– Company achieves 19% SaaS revenue growth – Q3 SaaS
Adjusted EBITDA exceeds guidance range by over $3 million –
Subscribers increased 29% – Delivers strong operating
cash flow of $45.9 million
Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”),
the provider of Thryv®, the leading small business software
platform, reported SaaS revenue growth of 19% year-over-year in the
third quarter of 2023.
“We are reporting a strong third quarter as we continue to focus
on driving profitable SaaS growth in 2023,” said Joe Walsh, Thryv
Chairman and CEO. “Our SaaS revenue and EBITDA surpassed
expectations, reinforcing our commitment to cost effectively
scaling our business. SaaS subscribers showed continued strength
and we increased our clients through ongoing innovation,
cross-selling opportunities and operational execution. We are
continuing to evolve our Thryv platform to deliver solutions that
solve problems small businesses face.”
In August, the Company announced the beta program for Thryv
Command Center, an industry-first freemium offering that will be a
core driver in its product-led growth initiative. Thryv Command
Center enables SMBs to centralize all their communication through a
modular, easily expandable, and customizable platform. The market’s
reception has been strong as evidenced by the fast-growing number
of users. Thryv Command Center continues the planned roll out of
new centers to drive future growth and complements the Thryv
Marketing Center and Thryv Business Center, as well as the
company’s continued international expansion.
“We are pleased with our results this quarter and with our
ability to raise our full-year guidance for SaaS revenue and
EBITDA,” said Paul Rouse, Thryv Chief Financial Officer. "We
achieved impressive free cash conversion, even with Adjusted EBITDA
appearing lower due to the accounting treatment related to the
extension of our printed directories. Moreover, our robust free
cash flow enabled us to substantially reduce our debt by $42.5
million on our Term Loan. As we move forward, our primary focus
remains on accelerating profitable growth in the SaaS business
while upholding a strong and healthy balance sheet.”
Third Quarter 2023 Highlights:
Financial Highlights
- Total SaaS1 revenue was $67.4 million, a 19% increase
year-over-year
- Total Marketing Services2 revenue was $116.5 million, a 48%
decrease year-over-year, primarily driven by the timing of revenue
recognition of the Company's printed directories
- Consolidated total revenue was $183.8 million, a decrease of
35% year-over-year
- Consolidated net loss was $27.0 million, or $(0.78) per diluted
share, compared to net income of $13.3 million, or $0.37 per
diluted share, for the third quarter of 2022
- Consolidated Adjusted EBITDA was $7.3 million, representing an
Adjusted EBITDA margin of 4%
- Total SaaS Adjusted EBITDA loss was $0.5 million, representing
an Adjusted EBITDA margin of (0.7)%.
- Total Marketing Services Adjusted EBITDA was $7.8 million,
representing an Adjusted EBITDA margin of 7%
- Consolidated Gross Profit was $103.6 million
- Consolidated Adjusted Gross Profit3 was $110.6 million
- SaaS Gross Profit was $42.9 million, representing a Gross
Profit Margin of 64%
- SaaS Adjusted Gross Profit was $44.8 million, representing an
Adjusted Gross Profit Margin of 67%
- Operating cash flow was $45.9 million
SaaS Metrics
- SaaS monthly Average Revenue per Unit (“ARPU”)4 decreased to
$365 for the third quarter of 2023, compared to $377 in the third
quarter of 2022
- Total SaaS clients increased 29% year-over-year to 66 thousand
for the third quarter of 2023
- Seasoned Net Dollar Retention5 was 92% for the third quarter of
2023, an increase of 300 bps sequentially
- SaaS monthly active users6 increased 22% year-over-year to 45
thousand active users for the third quarter of 2023
- ThryvPay total payment volume was $63 million, an increase of
57% year-over-year
____________________ 1 Total SaaS revenue in the U.S. and
International segments was $64.7 million and $2.7 million for the
three months ended September 30, 2023, respectively. 2 Total
Marketing Services revenue in the U.S. and International segments
was $92.9 million and $23.6 million for the three months ended
September 30, 2023, respectively. 3 Defined as Gross profit
adjusted to exclude the impact of depreciation and amortization
expense and stock-based compensation expense. 4 Defined as total
client billings for a particular month divided by the number of
clients that have one or more revenue-generating solutions in that
same month. 5 Seasoned Net Dollar Retention is defined as net
dollar retention excluding clients acquired over the previous 12
months. 6 Defined as a client with one or more users who log into
our SaaS solutions at least once during the calendar month.
