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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, 2024
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 November 5, 2024, there were 42,044,826 shares of the registrant's common stock outstanding.
THRYV HOLDINGS, INC.
TABLE OF CONTENTS
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| | | Page |
| 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 Software as a Service ("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 upgrade 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 complete acquisitions and the successful integration of such acquisitions, including our recently completed acquisition of Infusion Software, Inc. d/b/a Keap (“Keap” and the acquisition of Keap, the “Keap Acquisition”), and any failure of an acquired business to achieve its plans and objectives or realize any expected benefit from any such acquisition;
•the potential loss of one or more key employees or our inability to attract and to retain highly skilled employees;
•our ability to maintain the compatibility of our Thryv platform with third-party applications;
•our ability to successfully expand our operations and current offerings into new markets, including internationally, or further penetrate existing markets;
•our potential failure to provide new or enhanced functionality and features;
•our potential failure to comply with applicable privacy, security and data laws, regulations and standards;
•potential changes in regulations governing privacy concerns and laws or other domestic or foreign data protection regulations;
•our potential failure to meet service level commitments under our client contracts;
•our potential failure to offer high-quality or technical support services;
•our Thryv platform and add-ons potentially failing to perform properly;
•our use of artificial intelligence in our business, and challenges with properly managing its use, could result in reputational harm, competitive harm, and legal liability;
•the potential impact of future labor negotiations;
•our ability to protect our intellectual property rights, proprietary technology, information, processes, and know-how;
•rising inflation and our ability to control costs, including operating expenses;
•general macro-economic conditions, including a recession or an economic slowdown in the U.S. or internationally;
•adverse tax laws or regulations or potential changes to existing tax laws or regulations;
•costs, liabilities and reputational harm resulting from regulatory investigations, including the subpoena from the Division of Enforcement of the SEC;
•volatility and weakness in bank and capital markets; and
•costs, obligations and liabilities incurred as a result of and in connection with being a public company.
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, 2023 (“2023 Form 10-K”), as supplemented by the disclosure in Part II, Item 1A. Risk Factors in 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 (Loss)
(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| (in thousands, except share and per share data) | 2024 | | 2023 | | 2024 | | 2023 |
| Revenue | $ | 179,852 | | | $ | 183,822 | | | $ | 637,560 | | | $ | 680,798 | |
| Cost of services | 67,871 | | | 80,178 | | | 223,350 | | | 262,261 | |
| Gross profit | 111,981 | | | 103,644 | | | 414,210 | | | 418,537 | |
| | | | | | | |
| Operating expenses: | | | | | | | |
| Sales and marketing | 66,484 | | | 74,755 | | | 201,984 | | | 226,781 | |
| General and administrative | 50,972 | | | 48,267 | | | 155,229 | | | 149,642 | |
| Impairment charges | 83,094 | | | — | | | 83,094 | | | — | |
| Total operating expenses | 200,550 | | | 123,022 | | | 440,307 | | | 376,423 | |
| | | | | | | |
| Operating (loss) income | (88,569) | | | (19,378) | | | (26,097) | | | 42,114 | |
| Other income (expense): | | | | | | | |
| Interest expense | (8,194) | | | (15,131) | | | (31,554) | | | (47,911) | |
| Interest expense, related party | (3,320) | | | — | | | (5,494) | | | — | |
| Other components of net periodic pension cost | (1,581) | | | (1,902) | | | (4,743) | | | (3,888) | |
| Other income (expense) | 218 | | | (876) | | | (7,571) | | | (1,242) | |
| (Loss) before income tax benefit (expense) | (101,446) | | | (37,287) | | | (75,459) | | | (10,927) | |
| Income tax benefit (expense) | 5,375 | | | 10,241 | | | (6,640) | | | 9,173 | |
| Net (loss) | $ | (96,071) | | | $ | (27,046) | | | $ | (82,099) | | | $ | (1,754) | |
| Other comprehensive income (loss): | | | | | | | |
| Foreign currency translation adjustment, net of tax | 1,330 | | | (1,842) | | | 1,132 | | | (4,332) | |
| Comprehensive (loss) | $ | (94,741) | | | $ | (28,888) | | | $ | (80,967) | | | $ | (6,086) | |
| | | | | | | |
| Net (loss) per common share: | | | | | | | |
| Basic | $ | (2.65) | | | $ | (0.78) | | | $ | (2.28) | | | $ | (0.05) | |
| Diluted | $ | (2.65) | | | $ | (0.78) | | | $ | (2.28) | | | $ | (0.05) | |
| | | | | | | |
