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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 001-35895
THRYV HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Delaware | | 13-2740040 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
| | |
2200 West Airfield Drive, P.O. Box 619810, D/FW Airport, TX | | 75261 |
(Address of principal executive offices) | | (Zip Code) |
| | | | | |
(972) | 453-7000 |
(Registrant’s telephone number, including area code) |
| |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value per share | THRY | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes x No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.
| | | | | | | | | | | |
Large accelerated filer | ☐ | Accelerated filer | ☒ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).
Yes ☐ No x
As of October 31, 2023, there were 35,165,017 shares of the registrant's common stock outstanding.
THRYV HOLDINGS, INC.
TABLE OF CONTENTS
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PART I. FINANCIAL INFORMATION | |
Item 1. | Financial Statements | | |
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Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
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PART II. OTHER INFORMATION | |
Item 1. | | | |
Item 1A. | | | |
Item 2. | | | |
Item 3. | | | |
Item 4. | | | |
Item 5. | | | |
Item 6. | | | |
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (“Quarterly Report”) contains forward-looking statements, that reflect our current views with respect to future events and financial performance. Such statements are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995 and include, without limitation, statements concerning the conditions of our industry and our operations, performance, and financial condition, including, in particular, statements relating to our business, growth strategies, product development efforts, and future expenses. Forward-looking statements include all statements that do not relate solely to historical or current facts and generally can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “could,” “estimates,” “expects,” “likely,” “may,” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance, such as those contained in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Accordingly, we caution you against relying on forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national, or global political, economic, business, competitive, market, and regulatory conditions and 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, 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 small to medium-sized businesses (“SMBs”) clients potentially opting not to renew their agreements with us or renewing at lower spend;
•potential system interruptions or failures, including cyber-security 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 successfully integrate acquired businesses into our operations or recognize the benefits of acquisitions, including the failure of an acquired business to achieve its plans and objectives;
•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;
•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;
•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.
For additional information regarding known material factors that could cause the Company’s actual results to differ from its projected results, see Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”) as well as our subsequent Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on forward-looking statements contained in this report, which speak only as of the date of this report. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements publicly after the date they are made, whether as a result of new information, future events, or otherwise.
In this Quarterly Report on Form 10-Q, the terms “our Company,” “we,” “us,” “our,” “Company” and “Thryv” refer to Thryv Holdings, Inc. and its subsidiaries, unless the context indicates otherwise.
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
Thryv Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income (Loss)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| 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 | |
The accompanying notes are an integral part of the consolidated financial statements.
Thryv Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
| | | | | | | | | | | |
(in thousands, except share data) | September 30, 2023 | | December 31, 2022 |
Assets | (unaudited) | | |
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 (see Note 13) | | | |
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 | |
The accompanying notes are an integral part of the consolidated financial statements.
Thryv Holdings, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders' Equity
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2023 |
| | Common Stock | | | | Treasury Stock | | | | | | |
(in thousands, except share amounts) | | Shares | | Amount | | Additional Paid-in Capital | | Shares | | Amount | | Accumulated Other Comprehensive Loss | | Accumulated (Deficit) | | Total Stockholders' Equity |
Balance as of June 30, 2023 | | 61,832,315 | | | $ | 618 | | | $ | 1,121,804 | | | (27,355,029) | | | $ | (485,730) | | | $ | (18,751) | | | $ | (213,615) | | | $ | 404,326 | |
Exercise of stock options, vesting of RSUs and PSUs | | 42,695 | | | 1 | | | 476 | | | (1,658) | | | (38) | | | — | | | — | | | 439 | |
Exercise of stock warrants | | 646,016 | | | 6 | | | 15,751 | | | — | | | — | | | — | | | — | | | 15,757 | |
Stock compensation expense | | — | | | — | | | 5,462 | | | — | | | — | | | — | | | — | | | 5,462 | |
| | | | | | | | | | | | | | | | |
Foreign currency translation adjustment, net of tax | | — | | | — | | | — | | | — | | | — | | | (1,842) | | | — | | | (1,842) | |
Net (loss) | | — | | | — | | | — | | | — | | | — | | | — | | | (27,046) | | | (27,046) | |
Balance as of September 30, 2023 | | 62,521,026 | | | $ | 625 | | | $ | 1,143,493 | | | (27,356,687) | | | $ | (485,768) | | | $ | (20,593) | | | $ | (240,661) | | | $ | 397,096 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Three Months Ended September 30, 2022 |
| | Common Stock | | | | Treasury Stock | | | | | | |
(in thousands, except share amounts) | | Shares | | Amount | | Additional Paid-in Capital | | Shares | | Amount | | Accumulated Other Comprehensive Loss | | Accumulated (Deficit) | | Total Stockholders' Equity |
Balance as of June 30, 2022 | | 61,121,058 | | | $ | 611 | | | $ | 1,094,362 | | | (26,685,542) | | | $ | (468,879) | | | $ | (12,738) | | | $ | (201,742) | | | $ | 411,614 | |
Exercise of stock options | | 37,051 | | | 1 | | | 485 | | | — | | | — | | | — | | | — | | | 486 | |
Exercise of stock warrants | | 2,622 | | | — | | | 64 | | | — | | | — | | | — | | | — | | | 64 | |
Stock compensation expense | | — | | | — | | | 4,402 | | | — | | | — | | | — | | | — | | | 4,402 | |
Foreign currency translation adjustment, net of tax | | — | | | — | | | — | | | — | | | — | | | (7,920) | | | — | | | (7,920) | |
Net income | | — | | | — | | | — | | | — | | | — | | | — | | | 13,280 | | | 13,280 | |
Balance as of September 30, 2022 | | 61,160,731 | | | $ | 612 | | | $ | 1,099,313 | | | (26,685,542) | | | $ | (468,879) | | | $ | (20,658) | | | $ | (188,462) | | | $ | 421,926 | |
The accompanying notes are an integral part of the consolidated financial statements.
Thryv Holdings, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders' Equity
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2023 |
| | Common Stock | | | | Treasury Stock | | | | | | |
(in thousands, except share amounts) | | Shares | | Amount | | Additional Paid-in Capital | | Shares | | Amount | | Accumulated Other Comprehensive Loss | | Accumulated (Deficit) | | Total Stockholders' Equity |
Balance as of December 31, 2022 | | 61,279,379 | | | $ | 613 | | | $ | 1,105,701 | | | (26,685,542) | | | $ | (468,879) | | | $ | (16,261) | | | $ | (238,907) | | | $ | 382,267 | |
Exercise of stock options, vesting of RSUs and PSUs | | 589,792 | | | 6 | | | 5,247 | | | (57,191) | | | (1,129) | | | — | | | — | | | 4,124 | |
Exercise of stock warrants | | 651,855 | | | 6 | | | 15,892 | | | — | | | — | | | — | | | — | | | 15,898 | |
Stock compensation expense | | — | | | — | | | 16,653 | | | — | | | — | | | — | | | — | | | 16,653 | |
Settlement of indemnification asset | | — | | | — | | | — | | | (613,954) | | | (15,760) | | | — | | | — | | | (15,760) | |
Foreign currency translation adjustment, net of tax | | — | | | — | | | — | | | — | | | — | | | (4,332) | | | — | | | (4,332) | |
Net (loss) | | — | | | — | | | — | | | — | | | — | | | — | | | (1,754) | | | (1,754) | |
Balance as of September 30, 2023 | | 62,521,026 | | | $ | 625 | | | $ | 1,143,493 | | | (27,356,687) | | | $ | (485,768) | | | $ | (20,593) | | | $ | (240,661) | | | $ | 397,096 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Nine Months Ended September 30, 2022 |
| | Common Stock | | | | Treasury Stock | | | | | | |
(in thousands, except share amounts) | | Shares | | Amount | | Additional Paid-in Capital | | Shares | | Amount | | Accumulated Other Comprehensive Loss | | Accumulated (Deficit) | | Total Stockholders' Equity |
Balance as of December 31, 2021 | | 60,830,853 | | | $ | 608 | | | $ | 1,084,288 | | | (26,685,542) | | | $ | (468,879) | | | $ | (8,047) | | | $ | (293,255) | | | $ | 314,715 | |
Exercise of stock options | | 327,256 | | | 4 | | | 4,821 | | | — | | | — | | | — | | | — | | | 4,825 | |
Exercise of stock warrants | | 2,622 | | | — | | | 64 | | | — | | | — | | | — | | | — | | | 64 | |
Stock compensation expense | | — | | | — | | | 10,140 | | | — | | | — | | | — | | | — | | | 10,140 | |
Foreign currency translation adjustment, net of tax | | — | | | — | | | — | | | — | | | — | | | (12,611) | | | — | | | (12,611) | |
Net income | | — | | | — | | | — | | | — | | | — | | | — | | | 104,793 | | | 104,793 | |
Balance as of September 30, 2022 | | 61,160,731 | | | $ | 612 | | | $ | 1,099,313 | | | (26,685,542) | | | $ | (468,879) | | | $ | (20,658) | | | $ | (188,462) | | | $ | 421,926 | |
The accompanying notes are an integral part of the consolidated financial statements.
Thryv Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
| | | | | | | | | | | |
| Nine Months Ended September 30, |
(in thousands) | 2023 | | 2022 |
Cash Flows from Operating Activities | (unaudited) | | (unaudited) |
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 exercise 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 accompanying notes are an integral part of the consolidated financial statements.
Thryv Holdings, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)
Note 1 Description of Business and Summary of Significant Accounting Policies
General
Thryv Holdings, Inc. (“Thryv” or the “Company”) provides small-to-medium sized businesses (“SMBs”) with print and digital marketing services and Software as a Service (“SaaS”) business management tools. The Company owns and operates Print Yellow Pages (“Print”) and digital marketing services (“Digital”), which includes Internet Yellow Pages, search engine marketing, and other digital media services, including online display advertising, and search engine optimization tools. In addition, through the Thryv® platform, the Company is a provider of SaaS small business management software tools designed for SMBs.
On April 3, 2023, Thryv New Zealand Limited, the Company’s wholly-owned subsidiary, acquired Yellow Holdings Limited (“Yellow”), a New Zealand marketing services company. Additionally, on January 21, 2022, Thryv, Inc., the Company’s wholly-owned subsidiary, acquired Vivial Media Holdings, Inc. (“Vivial”), a marketing and advertising company with operations in the United States.
The Company reports its results based on four reportable segments (see Note 15, Segment Information):
•Thryv U.S. Marketing Services, which includes the Company's Print and Digital solutions business in the United States;
•Thryv U.S. SaaS, which includes the Company's SaaS flagship all-in-one small business management modular software platform in the United States;
•Thryv International Marketing Services, which is comprised of the Company's Print and Digital solutions business outside of the United States; and
•Thryv International SaaS, which primarily includes the Company's flagship all-in-one small business management modular software platform outside of the United States.
Basis of Presentation
The Company prepares its financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and disclosures normally included in the complete financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The consolidated financial statements include the financial statements of Thryv Holdings, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, consisting of only normal recurring items and accruals, necessary for the fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. The consolidated financial statements as of and for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as the audited annual financial statements. The consolidated balance sheet as of December 31, 2022 was derived from the audited annual financial statements. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s audited financial statements and related footnotes for the year ended December 31, 2022.
Use of Estimates
The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions about future events that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. The results of those estimates form the basis for making judgments about the carrying values of certain assets and liabilities.
Examples of reported amounts that rely on significant estimates include revenue recognition, allowance for credit losses, assets acquired and liabilities assumed in business combinations, capitalized costs to obtain a contract, certain amounts relating to the accounting for income taxes, including valuation allowance, indemnification asset, stock-based compensation expense, operating lease right-of-use assets and operating lease liabilities, accrued service credits, and pension obligations. Significant estimates are also used in determining the recoverability and fair value of fixed assets and capitalized software, operating lease right-of-use assets, goodwill and intangible assets.
Summary of Significant Accounting Policies
The Company describes its significant accounting policies in Note 1 to the financial statements in Part II, Item 8 of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. There have been no changes to the Company's significant accounting policies during the three and nine months ended September 30, 2023.
Restricted Cash
The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Company's consolidated balance sheets to the amount shown in the Company's consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | |
(in thousands) | September 30, 2023 | | September 30, 2022 | | December 31, 2022 |
Cash and cash equivalents | $ | 14,676 | | | $ | 14,312 | | | $ | 16,031 | |
Restricted cash, included in Other current assets | 2,275 | | | 2,022 | | | 2,149 | |
Total cash, cash equivalents and restricted cash | $ | 16,951 | | | $ | 16,334 | | | $ | 18,180 | |
Note 2 Acquisitions
Yellow New Zealand Acquisition
On April 3, 2023 (the “Yellow Acquisition Date”), Thryv New Zealand Limited, the Company’s wholly-owned subsidiary, acquired Yellow, a New Zealand marketing services company for $8.9 million in cash (net of $1.7 million of cash acquired), subject to certain adjustments (the “Yellow Acquisition”). The assets acquired consisted primarily of $2.4 million in current assets and $5.6 million in fixed and intangible assets, consisting primarily of customer relationships, trade name, and technology assets, along with $5.1 million in goodwill. The Company also assumed liabilities of $4.7 million, consisting primarily of accrued, contract, and deferred liabilities.
The Company accounted for the Yellow Acquisition using the acquisition method of accounting in accordance with Accounting Standards Codification 805, Business Combinations (“ASC 805”). This requires that the assets acquired and liabilities assumed are measured at fair value. With the assistance of a third-party valuation firm, the Company determined, using Level 3 inputs (see Note 4, Fair Value Measurements), the fair value of certain assets and liabilities, including fixed assets and intangible assets by applying the income approach and the cost approach. Specific to intangible assets, client relationships were valued using a combination of the income and excess earnings approach, whereas trade names were valued using a relief of royalty method and assumptions related to Yellow's assets acquired and liabilities assumed. The fair values of existing technologies were computed using a relief of royalty approach, similar to the trade name valuation. The preliminary purchase price allocation is expected to be finalized within 12 months after the Yellow Acquisition Date.
The following table summarizes the assets acquired and liabilities assumed at the Yellow Acquisition Date:
| | | | | | | | |
(in thousands) | | |
Current assets | | $ | 2,438 | |
Fixed and intangible assets | | 5,565 | |
| | |
Other assets | | 457 | |
Current liabilities | | (3,533) | |
Other liabilities | | (1,159) | |
Goodwill | | 5,129 | |
Fair value allocated to net assets acquired | | $ | 8,897 | |
The excess of the purchase price over the fair value of the identifiable net assets acquired and the liabilities assumed was allocated to goodwill. The recognized goodwill of $5.1 million was primarily related to the benefits expected from the acquisition and is allocated to the Thryv International Marketing Services segment. The goodwill recognized is not deductible for income tax purposes.
The Yellow Acquisition has contributed $9.1 million in revenue since the Yellow Acquisition Date.
Vivial Acquisition
On January 21, 2022 (the “Vivial Acquisition Date”), Thryv, Inc., the Company’s wholly-owned subsidiary, acquired Vivial, for $22.8 million in cash (net of $8.5 million of cash acquired) (the “Vivial Acquisition”). The assets acquired as part of these transactions consisted primarily of $27.7 million in current assets and $9.8 million in fixed and intangible assets, consisting primarily of customer relationships and technology assets, $14.5 million in deferred tax assets, along with a $10.9 million bargain purchase gain. The Vivial Acquisition resulted in a bargain purchase gain in part because the seller was motivated to divest its marketing services business that was in secular decline. The Company also assumed liabilities of $20.4 million, consisting primarily of accounts payable and accrued liabilities.
The Company accounted for the Vivial Acquisition using the acquisition method of accounting in accordance with ASC 805. This requires that the assets acquired and liabilities assumed are measured at fair value. With the assistance of a third-party valuation firm, the Company determined, using Level 3 inputs (see Note 4, Fair Value Measurements), the fair value of certain assets and liabilities, including fixed assets and intangible assets by applying the income approach and the cost approach. Specific to intangible assets, client relationships were valued using a combination of the income and excess earnings approach, whereas trade names were valued using a relief of royalty method and assumptions related to Vivial’s assets acquired and liabilities assumed.
The following table summarizes the assets acquired and liabilities assumed at the Vivial Acquisition Date:
| | | | | | | | |
(in thousands) | | |
Current assets | | $ | 27,705 | |
Fixed and intangible assets | | 9,759 | |
Deferred tax assets | | 14,530 | |
Other assets | | 2,103 | |
Current liabilities | | (18,775) | |
Other liabilities | | (1,646) | |
Bargain purchase gain | | (10,883) | |
Fair value allocated to net assets acquired, net of bargain purchase gain | | $ | 22,793 | |
The deferred tax asset primarily relates to excess carryover tax basis over book basis in intangibles as a result of the assessment of the fair value of the assets and liabilities assumed using the acquisition method of accounting.
Note 3 Revenue Recognition
The Company has determined that each of its Print and Digital marketing services and SaaS business management tools services is distinct and represents a separate performance obligation. The client can benefit from each service on its own or together with other resources that are readily available to the client. Services are separately identifiable from other promises in the contract. Control over the Company’s Print services transfers to the client upon delivery of the published directories containing their advertisements to the intended market(s). Therefore, revenue associated with Print services is recognized at a point in time upon delivery to the intended market(s). The Company bills clients for Print advertising services monthly over the relative contract term. The difference between the timing of recognition of Print advertising revenue and monthly billing generates the Company’s unbilled receivables balance. The unbilled receivables balance is reclassified as billed accounts receivable through the passage of time as the clients are invoiced each month. SaaS and Digital marketing services are recognized using the series guidance. Under the series guidance, the Company's obligation to provide services is the same for each day under the contract, and therefore represents a single performance obligation. Revenue associated with SaaS and Digital marketing services is recognized over time using an output method to measure the progress toward satisfying a performance obligation.
Disaggregation of Revenue
The Company presents disaggregated revenue based on the type of service within its segment footnote. See Note 15, Segment Information.
Contract Assets and Liabilities
The timing of revenue recognition may differ from the timing of billing to the Company’s clients. These timing differences result in receivables, contract assets, or contract liabilities (deferred revenue) as disclosed on the Company's consolidated balance sheets. Contract assets represent the Company's right to consideration when revenue recognized exceeds the receivable from the client because the consideration allocated to fulfilled performance obligations exceeds the Company’s right to payment, and the right to payment is subject to more than the passage of time. Contract liabilities consist of advance payments and revenue deferrals resulting from the allocation of the consideration to performance obligations. For the three and nine months ended September 30, 2023, the Company recognized Revenue of $1.6 million and $40.6 million, respectively, that was recorded in Contract liabilities as of December 31, 2022. For the three and nine months ended September 30, 2022, the Company recognized Revenue of $12.9 million and $38.8 million, respectively, that was recorded in Contract liabilities as of December 31, 2021.
Note 4 Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.
Level 3 — Unobservable inputs that reflect the Company's own assumptions incorporated into valuation techniques.
These valuations require significant judgment.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When there is more than one input at different levels within the hierarchy, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assessment of the significance of a particular input to the fair value measurement in its entirety requires substantial judgment and consideration of factors specific to the asset or liability. Level 3 inputs are inherently difficult to estimate. Changes to these inputs can have a significant impact on fair value measurements. Assets and liabilities measured at fair value using Level 3 inputs are based on one or more of the following valuation techniques: market approach, income approach or cost approach.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The Company’s non-financial assets such as goodwill, intangible assets, fixed assets, capitalized software and operating lease right-of-use assets are adjusted to fair value when the net book values of the assets exceed their respective fair values, resulting in an impairment charge. Such fair value measurements are predominantly based on Level 3 inputs.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Indemnification Asset
On June 30, 2017, the Company completed the acquisition of YP Holdings, Inc. (the “YP Acquisition”). As further discussed in Note 13, Contingent Liabilities, as part of the YP Acquisition agreement, the Company was indemnified for an uncertain tax position for up to the fair value of 1,804,715 shares held in escrow, subject to certain contract limitations (the “indemnification asset”).
On June 22, 2023, the Company entered into a settlement agreement with the sellers regarding the settlement of the indemnification asset. Pursuant to the settlement agreement, the Company and the sellers agreed (i) that the sellers would pay and indemnify the Company for $15.8 million of indemnified taxes (the “Indemnity Amount”) and (ii) that the Indemnity Amount would be deemed satisfied by the transfer of 613,954 outstanding shares of the Company’s common stock from the sellers back to the Company, which were returned to treasury and reduced the number of outstanding shares of the Company’s common stock. Furthermore, the sellers would be entitled to retain 1,190,761 currently outstanding shares of the Company’s common stock that previously secured the sellers' tax indemnity obligations under the YP Acquisition agreement.
As of September 30, 2023, the Company no longer recorded a Level 1 indemnification asset because it was settled on June 22, 2023. As of December 31, 2022, the fair value of the Company's Level 1 indemnification asset was $26.5 million. A loss of $10.7 million from the change in fair value of the Company’s Level 1 indemnification asset during the nine months ended September 30, 2023 was recorded in General and administrative expense on the Company's consolidated statements of operations and comprehensive income (loss). The $15.8 million Indemnity Amount, which is the fair value of the shares returned to treasury, was recorded in Treasury stock on the Company's consolidated balance sheets, along with the 613,954 shares that the Company received from the sellers as of September 30, 2023.
Benefit Plan Assets
The fair value of benefit plan assets is measured and recorded on the Company's consolidated balance sheets using Level 2 inputs. See Note 9, Pensions.
Fair Value of Financial Instruments
The Company considers the carrying amounts of cash, trade receivables, and accounts payable to approximate fair value because of the relatively short period of time between the origination of these instruments and their expected realization or payment.
Additionally, the Company considers the carrying amounts of its ABL Facility (as defined in Note 8, Debt Obligations) and financing obligations to approximate their respective fair values due to their short-term nature and approximation of interest rates to market rates. These fair value measurements are considered Level 2. See Note 8, Debt Obligations.
The Term Loan (as defined in Note 8, Debt Obligations) is carried at amortized cost; however, the Company estimates the fair value of the Term Loan for disclosure purposes. The fair value of the Term Loan is determined based on quoted prices that are observable in the marketplace and are classified as Level 2 measurements. See Note 8, Debt Obligations.
The following table sets forth the carrying amount and fair value of the Term Loan:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
(in thousands) | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value |
Term Loan, net | $ | 323,874 | | | $ | 324,684 | | | $ | 415,256 | | | $ | 410,065 | |
Note 5 Goodwill and Intangible Assets
Goodwill
The following tables set forth the changes in the carrying amount of the Company's goodwill for the nine months ended September 30, 2023 and the year ended December 31, 2022.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Thryv U.S. | | Thryv International | | |
(in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total |
Balance as of December 31, 2021 | $ | 390,573 | | | $ | 218,884 | | | $ | 62,429 | | | $ | — | | | $ | 671,886 | |
| | | | | | | | | |
Impairments | (102,000) | | | — | | | — | | | — | | | (102,000) | |
Effects of foreign currency translation | — | | | — | | | (3,882) | | | — | | | (3,882) | |
Balance as of December 31, 2022 | $ | 288,573 | | | $ | 218,884 | | | $ | 58,547 | | | $ | — | | | $ | 566,004 | |
| | | | | | | | | |
| | | | | | | | | |
Yellow Acquisition1 | — | | | — | | | 5,129 | | | — | | | 5,129 | |
Effects of foreign currency translation | — | | | — | | | (3,360) | | | — | | | (3,360) | |
Balance as of September 30, 2023 | $ | 288,573 | | | $ | 218,884 | | | $ | 60,316 | | | $ | — | | | $ | 567,773 | |
(1) Yellow was included in the Thryv International Marketing Services reporting unit.
Intangible Assets
The following tables set forth the details of the Company's intangible assets as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| As of September 30, 2023 |
(in thousands) | Gross | | Accumulated Amortization | | Net | | Weighted Average Remaining Amortization Period in Years |
Client relationships | $ | 794,774 | | | $ | (779,260) | | | $ | 15,514 | | | 1.5 |
Trademarks and domain names | 223,158 | | | (218,567) | | | 4,591 | | | 1.9 |
Patented technologies | 19,600 | | | (19,600) | | | — | | | 0.0 |
Covenants not to compete | 10,352 | | | (6,189) | | | 4,163 | | | 1.0 |
Total intangible assets | $ | 1,047,884 | | | $ | (1,023,616) | | | $ | 24,268 | | | 1.5 |
| | | | | | | | | | | | | | | | | | | | | | | |
| As of December 31, 2022 |
(in thousands) | Gross | | Accumulated Amortization | | Net | | Weighted Average Remaining Amortization Period in Years |
Client relationships | $ | 796,213 | | | $ | (771,475) | | | $ | 24,738 | | | 1.8 |
Trademarks and domain names | 223,206 | | | (215,639) | | | 7,567 | | | 1.7 |
Patented technologies | 19,600 | | | (19,600) | | | — | | | 0.0 |
Covenants not to compete | 5,240 | | | (2,830) | | | 2,410 | | | 2.0 |
Total intangible assets | $ | 1,044,259 | | | $ | (1,009,544) | | | $ | 34,715 | | | 1.8 |
Amortization expense for intangible assets for the three and nine months ended September 30, 2023 was $6.4 million and $19.1 million, respectively. Amortization expense for the three and nine months ended September 30, 2022 was $14.1 million and $39.0 million, respectively.
