealand. And most recently, we welcomed Helen Lee as new Country Manager, Head of Sales for South Korea, who joined us from IBM. Helen will be responsible for growing TeamViewer's presence in the Korean market. increasing brand awareness as well as establishing a strong ecosystem with strategic partnerships and alliances. She is a seasoned IT specialist with over 30 years of experience and we are very pleased to have her on board. With our RE-MAX program, we have made further substantial progress since we last updated you. On all agenda items, we are either on track or over delivering in terms of execution. Therefore, we expect to successfully conclude Remax by the end of the second quarter. And let me run you through a few achievements since our last update. As mentioned, APEC development is well on track. We also intensely worked on a UI UX update for our TeamViewer core product, so modernization of the product that we expect to release in the second quarter. In EMEA, we adjusted our enterprise sales setup for greater efficiency and effectiveness. And looking at our organization, we've been able to add new faces in key positions. And as you will be aware, we have found a successor for Stefan. So the future setup of our management board has become very concrete with the announcement of Michael Wilkins as incoming CFO and Peter Turner as our new chief commercial officer. As already mentioned, we recently welcomed Helen Lee as new country manager and head of sales for South Korea. Our industry-leading position goes along hand-in-hand with cutting-edge security standards, and our new CISO, Robert Heist, brings valuable experience in threat intelligence and incident response from his past at German cybersecurity organization DCSO. Robert will drive our security agenda with our team of about 50 security and data protection experts. Now let me provide a bit of detail on our incoming CFO, Michael Wilkins, who will succeed Stefan from September on. Let me elaborate a bit on his background. Michael currently is Senior Vice President Group Controlling of Deutsche Telekom AG with over 30 years of experience in the telecoms industry. He has global responsibility for the financial steering of Deutsche Telekom's comprehensive portfolio and in addition leads the group's risk governance and reporting. Coming from Deutsche Telekom, he has deep understanding of subscription business models, as well as a strong commercial background after holding profit and loss and sales responsibility there. Michael also has a remarkable execution and cost discipline track record. Furthermore, he gained M&A experience, particularly during the T-Mobile US and Sprint merger. We are convinced that Michael is a great fit for TeamViewer. Stefan and Michael are, of course, working closely together already now to plan and ensure a smooth transition. In addition, we would like to organize a roadshow in the fourth quarter of this year to give you the chance to get to know Michael and understand the way he works and things. And then another appointment following the remarks. Future CFO, allow me to provide you with some information on our new future chief commercial officer, Peter Turner. We are delighted that after an intense search process, we found an experienced industry expert for our board. Peter Turner will start with his duties as a member of TeamViewer's executive board in mid-July this year, so relatively soon. He is an expert for growth companies, has established an impressive track record in the software industry. At TeamViewer, his focus will be on advancing the company's commercial strategy and on re-accelerating growth of our SMB business. And lastly, let me briefly touch on a different topic, security. Very important. BitSight, which is the leading cybersecurity ratings platform, has recently ranked TeamViewer as number one remote connectivity provider and among the top 5% most secure of the 75,000 global tech companies monitored. Great to see that our continuous investment in security pays off and that we clearly outperform all of our peers in the remote connectivity space. To further drive our leading position here, we've hired Robert Heiss, as mentioned, as CISO. And Robert leads our team of about 50 security and data protection experts. To add some background on our security measures, our system landscape is monitored by a 24x7 security operations center. We carry out regular penetration tests of TeamView's infrastructure, as well as our entire product portfolio. Moreover, we recently introduced the bug bounty program and we have been authorized as CVE numbering authority. The letter underlines our contribution to the global cybersecurity community in understanding and fixing software vulnerability. TeamViewer also engages continuously in fraud prevention and user security awareness campaign. With that, I will hand over to our CFO, Stefan, who will provide detailed update on our financials.