| Weighted-average shares used in computing basic and diluted net (loss) per common share: | | | | | | | |
| Basic | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | |
| Diluted | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | |
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, 2024 | | December 31, 2023 |
| Assets | (unaudited) | | |
| Current assets | | | |
| Cash and cash equivalents | $ | 12,453 | | | $ | 18,216 | |
Accounts receivable, net of allowance of $18,890 in 2024 and $14,926 in 2023 | 176,364 | | | 205,503 | |
Contract assets, net of allowance of $33 in 2024 and $35 in 2023 | 9,068 | | | 2,909 | |
| Taxes receivable | 2,706 | | | 3,085 | |
| Prepaid expenses | 18,383 | | | 17,771 | |
| | | |
| Deferred costs | 10,184 | | | 16,722 | |
| Other current assets | 1,780 | | | 2,662 | |
| Total current assets | 230,938 | | | 266,868 | |
| Fixed assets and capitalized software, net | 37,142 | | | 38,599 | |
| Goodwill | 218,884 | | | 302,400 | |
| Intangible assets, net | 3,453 | | | 18,788 | |
| Deferred tax assets | 139,769 | | | 128,051 | |
| Other assets | 24,567 | | | 28,464 | |
| Total assets | $ | 654,753 | | | $ | 783,170 | |
| | | |
| Liabilities and Stockholders' Equity | | | |
| Current liabilities | | | |
| Accounts payable | $ | 6,946 | | | $ | 10,348 | |
| Accrued liabilities | 98,439 | | | 105,903 | |
| Current portion of unrecognized tax benefits | 25,623 | | | 23,979 | |
| Contract liabilities | 32,534 | | | 44,558 | |
| Current portion of Term Loan | 35,783 | | | 70,000 | |
| Current portion of Term Loan, related party | 16,717 | | | — | |
| Other current liabilities | 5,906 | | | 8,402 | |
| Total current liabilities | 221,948 | | | 263,190 | |
| Term Loan, net | 157,794 | | | 230,052 | |
| Term Loan, net, related party | 75,610 | | | — | |
| ABL Facility | 21,900 | | | 48,845 | |
| Pension obligations, net | 73,723 | | | 69,388 | |
| Other liabilities | 9,246 | | | 18,995 | |
| Total long-term liabilities | 338,273 | | | 367,280 | |
| Commitments and contingencies (see Note 13) | | | |
| Stockholders' equity | | | |
Common stock - $0.01 par value, 250,000,000 shares authorized; 63,840,032 shares issued and 36,322,417 shares outstanding at September 30, 2024; and 62,660,783 shares issued and 35,302,746 shares outstanding at December 31, 2023 | 638 | | | 627 | |
| Additional paid-in capital | 1,177,078 | | | 1,151,259 | |
Treasury stock - 27,517,615 shares at September 30, 2024 and 27,358,037 shares at December 31, 2023 | (488,824) | | | (485,793) | |
| Accumulated other comprehensive loss | (14,059) | | | (15,191) | |
| Accumulated deficit | (580,301) | | | (498,202) | |
| Total stockholders' equity | 94,532 | | | 152,700 | |
| Total liabilities and stockholders' equity | $ | 654,753 | | | $ | 783,170 | |
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, 2024 |
| | 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, 2024 | | 63,808,097 | | | $ | 638 | | | $ | 1,170,798 | | | (27,513,828) | | | $ | (488,757) | | | $ | (15,389) | | | $ | (484,230) | | | $ | 183,060 | |
| Issuance of shares related to stock-based compensation | | 31,935 | | | — | | | 269 | | | (3,787) | | | (67) | | | — | | | — | | | 202 | |
| Stock-based compensation expense | | — | | | — | | | 6,011 | | | — | | | — | | | — | | | — | | | 6,011 | |
| | | | | | | | | | | | | | | | |
| Foreign currency translation adjustment, net of tax | | — | | | — | | | — | | | — | | | — | | | 1,330 | | | — | | | 1,330 | |
| Net (loss) | | — | | | — | | | — | | | — | | | — | | | — | | | (96,071) | | | (96,071) | |
Balance as of September 30, 2024 | | 63,840,032 | | | $ | 638 | | | $ | 1,177,078 | | | (27,517,615) | | | $ | (488,824) | | | $ | (14,059) | | | $ | (580,301) | | | $ | 94,532 | |
| | | | | | | | | | | | | | | | |
| 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 | |
| Issuance of shares related to stock-based compensation | | 42,695 | | | 1 | | | 476 | | | (1,658) | | | (38) | | | — | | | — | | | 439 | |
| Exercise of stock warrants | | 646,016 | | | 6 | | | 15,751 | | | — | | | — | | | — | | | — | | | 15,757 | |
| Stock-based 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 | |
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, 2024 |
| | 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, 2023 | | 62,660,783 | | | $ | 627 | | | $ | 1,151,259 | | | (27,358,037) | | | $ | (485,793) | | | $ | (15,191) | | | $ | (498,202) | | | $ | 152,700 | |
| Issuance of shares related to stock-based compensation | | 1,179,249 | | | 11 | | | 8,166 | | | (133,083) | | | (2,532) | | | — | | | — | | | 5,645 | |
| Stock-based compensation expense | | — | | | — | | | 17,653 | | | — | | | — | | | — | | | — | | | 17,653 | |
| Purchase of treasury stock | | — | | | — | | | — | | | (26,495) | | | (499) | | | — | | | — | | | (499) | |
| Foreign currency translation adjustment, net of tax | | — | | | — | | | — | | | — | | | — | | | 1,132 | | | — | | | 1,132 | |
