EX-99.1 2 exhibit991-pressreleaseq42.htm EX-99.1

						Exhibit 99.1

Thryv Accelerates SaaS Revenue in Fourth Quarter 2024,

Exceeds Fourth Quarter SaaS Guidance

–Q4 Total SaaS Revenue Increased 41% Year-Over-Year

–Q4 Thryv SaaS Revenue Increased 23% Year-Over-Year

–Full Year Total SaaS Revenue Increased 30% Year-Over-Year

–Achieves Q4 SaaS Adjusted EBITDA Margin of 17%

–Q4 Thryv SaaS Subscribers Increase 50% Year-Over-Year

DALLAS, February 27, 2025 – Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv®, the leading small business marketing and sales software platform, reported an increase in Total SaaS revenue of 41% year-over-year in the fourth quarter of 2024.

“We delivered a strong fourth quarter with a robust increase in revenue and record SaaS margins, reaching a pivotal inflection point as SaaS now drives the majority of our revenue, reinforcing our transformation into a leading software company.” said Joe Walsh, Thryv Chairman and CEO. “We are pleased with the initial integration of Keap, a prominent player in marketing automation for SMBs, and we’re especially excited about the combined strength of our two SMB-focused platforms and the opportunities ahead to drive even greater value for our customers. In the fourth quarter, our total SaaS subscribers increased 73% with the addition of Keap's SaaS clients, the continued conversion of marketing service clients and new client acquisitions. As we look to 2025, we expect our positive momentum to continue as we deliver sustained profitable SaaS revenue growth and margin expansion.”

“We are demonstrating the increasing profitability of each incremental dollar of revenue as we continued to effectively scale our platform and delivered record SaaS gross margins,” stated Paul Rouse, Chief Financial Officer. “In the fourth quarter, we exceeded our SaaS guidance, continued to drive operating efficiencies, and are reiterating our full-year 2025 outlook from our Analyst Day.”

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Fourth Quarter 2024 Highlights:

•Total SaaS revenue was $104.3 million, a 41% increase year-over-year

•Thryv SaaS1 revenue, which excludes Keap's revenue, was $90.9 million, a 23% increase year-over-year

•Total Marketing Services revenue was $82.3 million, a 49% decrease year-over-year resulting from the timing of the company's print publication cycles.

•Consolidated total revenue was $186.6 million, a decrease of 21% year-over-year

•Consolidated net income was $7.9 million, or $0.19 per diluted share; compared to net loss of $257.5 million, or $(7.39) per diluted share, for the fourth quarter of 2023

•Consolidated Adjusted EBITDA was $29.4 million, representing an Adjusted EBITDA margin of 15.7%.

•Total SaaS Adjusted EBITDA was $17.3 million, representing an Adjusted EBITDA margin of 16.6%

•Total Marketing Services Adjusted EBITDA was $12.1 million, representing an Adjusted EBITDA margin of 14.7%

•Consolidated Gross Profit was $123.0 million

•Consolidated Adjusted Gross Profit2 was $127.8 million

•SaaS Gross Profit was $76.2 million, representing a Gross Margin of 73.1%

•SaaS Adjusted Gross Profit2 was $79.2 million, representing an Adjusted Gross Margin of 75.9%

Full-Year 2024 Financial Highlights:

•Total SaaS revenue was $343.5 million, a 30% increase year-over-year

•Thryv SaaS revenue, which excludes Keap's revenue, was $330.1 million, a 25% increase year-over-year

•Total Marketing Services revenue was $480.7 million, a 26% decrease year-over-year

•Consolidated total revenue was $824.2 million, a decrease of 10% year-over-year

•Consolidated net loss was $74.2 million, or $(2.00) per diluted share, which includes a non-cash charge of $83.1 million related to Marketing Services goodwill impairment; compared to net loss of $259.3 million, or $(7.47) per diluted share, for last year

•Consolidated Adjusted EBITDA was $162.4 million, representing an Adjusted EBITDA margin of 19.7%

•Total SaaS Adjusted EBITDA was $41.2 million, representing an Adjusted EBITDA margin of 12.0%

•Total Marketing Services Adjusted EBITDA was $121.2 million, representing an Adjusted EBITDA margin of 25.2%

•Consolidated Gross Profit was $537.2 million

•Consolidated Adjusted Gross Profit2 was $558.9 million

•SaaS Gross Profit was $238.2 million, representing a Gross Margin of 69.4%

•SaaS Adjusted Gross Profit1 was $247.2 million, representing an Adjusted Gross Margin of 72.0%

•Pension obligations, net were $38.0 million as of December 31, 2024 compared to $69.4 million as of December 31, 2023, a 45% decrease year-over-year.