Estimated aggregate future amortization expense by fiscal year for the Company's intangible assets is as follows:
| | | | | | | | |
(in thousands) | | Estimated Future Amortization Expense |
2023 (remaining) | | $ | 6,294 | |
2024 | | 15,428 | |
2025 | | 1,977 | |
2026 | | 397 | |
2027 | | 132 | |
Thereafter | | 40 | |
Total | | $ | 24,268 | |
Note 6 Allowance for Credit Losses
The following table sets forth the Company's allowance for credit losses as of September 30, 2023 and 2022:
| | | | | | | | | | | |
(in thousands) | 2023 | | 2022 |
Balance as of January 1 | $ | 14,799 | | | $ | 17,475 | |
| | | |
Additions (1) | 10,397 | | | 10,669 | |
Deductions (2) | (11,409) | | | (14,960) | |
Balance as of September 30 (3) | $ | 13,787 | | | $ | 13,184 | |
(1) For the nine months ended September 30, 2023 and 2022, the Company recorded a provision for credit losses of $10.4 million and $10.7 million, respectively, which is included in General and administrative expense. For the three months ended September 30, 2023 and 2022, the Company recorded a provision for credit losses of $3.1 million and $2.8 million, respectively, which is included in General and administrative expense.
(2) For the nine months ended September 30, 2023 and 2022, represents amounts written off as uncollectible, net of recoveries.
(3) As of September 30, 2023, $13.8 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets. As of September 30, 2022, $13.1 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets.
The Company’s exposure to expected credit losses depends on the financial condition of its clients and other macroeconomic factors. The Company maintains an allowance for credit losses based upon its estimate of potential credit losses. This allowance is based upon historical and current client collection trends, any identified client-specific collection issues, and current as well as expected future economic conditions and market trends.
Note 7 Accrued Liabilities
The following table sets forth additional financial information related to the Company's accrued liabilities as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | |
(in thousands) | September 30, 2023 | | December 31, 2022 |
Accrued salaries and related expenses | $ | 47,745 | | | $ | 62,044 | |
Accrued expenses | 42,193 | | | 52,313 | |
Accrued taxes | 5,463 | | | 9,799 | |
Accrued service credits | 2,319 | | | 2,654 | |
| | | |
Accrued liabilities | $ | 97,720 | | | $ | 126,810 | |
Note 8 Debt Obligations
The following table sets forth the Company's outstanding debt obligations as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | Maturity | | Interest Rate | | September 30, 2023 | | December 31, 2022 |
Term Loan(1) | March 1, 2026 | | SOFR + | 8.5% | | $ | 334,368 | | | $ | 429,368 | |
ABL Facility (Seventh Amendment)(2) | March 1, 2026 | | Adjusted Daily Simple SOFR + | 3.0% | | 57,393 | | | 54,554 | |
Unamortized original issue discount and debt issuance costs | | | | | | (10,494) | | | (14,112) | |
Total debt obligations | | | | | | $ | 381,267 | | | $ | 469,810 | |
Current portion of Term Loan | | | | | | (70,000) | | | (70,000) | |
Total long-term debt obligations | | | | | $ | 311,267 | | | $ | 399,810 | |
(1) Effective June 30, 2023, the Company's Term Loan amendment replaced the LIBOR benchmark with a Secured Overnight Financing Rate (“SOFR”) based benchmark.
(2) Effective June 1, 2023, the Company's ABL Facility amendment replaced the LIBOR benchmark with a SOFR based benchmark.
Term Loan
On March 1, 2021, the Company entered into a Term Loan credit agreement (the “Term Loan”). The proceeds of the Term Loan were used to finance the acquisition of Sensis Holding Limited (the “Thryv Australia Acquisition”), refinance in full the Company's existing term loan facility (the “Senior Term Loan”), and pay fees and expenses related to the Thryv Australia Acquisition and related financing.
The Term Loan established a senior secured term loan facility (the “Term Loan Facility”) in an aggregate principal amount equal to $700.0 million, of which 38.4% was held by related parties who were equity holders of the Company as of March 1, 2021. As of September 30, 2023 and December 31, 2022, no portion of the Term Loan was held by related parties who were equity holders of the Company as of such date.
The Term Loan Facility matures on March 1, 2026. Through the six months ended June 30, 2023, borrowings under the Term Loan Facility bore interest at a fluctuating rate per annum equal to, at the Company’s option, LIBOR or a base rate, in each case, plus an applicable margin per annum equal to (i) 8.50% (for LIBOR loans) and (ii) 7.50% (for base rate loans). The Term Loan Facility requires mandatory amortization payments equal to $17.5 million per fiscal quarter.
On June 21, 2023, the Company entered into an agreement to amend the Term Loan Facility (the “Term Loan Amendment”). The Term Loan Amendment replaced the LIBOR benchmark applicable to the loan with a SOFR based rate. Effective June 30, 2023, borrowings under the Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or a base rate, in each case, plus an applicable margin per annum equal to (i) 8.50% (for SOFR loans) and (ii) 7.50% (for base rate loans).
In accordance with the Term Loan, the Company recorded no interest expense with related parties for the three and nine months ended September 30, 2023, compared to $0.9 million and $3.5 million of interest expense with related parties for the three and nine months ended September 30, 2022.
The Company has recorded accrued interest of $1.4 million and $1.2 million as of September 30, 2023 and December 31, 2022, respectively. Accrued interest is included in Other current liabilities on the Company's consolidated balance sheets.
Term Loan Covenants
The Term Loan contains certain covenants that, subject to exceptions, limit or restrict the borrower's incurrence of additional indebtedness, liens, investments, loans, advances, guarantees, acquisitions, sales of assets, sale-leaseback transactions, swap agreements, payments of dividends or distributions, payments in respect of certain indebtedness, certain affiliate transactions, restrictive amendments to agreements, changes in business, amendments of certain material documents, capital expenditures, mergers, consolidations and liquidations, and use of the proceeds. Additionally, the Company is required to maintain compliance with a Total Net Leverage Ratio, calculated as Net Debt to Consolidated EBITDA, which shall not be greater than 3.0 to 1.0 as of the last day of each fiscal quarter. As of September 30, 2023, the Company was in compliance with its Term Loan covenants. The Company also expects to be in compliance with these covenants for the next twelve months.
ABL Facility
On March 1, 2021, the Company entered into an agreement to amend (the “ABL Amendment”) the June 30, 2017 asset-based lending (“ABL”) facility (the “ABL Facility”). The ABL Amendment was entered into in order to permit the Senior Term Loan refinancing, the Thryv Australia Acquisition and make certain other changes to the ABL credit agreement, including, among others:
•revise the maximum revolver amount to $175.0 million;
•reduce the interest rate per annum to (i) 3-month LIBOR plus 3.00% for LIBOR loans and (ii) base rate plus 2.00% for base rate loans;
•reduce the commitment fee on undrawn amounts under the ABL Facility to 0.375%;
•extend the maturity date of the ABL Facility to the earlier of March 1, 2026 and 91 days prior to the stated maturity
date of the Term Loan Facility;
•add the Australian subsidiaries acquired pursuant to the Thryv Australia Acquisition as borrowers and guarantors, and establish an Australian borrowing base; and
•make certain other conforming changes consistent with the Term Loan agreement.
On June 1, 2023, the Company entered into an agreement to amend its existing ABL Facility (the “ABL Seventh Amendment”). The ABL Seventh Amendment replaced the 3-month LIBOR benchmark applicable to the facility with a SOFR based rate, defined as the Adjusted Daily Simple SOFR. Borrowings under the ABL Facility bear interest at a rate per annum equal to (i) Adjusted Daily Simple SOFR plus 3.00% for SOFR loans and (ii) base rate plus 2.00% for base rate loans.
As of September 30, 2023 and December 31, 2022, the Company had debt issuance costs with a remaining balance of $1.6 million and $2.0 million, respectively. These debt issuance costs are included in Other assets on the Company's consolidated balance sheets.
As of September 30, 2023, the Company had borrowing capacity of $36.7 million under the ABL Facility.
ABL Facility Covenants
The ABL Facility contains certain covenants that, subject to exceptions, limit or restrict the borrower's incurrence of additional indebtedness, liens, investments, loans, advances, guarantees, acquisitions, disposals of assets, payments of certain indebtedness, certain affiliate transactions, changes in fiscal year or accounting methods, issuance or sale of equity instruments, mergers, liquidations and consolidations, use of proceeds, maintenance of certain deposit accounts, compliance with certain ERISA requirements and compliance with certain Australian tax requirements. The Company is required to maintain compliance with a fixed charge coverage ratio that must exceed a ratio of 1.00. The fixed charge coverage ratio is defined as, with respect to any fiscal period determined on a consolidated basis in accordance with GAAP, the ratio of (a) Consolidated EBITDA as defined in the ABL credit agreement for such period minus capital expenditures incurred during such period, to (b) fixed charges. Fixed charges is defined as, with respect to any fiscal period determined on a consolidated basis in accordance with GAAP, the sum, without duplication, of (a) consolidated interest expense accrued (other than amortization of debt issuance costs, and other non-cash interest expense) during such period, (b) scheduled principal payments in respect of indebtedness paid during such period, (c) all federal, state, and local income taxes accrued during such period, (d) all management, consulting, monitoring, and advisory fees paid to certain individuals or their affiliates during such period, and (e) all restricted payments paid during such period (whether in cash or other property, other than common equity interest). The Company is also required to maintain excess availability of at least $14.0 million, and U.S. excess
availability of $10.0 million, in each case, at all times. As of September 30, 2023, the Company was in compliance with its ABL Facility covenants. The Company also expects to be in compliance with these covenants for the next twelve months.
Note 9 Pensions
The Company maintains pension obligations associated with non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs.
The Company immediately recognizes actuarial gains and losses in its operating results in the period in which the gains and losses occur. The Company estimates the interest cost component of net periodic pension cost by utilizing a full yield curve approach and applying the specific spot rates along the yield curve used in the determination of the benefit obligations of the relevant projected cash flows. This method provides a more precise measurement of interest costs by improving the correlation between projected cash flows to the corresponding spot yield curve rates.
Net Periodic Pension Cost
The following table details the other components of net periodic pension cost (benefit) for the Company's pension plans:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | | 2022 | | 2023 | | 2022 |
Interest cost | $ | 5,138 | | | $ | 3,624 | | | $ | 16,048 | | | $ | 10,460 | |
Expected return on assets | (3,223) | | | (3,224) | | | (10,384) | | | (10,201) | |
Settlement loss (gain) | — | | | 62 | | | (420) | | | (328) | |
Remeasurement loss (gain) | (13) | | | 3,466 | | | (1,356) | | | (5,226) | |
Net periodic pension cost (benefit) | $ | 1,902 | | | $ | 3,928 | | | $ | 3,888 | | | $ | (5,295) | |
Since all pension plans are frozen and no employees accrue future pension benefits under any of the pension plans, the rate of compensation increase assumption is no longer needed. The Company determines the weighted-average discount rate by applying a yield curve comprised of the yields on several hundred high-quality, fixed income corporate bonds available on the measurement date to expected future benefit cash flows.
During the three and nine months ended September 30, 2023, the Company recognized a settlement gain of less than $0.1 million and $0.4 million, respectively, and as a result of an interim actuarial valuation due to the settlement of one of the Company's pension plans, the Company recognized a remeasurement gain of less $0.1 million and $1.4 million, respectively. During the three and nine months ended September 30, 2022, the Company recognized a settlement loss of $0.1 million and a settlement gain of $0.3 million, respectively, and as a result of an interim actuarial valuation due to the settlement of one of the Company's pension plans, the Company recognized a remeasurement loss of $3.5 million and a remeasurement gain of $5.2 million, respectively.
During the three and nine months ended September 30, 2023, the Company made no contributions to the qualified plans and contributions and associated payments of $0.1 million and $0.4 million to the non-qualified plans. During the three and nine months ended September 30, 2022, the Company made cash contributions of $7.5 million and $22.5 million to the qualified plans, and contributions and associated payments of $0.1 million and $0.4 million to the non-qualified plans.
For the fiscal year 2023, the Company is not anticipating making any contributions to the qualified plans and expects to contribute approximately $0.8 million to the non-qualified plans.
Note 10 Stock-Based Compensation and Stockholders' Equity
Stock-Based Compensation Expense
The following table sets forth stock-based compensation expense recognized by the Company in the following line items in the Company's consolidated statements of operations and comprehensive income (loss) during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | | 2022 | | 2023 | | 2022 |
Cost of services | $ | 174 | | | $ | 107 | | | $ | 496 | | | $ | 314 | |
Sales and marketing | 2,691 | | | 1,967 | | | 8,303 | | | 4,569 | |
General and administrative | 2,597 | | | 2,328 | | | 7,854 | | | 5,257 | |
Stock-based compensation expense | $ | 5,462 | | | $ | 4,402 | | | $ | 16,653 | | | $ | 10,140 | |
The following table sets forth stock-based compensation expense by award type during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | | 2022 | | 2023 | | 2022 |
RSUs | $ | 2,423 | | | $ | 1,404 | | | $ | 7,243 | | | $ | 2,196 | |
PSUs | 2,379 | | | 1,194 | | | 6,994 | | | 1,947 | |
Stock options | 419 | | | 1,561 | | | 1,260 | | | 4,621 | |
ESPP | 241 | | | 243 | | | 1,156 | | | 1,376 | |
Stock-based compensation expense | $ | 5,462 | | | $ | 4,402 | | | $ | 16,653 | | | $ | 10,140 | |
Restricted Stock Units
The following table sets forth the Company's restricted stock unit (“RSU”) activity during the nine months ended September 30, 2023:
| | | | | | | | | | | | | | | |
| Number of Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | |
| | | | | |
Nonvested balance as of December 31, 2022 | 517,135 | | $ | 25.93 | | | | | |
Granted | 709,175 | | 19.58 | | | | |
Vested | (204,849) | | 25.65 | | | | |
Forfeited | (22,192) | | 23.44 | | | | |
Nonvested balance as of September 30, 2023 | 999,269 | | $ | 21.54 | | | | | |
The Company grants RSUs to the Company's employees and non-employee directors under the Company’s 2020 Incentive Award Plan (the “2020 Plan”). Pursuant to the RSU award agreements, each RSU entitles the recipient to one share of the Company’s common stock, subject to time-based vesting conditions set forth in individual agreements.
The fair value of each RSU grant is determined based upon the market closing price of the Company’s common stock on the date of grant. The RSUs vest over the requisite service period, which ranges between one year and three years from the date of grant, subject to the continued employment of the employees and services of the non-employee board members.
As of September 30, 2023, the unrecognized stock-based compensation expense related to the unvested portion of the Company's RSU awards was approximately $16.0 million and is expected to be recognized over a weighted-average period of 1.91 years.
During the nine months ended September 30, 2023, the Company issued an aggregate of 205,739 shares of common stock to employees and non-employee directors upon the vesting of RSUs previously granted under the 2020 Plan.
Performance-Based Restricted Stock Units
The following table sets forth the Company's performance-based restricted stock unit (“PSU”) activity during the nine months ended September 30, 2023:
| | | | | | | | | | | | | | | |
| Number of Performance-Based Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | |
| | | | | |
Nonvested balance as of December 31, 2022 | 473,371 | | $ | 26.76 | | | | | |
Granted | 657,408 | | 21.46 | | | | |
Vested | — | | — | | | | |
Forfeited | — | | — | | | | |
Nonvested balance as of September 30, 2023 | 1,130,779 | | $ | 23.68 | | | | | |
The Company also grants PSUs to employees under the Company’s 2020 Plan. Pursuant to the PSU Award Agreement, each PSU entitles the recipient to up to 1.5 shares of the Company’s common stock, subject to performance-based vesting conditions set forth in individual agreements.
The PSUs will vest, if at all, following the achievement of certain performance measures over a three year performance period, relative to certain performance and market conditions. Grant date fair value of PSUs, that vest relative to a performance condition, is measured based upon the market closing price of the Company’s common stock on the date of grant and expensed on a straight-line basis when it becomes probable that the performance conditions will be satisfied, net of forfeitures, over the service period of the awards, which is generally the vesting term of three years. Grant date fair value of PSUs, that vest relative to a market condition, is measured using a Monte Carlo simulation model and expensed on a straight-line basis, net of forfeitures, over the service period of the awards, which is generally the vesting term of three years. As of September 30, 2023, the nonvested balance of PSUs that vest based on performance and market conditions are 452,316 and 678,463 shares, respectively.
As of September 30, 2023, the unrecognized stock-based compensation expense related to the unvested portion of the Company's PSU awards was approximately $16.6 million and is expected to be recognized over a weighted-average period of 1.85 years.
Stock Options
As of September 30, 2023, the unrecognized stock-based compensation expense related to the unvested portion of the Company's stock options was approximately $0.9 million, and is expected to be recognized over a weighted average period of 0.41 years. As of September 30, 2023, there were 578,336 stock options expected to vest with a weighted-average grant-date fair value of $12.98.
During the nine months ended September 30, 2023, the Company issued an aggregate of 194,435 shares of common stock to employees upon the exercise of options previously granted under the 2016 Stock Incentive Plan and 2020 Plan at exercise prices ranging from $3.68 to $13.82 per share.
During the nine months ended September 30, 2022, the Company issued an aggregate of 170,006 shares of common stock to employees upon the exercise of options previously granted under the 2016 Stock Incentive Plan and 2020 Plan at exercise prices ranging from $3.68 to $13.82 per share.
Employee Stock Purchase Plan
During the nine months ended September 30, 2023, the Company issued 189,837 shares through the Employee Stock Purchase Plan (“ESPP”). During the nine months ended September 30, 2022, the Company issued 157,250 shares through the ESPP.
Stock Warrants
As of December 31, 2022, the Company had fully vested outstanding warrants of 9,427,343. As of December 31, 2022, the holders of such warrants were entitled to purchase, in the aggregate, up to 5,237,413 shares of common stock at an exercise price of $24.39 per share. The warrants were issued in 2016 upon the Company's emergence from its pre-packaged bankruptcy.
During the three and nine months ended September 30, 2023, 1,162,835 and 1,173,348 warrants, respectively, were exercised. During the three and nine months ended September 30, 2022, 4,721 warrants were exercised. Cash proceeds from exercises of stock warrants during the three and nine months ended September 30, 2023 were $15.8 million and $15.9 million, respectively, and are recorded in Other under Cash flows from financing activities on the Company's consolidated statements of cash flows.
On August 15, 2023, 8,253,997 warrants expired unexercised. As of August 16, 2023, the Company did not have any warrants outstanding.
Note 11 Earnings per Share
The following table sets forth the calculation of the Company's basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands, except share and per share amounts) | 2023 | | 2022 | | 2023 | | 2022 |
Basic net (loss) income per share: | | | | | | | |
Net (loss) income | $ | (27,046) | | | $ | 13,280 | | | $ | (1,754) | | | $ | 104,793 | |
Weighted-average common shares outstanding during the period | 34,848,899 | | | 34,269,274 | | | 34,619,794 | | | 34,289,333 | |
Basic net (loss) income per share | $ | (0.78) | | | $ | 0.39 | | | $ | (0.05) | | | $ | 3.06 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands, except share and per share amounts) | 2023 | | 2022 | | 2023 | | 2022 |
Diluted net (loss) income per share: | | | | | | | |
Net (loss) income | $ | (27,046) | | | $ | 13,280 | | | $ | (1,754) | | | $ | 104,793 | |
Basic shares outstanding during the period | 34,848,899 | | | 34,269,274 | | | 34,619,794 | | | 34,289,333 | |
Plus: Common stock equivalents associated with stock-based compensation | — | | | 1,542,199 | | | — | | | 2,409,062 | |
Diluted shares outstanding | 34,848,899 | | | 35,811,473 | | | 34,619,794 | | | 36,698,395 | |
Diluted net (loss) income per share | $ | (0.78) | | | $ | 0.37 | | | $ | (0.05) | | | $ | 2.86 | |
| | | | | | | |
| | | | | | | |
The computation of diluted shares outstanding excluded the following share amounts as their effect would have been anti-dilutive for the three and nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Outstanding RSUs | — | | | — | | | 218,804 | | | 175,245 | |
Outstanding PSUs | 147,914 | | | 331,358 | | | 238,655 | | | 394,474 | |
Outstanding ESPP shares | 38,581 | | | 26,391 | | | 64,091 | | | 19,828 | |
Outstanding stock warrants | — | | | 5,237,415 | | | 3,489,662 | | | 1,745,805 | |
Note 12 Income Taxes
The Company’s effective tax rate (“ETR”) was 27.5% and 83.9% for the three and nine months ended September 30, 2023, and 32.0% and 26.6% for the three and nine months ended September 30, 2022. The Company's ETR differs from the 21.0% U.S. Federal statutory rate primarily due to permanent differences, including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, and the discrete impact of uncertain tax positions and the settlement of the indemnification asset further discussed in Note 13, Contingent Liabilities, and return to provision adjustments.
As of September 30, 2023 and December 31, 2022, the amount of unrecognized tax benefits was $16.7 million and $21.4 million, respectively, excluding interest and penalties, that if recognized, would impact the effective tax rate. As of September 30, 2023 and December 31, 2022, the Company had $8.4 million and $11.7 million, respectively, recorded for interest on the Company's consolidated balance sheets. The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. The Company expects to complete resolution of certain tax years with various tax authorities within the next 12 months. The Company believes it is reasonably possible that its existing gross unrecognized tax benefits may be reduced by up to $15.6 million within the next 12 months, affecting the Company’s ETR if realized. See Note 13, Contingent Liabilities.
Note 13 Contingent Liabilities
Litigation
The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates.
The Company establishes reserves for the estimated losses on specific contingent liabilities for regulatory and legal actions where the Company deems a loss to be probable and the amount of the loss can be reasonably estimated. In other instances, losses are considered probable, but the Company is not able to make a reasonable estimate of the liability because of the uncertainties related to the outcome or the amount or range of potential loss. For these matters, disclosure is made when material, but no amount is reserved. The Company does not expect that the ultimate resolution of pending regulatory and legal matters in future periods will have a material adverse effect on the Company's consolidated statements of operations and comprehensive income (loss), balance sheets or cash flows.
Section 199 and Research and Development Tax Case
Section 199 of the Internal Revenue Code of 1986, as amended (the “Tax Code”), provides for deductions for manufacturing performed in the U.S. The Internal Revenue Service (“IRS”) has taken the position that directory providers are not entitled to take advantage of the deductions because printing vendors are already taking deductions and only one taxpayer can claim the deduction. The Tax Code also grants tax credits related to research and development expenditures. The IRS also takes the position that the expenditures have not been sufficiently documented to be eligible for the tax credit. The Company disagrees with these positions.
The IRS has challenged the Company's positions. With respect to the tax years 2012 through June 2015 for the YP LLC partnership, the IRS sent 90-day notices to DexYP on August 29, 2018. In response, the Company filed three petitions (in the names of various related partners) in U.S. Tax Court, and the IRS filed answers to those petitions. The three cases were consolidated by the court and were referred back to IRS Administrative Appeals for settlement negotiations, during which time the litigation was suspended. The appeals conference for YP occurred on May 9, 2022. The Company is working through ongoing settlement negotiations with the Appeals Officer. In advance of the IRS Appeals conference, the parties reached an agreement regarding additional research and development tax credits for the tax years at issue whereby the IRS will allow more tax credits than were originally claimed on the tax returns. With respect to the tax year from July to December 2015 for the Print Media LLC partnership, the Company was unsuccessful in its attempt to negotiate a settlement with IRS Administrative Appeals, and the IRS issued a 90-day notice to the Company. The Company filed a petition in the U.S. Tax Court on March 30, 2021 to challenge the IRS denial.
As of September 30, 2023 and December 31, 2022, the Company has reserved $25.5 million and $34.0 million, respectively, in connection with the Section 199 disallowance and less than $0.1 million related to the research and development tax credit disallowance. See Note 4, Fair Value Measurements, for a discussion of the Company's former indemnification asset related to these matters.
On May 22, 2023, the Company received a draft Appeals Settlement document (“Draft Settlement”) from the IRS relating to the IRC Section 199 tax case described in Note 15 Contingent Liabilities of our Form 10-K for year ended December 31, 2022. Once finalized, the Draft Settlement will result in a decrease in the unrecognized tax benefit recorded for this tax position. During the quarter ended June 30, 2023, the Company recorded a measurement adjustment to the uncertain tax position liability to account for the new information received from the Draft Settlement. The Company is in continued discussion with the IRS regarding the finalization of this case and final tax impact that will result. As of September 30, 2023,
the final settlement has not been issued by the IRS. Accordingly, the Company does not consider the matter effectively settled.
Note 14 Changes in Accumulated Other Comprehensive Loss
The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders' equity, for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | |
| | | | | Accumulated Other Comprehensive Loss |
(in thousands) | | | | | 2023 | | 2022 |
Beginning balance at January 1, | | | | | $ | (16,261) | | | $ | (8,047) | |
Foreign currency translation adjustment, net of tax expense of $1.8 million and $7.8 million, respectively | | | | | (4,332) | | | (12,611) | |
Ending balance at September 30, | | | | | $ | (20,593) | | | $ | (20,658) | |
Note 15 Segment Information
The Company manages its operations using four operating segments, which are also its reportable segments: (1) Thryv U.S. Marketing Services, (2) Thryv U.S. SaaS, (3) Thryv International Marketing Services, and (4) Thryv International SaaS.
The Company does not allocate assets to its segments and the chief operating decision maker does not evaluate performance or allocate resources based on segment asset data, and, therefore, such information is not presented.