Thank you, Oliver. Hello, good morning also from my side. I'm on slide 11. Sorry, let me start with the financial highlight in terms of top-line profitability and cash flow. Total billings in Q1 increased 8% constant currencies and 12% including currency effects, mainly coming from the U.S. dollar strengthening. IFRS revenues grew 40% year-on-year to $134.5 million. To a large extent, this accelerated revenue growth compared to last year's single-digit growth is due to the completion of our shift to a pure subscription-based business model. So finally, it's really like for like. In terms of profitability, Q1 margin slightly exceeded our expectations by achieving an adjusted EBITDA margin of 51%. This development was driven by strong operating leverage and again underlines our outstanding profitability. Year-on-year, our margin was down 10 percentage points compared to Q1 last year. This is solely due to the fact that our marketing expenses from the marketing partnerships had not yet been factored in in Q1 2021. Our free cash flow accumulated to close to 22 million, down 13% year-on-year. Again, sole reasons here were the advance payments for the marketing partnerships at the beginning of the year. Those payments happened largely in Q1 and Q2 and very little in the second half. Let's move on to the next slide, total billings development. Take a closer look at our key growth indicator, billings. As said, we kicked off 2022 with double-digit billings growth in Q1, following numerous strong quarters in 2020 and 2021 that were driven by extraordinary COVID-related demand surges. On a year-on-year basis, we recorded, I'd say, solid overall billings growth of 12% in the first quarter, thus increasing total billings now to 163.5 million. Both the SMB and enterprise business contributed to our growth in Q1. The main drivers were again increased volumes and ASPs plus upselling into higher ACV markets within both segments and also up and cross-sell from SMB into enterprise, which is a key motion for the enterprise business. Let's take a look at the SMB billings growth. The left-hand chart shows that SMB billings growth was reported 4% in Q1 on a year-on-year basis. I think it's important to provide some additional explanations here as SMB growth was significantly affected by upselling smaller customers or customers with smaller ticket sizes and then transferring them into the enterprise market. In any quarter, upselling from SMB into enterprise plays an important role for the enterprise billings growth, also in Q1. And as a result, those contracts move into the enterprise market. On an overall basis, this is clearly a very positive development, as it confirms our consistent ability to convert so-called SMB accounts, which quite often are just large accounts with small ticket sizes, and then transforming them into larger enterprise customers. However, it also means that parts of enterprise growth happen to the detriment of the SMB growth rate. The implication of this upsell movement from SMB to enterprise is quite clear, and I think the chart on the right-hand side illustrates this effect nicely on an LTM basis. A year ago, S&P billings accounted for €428 million and increased over the last 12 months by €45 million or 10% to €473 million. However, €14 million of those billings increased was due to an expansion of contracts, which then basically exceeded the S&P threshold and thus were accounted for in the enterprise bucket. Therefore, the reported LTM S&B Billings growth is only 460 million, and hence only 7% growth, a delta of 3 percentage points between reported growth and underlying growth. Obviously, this is to the benefit of the reported enterprise business. I think it's important to be mindful that this is obviously at the expense of the S&B business, but that overall S&B continues to provide a very attractive funnel for our enterprise business. I think we already touched upon this effect in previous quarters, as well as at the CMT I think it's important to point it out again, as this is obviously also the case in Q1 2022. Enterprise Billings growth, just briefly here, year-on-year comparison, left-hand side, shows a strong growth momentum in Enterprise Billings. Enterprise growth up 19 percentage points from 32 to 51 compared to Q1 last year. Once again, a very strong performance, also partly driven by, again, converting SMB into Enterprise customers. I think it's testament to the accelerating mix shift towards Enterprise. Earlier, this billing's growth rate was lower when compared to more recent quarters. However, this reflects typical business seasonality. Q1 is not necessarily a strong enterprise quarter. Enterprise is typically very back-end loaded with strong year-end finishes, especially in Q4, as we've also seen last year. Let's move on to slide 13. Important to spend a few minutes on our SMB business and the different momentum there. The SMB business in Q1 accounts for 79% of total billings. We continue to see really