– Q4 SaaS Adjusted EBITDA exceeds mid-point of guidance by
over $2.75 million – NDR increases 400 bps sequentially to
96% – Company generates strong FY operating cash flow of
$148.2 million
Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”),
the provider of Thryv®, the leading small business software
platform, reported SaaS revenue growth of 25% year-over-year in the
fourth quarter of 2023.
“We are proud to announce robust fourth-quarter and full-year
results, marking another successful year for Thryv,” said Joe
Walsh, Thryv Chairman, and CEO. “We surpassed guidance on SaaS
revenue growth and SaaS Adjusted EBITDA, underscoring our
commitment to delivering profitable SaaS growth. Looking ahead to
2024, we plan to accelerate SaaS revenue growth and drive margin
expansion by empowering our legacy digital clients to seamlessly
transition to the Thryv SaaS platform, enabling them to access an
advanced multi-center platform that addresses their everyday
needs.”
Also today, Thryv has issued a press release outlining
increasing adoption of the SaaS platform by legacy clients.
“For the fourth quarter, Thryv achieved record SaaS revenue
growth of 25% year-over-year,” stated Paul Rouse, Chief Financial
Officer. “Simultaneously, we delivered record SaaS Adjusted Gross
profit margin of 70% and surpassed our SaaS Adjusted EBITDA
guidance.” Rouse continued, “We generated strong free cash flow in
2023 which enabled us to pay down $120 million towards our term
loan, exceeding expectations and further solidifying our financial
position. As we move forward, our primary focus is to accelerate
profitable growth in the SaaS business while maintaining a strong
and healthy balance sheet.”
Fourth Quarter 2023 Highlights:
- Total SaaS1 revenue was $74.0 million, a 25% increase
year-over-year
- Total Marketing Services2 revenue was $162.2 million, a 26%
decrease year-over-year
- Consolidated total revenue was $236.2 million, a decrease of
15% year-over-year
- Consolidated net loss was $257.5 million, or $(7.39) per
diluted share, which includes a non-cash charge of $268.8 million,
or $7.71 per diluted share, related to goodwill impairment;
compared to net loss of $50.4 million, or $(1.47) per diluted
share, for the fourth quarter of 2022
- Consolidated Adjusted EBITDA was $52.3 million, representing an
Adjusted EBITDA margin of 22%
- Total SaaS Adjusted EBITDA was $6.5 million, representing an
Adjusted EBITDA margin of 8.8%
- Total Marketing Services Adjusted EBITDA was $45.8 million,
representing an Adjusted EBITDA margin of 28.2%
- Consolidated Gross Profit was $159.7 million
- Consolidated Adjusted Gross Profit3 was $165.4 million
- SaaS Gross Profit was $50.0 million
- SaaS Adjusted Gross Profit was $51.6 million, representing an
Adjusted Gross Profit Margin of 70%
- Operating cash flow was $44.6 million compared to $44.4 million
for the fourth quarter of 2022
- Free cash flow was $34.1 million compared to $34.5 million for
the fourth quarter of 2022
Full-Year 2023 Financial Highlights:
- Total SaaS1 revenue was $263.7 million, a 21.9% increase
year-over-year
- Total Marketing Services2 revenue was $653.2 million, a 33.8%
decrease year-over-year
- Consolidated total revenue was $917.0 million, a decrease of
24% year-over-year
- Consolidated net loss was $259.3 million, or $(7.47) per
diluted share, which includes a non-cash charge of $268.8 million
related to goodwill impairment; compared to net income of $54.3
million, or $1.49 per diluted share, for last year
- Consolidated Adjusted EBITDA was $187.5 million, representing
an Adjusted EBITDA margin of 20.4%
- Total SaaS Adjusted EBITDA was $12.0 million, representing an
Adjusted EBITDA margin of 4.6%