The following tables summarize the operating results of the Company's reportable segments:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Thryv U.S. | | Thryv International | | |
(in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total |
Revenue | $ | 92,884 | | | $ | 64,650 | | | $ | 23,578 | | | $ | 2,710 | | | $ | 183,822 | |
Segment Gross Profit | 50,610 | | | 40,957 | | | 10,166 | | | 1,911 | | | 103,644 | |
Segment Adjusted EBITDA | 5,369 | | | 1,986 | | | 2,466 | | | (2,490) | | | 7,331 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2022 |
| Thryv U.S. | | Thryv International | | |
(in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total |
Revenue | $ | 197,174 | | | $ | 55,353 | | | $ | 26,833 | | | $ | 1,290 | | | $ | 280,650 | |
Segment Gross Profit | 126,846 | | | 33,827 | | | 14,351 | | | 615 | | | 175,639 | |
Segment Adjusted EBITDA | 61,802 | | | 398 | | | 5,807 | | | (2,575) | | | 65,432 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| Thryv U.S. | | Thryv International | | |
(in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total |
Revenue | $ | 377,868 | | | $ | 182,927 | | | $ | 113,183 | | | $ | 6,820 | | | $ | 680,798 | |
Segment Gross Profit | 231,807 | | | 114,480 | | | 67,498 | | | 4,752 | | | 418,537 | |
Segment Adjusted EBITDA | 84,866 | | | 10,231 | | | 44,851 | | | (4,709) | | | 135,239 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2022 |
| Thryv U.S. | | Thryv International | | |
(in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total |
Revenue | $ | 632,277 | | | $ | 153,863 | | | $ | 133,715 | | | $ | 3,165 | | | $ | 923,020 | |
Segment Gross Profit | 415,130 | | | 95,328 | | | 89,694 | | | 1,325 | | | 601,477 | |
Segment Adjusted EBITDA | 211,871 | | | (3,769) | | | 64,449 | | | (7,402) | | | 265,149 | |
A reconciliation of the Company’s (Loss) income before income tax benefit (expense) to total Segment Adjusted EBITDA is as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | | 2022 | | 2023 | | 2022 |
(Loss) income before income tax benefit (expense) | $ | (37,287) | | | $ | 19,521 | | | $ | (10,927) | | | $ | 142,855 | |
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 | 5,462 | | | 4,402 | | | 16,653 | | | 10,140 | |
Restructuring and integration expenses | 3,584 | | | 3,790 | | | 12,845 | | | 14,439 | |
Transaction costs (1) | — | | | 1,461 | | | 373 | | | 4,797 | |
Other components of net periodic pension cost (benefit) | 1,902 | | | 3,928 | | | 3,888 | | | (5,295) | |
Non-cash (gain) loss from remeasurement of indemnification asset | — | | | (585) | | | 10,734 | | | (1,472) | |
Impairment charges | — | | | — | | | — | | | 222 | |
Other | 2,697 | | | (5,048) | | | 6,822 | | | (10,580) | |
Total Segment Adjusted EBITDA | $ | 7,331 | | | $ | 65,432 | | | $ | 135,239 | | | $ | 265,149 | |
(1)Consists of Yellow Acquisition, Vivial Acquisition and other transaction costs.
The following table sets forth the Company's disaggregation of Revenue based on services for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
(in thousands) | 2023 | | 2022 | | 2023 | | 2022 |
Thryv U.S. | | | | | | | |
Print | $ | 18,273 | | | $ | 93,436 | | | $ | 133,839 | | | $ | 295,606 | |
Digital | 74,611 | | | 103,738 | | | 244,029 | | | 336,671 | |
Total Marketing Services | 92,884 | | | 197,174 | | | 377,868 | | | 632,277 | |
SaaS | 64,650 | | | 55,353 | | | 182,927 | | | 153,863 | |
Total Thryv U.S. | $ | 157,534 | | | $ | 252,527 | | | $ | 560,795 | | | $ | 786,140 | |
| | | | | | | |
Thryv International | | | | | | | |
Print | $ | 3,949 | | | $ | 4,739 | | | $ | 52,243 | | | $ | 61,146 | |
Digital | 19,629 | | | 22,094 | | | 60,940 | | | 72,569 | |
Total Marketing Services | 23,578 | | | 26,833 | | | 113,183 | | | 133,715 | |
SaaS | 2,710 | | | 1,290 | | | 6,820 | | | 3,165 | |
Total Thryv International | $ | 26,288 | | | $ | 28,123 | | | $ | 120,003 | | | $ | 136,880 | |
| | | | | | | |
Revenue | $ | 183,822 | | | $ | 280,650 | | | $ | 680,798 | | | $ | 923,020 | |
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented and should be read in conjunction with our unaudited interim consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report. This discussion and analysis contains forward-looking statements, including statements regarding industry outlook, our expectations for the future of our business, and our liquidity and capital resources as well as other non-historical statements. These statements are based on current expectations and are subject to numerous risks and uncertainties, including but not limited to the risks and uncertainties described in “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” Our actual results may differ materially from those contained in or implied by these forward-looking statements.
Overview
We are dedicated to supporting local, independent businesses and franchises by providing innovative marketing solutions and cloud-based tools to the entrepreneurs who run them. We are one of the largest domestic providers of SaaS all-in-one small business management tools and digital marketing solutions to small-to-medium sized businesses (“SMBs”). Our solutions enable our SMB clients to generate new business leads, manage their customer relationships and run their day-to-day business operations. As of September 30, 2023, we serve approximately 360,000 SMB clients globally through four business segments: Thryv U.S. Marketing Services, Thryv U.S. SaaS, Thryv International Marketing Services and Thryv International SaaS.
Our Thryv U.S. Marketing Services segment provides both print and digital solutions and generated $92.9 million and $197.2 million of consolidated revenue for the three months ended September 30, 2023 and 2022, respectively, and $377.9 million and $632.3 million of consolidated revenues for the nine months ended September 30, 2023 and 2022, respectively. Our Marketing Services offerings include our owned and operated Print Yellow Pages (“Print”), which carry the “The Real Yellow Pages” tagline, and other digital marketing services (“Digital”), which includes our proprietary Internet Yellow Pages, known by the Yellowpages.com, Superpages.com, and Dexknows.com URLs, search engine marketing solutions and other digital media solutions, which include online display and social advertising, online presence, and video and search engine optimization tools.
On January 21, 2022, we acquired Vivial Media Holdings, Inc. (“Vivial”), a marketing and advertising company, for $22.8 million in cash (the “Vivial Acquisition”). Vivial's results are included in the Thryv U.S. Marketing Services segment.
Our Thryv U.S. SaaS segment generated $64.7 million and $55.4 million of consolidated revenue for the three months ended September 30, 2023 and 2022, respectively, and $182.9 million and $153.9 million of consolidated revenues for the nine months ended September 30, 2023 and 2022, respectively. Our primary SaaS offerings include Thryv®, our flagship all-in-one small business management platform, now known as Business Center, Marketing Center, ThryvPaySM, and Thryv Add-Ons. Thryv Business Center is designed to allow a small business owner everything necessary to streamline day-to-day business, including customer relationship management, appointment scheduling, estimate and invoice creation, and online review management. Thryv Marketing Center is a fully integrated next generation marketing and advertising platform operated by the end user. Thryv Marketing Center contains everything a small business owner needs to market and grow their business effectively, including easy to understand, artificial intelligence (“AI”) driven analytics. ThryvPaySM, is our own branded payment solution that allows users to get paid via credit card and ACH and is tailored to service focused businesses that want to provide consumers safe, contactless, and fast-online payment options. Thryv Add-Ons include an automated machine learning optimized lead generation application that fully integrates with our Thryv Business Center, AI assisted website development, SEO tools, Google My Business optimization, and Hub by ThryvSM. These optional platform subscription-based add-ons provide a seamless user experience for our end-users and drive higher engagement within the Thryv Platform while also producing incremental revenue growth.
Our Thryv International Marketing Services segment is comprised of Thryv Australia Pty Ltd (“Thryv Australia”), which we acquired on March 1, 2021, and Yellow Holdings Limited (“Yellow”), a New Zealand marketing services company, which we acquired on April 3, 2023 for $8.9 million in cash (the “Yellow Acquisition”), subject to certain adjustments. Our Thryv International Marketing Services segment provides both print and digital solutions and generated $23.6 million and $26.8 million of consolidated revenues for the three months ended September 30, 2023 and 2022, respectively, and $113.2 million and $133.7 million of consolidated revenues for the nine months ended September 30, 2023 and 2022, respectively. Thryv Australia and Yellow serve more than 100,000 and 21,000 SMBs, respectively, many of which we believe are ideal candidates for the Thryv platform.
Our Thryv International SaaS segment is comprised of Thryv Business Center, Hub By Thryv, Thryv Add-ons and ThryvPaySM, and generated $2.7 million and $1.3 million of consolidated revenues for the three months ended September 30, 2023 and 2022, respectively, and $6.8 million and $3.2 million of consolidated revenues for the nine months ended September 30, 2023 and 2022, respectively.
Our expertise in delivering solutions for our client base is rooted in our deep history of serving SMBs. In 2023, SMB demand for integrated technology solutions continues to grow as SMBs adapt their business and service model to facilitate remote working and virtual interactions.
The expanding global scope of our business and the heightened volatility of global markets, driven by factors, such as inflation, expose us to the risk of rising interest rates, increased operating costs and fluctuations in foreign currency markets. Recently the United States Dollar has strengthened significantly against certain foreign currencies in the markets in which we operate, particularly against the Australian Dollar. We also expect further interest rate changes in the future. Further changes in global economic conditions may adversely impact our revenue, profit margins, cash flow and liquidity. See “Item 3. Quantitative and Qualitative Disclosures About Market Risk” for a description of interest rate and foreign exchange currency risks.
Factors Affecting Our Performance
Our operations can be impacted by, among other factors, general economic conditions and increased competition with the introduction of new technologies and market entrants. We believe that our performance and future success depend on several factors that present significant opportunities for us, but also pose risks and challenges, including those listed below and those discussed in the section titled “Cautionary Note Regarding Forward-Looking Statements.”
Ability to Attract and Retain Clients
Our revenue growth is driven by our ability to attract and retain SMB clients. To do so, we must deliver solutions that address the challenges currently faced by SMBs at a value-based price point that SMBs can afford.
Our strategy is to expand the use of our solutions by introducing our SaaS solutions to new SMB clients, as well as our current Thryv U.S. Marketing Services and Thryv International Marketing Services clients. This strategy includes capitalizing on the increased needs of SMBs for solutions that facilitate a remote working environment and virtual interactions. This strategy will require substantial sales and marketing capital.
Investment in Growth
We intend to continue to invest in the growth of our U.S. and international SaaS segments. We have selectively utilized a portion of the cash generated from our Thryv U.S. Marketing Services and Thryv International Marketing Services segments to support initiatives in our evolving U.S. and international SaaS segments, which has represented an increasing percentage of consolidated revenue since launch. We will continue to improve our SaaS solutions by analyzing user behavior, expanding features, improving usability, enhancing our onboarding services and customer support and making version updates available to SMBs. We believe these initiatives will ultimately drive revenue growth; however, such improvements will also increase our operating expenses.
Ability to Grow Through Acquisition
Our growth prospects depend upon our ability to successfully develop new markets. We currently serve the United States, Australian, New Zealand, and Canadian SMB markets and plan to leverage strategic acquisitions or initiatives to expand our client base domestically and enter new markets internationally, such as our recent acquisition in New Zealand. Identifying proper targets and executing strategic acquisitions may take substantial time and capital. On March 1, 2021, we completed the acquisition of Thryv Australia, Australia’s leading provider of marketing solutions serving SMBs. In July 2022, we began operations in Canada through our own sales force and a re-seller agreement. On April 3, 2023, we completed the acquisition of Yellow. We believe that strategic acquisitions of marketing services companies globally will expand our client base and provide additional opportunities to offer our SaaS solutions.
Print Publication Cycle
We recognize revenue for print services at a point in time upon delivery of the published PYP directories containing customer advertisements to the intended market. Our PYP directories typically have 12-month publication cycles in Australia and New Zealand and 15 to 18-month publication cycles in the U.S. As a result, we typically record revenue for each publication only once every 12 to 18 months, depending on the publication cycle of the directory. The amount of revenue we recognize each quarter from our PYP directories is therefore directly related to the number of PYP directories we deliver to the intended market each quarter, which can vary based on the timing and delivery of the publication cycles.
Key Business Metrics
We review several operating metrics, including the following key business metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. We believe these key metrics are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and they may be used by investors to help analyze the health of our business.
Total Clients
We define total clients as the number of SMB accounts with one or more revenue-generating solutions in a particular period. For quarter- and year-ending periods, total clients from the last month in the period are reported. A single client may have separate revenue-generating accounts for multiple Marketing Services solutions or SaaS offerings, but we count these as one client when the accounts are managed by the same business entity or individual. Although infrequent, where a single organization has multiple subsidiaries, divisions, or segments, each business entity that is invoiced by us is treated as a separate client. We believe that the number of total clients is an indicator of our market penetration and potential future business opportunities. We view the mix between Marketing Services clients and SaaS clients as an indicator of potential future opportunities to offer our SaaS solutions to our Marketing Services clients.
| | | | | | | | | | | |
| As of September 30, |
(in thousands) | 2023 | | 2022 |
Clients (1) | | | |
Marketing Services (2) | 335 | | | 374 | |
SaaS (3) | 66 | | | 51 | |
Total (4) | 364 | | | 399 | |
(1) Clients include total clients from all four of our business segments: Thryv U.S. Marketing Services, Thryv U.S. SaaS, Thryv International Marketing Services and Thryv International SaaS.
(2) Clients that purchase one or more of our Marketing Services solutions are included in this metric. These clients may or may not also purchase subscriptions to our SaaS offerings.
(3) Clients that purchase subscriptions to our SaaS offerings are included in this metric. These clients may or may not also purchase one or more of our Marketing Services solutions.
(4) Total clients is less than the sum of the Marketing Services and SaaS, since clients that purchase both Marketing Services and SaaS products are counted in each category, but only counted once in the Total.
Marketing Services clients decreased by 39 thousand, or 10%, as of September 30, 2023 as compared to September 30, 2022. The decrease in Marketing Services clients was related to a secular decline in the print media industry and significant competition in the digital media space.
SaaS clients increased by fifteen thousand, or 29%, as of September 30, 2023 as compared to September 30, 2022. The increase in SaaS clients was a result of focusing on offering our SaaS solutions to our current Marketing Services clients.
Total clients decreased by 35 thousand, or 9%, as of September 30, 2023 as compared to September 30, 2022. The primary driver of the decrease in total clients was the secular decline in the print media business combined with increasing competition in the digital media space, partially offset by an increase in SaaS clients.
Monthly ARPU
We define monthly average revenue per unit (“ARPU”) as our 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. For each reporting period, the weighted-average monthly ARPU from all the months in the period are reported. ARPU varies based on product mix, product volumes, and the amounts we charge for our services, We believe that ARPU is an important measure of client spend and growth in ARPU is an indicator of client satisfaction with our services.
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
ARPU (Monthly) | | | | | | | |
Marketing Services (1) | $ | 155 | | | $ | 175 | | | $ | 161 | | | $ | 181 | |
SaaS (1) | 365 | | | 377 | | | 373 | | | 363 | |
(1) Marketing Services and SaaS ARPU include combined results from both our U.S. and Thryv International Marketing Services and SaaS businesses, respectively.
Monthly ARPU for Marketing Services decreased by $20, or 11%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022, and decreased by $20, or 11%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease in ARPU for these periods was related to reduced spend by clients on our print media offerings due to the secular decline of the industry, caused by the continuing shift of advertising spend to less expensive digital media. This decrease in ARPU was further driven by a reduction of our resale of high-spend, low margin third-party local search and display services that were not hosted on our owned and operated platforms.
Monthly ARPU for SaaS decreased by $12, or 3%, during the three months ended September 30, 2023 compared to the three months ended September 30, 2022, and increased by $10, or 3%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease in SaaS ARPU during the three months ended September 30, 2023 resulted from offering our SaaS solutions, primarily Marketing Center, to our Marketing Services clients. These solutions are priced lower than some of our Thryv Add-On products. The increase in ARPU during the nine months ended September 30, 2023 was driven by our strategic shift to selling to higher spend clients and, at the same time, discontinuing our sale of the lower-priced tiers of our Thryv platform. In addition, the sale of add-on features to our Thryv platform such as Thryv Leads and Thryv Pay contributed to Monthly SaaS ARPU growth. This was partially offset by offering our SaaS solutions to our Marketing Services clients.
Monthly Active Users - SaaS
We define a monthly active user for SaaS offerings as a unique user who logs into our SaaS solutions at least once during the calendar month. One client can have multiple unique users. Individuals who register for, and use, multiple accounts across computer and mobile devices may be counted more than once, and as a result, may overstate the number of unique users who actively use our Thryv platform within a month. Additionally, some of our original SaaS clients exclusively use the website features of their Thryv platform which does not require a login and those users are not included in our active users count. For each reporting period, active users from the last month in the period are reported. We believe that monthly active users best reflects our ability to engage, retain, and monetize our users, and thereby drive increases in revenue. We view monthly active users as a key measure of user engagement for our Thryv platform.
| | | | | | | | | | | |
| As of September 30, |
(in thousands) | 2023 | | 2022 |
Monthly Active Users - SaaS | 45 | | | 37 | |
Monthly active users increased by eight thousand, or 22%, during the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The number of monthly active users increased period-over-period as we continued efforts to increase engagement among our SaaS clients, such as enhancing the initial sales process, the client onboarding experience, and lifecycle management. The increase was also driven by our focus on obtaining higher retention, higher spend clients as these clients are more engaged with our platform. Additionally, we experienced an increase in engagement from existing clients, as SMBs increased virtual interactions with their customers in lieu of in-person interactions.
Key Components of Our Results of Operations
Revenue
We generate revenue from our four business segments: Thryv U.S. Marketing Services, Thryv U.S. SaaS, Thryv International Marketing Services and Thryv International SaaS. Our primary sources of revenue in our Thryv U.S. Marketing Services and Thryv International Marketing Services segments are Print and Digital services. Our primary source of revenue in our Thryv U.S. SaaS and Thryv International SaaS segments is our Thryv platform.
Cost of Services
Cost of services consists of expenses related to delivering our solutions, such as publishing, printing, and distribution of our Print directories and fulfillment of our Digital and SaaS offerings, including traffic acquisition, managed hosting, and other third-party service providers. Additionally, Cost of services includes personnel-related expenses such as salaries, benefits, and stock-based compensation for our operations team, information technology expenses, non-capitalizable software and hardware purchases, and allocated overhead costs, which includes depreciation of fixed assets, and amortization associated with capitalized software and intangible assets.
Operating Expenses
Sales and Marketing
Sales and marketing expense consists primarily of base salaries, stock-based compensation, sales commissions paid to our inside and outside sales force and other expenses incurred by personnel within the sales, marketing, sales training, and client care departments. Additionally, Sales and marketing expense includes advertising costs such as media, promotional material, branding, online advertising, information technology expenses and allocated overhead costs which includes depreciation of fixed assets, and amortization associated with capitalized software and intangible assets.
General and Administrative
General and administrative expense primarily consists of salaries, benefits and stock-based compensation incurred by corporate management and administrative functions such as information technology, finance and accounting, legal, internal audit, human resources, billing and receivables, and management personnel. In addition, General and administrative expense includes bad debt expense, non-recurring charges, and other corporate expenses such as professional fees, operating taxes, and insurance. General and administrative expense also includes allocated overhead costs which includes depreciation of fixed assets, and amortization associated with capitalized software and intangible assets.
Other Income (Expense)
Other income (expense) consists of interest expense, other components of net periodic pension (cost) benefit, and other income (expense), which includes a bargain purchase gain as a result of the Vivial Acquisition during the nine months ended September 30, 2022, and foreign currency-related income and expense.
Results of Operations
Consolidated Results of Operations
The following table sets forth certain consolidated financial data for each of the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, |
| 2023 (1) | | 2022 |
| (unaudited) |
(in thousands of $) | Amount | | % of Revenue | | Amount | | % of Revenue |
Revenue | $ | 183,822 | | | 100 | % | | $ | 280,650 | | | 100 | % |
Cost of services | 80,178 | | | 43.6 | % | | 105,011 | | | 37.4 | % |
Gross profit | 103,644 | | | 56.4 | % | | 175,639 | | | 62.6 | % |
| | | | | | | |
Operating expenses: | | | | | | | |
Sales and marketing | 74,755 | | | 40.7 | % | | 89,891 | | | 32.0 | % |
General and administrative | 48,267 | | | 26.3 | % | | 54,670 | | | 19.5 | % |
| | | | | | | |
Total operating expenses | 123,022 | | | 66.9 | % | | 144,561 | | | 51.5 | % |
| | | | | | | |
Operating (loss) income | (19,378) | | | 10.5 | % | | 31,078 | | | 11.1 | % |
| | | | | | | |
Other income (expense): | | | | | | | |
Interest expense | (15,131) | | | 8.2 | % | | (14,570) | | | 5.2 | % |
Other components of net periodic pension (cost) benefit | (1,902) | | | 1.0 | % | | (3,928) | | | 1.4 | % |
Other income (expense) | (876) | | | 0.5 | % | | 6,941 | | | 2.5 | % |
(Loss) income before income tax benefit (expense) | (37,287) | | | 20.3 | % | | 19,521 | | | 7.0 | % |
Income tax benefit (expense) | 10,241 | | | 5.6 | % | | (6,241) | | | 2.2 | % |
Net (loss) income | $ | (27,046) | | | 14.7 | % | | $ | 13,280 | | | 4.7 | % |
Other financial data: | | | | | | | |
Adjusted EBITDA(2) | $ | 7,331 | | | 4.0 | % | | $ | 65,432 | | | 23.3 | % |
Adjusted Gross Profit(3) | $ | 110,604 | | | | | $ | 185,560 | | | |
Adjusted Gross Margin(4) | 60.2 | % | | | | 66.1 | % | | |
(1) Consolidated results of operations includes Yellow's results of operations subsequent to the Yellow Acquisition.
(2) See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net (loss) income, the most directly comparable measure presented in accordance with GAAP.
(3) See “Non-GAAP Financial Measures” for a definition of Adjusted Gross Profit and a reconciliation to Gross profit, the most directly comparable measure presented in accordance with GAAP.
(4) See “Non-GAAP Financial Measures” for a definition of Adjusted Gross Margin.
Comparison of the Three Months Ended September 30, 2023 to the Three Months Ended September 30, 2022
Revenue
The following table summarizes Revenue by business segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2023 (1) | | 2022 | | Amount | | % |
(in thousands of $) | (unaudited) | | | | |
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 | % |
Total Revenue | $ | 183,822 | | | $ | 280,650 | | | $ | (96,828) | | | (34.5) | % |
(1) Thryv International Marketing Services includes Yellow revenue subsequent to the Yellow Acquisition.
Total Revenue decreased by $96.8 million, or 34.5%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The decrease in total Revenue was driven by a decrease in Thryv U.S. Marketing Services Revenue of $104.3 million and a decrease in Thryv International Marketing Services Revenue of $3.3 million, partially offset by an increase in Thryv U.S. SaaS Revenue of $9.3 million and an increase in Thryv International SaaS Revenue of $1.4 million.
Thryv U.S. Revenue
Marketing Services Revenue
Thryv U.S. Marketing Services revenue decreased by $104.3 million, or 52.9%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022.
Print revenue decreased by $75.2 million, or 80.4%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. This decrease in Print revenue was primarily driven by the impact of publication timing differences, as a result of our Print agreements having greater than 12 month terms, and the continued secular decline in industry demand for Print services.
Print revenue is recognized upon delivery of the published directories. Individual published directories have different publication cycles, with a typical lifecycle of 15 to 18 months for directories published during the three months ended September 30, 2022, as compared to 18 months during the three months ended September 30, 2023. As a result of recognizing revenue upon delivery, we typically record revenue for each published directory only once every 15 to 18 months, depending on the publication cycle of the individual published directory, which does not make comparing quarterly revenue year-over-year fully representative of actual demand trends due to timing of publication cycles. The greater contract value for individual published directories during the three months ended September 30, 2023 increased Print revenue per published directory because the revenue was based on an 18 month contract value for publications with new terms. This increase in per published directory revenue partially offset the secular decline in industry demand for Print services, resulting in an overall 29% decline in revenue for the quarter when comparing on a publication-by-publication basis.
Digital revenue decreased by $29.1 million, or 28.1%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The decrease was primarily driven by a continued trending decline in the Company’s Marketing Services client base and significant competition in the consumer search and display space, particularly from large, well-capitalized businesses such as Google, Yelp and Facebook.
SaaS Revenue
Thryv U.S. SaaS revenue increased by $9.3 million, or 16.8%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase was driven by increased demand for our Thryv SaaS product as SMBs accelerate their move away from manual processes and towards cloud platforms to more efficiently manage and grow their businesses, and by our success in re-focusing our go-to-market and onboarding strategy to target higher value clients.
Thryv International Revenue
Marketing Services Revenue
Thryv International Marketing Services revenue decreased by $3.3 million, or 12.1%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The decrease in revenue was driven by lower Print and digital revenue primarily resulting from the secular decline in industry demand for Print services in Australia and negative impact from changes in foreign currency rates. This decrease was partially offset by Print and digital revenue recognized as a result of the Yellow Acquisition.
SaaS Revenue
Thryv International SaaS revenue increased $1.4 million, or 110.1%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The increase was driven by increased demand for our Thryv platform as we continue to increase sales to SMBs in Australia.
Cost of Services
Cost of services decreased by $24.8 million, or 23.6%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. This decrease was primarily driven by the corresponding decline in revenue and strategic cost saving initiatives. Specifically, we reduced printing, distribution and digital fulfillment support costs by $21.9 million and a decrease in depreciation and amortization expense of $2.9 million due to the accelerated amortization method used by the Company.
Gross Profit
Gross profit decreased by $72.0 million, or 41.0%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. Our gross margin decreased by 620 basis points to 56.4% for the three months ended September 30, 2023 compared to 62.6% for the three months ended September 30, 2022. The decrease was primarily due to a decrease in Marketing Services revenue, partially offset by an increase in SaaS revenue and a decrease in cost of services as a result of the decline in revenue and strategic cost saving initiatives.
