Ladies and gentlemen, welcome to the Q1 2025 results and analysts call. Ladies and gentlemen, welcome to the Q1 2025 results and analysts call. I'm Moritz, your growth cooperator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a question-and-answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Bisera Grubesic, Vice President, Investor Relations. Please go ahead. Thank you, Operator, and good morning, ladies and gentlemen, and welcome to TeamViewer's Q1 2025 earnings call. I am Bisera Grubesic, Head of IR, and today I am joined by our CEO, Oliver, and CFO, Michael. As per usual, Oliver will run you through the quarterly business highlights, and Michael will present the financials. The presentation will be concluded by a Q&A session. If we move to the next slide, today we will present non-IFRS Proforma top line and adjusted EBITDA performance. Proforma figures are prepared for better comparability and transparency following the combination of TeamViewer with 1E on 31 January 2025. Historical Proforma financials are not prepared below EBITDA and the cash flow. For details on how we prepared Proforma figures, please refer to the press release and the appendix of the presentation. Please note that you can find the important notice and the APM disclosure also on slides two and three of the presentation. With this, I hand it over to Oliver to kick off our presentation. Thank you, Bisera. Good morning, everyone. Also, a warm welcome from my side. Thank you for joining our call today. As usual, let me begin with the highlights of the last quarter. Q1 2025 was really a good start into the year for TeamViewer. On the top line, we recorded a strong proforma revenue growth of 7% in constant currency year over year, with good contributions from all regions. As in the last quarter, enterprise was really driving growth with a strong double-digit proforma revenue increase over the prior year of 21% in constant currency. This came on the back of numerous high-value deals for both TeamViewer and 1E over the last 12 months, as well as from new Frontline projects within the quarter. Our ARR showed a good growth as well, up 7% in constant currency on a proforma basis. Profitability was strong in Q1, with Proforma adjusted EBITDA up 20% year over year and a strong margin of 43%. This was largely due to optimized marketing spend. After the 1E acquisition, we further optimized our financing in the first quarter, and we already improved our net leverage ratio to 3.1 times adjusted EBITDA of the last 12 months. Overall, the first three months set a cautiously positive tone for the year against the backdrop of a challenging macro environment. We are making good progress on the integration with 1E, with exciting new products already launched, and the pipeline is building nicely. We recognize, though, that we are still in an environment with increased macroeconomic uncertainties and reduced visibility. While we are being cautious, we reiterate our Proforma full year 2025 guidance. We anticipate continued top-line growth on a Proforma and like-for-like basis. As usual, let's now take a look on how the regions and customer categories developed in the quarter. After our sales kickoff in January, all regions started very well into the year and continued to grow. Proforma and in constant currency, Americas recorded the strongest revenue increase of 10% year over year. EMEA grew at 6% and APAC by 4%. The main driver of this performance was the continued strength of our enterprise business, as well as 1E's enterprise-focused client base, which was supported by a number of high-value deals over the last 12 months. The continued strength of our combined enterprise business is highlighted by its double-digit growth rates. Proforma enterprise ARR grew nicely by 20%, while revenue was up 21%, both in constant currency year over year. With the addition of 1E's business, enterprise now makes up almost a third of our total revenue, further accelerating our transition to a more enterprise-focused software provider. In the current, quite challenging environment, SMB Proforma ARR and revenue recorded a solid increase of 2% each year over year. Let us now look at the development of our different ARR value ranges in enterprise and in SMB. Proforma and in constant currency, as you can see on the right side, and just reiterating what I said, our enterprise business shows strong double-digit growth rates across all value ranges, with the strongest increase of impressive 28% in the highest bucket, with deals above EUR 200,000 ARR. This is mainly related to 1E's high-value deals won in Q2 last year. On the left side, we can see the development for SMB in the quarter. Here, the highest value range with ARR of EUR 1,500-EUR 10,000 showed high single-digit growth of 7% year over year, underlying our success in ups and cross-selling. The lower value SMB bucket was flat year over year for several reasons. Customers in the entry bucket are highly price-sensitive and therefore cautious in the current macroeconomic environment. Moreover, we saw less contribution from our free-to-pay campaigns this year compared to last year. We were able to, again, successfully move customers upwards within the buckets. To reignite growth in these buckets again, we have already prepared and partially started a few initiatives, which I will talk about in more depth on the next slides. These initiatives include new dedicated