- Total Marketing Services Adjusted EBITDA was $175.5 million,
representing an Adjusted EBITDA margin of 26.9%
- Consolidated Gross Profit was $578.2 million
- Consolidated Adjusted Gross Profit3 was $605.8 million
- SaaS Gross Profit was $169.2 million
- SaaS Adjusted Gross Profit was $175.6 million, representing an
Adjusted Gross Profit Margin of 66.6%
- Operating cash flow was $148.2 million compared to $148.6
million for the prior year
- Free cash flow was $114.8 million compared to $119.3 million
for the prior year
SaaS Metrics
- Total SaaS clients increased 27% year-over-year to 66 thousand
for the fourth quarter of 2023
- Seasoned Net Dollar Retention4 was 96% for the fourth quarter
of 2023, an increase of 400 bps sequentially
- SaaS monthly active users5 was 40 thousand active users for the
fourth quarter of 2023
- SaaS monthly Average Revenue per Unit (“ARPU”)6 decreased to
$370 for the fourth quarter of 2023, compared to $387 in the fourth
quarter of 2022
- ThryvPay total payment volume was $60 million, an increase of
54% year-over-year
_____________________
1 Total SaaS revenue in the U.S. and International segments was
$70.7 million and $3.3 million for the three months ended December
31, 2023 and $253.6 million and $10.1 million for the year ended
December 31, 2023, respectively. 2 Total Marketing Services revenue
in the U.S. and International segments was $132.7 million and $29.5
million for the three months ended December 31, 2023 and $510.5
million and $142.7 million for the year ended December 31, 2023,
respectively. 3 Defined as Gross profit adjusted to exclude the
impact of depreciation and amortization expense and stock-based
compensation expense. 4 Seasoned Net Dollar Retention is defined as
net dollar retention excluding clients acquired over the previous
12 months. 5 Defined as a client with one or more users who log
into our SaaS solutions at least once during the calendar month. 6
Defined as total client billings for a particular month divided by
the number of clients that have one or more revenue-generating
solutions in that same month. 7 These statements are
forward-looking and actual results may materially differ. Refer to
the “Forward-Looking Statements” section below for information on
the factors that could cause our actual results to materially
differ from these forward-looking statements.
Outlook
Based on information available as of February 22, 2024, Thryv is
issuing guidance7 for the first quarter of 2024 and full year 2024
as indicated below:
1st Quarter
Full Year
(in millions)
2024
2024
SaaS Revenue
$73 - $74
$325 - $328
SaaS Adjusted EBITDA
$6 - $7
$26 - $29
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Full Year
(in millions)
2024
2024
2024
2024
2024
Marketing Services Revenue
$152 - $155
$146 - $149
$99 - $101
$98 - $100
$495 - $505
Marketing Services Adjusted EBITDA
$132 - $135
Earnings Conference Call Information
Thryv will host a conference call on Thursday, February 22, 2024
at 8:30 a.m. (Eastern Time) to discuss the Company's fourth quarter
2023 results.
For analysts to register for this conference call, please use
this link. After registering, a confirmation email will be sent,
including dial-in details and a unique code for entry. We recommend
registering a day in advance or at a minimum thirty minutes prior
to the start of the call. To listen to the webcast, please use this
link or visit Thryv's Investor Relations website at
investor.thryv.com. A live webcast will also be available on the
Investor Relations section of the Company's website at
investor.thryv.com.
If you are unable to participate in the conference call, a
replay will be available. To access the replay, please dial (800)
770-2030 or (647) 362-9199 and enter “44819.”