Operating Expenses
Sales and Marketing
Sales and marketing expense decreased by $15.1 million, or 16.8%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The decrease was primarily attributable to a decrease in employee-related costs of $6.1 million due to strategic cost-saving initiatives, a decrease in sales commissions of $4.8 million, due to new sales commissions plans and revised targets, a decrease in depreciation and amortization expense of $3.0 million due to the accelerated amortization method used by the Company, and a decrease in sales promotion expenses of $2.1 million, primarily driven by improvements in the client acquisition funnel.
General and Administrative
General and administrative expense decreased by $6.4 million, or 11.7%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. This decrease was primarily attributable to a decrease in employee related costs of $5.0 million, driven primarily by cost saving initiatives, and a decrease in depreciation and amortization expense of $1.7 million, due to the accelerated amortization method used by the Company.
Other Income (Expense)
Interest Expense
Interest expense increased by $0.6 million, or 3.9%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022, driven primarily by the impact of higher interest rates during the quarter, partially offset by lower outstanding debt balances resulting from payments made on our Term Loan.
Other Components of Net Periodic Pension (Cost) Benefit
Other components of net periodic pension cost decreased by $2.0 million for the three months ended September 30, 2023. This decrease was primarily due to a remeasurement gain of $0.1 million during the three months ended September 30, 2023, compared to a loss of $3.5 million during the three months ended September 30, 2022. Partially offset by an increase in interest cost of $1.5 million, due to rising interest rates, during the three months ended September 30, 2023.
Other Income (Expense)
Other income (expense) decreased by $7.8 million for the three months ended September 30, 2023. This decrease was primarily due to a $3.2 million bargain purchase gain recorded during the three months ended September 30, 2022 as a result of the Vivial Acquisition. Additionally, the Company recorded a $1.0 million foreign currency-related loss during the three months ended September 30, 2023, compared to a $2.8 million foreign currency-related gain during three months ended September 30, 2022.
Income Tax Expense
The Company's effective tax rate (“ETR”) was 27.5% and 32.0% for the three months ended September 30, 2023 and 2022, respectively. The Company's ETR differs from the U.S. statutory rate of 21% primarily due to permanent differences including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, and the discrete impact of uncertain tax positions and the settlement of the indemnification asset further discussed in Note 13, Contingent Liabilities, and return to provision adjustments.
Adjusted EBITDA
Adjusted EBITDA decreased by $58.1 million, or 88.8%, for the three months ended September 30, 2023 compared to the three months ended September 30, 2022. The decrease in Adjusted EBITDA was primarily driven by the secular decline in both our Thryv U.S. and International Marketing Services segments. The decrease was partially offset by the growth in our Thryv U.S. and International SaaS segments. See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income, the most directly comparable measure presented in accordance with GAAP.
Results of Operations
Consolidated Results of Operations
The following table sets forth certain consolidated financial data for each of the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2023 (1) | | 2022 (2) |
| (unaudited) |
(in thousands of $) | Amount | | % of Revenue | | Amount | | % of Revenue |
Revenue | $ | 680,798 | | | 100 | % | | $ | 923,020 | | | 100 | % |
Cost of services | 262,261 | | | 38.5 | % | | 321,543 | | | 34.8 | % |
Gross profit | 418,537 | | | 61.5 | % | | 601,477 | | | 65.2 | % |
| | | | | | | |
Operating expenses: | | | | | | | |
Sales and marketing | 226,781 | | | 33.3 | % | | 275,659 | | | 29.9 | % |
General and administrative | 149,642 | | | 22.0 | % | | 159,514 | | | 17.3 | % |
Impairment charges | — | | | — | % | | 222 | | | — | % |
Total operating expenses | 376,423 | | | 55.3 | % | | 435,395 | | | 47.2 | % |
| | | | | | | |
Operating income | 42,114 | | | 6.2 | % | | 166,082 | | | 18.0 | % |
| | | | | | | |
Other income (expense): | | | | | | | |
Interest expense | (47,911) | | | 7.0 | % | | (44,089) | | | 4.8 | % |
Other components of net periodic pension (cost) benefit | (3,888) | | | 0.6 | % | | 5,295 | | | 0.6 | % |
Other income (expense) | (1,242) | | | 0.2 | % | | 15,567 | | | 1.7 | % |
(Loss) income before income tax benefit (expense) | (10,927) | | | 1.6 | % | | 142,855 | | | 15.5 | % |
Income tax benefit (expense) | 9,173 | | | 1.3 | % | | (38,062) | | | 4.1 | % |
Net (loss) income | $ | (1,754) | | | 0.3 | % | | $ | 104,793 | | | 11.4 | % |
Other financial data: | | | | | | | |
Adjusted EBITDA(3) | $ | 135,239 | | | 19.9 | % | | $ | 265,149 | | | 28.7 | % |
Adjusted Gross Profit(4) | $ | 440,426 | | | | | $ | 630,558 | | | |
Adjusted Gross Margin(5) | 64.7 | % | | | | 68.3 | % | | |
(1) Consolidated results of operations includes Yellow's results of operations subsequent to the Yellow Acquisition.
(2) Consolidated results of operations includes Vivial's results of operations subsequent to the Vivial Acquisition.
(3) See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net (loss) income, the most directly comparable measure presented in accordance with GAAP.
(4) See “Non-GAAP Financial Measures” for a definition of Adjusted Gross Profit and a reconciliation to Gross profit, the most directly comparable measure presented in accordance with GAAP.
(5) See “Non-GAAP Financial Measures” for a definition of Adjusted Gross Margin.
Comparison of the Nine Months Ended September 30, 2023 to the Nine Months Ended September 30, 2022
Revenue
The following table summarizes Revenue by business segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2023 (1) | | 2022 (2) | | Amount | | % |
(in thousands of $) | (unaudited) | | | | |
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 | % |
Total Revenue | $ | 680,798 | | | $ | 923,020 | | | $ | (242,222) | | | (26.2) | % |
(1) Thryv International Marketing Services includes Yellow revenue subsequent to the Yellow Acquisition.
(2) Thryv U.S. Marketing Services includes Vivial revenue subsequent to the Vivial Acquisition.
Total Revenue decreased by $242.2 million, or 26.2%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease in total Revenue was driven by a decrease in Thryv U.S. Marketing Services Revenue of $254.4 million and a decrease in Thryv International Marketing Services Revenue of $20.5 million, partially offset by an increase in Thryv U.S. SaaS Revenue of $29.1 million and an increase in Thryv International SaaS Revenue of $3.7 million.
Thryv U.S. Revenue
Marketing Services Revenue
Thryv U.S. Marketing Services revenue decreased by $254.4 million, or 40.2%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022.
Print revenue decreased by $161.8 million, or 54.7%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. This decrease in Print revenue was primarily driven by the impact of publication timing differences, as a result of our Print agreements having greater than 12 month terms, and the continued secular decline in industry demand for Print services, which is partially offset by increasing the terms of our new Print publications from 15 months to 18 months.
Print revenue is recognized upon delivery of the published directories. Individual published directories have different publication cycles, with a typical lifecycle of 15 to 18 months for directories published during the nine months ended September 30, 2022, as compared to 18 months during the nine months ended September 30, 2023. As a result of recognizing revenue upon delivery, we typically record revenue for each published directory only once every 15 to 18 months, depending on the publication cycle of the individual published directory, which does not make comparing quarterly revenue year-over-year fully representative of actual demand trends due to timing of publication cycles. The greater contract value for individual published directories during the nine months ended September 30, 2023 increased Print revenue per published directory because the revenue was based on an 18 month contract value for publications with new terms. This increase in per published directory revenue partially offset the secular decline in industry demand for Print services, resulting in an overall 14% decline in revenue for the nine months ended September 30, 2023 when comparing on a publication-by-publication basis.
Digital revenue decreased by $92.6 million, or 27.5%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease was primarily driven by a continued trending decline in the Company’s Marketing Services client base and significant competition in the consumer search and display space, particularly from large, well-capitalized businesses such as Google, Yelp and Facebook.
SaaS Revenue
Thryv U.S. SaaS revenue increased by $29.1 million, or 18.9%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The increase was driven by increased demand for our Thryv SaaS product as SMBs accelerate their move away from manual processes and towards cloud platforms to more efficiently manage and grow their businesses, and by our success in re-focusing our go-to-market and onboarding strategy to target higher value clients.
Thryv International Revenue
Marketing Services Revenue
Thryv International Marketing Services revenue decreased by $20.5 million, or 15.4%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease in revenue was driven by lower Print and digital revenue primarily resulting from the secular decline in industry demand for Print services in Australia and negative impact from changes in foreign currency rates. This decrease was partially offset by Print and digital revenue recognized as a result of the Yellow Acquisition.
SaaS Revenue
Thryv International SaaS revenue increased $3.7 million, or 115.5%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The increase was driven by increased demand for our Thryv platform as we continue to increase sales to SMBs in Australia.
Cost of Services
Cost of services decreased by $59.3 million, or 18.4%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. This decrease was primarily driven by the corresponding decline in revenue and strategic cost saving initiatives. Specifically, we reduced printing, distribution and digital fulfillment support costs by $51.8 million. Additionally, depreciation and amortization expense decreased $7.3 million due to the accelerated amortization method used by the Company.
Gross Profit
Gross profit decreased by $182.9 million, or 30.4%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. Our gross margin decreased by 370 basis points to 61.5% for the nine months ended September 30, 2023 compared to 65.2% for the nine months ended September 30, 2022. The decrease was primarily due to a decrease in Marketing Services revenue, partially offset by an increase in SaaS revenue and a decrease in cost of services as a result of decline in revenue and strategic cost saving initiatives.
Operating Expenses
Sales and Marketing
Sales and marketing expense decreased by $48.9 million, or 17.7%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease was primarily attributable to a decrease in sales commissions of $17.5 million, due to new sales commissions plans and revised targets, a decrease in employee-related costs of $13.2 million, due to strategic cost-saving initiatives, a decrease in sales promotion expenses of $11.9 million, primarily driven by improvements in the client acquisition funnel, and a decrease in depreciation and amortization expense of $7.8 million due to the accelerated amortization method used by the Company.
General and Administrative
General and administrative expense decreased by $9.9 million, or 6.2%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. This decrease was primarily attributable to decreases in employee related costs of $6.2 million, a decrease in software costs of $5.2 million, a decrease in facilities expense of $4.8 million, driven primarily by cost savings initiatives, and a decrease in depreciation and amortization expense of $3.9 million, due to the accelerated amortization method used by the Company. These decreases were partially offset by the loss on the settlement of an indemnification asset of $10.7 million during the nine months ended September 30, 2023 compared to a gain of $1.5 million during the nine months ended September 30, 2022.
Other Income (Expense)
Interest Expense
Interest expense increased by $3.8 million, or 8.7%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022, driven primarily by the impact of higher interest rates during the year, partially offset by lower outstanding debt balances resulting from payments made on our Term Loan.
Other Components of Net Periodic Pension (Cost) Benefit
Other components of net periodic pension cost increased by $9.2 million for the nine months ended September 30, 2023. This increase was primarily due to a remeasurement gain, as a result of pension settlement accounting, of $1.4 million during the nine months ended September 30, 2023, compared to a gain of $5.2 million during the nine months ended September 30, 2022. Additionally, interest cost increased by $5.6 million, due to rising interest rates, during the nine months ended September 30, 2023.
Other Income (Expense)
Other income (expense) decreased by $16.8 million for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. This decrease was primarily due to a $10.2 million bargain purchase gain that was recorded during the nine months ended September 30, 2022 as a result of the Vivial Acquisition. Additionally, the Company recorded a $0.1 million foreign currency-related loss during the nine months ended September 30, 2023, compared to a foreign currency-related gain of $4.4 million during the nine months ended September 30, 2022.
Income Tax Expense
The Company's effective tax rate (“ETR”) was 83.9% and 26.6% for the nine months ended September 30, 2023 and 2022, respectively. The Company's ETR differs from the U.S. statutory rate of 21% primarily due to permanent differences including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, and the discrete impact of uncertain tax positions and the settlement of the indemnification asset further discussed in Note 13, Contingent Liabilities, and return to provision adjustments.
Adjusted EBITDA
Adjusted EBITDA decreased by $129.9 million, or 49.0%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease in Adjusted EBITDA was primarily driven by the secular decline in both our Thryv U.S. and International Marketing Services segments. The decrease was partially offset by the result of increasing the terms of our Print publications from 15 months to 18 months in our Thryv U.S. Marketing Services segment and growth in our Thryv U.S. SaaS segment. See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income, the most directly comparable measure presented in accordance with GAAP.
Non-GAAP Financial Measures
We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States. We also present Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Margin, as defined below, as non-GAAP financial measures in this Quarterly Report.
We have included Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Margin in this report 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 Gross Profit, and Adjusted Gross Margin are used by management for budgeting and forecasting as well as measuring the Company’s performance. We believe Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Margin provide investors with the financial measures that closely align with our internal processes.
We define Adjusted EBITDA (“Adjusted EBITDA”) as Net (loss) income plus Income tax expense, Interest 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 (benefit), Non-cash (gain) 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 as a performance measure. We define Adjusted Gross Profit (“Adjusted Gross Profit”) and Adjusted Gross Margin (“Adjusted Gross Margin”) as Gross profit and Gross margin, respectively, adjusted to exclude the impact of Depreciation and amortization expense and Stock-based compensation expense.
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 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 (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)The Company records Stock-based compensation expense related to the amortization of grant date fair value of the Company’s stock-based compensation awards. See Note 10, Stock-Based Compensation and Stockholders' Equity, to our consolidated financial statements included in Part I, Item 1 in this Quarterly Report for more information.
(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 the Company 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. See Note 4, Fair Value Measurements, to our consolidated financial statements included in Part I, Item 1 in this Quarterly Report for more information.
(6)Other primarily includes 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 | % |
Liquidity and Capital Resources
Thryv Holdings, Inc. is a holding company that does not conduct any business operations of its own. We derive cash flows from cash transfers and other distributions from our operating subsidiary, Thryv, Inc., who in turn generates cash flow from its own operations and operations of its subsidiaries, and has cash and cash equivalents on hand, funds provided under the Term Loan and funds available under the ABL Facility. The agreements governing our debt may restrict the ability of our subsidiaries to make loans or otherwise transfer assets to us. Further, our subsidiaries are permitted under the terms of our senior credit facilities and other indebtedness to incur additional indebtedness that may restrict or prohibit the making of distributions or the making of loans by such subsidiaries to us. Our and our subsidiaries’ ability to meet our debt service requirements is dependent on our ability to generate sufficient cash flows from operations.
We believe that expected cash flows from operations, available cash and cash equivalents, and funds available under our ABL Facility will be sufficient to meet our liquidity requirements, such as working capital requirements for our operations, business development and investment activities, and debt payment obligations, for the following 12 months. Any projections of future earnings and cash flows are subject to substantial uncertainty. Our future success and capital adequacy will depend on, among other things, our ability to achieve anticipated levels of revenues and cash flows from operations and our ability to address our annual cash obligations and reduce our outstanding debt, all of which are subject to general economic, financial, competitive, and other factors beyond our control. We continue to monitor our capital requirements to ensure our needs are in line with available capital resources.
In addition, our Board of Directors authorizes us to undertake share repurchases from time to time. The amount and timing of any share repurchases that we make will depend on a variety of factors, including available liquidity, cash flows, our capacity to make repurchases under our debt agreements and market conditions.
For a discussion on contingent obligations, see Note 13, Contingent Liabilities, to our consolidated financial statements included in Part I, Item 1 in this Quarterly Report.
Sources and Uses of Cash
The following table sets forth a summary of our cash flows from operating, investing and financing activities for the periods indicated:
| | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, | | $ |
| | 2023 | | 2022 | | Change |
(in thousands) | | (unaudited) | | |
Cash flows provided by (used in): | | | | | | |
Operating activities | | $ | 103,648 | | | $ | 104,221 | | | $ | (573) | |
Investing activities | | (32,032) | | | (42,138) | | | 10,106 | |
Financing activities | | (72,138) | | | (57,696) | | | (14,442) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (707) | | | (1,610) | | | 903 | |
(Decrease) increase in cash, cash equivalents and restricted cash | | $ | (1,229) | | | $ | 2,777 | | | $ | (4,006) | |
Cash Flows from Operating Activities
Net cash provided by operating activities decreased by $0.6 million, or 0.5%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease was primarily due to changes in working capital, particularly accounts payable and accounts receivable, which were impacted by the timing of payments and lower tax payments of $46.1 million. This was offset by the overall decline in our sales and higher interest payments of $1.6 million compared to the nine months ended September 30, 2022.
Cash Flows from Investing Activities
Net cash used in investing activities decreased by $10.1 million, or 24.0%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The decrease was primarily due to the $22.8 million of net cash paid in connection with the Vivial Acquisition on January 21, 2022 compared to $8.9 million net cash paid in connection with the Yellow Acquisition on April 3, 2023. This decrease was partially offset by a $3.6 million increase in capital expenditures.
Cash Flows from Financing Activities
Net cash used in financing activities increased by $14.4 million, or 25.0%, for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022. The increase was primarily due to a decrease in net proceeds from the ABL Facility of $16.1 million, as a result of lower proceeds of $49.5 million and lower payments of $33.4 million on the ABL Facility during the nine months ended September 30, 2022. The increase was also due to payments made on the Term Loan of $95.0 million during the nine months ended September 30, 2023, compared to payments made on the Term Loan of $81.5 million during the nine months ended September 30, 2022. These increases were partially offset by $15.9 million of cash received as a result of the exercise of warrants during the nine months ended September 30, 2023.
Debt
Term Loan
On March 1, 2021, the Company entered into a Term Loan credit agreement (the “Term Loan”). The proceeds of the Term Loan were used to finance the acquisition of Sensis Holding Limited (the “Thryv Australia Acquisition”), refinance in full the Company's existing term loan facility (the “Senior Term Loan”), and pay fees and expenses related to the Thryv Australia Acquisition and related financing.
The Term Loan established the Term Loan Facility in an aggregate principal amount equal to $700.0 million, of which 38.4% was held by related parties who were equity holders of the Company as of March 1, 2021. The Term Loan Facility matures on March 1, 2026. Prior to June 30, 2023, borrowings under the Term Loan Facility bore interest at a fluctuating rate per annum equal to, at the Company’s option, LIBOR or a base rate, in each case, plus an applicable margin per annum equal to (i) 8.50% (for LIBOR loans) and (ii) 7.50% (for base rate loans). The Term Loan Facility requires mandatory amortization
payments equal to $17.5 million per fiscal quarter. As of September 30, 2023 and December 31, 2022, no portion of the Term Loan was held by related parties who were equity holders of the Company on those dates.
On June 21, 2023, the Company entered into an agreement to amend the Term Loan Facility (the “Term Loan Amendment”). The Term Loan Amendment replaced the LIBOR benchmark applicable to the loan with a Secured Overnight Financing Rate (“SOFR”) based rate. Effective June 30, 2023, borrowings under the Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or a base rate, in each case, plus an applicable margin per annum equal to (i) 8.50% (for SOFR loans) and (ii) 7.50% (for base rate loans).
ABL Facility
On March 1, 2021, the Company entered into an agreement to amend (the “ABL Amendment”) the June 30, 2017 asset-based lending (“ABL”) facility (the “ABL Facility”). The ABL Amendment was entered into in order to permit the Senior Term Loan refinancing, the Thryv Australia Acquisition and make certain other changes to the ABL credit agreement, including, among others:
•revise the maximum revolver amount to $175.0 million;
•reduce the interest rate per annum to (i) 3-month LIBOR plus 3.00% for LIBOR loans and (ii) base rate plus 2.00% for base rate loans;
•reduce the commitment fee on undrawn amounts under the ABL Facility to 0.375%;
•extend the maturity date of the ABL Facility to the earlier of March 1, 2026 and 91 days prior to the stated maturity
date of the Term Loan Facility;
•add the Australian subsidiaries acquired pursuant to the Thryv Australia Acquisition as borrowers and guarantors, and establish an Australian borrowing base; and
•make certain other conforming changes consistent with the Term Loan Agreement.
We maintain debt levels that we consider appropriate after evaluating a number of factors, including cash requirements for ongoing operations, investment and financing plans (including acquisitions and share repurchase activities), and overall cost of capital. Per the terms of the Term Loan Facility, payments of the Term Loan balance are determined by the Company's Excess Cash Flow (as defined within the Term Loan Facility). We are in compliance with all covenants under the Term Loan and ABL Facility as of September 30, 2023. We had total recorded debt outstanding of $381.3 million (net of $10.5 million of unamortized original issue discount (“OID”) and debt issuance cost) at September 30, 2023, which was comprised of amounts outstanding under our Term Loan of $334.4 million and ABL Facility of $57.4 million.
As of September 30, 2023, we had borrowing capacity of $36.7 million under the ABL Facility.
On June 1, 2023, the Company entered into an agreement to amend its existing ABL Facility (the “ABL Seventh Amendment”). The ABL Seventh Amendment replaced the 3-month LIBOR benchmark applicable to the facility with a SOFR based rate, defined as the Adjusted Daily Simple SOFR. Borrowings under the ABL Facility bear interest at a rate per annum equal to (i) Adjusted Daily Simple SOFR plus 3.00% for SOFR loans and (ii) base rate plus 2.00% for base rate loans.
Critical Accounting Policies and Estimates
Our critical accounting policies and estimates have not changed from those described in our 2022 Form 10-K, under “Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates.”
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk
As of September 30, 2023, we had total debt outstanding of $381.3 million (net of $10.5 million of unamortized OID and debt issuance costs), which was comprised of amounts outstanding under our Term Loan of $334.4 million and ABL Facility of $57.4 million. Substantially all this debt bears interest at floating rates. Changes in interest rates affect the interest expense we pay on our floating rate debt. A hypothetical 100 basis point increase in interest rates would increase our interest expense by approximately $3.9 million annually, based on the debt outstanding at September 30, 2023.
Foreign Exchange Currency Risk
We have foreign currency risks related to our revenue and operating expenses denominated in currencies other than the U.S. dollar, primarily the Australian dollar. Since we translate foreign currencies into U.S. dollars for financial reporting purposes, currency fluctuations can have an impact on our financial results.
We have experienced and will continue to experience fluctuations in our net income as a result of transaction gains or losses related to revaluing certain current asset and current liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded. We recognized immaterial amounts of foreign currency gains and losses in each of the periods presented. We have not hedged our foreign currency transactions to date. We are evaluating the costs and benefits of initiating a hedging program and may in the future hedge selected significant transactions denominated in currencies other than the U.S. dollar as we expand our international operations and our risk grows.
Item 4. Controls and Procedures
Acquisition
We are in the process of integrating Yellow, a New Zealand marketing services company that we acquired on April 3, 2023. Management’s assessment and conclusion on the effectiveness of the Company’s disclosure controls and procedures as of September 30, 2023 excludes an assessment of the internal control over financial reporting related to the Yellow Acquisition. The Yellow Acquisition represented 1.3% of our consolidated total assets at September 30, 2023, and 1.7% and 1.3% of our consolidated revenue included in our consolidated financial statements for the three and nine months ended September 30, 2023, respectively.
Disclosure Controls and Procedures
Our management, with the participation of our principal executive officer and principal financial officer, evaluated, as of the end of the period covered by this Quarterly Report on Form 10-Q, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2023.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting identified in management’s evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the quarter ended September 30, 2023 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Information in response to this item is provided in “Part I - Item 1. Note 13, Contingent Liabilities” and is incorporated by reference into Part II of this Quarterly Report on Form 10-Q.
Item 1A. Risk Factors
There have been no material changes to our risk factors disclosed in our 2022 Form 10-K, and subsequent Quarterly Reports on Form 10-Q.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information
The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our officers and directors for the three months ended September 30, 2023, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), was as follows:
| | | | | | | | | | | | | | | | | |
Name | Title | Action | Date Adopted | Expiration Date | Aggregate # of Securities to be Sold |
| | | | | |
Gordon Henry | Executive Vice President and Chief Strategy Officer | Adoption | September 14, 2023 | September 9, 2024 | 278,370 |
None of our officers or directors adopted or terminated a “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K during the three months ended September 30, 2023.