leadership for the SMB business, new product innovation with comprehensive marketing support to expand into adjacent markets, more SMB-targeted brand campaigns, and a unified e-commerce experience across web shop and product. Overall, we continue to be successful in selling product add-ons to SMB customers and moving them to enterprise. In the first quarter, net upsell from SMB to enterprise amounted to EUR 17.6 million, which is an increase of around EUR 400,000 sequentially. To sum this up, while there is still work to do in the SMB segment, of course, we are very happy with the continued strength of our enterprise business and the upsell. I will dive deeper into both categories on the next slide. Let me elaborate a bit more on what we've done concretely in the first quarter to set us up for success in 2025. Regarding our enterprise business, we have followed an approach that was proven to be successful in the last years as well. It is important to meet a lot of customers and prospects early in the year to start conversations and be able to develop these leads into business over time. The entire management board was present at relevant industry events like Hanover Messe, the Human X AI Conference, or Gartner's Digital Workplace Summit in the US. Additionally, we hosted our own experience days in China and Japan around the Formula 1 races to connect with our local partners and customers. My personal highlight was a panel talk at Hanover Messe together with Siemens and our joint customer, GE Aerospace. Their CIO, Engineering, presented how they use our spatial solution to digitalize the training of their technicians globally. They used to do that on a 600-page service manual with over 1,000 process steps and 200 components. Now they use digital twins of the aircraft engine and step-by-step instructions based on our Frontline AR platform for a completely new, fast, and scalable training approach. Great to see how such real-life examples spark conversation and inspire other customers at these industry events. On the other hand, I have mentioned a few minutes ago, we've also made a lot of progress in the SMB segment, especially in the context of the 1E integration. Already mid-March, so only a few weeks after we closed the acquisition end of January, we were able to present first integrations between TeamViewer and 1E technology. Concretely, the real-time endpoint visibility of 1E's DEX platform was integrated into our device monitoring, which is part of our remote monitoring and management solution for SMB customers. Only yesterday, we went one step further and announced TeamViewer DEX Essentials, a new add-on to our remote connectivity platform and especially interesting for SMB customers. I will explain it a bit more in a few minutes. Of course, we continue to work on deeper integrations and new offerings and are planning another SMB-targeted product launch within the next weeks. Additionally, I would like to highlight two additions to our senior leadership team as they are relevant for our SMB business, as indicated before. Earlier this year, our previous VP of Acquisition Marketing, Rolf Anweiler, took over a new role to be responsible for the entire SMB go-to-market strategy and execution at senior leadership team level. We have brought in Debbie Lillitus, our new Chief Customer Officer, with a clear mandate to drive customer centricity inside the organization. With the above-mentioned very concrete plans and activities, we are optimistic to bring our SMB business forward in the course of the year. Now, let me give you an update on the progress of our integration of 1E. We've already successfully completed the first phase and are well on track to complete the majority of the integration within 12 months after closing. In terms of go-to-market, we already enabled cross-selling of our enterprise products and pipeline generation at the beginning of the year. Since then, we've had good discussions with TeamViewer and 1E customers, and the pipeline is developing nicely. With our new DEX Essentials offering for SMB, we've taken important steps towards SMB cross-selling, which will serve as the basis for our integrated go-to-market readiness in 2026. Looking at product and technology, I already mentioned that cross-product integration started as planned with the launch of our first integrated solution mid-March and the announcement of DEX Essentials yesterday. We are now working on aligning our separate product strategies and roadmaps to fully integrate them in the next few months. On the last point on this slide, processes and infrastructure, which are crucial for building a successful organization. Our structure has already been streamlined across departments, and we are very well underway integrating our office locations, processes, and separate IT infrastructure such as the CRM and the ERP systems. We will continue to assess synergy opportunities as we progress with our transition plan and make sure to capitalize on potential optimizations. The next slide shows the new product I talked about already several times. TeamViewer DEX Essentials is an add-on license to our remote connectivity platform that brings the power of digital employee experience to our existing SMB customers using TeamViewer for remote support and access. DEX Essentials is an out-of-the-box and easy-to-deploy version of 1E's DEX platform to help any IT team proactively manage and