Thryv Holdings, Inc. and
Subsidiaries
Consolidated Statements of Operations
and Comprehensive (Loss) Income
Three Months Ended
Years Ended
December 31,
December 31,
(in thousands, except share and per share
data)
2023
2022
2023
2022
Revenue
$
236,163
$
279,368
$
916,961
$
1,202,388
Cost of services
76,453
100,463
338,714
422,006
Gross profit
159,710
178,905
578,247
780,382
Operating expenses:
Sales and marketing
73,757
86,773
300,538
362,432
General and administrative
59,238
56,892
208,880
216,406
Impairment charges
268,846
102,000
268,846
102,222
Total operating expenses
401,841
245,665
778,264
681,060
Operating (loss) income
(242,131
)
(66,760
)
(200,017
)
99,322
Other income (expense):
Interest expense
(13,817
)
(16,318
)
(61,728
)
(56,902
)
Interest expense, related party
—
—
—
(3,505
)
Other components of net periodic pension
benefit
6,607
39,317
2,719
44,612
Other (expense) income
(276
)
(119
)
(1,518
)
15,448
(Loss) income before income tax
(expense) benefit
(249,617
)
(43,880
)
(260,544
)
98,975
Income tax (expense) benefit
(7,924
)
(6,565
)
1,249
(44,627
)
Net (loss) income
$
(257,541
)
$
(50,445
)
$
(259,295
)
$
54,348
Other comprehensive income (loss):
Foreign currency translation adjustment,
net of tax
5,402
4,397
1,070
(8,214
)
Comprehensive (loss) income
$
(252,139
)
$
(46,048
)
$
(258,225
)
$
46,134
Net (loss) income per common
share:
Basic
$
(7.39
)
$
(1.47
)
$
(7.47
)
$
1.58
Diluted
$
(7.39
)
$
(1.47
)
$
(7.47
)
$
1.49
Weighted-average shares used in
computing basic and diluted net (loss) income per common
share:
Basic
34,858,157
34,270,520
34,723,491
34,336,493
Diluted
34,858,157
34,270,520
34,723,491
36,506,095
Thryv Holdings, Inc. and
Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)
December 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
18,216
$
16,031
Accounts receivable, net of allowance of
$14,926 in 2023 and $14,766 in 2022
205,503
284,698
Contract assets, net of allowance of $35
in 2023 and $33 in 2022
2,909
2,583
Taxes receivable
3,085
11,553
Prepaid expenses
17,771
25,092
Indemnification asset
—
26,495
Deferred costs
16,722
9,544
Other current assets
2,662
2,320
Total current assets
266,868
378,316
Fixed assets and capitalized software,
net
38,599
42,334
Goodwill
302,400
566,004
Intangible assets, net
18,788
34,715
Deferred tax assets
128,051
113,859
Other assets
28,464
42,649
Total assets
$
783,170
$
1,177,877
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable
$
10,348
$
18,972
Accrued liabilities
105,903
126,810
Current portion of unrecognized tax
benefits
23,979
31,919
Contract liabilities
44,558
41,854
Current portion of long-term debt
70,000
70,000
Other current liabilities
8,402
10,937
Total current liabilities
263,190
300,492
Term Loan, net
230,052
345,256
ABL Facility
48,845
54,554
Pension obligations, net
69,388
72,590
Other liabilities
18,995
22,718
Total long-term liabilities
367,280
495,118
Commitments and contingencies
Stockholders' equity
Common stock - $0.01 par value,
250,000,000 shares authorized; 62,660,783 shares issued and
35,302,746 shares outstanding at December 31, 2023; and 61,279,379
shares issued and 34,593,837 shares outstanding at December 31,
2022
627
613
Additional paid-in capital
1,151,259
1,105,701
Treasury stock - 27,358,037 shares at
December 31, 2023 and 26,685,542 shares at December 31, 2022
(485,793
)
(468,879
)
Accumulated other comprehensive loss
(15,191
)
(16,261
)
Accumulated deficit
(498,202
)
(238,907
)
Total stockholders' equity
152,700
382,267
Total liabilities and stockholders'
equity
$
783,170
$
1,177,877
Thryv Holdings, Inc. and
Subsidiaries
Consolidated Statements of Cash
Flows
Years Ended December
31,
(in thousands)
2023
2022
Cash Flows from Operating
Activities
Net (loss) income
$
(259,295
)
$
54,348
Adjustments to reconcile net (loss) income
to net cash provided by operating activities:
Depreciation and amortization
63,251
88,392
Amortization of deferred commissions
14,954
12,110
