Creating a world that
works better.

Creating a world that
works better.

Remove barriers to digital progress, bridge distances and reduce the carbon footprint

37m tonnes of CO2 avoided through use of TeamViewer solutions per year1
1 Source: DFGE – Institute for Energy, Ecology, Economy.

Enable people to connect and help each other

TeamViewer makes easy and free access to technology available to everyone

Digitalise business-critical processes along the value chain end to end and in all verticals

627k Customers rely on TeamViewer

Enable new business models and services

Numerous integrations with major software players, such as Microsoft, SAP, Salesforce

Provide a meaningful workplace with a strong company culture

~1,500 Employees with more than 70 nationalities

For shareholders: Creating value through long-term growth, attractive margins and cash generation


Using different devices from anywhere worldwide

Robotics &

Driving forward digitalisation

Reduction in
CO2 Emissions

Reducing travel through better connectivity

New Work
The Future of Work

Working securely and efficiently – at the office, at home, and remotely

Global Megatrends in Focus

Solutions for digitalisation along the value chain

»Since our IPO, we have developed enormously and are very well positioned strategically and in terms of our product portfolio.« (Oliver Steil, CEO)

Letter to the

Oliver Steil

Stefan Gaiser

Letter to the shareholders
Oliver Steil und Stefan Gaiser
Letter to the shareholders

Dear Shareholders,

The year 2021 was a year full of momentum, continuous advancement and change for us at TeamViewer. We set the strategic course for the company’s future, entered into landmark partnerships and further developed our product port folio while taking a leading position in the field of augmented reality software. We successfully expanded our enterprise business and strengthened our global presence and brand awareness – all in the midst of the ongoing global corona pandemic. Along with all of these key achievements, 2021 also held some setbacks. The trust we lost in the capi tal markets in 2021 will need to be regained in the new year. TeamViewer is a strong, highly profitable company with tremendous potential in a growing market – this is something we can build on. Since our IPO, we have developed enormously and are very well positioned strategically and in terms of our product portfolio. This gives us confidence in our future.

“Creating a world that works better”

COVID-19 has ended up accelerating several megatrends over the past two years. Among them, work-from-anywhere, an increased number of connected devices globally, automation, Industry 4.0, the digital transformation of all industries and, last but not least, the idea of sustainability – all of which are now more relevant than ever before. We see our comprehensive offering, which goes far beyond software for classic IT support, addressing the important issues of our time better than ever before.

We have made it our aim to offer software solutions that help “Creating a world that works better”, in private as well as professional environments. This motto gives us inspiration. We help other companies develop new business mo dels and services and digitalise their business-critical processes along the entire value chain – regardless of their size and industry.

We provide millions of private users the ability to remotely connect with the devices of their families and friends to solve problems together free of charge. TeamViewer stands for the democratisation of technology, for easy access to software, for digital participation and inclusion across any distance – all important aspects for our information society.

The use of TeamViewer solutions also greatly helps to reduce (business) travel and in turn CO2 emissions. Through this we are making an important contribution to a more sustainable world while helping our customers and users reduce their own CO2 footprints. Sustainability’s strong importance to us as a whole is also demonstrated by our c-a-r-e programme. Under this programme, we have accelerated our commitment to becoming climate-neutral no later than 2025 – five years earlier than originally planned. This target includes all upstream and downstream processes of our value creation. This is an ambitious goal and at the same time an important investment in a more sustainable future.

Scalable solutions for all steps of the value chain

To further evolve our solution portfolio, we continued to pursue our acquisition strategy from the prior year and at the beginning of 2021 acquired two very relevant AR provi ders: the US pioneer for augmented reality (AR), Upskill, and the Munich-based mixed reality specialist Viscopic. We already successfully integrated their technology into our enterprise AR platform Frontline. As a result, in just three years we have managed to take a leading global position in the field of AR solutions for the digitalisation of business processes. We are pleased to see this confirmed by renowned market research and analyst firms and major customers worldwide. Market leaders from all industries, including Ford, DHL and Airbus, are now using TeamViewer’s AR solutions to digitalise their processes in production, maintenance, logistics, quality assurance and after-sales. Our focus on augmented reality has also been the basis for entering into promising new partnerships with technology pioneers such as SAP or Google Cloud, which once again underlines our relevance in the global technology ecosystem. Joint sales and marketing activities, product development and technology inte gration make up essential components of these partner ships so that we can ensure we provide our joint customers extraordinary added value in the future.

Beyond the field of augmented reality, we entered another attractive growth area, customer engagement software, with the acquisition of the Austrian start-up Xaleon at the beginning of 2021. This acquisition complements our portfolio with offerings for the digitalisation of sales and customer service. The technology served as the basis for the development of TeamViewer Classroom, a new solution for modern, privacy-compliant online learning that is marketed as an alternative to face-to-face instruction at schools, universities and other educational institutions. We also had solid successes with our core connectivity technology in 2021 and continued to develop our remote access and remote support solutions. Together with customers such as Siemens Healthineers, we proved that simple, scalable, cross-device and secure connectivity is fundamentally essential for a number of different remote services. It also supports the further evolution of business models in healthcare, manufacturing, production, and many other sectors.