•Operating cash flow was $89.8 million compared to $148.2 million for the prior year

•Free cash flow was $56.2 million compared to $114.8 million for the prior year

1 Defined as Total SaaS revenue excluding $13.4 million of revenue contribution from Keap, our acquisition made on October 31, 2024.

2 Defined as Gross profit adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense.

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SaaS Metrics

•Total SaaS clients increased 73% year-over-year to 114 thousand at the end of the fourth quarter of 2024, Thryv SaaS clients increased 50% year-over-year to 99 thousand

•Seasoned Net Revenue Retention3 was 98% for the fourth quarter of 2024, an increase of 200 bps year-over-year, excluding Keap

•SaaS monthly Average Revenue per Unit (“ARPU”)4 was $324 for the fourth quarter of 2024

•ThryvPay total payment volume was $79 million, an increase of 33% year-over-year

Outlook

Based on information available as of February 27, 2025, Thryv is issuing guidance5 for the first quarter of 2025 and full year 2025 as indicated below:

			1st Quarter									Full Year
(in millions)			2025									2025
SaaS Revenue*			$107.5 - $110.0									$464.5 - $474.0
SaaS Adjusted EBITDA			$9.0 - $9.5									$69.5 - $71.0

*Keap is expected to contribute $75 to $78 million of revenue for the full year 2025.

			1st Quarter						2nd Quarter						3rd Quarter						4th Quarter						Full Year
(in millions)			2025						2025						2025						2025						2025
Marketing Services Revenue			$65.0 - $66.0						$90.0 - $91.0						$83.0 - $84.0						$72.0 - $73.0						$310.0 - $314.0
Marketing Services Adjusted EBITDA			$9.0 - $10.0																								$77.5 - $78.5

Earnings Conference Call Information

Thryv will host a conference call on Thursday, February 27, 2025 at 8:30 a.m. (Eastern Time) to discuss the Company's fourth quarter 2024 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 at this link.

3 Seasoned Net Revenue Retention is defined as net dollar retention excluding clients acquired over the previous 12 months and clients acquired in the Keap acquisition which closed on October 31, 2024.

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. This is a blended calculation and inclusive of the impact from the Keap acquisition.

5 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.

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Thryv Holdings, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive (Loss)

			Three Months Ended												Years Ended
			December 31,												December 31,
(in thousands, except share and per share data)			2024						2023						2024						2023
Revenue			$	186,596					$	236,163					$	824,156					$	916,961
Cost of services			63,569						76,453						286,919						338,714
Gross profit			123,027						159,710						537,237						578,247
Operating expenses:
Sales and marketing			68,162						73,757						270,146						300,538
General and administrative			62,067						59,238						217,296						208,880
Impairment charges			—						268,846						83,094						268,846
Total operating expenses			130,229						401,841						570,536						778,264
Operating (loss)			(7,202)						(242,131)						(33,299)						(200,017)
Other income (expense):
Interest expense			(4,940)						(13,817)						(36,494)						(61,728)
Interest expense, related party			(4,783)						—						(10,277)						—
Other components of net periodic pension benefit			29,549						6,607						24,806						2,719
Other expense			(3,163)						(276)						(10,734)						(1,518)
Income (loss) before income tax (expense) benefit			9,461						(249,617)						(65,998)						(260,544)
Income tax (expense) benefit			(1,578)						(7,924)						(8,218)						1,249
Net income (loss)			$	7,883					$	(257,541)					$	(74,216)					$	(259,295)
Other comprehensive (loss) income:
Foreign currency translation adjustment, net of tax			(882)						5,402						250						1,070
Comprehensive income (loss)			$	7,001					$	(252,139)					$	(73,966)					$	(258,225)
Net income (loss) per common share:
Basic			$	0.19					$	(7.39)					$	(2.00)					$	(7.47)
Diluted			$	0.19					$	(7.39)					$	(2.00)					$	(7.47)
Weighted-average shares used in computing basic and diluted net income (loss) per common share:
Basic			40,579,831						34,858,157						37,142,271						34,723,491
Diluted			41,901,138						34,858,157						37,142,271						34,723,491