Amortization of debt issuance costs
5,422
5,749
Deferred income taxes
(12,904
)
(15,119
)
Provision for credit losses and service
credits
24,516
25,971
Stock-based compensation expense
22,201
14,628
Other components of net periodic pension
(benefit)
(2,719
)
(44,612
)
Impairment charges
268,846
102,222
Non-cash loss (gain) from the
remeasurement of the indemnification asset
10,734
(2,148
)
Bargain purchase gain
—
(10,883
)
Other
603
(2,309
)
Changes in working capital items,
excluding acquisitions:
Accounts receivable
54,325
(5,242
)
Contract assets
(326
)
2,764
Prepaid expenses and other assets
7,117
(9,592
)
Accounts payable and accrued
liabilities
(37,749
)
(41,105
)
Other liabilities
(10,750
)
(26,601
)
Net cash provided by operating
activities
148,226
148,573
Cash Flows from Investing
Activities
Additions to fixed assets and capitalized
software
(33,394
)
(29,233
)
Acquisition of a business, net of cash
acquired
(8,897
)
(22,793
)
Other
(225
)
—
Net cash used in investing activities
(42,516
)
(52,026
)
Cash Flows from Financing
Activities
Payments of Term Loan
(120,000
)
(104,165
)
Payments of Term Loan, related party
—
(8,347
)
Proceeds from ABL Facility
919,975
976,296
Payments of ABL Facility
(925,684
)
(961,670
)
Proceeds from exercises of stock
warrants
15,898
64
Other
6,318
6,725
Net cash used in financing activities
(103,493
)
(91,097
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
133
(827
)
Increase in cash, cash equivalents and
restricted cash
2,350
4,623
Cash, cash equivalents and restricted
cash, beginning of period
18,180
13,557
Cash, cash equivalents and restricted
cash, end of period
$
20,530
$
18,180
Supplemental Information
Cash paid for interest
$
57,027
$
57,084
Cash paid for income taxes, net
$
9,313
$
58,259
Non-cash investing and financing
activities
Repurchase of Treasury stock as a result
of the settlement of the indemnification asset
$
15,760
$
—
The following tables summarize the operating results of the
Company's reportable segments:
Three Months Ended December
31,
Change
(in thousands)
2023
2022
Amount
%
Revenue
Thryv U.S.
Marketing Services
$
132,665
$
187,755
$
(55,090
)
(29.3
)%
SaaS
70,652
57,938
12,714
21.9
%
Thryv International
Marketing Services
29,528
32,295
(2,767
)
(8.6
)%
SaaS
3,318
1,380
1,938
140.4
%
Consolidated Revenue
$
236,163
$
279,368
$
(43,205
)
(15.5
)%
Segment Gross Profit
Thryv U.S.
Marketing Services
$
88,520
$
124,413
$
(35,893
)
(28.8
)%
SaaS
47,183
34,944
12,239
35.0
%
Thryv International
Marketing Services
21,232
18,802
2,430
12.9
%
SaaS
2,775
746
2,029
NM
Consolidated Segment Gross
Profit
$
159,710
$
178,905
$
(19,195
)
(10.7
)%
Segment EBITDA
Thryv U.S.
Marketing Services
$
38,383
$
59,758
$
(21,375
)
(35.8
)%
SaaS
8,345
83
8,262
NM
Thryv International
Marketing Services
7,390
10,657
(3,267
)
(30.7
)%
SaaS
(1,842
)
(2,305
)
463
20.1
%
Consolidated Adjusted EBITDA
$
52,276
$
68,193
$
(15,917
)
(23.3
)%
Years Ended December
31,
Change
(in thousands)
2023 (1
)
2022 (2
)
Amount
%
Revenue
Thryv U.S.
Marketing Services
$
510,533
$
820,032
$
(309,499
)
(37.7
)%
SaaS
253,579
211,801
41,778
19.7
%
Thryv International
Marketing Services
142,711
166,010
(23,299
)
(14.0
)%
SaaS
10,138
4,545
5,593
123.1
%
Consolidated Revenue
$
916,961
$
1,202,388
$
(285,427
)
(23.7
)%
Segment Gross Profit
Thryv U.S.
Marketing Services
$
320,327
$
539,543
$
(219,216
)
(40.6
)%
SaaS
161,663
130,272
31,391
24.1
%
Thryv International
Marketing Services
88,730
108,496
(19,766
)
(18.2
)%
SaaS
7,527
2,071
5,456
NM
Consolidated Segment Gross
Profit
$
578,247
$
780,382
$
(202,135
)
(25.9
)%
Segment EBITDA
Thryv U.S.
Marketing Services
$
123,249
$
271,629
$
(148,380
)
(54.6
)%
SaaS
18,576
(3,686
)
22,262
NM
Thryv International
Marketing Services
52,241
75,106
(22,865
)
(30.4
)%
SaaS
(6,551
)
(9,707
)
3,156
32.5
%
Consolidated Adjusted EBITDA
$
187,515
$
333,342
$
(145,827
)
(43.7
)%
(1)
Thryv International includes Yellow's
results of operations subsequent to the Yellow acquisition.