good growth in the mid to higher ASP tiers within that segment. At the same time, however, there is continued competitive pressure in the low and entry segment, which includes many prosumers as well. The entry segment of our business accounts for more than 50% of our subscriber, but only drives less than 20% of our buildings now. In this segment, we had to record a decrease in buildings and subscribers, but that the other two segments with higher ACVs and ASPs continue to grow in both metrics, subscribers as well as billings. The left-hand chart with absolute LTM-SMB billings clearly shows how the two larger buckets in this segment drive SMB growth. The largest bucket here for ACVs between €1,500 and €10,000 increased by most, nearly 20%, compared to LTM a year ago. And as mentioned on the previous slide, this SMB bucket grew even stronger on a normalized basis due to the upselling in enterprise, which mostly happens in this segment. The chart on the right reinforces the statement with SMB absolute subscriber figures by ACV bucket. As you can see, subscribers in the mid and higher market years both increased by about a fifth year-on-year, only subscribers in the entry segment, which is ACV below €500, decreased. As this is currently still the largest of the three SMB tiers, total subscriber growth slowed down, therefore, from Q1 to this year's quarters. It's obviously now going forward increasingly important to focus on billing scrolls, not so much on subscriber growth. So the entry segment is clearly where we continue to see headwinds momentarily, given our suspension also of the free-to-pay campaigns, as well as the highly competitive market. I think as we move up the ladder to more high-quality contracts and customer requirements, we see very robust growth dynamics in those segments. Clearly, we plan to address the temp growth in the entry segment by reinstating free-to-paid monetization later during the year and also by significantly improving the prosumer appeal of our core connectivity product. Moving on to slide 14 with a few SMB KPIs. As you can see in the upper left-hand side, LTM bidding grew by 7% on a year-on-year basis. Clearly, the last quarter was again marked by successful upselling, continuing a trend that was already visible a year ago. The largest ACV bucket between €1,500 to €10,000 recorded the highest increase of four percentage points compared to Q1 2021, despite the fact of upselling into enterprise. This positive trend was also reflected in the continued increase of SMBs ASPs to now €74.5 in Q1. Subscriber churn rate in SMB on the lower left-hand side remains stable at 14%. Again, here at the SMB business, we continue to stick to providing churn rate for SMB versus NRR for the enterprise business because I think the churn rate is much more meaningful for the SMB than NRR. Finally, subscriber development slightly decreased compared to the previous quarter, but again, this development was to be expected. as we currently continue the suspension of the free to paid monetization campaigns, a decision we took in Q3 to strengthen our team, to strengthen our ecosystem. And again, I would like to reiterate this important point with respect to the quality subscriber figures. The net decrease in subscribers solely stems from the entry tiers, which account for less than 20% of overall billings. Nevertheless, we are clearly not satisfied with the current subscriber growth in that entry segment, and we are working on bringing back growth momentum. I think we are positive that the planned reboot of our free-to-pay campaign later this year will support subscriber growth. In addition, we are also working on improving the user experience as part of Project Remix. We made great progress there during the last few months, and also to generally advance the attractiveness for our SMB customers, for example, with an upcoming release of the key connectivity products. While we are preparing measures such as free-to-pay campaigns to re-accelerate growth, let me reiterate once again that subscriber growth is gradually becoming less important as a growth driver for TeamViewer because more than 50% of our subscribers only account for 20% of billings. And as I pointed out before, SMB continues to grow despite currently essentially flat subscriber numbers. I believe this growth is sustainable and driven by a continuous ASP increase and successful upselling, both into higher S&P tiers as well as into the enterprise segment. Therefore, we expect to see this decoupling between S&P subscribers and Billings growth to continue in the long run. I mentioned the ecosystem. Let's take a look at the numbers here on the next slide. As mentioned before, our goal is clearly to strengthen our ecosystem, and I think we succeeded in stabilizing it over the past quarters with now slight growth in Q1. Active devices increased by 4% to a monthly average of about 50 million in Q1. This growth, to a large extent, reflects