Item 6. Exhibits
The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q:
| | | | | | | | |
Exhibit No. | | Description |
3.1 | | |
3.2 | | |
10.1 | | |
31.1* | | |
31.2* | | |
32.1** | | |
32.2** | | |
101.INS* | | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
101.SCH* | | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL* | | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.LAB* | | Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE* | | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
101.DEF* | | Inline XBRL Taxonomy Extension Definition Linkbase Document |
104 | | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL (included in Exhibits 101). |
*Filed herewith
** Furnished herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | |
THRYV HOLDINGS, INC. |
| | |
November 2, 2023 | By: | /s/ Joseph A. Walsh |
| | Joseph A. Walsh Chairman of the Board and Chief Executive Officer |
| | (Principal Executive Officer) |
| | |
| | |
November 2, 2023 | By: | /s/ Paul D. Rouse |
| | Paul D. Rouse Chief Financial Officer, Executive Vice President and Treasurer |
| | (Principal Financial Officer) |
Exhibit 31.1
CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER
I, Joseph A. Walsh, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Thryv Holdings, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
Date: November 2, 2023 | By: /s/ Joseph A. Walsh
|
| Joseph A. Walsh |
| Chairman of the Board and Chief Executive Officer |
| (Principal Executive Officer) |
| |
Exhibit 31.2
CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER
I, Paul D. Rouse, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Thryv Holdings, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(c) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | |
Date: November 2, 2023 | By: /s/ Paul D. Rouse |
| Paul D. Rouse |
| Chief Financial Officer |
| (Principal Financial Officer) |
| |
Exhibit 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Thryv Holdings, Inc. (the “Company”) for the period ending September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joseph A. Walsh, Chairman of the Board and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
Date: November 2, 2023 | By: /s/ Joseph A. Walsh
|
| Joseph A. Walsh |
| Chairman of the Board and Chief Executive Officer |
| (Principal Executive Officer) |
| |
Exhibit 32.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of Thryv Holdings, Inc. (the “Company”) for the period ending September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paul D. Rouse, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
Date: November 2, 2023 | By: /s/ Paul D. Rouse |
| Paul D. Rouse |
| Chief Financial Officer |
| (Principal Financial Officer) |
| |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Oct. 31, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-35895
|
|
Entity Registrant Name |
THRYV HOLDINGS, INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
13-2740040
|
|
Entity Address, Address Line One |
2200 West Airfield Drive, P.O. Box 619810
|
|
Entity Address, City or Town |
D/FW Airport
|
|
Entity Address, State or Province |
TX
|
|
Entity Address, Postal Zip Code |
75261
|
|
City Area Code |
(972)
|
|
Local Phone Number |
453-7000
|
|
Title of 12(b) Security |
Common Stock, $0.01 par value per share
|
|
Trading Symbol |
THRY
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
35,165,017
|
Entity Central Index Key |
0001556739
|
|
Current Fiscal Year End Date |
--12-31
|
|
Document Fiscal Year Focus |
2023
|
|
Document Fiscal Period Focus |
Q3
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v3.23.3
Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Revenue |
$ 183,822,000
|
$ 280,650,000
|
$ 680,798,000
|
$ 923,020,000
|
Cost of services |
80,178,000
|
105,011,000
|
262,261,000
|
321,543,000
|
Gross profit |
103,644,000
|
175,639,000
|
418,537,000
|
601,477,000
|
Operating expenses: |
|
|
|
|
Sales and marketing |
74,755,000
|
89,891,000
|
226,781,000
|
275,659,000
|
General and administrative |
48,267,000
|
54,670,000
|
149,642,000
|
159,514,000
|
Impairment charges |
0
|
0
|
0
|
222,000
|
Total operating expenses |
123,022,000
|
144,561,000
|
376,423,000
|
435,395,000
|
Operating (loss) income |
(19,378,000)
|
31,078,000
|
42,114,000
|
166,082,000
|
Other income (expense): |
|
|
|
|
Other components of net periodic pension (cost) benefit |
(1,902,000)
|
(3,928,000)
|
(3,888,000)
|
5,295,000
|
Other income (expense) |
(876,000)
|
6,941,000
|
(1,242,000)
|
15,567,000
|
(Loss) income before income tax benefit (expense) |
(37,287,000)
|
19,521,000
|
(10,927,000)
|
142,855,000
|
Income tax benefit (expense) |
10,241,000
|
(6,241,000)
|
9,173,000
|
(38,062,000)
|
Net (loss) income |
(27,046,000)
|
13,280,000
|
(1,754,000)
|
104,793,000
|
Other comprehensive income (loss): |
|
|
|
|
Foreign currency translation adjustment, net of tax |
(1,842,000)
|
(7,920,000)
|
(4,332,000)
|
(12,611,000)
|
Comprehensive (loss) income |
$ (28,888,000)
|
$ 5,360,000
|
$ (6,086,000)
|
$ 92,182,000
|
Net (loss) income per common share: |
|
|
|
|
Basic (in dollars per share) |
$ (0.78)
|
$ 0.39
|
$ (0.05)
|
$ 3.06
|
Diluted (in dollars per share) |
$ (0.78)
|
$ 0.37
|
$ (0.05)
|
$ 2.86
|
Weighted-average shares used in computing basic and diluted net (loss) income per common share: |
|
|
|
|
Basic (in shares) |
34,848,899
|
34,269,274
|
34,619,794
|
34,289,333
|
Diluted (in shares) |
34,848,899
|
35,811,473
|
34,619,794
|
36,698,395
|
Nonrelated Party |
|
|
|
|
Other income (expense): |
|
|
|
|
Interest expense |
$ (15,131,000)
|
$ (13,720,000)
|
$ (47,911,000)
|
$ (40,584,000)
|
Related Party |
|
|
|
|
Other income (expense): |
|
|
|
|
Interest expense |
$ 0
|
$ (850,000)
|
$ 0
|
$ (3,505,000)
|
X |
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v3.23.3
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
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 |
0
|
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
|
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 (see Note 13) |
|
|
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
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable, allowance for credit loss |
$ 13,764
|
$ 14,766
|
Contract with customer, asset, allowance for credit loss |
$ 23
|
$ 33
|
Common stock, par value (in usd per share) |
$ 0.01
|
$ 0.01
|
Common stock, shares authorized (in shares) |
250,000,000
|
250,000,000
|
Common stock, shares issued (in shares) |
62,521,026
|
61,279,379
|
Common stock, shares outstanding (in shares) |
35,164,339
|
34,593,837
|
Treasury stock (in shares) |
27,356,687
|
26,685,542
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.3
Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Treasury Stock |
Accumulated Other Comprehensive Loss |
Accumulated (Deficit) |
Beginning balance (in shares) at Dec. 31, 2021 |
|
60,830,853
|
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 314,715
|
$ 608
|
$ 1,084,288
|
$ (468,879)
|
$ (8,047)
|
$ (293,255)
|
Beginning balance, treasury stock (in shares) at Dec. 31, 2021 |
|
|
|
(26,685,542)
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Exercise of stock options, vesting of RSUs and PSUs (in shares) |
|
327,256
|
|
|
|
|
Exercise of stock options, vesting of RSUs and PSUs |
4,825
|
$ 4
|
4,821
|
|
|
|
Exercise of stock warrants (in shares) |
|
2,622
|
|
|
|
|
Exercise of stock warrants |
64
|
|
64
|
|
|
|
Stock compensation expense |
10,140
|
|
10,140
|
|
|
|
Foreign currency translation adjustment, net of tax |
(12,611)
|
|
|
|
(12,611)
|
|
Net (loss) income |
104,793
|
|
|
|
|
104,793
|
Ending balance (in shares) at Sep. 30, 2022 |
|
61,160,731
|
|
|
|
|
Ending balance at Sep. 30, 2022 |
421,926
|
$ 612
|
1,099,313
|
$ (468,879)
|
(20,658)
|
(188,462)
|
Ending balance, treasury stock (in shares) at Sep. 30, 2022 |
|
|
|
(26,685,542)
|
|
|
Beginning balance (in shares) at Jun. 30, 2022 |
|
61,121,058
|
|
|
|
|
Beginning balance at Jun. 30, 2022 |
411,614
|
$ 611
|
1,094,362
|
$ (468,879)
|
(12,738)
|
(201,742)
|
Beginning balance, treasury stock (in shares) at Jun. 30, 2022 |
|
|
|
(26,685,542)
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Exercise of stock options, vesting of RSUs and PSUs (in shares) |
|
37,051
|
|
|
|
|
Exercise of stock options, vesting of RSUs and PSUs |
486
|
$ 1
|
485
|
|
|
|
Exercise of stock warrants (in shares) |
|
2,622
|
|
|
|
|
Exercise of stock warrants |
64
|
|
64
|
|
|
|
Stock compensation expense |
4,402
|
|
4,402
|
|
|
|
Foreign currency translation adjustment, net of tax |
(7,920)
|
|
|
|
(7,920)
|
|
Net (loss) income |
13,280
|
|
|
|
|
13,280
|
Ending balance (in shares) at Sep. 30, 2022 |
|
61,160,731
|
|
|
|
|
Ending balance at Sep. 30, 2022 |
$ 421,926
|
$ 612
|
1,099,313
|
$ (468,879)
|
(20,658)
|
(188,462)
|
Ending balance, treasury stock (in shares) at Sep. 30, 2022 |
|
|
|
(26,685,542)
|
|
|
Beginning balance (in shares) at Dec. 31, 2022 |
34,593,837
|
61,279,379
|
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 382,267
|
$ 613
|
1,105,701
|
$ (468,879)
|
(16,261)
|
(238,907)
|
Beginning balance, treasury stock (in shares) at Dec. 31, 2022 |
(26,685,542)
|
|
|
(26,685,542)
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Exercise of stock options, vesting of RSUs and PSUs (in shares) |
|
589,792
|
|
(57,191)
|
|
|
Exercise of stock options, vesting of RSUs and PSUs |
$ 4,124
|
$ 6
|
5,247
|
$ (1,129)
|
|
|
Exercise of stock warrants (in shares) |
|
651,855
|
|
|
|
|
Exercise of stock warrants |
15,898
|
$ 6
|
15,892
|
|
|
|
Stock compensation expense |
16,653
|
|
16,653
|
|
|
|
Settlement of indemnification asset (in shares) |
|
|
|
(613,954)
|
|
|
Settlement of indemnification asset |
(15,760)
|
|
|
$ (15,760)
|
|
|
Foreign currency translation adjustment, net of tax |
(4,332)
|
|
|
|
(4,332)
|
|
Net (loss) income |
$ (1,754)
|
|
|
|
|
(1,754)
|
Ending balance (in shares) at Sep. 30, 2023 |
35,164,339
|
62,521,026
|
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 397,096
|
$ 625
|
1,143,493
|
$ (485,768)
|
(20,593)
|
(240,661)
|
Ending balance, treasury stock (in shares) at Sep. 30, 2023 |
(27,356,687)
|
|
|
(27,356,687)
|
|
|
Beginning balance (in shares) at Jun. 30, 2023 |
|
61,832,315
|
|
|
|
|
Beginning balance at Jun. 30, 2023 |
$ 404,326
|
$ 618
|
1,121,804
|
$ (485,730)
|
(18,751)
|
(213,615)
|
Beginning balance, treasury stock (in shares) at Jun. 30, 2023 |
|
|
|
(27,355,029)
|
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
Exercise of stock options, vesting of RSUs and PSUs (in shares) |
|
42,695
|
|
(1,658)
|
|
|
Exercise of stock options, vesting of RSUs and PSUs |
439
|
$ 1
|
476
|
$ (38)
|
|
|
Exercise of stock warrants (in shares) |
|
646,016
|
|
|
|
|
Exercise of stock warrants |
15,757
|
$ 6
|
15,751
|
|
|
|
Stock compensation expense |
5,462
|
|
5,462
|
|
|
|
Foreign currency translation adjustment, net of tax |
(1,842)
|
|
|
|
(1,842)
|
|
Net (loss) income |
$ (27,046)
|
|
|
|
|
(27,046)
|
Ending balance (in shares) at Sep. 30, 2023 |
35,164,339
|
62,521,026
|
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 397,096
|
$ 625
|
$ 1,143,493
|
$ (485,768)
|
$ (20,593)
|
$ (240,661)
|
Ending balance, treasury stock (in shares) at Sep. 30, 2023 |
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v3.23.3
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash Flows from Operating Activities |
|
|
Net 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 |
0
|
222
|
Loss (gain) on foreign currency exchange rates |
164
|
(4,447)
|
Non-cash (gain) loss from remeasurement of indemnification asset |
10,734
|
(1,472)
|
Bargain purchase gain |
0
|
(10,245)
|
Other |
0
|
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)
|
0
|
Net cash (used in) investing activities |
(32,032)
|
(42,138)
|
Cash Flows from Financing Activities |
|
|
Proceeds from ABL Facility |
697,234
|
746,689
|
Payments of ABL Facility |
(694,395)
|
(727,762)
|
Proceeds from warrant exercises |
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
|
0
|
Term Loan |
|
|
Cash Flows from Financing Activities |
|
|
Payments of Term Loan |
(95,000)
|
(73,164)
|
Payments of Term Loan, related party |
$ 0
|
$ (8,347)
|
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v3.23.3
Description of Business and Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Business and Summary of Significant Accounting Policies |
Description of Business and Summary of Significant Accounting Policies General
Thryv Holdings, Inc. (“Thryv” or the “Company”) provides small-to-medium sized businesses (“SMBs”) with print and digital marketing services and Software as a Service (“SaaS”) business management tools. The Company owns and operates Print Yellow Pages (“Print”) and digital marketing services (“Digital”), which includes Internet Yellow Pages, search engine marketing, and other digital media services, including online display advertising, and search engine optimization tools. In addition, through the Thryv® platform, the Company is a provider of SaaS small business management software tools designed for SMBs.
On April 3, 2023, Thryv New Zealand Limited, the Company’s wholly-owned subsidiary, acquired Yellow Holdings Limited (“Yellow”), a New Zealand marketing services company. Additionally, on January 21, 2022, Thryv, Inc., the Company’s wholly-owned subsidiary, acquired Vivial Media Holdings, Inc. (“Vivial”), a marketing and advertising company with operations in the United States.
The Company reports its results based on four reportable segments (see Note 15, Segment Information):
•Thryv U.S. Marketing Services, which includes the Company's Print and Digital solutions business in the United States; •Thryv U.S. SaaS, which includes the Company's SaaS flagship all-in-one small business management modular software platform in the United States; •Thryv International Marketing Services, which is comprised of the Company's Print and Digital solutions business outside of the United States; and •Thryv International SaaS, which primarily includes the Company's flagship all-in-one small business management modular software platform outside of the United States.
Basis of Presentation
The Company prepares its financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and disclosures normally included in the complete financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The consolidated financial statements include the financial statements of Thryv Holdings, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, consisting of only normal recurring items and accruals, necessary for the fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. The consolidated financial statements as of and for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as the audited annual financial statements. The consolidated balance sheet as of December 31, 2022 was derived from the audited annual financial statements. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s audited financial statements and related footnotes for the year ended December 31, 2022.
Use of Estimates
The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions about future events that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. The results of those estimates form the basis for making judgments about the carrying values of certain assets and liabilities. Examples of reported amounts that rely on significant estimates include revenue recognition, allowance for credit losses, assets acquired and liabilities assumed in business combinations, capitalized costs to obtain a contract, certain amounts relating to the accounting for income taxes, including valuation allowance, indemnification asset, stock-based compensation expense, operating lease right-of-use assets and operating lease liabilities, accrued service credits, and pension obligations. Significant estimates are also used in determining the recoverability and fair value of fixed assets and capitalized software, operating lease right-of-use assets, goodwill and intangible assets.
Summary of Significant Accounting Policies
The Company describes its significant accounting policies in Note 1 to the financial statements in Part II, Item 8 of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. There have been no changes to the Company's significant accounting policies during the three and nine months ended September 30, 2023.
Restricted Cash
The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Company's consolidated balance sheets to the amount shown in the Company's consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | (in thousands) | September 30, 2023 | | September 30, 2022 | | December 31, 2022 | Cash and cash equivalents | $ | 14,676 | | | $ | 14,312 | | | $ | 16,031 | | Restricted cash, included in Other current assets | 2,275 | | | 2,022 | | | 2,149 | | Total cash, cash equivalents and restricted cash | $ | 16,951 | | | $ | 16,334 | | | $ | 18,180 | |
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v3.23.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisitions |
Acquisitions Yellow New Zealand Acquisition
On April 3, 2023 (the “Yellow Acquisition Date”), Thryv New Zealand Limited, the Company’s wholly-owned subsidiary, acquired Yellow, a New Zealand marketing services company for $8.9 million in cash (net of $1.7 million of cash acquired), subject to certain adjustments (the “Yellow Acquisition”). The assets acquired consisted primarily of $2.4 million in current assets and $5.6 million in fixed and intangible assets, consisting primarily of customer relationships, trade name, and technology assets, along with $5.1 million in goodwill. The Company also assumed liabilities of $4.7 million, consisting primarily of accrued, contract, and deferred liabilities.
The Company accounted for the Yellow Acquisition using the acquisition method of accounting in accordance with Accounting Standards Codification 805, Business Combinations (“ASC 805”). This requires that the assets acquired and liabilities assumed are measured at fair value. With the assistance of a third-party valuation firm, the Company determined, using Level 3 inputs (see Note 4, Fair Value Measurements), the fair value of certain assets and liabilities, including fixed assets and intangible assets by applying the income approach and the cost approach. Specific to intangible assets, client relationships were valued using a combination of the income and excess earnings approach, whereas trade names were valued using a relief of royalty method and assumptions related to Yellow's assets acquired and liabilities assumed. The fair values of existing technologies were computed using a relief of royalty approach, similar to the trade name valuation. The preliminary purchase price allocation is expected to be finalized within 12 months after the Yellow Acquisition Date. The following table summarizes the assets acquired and liabilities assumed at the Yellow Acquisition Date:
| | | | | | | | | (in thousands) | | | Current assets | | $ | 2,438 | | Fixed and intangible assets | | 5,565 | | | | | Other assets | | 457 | | Current liabilities | | (3,533) | | Other liabilities | | (1,159) | | Goodwill | | 5,129 | | Fair value allocated to net assets acquired | | $ | 8,897 | |
The excess of the purchase price over the fair value of the identifiable net assets acquired and the liabilities assumed was allocated to goodwill. The recognized goodwill of $5.1 million was primarily related to the benefits expected from the acquisition and is allocated to the Thryv International Marketing Services segment. The goodwill recognized is not deductible for income tax purposes.
The Yellow Acquisition has contributed $9.1 million in revenue since the Yellow Acquisition Date.
Vivial Acquisition
On January 21, 2022 (the “Vivial Acquisition Date”), Thryv, Inc., the Company’s wholly-owned subsidiary, acquired Vivial, for $22.8 million in cash (net of $8.5 million of cash acquired) (the “Vivial Acquisition”). The assets acquired as part of these transactions consisted primarily of $27.7 million in current assets and $9.8 million in fixed and intangible assets, consisting primarily of customer relationships and technology assets, $14.5 million in deferred tax assets, along with a $10.9 million bargain purchase gain. The Vivial Acquisition resulted in a bargain purchase gain in part because the seller was motivated to divest its marketing services business that was in secular decline. The Company also assumed liabilities of $20.4 million, consisting primarily of accounts payable and accrued liabilities.
The Company accounted for the Vivial Acquisition using the acquisition method of accounting in accordance with ASC 805. This requires that the assets acquired and liabilities assumed are measured at fair value. With the assistance of a third-party valuation firm, the Company determined, using Level 3 inputs (see Note 4, Fair Value Measurements), the fair value of certain assets and liabilities, including fixed assets and intangible assets by applying the income approach and the cost approach. Specific to intangible assets, client relationships were valued using a combination of the income and excess earnings approach, whereas trade names were valued using a relief of royalty method and assumptions related to Vivial’s assets acquired and liabilities assumed.
The following table summarizes the assets acquired and liabilities assumed at the Vivial Acquisition Date:
| | | | | | | | | (in thousands) | | | Current assets | | $ | 27,705 | | Fixed and intangible assets | | 9,759 | | Deferred tax assets | | 14,530 | | Other assets | | 2,103 | | Current liabilities | | (18,775) | | Other liabilities | | (1,646) | | Bargain purchase gain | | (10,883) | | Fair value allocated to net assets acquired, net of bargain purchase gain | | $ | 22,793 | |
The deferred tax asset primarily relates to excess carryover tax basis over book basis in intangibles as a result of the assessment of the fair value of the assets and liabilities assumed using the acquisition method of accounting.
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue Recognition |
Revenue Recognition The Company has determined that each of its Print and Digital marketing services and SaaS business management tools services is distinct and represents a separate performance obligation. The client can benefit from each service on its own or together with other resources that are readily available to the client. Services are separately identifiable from other promises in the contract. Control over the Company’s Print services transfers to the client upon delivery of the published directories containing their advertisements to the intended market(s). Therefore, revenue associated with Print services is recognized at a point in time upon delivery to the intended market(s). The Company bills clients for Print advertising services monthly over the relative contract term. The difference between the timing of recognition of Print advertising revenue and monthly billing generates the Company’s unbilled receivables balance. The unbilled receivables balance is reclassified as billed accounts receivable through the passage of time as the clients are invoiced each month. SaaS and Digital marketing services are recognized using the series guidance. Under the series guidance, the Company's obligation to provide services is the same for each day under the contract, and therefore represents a single performance obligation. Revenue associated with SaaS and Digital marketing services is recognized over time using an output method to measure the progress toward satisfying a performance obligation.
Disaggregation of Revenue
The Company presents disaggregated revenue based on the type of service within its segment footnote. See Note 15, Segment Information.
Contract Assets and Liabilities The timing of revenue recognition may differ from the timing of billing to the Company’s clients. These timing differences result in receivables, contract assets, or contract liabilities (deferred revenue) as disclosed on the Company's consolidated balance sheets. Contract assets represent the Company's right to consideration when revenue recognized exceeds the receivable from the client because the consideration allocated to fulfilled performance obligations exceeds the Company’s right to payment, and the right to payment is subject to more than the passage of time. Contract liabilities consist of advance payments and revenue deferrals resulting from the allocation of the consideration to performance obligations. For the three and nine months ended September 30, 2023, the Company recognized Revenue of $1.6 million and $40.6 million, respectively, that was recorded in Contract liabilities as of December 31, 2022. For the three and nine months ended September 30, 2022, the Company recognized Revenue of $12.9 million and $38.8 million, respectively, that was recorded in Contract liabilities as of December 31, 2021.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.23.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:
Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. Level 3 — Unobservable inputs that reflect the Company's own assumptions incorporated into valuation techniques. These valuations require significant judgment.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When there is more than one input at different levels within the hierarchy, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assessment of the significance of a particular input to the fair value measurement in its entirety requires substantial judgment and consideration of factors specific to the asset or liability. Level 3 inputs are inherently difficult to estimate. Changes to these inputs can have a significant impact on fair value measurements. Assets and liabilities measured at fair value using Level 3 inputs are based on one or more of the following valuation techniques: market approach, income approach or cost approach. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The Company’s non-financial assets such as goodwill, intangible assets, fixed assets, capitalized software and operating lease right-of-use assets are adjusted to fair value when the net book values of the assets exceed their respective fair values, resulting in an impairment charge. Such fair value measurements are predominantly based on Level 3 inputs.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Indemnification Asset
On June 30, 2017, the Company completed the acquisition of YP Holdings, Inc. (the “YP Acquisition”). As further discussed in Note 13, Contingent Liabilities, as part of the YP Acquisition agreement, the Company was indemnified for an uncertain tax position for up to the fair value of 1,804,715 shares held in escrow, subject to certain contract limitations (the “indemnification asset”).
On June 22, 2023, the Company entered into a settlement agreement with the sellers regarding the settlement of the indemnification asset. Pursuant to the settlement agreement, the Company and the sellers agreed (i) that the sellers would pay and indemnify the Company for $15.8 million of indemnified taxes (the “Indemnity Amount”) and (ii) that the Indemnity Amount would be deemed satisfied by the transfer of 613,954 outstanding shares of the Company’s common stock from the sellers back to the Company, which were returned to treasury and reduced the number of outstanding shares of the Company’s common stock. Furthermore, the sellers would be entitled to retain 1,190,761 currently outstanding shares of the Company’s common stock that previously secured the sellers' tax indemnity obligations under the YP Acquisition agreement.
As of September 30, 2023, the Company no longer recorded a Level 1 indemnification asset because it was settled on June 22, 2023. As of December 31, 2022, the fair value of the Company's Level 1 indemnification asset was $26.5 million. A loss of $10.7 million from the change in fair value of the Company’s Level 1 indemnification asset during the nine months ended September 30, 2023 was recorded in General and administrative expense on the Company's consolidated statements of operations and comprehensive income (loss). The $15.8 million Indemnity Amount, which is the fair value of the shares returned to treasury, was recorded in Treasury stock on the Company's consolidated balance sheets, along with the 613,954 shares that the Company received from the sellers as of September 30, 2023.
Benefit Plan Assets
The fair value of benefit plan assets is measured and recorded on the Company's consolidated balance sheets using Level 2 inputs. See Note 9, Pensions. Fair Value of Financial Instruments
The Company considers the carrying amounts of cash, trade receivables, and accounts payable to approximate fair value because of the relatively short period of time between the origination of these instruments and their expected realization or payment.
Additionally, the Company considers the carrying amounts of its ABL Facility (as defined in Note 8, Debt Obligations) and financing obligations to approximate their respective fair values due to their short-term nature and approximation of interest rates to market rates. These fair value measurements are considered Level 2. See Note 8, Debt Obligations.
The Term Loan (as defined in Note 8, Debt Obligations) is carried at amortized cost; however, the Company estimates the fair value of the Term Loan for disclosure purposes. The fair value of the Term Loan is determined based on quoted prices that are observable in the marketplace and are classified as Level 2 measurements. See Note 8, Debt Obligations. The following table sets forth the carrying amount and fair value of the Term Loan: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | (in thousands) | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Term Loan, net | $ | 323,874 | | | $ | 324,684 | | | $ | 415,256 | | | $ | 410,065 | |
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v3.23.3
Goodwill and Intangible Assets
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill
The following tables set forth the changes in the carrying amount of the Company's goodwill for the nine months ended September 30, 2023 and the year ended December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Balance as of December 31, 2021 | $ | 390,573 | | | $ | 218,884 | | | $ | 62,429 | | | $ | — | | | $ | 671,886 | | | | | | | | | | | | Impairments | (102,000) | | | — | | | — | | | — | | | (102,000) | | Effects of foreign currency translation | — | | | — | | | (3,882) | | | — | | | (3,882) | | Balance as of December 31, 2022 | $ | 288,573 | | | $ | 218,884 | | | $ | 58,547 | | | $ | — | | | $ | 566,004 | | | | | | | | | | | | | | | | | | | | | | Yellow Acquisition1 | — | | | — | | | 5,129 | | | — | | | 5,129 | | Effects of foreign currency translation | — | | | — | | | (3,360) | | | — | | | (3,360) | | Balance as of September 30, 2023 | $ | 288,573 | | | $ | 218,884 | | | $ | 60,316 | | | $ | — | | | $ | 567,773 | |
(1) Yellow was included in the Thryv International Marketing Services reporting unit.