(2)
Thryv U.S. includes Vivial's results of
operations subsequent to the Vivial acquisition.
Non-GAAP Measures
Our results included in this press release include Adjusted
EBITDA, Adjusted EBITDA margin and Adjusted Gross Profit, which are
not presented in accordance with U.S. generally accepted accounting
principles (“GAAP”). These non-GAAP measures are presented for
supplemental informational purposes only and are not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP. Please refer to the supplemental information presented in the
tables below for a reconciliation of Adjusted EBITDA to Net (loss)
income and Adjusted Gross Profit to Gross profit. Both Net (loss)
income and Gross profit are the most comparable GAAP financial
measure to Adjusted EBITDA and Adjusted Gross Profit, respectively.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by
revenue.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and allow for greater
transparency with respect to important metrics used by our
management for financial and operational decision-making. We
believe that these measures provide additional tools for investors
to use in comparing our core financial performance over multiple
periods with other companies in our industry. However, it is
important to note that the particular items we exclude from, or
include in, our non-GAAP financial measures may differ from the
items excluded from, or included in, similar non-GAAP financial
measures used by other companies in the same industry.
The following is a reconciliation of Adjusted EBITDA to its most
directly comparable GAAP measure, Net (loss) income:
Three Months Ended December
31,
Years Ended December
31,
(in thousands)
2023
2022
2023
2022
Reconciliation of Adjusted
EBITDA
Net (loss) income
$
(257,541
)
$
(50,445
)
$
(259,295
)
$
54,348
Impairment charges
268,846
102,000
268,846
102,222
Depreciation and amortization expense
16,311
22,438
63,251
88,392
Interest expense
13,817
16,318
61,728
60,407
Stock-based compensation expense (1)
5,548
4,488
22,201
14,628
Restructuring and integration expenses
(2)
1,767
3,365
14,612
17,804
Non-cash (gain) loss from remeasurement of
indemnification asset (3)
—
(676
)
10,734
(2,148
)
Transaction costs (4)
—
1,322
373
6,119
Income tax expense (benefit)
7,924
6,565
(1,249
)
44,627
Other components of net periodic pension
benefit (5)
(6,607
)
(39,317
)
(2,719
)
(44,612
)
Other (6)
2,211
2,135
9,033
(8,445
)
Adjusted EBITDA
$
52,276
$
68,193
$
187,515
$
333,342
(1)
We record stock-based compensation expense
related to the amortization of grant date fair value of the
Company’s stock-based compensation awards.
(2)
For the years ended December 31, 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)
In connection with the YP acquisition, the
seller indemnified us for future potential losses associated with
certain federal and state tax positions taken in tax returns filed
by the seller prior to the acquisition date.
(4)
Expenses related to the Yellow
acquisition, Vivial acquisition and other transaction costs.
(5)
Other components of net periodic pension
benefit is from our non-contributory defined benefit pension plans
that are currently frozen and incur no additional service costs.
The most significant component of Other components of net periodic
pension benefit relates to periodic mark-to-market pension
remeasurement.
(6)
During the year ended December 31, 2023,
Other includes expenses related to the valuation of certain assets
as a result of the acquisition of Thryv Australia and foreign
exchange-related expense. During the year ended December 31, 2022,
Other primarily represents the bargain purchase gain as a result of
the Vivial acquisition, partially offset by foreign
exchange-related expense.
The following tables set forth reconciliations of Adjusted Gross
Profit and Adjusted Gross Margin, to their most directly comparable
GAAP measures, Gross profit and Gross margin:
Three Months Ended December
31, 2023
Thryv U.S.
Thryv International
(in thousands)
Marketing Services
SaaS
Marketing Services
SaaS
Total
Reconciliation of Adjusted Gross
Profit
Gross profit
$
88,520
$
47,183
$
21,232
$
2,775
$
159,710
Plus:
Depreciation and amortization expense
2,665
1,425
1,356
150
5,596
Stock-based compensation expense
74
43
—
—
117
Adjusted Gross Profit
$
91,259
$
48,651
$
22,588
$
2,925
$
165,423
Gross Margin
66.7
%
66.8
%
71.9
%
83.6
%
67.6
%
Adjusted Gross Margin
68.8
%
68.9
%
76.5
%
88.2
%
70.0
%
Three Months Ended December
31, 2022
Thryv U.S.