In 2021, we decided to follow the successful examples of other larger technology companies to position the TeamViewer brand more prominently worldwide. We are convinced that higher brand awareness and the credibility that comes with it play an essential role in the purchasing decisions of our customers at all levels and therefore represents an important foundation to further growth going forward. This is the rationale behind our decision to enter into partnerships with two of the most successful sports teams in the world: the Manchester United Football Club and the Mercedes-AMG Petronas Formula 1 and Mercedes-EQ Formula E Teams. Both partnerships were launched in the middle of the year and have generated global attention, buzz and media value – metrics that we will use regularly to measure the success of the sponsorship. The collaboration goes far beyond logo placements on jerseys and race cars and includes extensive brand activation measures from classic advertising and social media to hospitality and events. Especially important to us however is the techno logy partnership where we can support both sports partners with our solutions to their respective challenges. These use cases can also in turn be translated to other industries, thereby bridging the gap between global branding and the operating business.

The overriding goal: stay on track

Those who want to evolve and progress need to be able to handle setbacks. It is important to quickly identify unde sirable developments and take responsive action. We did this last year with our full determination. During the year, we had to recognise that our growth fell short of our own expectations. The reasons for this were complex. One was the strong pull-forward effects in the area of remote work in 2020, when companies worldwide were taken by surprise by the pandemic. This led to a larger adjustment in the purchased volumes of remote connectivity in the 2021 contract renewals and at the same time increased competition within the entry level of this segment. In addition, with the corona restrictions in place, we were not sufficiently successful in integrating the 477 new hires in 2021, physically matching them with experienced team members and acce lerating their learning curve. All this meant that we had to correct our ambitious targets set at the beginning of the year, which resulted in extremely disappointing share price performance in 2021.

At our Capital Markets Day in November, we made a detailed presentation of our plans to better execute our growth ini tiatives and optimise our cost structure. A strong fourth quarter has already shown that these measures are taking effect. We closed full-year 2021 with around EUR 548 million in billings, corresponding to growth of 19 % compared to the extremely strong prior year, which was marked by corona-related pull-forward effects. With this result, we reached the upper half of the billings forecast range adjusted at the beginning of October. The main growth driver for the full year was the Enterprise business. The adjusted EBITDA margin in 2021 amounted to 47 %.

Growth plans for 2022

We have defined the targets for the 2022 fiscal year based on our achievements in 2021. We expect billings in the range of EUR 630 to 650 million and an adjusted EBITDA margin of between 45 and 47 %. However, the most impor-tant goal for us this year is to regain the confidence of the capital markets in our growth initiatives and our ability to effectively execute on our strategy. We want to continue TeamViewer's sustainable path to success in dialogue with you, dear shareholders. This includes making changes to our capital structure. Against the backdrop of our strong, long-term secured financing structure and continued high cash flow, we are aiming to achieve a sustainable leverage ratio of approximately 1.5x adjusted EBITDA by the end of the year. In accomplishing this, we have launched a share buyback programme of up to EUR 300 million or nearly 10 % of total shares outstanding. We have done this to ensure that our shareholders participate more directly in TeamViewer's success.

TeamViewer is a solid, promising company in an attractive and growing market. Our unique financial profile illustrates that strong growth, along with above-average margins and high cash generation, can go hand in hand. We are working every day to expand our leading position with new products, partnerships and further growth initiatives, thereby securing our long-term competitiveness.

We would like to take this opportunity to sincerely thank our workforce. In a challenging year, our approximately 1,500 employees around the world did everything they could to advance our business, to be there for our clients and users and to contribute to our success. We know that this required tremendous commitment and motivation in times of the ongoing pandemic and that this was not always easy. We would also like to thank our numerous business partners for their extraordinary cooperation during the past year. We want to continue to build on these relationships in 2022.

From an organisational perspective, we have restructured our senior leadership team and were able to gain some outstanding executives and enterprise software experts with the additions of Patty Nagle in the Americas region and Sojung Lee in the APAC region. The former Ubimax founder Jan Junker took over EMEA Enterprise Sales in addition to his responsibility for the Solution Delivery department. Since the beginning of 2021, Dr Hendrik Witt, also a Ubimax founder, has been responsible for the entire product portfolio. Under the leadership of Georg Beyschlag, we have combined the areas of strategy, corporate development and human resources. We are also pleased to have gained Hera Kitwan Siu, an internationally experienced manager, for the Supervisory Board. By summer 2022, the announced additions to the Management Board will have been implemented with the addition of a new chief financial officer and a new Management Board member focused on marketing and sales.

We have already outlined our product focal points in 2022 at our Capital Markets Day. The traditional use cases of remote access to all kinds of devices – from mobile phones to healthcare equipment to industrial machinery – are still enormously important for us. We complement these use cases with remote expert support via a shared camera stream and AR-based information, as well as by complete step-by-step instructions – known as AR workflows – for the digitalisation of work processes beyond pure IT support.