Intangible Assets
The following tables set forth the details of the Company's intangible assets as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2023 | (in thousands) | Gross | | Accumulated Amortization | | Net | | Weighted Average Remaining Amortization Period in Years | Client relationships | $ | 794,774 | | | $ | (779,260) | | | $ | 15,514 | | | 1.5 | Trademarks and domain names | 223,158 | | | (218,567) | | | 4,591 | | | 1.9 | Patented technologies | 19,600 | | | (19,600) | | | — | | | 0.0 | Covenants not to compete | 10,352 | | | (6,189) | | | 4,163 | | | 1.0 | Total intangible assets | $ | 1,047,884 | | | $ | (1,023,616) | | | $ | 24,268 | | | 1.5 |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 | (in thousands) | Gross | | Accumulated Amortization | | Net | | Weighted Average Remaining Amortization Period in Years | Client relationships | $ | 796,213 | | | $ | (771,475) | | | $ | 24,738 | | | 1.8 | Trademarks and domain names | 223,206 | | | (215,639) | | | 7,567 | | | 1.7 | Patented technologies | 19,600 | | | (19,600) | | | — | | | 0.0 | Covenants not to compete | 5,240 | | | (2,830) | | | 2,410 | | | 2.0 | Total intangible assets | $ | 1,044,259 | | | $ | (1,009,544) | | | $ | 34,715 | | | 1.8 |
Amortization expense for intangible assets for the three and nine months ended September 30, 2023 was $6.4 million and $19.1 million, respectively. Amortization expense for the three and nine months ended September 30, 2022 was $14.1 million and $39.0 million, respectively. Estimated aggregate future amortization expense by fiscal year for the Company's intangible assets is as follows: | | | | | | | | | (in thousands) | | Estimated Future Amortization Expense | 2023 (remaining) | | $ | 6,294 | | 2024 | | 15,428 | | 2025 | | 1,977 | | 2026 | | 397 | | 2027 | | 132 | | Thereafter | | 40 | | Total | | $ | 24,268 | |
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v3.23.3
Allowance for Credit Losses
|
9 Months Ended |
Sep. 30, 2023 |
Credit Loss [Abstract] |
|
Allowance for Credit Losses |
Allowance for Credit Losses The following table sets forth the Company's allowance for credit losses as of September 30, 2023 and 2022: | | | | | | | | | | | | (in thousands) | 2023 | | 2022 | Balance as of January 1 | $ | 14,799 | | | $ | 17,475 | | | | | | Additions (1) | 10,397 | | | 10,669 | | Deductions (2) | (11,409) | | | (14,960) | | Balance as of September 30 (3) | $ | 13,787 | | | $ | 13,184 | |
(1) For the nine months ended September 30, 2023 and 2022, the Company recorded a provision for credit losses of $10.4 million and $10.7 million, respectively, which is included in General and administrative expense. For the three months ended September 30, 2023 and 2022, the Company recorded a provision for credit losses of $3.1 million and $2.8 million, respectively, which is included in General and administrative expense.
(2) For the nine months ended September 30, 2023 and 2022, represents amounts written off as uncollectible, net of recoveries.
(3) As of September 30, 2023, $13.8 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets. As of September 30, 2022, $13.1 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets. The Company’s exposure to expected credit losses depends on the financial condition of its clients and other macroeconomic factors. The Company maintains an allowance for credit losses based upon its estimate of potential credit losses. This allowance is based upon historical and current client collection trends, any identified client-specific collection issues, and current as well as expected future economic conditions and market trends.
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v3.23.3
Accrued Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accrued Liabilities |
Accrued Liabilities The following table sets forth additional financial information related to the Company's accrued liabilities as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | (in thousands) | September 30, 2023 | | December 31, 2022 | Accrued salaries and related expenses | $ | 47,745 | | | $ | 62,044 | | Accrued expenses | 42,193 | | | 52,313 | | Accrued taxes | 5,463 | | | 9,799 | | Accrued service credits | 2,319 | | | 2,654 | | | | | | Accrued liabilities | $ | 97,720 | | | $ | 126,810 | |
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.3
Debt Obligations
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt Obligations |
Debt Obligations The following table sets forth the Company's outstanding debt obligations as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Maturity | | Interest Rate | | September 30, 2023 | | December 31, 2022 | Term Loan(1) | March 1, 2026 | | SOFR + | 8.5% | | $ | 334,368 | | | $ | 429,368 | | ABL Facility (Seventh Amendment)(2) | March 1, 2026 | | Adjusted Daily Simple SOFR + | 3.0% | | 57,393 | | | 54,554 | | Unamortized original issue discount and debt issuance costs | | | | | | (10,494) | | | (14,112) | | Total debt obligations | | | | | | $ | 381,267 | | | $ | 469,810 | | Current portion of Term Loan | | | | | | (70,000) | | | (70,000) | | Total long-term debt obligations | | | | | $ | 311,267 | | | $ | 399,810 | |
(1) Effective June 30, 2023, the Company's Term Loan amendment replaced the LIBOR benchmark with a Secured Overnight Financing Rate (“SOFR”) based benchmark.
(2) Effective June 1, 2023, the Company's ABL Facility amendment replaced the LIBOR benchmark with a SOFR based benchmark.
Term Loan
On March 1, 2021, the Company entered into a Term Loan credit agreement (the “Term Loan”). The proceeds of the Term Loan were used to finance the acquisition of Sensis Holding Limited (the “Thryv Australia Acquisition”), refinance in full the Company's existing term loan facility (the “Senior Term Loan”), and pay fees and expenses related to the Thryv Australia Acquisition and related financing.
The Term Loan established a senior secured term loan facility (the “Term Loan Facility”) in an aggregate principal amount equal to $700.0 million, of which 38.4% was held by related parties who were equity holders of the Company as of March 1, 2021. As of September 30, 2023 and December 31, 2022, no portion of the Term Loan was held by related parties who were equity holders of the Company as of such date.
The Term Loan Facility matures on March 1, 2026. Through the six months ended June 30, 2023, borrowings under the Term Loan Facility bore interest at a fluctuating rate per annum equal to, at the Company’s option, LIBOR or a base rate, in each case, plus an applicable margin per annum equal to (i) 8.50% (for LIBOR loans) and (ii) 7.50% (for base rate loans). The Term Loan Facility requires mandatory amortization payments equal to $17.5 million per fiscal quarter.
On June 21, 2023, the Company entered into an agreement to amend the Term Loan Facility (the “Term Loan Amendment”). The Term Loan Amendment replaced the LIBOR benchmark applicable to the loan with a SOFR based rate. Effective June 30, 2023, borrowings under the Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or a base rate, in each case, plus an applicable margin per annum equal to (i) 8.50% (for SOFR loans) and (ii) 7.50% (for base rate loans).
In accordance with the Term Loan, the Company recorded no interest expense with related parties for the three and nine months ended September 30, 2023, compared to $0.9 million and $3.5 million of interest expense with related parties for the three and nine months ended September 30, 2022.
The Company has recorded accrued interest of $1.4 million and $1.2 million as of September 30, 2023 and December 31, 2022, respectively. Accrued interest is included in Other current liabilities on the Company's consolidated balance sheets. Term Loan Covenants
The Term Loan contains certain covenants that, subject to exceptions, limit or restrict the borrower's incurrence of additional indebtedness, liens, investments, loans, advances, guarantees, acquisitions, sales of assets, sale-leaseback transactions, swap agreements, payments of dividends or distributions, payments in respect of certain indebtedness, certain affiliate transactions, restrictive amendments to agreements, changes in business, amendments of certain material documents, capital expenditures, mergers, consolidations and liquidations, and use of the proceeds. Additionally, the Company is required to maintain compliance with a Total Net Leverage Ratio, calculated as Net Debt to Consolidated EBITDA, which shall not be greater than 3.0 to 1.0 as of the last day of each fiscal quarter. As of September 30, 2023, the Company was in compliance with its Term Loan covenants. The Company also expects to be in compliance with these covenants for the next twelve months.
ABL Facility
On March 1, 2021, the Company entered into an agreement to amend (the “ABL Amendment”) the June 30, 2017 asset-based lending (“ABL”) facility (the “ABL Facility”). The ABL Amendment was entered into in order to permit the Senior Term Loan refinancing, the Thryv Australia Acquisition and make certain other changes to the ABL credit agreement, including, among others:
•revise the maximum revolver amount to $175.0 million; •reduce the interest rate per annum to (i) 3-month LIBOR plus 3.00% for LIBOR loans and (ii) base rate plus 2.00% for base rate loans; •reduce the commitment fee on undrawn amounts under the ABL Facility to 0.375%; •extend the maturity date of the ABL Facility to the earlier of March 1, 2026 and 91 days prior to the stated maturity date of the Term Loan Facility; •add the Australian subsidiaries acquired pursuant to the Thryv Australia Acquisition as borrowers and guarantors, and establish an Australian borrowing base; and •make certain other conforming changes consistent with the Term Loan agreement.
On June 1, 2023, the Company entered into an agreement to amend its existing ABL Facility (the “ABL Seventh Amendment”). The ABL Seventh Amendment replaced the 3-month LIBOR benchmark applicable to the facility with a SOFR based rate, defined as the Adjusted Daily Simple SOFR. Borrowings under the ABL Facility bear interest at a rate per annum equal to (i) Adjusted Daily Simple SOFR plus 3.00% for SOFR loans and (ii) base rate plus 2.00% for base rate loans.
As of September 30, 2023 and December 31, 2022, the Company had debt issuance costs with a remaining balance of $1.6 million and $2.0 million, respectively. These debt issuance costs are included in Other assets on the Company's consolidated balance sheets.
As of September 30, 2023, the Company had borrowing capacity of $36.7 million under the ABL Facility.
ABL Facility Covenants
The ABL Facility contains certain covenants that, subject to exceptions, limit or restrict the borrower's incurrence of additional indebtedness, liens, investments, loans, advances, guarantees, acquisitions, disposals of assets, payments of certain indebtedness, certain affiliate transactions, changes in fiscal year or accounting methods, issuance or sale of equity instruments, mergers, liquidations and consolidations, use of proceeds, maintenance of certain deposit accounts, compliance with certain ERISA requirements and compliance with certain Australian tax requirements. The Company is required to maintain compliance with a fixed charge coverage ratio that must exceed a ratio of 1.00. The fixed charge coverage ratio is defined as, with respect to any fiscal period determined on a consolidated basis in accordance with GAAP, the ratio of (a) Consolidated EBITDA as defined in the ABL credit agreement for such period minus capital expenditures incurred during such period, to (b) fixed charges. Fixed charges is defined as, with respect to any fiscal period determined on a consolidated basis in accordance with GAAP, the sum, without duplication, of (a) consolidated interest expense accrued (other than amortization of debt issuance costs, and other non-cash interest expense) during such period, (b) scheduled principal payments in respect of indebtedness paid during such period, (c) all federal, state, and local income taxes accrued during such period, (d) all management, consulting, monitoring, and advisory fees paid to certain individuals or their affiliates during such period, and (e) all restricted payments paid during such period (whether in cash or other property, other than common equity interest). The Company is also required to maintain excess availability of at least $14.0 million, and U.S. excess availability of $10.0 million, in each case, at all times. As of September 30, 2023, the Company was in compliance with its ABL Facility covenants. The Company also expects to be in compliance with these covenants for the next twelve months.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
Pensions
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9 Months Ended |
Sep. 30, 2023 |
Retirement Benefits [Abstract] |
|
Pensions |
Pensions The Company maintains pension obligations associated with non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs.
The Company immediately recognizes actuarial gains and losses in its operating results in the period in which the gains and losses occur. The Company estimates the interest cost component of net periodic pension cost by utilizing a full yield curve approach and applying the specific spot rates along the yield curve used in the determination of the benefit obligations of the relevant projected cash flows. This method provides a more precise measurement of interest costs by improving the correlation between projected cash flows to the corresponding spot yield curve rates.
Net Periodic Pension Cost
The following table details the other components of net periodic pension cost (benefit) for the Company's pension plans: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | Interest cost | $ | 5,138 | | | $ | 3,624 | | | $ | 16,048 | | | $ | 10,460 | | Expected return on assets | (3,223) | | | (3,224) | | | (10,384) | | | (10,201) | | Settlement loss (gain) | — | | | 62 | | | (420) | | | (328) | | Remeasurement loss (gain) | (13) | | | 3,466 | | | (1,356) | | | (5,226) | | Net periodic pension cost (benefit) | $ | 1,902 | | | $ | 3,928 | | | $ | 3,888 | | | $ | (5,295) | |
Since all pension plans are frozen and no employees accrue future pension benefits under any of the pension plans, the rate of compensation increase assumption is no longer needed. The Company determines the weighted-average discount rate by applying a yield curve comprised of the yields on several hundred high-quality, fixed income corporate bonds available on the measurement date to expected future benefit cash flows.
During the three and nine months ended September 30, 2023, the Company recognized a settlement gain of less than $0.1 million and $0.4 million, respectively, and as a result of an interim actuarial valuation due to the settlement of one of the Company's pension plans, the Company recognized a remeasurement gain of less $0.1 million and $1.4 million, respectively. During the three and nine months ended September 30, 2022, the Company recognized a settlement loss of $0.1 million and a settlement gain of $0.3 million, respectively, and as a result of an interim actuarial valuation due to the settlement of one of the Company's pension plans, the Company recognized a remeasurement loss of $3.5 million and a remeasurement gain of $5.2 million, respectively.
During the three and nine months ended September 30, 2023, the Company made no contributions to the qualified plans and contributions and associated payments of $0.1 million and $0.4 million to the non-qualified plans. During the three and nine months ended September 30, 2022, the Company made cash contributions of $7.5 million and $22.5 million to the qualified plans, and contributions and associated payments of $0.1 million and $0.4 million to the non-qualified plans.
For the fiscal year 2023, the Company is not anticipating making any contributions to the qualified plans and expects to contribute approximately $0.8 million to the non-qualified plans.
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- DefinitionThe entire disclosure for retirement benefits.
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v3.23.3
Stock-Based Compensation and Stockholders' Equity
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9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Stock-Based Compensation and Stockholders' Equity |
Stock-Based Compensation and Stockholders' Equity Stock-Based Compensation Expense
The following table sets forth stock-based compensation expense recognized by the Company in the following line items in the Company's consolidated statements of operations and comprehensive income (loss) during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | Cost of services | $ | 174 | | | $ | 107 | | | $ | 496 | | | $ | 314 | | Sales and marketing | 2,691 | | | 1,967 | | | 8,303 | | | 4,569 | | General and administrative | 2,597 | | | 2,328 | | | 7,854 | | | 5,257 | | Stock-based compensation expense | $ | 5,462 | | | $ | 4,402 | | | $ | 16,653 | | | $ | 10,140 | |
The following table sets forth stock-based compensation expense by award type during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | RSUs | $ | 2,423 | | | $ | 1,404 | | | $ | 7,243 | | | $ | 2,196 | | PSUs | 2,379 | | | 1,194 | | | 6,994 | | | 1,947 | | Stock options | 419 | | | 1,561 | | | 1,260 | | | 4,621 | | ESPP | 241 | | | 243 | | | 1,156 | | | 1,376 | | Stock-based compensation expense | $ | 5,462 | | | $ | 4,402 | | | $ | 16,653 | | | $ | 10,140 | |
Restricted Stock Units
The following table sets forth the Company's restricted stock unit (“RSU”) activity during the nine months ended September 30, 2023: | | | | | | | | | | | | | | | | | Number of Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | | | | | | | | Nonvested balance as of December 31, 2022 | 517,135 | | $ | 25.93 | | | | | | Granted | 709,175 | | 19.58 | | | | | Vested | (204,849) | | 25.65 | | | | | Forfeited | (22,192) | | 23.44 | | | | | Nonvested balance as of September 30, 2023 | 999,269 | | $ | 21.54 | | | | | |
The Company grants RSUs to the Company's employees and non-employee directors under the Company’s 2020 Incentive Award Plan (the “2020 Plan”). Pursuant to the RSU award agreements, each RSU entitles the recipient to one share of the Company’s common stock, subject to time-based vesting conditions set forth in individual agreements.
The fair value of each RSU grant is determined based upon the market closing price of the Company’s common stock on the date of grant. The RSUs vest over the requisite service period, which ranges between one year and three years from the date of grant, subject to the continued employment of the employees and services of the non-employee board members.
As of September 30, 2023, the unrecognized stock-based compensation expense related to the unvested portion of the Company's RSU awards was approximately $16.0 million and is expected to be recognized over a weighted-average period of 1.91 years.
During the nine months ended September 30, 2023, the Company issued an aggregate of 205,739 shares of common stock to employees and non-employee directors upon the vesting of RSUs previously granted under the 2020 Plan. Performance-Based Restricted Stock Units
The following table sets forth the Company's performance-based restricted stock unit (“PSU”) activity during the nine months ended September 30, 2023: | | | | | | | | | | | | | | | | | Number of Performance-Based Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | | | | | | | | Nonvested balance as of December 31, 2022 | 473,371 | | $ | 26.76 | | | | | | Granted | 657,408 | | 21.46 | | | | | Vested | — | | — | | | | | Forfeited | — | | — | | | | | Nonvested balance as of September 30, 2023 | 1,130,779 | | $ | 23.68 | | | | | |
The Company also grants PSUs to employees under the Company’s 2020 Plan. Pursuant to the PSU Award Agreement, each PSU entitles the recipient to up to 1.5 shares of the Company’s common stock, subject to performance-based vesting conditions set forth in individual agreements.
The PSUs will vest, if at all, following the achievement of certain performance measures over a three year performance period, relative to certain performance and market conditions. Grant date fair value of PSUs, that vest relative to a performance condition, is measured based upon the market closing price of the Company’s common stock on the date of grant and expensed on a straight-line basis when it becomes probable that the performance conditions will be satisfied, net of forfeitures, over the service period of the awards, which is generally the vesting term of three years. Grant date fair value of PSUs, that vest relative to a market condition, is measured using a Monte Carlo simulation model and expensed on a straight-line basis, net of forfeitures, over the service period of the awards, which is generally the vesting term of three years. As of September 30, 2023, the nonvested balance of PSUs that vest based on performance and market conditions are 452,316 and 678,463 shares, respectively.
As of September 30, 2023, the unrecognized stock-based compensation expense related to the unvested portion of the Company's PSU awards was approximately $16.6 million and is expected to be recognized over a weighted-average period of 1.85 years.
Stock Options
As of September 30, 2023, the unrecognized stock-based compensation expense related to the unvested portion of the Company's stock options was approximately $0.9 million, and is expected to be recognized over a weighted average period of 0.41 years. As of September 30, 2023, there were 578,336 stock options expected to vest with a weighted-average grant-date fair value of $12.98.
During the nine months ended September 30, 2023, the Company issued an aggregate of 194,435 shares of common stock to employees upon the exercise of options previously granted under the 2016 Stock Incentive Plan and 2020 Plan at exercise prices ranging from $3.68 to $13.82 per share.
During the nine months ended September 30, 2022, the Company issued an aggregate of 170,006 shares of common stock to employees upon the exercise of options previously granted under the 2016 Stock Incentive Plan and 2020 Plan at exercise prices ranging from $3.68 to $13.82 per share.
Employee Stock Purchase Plan
During the nine months ended September 30, 2023, the Company issued 189,837 shares through the Employee Stock Purchase Plan (“ESPP”). During the nine months ended September 30, 2022, the Company issued 157,250 shares through the ESPP.
Stock Warrants
As of December 31, 2022, the Company had fully vested outstanding warrants of 9,427,343. As of December 31, 2022, the holders of such warrants were entitled to purchase, in the aggregate, up to 5,237,413 shares of common stock at an exercise price of $24.39 per share. The warrants were issued in 2016 upon the Company's emergence from its pre-packaged bankruptcy. During the three and nine months ended September 30, 2023, 1,162,835 and 1,173,348 warrants, respectively, were exercised. During the three and nine months ended September 30, 2022, 4,721 warrants were exercised. Cash proceeds from exercises of stock warrants during the three and nine months ended September 30, 2023 were $15.8 million and $15.9 million, respectively, and are recorded in Other under Cash flows from financing activities on the Company's consolidated statements of cash flows.On August 15, 2023, 8,253,997 warrants expired unexercised. As of August 16, 2023, the Company did not have any warrants outstanding.
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- DefinitionThe entire disclosure for equity.
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v3.23.3
Earnings per Share
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Earnings per Share |
Earnings per Share The following table sets forth the calculation of the Company's basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands, except share and per share amounts) | 2023 | | 2022 | | 2023 | | 2022 | Basic net (loss) income per share: | | | | | | | | Net (loss) income | $ | (27,046) | | | $ | 13,280 | | | $ | (1,754) | | | $ | 104,793 | | Weighted-average common shares outstanding during the period | 34,848,899 | | | 34,269,274 | | | 34,619,794 | | | 34,289,333 | | Basic net (loss) income per share | $ | (0.78) | | | $ | 0.39 | | | $ | (0.05) | | | $ | 3.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands, except share and per share amounts) | 2023 | | 2022 | | 2023 | | 2022 | Diluted net (loss) income per share: | | | | | | | | Net (loss) income | $ | (27,046) | | | $ | 13,280 | | | $ | (1,754) | | | $ | 104,793 | | Basic shares outstanding during the period | 34,848,899 | | | 34,269,274 | | | 34,619,794 | | | 34,289,333 | | Plus: Common stock equivalents associated with stock-based compensation | — | | | 1,542,199 | | | — | | | 2,409,062 | | Diluted shares outstanding | 34,848,899 | | | 35,811,473 | | | 34,619,794 | | | 36,698,395 | | Diluted net (loss) income per share | $ | (0.78) | | | $ | 0.37 | | | $ | (0.05) | | | $ | 2.86 | | | | | | | | | | | | | | | | | |
The computation of diluted shares outstanding excluded the following share amounts as their effect would have been anti-dilutive for the three and nine months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Outstanding RSUs | — | | | — | | | 218,804 | | | 175,245 | | Outstanding PSUs | 147,914 | | | 331,358 | | | 238,655 | | | 394,474 | | Outstanding ESPP shares | 38,581 | | | 26,391 | | | 64,091 | | | 19,828 | | Outstanding stock warrants | — | | | 5,237,415 | | | 3,489,662 | | | 1,745,805 | |
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income TaxesThe Company’s effective tax rate (“ETR”) was 27.5% and 83.9% for the three and nine months ended September 30, 2023, and 32.0% and 26.6% for the three and nine months ended September 30, 2022. The Company's ETR differs from the 21.0% U.S. Federal statutory rate primarily due to permanent differences, including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, and the discrete impact of uncertain tax positions and the settlement of the indemnification asset further discussed in Note 13, Contingent Liabilities, and return to provision adjustments.As of September 30, 2023 and December 31, 2022, the amount of unrecognized tax benefits was $16.7 million and $21.4 million, respectively, excluding interest and penalties, that if recognized, would impact the effective tax rate. As of September 30, 2023 and December 31, 2022, the Company had $8.4 million and $11.7 million, respectively, recorded for interest on the Company's consolidated balance sheets. The Company engages in continuous discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. The Company expects to complete resolution of certain tax years with various tax authorities within the next 12 months. The Company believes it is reasonably possible that its existing gross unrecognized tax benefits may be reduced by up to $15.6 million within the next 12 months, affecting the Company’s ETR if realized. See Note 13, Contingent Liabilities.
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v3.23.3
Contingent Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Contingent Liabilities |
Contingent Liabilities Litigation
The Company is subject to various lawsuits and other claims in the normal course of business. In addition, from time to time, the Company receives communications from government or regulatory agencies concerning investigations or allegations of noncompliance with laws or regulations in jurisdictions in which the Company operates.
The Company establishes reserves for the estimated losses on specific contingent liabilities for regulatory and legal actions where the Company deems a loss to be probable and the amount of the loss can be reasonably estimated. In other instances, losses are considered probable, but the Company is not able to make a reasonable estimate of the liability because of the uncertainties related to the outcome or the amount or range of potential loss. For these matters, disclosure is made when material, but no amount is reserved. The Company does not expect that the ultimate resolution of pending regulatory and legal matters in future periods will have a material adverse effect on the Company's consolidated statements of operations and comprehensive income (loss), balance sheets or cash flows.
Section 199 and Research and Development Tax Case
Section 199 of the Internal Revenue Code of 1986, as amended (the “Tax Code”), provides for deductions for manufacturing performed in the U.S. The Internal Revenue Service (“IRS”) has taken the position that directory providers are not entitled to take advantage of the deductions because printing vendors are already taking deductions and only one taxpayer can claim the deduction. The Tax Code also grants tax credits related to research and development expenditures. The IRS also takes the position that the expenditures have not been sufficiently documented to be eligible for the tax credit. The Company disagrees with these positions.
The IRS has challenged the Company's positions. With respect to the tax years 2012 through June 2015 for the YP LLC partnership, the IRS sent 90-day notices to DexYP on August 29, 2018. In response, the Company filed three petitions (in the names of various related partners) in U.S. Tax Court, and the IRS filed answers to those petitions. The three cases were consolidated by the court and were referred back to IRS Administrative Appeals for settlement negotiations, during which time the litigation was suspended. The appeals conference for YP occurred on May 9, 2022. The Company is working through ongoing settlement negotiations with the Appeals Officer. In advance of the IRS Appeals conference, the parties reached an agreement regarding additional research and development tax credits for the tax years at issue whereby the IRS will allow more tax credits than were originally claimed on the tax returns. With respect to the tax year from July to December 2015 for the Print Media LLC partnership, the Company was unsuccessful in its attempt to negotiate a settlement with IRS Administrative Appeals, and the IRS issued a 90-day notice to the Company. The Company filed a petition in the U.S. Tax Court on March 30, 2021 to challenge the IRS denial.
As of September 30, 2023 and December 31, 2022, the Company has reserved $25.5 million and $34.0 million, respectively, in connection with the Section 199 disallowance and less than $0.1 million related to the research and development tax credit disallowance. See Note 4, Fair Value Measurements, for a discussion of the Company's former indemnification asset related to these matters.