Thryv International
(in thousands)
Marketing Services
SaaS
Marketing Services
SaaS
Total
Reconciliation of Adjusted Gross
Profit
Gross profit
$
124,413
$
34,944
$
18,802
$
746
$
178,905
Plus:
Depreciation and amortization expense
4,419
1,379
3,614
168
9,580
Stock-based compensation expense
81
26
—
—
107
Adjusted Gross Profit
$
128,913
$
36,349
$
22,416
$
914
$
188,592
Gross Margin
66.3
%
60.3
%
58.2
%
54.1
%
64.0
%
Adjusted Gross Margin
68.7
%
62.7
%
69.4
%
66.2
%
67.5
%
Year Ended December 31,
2023
Thryv U.S.
Thryv International
(in thousands)
Marketing Services
SaaS
Marketing Services
SaaS
Total
Reconciliation of Adjusted Gross
Profit
Gross profit
$
320,327
$
161,663
$
88,730
$
7,527
$
578,247
Plus:
Depreciation and amortization expense
10,766
5,429
10,045
749
26,989
Stock-based compensation expense
399
214
—
—
613
Adjusted Gross Profit
$
331,492
$
167,306
$
98,775
$
8,276
$
605,849
Gross Margin
62.7
%
63.8
%
62.2
%
74.2
%
63.1
%
Adjusted Gross Margin
64.9
%
66.0
%
69.2
%
81.6
%
66.1
%
Year Ended December 31,
2022
Thryv U.S.
Thryv International
(in thousands)
Marketing Services
SaaS
Marketing Services
SaaS
Total
Reconciliation of Adjusted Gross
Profit
Gross profit
$
539,543
$
130,272
$
108,496
$
2,071
$
780,382
Plus:
Depreciation and amortization expense
17,800
4,657
15,385
505
38,347
Stock-based compensation expense
332
89
—
—
421
Adjusted Gross Profit
$
557,675
$
135,018
$
123,881
$
2,576
$
819,150
Gross Margin
65.8
%
61.5
%
65.4
%
45.6
%
64.9
%
Adjusted Gross Margin
68.0
%
63.7
%
74.6
%
56.7
%
68.1
%
Supplemental Financial Information
The following supplemental financial information provides
Revenue, Adjusted EBITDA and Adjusted EBITDA Margin by (i)
Marketing Services businesses in the U.S., International and in
Total and (ii) SaaS businesses in the U.S., International and in
Total. Total SaaS Adjusted EBITDA and Adjusted EBITDA margin are
non-GAAP financial measures. Total Marketing Services Adjusted
EBITDA and Adjusted EBITDA margin are also non-GAAP financial
measures. These non-GAAP financial measures are presented for
supplemental informational purposes only and are not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP. Please refer to the supplemental information presented in the
tables below for a reconciliation of these non-GAAP financial
measures to the corresponding segment financial measures presented
in accordance with GAAP.
We believe that these non-GAAP financial measures provide useful
information about our global SaaS and Marketing Services financial
performance, enhance the overall understanding of our global SaaS
and Marketing Services past financial performance and allow for
greater transparency with respect to important metrics used by our
management for financial and operational decision-making. We
believe that these measures provide additional tools for investors
to use in comparing our core financial performance over multiple
periods.
Three Months Ended December
31, 2023
(in thousands)
Marketing Services
SaaS
U.S.
International
Total
U.S.
International
Total
Revenue
$
132,665
$
29,528
$
162,193
$
70,652
$
3,318
$
73,970
Adjusted EBITDA
38,383
7,390
45,773
8,345
(1,842
)
6,503
Adjusted EBITDA Margin
28.9
%
25.0
%
28.2
%
11.8
%
(55.5
)%
8.8
%
Three Months Ended December
31, 2022
(in thousands)
Marketing Services
SaaS
U.S.
International
Total
U.S.
International
Total
Revenue
$
187,755
$
32,295
$
220,050
$
57,938
$
1,380
$
59,318
Adjusted EBITDA
59,758
10,657
70,415
83
(2,305
)
(2,222
)
Adjusted EBITDA Margin
31.8
%
33.0
%
32.0
%
0.1
%
(167.0
)%
(3.7
)%
Year Ended December 31,
2023
(in thousands)
Marketing Services
SaaS
U.S.