Outlook
Based on information available as of November 2, 2023, Thryv is
issuing guidance7 for the fourth quarter of 2023 and full year 2023
as indicated below:
4th Quarter
Full Year
(in millions)
2023
2023
SaaS Revenue
$70.25 - $71.25
$260 - $261
SaaS Adjusted EBITDA
$3.5 - $4.0
$9.0 - $9.5
4th Quarter
Full Year
(in millions)
2023
2023
Marketing Services Revenue
$159 - $164
$650 - $655
Marketing Services Adjusted EBITDA
$47 - $49
$177 - $179
Earnings Conference Call Information
Thryv will host a conference call on Thursday, November 2, 2023
at 8:30 a.m. (Eastern Time) to discuss the Company's third quarter
2023 results.
For analysts to register for this conference call, please use
this link. After registering, a confirmation email will be sent,
including dial-in details and a unique code for entry. We recommend
registering a day in advance or at a minimum thirty minutes prior
to the start of the call. To listen to the webcast, please use this
link or visit Thryv's Investor Relations website at
investor.thryv.com. A live webcast will also be available on the
Investor Relations section of the Company's website at
investor.thryv.com.
If you are unable to participate in the conference call, a
replay will be available. To access the replay, please dial (800)
770-2030 or (647) 362-9199 and enter “87769.”
____________________ 7 These statements are
forward-looking and actual results may materially differ. Refer to
the “Forward-Looking Statements” section below for information on
the factors that could cause our actual results to materially
differ from these forward-looking statements.
Final Results
Thryv Holdings, Inc. and
Subsidiaries
Consolidated Statements of Operations
and Comprehensive Income (Loss)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in thousands, except share and per share
data)
2023
2022
2023
2022
Revenue
$
183,822
$
280,650
$
680,798
$
923,020
Cost of services
80,178
105,011
262,261
321,543
Gross profit
103,644
175,639
418,537
601,477
Operating expenses:
Sales and marketing
74,755
89,891
226,781
275,659
General and administrative
48,267
54,670
149,642
159,514
Impairment charges
—
—
—
222
Total operating expenses
123,022
144,561
376,423
435,395
Operating (loss) income
(19,378
)
31,078
42,114
166,082
Other income (expense):
Interest expense
(15,131
)
(13,720
)
(47,911
)
(40,584
)
Interest expense, related party
—
(850
)
—
(3,505
)
Other components of net periodic pension
(cost) benefit
(1,902
)
(3,928
)
(3,888
)
5,295
Other income (expense)
(876
)
6,941
(1,242
)
15,567
(Loss) income before income tax benefit
(expense)
(37,287
)
19,521
(10,927
)
142,855
Income tax benefit (expense)
10,241
(6,241
)
9,173
(38,062
)
Net (loss) income
$
(27,046
)
$
13,280
$
(1,754
)
$
104,793
Other comprehensive income (loss):
Foreign currency translation adjustment,
net of tax
(1,842
)
(7,920
)
(4,332
)
(12,611
)
Comprehensive (loss) income
$
(28,888
)
$
5,360
$
(6,086
)
$
92,182
Net (loss) income per common
share:
Basic
$
(0.78
)
$
0.39
$
(0.05
)
$
3.06
Diluted
$
(0.78
)
$
0.37
$
(0.05
)
$
2.86
Weighted-average shares used in
computing basic and diluted net (loss) income per common
share:
Basic
34,848,899
34,269,274
34,619,794
34,289,333
Diluted
34,848,899
35,811,473
34,619,794
36,698,395
Thryv Holdings, Inc. and
Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)
September 30, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
14,676
$
16,031
Accounts receivable, net of allowance of
$13,764 in 2023 and $14,766 in 2022
198,828
284,698
Contract assets, net of allowance of $23
in 2023 and $33 in 2022
1,471
2,583
Taxes receivable
19,087
11,553
Prepaid expenses
22,801
25,092
Indemnification asset
—
26,495
Deferred costs
15,085
9,544
Other current assets
2,624
2,320
Total current assets
274,572
378,316
Fixed assets and capitalized software,
net
37,951
42,334
Goodwill
567,773
566,004