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Thryv Holdings, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share data)			December 31, 2024						December 31, 2023
Assets
Current assets
Cash and cash equivalents			$	16,311					$	18,216
Accounts receivable, net of allowance of $13,051 in 2024 and $14,926 in 2023			161,620						205,503
Contract assets, net of allowance of $29 in 2024 and $35 in 2023			2,127						2,909
Taxes receivable			6,218						3,085
Prepaid expenses			13,923						17,771
Deferred costs			8,402						16,722
Other current assets			2,119						2,662
Total current assets			210,720						266,868
Fixed assets and capitalized software, net			44,478						38,599
Goodwill			253,318						302,400
Intangible assets, net			34,259						18,788
Deferred tax assets			143,495						128,051
Other assets			25,895						28,464
Total assets			$	712,165					$	783,170
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable			$	13,011					$	10,348
Accrued liabilities			95,462						105,903
Current portion of unrecognized tax benefits			26,196						23,979
Contract liabilities			40,315						44,558
Current portion of Term Loan			7,875						70,000
Current portion of Term Loan, related party			5,250						—
Other current liabilities			8,151						8,402
Total current liabilities			196,260						263,190
Term Loan, net			146,885						230,052
Term Loan, net, related party			100,436						—
ABL Facility			23,891						48,845
Pension obligations, net			38,014						69,388
Other liabilities			9,759						18,995
Total long-term liabilities			318,985						367,280
Commitments and contingencies
Stockholders' equity
Common stock - $0.01 par value, 250,000,000 shares authorized; 70,556,740 shares issued and 43,033,960 shares outstanding at December 31, 2024; and 62,660,783 shares issued and 35,302,746 shares outstanding at December 31, 2023			706						627
Additional paid-in capital			1,272,476						1,151,259
Treasury stock - 27,522,780 shares at December 31, 2024 and 27,358,037 shares at December 31, 2023			(488,903)						(485,793)
Accumulated other comprehensive loss			(14,941)						(15,191)
Accumulated deficit			(572,418)						(498,202)
Total stockholders' equity			196,920						152,700
Total liabilities and stockholders' equity			$	712,165					$	783,170

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Thryv Holdings, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

			Years Ended December 31,
(in thousands)			2024						2023
Cash Flows from Operating Activities
Net (loss)			$	(74,216)					$	(259,295)
Adjustments to reconcile net (loss) to net cash provided by operating activities:
Depreciation and amortization			52,789						63,251
Amortization of deferred commissions			18,283						14,954
Amortization of debt issuance costs			4,022						5,422
Deferred income taxes			(5,270)						(12,904)
Provision for credit losses and service credits			22,508						24,516
Stock-based compensation expense			24,118						22,201
Other components of net periodic pension benefit			(24,806)						(2,719)
Impairment charges			83,094						268,846
Loss on early extinguishment of debt			6,638						—
Non-cash loss from the remeasurement of the indemnification asset			—						10,734
Other			930						603
Changes in working capital items, excluding acquisitions:
Accounts receivable			23,167						54,325
Contract assets			782						(326)
Prepaid expenses and other assets			1,139						7,117
Accounts payable and accrued liabilities			(26,526)						(37,749)
Other liabilities			(16,869)						(10,750)
Net cash provided by operating activities			89,783						148,226
Cash Flows from Investing Activities
Additions to fixed assets and capitalized software			(33,537)						(33,394)
Acquisition of a business, net of cash acquired			(76,887)						(8,897)
Other			—						(225)
Net cash used in investing activities			(110,424)						(42,516)
Cash Flows from Financing Activities
Proceeds from Term Loan			206,220						—
Proceeds from Term Loan, related party			137,480						—
Payments of Term Loan			(356,618)						(120,000)
Payments of Term Loan, related party			(31,500)						—
Proceeds from ABL Facility			329,004						919,975
Payments of ABL Facility			(353,957)						(925,684)
Debt issuance costs			(5,480)						—
Purchase of treasury stock			(499)						—
Proceeds from exercises of stock warrants			—						15,898
Proceeds from common stock offering, net of offering expenses			87,402						—
Other			7,164						6,318
Net cash provided by (used in) financing activities			19,216						(103,493)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(1,344)						133
(Decrease) increase in cash, cash equivalents and restricted cash			(2,769)						2,350
Cash, cash equivalents and restricted cash, beginning of period			20,530						18,180
Cash, cash equivalents and restricted cash, end of period			$	17,761					$	20,530
Supplemental Information
Cash paid for interest			$	44,018					$	57,027
Cash paid for income taxes, net			$	15,413					$	9,313
Non-cash investing and financing activities
Repurchase of Treasury stock as a result of the settlement of the indemnification asset			$	—					$	15,760