optimize the digital workplace, no matter at what scale. With this offering, we are the first ones to bring the enterprise-grade DEX capability down market. Going forward, we can make it available for our entire customer base, exactly as we told you when announcing the 1E acquisition in December last year. DEX Essentials can be accessed from an existing TeamViewer remote connectivity account, and it automatically detects and remediates IT issues through automated script. The product is available in an early access program now and will become commercially available later this month. First feedback from customers is very promising and shows that the combination of remote connectivity and DEX technology hits a nerve to make IT operations seamless and efficient. To round up my part of this presentation, I would like to share with you our latest marketing campaign to enhance brand visibility and awareness globally. We launched this campaign last week ahead of the Miami Formula 1 Grand Prix with large out-of-home billboards at airports and additional digital advertising. The campaign is centered around our vision to become the leading digital workplace company. Our solutions support employees in their workplace, no matter in which company, which industry, which job. Whether we talk about IT helpdesk people, nurses, race car drivers, field service technicians, product designers, or warehouse workers, they have different tasks and responsibilities, but all of them benefit from TeamViewer solutions as we enable digitalization, enhancement, and automation of their daily work processes. The result for companies across verticals is increased customer and employee satisfaction, reduced machine downtime, time and cost savings, faster onboarding of new colleagues, overall higher productivity. This campaign will run throughout the year and include a broad variety of channels and placements. We are looking forward to this new campaign and are very confident it will further shape our positioning as a vendor of innovative digital workplace solutions for SMB and enterprise customers across regions. With this, I would like to hand over to Michael for the financial overview. Thank you. Thank you, Oliver, and good morning, everyone. Let us now have a look at our financials for the first quarter of 2025. If we go to the next slide page, please. Given the macroeconomic uncertainties, I'm pleased to report that TeamViewer had a good start into the year. Revenue and ARR were each up 7% in constant currency year over year. At EUR 190 million, revenue was slightly above our expectations, supported by good inflow from frontline deals. ARR reached almost EUR 760 million. This was driven by a strong double-digit ARR growth of our enterprise business, which was up 20% in constant currency and reached EUR 224 million. Supported by 1E, enterprise NRR improved to 103% in the quarter and adjusted for net upsell from SMB customers to enterprise. The NRR reached very good 108%. Looking at our profitability on the right, we can see a significant adjusted EBITDA growth of 20% year over year to around EUR 82 million. Our margin expanded by 4 percentage points year over year to 43%. Our profitability has benefited from optimized marketing spend despite the dilution of 1E's profitability in the consolidation. Proforma adjusted basic EPS reached EUR 29, which is an increase of 30% over TeamViewer standalone in the prior year. I am pleased to share that we improved our net leverage ratio to 3.1 times, down from 3.2 times at closing end of January. Now, let's dive into the details of our results. Next slide, please. The first quarter marked a good start into the year with continued strong revenue and ARR growth and strong profitability. Q1 proforma revenue was up 7% year over year. TeamViewer standalone revenue was EUR 172 million, up 7% in constant currency year over year, which was mainly driven by enterprise and frontline deals. As we have seen in Q4, there was again good traction from frontline deals. Q1 revenue exceeded our expectations due to revenue phasing from frontline. 1E standalone delivered double-digit revenue growth and reached proforma EUR 80 million on the back of high-value deals from the previous year. ARR also grew by 7% in constant currency on the back of successful up and cross-sell motions in all regions in enterprise. Considering the challenging macro, this is a very solid result. Proforma adjusted EBITDA reached EUR 82 million in Q1, up 20% year over year. As I already explained, we generated a strong adjusted EBITDA margin of 43% in the first quarter. Let us continue with our enterprise business on slide 15, please. Enterprise consistently delivered strong performance with double-digit growth in both ARR and revenue. Proforma revenue amounted to EUR 60 million in Q1, an increase of 21% year over year in constant currency. Next to 1E's year-over-year revenue growth, revenue inflow was also strongly supported by Frontline projects in the quarter. Please keep in mind that historic quarterly 2024 growth rates shown in these charts reflect TeamViewer standalone, while the shown quarterly euro amounts are proforma. However, even so, you can clearly see the seasonality of our enterprise business with increased momentum towards year-end. Going forward, we expect this trend to become even more pronounced with the growing share of enterprise in our revenue after the 1E acquisition. Proforma