Intangible assets, net
24,268
34,715
Deferred tax assets
114,406
113,859
Other assets
21,412
42,649
Total assets
$
1,040,382
$
1,177,877
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable
$
8,138
$
18,972
Accrued liabilities
97,720
126,810
Current portion of unrecognized tax
benefits
23,415
31,919
Contract liabilities
27,119
41,854
Current portion of long-term debt
70,000
70,000
Other current liabilities
9,522
10,937
Total current liabilities
235,914
300,492
Term Loan, net
253,874
345,256
ABL Facility
57,393
54,554
Pension obligations, net
76,076
72,590
Other liabilities
20,029
22,718
Total long-term liabilities
407,372
495,118
Commitments and contingencies
Stockholders' equity
Common stock - $0.01 par value,
250,000,000 shares authorized; 62,521,026 shares issued and
35,164,339 shares outstanding at September 30, 2023; and 61,279,379
shares issued and 34,593,837 shares outstanding at December 31,
2022
625
613
Additional paid-in capital
1,143,493
1,105,701
Treasury stock - 27,356,687 shares at
September 30, 2023 and 26,685,542 shares at December 31, 2022
(485,768
)
(468,879
)
Accumulated other comprehensive loss
(20,593
)
(16,261
)
Accumulated deficit
(240,661
)
(238,907
)
Total stockholders' equity
397,096
382,267
Total liabilities and stockholders'
equity
$
1,040,382
$
1,177,877
Thryv Holdings, Inc. and
Subsidiaries
Consolidated Statements of Cash
Flows
Nine Months Ended September
30,
(in thousands)
2023
2022
Cash Flows from Operating
Activities
Net (loss) income
$
(1,754
)
$
104,793
Adjustments to reconcile net (loss) income
to net cash provided by operating activities:
Depreciation and amortization
46,940
65,954
Amortization of deferred commissions
10,304
8,396
Amortization of debt issuance costs
4,080
4,327
Deferred income taxes
808
(23,222
)
Provision for credit losses and service
credits
15,594
18,325
Stock-based compensation expense
16,653
10,140
Other components of net periodic pension
cost (benefit)
3,888
(5,295
)
Impairment charges
—
222
Loss (gain) on foreign currency exchange
rates
164
(4,447
)
Non-cash loss (gain) from the
remeasurement of the indemnification asset
10,734
(1,472
)
Bargain purchase gain
—
(10,245
)
Other
—
1,961
Changes in working capital items,
excluding acquisitions:
Accounts receivable
59,238
(8,930
)
Contract assets
1,111
2,226
Prepaid expenses and other assets
23,489
8,089
Accounts payable and accrued
liabilities
(63,469
)
(36,956
)
Other liabilities
(24,132
)
(29,645
)
Net cash provided by operating
activities
103,648
104,221
Cash Flows from Investing
Activities
Additions to fixed assets and capitalized
software
(22,920
)
(19,345
)
Acquisition of a business, net of cash
acquired
(8,897
)
(22,793
)
Other
(215
)
—
Net cash (used in) investing
activities
(32,032
)
(42,138
)
Cash Flows from Financing
Activities
Payments of Term Loan
(95,000
)
(73,164
)
Payments of Term Loan, related party
—
(8,347
)
Proceeds from ABL Facility
697,234
746,689
Payments of ABL Facility
(694,395
)
(727,762
)
Proceeds from exercises of stock
warrants
15,899
64
Other
4,124
4,824
Net cash (used in) financing
activities
(72,138
)
(57,696
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(707
)
(1,610
)
(Decrease) increase in cash, cash
equivalents and restricted cash
(1,229
)
2,777
Cash, cash equivalents and restricted
cash, beginning of period
18,180
13,557
Cash, cash equivalents and restricted
cash, end of period
$
16,951
$
16,334
Supplemental Information
Cash paid for interest
$
44,029
$
42,435
Cash paid for income taxes, net
$
7,605
$
53,673
Non-cash investing and financing
activities
Repurchase of Treasury stock as a result
of the settlement of the indemnification asset
$
15,760
$
—
The following tables summarize the operating results of the
Company's reportable segments:
Three Months Ended September
30,
Change
(in thousands)
2023 (1)
2022
Amount
%
Revenue
Thryv U.S.