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Segment Information

During first quarter of 2024, the Company changed the internal reporting provided to the chief operating decision maker (“CODM”). As a result, the Company reevaluated its segment reporting and determined that Thryv U.S. Marketing Services and Thryv International Marketing Services should be reflected as a single reportable segment, and that Thryv U.S. SaaS and Thryv International SaaS should be reflected as a single reportable segment. As such, beginning on January 1, 2024, the results of our Marketing Services and SaaS businesses are presented as two reportable segments. Comparative prior periods have been recast to reflect the current presentation. The CDOM monitors segment Adjusted EBITDA to assess the performance of each segment and make decisions about allocating resources to each segment.

The following tables summarize the operating results of the Company's reportable segments:

			Three Months Ended December 31,												Change
(in thousands)			2024						2023						Amount						%
Revenue
Marketing Services			$	82,291					$	162,193					$	(79,902)					(49.3)		%
SaaS			104,305						73,970						30,335						41.0		%
Total Revenue			$	186,596					$	236,163					$	(49,567)					(21.0)		%
Adjusted EBITDA
Marketing Services			$	12,104					$	45,773					$	(33,669)					(73.6)		%
SaaS			17,276						6,503						10,773						165.7		%
Consolidated Adjusted EBITDA6			$	29,380					$	52,276					$	(22,896)					(43.8)		%

			Years Ended December 31,												Change
(in thousands)			2024						2023						Amount						%
Revenue
Marketing Services			$	480,680					$	653,244					$	(172,564)					(26.4)		%
SaaS			343,476						263,717						79,759						30.2		%
Total Revenue			$	824,156					$	916,961					$	(92,805)					(10.1)		%
Adjusted EBITDA
Marketing Services			$	121,241					$	175,490					$	(54,249)					(30.9)		%
SaaS			41,190						12,025						29,165						242.5		%
Consolidated Adjusted EBITDA6			$	162,431					$	187,515					$	(25,084)					(13.4)		%

6 Consolidated Adjusted EBITDA is equal to Marketing Services Adjusted EBITDA and SaaS Adjusted EBITDA. See Non-GAAP Measures below for a reconciliation of Consolidated Adjusted EBITDA to Net income (loss).

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The following tables set forth reconciliations of our SaaS revenue for the Company to Thryv SaaS revenue and Keap SaaS revenue:

			Three Months Ended December 31,
(in thousands)			2024						2023
Reconciliation of Thryv SaaS Revenue
SaaS Revenue			$	104,305					$	73,970
Less:
Keap SaaS Revenue			13,419						—
Thryv SaaS Revenue (without Keap)			$	90,886					$	73,970

			Years Ended December 31,
(in thousands)			2024						2023
Reconciliation of Thryv SaaS Revenue
SaaS Revenue			$	343,476					$	263,717
Less:
Keap SaaS Revenue			13,419						—
Thryv SaaS Revenue (without Keap)			$	330,057					$	263,717

Non-GAAP Measures

Our results included in this press release include Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Gross Profit and Free Cash Flow, which are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”).

We have included Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow because management believes they provide useful information to investors in gaining an overall understanding of our current financial performance and provide consistency and comparability with past financial performance. Specifically, we believe Adjusted EBITDA provides useful information to management and investors by excluding certain non-operating items that we believe are not indicative of our core operating results. In addition, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow are used by management for budgeting and forecasting as well as measuring the Company’s performance. We believe Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit and Free Cash Flow provide investors with the financial measures that closely align with our internal processes.

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We define Adjusted EBITDA (“Adjusted EBITDA”) as Net income (loss) plus Interest expense, Income tax expense, Depreciation and amortization expense, Restructuring and integration expenses, Transaction costs, Stock-based compensation expense, and non-operating expenses, such as, Other components of net periodic pension cost, Loss on early extinguishment of debt, Non-cash loss from remeasurement of indemnification asset, and certain unusual and non-recurring charges that might have been incurred. Adjusted EBITDA should not be considered as an alternative to Net income (loss) as a performance measure. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We define Adjusted Gross Profit (“Adjusted Gross Profit”) as Gross profit adjusted to exclude the impact of Depreciation and amortization expense and Stock-based compensation expense. We define Free Cash Flow as cash from operating activities minus capital expenditures.