enterprise ARR shows a steady, very strong year-over-year increase of 20% in constant currency in Q1. As a reminder, 1E secured a major high-value deal in the US during Q2 last year. While it is possible that we may land similar high-value deals in the future, it is lumpy, and these deals are not something we can plan for. As a result of tougher comms and phasing, this will impact the year-over-year growth in ARR for Q2. This phasing is totally according to our plan. As I will explain later, we have reiterated our full-year guidance for ARR. Supported by the 1E acquisition, enterprise net retention rate improved by 3 percentage points compared to TeamViewer standalone in Q4 to 103% in Q1. Adjusted for upsell from SMB customers during the period, enterprise NRR reached 108%. This slide's sequential decrease of the NRR adjusted for net upsell is also due to 1E in the mix, which is an enterprise-focused business and does not have these upsell motions. The absolute amount of net upsell increased by EUR 400,000 quarter over quarter, as Oliver pointed out already. On the top right, we can see enterprise ASP and the number of enterprise customers. Both KPIs are now calculated based on ARR. Proforma enterprise ASP amounted to EUR 44,000 per customer, an increase of 6% year over year. The number of enterprise customers grew by 14% year over year and now amounts to 5,044. Let's now move on to our SMB business on slide 16. As Oliver already pointed out, in general, the lack of visibility and constantly changing macro dynamics also affect our SMB customer base to some extent. Despite this, the performance of our SMB business was overall solid in the first quarter. On a constant currency basis, proforma SMB revenue grew by 2% year over year to EUR 130 million. SMB ARR grew in line with revenue at 2% in constant currency year over year and amounted to EUR 535 million at the end of the quarter. Proforma SMB ASP was up 2% year over year to EUR 813, supported by some limited price increases in some countries. As with enterprise, this number is now calculated on ARR. The number of SMB customers was 658,000 at the end of the quarter, which was largely stable year over year. Customer churn, now also based on ARR, is slightly up to 15.3%. This can be attributed to successful free-to-pay campaigns in the prior year quarter, which often lead to higher churn at the end of the subscription period. This quarter, we were less active with free-to-pay campaigns, which in return resulted in less customer inflow at the lower end compared to prior year. We now focus more on improving onboarding and customer retention to better help our customers, making the most of our solutions and customizing the product to their needs through additional add-ons. Let us now take a look at our cost base on the next slide. We delivered a strong proforma adjusted EBITDA margin of 43%, up 4 percentage points year over year. This very good development is mainly a result of the optimized marketing spend, with Frontline revenue inflow also contributed to a slightly better margin than we expected for Q1. Overall, recurring costs remain stable year over year, despite our continued investments in growth. Cost of goods sold were 9% of revenue, as we expected, and reflect phasing effects, continued investment in our product platform, and the development and deployment of Frontline projects. Sales was 9% higher year over year as we hired new sales talent over the last few months, mainly in EMEA and Americas to support our growth strategy. Sales as percentage of revenue remained stable at 16%. As Oliver explained, we launched a new brand campaign end of April named "Make Work Work Better." As a result, we will see somewhat higher marketing costs in Q2 than in Q1. R&D expenses were up 7% year over year as we invested in new products and hired new in-house developers. This was offset by a reduced number of external R&D contractors. While G&A costs increased year over year due to phasing effects, they remained broadly stable as percentage of revenue. Other expenses were up as a result of lower proceeds from derivatives. Let us move on to net income and EPS development on slide 18. Our proforma adjusted earnings per share amounted to $0.29 in Q1, a significant increase of 30% year over year compared to TeamViewer standalone. Please refer to page 8 of the earnings press release for details of the proforma adjusted net income bridge. Main driver for this very strong result is the optimized marketing spend and the 1E contribution in the quarter, which led to an IFRS EBITDA of nearly EUR 67 million, up 26% year over year. Total interest expenses almost doubled as expected compared to the prior year quarter and reached EUR 8.6 million in Q1, up EUR 4.4 million year over year. Unsurprisingly, the reason for this was the financing of the 1E transaction. At the same time, share count was around 5% lower due to our continued buybacks during 2024 and further supported EPS growth in the quarter. With this, let's move on to cash flows on slide 19. Just did for non-recurring cash flow items, level 3 cash flow amounted to EUR 44.5 million in Q1, up 10% year over year. This resulted in a solid cash conversion of 54% in the quarter. For the full year 2025, we expect this cash conversion rate to remain around 70%. Cash flow for Q1 includes 1E's contribution from February and March, and it was impacted by two special