International
Total
U.S.
International
Total
Revenue
$
510,533
$
142,711
$
653,244
$
253,579
$
10,138
$
263,717
Adjusted EBITDA
123,249
52,241
175,490
18,576
(6,551
)
12,025
Adjusted EBITDA Margin
24.1
%
36.6
%
26.9
%
7.3
%
(64.6
)%
4.6
%
Year Ended December 31,
2022
(in thousands)
Marketing Services
SaaS
U.S.
International
Total
U.S.
International
Total
Revenue
$
820,032
$
166,010
$
986,042
$
211,801
$
4,545
$
216,346
Adjusted EBITDA
271,629
75,106
346,735
(3,686
)
(9,707
)
(13,393
)
Adjusted EBITDA Margin
33.1
%
45.2
%
35.2
%
(1.7
)%
(213.6
)%
(6.2
)%
Forward-Looking Statements
Certain statements contained herein are not historical facts,
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and involve a
number of risks and uncertainties. Statements that include the
words “may”, “will”, “could”, “should”, “would”, “believe”,
“anticipate”, “forecast”, “estimate”, “expect”, “preliminary”,
“intend”, “plan”, “target”, “project”, “outlook”, “future”,
“forward”, “guidance” and similar statements of a future or
forward-looking nature identify forward-looking statements. These
statements are not guarantees of future performance. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. While management believes that these forward-looking
statements are reasonable as and when made, there can be no
assurance that future developments affecting us will be those that
we anticipate. Accordingly, there are or will be important factors
that could cause our actual results to differ materially from those
indicated in these statements. We believe that these factors
include, but are not limited to, the risks related to the
following: the Company’s ability to maintain adequate liquidity to
fund operations; the Company’s future operating and financial
performance; the Company’s ability to consummate acquisitions, or,
if consummated, to successfully integrate acquired businesses into
the Company’s operations, the Company’s ability to recognize the
benefits of acquisitions, or the failure of an acquired company to
achieve its plans and objectives; limitations on our operating and
strategic flexibility and the ability to operate our business,
finance our capital needs or expand business strategies under the
terms of our credit facilities; our ability to retain existing
business and obtain and retain new business; general economic or
business conditions affecting the markets we serve; declining use
of print yellow page directories by consumers; our ability to
collect trade receivables from clients to whom we extend credit;
credit risk associated with our reliance on small and medium sized
businesses as clients; our ability to attract and retain key
managers; increased competition in our markets; our ability to
obtain future financing due to changes in the lending markets or
our financial position; our ability to maintain agreements with
major Internet search and local media companies; reduced
advertising spending and increased contract cancellations by our
clients, which causes reduced revenue; and our ability to
anticipate or respond effectively to changes in technology and
consumer preferences as well as the risks and uncertainties set
forth in the Company's most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q filed with the Securities
and Exchange Commission. All subsequent written and oral
forward-looking statements attributable to us or persons acting on
our behalf are expressly qualified in their entirety by such
cautionary statements.
If one or more events related to these or other risks or
uncertainties materialize, or if our underlying assumptions prove
to be incorrect, actual results may differ materially from what we
anticipate. For these reasons, we caution you against relying on
forward-looking statements. All forward-looking statements included
in this press release are expressly qualified in their entirety by
the foregoing cautionary statements. These forward-looking
statements speak only as of the date hereof and, other than as
required by law, we undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
About Thryv Holdings, Inc.
Thryv Holdings, Inc. (NASDAQ:THRY) is a global software and
marketing services company that empowers small- to medium-sized
businesses (SMBs) to grow and modernize their operations so they
can compete and win in today’s economy. Over 65,000 businesses use
our award-winning SaaS platform, Thryv®, to manage their end-to-end
operations, which has helped these organizations across the U.S.
and overseas grow their bottom line. Of Thryv’s approximately
350,000 business customers, most also use its digital and print
presence products, connecting these SMBs to local consumers via
proprietary local search portals and local directories. For more
information about Thryv Holdings, Inc., visit thryv.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222288650/en/
Media Contact: Julie Murphy Thryv, Inc. 617.967.5426
julie.murphy@thryv.com Investor Contact: Cameron Lessard
Thryv, Inc. 214.773.7022 cameron.lessard@thryv.com
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