Marketing Services
$
92,884
$
197,174
$
(104,290
)
(52.9
)%
SaaS
64,650
55,353
9,297
16.8
%
Thryv International
Marketing Services
23,578
26,833
(3,255
)
(12.1
)%
SaaS
2,710
1,290
1,420
110.1
%
Consolidated Revenue
$
183,822
$
280,650
$
(96,828
)
(34.5
)%
Segment Gross Profit
Thryv U.S.
Marketing Services
$
50,610
$
126,846
$
(76,236
)
(60.1
)%
SaaS
40,957
33,827
7,130
21.1
%
Thryv International
Marketing Services
10,166
14,351
(4,185
)
(29.2
)%
SaaS
1,911
615
1,296
NM
Consolidated Segment Gross
Profit
$
103,644
$
175,639
$
(71,995
)
(41.0
)%
Segment EBITDA
Thryv U.S.
Marketing Services
$
5,369
$
61,802
$
(56,433
)
(91.3
)%
SaaS
1,986
398
1,588
NM
Thryv International
Marketing Services
2,466
5,807
(3,341
)
(57.5
)%
SaaS
(2,490
)
(2,575
)
85
3.3
%
Consolidated Adjusted EBITDA
$
7,331
$
65,432
$
(58,101
)
(88.8
)%
(1) Thryv International includes Yellow's
results of operations subsequent to the Yellow Acquisition.
Nine Months Ended September
30,
Change
(in thousands)
2023 (1)
2022 (2)
Amount
%
Revenue
Thryv U.S.
Marketing Services
$
377,868
$
632,277
$
(254,409
)
(40.2
)%
SaaS
182,927
153,863
29,064
18.9
%
Thryv International
Marketing Services
113,183
133,715
(20,532
)
(15.4
)%
SaaS
6,820
3,165
3,655
115.5
%
Consolidated Revenue
$
680,798
$
923,020
$
(242,222
)
(26.2
)%
Segment Gross Profit
Thryv U.S.
Marketing Services
$
231,807
$
415,130
$
(183,323
)
(44.2
)%
SaaS
114,480
95,328
19,152
20.1
%
Thryv International
Marketing Services
67,498
89,694
(22,196
)
(24.7
)%
SaaS
4,752
1,325
3,427
NM
Consolidated Segment Gross
Profit
$
418,537
$
601,477
$
(182,940
)
(30.4
)%
Segment EBITDA
Thryv U.S.
Marketing Services
$
84,866
$
211,871
$
(127,005
)
(59.9
)%
SaaS
10,231
(3,769
)
14,000
NM
Thryv International
Marketing Services
44,851
64,449
(19,598
)
(30.4
)%
SaaS
(4,709
)
(7,402
)
2,693
36.4
%
Consolidated Adjusted EBITDA
$
135,239
$
265,149
$
(129,910
)
(49.0
)%
(1) Thryv International includes Yellow's
results of operations subsequent to the Yellow Acquisition.
(2) Thryv U.S. includes Vivial's results
of operations subsequent to the Vivial Acquisition.