On May 22, 2023, the Company received a draft Appeals Settlement document (“Draft Settlement”) from the IRS relating to the IRC Section 199 tax case described in Note 15 Contingent Liabilities of our Form 10-K for year ended December 31, 2022. Once finalized, the Draft Settlement will result in a decrease in the unrecognized tax benefit recorded for this tax position. During the quarter ended June 30, 2023, the Company recorded a measurement adjustment to the uncertain tax position liability to account for the new information received from the Draft Settlement. The Company is in continued discussion with the IRS regarding the finalization of this case and final tax impact that will result. As of September 30, 2023, the final settlement has not been issued by the IRS. Accordingly, the Company does not consider the matter effectively settled.
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v3.23.3
Changes in Accumulated Other Comprehensive Loss
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Changes in Accumulated Other Comprehensive Loss |
Changes in Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders' equity, for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Loss | (in thousands) | | | | | 2023 | | 2022 | Beginning balance at January 1, | | | | | $ | (16,261) | | | $ | (8,047) | | Foreign currency translation adjustment, net of tax expense of $1.8 million and $7.8 million, respectively | | | | | (4,332) | | | (12,611) | | Ending balance at September 30, | | | | | $ | (20,593) | | | $ | (20,658) | |
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
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v3.23.3
Segment Information
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Information |
Segment Information The Company manages its operations using four operating segments, which are also its reportable segments: (1) Thryv U.S. Marketing Services, (2) Thryv U.S. SaaS, (3) Thryv International Marketing Services, and (4) Thryv International SaaS. The Company does not allocate assets to its segments and the chief operating decision maker does not evaluate performance or allocate resources based on segment asset data, and, therefore, such information is not presented.
The following tables summarize the operating results of the Company's reportable segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Revenue | $ | 92,884 | | | $ | 64,650 | | | $ | 23,578 | | | $ | 2,710 | | | $ | 183,822 | | Segment Gross Profit | 50,610 | | | 40,957 | | | 10,166 | | | 1,911 | | | 103,644 | | Segment Adjusted EBITDA | 5,369 | | | 1,986 | | | 2,466 | | | (2,490) | | | 7,331 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Revenue | $ | 197,174 | | | $ | 55,353 | | | $ | 26,833 | | | $ | 1,290 | | | $ | 280,650 | | Segment Gross Profit | 126,846 | | | 33,827 | | | 14,351 | | | 615 | | | 175,639 | | Segment Adjusted EBITDA | 61,802 | | | 398 | | | 5,807 | | | (2,575) | | | 65,432 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Revenue | $ | 377,868 | | | $ | 182,927 | | | $ | 113,183 | | | $ | 6,820 | | | $ | 680,798 | | Segment Gross Profit | 231,807 | | | 114,480 | | | 67,498 | | | 4,752 | | | 418,537 | | Segment Adjusted EBITDA | 84,866 | | | 10,231 | | | 44,851 | | | (4,709) | | | 135,239 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Revenue | $ | 632,277 | | | $ | 153,863 | | | $ | 133,715 | | | $ | 3,165 | | | $ | 923,020 | | Segment Gross Profit | 415,130 | | | 95,328 | | | 89,694 | | | 1,325 | | | 601,477 | | Segment Adjusted EBITDA | 211,871 | | | (3,769) | | | 64,449 | | | (7,402) | | | 265,149 | |
A reconciliation of the Company’s (Loss) income before income tax benefit (expense) to total Segment Adjusted EBITDA is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | (Loss) income before income tax benefit (expense) | $ | (37,287) | | | $ | 19,521 | | | $ | (10,927) | | | $ | 142,855 | | 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 | 5,462 | | | 4,402 | | | 16,653 | | | 10,140 | | Restructuring and integration expenses | 3,584 | | | 3,790 | | | 12,845 | | | 14,439 | | Transaction costs (1) | — | | | 1,461 | | | 373 | | | 4,797 | | Other components of net periodic pension cost (benefit) | 1,902 | | | 3,928 | | | 3,888 | | | (5,295) | | Non-cash (gain) loss from remeasurement of indemnification asset | — | | | (585) | | | 10,734 | | | (1,472) | | Impairment charges | — | | | — | | | — | | | 222 | | Other | 2,697 | | | (5,048) | | | 6,822 | | | (10,580) | | Total Segment Adjusted EBITDA | $ | 7,331 | | | $ | 65,432 | | | $ | 135,239 | | | $ | 265,149 | |
(1)Consists of Yellow Acquisition, Vivial Acquisition and other transaction costs. The following table sets forth the Company's disaggregation of Revenue based on services for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | Thryv U.S. | | | | | | | | Print | $ | 18,273 | | | $ | 93,436 | | | $ | 133,839 | | | $ | 295,606 | | Digital | 74,611 | | | 103,738 | | | 244,029 | | | 336,671 | | Total Marketing Services | 92,884 | | | 197,174 | | | 377,868 | | | 632,277 | | SaaS | 64,650 | | | 55,353 | | | 182,927 | | | 153,863 | | Total Thryv U.S. | $ | 157,534 | | | $ | 252,527 | | | $ | 560,795 | | | $ | 786,140 | | | | | | | | | | Thryv International | | | | | | | | Print | $ | 3,949 | | | $ | 4,739 | | | $ | 52,243 | | | $ | 61,146 | | Digital | 19,629 | | | 22,094 | | | 60,940 | | | 72,569 | | Total Marketing Services | 23,578 | | | 26,833 | | | 113,183 | | | 133,715 | | SaaS | 2,710 | | | 1,290 | | | 6,820 | | | 3,165 | | Total Thryv International | $ | 26,288 | | | $ | 28,123 | | | $ | 120,003 | | | $ | 136,880 | | | | | | | | | | Revenue | $ | 183,822 | | | $ | 280,650 | | | $ | 680,798 | | | $ | 923,020 | |
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v3.23.3
Insider Trading Arrangements
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023
shares
|
Sep. 30, 2023
shares
|
Trading Arrangements, by Individual |
|
|
Material Terms of Trading Arrangement |
|
The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our officers and directors for the three months ended September 30, 2023, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), was as follows:
| | | | | | | | | | | | | | | | | | Name | Title | Action | Date Adopted | Expiration Date | Aggregate # of Securities to be Sold | | | | | | | Gordon Henry | Executive Vice President and Chief Strategy Officer | Adoption | September 14, 2023 | September 9, 2024 | 278,370 |
None of our officers or directors adopted or terminated a “non-Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K during the three months ended September 30, 2023.
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Non-Rule 10b5-1 Arrangement Adopted |
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Rule 10b5-1 Arrangement Terminated |
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Executive Vice President and Chief Strategy Officer
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Rule 10b5-1 Arrangement Adopted |
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Adoption Date |
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Arrangement Duration |
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|
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Aggregate Available |
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v3.23.3
Description of Business and Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation
The Company prepares its financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and disclosures normally included in the complete financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. The consolidated financial statements include the financial statements of Thryv Holdings, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, consisting of only normal recurring items and accruals, necessary for the fair statement of the financial position, results of operations and cash flows of the Company for the periods presented. The consolidated financial statements as of and for the three and nine months ended September 30, 2023 and 2022 have been prepared on the same basis as the audited annual financial statements. The consolidated balance sheet as of December 31, 2022 was derived from the audited annual financial statements. The consolidated results for interim periods are not necessarily indicative of results for the full year and should be read in conjunction with the Company’s audited financial statements and related footnotes for the year ended December 31, 2022.
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Use of Estimates |
Use of Estimates
The preparation of the Company’s consolidated financial statements requires management to make estimates and assumptions about future events that affect the amounts reported and disclosed in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable. The results of those estimates form the basis for making judgments about the carrying values of certain assets and liabilities. Examples of reported amounts that rely on significant estimates include revenue recognition, allowance for credit losses, assets acquired and liabilities assumed in business combinations, capitalized costs to obtain a contract, certain amounts relating to the accounting for income taxes, including valuation allowance, indemnification asset, stock-based compensation expense, operating lease right-of-use assets and operating lease liabilities, accrued service credits, and pension obligations. Significant estimates are also used in determining the recoverability and fair value of fixed assets and capitalized software, operating lease right-of-use assets, goodwill and intangible assets.
|
Restricted Cash |
Restricted Cash
The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Company's consolidated balance sheets to the amount shown in the Company's consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | (in thousands) | September 30, 2023 | | September 30, 2022 | | December 31, 2022 | Cash and cash equivalents | $ | 14,676 | | | $ | 14,312 | | | $ | 16,031 | | Restricted cash, included in Other current assets | 2,275 | | | 2,022 | | | 2,149 | | Total cash, cash equivalents and restricted cash | $ | 16,951 | | | $ | 16,334 | | | $ | 18,180 | |
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v3.23.3
Description of Business and Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Schedule of Cash and Cash Equivalents |
The following table presents a reconciliation of cash, cash equivalents and restricted cash reported within the Company's consolidated balance sheets to the amount shown in the Company's consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | (in thousands) | September 30, 2023 | | September 30, 2022 | | December 31, 2022 | Cash and cash equivalents | $ | 14,676 | | | $ | 14,312 | | | $ | 16,031 | | Restricted cash, included in Other current assets | 2,275 | | | 2,022 | | | 2,149 | | Total cash, cash equivalents and restricted cash | $ | 16,951 | | | $ | 16,334 | | | $ | 18,180 | |
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v3.23.3
Acquisitions (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The following table summarizes the assets acquired and liabilities assumed at the Yellow Acquisition Date:
| | | | | | | | | (in thousands) | | | Current assets | | $ | 2,438 | | Fixed and intangible assets | | 5,565 | | | | | Other assets | | 457 | | Current liabilities | | (3,533) | | Other liabilities | | (1,159) | | Goodwill | | 5,129 | | Fair value allocated to net assets acquired | | $ | 8,897 | |
The following table summarizes the assets acquired and liabilities assumed at the Vivial Acquisition Date:
| | | | | | | | | (in thousands) | | | Current assets | | $ | 27,705 | | Fixed and intangible assets | | 9,759 | | Deferred tax assets | | 14,530 | | Other assets | | 2,103 | | Current liabilities | | (18,775) | | Other liabilities | | (1,646) | | Bargain purchase gain | | (10,883) | | Fair value allocated to net assets acquired, net of bargain purchase gain | | $ | 22,793 | |
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v3.23.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table sets forth the carrying amount and fair value of the Term Loan: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | (in thousands) | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Term Loan, net | $ | 323,874 | | | $ | 324,684 | | | $ | 415,256 | | | $ | 410,065 | |
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v3.23.3
Goodwill and Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill |
The following tables set forth the changes in the carrying amount of the Company's goodwill for the nine months ended September 30, 2023 and the year ended December 31, 2022. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Balance as of December 31, 2021 | $ | 390,573 | | | $ | 218,884 | | | $ | 62,429 | | | $ | — | | | $ | 671,886 | | | | | | | | | | | | Impairments | (102,000) | | | — | | | — | | | — | | | (102,000) | | Effects of foreign currency translation | — | | | — | | | (3,882) | | | — | | | (3,882) | | Balance as of December 31, 2022 | $ | 288,573 | | | $ | 218,884 | | | $ | 58,547 | | | $ | — | | | $ | 566,004 | | | | | | | | | | | | | | | | | | | | | | Yellow Acquisition1 | — | | | — | | | 5,129 | | | — | | | 5,129 | | Effects of foreign currency translation | — | | | — | | | (3,360) | | | — | | | (3,360) | | Balance as of September 30, 2023 | $ | 288,573 | | | $ | 218,884 | | | $ | 60,316 | | | $ | — | | | $ | 567,773 | |
(1) Yellow was included in the Thryv International Marketing Services reporting unit.
|
Schedule of Finite-Lived Intangible Assets |
The following tables set forth the details of the Company's intangible assets as of September 30, 2023 and December 31, 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2023 | (in thousands) | Gross | | Accumulated Amortization | | Net | | Weighted Average Remaining Amortization Period in Years | Client relationships | $ | 794,774 | | | $ | (779,260) | | | $ | 15,514 | | | 1.5 | Trademarks and domain names | 223,158 | | | (218,567) | | | 4,591 | | | 1.9 | Patented technologies | 19,600 | | | (19,600) | | | — | | | 0.0 | Covenants not to compete | 10,352 | | | (6,189) | | | 4,163 | | | 1.0 | Total intangible assets | $ | 1,047,884 | | | $ | (1,023,616) | | | $ | 24,268 | | | 1.5 |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 | (in thousands) | Gross | | Accumulated Amortization | | Net | | Weighted Average Remaining Amortization Period in Years | Client relationships | $ | 796,213 | | | $ | (771,475) | | | $ | 24,738 | | | 1.8 | Trademarks and domain names | 223,206 | | | (215,639) | | | 7,567 | | | 1.7 | Patented technologies | 19,600 | | | (19,600) | | | — | | | 0.0 | Covenants not to compete | 5,240 | | | (2,830) | | | 2,410 | | | 2.0 | Total intangible assets | $ | 1,044,259 | | | $ | (1,009,544) | | | $ | 34,715 | | | 1.8 |
|
Schedule of Finite-Lived Intangible Assets, Estimated Future Amortization Expense |
Estimated aggregate future amortization expense by fiscal year for the Company's intangible assets is as follows: | | | | | | | | | (in thousands) | | Estimated Future Amortization Expense | 2023 (remaining) | | $ | 6,294 | | 2024 | | 15,428 | | 2025 | | 1,977 | | 2026 | | 397 | | 2027 | | 132 | | Thereafter | | 40 | | Total | | $ | 24,268 | |
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v3.23.3
Allowance for Credit Losses (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Credit Loss [Abstract] |
|
Schedule of Accounts Receivable, Allowance for Credit Loss |
The following table sets forth the Company's allowance for credit losses as of September 30, 2023 and 2022: | | | | | | | | | | | | (in thousands) | 2023 | | 2022 | Balance as of January 1 | $ | 14,799 | | | $ | 17,475 | | | | | | Additions (1) | 10,397 | | | 10,669 | | Deductions (2) | (11,409) | | | (14,960) | | Balance as of September 30 (3) | $ | 13,787 | | | $ | 13,184 | |
(1) For the nine months ended September 30, 2023 and 2022, the Company recorded a provision for credit losses of $10.4 million and $10.7 million, respectively, which is included in General and administrative expense. For the three months ended September 30, 2023 and 2022, the Company recorded a provision for credit losses of $3.1 million and $2.8 million, respectively, which is included in General and administrative expense.
(2) For the nine months ended September 30, 2023 and 2022, represents amounts written off as uncollectible, net of recoveries. (3) As of September 30, 2023, $13.8 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets. As of September 30, 2022, $13.1 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets.
|
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- DefinitionTabular disclosure of allowance for credit loss on accounts receivable.
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v3.23.3
Accrued Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Liabilities |
The following table sets forth additional financial information related to the Company's accrued liabilities as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | (in thousands) | September 30, 2023 | | December 31, 2022 | Accrued salaries and related expenses | $ | 47,745 | | | $ | 62,044 | | Accrued expenses | 42,193 | | | 52,313 | | Accrued taxes | 5,463 | | | 9,799 | | Accrued service credits | 2,319 | | | 2,654 | | | | | | Accrued liabilities | $ | 97,720 | | | $ | 126,810 | |
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v3.23.3
Debt Obligations (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Long-term Debt Instruments |
The following table sets forth the Company's outstanding debt obligations as of September 30, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Maturity | | Interest Rate | | September 30, 2023 | | December 31, 2022 | Term Loan(1) | March 1, 2026 | | SOFR + | 8.5% | | $ | 334,368 | | | $ | 429,368 | | ABL Facility (Seventh Amendment)(2) | March 1, 2026 | | Adjusted Daily Simple SOFR + | 3.0% | | 57,393 | | | 54,554 | | Unamortized original issue discount and debt issuance costs | | | | | | (10,494) | | | (14,112) | | Total debt obligations | | | | | | $ | 381,267 | | | $ | 469,810 | | Current portion of Term Loan | | | | | | (70,000) | | | (70,000) | | Total long-term debt obligations | | | | | $ | 311,267 | | | $ | 399,810 | |
(1) Effective June 30, 2023, the Company's Term Loan amendment replaced the LIBOR benchmark with a Secured Overnight Financing Rate (“SOFR”) based benchmark. (2) Effective June 1, 2023, the Company's ABL Facility amendment replaced the LIBOR benchmark with a SOFR based benchmark.
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v3.23.3
Pensions (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Retirement Benefits [Abstract] |
|
Schedule of Components of Net Periodic Pension Cost (Benefit) |
The following table details the other components of net periodic pension cost (benefit) for the Company's pension plans: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | Interest cost | $ | 5,138 | | | $ | 3,624 | | | $ | 16,048 | | | $ | 10,460 | | Expected return on assets | (3,223) | | | (3,224) | | | (10,384) | | | (10,201) | | Settlement loss (gain) | — | | | 62 | | | (420) | | | (328) | | Remeasurement loss (gain) | (13) | | | 3,466 | | | (1,356) | | | (5,226) | | Net periodic pension cost (benefit) | $ | 1,902 | | | $ | 3,928 | | | $ | 3,888 | | | $ | (5,295) | |
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v3.23.3
Stock-Based Compensation and Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Schedule of Share-based Payment Arrangement, Cost by Plan |
The following table sets forth stock-based compensation expense recognized by the Company in the following line items in the Company's consolidated statements of operations and comprehensive income (loss) during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | Cost of services | $ | 174 | | | $ | 107 | | | $ | 496 | | | $ | 314 | | Sales and marketing | 2,691 | | | 1,967 | | | 8,303 | | | 4,569 | | General and administrative | 2,597 | | | 2,328 | | | 7,854 | | | 5,257 | | Stock-based compensation expense | $ | 5,462 | | | $ | 4,402 | | | $ | 16,653 | | | $ | 10,140 | |
|
Schedule of Stock-based Compensation Expense |
The following table sets forth stock-based compensation expense by award type during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | RSUs | $ | 2,423 | | | $ | 1,404 | | | $ | 7,243 | | | $ | 2,196 | | PSUs | 2,379 | | | 1,194 | | | 6,994 | | | 1,947 | | Stock options | 419 | | | 1,561 | | | 1,260 | | | 4,621 | | ESPP | 241 | | | 243 | | | 1,156 | | | 1,376 | | Stock-based compensation expense | $ | 5,462 | | | $ | 4,402 | | | $ | 16,653 | | | $ | 10,140 | |
|
Schedule of Nonvested Restricted Stock Shares Activity |
The following table sets forth the Company's restricted stock unit (“RSU”) activity during the nine months ended September 30, 2023: | | | | | | | | | | | | | | | | | Number of Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | | | | | | | | Nonvested balance as of December 31, 2022 | 517,135 | | $ | 25.93 | | | | | | Granted | 709,175 | | 19.58 | | | | | Vested | (204,849) | | 25.65 | | | | | Forfeited | (22,192) | | 23.44 | | | | | Nonvested balance as of September 30, 2023 | 999,269 | | $ | 21.54 | | | | | |
|
Schedule of Nonvested Performance-Based Units Activity |
The following table sets forth the Company's performance-based restricted stock unit (“PSU”) activity during the nine months ended September 30, 2023: | | | | | | | | | | | | | | | | | Number of Performance-Based Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | | | | | | | | Nonvested balance as of December 31, 2022 | 473,371 | | $ | 26.76 | | | | | | Granted | 657,408 | | 21.46 | | | | | Vested | — | | — | | | | | Forfeited | — | | — | | | | | Nonvested balance as of September 30, 2023 | 1,130,779 | | $ | 23.68 | | | | | |
|
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v3.23.3
Earnings per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Earnings Per Share, Basic and Diluted |
The following table sets forth the calculation of the Company's basic and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands, except share and per share amounts) | 2023 | | 2022 | | 2023 | | 2022 | Basic net (loss) income per share: | | | | | | | | Net (loss) income | $ | (27,046) | | | $ | 13,280 | | | $ | (1,754) | | | $ | 104,793 | | Weighted-average common shares outstanding during the period | 34,848,899 | | | 34,269,274 | | | 34,619,794 | | | 34,289,333 | | Basic net (loss) income per share | $ | (0.78) | | | $ | 0.39 | | | $ | (0.05) | | | $ | 3.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands, except share and per share amounts) | 2023 | | 2022 | | 2023 | | 2022 | Diluted net (loss) income per share: | | | | | | | | Net (loss) income | $ | (27,046) | | | $ | 13,280 | | | $ | (1,754) | | | $ | 104,793 | | Basic shares outstanding during the period | 34,848,899 | | | 34,269,274 | | | 34,619,794 | | | 34,289,333 | | Plus: Common stock equivalents associated with stock-based compensation | — | | | 1,542,199 | | | — | | | 2,409,062 | | Diluted shares outstanding | 34,848,899 | | | 35,811,473 | | | 34,619,794 | | | 36,698,395 | | Diluted net (loss) income per share | $ | (0.78) | | | $ | 0.37 | | | $ | (0.05) | | | $ | 2.86 | | | | | | | | | | | | | | | | | |
|
Schedule of Computation of Diluted Shares Outstanding |
The computation of diluted shares outstanding excluded the following share amounts as their effect would have been anti-dilutive for the three and nine months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | Outstanding RSUs | — | | | — | | | 218,804 | | | 175,245 | | Outstanding PSUs | 147,914 | | | 331,358 | | | 238,655 | | | 394,474 | | Outstanding ESPP shares | 38,581 | | | 26,391 | | | 64,091 | | | 19,828 | | Outstanding stock warrants | — | | | 5,237,415 | | | 3,489,662 | | | 1,745,805 | |
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v3.23.3
Changes in Accumulated Other Comprehensive Loss (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Schedule of Accumulated Other Comprehensive Income (Loss) |
The following table summarizes the changes in accumulated other comprehensive loss, which is reported as a component of stockholders' equity, for the nine months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Loss | (in thousands) | | | | | 2023 | | 2022 | Beginning balance at January 1, | | | | | $ | (16,261) | | | $ | (8,047) | | Foreign currency translation adjustment, net of tax expense of $1.8 million and $7.8 million, respectively | | | | | (4,332) | | | (12,611) | | Ending balance at September 30, | | | | | $ | (20,593) | | | $ | (20,658) | |
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v3.23.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Segment Reporting Information, by Segment |
The following tables summarize the operating results of the Company's reportable segments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Revenue | $ | 92,884 | | | $ | 64,650 | | | $ | 23,578 | | | $ | 2,710 | | | $ | 183,822 | | Segment Gross Profit | 50,610 | | | 40,957 | | | 10,166 | | | 1,911 | | | 103,644 | | Segment Adjusted EBITDA | 5,369 | | | 1,986 | | | 2,466 | | | (2,490) | | | 7,331 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2022 | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Revenue | $ | 197,174 | | | $ | 55,353 | | | $ | 26,833 | | | $ | 1,290 | | | $ | 280,650 | | Segment Gross Profit | 126,846 | | | 33,827 | | | 14,351 | | | 615 | | | 175,639 | | Segment Adjusted EBITDA | 61,802 | | | 398 | | | 5,807 | | | (2,575) | | | 65,432 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Revenue | $ | 377,868 | | | $ | 182,927 | | | $ | 113,183 | | | $ | 6,820 | | | $ | 680,798 | | Segment Gross Profit | 231,807 | | | 114,480 | | | 67,498 | | | 4,752 | | | 418,537 | | Segment Adjusted EBITDA | 84,866 | | | 10,231 | | | 44,851 | | | (4,709) | | | 135,239 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | Thryv U.S. | | Thryv International | | | (in thousands) | Marketing Services | | SaaS | | Marketing Services | | SaaS | | Total | Revenue | $ | 632,277 | | | $ | 153,863 | | | $ | 133,715 | | | $ | 3,165 | | | $ | 923,020 | | Segment Gross Profit | 415,130 | | | 95,328 | | | 89,694 | | | 1,325 | | | 601,477 | | Segment Adjusted EBITDA | 211,871 | | | (3,769) | | | 64,449 | | | (7,402) | | | 265,149 | |
|
Schedule of Reconciliation of Earnings Before Interest, Tax, Depreciation, and Amortization from Segments to Consolidated |
A reconciliation of the Company’s (Loss) income before income tax benefit (expense) to total Segment Adjusted EBITDA is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | (Loss) income before income tax benefit (expense) | $ | (37,287) | | | $ | 19,521 | | | $ | (10,927) | | | $ | 142,855 | | 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 | 5,462 | | | 4,402 | | | 16,653 | | | 10,140 | | Restructuring and integration expenses | 3,584 | | | 3,790 | | | 12,845 | | | 14,439 | | Transaction costs (1) | — | | | 1,461 | | | 373 | | | 4,797 | | Other components of net periodic pension cost (benefit) | 1,902 | | | 3,928 | | | 3,888 | | | (5,295) | | Non-cash (gain) loss from remeasurement of indemnification asset | — | | | (585) | | | 10,734 | | | (1,472) | | Impairment charges | — | | | — | | | — | | | 222 | | Other | 2,697 | | | (5,048) | | | 6,822 | | | (10,580) | | Total Segment Adjusted EBITDA | $ | 7,331 | | | $ | 65,432 | | | $ | 135,239 | | | $ | 265,149 | |
(1)Consists of Yellow Acquisition, Vivial Acquisition and other transaction costs.
|
Schedule of Disaggregation of Revenue |
The following table sets forth the Company's disaggregation of Revenue based on services for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | (in thousands) | 2023 | | 2022 | | 2023 | | 2022 | Thryv U.S. | | | | | | | | Print | $ | 18,273 | | | $ | 93,436 | | | $ | 133,839 | | | $ | 295,606 | | Digital | 74,611 | | | 103,738 | | | 244,029 | | | 336,671 | | Total Marketing Services | 92,884 | | | 197,174 | | | 377,868 | | | 632,277 | | SaaS | 64,650 | | | 55,353 | | | 182,927 | | | 153,863 | | Total Thryv U.S. | $ | 157,534 | | | $ | 252,527 | | | $ | 560,795 | | | $ | 786,140 | | | | | | | | | | Thryv International | | | | | | | | Print | $ | 3,949 | | | $ | 4,739 | | | $ | 52,243 | | | $ | 61,146 | | Digital | 19,629 | | | 22,094 | | | 60,940 | | | 72,569 | | Total Marketing Services | 23,578 | | | 26,833 | | | 113,183 | | | 133,715 | | SaaS | 2,710 | | | 1,290 | | | 6,820 | | | 3,165 | | Total Thryv International | $ | 26,288 | | | $ | 28,123 | | | $ | 120,003 | | | $ | 136,880 | | | | | | | | | | Revenue | $ | 183,822 | | | $ | 280,650 | | | $ | 680,798 | | | $ | 923,020 | |
|
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- DefinitionNumber of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.