Non-GAAP financial information has limitations as an analytical tool and is presented for supplemental informational purposes only. Such information should not be considered a substitute for financial information presented in accordance with U.S. GAAP and may be different from similarly-titled non-GAAP measures used by other companies.

The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, Net income (loss):

			Three Months Ended December 31,												Years Ended December 31,
(in thousands)			2024						2023						2024						2023
Reconciliation of Adjusted EBITDA
Net income (loss)			$	7,883					$	(257,541)					$	(74,216)					$	(259,295)
Interest expense			9,723						13,817						46,771						61,728
Depreciation and amortization expense			11,645						16,311						52,789						63,251
Stock-based compensation expense (1)			6,465						5,548						24,118						22,201
Restructuring and integration expenses (2)			15,018						1,767						32,697						14,612
Income tax expense (benefit)			1,578						7,924						8,218						(1,249)
Transaction costs (3)			3,439						—						5,145						373
Other components of net periodic pension benefit (4)			(29,549)						(6,607)						(24,806)						(2,719)
Loss on early extinguishment of debt (5)			—						—						6,638						—
Non-cash loss from remeasurement of indemnification asset (6)			—						—						—						10,734
Impairment charges			—						268,846						83,094						268,846
Other (7)			3,178						2,211						1,983						9,033
Adjusted EBITDA			$	29,380					$	52,276					$	162,431					$	187,515

(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 years ended December 31, 2024 and 2023, expenses relate to periodic efforts to enhance efficiencies and reduce costs, and include severance benefits, and costs associated with abandoned facilities and system consolidation. For more information on our restructuring and integration expenses, please see our 2024 Annual Report on Form 10-K.

(3)Expenses related to the Keap acquisition during the year ended December 31, 2024, and the Yellow acquisition during the year ended December 31, 2023.

(4)Other components of net periodic pension 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 benefit relates to periodic mark-to-market pension remeasurement.

(5)In connection with the debt refinancing completed on May 1, 2024, we recorded a Loss on early extinguishment of debt related to the write-off of certain unamortized debt issuance costs on our prior Term Loan and prior ABL Facility.

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(6)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.

(7)Other primarily includes foreign exchange-related expense.

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 December 31, 2024
(in thousands)			Marketing Services						SaaS						Total
Reconciliation of Adjusted Gross Profit
Gross profit			$	46,796					$	76,231					$	123,027
Plus:
Depreciation and amortization expense			1,837						2,830						4,667
Stock-based compensation expense			47						108						155
Adjusted Gross Profit			$	48,680					$	79,169					$	127,849
Gross Margin			56.9		%				73.1		%				65.9		%
Adjusted Gross Margin			59.2		%				75.9		%				68.5		%

			Three Months Ended December 31, 2023
(in thousands)			Marketing Services						SaaS						Total
Reconciliation of Adjusted Gross Profit
Gross profit			$	109,752					$	49,958					$	159,710
Plus:
Depreciation and amortization expense			4,021						1,575						5,596
Stock-based compensation expense			74						43						117
Adjusted Gross Profit			$	113,847					$	51,576					$	165,423
Gross Margin			67.7		%				67.5		%				67.6		%
Adjusted Gross Margin			70.2		%				69.7		%				70.0		%

			Year Ended December 31, 2024
(in thousands)			Marketing Services						SaaS						Total
Reconciliation of Adjusted Gross Profit
Gross profit			$	299,015					$	238,222					$	537,237
Plus:
Depreciation and amortization expense			12,406						8,600						21,006
Stock-based compensation expense			327						336						663
Adjusted Gross Profit			$	311,748					$	247,158					$	558,906
Gross Margin			62.2		%				69.4		%				65.2		%
Adjusted Gross Margin			64.9		%				72.0		%				67.8		%

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			Year Ended December 31, 2023
(in thousands)			Marketing Services						SaaS						Total
Reconciliation of Adjusted Gross Profit
Gross profit			$	409,057					$	169,190					$	578,247
Plus:
Depreciation and amortization expense			20,811						6,178						26,989
Stock-based compensation expense			399						214						613
Adjusted Gross Profit			$	430,267					$	175,582					$	605,849
Gross Margin			62.6		%				64.2		%				63.1		%
Adjusted Gross Margin			65.9		%				66.6		%				66.1		%

Supplemental Financial Information

The following supplemental financial information provides Revenue, Net Income (Loss), Net Income (Loss) Margin, Adjusted EBITDA and Adjusted EBITDA Margin by our (i) Marketing Services business and (ii) SaaS business. 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.