Non-GAAP Measures
Our results included in this press release include Adjusted
EBITDA, Adjusted EBITDA margin and Adjusted Gross Profit, which are
not presented in accordance with U.S. generally accepted accounting
principles (“GAAP”). These non-GAAP measures are presented for
supplemental informational purposes only and are not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP. Please refer to the supplemental information presented in the
tables below for a reconciliation of Adjusted EBITDA to Net (loss)
income and Adjusted Gross Profit to Gross profit. Both Net (loss)
income and Gross profit are the most comparable GAAP financial
measure to Adjusted EBITDA and Adjusted Gross Profit, respectively.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by
revenue.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and allow for greater
transparency with respect to important metrics used by our
management for financial and operational decision-making. We
believe that these measures provide additional tools for investors
to use in comparing our core financial performance over multiple
periods with other companies in our industry. However, it is
important to note that the particular items we exclude from, or
include in, our non-GAAP financial measures may differ from the
items excluded from, or included in, similar non-GAAP financial
measures used by other companies in the same industry.
The following is a reconciliation of Adjusted EBITDA to its most
directly comparable GAAP measure, Net (loss) income:
Three Months Ended September
30,
Nine Months Ended September
30,
(in thousands)
2023
2022
2023
2022
Reconciliation of Adjusted
EBITDA
Net (loss) income
$
(27,046
)
$
13,280
$
(1,754
)
$
104,793
Interest expense
15,131
14,570
47,911
44,089
Depreciation and amortization expense
15,842
23,393
46,940
65,954
Stock-based compensation expense (1)
5,462
4,402
16,653
10,140
Restructuring and integration expenses
(2)
3,584
3,790
12,845
14,439
Income tax (benefit) expense
(10,241
)
6,241
(9,173
)
38,062
Transaction costs (3)
—
1,461
373
4,797
Other components of net periodic pension
cost (benefit) (4)
1,902
3,928
3,888
(5,295
)
Non-cash (gain) loss from remeasurement of
indemnification asset (5)
—
(585
)
10,734
(1,472
)
Impairment charges
—
—
—
222
Other (6)
2,697
(5,048
)
6,822
(10,580
)
Adjusted EBITDA
$
7,331
$
65,432
$
135,239
$
265,149
(1)
We record stock-based compensation expense
related to the amortization of grant date fair value of the
Company’s stock-based compensation awards.
(2)
For the three and nine months ended
September 30, 2023 and 2022, expenses relate to periodic efforts to
enhance efficiencies and reduce costs, and include severance
benefits, and costs associated with abandoned facilities and system
consolidation.
(3)
Expenses related to the Yellow
acquisition, Vivial acquisition and other transaction costs.
(4)
Other components of net periodic pension
cost (benefit) is from our non-contributory defined benefit pension
plans that are currently frozen and incur no additional service
costs. The most significant component of Other components of net
periodic pension cost (benefit) relates to periodic mark-to-market
pension remeasurement.
(5)
In connection with the YP Acquisition, the
seller indemnified us for future potential losses associated with
certain federal and state tax positions taken in tax returns filed
by the seller prior to the acquisition date.
(6)
Other primarily represents foreign
exchange-related expense. Additionally, during the nine months
ended September 30, 2022, Other includes the bargain purchase gain
as a result of the Vivial Acquisition.
The following tables set forth reconciliations of Adjusted Gross
Profit and Adjusted Gross Margin, to their most directly comparable
GAAP measures, Gross profit and Gross margin:
Three Months Ended September
30, 2023
Thryv U.S.
Thryv International
(in thousands)
Marketing Services
SaaS
Marketing Services
SaaS
Total
Reconciliation of Adjusted Gross
Profit
Gross profit
$
50,610
$
40,957
$
10,166
$
1,911
$
103,644
Plus:
Depreciation and amortization expense
2,298
1,602
2,587
299
6,786
Stock-based compensation expense
103
71
—
—
174
Adjusted Gross Profit
$
53,011
$
42,630
$
12,753
$
2,210
$
110,604
Gross Margin
54.5
%
63.4
%
43.1
%
70.5
%
56.4
%
Adjusted Gross Margin
57.1
%
65.9
%
54.1
%
81.5
%
60.2
%
Three Months Ended September
30, 2022
Thryv U.S.