the continued suspension of our free-to-pay campaigns for the sake of nurturing our ecosystem. And the increased number in active devices provides additional monetization potential for the eventual restart of our monetization campaigns later this year. At approximately 50 million global new installs per quarter, this metric is stable on a high level, Mild fluctuations reflect seasonality, which is due to a number of diverse effects, including, for example, also enterprise activation. And the slight decrease of new install in Q1 comes solely from APEC, which can partly be traced back to more restrictive measures from our side to inhibit unwanted behavior and ensure best-in-class platform hygiene. Let's take a look at the enterprise business on slide 16. In a nutshell, enterprise business continue to grow strongly and sustainable. Incub1 contributed already more than 20% or nearly 22% of total billings. Coming from an LTM perspective, the enterprise business grew 79% to 105 million euro compared to a year ago. Also, the ACV distribution is now even more biased to larger ticket sizes compared to a year ago. The largest two ACV buckets recorded additional growth, with ACVs exceeding the Euro 200,000 threshold, the biggest ACV bucket, and that bucket is already contributing more than a fifth to our enterprise billings. The top tier brackets means customers with ACVs in excess of 50k Euro already account for 50% of our LTM billings, so quite meaningful increase there. We also managed to increase the absolute number of enterprise customers substantially, and we added around 163 customers in the first quarter and therefore stood over 2,873 at the end of the quarter. Also worthwhile noting is our strong and continuously improving enterprise NRR, which now exceeded 115% in Q1. I think paired with consecutive double-digit billing growth, this is a strong proof for the resilience of our business model. as we are successfully managing economic uncertainties and the emergence of a post-COVID more normalized working environment. In addition to upselling SMB conversion and ACV expansion, clearly leveraging our leading AR solutions portfolio and our strategic partnerships also contributed to the strong enterprise growth. In Q1, for example, we further improved our enterprise AR platform frontline by developing the fully integrated AI add-on studio. We just announced that a few days ago. We are continuously expanding our AI offering, and I think this clearly underlines our strong position in providing relevant solutions in the so-called, if you want, industrial metaverse already today. In terms of strategic partnerships, we clearly continue our strong collaboration with industry frontrunners such as Microsoft, SAP, as well as Google Cloud. The latest integration here of TeamViewers or our augmented reality platform Frontline is now happening with the SAP extended warehouse management application. And this further bolsters our footprint and improves access and widens the access to even more enterprise customers across the world. On the back of this, we saw a good traction of joint sales motion with SAP, resulting in a few wins and in a very robust pipeline build. In this context, we will actually also be at the SAP Zephyr Conference in Orlando next week to meet our partners and talk about our AR integrations. Moving on to the next slide, taking a look at the overall business, starting on the left with Billings by Category. As already mentioned, Billings overall up 12%. Compared to the previous quarter, Billings growth was clearly more strongly driven by retained customers. I think this again shows that we successfully maintain and are able to extend business with our satisfied long-term customers is also a reflection of our successful ACV upselling and SMB to enterprise conversions, as mentioned before. I think simply put, TeamViewer continues to shift its focus towards customers with higher contract value. Our margin development, shown in the chart on the right-hand side, illustrates continuous improvement of our profitability. I think, as mentioned, this quarter's adjusted EBITDA margin of 51% slightly exceeded our own expectations. I think this clearly proves the effectiveness of the RE-MAX program and particularly the cost containment efforts, which are now fully implemented and effective ahead of time. Let's bear in mind that Q1 and Q4 are large billings quarters and hence also have higher EBITDA margins than Q2 and Q3. Moving on to slide 18. To provide more color on our major KPIs, I think this chart shows nicely the continuous improvement in core KPIs since Q3 2020, one just as we promised. I think we announced the action plan during the last CMD in November, and we are well on track in most of those metrics. Top line in terms of billings and revenues increased solidly each quarter, even despite missing free to pay monetization. Adjusted EBITDA shows clearly a healthy upward trend, reflecting also increasing