effects. Firstly, there was non-recurring cash out of EUR 6.1 million related to the acquisition of 1E. For the full year 2025, we expect this impact to equal around EUR 70 million, as previously said. Secondly, we achieved a settlement in long-standing legal disputes, which resulted in a one-off payment of EUR 11.6 million in the quarter. In addition, we recorded higher working capital as well as higher interest payments in relation to the acquisition of 1E in Q1. This was partly offset by optimized marketing and lower tax payments due to refunds. Let me remind you that for full year 2025, we will see in total a positive one-time cash effect of around EUR 20 million from earlier changes in our tax scheme. This brings the applicable cash tax rate to low 20s% in 2025, and as of 2026, the cash tax rate will be in line with the P&L tax rate. I will now give you a short update to our financing on slide 20. We are progressing in line with our deleveraging target subsequent to the acquisition of 1E. We have improved our formal leverage ratio to 3.1 times only two months after the acquisition closed at the end of January. Cash and cash equivalents amounted to around EUR 134 million at the end of the quarter. CapEx and the acquisition costs for 1E of EUR 668 million were balanced by our operating free cash flow of EUR 38 million and borrowings of EUR 720 million. As a result, financial liabilities amounted to EUR 1.2 billion and net financial liabilities to EUR 1 billion at the end of Q1. While 1E-related financing has not changed, we were able to further reduce interest rates by around 10 basis points to 3.9%. In addition, we achieved an interest hedge ratio of over 70% to EUR 450 million in new interest rate hedges to reduce the volatility of interest cash flow and interest result. Supported by our strong cash profile and cash conversion, along with our clear commitment to disciplined capital allocation, this positions us well in the current volatile macro environment and will help us to achieve our leverage target of around 2.6 times by the end of 2025 and below two times by the end of 2026. Let us continue with our financial guidance on the next slide. Let me summarize. The quarter was a good start into the year, and we achieved year-over-year growth in proforma ARR revenue and adjusted EBITDA, a notable result in the current volatile and less predictable macroeconomic climate. We expanded our profitability by 4 percentage points year over year and delivered a strong proforma adjusted EBITDA margin of 43%, slightly above our expectations. We recognize that we operate in an environment with increased macroeconomic uncertainties and reduced visibility. Whilst being cautious, we reiterate our proforma full year 2025 guidance. For the full year 2025, we anticipate continued top-line growth on a proforma and like-for-like basis, as outlined in the table. We expect ARR between EUR 815 million and EUR 840 million, which is between 7.5% and 10.8% growth in ARR year over year. We expect a full-year proforma revenue between EUR 778 million and EUR 797 million. This translates to between 5.1% and 7.7% year-over-year revenue growth. Let me remind you that our full-year guidance is based on a euro to dollar exchange rate of 1.05. If we would calculate the ranges on today's euro dollar FX rate of 1.14, this would reduce our guided ARR range by around EUR 80 million and the revenue range by around 10 low teens of millions of euros. As explained, Q1 revenue exceeded our expectations due to revenue phasing from Frontline. Therefore, when it comes to indicative revenue phasing this year, for the first half of 2025, we continue to anticipate revenues of at least EUR 374 million, as indicated in February. For the second half of 2025, we maintain our expectation of at least EUR 104 million in revenue. We expect proforma adjusted EBITDA margin of around 43% in full year of 2025. We currently expect a broadly stable trend every quarter during the year between 42%-44%, with a slight uptick in the second half due to higher revenue. With this, I would like to hand back to the operator to open for Q&A. Ladies and gentlemen, at this time, we will begin the question-and-answer session. Anyone who wishes to ask a question may press Star and 1 on their touchstone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press Star and 2. Participants are requested to use only handsets while asking a question. Anyone who has a question may press Star and 1 at this time. One moment for the first question, please. The first question comes from Alice Jennings from Barclays. Please go ahead. Hi, good morning. Thank you for taking my question. If I could first just ask a question on the outlook for Q2, thinking about what you're seeing in April in terms of any changes in client behavior, do you expect to see a headwind from that growing Q2? Also, thinking about the headwind to ARR growth from the large 1E deal last year, how much of an impact do you expect this to have? Considering these factors, do you expect Q2 to be in line or perhaps slightly softer than Q1? Is there anything else that we should consider there? Just the second question, thinking about the launch of DEX Essentials, what's the rough magnitude of pricing uplift that we can expect there for a TeamViewer Remote or a Tensor customer? Thank you. Yeah, thank you, Alice. Let me start with the first one. First of all, we are just getting April in, and