Thryv International
(in thousands)
Marketing Services
SaaS
Marketing Services
SaaS
Total
Reconciliation of Adjusted Gross
Profit
Gross profit
$
126,846
$
33,827
$
14,351
$
615
$
175,639
Plus:
Depreciation and amortization expense
4,593
1,287
3,739
195
9,814
Stock-based compensation expense
85
22
—
—
107
Adjusted Gross Profit
$
131,524
$
35,136
$
18,090
$
810
$
185,560
Gross Margin
64.3
%
61.1
%
53.5
%
47.7
%
62.6
%
Adjusted Gross Margin
66.7
%
63.5
%
67.4
%
62.8
%
66.1
%
Nine Months Ended September
30, 2023
Thryv U.S.
Thryv International
(in thousands)
Marketing Services
SaaS
Marketing Services
SaaS
Total
Reconciliation of Adjusted Gross
Profit
Gross profit
$
231,807
$
114,480
$
67,498
$
4,752
$
418,537
Plus:
Depreciation and amortization expense
8,101
4,004
8,689
599
21,393
Stock-based compensation expense
325
171
—
—
496
Adjusted Gross Profit
$
240,233
$
118,655
$
76,187
$
5,351
$
440,426
Gross Margin
61.3
%
62.6
%
59.6
%
69.7
%
61.5
%
Adjusted Gross Margin
63.6
%
64.9
%
67.3
%
78.5
%
64.7
%
Nine Months Ended September
30, 2022
Thryv U.S.
Thryv International
(in thousands)
Marketing Services
SaaS
Marketing Services
SaaS
Total
Reconciliation of Adjusted Gross
Profit
Gross profit
$
415,130
$
95,328
$
89,694
$
1,325
$
601,477
Plus:
Depreciation and amortization expense
13,381
3,278
11,771
337
28,767
Stock-based compensation expense
251
63
—
—
314
Adjusted Gross Profit
$
428,762
$
98,669
$
101,465
$
1,662
$
630,558
Gross Margin
65.7
%
62.0
%
67.1
%
41.9
%
65.2
%
Adjusted Gross Margin
67.8
%
64.1
%
75.9
%
52.5
%
68.3
%
Supplemental Financial Information
The following supplemental financial information provides
Revenue, Adjusted EBITDA and Adjusted EBITDA Margin by (i)
Marketing Services businesses in the U.S., International and in
Total and (ii) SaaS businesses in the U.S., International and in
Total. Total SaaS Adjusted EBITDA and Adjusted EBITDA margin are
non-GAAP financial measures. Total Marketing Services Adjusted
EBITDA and Adjusted EBITDA margin are also non-GAAP financial
measures. These non-GAAP financial measures are presented for
supplemental informational purposes only and are not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP. Please refer to the supplemental information presented in the
tables below for a reconciliation of these non-GAAP financial
measures to the corresponding segment financial measures presented
in accordance with GAAP.
We believe that these non-GAAP financial measures provide useful
information about our global SaaS and Marketing Services financial
performance, enhance the overall understanding of our global SaaS
and Marketing Services past financial performance and allow for
greater transparency with respect to important metrics used by our
management for financial and operational decision-making. We
believe that these measures provide additional tools for investors
to use in comparing our core financial performance over multiple
periods.
Three Months Ended September
30, 2023
(in thousands)
Marketing Services
SaaS
U.S.
International
Total
U.S.
International
Total
Revenue
$
92,884
$
23,578
$
116,462
$
64,650
$
2,710
$
67,360
Adjusted EBITDA
5,369
2,466
7,835
1,986
(2,490
)
(504
)
Adjusted EBITDA Margin
5.8
%
10.5
%
6.7
%
3.1
%
(91.9
)%
(0.7
)%
Three Months Ended September
30, 2022
(in thousands)
Marketing Services
SaaS
U.S.
International
Total
U.S.
International
Total
Revenue
$
197,174
$
26,833
$
224,007
$
55,353
$
1,290
$
56,643
Adjusted EBITDA
61,802
5,807
67,609
398
(2,575
)
(2,177
)
Adjusted EBITDA Margin
31.3
%
21.6
%
30.2
%
0.7
%
(199.6
)%
(3.8
)%
Nine Months Ended September
30, 2023
(in thousands)
Marketing Services
SaaS
U.S.
International
Total
U.S.