In this content, we will move forward with the further development of our enterprise AR platform Frontline, which includes above all the launch of new customised solutions for individual industries and further steps in the value chain, such as dedicated solutions for healthcare and employee training. We will also improve the user experience surrounding TeamViewer's core product, especially in the SME segment, and provide a more modern and customisable user interface for easy navigation within the product. We will continue to work on our customer engagement solution and the related TeamViewer Classroom, setting new standards in online interaction with customers, as well as pupils and students. In addition, we will expand our solution portfolio adding a new application based on artificial intelligence and will also integrate this technology into the Frontline platform, which holds a number of use cases for image and object recognition in industrial environments, among others. There will be an overall major focus on supporting our customers with our software to automate processes and make data-based decisions. And finally, we plan to continue expanding our strategic partnerships with joint customer acquisition, as well as implement far-reaching technical integrations with third-party systems to provide a seamless customer experience across stand-alone solutions.

We have set ourselves a number of goals for the year 2022 and are confident that we will successfully implement our plans, together with our employees, and in dialogue with you, dear shareholders. The better controllability of the global pandemic, which has strongly influenced all our lives and work in recent years, will certainly also contribute to this. Unfortunately, what concerns us now all the more is the terrible attack by Russia on Ukraine, which has shocked/has shaken us and which, like all forms of violence and aggression, we deeply condemn. We are extremely concerned about the humanitarian situation in the war zones, which is why we are trying to make our own contribution through donations and by providing special leave days to our staff for voluntary work. From today’s perspective, we expect the immediate economic impact of the war on our business to be very small, as the share of billings from the countries involved amounts only to about one percent. However, should there be a further escalation in the conflict, the medium to long-term political, social and economic implications cannot be foreseen at present. We therefore hope that the war will end quickly and that talks can be resumed.

In this spirit, we wish our employees, our business partners, our customers and you, dear shareholders, good health and above all peace for 2022.

Yours sincerely,

Oliver Steil
Stefan Gaiser

As a global
technology company, …

… TeamViewer's software solutions support companies of all sizes and industries worldwide in digitalising their processes along the entire value chain. The fields of application range from remote access to IT devices, plants and machines and their control and maintenance to joint problem solving via remote support and augmented reality-supported optimisation of manual workflows in an industrial context.

In a private environment for non-commercial purposes, TeamViewer's solutions can be used free of charge – an important driver for the democratisation of technology and digital progress in society.

in figures

Billings 2021 547.6 EUR million

Adj. EBITDA 257.0 EUR million

Cash flow 194.0 EUR million

Adj. EBITDA margin 46.9 %

TeamViewer AG at-a-glance

  2021 2020
Group performance indicators    
Billings (in EUR million) 547.6 460.3
Adjusted EBITDA (in EUR million) 257.0 261.4
Number of subscribers (LTM) 627,000 584,000
Net retention rate (NRR LTM); recurring billings of existing subscription customers (in %) 98 1041
Financial performance of the Group    
Revenue (in EUR million) 501.1 455.6
EBIT (in EUR million) 117.4 164.1
EBIT (in % of revenue) 23.4 36.0
EBITDA (in EUR million) 168.3 205.1
EBITDA margin (in % of revenue) 33.6 45.0
Adjusted EBITDA (in EUR million) 257.0 261.4
Adjusted EBITDA margin (in % of billings) 46.9 56.8
Financial position and cash flows of the Group    
Equity ratio (in % of total assets) 20.7 22.6
Cash flows from operating activities (in EUR million) 194.0 224.5
Cash flows from investing activities (in EUR million) (38.9)2 (110.2)2
Cash and cash equivalents (in EUR million) 550.5 83.5
Other key figures    
R&D expenses (in EUR million) 62.1 46.6
Full-time equivalent employees (as of reporting date) 1,477 1,256
Diluted earnings per share (in EUR) 0.25 0.52
Basic earnings per share (in EUR) 0.25 0.51

1 TeamViewer changed the NRR LTM definition as of the beginning of the 2021 fiscal year to allow it to be derived directly from reported annual recurring billings. The prior year's value has been adjusted accordingly.
2 Negative values in tabular overviews are shown in brackets.

At TeamViewer, sustainability is integrated into our business model and corporate culture. In numbers, this translates into:

»With our c-a-r-e sustainability programme, accompanied by extensive investments, we are taking sustainability at TeamViewer to the next level and underlining the importance we give to CO2 reduction, climate neutrality, diversity issues and access to modern technologies for society as a whole.« (Oliver Steil, CEO)



of CO2e savings per year through the use of our products.

Further information


rating (on a scale of AAA–CCC) awarded to TeamViewer AG in 2021 by MSCI ESG Ratings.


women among newly hired employees in 2021.


nationalities among our employees. We live, breathe and promote diversity.


Women’s Empowerment Principles

adapted as an extension of our UN Global Compact commitment, with a strong focus on advancing women in business.

Climate neutrality no later than


in addition to achieving the SBTI commitment of 1.5°C.

Actions and goals


Breakdown of employees by function

As at 31 December 2021 in FTEs; change vs. previous year in percent

Breakdown of employees by regions

As at 31 December 2021 in FTEs; change vs. previous year in percent


Figures in full-time equivalents (FTEs) as at 31 December 2021