BERLIN (dpa-AFX) - With remote working becoming the new norms due to the global corona virus pandemic, TeamViewer AG (TMVWF.PK, TMVWY.PK) Tuesday reported 96 percent surge in adjusted EBITDA for the first quarter, as billings in the quarter rose 75 percent year-on-year.
Adjusted EBITDA, a key performance indicator for the company, increased by 96 percent to 73.9 million euros from 37.7 million euros.
TeamViewer, a provider of remote connectivity platform, said its billings in the quarter rose by 75 percent to 119.7 million euros, with the largest increase in Americas, followed by EMEA and APAC.
The company attributed this development to additional demand for remote access and working from home solutions from existing and new subscribers, resulting in high organic growth as well as in an increased net retention rate.
Meanwhile, the company reported 11 percent lower EBITDA for the quarter at 46.7 million euros, due to the addition of deferred revenue in the quarter and further accounting effects. Revenue for the first quarter reached 102.7 million euros, compared to 86.7 million euros last year.
The company said its revenue were less than billings due to a 17.0 million euros net addition of deferred revenue from the sale of software subscriptions which cannot yet be booked as revenue under IFRS.
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