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 December 31, 2024
(in thousands)			Marketing Services						SaaS						Total
Revenue			$	82,291					$	104,305					$	186,596
Net Income															7,883
Net Income Margin															4.2		%
Adjusted EBITDA			12,104						17,276						29,380
Adjusted EBITDA Margin			14.7		%				16.6		%				15.7		%

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			Three Months Ended December 31, 2023
(in thousands)			Marketing Services						SaaS						Total
Revenue			$	162,193					$	73,970					$	236,163
Net (Loss)															(257,541)
Net (Loss) Margin															(109.1)		%
Adjusted EBITDA			45,773						6,503						52,276
Adjusted EBITDA Margin			28.2		%				8.8		%				22.1		%

			Year Ended December 31, 2024
(in thousands)			Marketing Services						SaaS						Total
Revenue			$	480,680					$	343,476					$	824,156
Net (Loss)															(74,216)
Net (Loss) Margin															(9.0)		%
Adjusted EBITDA			121,241						41,190						162,431
Adjusted EBITDA Margin			25.2		%				12.0		%				19.7		%

			Year Ended December 31, 2023
(in thousands)			Marketing Services						SaaS						Total
Revenue			$	653,244					$	263,717					$	916,961
Net (Loss)															(259,295)
Net (Loss) Margin															(28.3)		%
Adjusted EBITDA			175,490						12,025						187,515
Adjusted EBITDA Margin			26.9		%				4.6		%				20.4		%

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: significant competition for our Marketing Services solutions and SaaS offerings, including from companies that use components of our SaaS offerings provided by third parties; our ability to maintain profitability; our ability to manage our growth effectively; our ability to transition our Marketing Services clients to our Thryv platform, maintain transitioned clients on that platform and sell them additional or upgraded products, sell our platform into new markets or further penetrate existing markets; our ability to maintain our strategic relationships with third-party service providers; internet search engines and portals potentially terminating or materially altering their agreements with us; our ability to keep pace with rapid technological changes and evolving industry standards; our SMBs clients potentially

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opting not to renew their agreements with us or renewing at lower spend; potential system interruptions or failures, including cybersecurity breaches, identity theft, data loss, unauthorized access to data or other disruptions that could compromise our information; our potential failure to identify suitable acquisition candidates and consummate such acquisitions; our ability to complete acquisitions and the successful integration of such acquisitions, including our recently completed acquisition of Keap, and any failure of an acquired business to achieve its plans and objectives or realize any expected benefit from any such acquisition; the potential loss of one or more key employees or our inability to attract and to retain highly skilled employees; our ability to maintain the compatibility of our Thryv platform with third-party applications; our ability to successfully expand our operations and current offerings into new markets, including internationally, or further penetrate existing markets; our potential failure to provide new or enhanced functionality and features; our potential failure to comply with applicable privacy, security and data laws, regulations and standards; potential changes in regulations governing privacy concerns and laws or other domestic or foreign data protection regulations; our potential failure to meet service level commitments under our client contracts; our potential failure to offer high-quality or technical support services; our Thryv platform and add-ons potentially failing to perform properly; our use of artificial intelligence in our business, and challenges with properly managing its use, could result in reputational harm, competitive harm, and legal liability; the potential impact of future labor negotiations; our ability to protect our intellectual property rights, proprietary technology, information, processes, and know-how; rising inflation and our ability to control costs, including operating expenses; general macro-economic conditions, including a recession or an economic slowdown in the U.S. or internationally; adverse tax laws or regulations or potential changes to existing tax laws or regulations; costs, liabilities and reputational harm resulting from regulatory investigations, including the subpoena from the Division of Enforcement of the Securities and Exchange Commission (the “SEC”); volatility and weakness in bank and capital markets; and costs, obligations and liabilities incurred as a result of and in connection with being a public company as well as the risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K filed with the SEC. 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

Thryv Holdings, Inc. (NASDAQ:THRY) is the provider of the leading sales and marketing platform designed to help small businesses attract new and repeat customers. Thryv software offers SMBs everything they need to manage day-to-day operations and grow efficiently. The platform’s AI-supported marketing and business automations help business owners save time, compete, and win. More than 100K businesses globally use Thryv software to connect with customers and run and grow their business. For more information, visit thryv.com.

Media Contact:

Julie Murphy

Thryv, Inc.

617.967.5426

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julie.murphy@thryv.com

Investor Contact:  

Cameron Lessard 

Thryv, Inc.

cameron.lessard@thryv.com  

  

 

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