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v3.23.3
Description of Business and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Cash and cash equivalents |
$ 14,676
|
$ 16,031
|
$ 14,312
|
|
Restricted cash, included in Other current assets |
2,275
|
2,149
|
2,022
|
|
Total cash, cash equivalents and restricted cash |
$ 16,951
|
$ 18,180
|
$ 16,334
|
$ 13,557
|
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v3.23.3
Acquisitions - Narrative (Details) - USD ($) $ in Thousands |
|
|
9 Months Ended |
|
|
Apr. 03, 2023 |
Jan. 21, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
Acquisition of a business, net of cash acquired |
|
|
$ 8,897
|
$ 22,793
|
|
|
Goodwill |
|
|
567,773
|
|
$ 566,004
|
$ 671,886
|
Bargain purchase gain |
|
|
$ 0
|
$ 10,245
|
|
|
Yellow New Zealand |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Acquisition of a business, net of cash acquired |
$ 8,897
|
|
|
|
|
|
Cash acquired from acquisition |
1,700
|
|
|
|
|
|
Current assets |
2,438
|
|
|
|
|
|
Fixed and intangible assets |
5,565
|
|
|
|
|
|
Goodwill |
5,129
|
|
|
|
|
|
Accounts payable assumed in business acquisition |
$ 4,700
|
|
|
|
|
|
Finalization period for purchase price (in months) |
12 months
|
|
|
|
|
|
Business combination, pro forma revenue, actual |
$ 9,100
|
|
|
|
|
|
Vivial |
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
Acquisition of a business, net of cash acquired |
|
$ 22,793
|
|
|
|
|
Acquisition of a business, net of cash acquired |
|
22,800
|
|
|
|
|
Current assets |
|
27,705
|
|
|
|
|
Fixed and intangible assets |
|
9,759
|
|
|
|
|
Accounts payable assumed in business acquisition |
|
20,400
|
|
|
|
|
Recognized Identifiable, cash and equivalents acquired |
|
8,500
|
|
|
|
|
Deferred tax assets |
|
14,500
|
|
|
|
|
Bargain purchase gain |
|
$ 10,900
|
|
|
|
|
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v3.23.3
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Apr. 03, 2023 |
Dec. 31, 2022 |
Jan. 21, 2022 |
Dec. 31, 2021 |
Business Acquisition [Line Items] |
|
|
|
|
|
Goodwill |
$ 567,773
|
|
$ 566,004
|
|
$ 671,886
|
Yellow New Zealand |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Current assets |
|
$ 2,438
|
|
|
|
Fixed and intangible assets |
|
5,565
|
|
|
|
Other assets |
|
457
|
|
|
|
Current liabilities |
|
(3,533)
|
|
|
|
Other liabilities |
|
(1,159)
|
|
|
|
Goodwill |
|
5,129
|
|
|
|
Fair value allocated to net assets acquired, net of bargain purchase gain |
|
$ 8,897
|
|
|
|
Vivial |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Current assets |
|
|
|
$ 27,705
|
|
Fixed and intangible assets |
|
|
|
9,759
|
|
Deferred tax assets |
|
|
|
14,530
|
|
Other assets |
|
|
|
2,103
|
|
Current liabilities |
|
|
|
(18,775)
|
|
Other liabilities |
|
|
|
(1,646)
|
|
Bargain purchase gain |
|
|
|
(10,883)
|
|
Fair value allocated to net assets acquired, net of bargain purchase gain |
|
|
|
$ 22,793
|
|
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v3.23.3
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
|
3 Months Ended |
9 Months Ended |
|
|
Jun. 22, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Jun. 30, 2017 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
|
|
|
|
|
Settlement of indemnification asset |
|
|
|
$ 15,760
|
|
|
|
Loss on indemnification asset |
|
$ 0
|
$ (585)
|
10,734
|
$ (1,472)
|
|
|
Indemnification Asset | Fair Value, Inputs, Level 1 |
|
|
|
|
|
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
|
|
|
|
|
Fair value of indemnification asset |
|
|
|
|
|
$ 26,500
|
|
Treasury Stock |
|
|
|
|
|
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
|
|
|
|
|
Settlement of indemnification asset |
$ 15,800
|
|
|
$ 15,760
|
|
|
|
Settlement of indemnification asset (in shares) |
613,954
|
|
|
613,954
|
|
|
|
Number of shares expected to be retain by the seller (in shares) |
1,190,761
|
|
|
|
|
|
|
YP Acquisition |
|
|
|
|
|
|
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
|
|
|
|
|
Shares held in escrow (in shares) |
|
|
|
|
|
|
1,804,715
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Fair Value Measurements - Schedule of Fair Value and Carrying Value of Debt Instruments (Details) - Term Loan - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Carrying Amount |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Term Loan, net |
$ 323,874
|
$ 415,256
|
Fair Value |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Term Loan, net |
$ 324,684
|
$ 410,065
|
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v3.23.3
Goodwill and Intangible Assets - Schedule of Goodwill Rollforward (Details) - USD ($) $ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Goodwill [Roll Forward] |
|
|
Beginning balance |
$ 566,004
|
$ 671,886
|
Impairments |
|
(102,000)
|
Goodwill additions |
5,129
|
|
Effects of foreign currency translation |
(3,360)
|
(3,882)
|
Ending balance |
567,773
|
566,004
|
Marketing Services |
|
|
Goodwill [Roll Forward] |
|
|
Beginning balance |
288,573
|
390,573
|
Impairments |
|
(102,000)
|
Goodwill additions |
0
|
|
Effects of foreign currency translation |
0
|
0
|
Ending balance |
288,573
|
288,573
|
SaaS |
|
|
Goodwill [Roll Forward] |
|
|
Beginning balance |
218,884
|
218,884
|
Impairments |
|
0
|
Goodwill additions |
0
|
|
Effects of foreign currency translation |
0
|
0
|
Ending balance |
218,884
|
218,884
|
Marketing Services |
|
|
Goodwill [Roll Forward] |
|
|
Beginning balance |
58,547
|
62,429
|
Impairments |
|
0
|
Goodwill additions |
5,129
|
|
Effects of foreign currency translation |
(3,360)
|
(3,882)
|
Ending balance |
60,316
|
58,547
|
SaaS |
|
|
Goodwill [Roll Forward] |
|
|
Beginning balance |
0
|
0
|
Impairments |
|
0
|
Goodwill additions |
0
|
|
Effects of foreign currency translation |
0
|
0
|
Ending balance |
$ 0
|
$ 0
|
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v3.23.3
Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
$ 1,047,884
|
$ 1,044,259
|
Accumulated Amortization |
(1,023,616)
|
(1,009,544)
|
Total |
$ 24,268
|
$ 34,715
|
Weighted average remaining amortization period in years (in years) |
1 year 6 months
|
1 year 9 months 18 days
|
Client relationships |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
$ 794,774
|
$ 796,213
|
Accumulated Amortization |
(779,260)
|
(771,475)
|
Total |
$ 15,514
|
$ 24,738
|
Weighted average remaining amortization period in years (in years) |
1 year 6 months
|
1 year 9 months 18 days
|
Trademarks and domain names |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
$ 223,158
|
$ 223,206
|
Accumulated Amortization |
(218,567)
|
(215,639)
|
Total |
$ 4,591
|
$ 7,567
|
Weighted average remaining amortization period in years (in years) |
1 year 10 months 24 days
|
1 year 8 months 12 days
|
Patented technologies |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
$ 19,600
|
$ 19,600
|
Accumulated Amortization |
(19,600)
|
(19,600)
|
Total |
$ 0
|
$ 0
|
Weighted average remaining amortization period in years (in years) |
0 years
|
0 years
|
Covenants not to compete |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
$ 10,352
|
$ 5,240
|
Accumulated Amortization |
(6,189)
|
(2,830)
|
Total |
$ 4,163
|
$ 2,410
|
Weighted average remaining amortization period in years (in years) |
1 year
|
2 years
|
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v3.23.3
Goodwill and Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] |
|
|
2023 (remaining) |
$ 6,294
|
|
2024 |
15,428
|
|
2025 |
1,977
|
|
2026 |
397
|
|
2027 |
132
|
|
Thereafter |
40
|
|
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$ 24,268
|
$ 34,715
|
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v3.23.3
Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
|
|
Beginning balance |
|
|
$ 14,799
|
$ 17,475
|
Additions |
$ 3,100
|
$ 2,800
|
10,397
|
10,669
|
Deductions |
|
|
(11,409)
|
(14,960)
|
Ending balance |
13,787
|
13,184
|
13,787
|
13,184
|
Accounts receivable, allowance for credit loss |
13,800
|
13,100
|
13,800
|
13,100
|
Contract with customer, asset, allowance for credit loss (less than) |
$ 100
|
$ 100
|
$ 100
|
$ 100
|
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v3.23.3
Accrued Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued salaries and related expenses |
$ 47,745
|
$ 62,044
|
Accrued expenses |
42,193
|
52,313
|
Accrued taxes |
5,463
|
9,799
|
Accrued service credits |
2,319
|
2,654
|
Accrued liabilities |
$ 97,720
|
$ 126,810
|
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v3.23.3
Debt Obligations - Schedule of Debt Instruments (Details) - USD ($) $ in Thousands |
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
Unamortized original issue discount and debt issuance costs |
$ (10,494)
|
$ (14,112)
|
Total debt obligations |
381,267
|
469,810
|
Current portion of Term Loan |
(70,000)
|
(70,000)
|
Total long-term debt obligations |
311,267
|
399,810
|
Term Loan |
|
|
Debt Instrument [Line Items] |
|
|
Debt obligations |
$ 334,368
|
429,368
|
Term Loan | Secured Overnight Financing Rate (SOFR) |
|
|
Debt Instrument [Line Items] |
|
|
Interest Rate |
8.50%
|
|
ABL Facility (Seventh Amendment) | Revolving Credit Facility | Line of Credit |
|
|
Debt Instrument [Line Items] |
|
|
Debt obligations |
$ 57,393
|
$ 54,554
|
ABL Facility (Seventh Amendment) | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Line of Credit |
|
|
Debt Instrument [Line Items] |
|
|
Interest Rate |
3.00%
|
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v3.23.3
Debt Obligations - Narrative (Details) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
Mar. 01, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
Interest payable, current |
|
$ 1,400,000
|
|
$ 1,400,000
|
|
$ 1,200,000
|
Related Party |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Interest expense |
|
$ 0
|
$ 850,000
|
$ 0
|
$ 3,505,000
|
|
Term Loan |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Principal value for line of credit |
$ 700,000,000
|
|
|
|
|
|
Debt instrument, mandatory quarterly amortization payment |
$ 17,500,000
|
|
|
|
|
|
Debt instrument, covenant, leverage ratio to EBITDA, maximum |
|
3.0
|
|
3.0
|
|
|
Term Loan | LIBOR |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Interest rate (as percent) |
8.50%
|
|
|
|
|
|
Term Loan | Base Rate |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Interest rate (as percent) |
7.50%
|
|
|
|
|
|
Term Loan | Related Party |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Debt instrument, percent ownership |
38.40%
|
0.00%
|
|
0.00%
|
|
0.00%
|
ABL Facility (Seventh Amendment) | Revolving Credit Facility | Line of Credit |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Maximum revolver amount |
$ 175,000,000
|
|
|
|
|
|
Debt issuance costs, line of credit, balance |
|
$ 1,600,000
|
|
$ 1,600,000
|
|
$ 2,000,000
|
Current borrowing capacity |
|
36,700,000
|
|
36,700,000
|
|
|
Debt instrument, covenant, remaining borrowing capacity required, minimum |
|
14,000,000
|
|
14,000,000
|
|
|
Debt instrument, covenant, remaining borrowing capacity required for U.S excess availability, minimum |
|
$ 10,000,000
|
|
$ 10,000,000
|
|
|
ABL Facility (Seventh Amendment) | LIBOR | Revolving Credit Facility | Line of Credit |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Interest rate (as percent) |
3.00%
|
|
|
|
|
|
Line of credit facility, unused capacity, commitment fee percentage |
0.375%
|
|
|
|
|
|
ABL Facility (Seventh Amendment) | Base Rate | Revolving Credit Facility | Line of Credit |
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
Interest rate (as percent) |
2.00%
|
|
|
|
|
|
X |
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v3.23.3
Pensions - Schedule of Components of Net Periodic Pension Cost (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Retirement Benefits [Abstract] |
|
|
|
|
Interest cost |
$ 5,138
|
$ 3,624
|
$ 16,048
|
$ 10,460
|
Expected return on assets |
(3,223)
|
(3,224)
|
(10,384)
|
(10,201)
|
Settlement loss (gain) |
(100)
|
62
|
(420)
|
(328)
|
Remeasurement loss (gain) |
(13)
|
3,466
|
(1,356)
|
(5,226)
|
Net periodic pension cost (benefit) |
$ 1,902
|
$ 3,928
|
$ 3,888
|
$ (5,295)
|
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v3.23.3
Pensions - Narrative (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
|
Gain (loss) due to settlement (less than for three months ended September 30, 2023) |
$ 100,000
|
$ (62,000)
|
$ 420,000
|
$ 328,000
|
Remeasurement gain (loss) |
13,000
|
(3,466,000)
|
1,356,000
|
5,226,000
|
Qualified Plan | Pension Plan |
|
|
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
|
Contribution costs |
0
|
7,500,000
|
0
|
22,500,000
|
Expected future employer contribution, current fiscal year |
0
|
|
0
|
|
Nonqualified Plan | Pension Plan |
|
|
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
|
Contribution costs |
100,000
|
$ 100,000
|
400,000
|
$ 400,000
|
Expected future employer contribution, current fiscal year |
$ 800,000
|
|
$ 800,000
|
|
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v3.23.3
Stock-Based Compensation and Stockholders' Equity - Schedule of Compensation Expense Allocation (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 5,462
|
$ 4,402
|
$ 16,653
|
$ 10,140
|
Cost of services |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
174
|
107
|
496
|
314
|
Sales and marketing |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
2,691
|
1,967
|
8,303
|
4,569
|
General and administrative |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 2,597
|
$ 2,328
|
$ 7,854
|
$ 5,257
|
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v3.23.3
Stock-Based Compensation and Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 5,462
|
$ 4,402
|
$ 16,653
|
$ 10,140
|
RSUs |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
2,423
|
1,404
|
7,243
|
2,196
|
PSUs |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
2,379
|
1,194
|
6,994
|
1,947
|
Stock options |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
419
|
1,561
|
1,260
|
4,621
|
ESPP |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 241
|
$ 243
|
$ 1,156
|
$ 1,376
|
X |
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v3.23.3
Stock-Based Compensation and Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended |
9 Months Ended |
|
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Aug. 15, 2023 |
Dec. 31, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Number of shares entitled per RSU (in shares) |
|
|
1
|
|
|
|
Nonvested award, option, cost not yet recognized, amount |
$ 0.9
|
|
$ 0.9
|
|
|
|
Stock options granted during period (in shares) |
|
|
194,435
|
170,006
|
|
|
Warrants outstanding (in shares) |
|
|
|
|
|
9,427,343
|
Number of shares of common stock to be issued for upon exercise of warrants (in shares) |
|
|
|
|
|
5,237,413
|
Warrant, exercise price (in dollars per share) |
$ 24.39
|
|
$ 24.39
|
|
|
|
Number of warrants exercised during period (in shares) |
1,162,835
|
4,721
|
1,173,348
|
4,721
|
|
|
Proceeds from exercises of stock options and stock warrants |
$ 15.8
|
|
$ 15.9
|
|
|
|
Expired unexercised warrants (in shares) |
|
|
|
|
8,253,997
|
|
Minimum |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Weighted average exercise price of options exercised during period (in dollars per share) |
|
|
$ 3.68
|
$ 3.68
|
|
|
Maximum |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Weighted average exercise price of options exercised during period (in dollars per share) |
|
|
$ 13.82
|
$ 13.82
|
|
|
RSUs |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Unrecognized stock based compensation expense |
$ 16.0
|
|
$ 16.0
|
|
|
|
Share-based payment arrangement, period for recognition (in years) |
|
|
1 year 10 months 28 days
|
|
|
|
ESPP shares issued during period (in shares) |
|
|
205,739
|
|
|
|
Nonvested balance (in shares) |
999,269
|
|
999,269
|
|
|
517,135
|
RSUs | Minimum |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Requisite service period (in years) |
|
|
1 year
|
|
|
|
RSUs | Maximum |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Requisite service period (in years) |
|
|
3 years
|
|
|
|
PSUs |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Requisite service period (in years) |
|
|
3 years
|
|
|
|
Unrecognized stock based compensation expense |
$ 16.6
|
|
$ 16.6
|
|
|
|
Share-based payment arrangement, period for recognition (in years) |
|
|
1 year 10 months 6 days
|
|
|
|
Shares of entitled common stock (in shares) |
|
|
1.5
|
|
|
|
Award vesting period (in years) |
|
|
3 years
|
|
|
|
Nonvested balance (in shares) |
1,130,779
|
|
1,130,779
|
|
|
473,371
|
PSUs | Performance Conditions |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Nonvested balance (in shares) |
452,316
|
|
452,316
|
|
|
|
PSUs | Market Conditions |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Nonvested balance (in shares) |
678,463
|
|
678,463
|
|
|
|
Stock options |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
Share-based payment arrangement, period for recognition (in years) |
|
|
4 months 28 days
|
|
|
|
Stock options expected to vest (in shares) |
578,336
|
|
578,336
|
|
|
|
Stock options expected to vest, weighted average grant-date fair value (in dollars per share) |
$ 12.98
|
|
$ 12.98
|
|
|
|
ESPP |
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
ESPP shares issued during period (in shares) |
|
|
189,837
|
157,250
|
|
|
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v3.23.3
Stock-Based Compensation and Stockholders' Equity - Schedule of Nonvested Units Activity (Details)
|
9 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
RSUs |
|
Number of Restricted Stock Units |
|
Nonvested beginning balance (in shares) | shares |
517,135
|
Granted (in shares) | shares |
709,175
|
Vested (in shares) | shares |
(204,849)
|
Forfeited (in shares) | shares |
(22,192)
|
Nonvested ending balance (in shares) | shares |
999,269
|
Weighted-Average Grant-Date Fair Value |
|
Weighted average grant date fair value beginning balance (in dollars per share) | $ / shares |
$ 25.93
|
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares |
19.58
|
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares |
25.65
|
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares |
23.44
|
Weighted average grant date fair value ending balance (in dollars per share) | $ / shares |
$ 21.54
|
PSUs |
|
Number of Restricted Stock Units |
|
Nonvested beginning balance (in shares) | shares |
473,371
|
Granted (in shares) | shares |
657,408
|
Vested (in shares) | shares |
0
|
Forfeited (in shares) | shares |
0
|
Nonvested ending balance (in shares) | shares |
1,130,779
|
Weighted-Average Grant-Date Fair Value |
|
Weighted average grant date fair value beginning balance (in dollars per share) | $ / shares |
$ 26.76
|
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares |
21.46
|
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares |
0
|
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares |
0
|
Weighted average grant date fair value ending balance (in dollars per share) | $ / shares |
$ 23.68
|
X |
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v3.23.3
Earnings per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Basic net (loss) income per share: |
|
|
|
|
Net (loss) income |
$ (27,046)
|
$ 13,280
|
$ (1,754)
|
$ 104,793
|
Weighted-average common shares outstanding during period (in shares) |
34,848,899
|
34,269,274
|
34,619,794
|
34,289,333
|
Basic net (loss) income per share (in dollars per share) |
$ (0.78)
|
$ 0.39
|
$ (0.05)
|
$ 3.06
|
Diluted net (loss) income per share: |
|
|
|
|
Net (loss) income |
$ (27,046)
|
$ 13,280
|
$ (1,754)
|
$ 104,793
|
Basic shares outstanding during the period (in shares) |
34,848,899
|
34,269,274
|
34,619,794
|
34,289,333
|
Plus: Common stock equivalents associated with stock-based compensation (in shares) |
0
|
1,542,199
|
0
|
2,409,062
|
Diluted shares outstanding (in shares) |
34,848,899
|
35,811,473
|
34,619,794
|
36,698,395
|
Diluted net (loss) income per share (in dollars per share) |
$ (0.78)
|
$ 0.37
|
$ (0.05)
|
$ 2.86
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.3
Earnings per Share - Schedule of Computation of Diluted Shares Outstanding (Details) - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
RSUs |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Amount of antidilutive securities not included in calculation of earnings per share (in shares) |
0
|
0
|
218,804
|
175,245
|
PSUs |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Amount of antidilutive securities not included in calculation of earnings per share (in shares) |
147,914
|
331,358
|
238,655
|
394,474
|
ESPP |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Amount of antidilutive securities not included in calculation of earnings per share (in shares) |
38,581
|
26,391
|
64,091
|
19,828
|
Stock Warrants |
|
|
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
Amount of antidilutive securities not included in calculation of earnings per share (in shares) |
0
|
5,237,415
|
3,489,662
|
1,745,805
|
X |
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v3.23.3
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
Beginning balance |
$ 382,267
|
$ 314,715
|
Ending balance |
397,096
|
421,926
|
Foreign currency translation adjustment, tax |
(1,800)
|
7,800
|
Accumulated Other Comprehensive Loss |
|
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
Beginning balance |
(16,261)
|
(8,047)
|
Foreign currency translation adjustment, net of tax expense of $1.8 million and $7.8 million, respectively |
(4,332)
|
(12,611)
|
Ending balance |
$ (20,593)
|
$ (20,658)
|
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Segment Information - Schedule of Segment Operating Results (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
$ 183,822
|
$ 280,650
|
$ 680,798
|
$ 923,020
|
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103,644
|
175,639
|
418,537
|
601,477
|
Segment Adjusted EBITDA |
7,331
|
65,432
|
135,239
|
265,149
|
Marketing Services |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
92,884
|
197,174
|
377,868
|
632,277
|
Segment Gross Profit |
50,610
|
126,846
|
231,807
|
415,130
|
Segment Adjusted EBITDA |
5,369
|
61,802
|
84,866
|
211,871
|
SaaS |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
64,650
|
55,353
|
182,927
|
153,863
|
Segment Gross Profit |
40,957
|
33,827
|
114,480
|
95,328
|
Segment Adjusted EBITDA |
1,986
|
398
|
10,231
|
(3,769)
|
Marketing Services |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
23,578
|
26,833
|
113,183
|
133,715
|
Segment Gross Profit |
10,166
|
14,351
|
67,498
|
89,694
|
Segment Adjusted EBITDA |
2,466
|
5,807
|
44,851
|
64,449
|
SaaS |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
2,710
|
1,290
|
6,820
|
3,165
|
Segment Gross Profit |
1,911
|
615
|
4,752
|
1,325
|
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$ (2,490)
|
$ (2,575)
|
$ (4,709)
|
$ (7,402)
|
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v3.23.3
Segment Information - Schedule of Reconciliation of Earnings Before Interest, Tax, Depreciation, and Amortization from Segments to Consolidated (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Segment Reporting [Abstract] |
|
|
|
|
(Loss) income before income tax benefit (expense) |
$ (37,287)
|
$ 19,521
|
$ (10,927)
|
$ 142,855
|
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 |
5,462
|
4,402
|
16,653
|
10,140
|
Restructuring and integration expenses |
3,584
|
3,790
|
12,845
|
14,439
|
Transaction costs |
0
|
1,461
|
373
|
4,797
|
Other components of net periodic pension cost (benefit) |
1,902
|
3,928
|
3,888
|
(5,295)
|
Non-cash (gain) loss from remeasurement of indemnification asset |
0
|
(585)
|
10,734
|
(1,472)
|
Impairment charges |
0
|
0
|
0
|
222
|
Other |
2,697
|
(5,048)
|
6,822
|
(10,580)
|
Total Segment Adjusted EBITDA |
$ 7,331
|
$ 65,432
|
$ 135,239
|
$ 265,149
|
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v3.23.3
Segment Information - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
$ 183,822
|
$ 280,650
|
$ 680,798
|
$ 923,020
|
Total Thryv U.S. |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
157,534
|
252,527
|
560,795
|
786,140
|
Total Thryv International |
|
|
|
|
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|
|
|
|
Revenue |
26,288
|
28,123
|
120,003
|
136,880
|
Marketing Services |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
92,884
|
197,174
|
377,868
|
632,277
|
Marketing Services | Print |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
18,273
|
93,436
|
133,839
|
295,606
|
Marketing Services | Digital |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
74,611
|
103,738
|
244,029
|
336,671
|
SaaS |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
64,650
|
55,353
|
182,927
|
153,863
|
Marketing Services |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
23,578
|
26,833
|
113,183
|
133,715
|
Marketing Services | Print |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
3,949
|
4,739
|
52,243
|
61,146
|
Marketing Services | Digital |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
19,629
|
22,094
|
60,940
|
72,569
|
SaaS |
|
|
|
|
Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
Revenue |
$ 2,710
|
$ 1,290
|
$ 6,820
|
$ 3,165
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
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