it's really too early to quote anything with regard to Q2. Of course, we see, as everybody, cautious behavior on the customer ends across the regions and across the segments of SMB and enterprise. I would call it so far so good with a little bit longer sales cycles, but we are on top of all of the relevant deals. We are working on that. Of course, June is the decisive month for Q2. With the DEX question, I think. DEX Essentials, yes. We launched it yesterday. This is an add-on module. As I said before, we will continue to do launches. This is a second step in a series of launches. Stay tuned over the next weeks. Also, the pricing and the offering will be out in the market. We only have an early access program at the moment, so it is not a commercial launch yet, and therefore price is going to come. Pricing is going to come relatively soon. As you can imagine, it is a very valuable feature because it is an automation for our customers. There will be a meaningful uplift to a normal TeamViewer license, but more details to come over the next weeks. Great. Thank you very much. The next question comes from George Webb from Morgan Stanley. Please go ahead. Hi, morning, Oliver, morning, Michael. A few questions from my side, please. Firstly, just back on the DEX Essentials, particularly for those smaller customers. What's the sales approach there? Because I guess a small business is probably still not familiar with what DEX is. Is this a kind of a webinar-based marketing approach? Or what's the way you scale adoption of that solution in as light cost a way as possible? Secondly, just on the marketing spend now, we've run United or run the size of that deal much lower. When we think about this full year, how should we think about the different buckets of spend you now have going on within your marketing line between, I guess, search-based spend versus other categories? That would be interesting. Lastly, on cash conversion, when we think about the full year and beyond, what sorts of ranges should we be looking at? Thank you. Let me start with the last one, cash conversion. George, thank you, by the way. First of all, right now you saw the 54%, and we are totally convinced to have the full year in the vicinity of 70%, which gives also a clear indication on the strength of our strong cash profile. You know that because of the multi-year deals for 2026, we think we are rather in the vicinity of 62-65%, but this is all mentioned already, so no change. Maybe on DEX Essentials and what's more to come. Clearly, this is targeted on SMB. As you know, our SMB engine is all about the marketing front end, so digital marketing. It is about e-commerce conversion, and it is about a very powerful and capable inside sales team, which is very sizable and covers our customers globally. The go-to-market approach for the products around this will be very much, as you described, digital teasing. There will be webinars or sales trials on the web shop, and then our inside salespeople. The nature of it, obviously, is to make it so easy to deploy that also smaller customers and smaller teams with less resources can deploy the key essentials of it. As you rightly point out, if you talk to a smaller SMB, then probably the concept of DEX might not be as familiar. That is why we, in our marketing approach, basically use interchangeably DEX, digital workplace enablement, and also automated endpoint management. One of them is clearly something which resonates with different customer segments of different industries. That is how we go about it. Clearly, as we all know, customers in general want fewer agents, fewer tools. There is kind of a consolidation towards platform play. We believe we are incredibly well positioned for that. That will also be the whole, I would say, notion of the marketing concept: to consolidate functionalities onto one platform together with our remote control and access solution. That is how we work. You had a very specific question on marketing spend. That is nothing we want to disclose in more detail than we do with the combination of significant awareness-building deals, like, for example, the deal with Mercedes AMG team to position our brand in the key verticals for the key use cases. Obviously, we do a mix of digital and non-digital or half-digital components, but we do not want to give a quantified split of these different instruments. Absolutely. It should increase sequentially quarter over quarter, but it is all in what we plan for the entire year. We are just indicating you a little bit of different seasonality, not more and not less. No worries about margin or so. Got it. Thank you. The next question comes from Ben Castillo-Bernaus from Berenberg. Please go ahead. Morning, folks. Yeah, thanks for having me on. Two for me, please. Firstly, just on the 1E standalone performance, I think up 12%, constant currency, guiding for the year, more like closer to 20%. I know you mentioned you lapsed some large deals in Q1, and you have also mentioned that there is another one to come in Q2. I guess the first part is, should we anticipate that the 1E standalone growth decelerates from that 12% into Q2? Secondly, regardless of where that shakes out, I think it would imply quite an acceleration in H2 for 1E to get towards the guidance area. Just helping us under what's underpinning the confidence on that. The second follow-up question was just around the special legal