International
Total
Revenue
$
377,868
$
113,183
$
491,051
$
182,927
$
6,820
$
189,747
Adjusted EBITDA
84,866
44,851
129,717
10,231
(4,709
)
5,522
Adjusted EBITDA Margin
22.5
%
39.6
%
26.4
%
5.6
%
(69.0
)%
2.9
%
Nine Months Ended September
30, 2022
(in thousands)
Marketing Services
SaaS
U.S.
International
Total
U.S.
International
Total
Revenue
$
632,277
$
133,715
$
765,992
$
153,863
$
3,165
$
157,028
Adjusted EBITDA
211,871
64,449
276,320
(3,769
)
(7,402
)
(11,171
)
Adjusted EBITDA Margin
33.5
%
48.2
%
36.1
%
(2.4
)%
(233.9
)%
(7.1
)%
Forward-Looking Statements
Certain statements contained herein are not historical facts,
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and involve a
number of risks and uncertainties. Statements that include the
words “may”, “will”, “could”, “should”, “would”, “believe”,
“anticipate”, “forecast”, “estimate”, “expect”, “preliminary”,
“intend”, “plan”, “target”, “project”, “outlook”, “future”,
“forward”, “guidance” and similar statements of a future or
forward-looking nature identify forward-looking statements. These
statements are not guarantees of future performance. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. While management believes that these forward-looking
statements are reasonable as and when made, there can be no
assurance that future developments affecting us will be those that
we anticipate. Accordingly, there are or will be important factors
that could cause our actual results to differ materially from those
indicated in these statements. We believe that these factors
include, but are not limited to, the risks related to the
following: risks related to the ongoing COVID-19 pandemic, the
Company’s ability to maintain adequate liquidity to fund
operations; the Company’s future operating and financial
performance; the Company’s ability to consummate acquisitions, or,
if consummated, to successfully integrate acquired businesses into
the Company’s operations, the Company’s ability to recognize the
benefits of acquisitions, or the failure of an acquired company to
achieve its plans and objectives; limitations on our operating and
strategic flexibility and the ability to operate our business,
finance our capital needs or expand business strategies under the
terms of our credit facilities; our ability to retain existing
business and obtain and retain new business; general economic or
business conditions affecting the markets we serve; declining use
of print yellow page directories by consumers; our ability to
collect trade receivables from clients to whom we extend credit;
credit risk associated with our reliance on small and medium sized
businesses as clients; our ability to attract and retain key
managers; increased competition in our markets; our ability to
obtain future financing due to changes in the lending markets or
our financial position; our ability to maintain agreements with
major Internet search and local media companies; reduced
advertising spending and increased contract cancellations by our
clients, which causes reduced revenue; and our ability to
anticipate or respond effectively to changes in technology and
consumer preferences as well as the risks and uncertainties set
forth in the Company's most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on From 10-Q filed with the Securities
and Exchange Commission. All subsequent written and oral
forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by such
cautionary statements.
If one or more events related to these or other risks or
uncertainties materialize, or if our underlying assumptions prove
to be incorrect, actual results may differ materially from what we
anticipate. For these reasons, we caution you against relying on
forward-looking statements. All forward-looking statements included
in this press release are expressly qualified in their entirety by
the foregoing cautionary statements. These forward-looking
statements speak only as of the date hereof and, other than as
required by law, we undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
About Thryv Holdings, Inc.
Thryv Holdings, Inc. (NASDAQ: THRY) is a global software and
marketing services company that empowers small- to medium-sized
businesses (“SMBs”) to grow and modernize their operations so they
can compete and win in today's economy. Over 50,000 businesses use
our award-winning SaaS platform, Thryv®, to manage their end-to-end
operations, which has helped businesses across the U.S. and
overseas grow their bottom line. Thryv also manages digital and
print presence for approximately 400,000 businesses, connecting
these SMBs to local consumers via proprietary local search portals
and print directories. For more information about Thryv Holdings,
Inc, visit thryv.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231102698825/en/
Media Contact: Paige Blankenship Thryv, Inc. 214-392-9609
paige.blankenship@thryv.com
Investor Contact: Cameron Lessard Thryv, Inc.
214.773.7022 cameron.lessard@thryv.com
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