profitability. And finally, total adjusted costs were substantially down compared to six months ago, driven by the effective cost containment efforts, lower marketing expenses, and normalized sponsoring payments. On slide 19, taking a look at new billings, as already said, Q1 again showed that we are successful in retaining customers, also reflected in the further increase of total NRR, also benefiting from FX tailwinds. On a quarterly basis, NIR stood at 101%. Pretty pleased with this result. On the right-hand side, you can see that new billings per quarter amounted to 16 million in Q1. This is a bit softer than expected, mainly driven by lower intakes, new customer intakes in the entry segment of the SMB business, and also reflecting the continued suspension of free-to-pay campaigns there, as well as seasonality in the enterprise business. Taking a look at our cost base, slide 20. This slide shows in more detail what I mentioned before. I think we've remained firmly on track to right-size our cost base and align top line and OPEX growth. On the left-hand side of the chart, you can see the year-on-year comparisons, and the right-hand side shows you the comparison with the preceding quarter Q4, which is probably more relevant here in this context. And the latter one clearly reflects the successful cost containment efforts. 94% cross-profit margins, slight improvement again, and remaining comfortably above 90% despite our strong push into enterprise. The increased marketing span from a year-on-year perspective reflected the sponsorship agreements. Marketing costs and brand positioning, as well as strategic investments in solutions, are now fully factored in. We will further build upon these achievements and continue to drive operational excellence. Moving on to cash flows, take a close look at our cash profile. We continue to enjoy very comfortable cash flow and cash conversion. Probably worthwhile to point out that we've been able to decrease our CapEx by more than two-thirds. Remember, that was always a bit elevated due to the headquarter movement and an ERP rollout. Since this is now behind us, actually, we were able to slash CapEx quite substantially. I think very successful metrics. And all in all, our level 3 cash flow slightly decreased, down 13% compared to Q1 prior year. This is solely due to the advance payments of our strategic marketing partnerships, which happened at the beginning of the year, Q1 and Q2, and very little in the second half of the year. And obviously, this cash flow added to the strong liquidity position, which brings me to the next slide. This waterfall chart, I think you can read on your own. Don't want to go through all of the line items. I think worthwhile point out that financial liabilities now stood at 458 million. Most of our financing is secured long term. We have a very solid financing structure with very little refinancing needs in the next two to three years. I think that's a good position to be in in this volatile environment. Net leverage moderately increased now to 1.8 times. Clearly important to give an update on the share buyback as well. As of last Friday, we have bought back a bit more than 30 million shares of the outstanding stock and roughly spent 185 million on this overall. And this represents about 62% of the target volume of around 300 million. And we expect the buyback to be completed well within this financial year. Now let me wrap up on slide 24 with the guidance. Clearly, our guidance for the full year as well as mid-term outlook, important to mention here, first and foremost, we remain on track to meet our full-year targets for buildings, revenue, and adjusted EBITDA margin. Obviously, visibility on the macroeconomic environment upon which our guidance ultimately rests has become less clear for the foreseeable future, but we are optimistic that the direct effects of the current economic uncertainties do not increase significantly any further. This leads me to an important point. We want to express that we are shocked and clearly deeply saddened by the horrific Russian attack on Ukraine and fully condemned this unlawful act of aggression. In doing so, I'm speaking for the entire team of your board and our entire team. And as a reaction, we have stopped our business activities in both Russia and Belarus. But spending all of those activities in Russia and Belarus is the only sensible decision, in our opinion, in light of the last couple of weeks. From a business perspective, this decision will have a negative impact on billings of approximately 1% going forward. And on a more mundane note, let me finish by saying that our conversion into a European stock corporation, which we announced earlier this year, is fully on track and will be voted upon at our AGM on the 17th of May. But clearly this SE conversion is will have no impact on our day-to-day business or any financials. I think this concludes our presentation. We'll open up for Q&A.