disputes impacting cash flow. I think you said it settled. Could you just comment on what that was and if you expect any further cash c harge to come in the year? Thank you. Yeah, thank you. Let me start with the last question on the settlement. Actually, that is a big relief for us. I start with the most important part. We do not expect anything else to come. Actually, we know that there is nothing else to come. This is why it's a relief. I think by the end, by the way, for both parties, the settlement was a big help for us. You see that there's hardly any impact on the P&L, which means we were catering for that over all these years. We have this now finally out of, sorry for my French, the shit out of the balance sheet. From now on, we can focus on the real business. It's only the cash impact, and this is why we also positioned that right up front pretty clear. Performance, 1E standalone performance. Yes, exactly as you say. We're lapping some large deals on this, on year-over-year growth. The key parts of the pipeline, both for 1E, honestly, and also for TeamViewer over the last years, as you know, and as you've seen in the second half of the year and mostly also Q4 very clearly. I think, honestly, even in the current environment, it's probably even more pronounced with the uncertainty out there in the market. I wouldn't expect any major improvements in Q2. On the contrary, yes, 1E standalone, there has been a very big deal in Q2 last year, which will be the anniversary. While that deal is secured for the most part of it, it's a very tough comp to grow on top of it. I would see on the 1E side, clearly not an acceleration in Q2. That does imply an acceleration in H2, 100%, which is what we have seen and what we have been managing over the last years consistently. That is just the nature of the enterprise portion of the business. Okay, thank you. The next question comes from Mohammed Muwalla from Goldman Sachs. Please go ahead. Great, thank you. Morning, Oliver. Morning, Sir. I had a morning, Michael. Sorry. I had a couple. Firstly, you obviously sound pretty cautious around the environment. Could you give us a sense around the kind of the full year guide? Do you feel that perhaps the lower end of the guide is a more reasonable kind of assumption at this stage? More specifically on Q2, should we expect kind of ARR to potentially a risk of a deceleration further and then a very kind of strong H2? I know you've also got obviously the enterprise business is very seasonal and H2-weighted. I also wanted to kind of understand against the macro all the levers you have. You've obviously got campaigns on the SMB side. You've got some new product introductions. There is obviously the whole 1E cross-sell upsell motion. My second question was really around 1E. Could you give us a sense of what the ARR growth looks like in the context of the 12% top line? How should we anticipate that kind of second half re-acceleration? Do you have any specific kind of exposure to US Federal, both in the 1E business or in the TeamViewer business, that could be a potential head of it as well to navigate? Thank you so much. Yeah, let me start maybe at the end. First of all, ARR is not separately disclosed, only revenue, and we should stick to that. We disclose almost all and everything. Number one. Number two, on federal business, it's a low double-digit million number. Rough cut $10 million-$11 million, so to say. The share overall is, of course, in 1E, higher, rough cut 20% overall. In the total business, rough cut 4%-5%. If you take combined, that's the overall business sector, so to say. With regard to your first question, Oliver's maybe taking then the middle one. With regard to, are we trending rather towards the lower end of the guidance? Not at this point. This is why we gave a range of the guidance at the beginning of the year for the full year. We had a good start, a really good start into the year now with Q1. Of course, Q2 is important, and the macro terminal only started at the end of Q1 or at the beginning of Q2. We do not see major effects yet in April. It is far too early to call either victory or defeat. You had one more on campaigning and other elements. The second question was on, yeah, I was going to think of the effect of those over the course of the year. Is it more pronounced in the second half? Yeah. I mean, the integration started end of beginning of this year, effectively. There is quite some stuff in the pipeline in terms of product integrations already for the SMB side. We will be able to market it in full swing in a few weeks' time, as I mentioned. Naturally, then there is pipeline-built sales cycles for the entry-level enterprise, but mostly for SMB. There is a lot of in-year pipeline-built and conversion and typically sales cycles one to three months or so. That is clearly second half of the year. On the enterprise side, cross-sell, we have enabled all the teams. They are talking to customers. We have been out at events. There is good pipeline-built, especially in EMEA and America on cross-selling. APAC, not yet, because we do not have a dedicated team yet. We are only in REMP there because 1E did not have business there. Clearly, the pipeline, if you look at the majority of the pipeline that we are building, these are Q4 deals. Hence, we do expect a significant acceleration in the second half of the year, as we have seen with TeamViewer standalone before and 1E standalone, and the cross-sell, obviously, even more so because we only started throughout this year. From that perspective, on an ARR development, Q2 will clearly be the most difficult one. Got it. Can I just clarify on the overall ARR? The 7% that you have sort of done, is that still kind of a level you can sort of maintain as you go into Q2? I appreciate it is going to come down to how the month of June also evolves. Is there a risk that perhaps that decelerates a bit before we see that big re-acceleration in H2? Thank you. For Q2, as you mentioned, because of this big VA deal, we should not expect an acceleration of the ARR. It's rather for the second half of the year. This is why we also addressed this proactively. It would be rather a little bit more muted versus Q1, but from then on, it will grow. Got it. Thank you very much. The next question comes from Victor Cheng from Bank of America. Please go ahead. Hi, thanks for taking my questions. A number have been asked already, but if I go back to the point on the guidance and the macro assumptions, obviously, you're thinking that you're probably not trending towards the lower end of the guidance right now, but can you give us some color on how you think about the range? Maybe on the lower end, is it maybe worse macro situation that you're thinking about? Is that layering on top of maybe some more slipped pipelines and deals? On the top end as well, what do you need to achieve to get there? I think it's a bit, honestly, I think it's a bit crystal balling, yeah? I mean, we've reiterated the guidance because we believe that the range that we have put out there at the time was reasonable. I think we had all thought, at least from my side, at the end of Q4, that things would open up a little bit. The year started, first few weeks more promising, but then it turned very, very quickly. I think our guidance, the bookends of the guidance range, were already anticipating that when we put it out there, a worsening macro, we had the lower end. If things are opening up and we see traction on cross-sell to some extent towards the end of the year, then it would be upper end of the guidance. I do not think that has fundamentally changed. What we are not so happy with is that the macro sentiment has changed to the negative. What we are happy with is the speed of integration on the product side and how quickly we are able to add capabilities and functionalities towards the SMB segment for the SMB segment. That is faster than we thought. Also, the pipeline build, the cross-sell pipeline build on enterprise works well. Therefore, in the end, if we look at our own operational performance and what we have under control internally, we are happy with the integration. Macro, we have not. I think the combination is getting us to a guidance range, which is still as it was last year, now with different components and drivers, but the outcome is effectively the same for now. Yeah, I guess Oliver also explained in this presentation, right now we are really firing on all cylinders, be it fairs, be it trade shows, be it speaker slots, wherever, plus all the campaigning what we mentioned. This is across all segments right now, enterprise and SMB. We see also pipeline developing. We have big deals there. In the end, it's very difficult to predict, as Oliver said, what the customers will finally do, but we are firing. Got it. Very clear. Thank you. The next question comes from Toby Ogg from JP Morgan. Please go ahead. Yes, hi, morning. Thanks for the question. Just wanted to come back on just on 1E for Q2. I know you indicated we should not expect an acceleration there in Q2 because of the tough comp, but just sort of thinking about the range of outcomes here, is there a sort of lower line in the sand that we can think about in terms of growth for 1E in Q2 given that tougher comp? And then just on the SMB segment specifically, when do you think we should expect or start to expect to see a re-acceleration in that part of the business? Thank you. Let me take the second question first. SMB, as Oliver mentioned, now with all what we do, the existentials first, that is our big campaign, big launch in mid of May. Too early to believe that something will already kick in in Q2, but first signs, of course, we all hope for that, should be seen in Q3 and then accelerate from there. This is at least what we are up here as a team. Stay tuned. Yeah, and first question. 1E standalone ARR Q2 appreciates the I think it's the third time hearing the question now. Appreciate the attempt, but we will not call that out. Q2 is important in some markets. Region, this is the year of fiscal year end for many companies. We have the moving parts in the US, the federal government, and overall sentiment, and therefore, let us take the next seven weeks, push hard, and then come with the results. This one is hard to predict at this point in time. Obviously, we do not see any meaningful disaster scenario or so coming ahead of us, but I also do not want to give a number. Understood. Thank you. Thank you, Toby. Ladies and gentlemen, this was the last question. I would now like to turn the conference back over to Oliver Steil for any closing remarks. Thank you for your questions. Thank you for joining. Speak to you soon. Stay tuned out there in the market with our product and marketing releases. There is stuff to come. Talk later. Thank you. Bye-bye. Thank you.