| Net (loss) | | — | | | — | | | — | | | — | | | — | | | — | | | (82,099) | | | (82,099) | |
Balance as of September 30, 2024 | | 63,840,032 | | | $ | 638 | | | $ | 1,177,078 | | | (27,517,615) | | | $ | (488,824) | | | $ | (14,059) | | | $ | (580,301) | | | $ | 94,532 | |
| | | | | | | | | | | | | | | | |
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 | |
| Issuance of shares related to stock-based compensation | | 589,792 | | | 6 | | | 5,247 | | | (57,191) | | | (1,129) | | | — | | | — | | | 4,124 | |
| Exercise of stock warrants | | 651,855 | | | 6 | | | 15,892 | | | — | | | — | | | — | | | — | | | 15,898 | |
| Stock-based 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 | |
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) | 2024 | | 2023 |
| Cash Flows from Operating Activities | (unaudited) | | (unaudited) |
| Net (loss) | $ | (82,099) | | | $ | (1,754) | |
| Adjustments to reconcile net (loss) to net cash provided by operating activities: | | | |
| Depreciation and amortization | 41,144 | | | 46,940 | |
| Amortization of deferred commissions | 14,251 | | | 10,304 | |
| Amortization of debt issuance costs | 3,151 | | | 4,080 | |
| Deferred income taxes | (11,823) | | | 808 | |
| Provision for credit losses and service credits | 16,496 | | | 15,594 | |
| Stock-based compensation expense | 17,653 | | | 16,653 | |
| Other components of net periodic pension cost | 4,743 | | | 3,888 | |
| Impairment charges | 83,094 | | | — | |
| Loss on foreign currency exchange rates | 933 | | | 164 | |
| Non-cash loss from the remeasurement of the indemnification asset | — | | | 10,734 | |
| Loss on early extinguishment of debt | 6,638 | | | — | |
| Other | (3,167) | | | — | |
| Changes in working capital items, excluding acquisitions: | | | |
| Accounts receivable | 18,161 | | | 59,238 | |
| Contract assets | (6,160) | | | 1,111 | |
| Prepaid expenses and other assets | (7,079) | | | 23,489 | |
| Accounts payable and accrued liabilities | (14,108) | | | (63,469) | |
| Other liabilities | (18,188) | | | (24,132) | |
| Net cash provided by operating activities | 63,640 | | | 103,648 | |
| | | |
| Cash Flows from Investing Activities | | | |
| Additions to fixed assets and capitalized software | (24,730) | | | (22,920) | |
| | | |
| Acquisition of a business, net of cash acquired | — | | | (8,897) | |
| Other | — | | | (215) | |
| Net cash used in investing activities | (24,730) | | | (32,032) | |
| | | |
| Cash Flows from Financing Activities | | | |
| Proceeds from Term Loan | 234,256 | | | — | |
| Proceeds from Term Loan, related party | 109,444 | | | — | |
| Payments of Term Loan | (345,151) | | | (95,000) | |
| Payments of Term Loan, related party | (16,717) | | | — | |
| | | |
| Proceeds from ABL Facility | 247,579 | | | 697,234 | |
| Payments of ABL Facility | (274,524) | | | (694,395) | |
| Debt issuance costs | (5,480) | | | — | |
| Purchase of treasury stock | (499) | | | — | |
| Proceeds from exercise of stock warrants | — | | | 15,899 | |
| Other | 5,646 | | | 4,124 | |
| Net cash used in financing activities | (45,446) | | | (72,138) | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (120) | | | (707) | |
| (Decrease) in cash, cash equivalents and restricted cash | (6,656) | | | (1,229) | |
| Cash, cash equivalents and restricted cash, beginning of period | 20,530 | | | 18,180 | |
| Cash, cash equivalents and restricted cash, end of period | $ | 13,874 | | | $ | 16,951 | |
| Supplemental Information | | | |
| Cash paid for interest | $ | 35,299 | | | $ | 44,029 | |
| Cash paid for income taxes, net | $ | 14,960 | | | $ | 7,605 | |
| | | |
| 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 (“PYP” or “Print”) and digital marketing services (“Digital”), which includes Internet Yellow Pages (“IYP”), search engine marketing (“SEM”), and other digital media services, including online display advertising, and search engine optimization (“SEO”) tools. In addition, through the Thryv® platform, the Company is a provider of SaaS business management, communication, and marketing 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.
During the first quarter of 2024, the Company changed the internal reporting provided to the chief operating decision maker (“CODM”). As a result, the Company reevaluated its segment reporting and determined that Thryv U.S. Marketing Services and Thryv International Marketing Services should be reflected as a single reportable segment, and that Thryv U.S. SaaS and Thryv International SaaS should be reflected as a single reportable segment. As such, beginning on January 1, 2024, the results of our Marketing Services and SaaS businesses are presented as two reportable segments. Comparative prior periods have been recast to reflect the current presentation.
The Company reports its results based on two reportable segments (see Note 15, Segment Information):
•Thryv Marketing Services, which includes the Company's Print and Digital solutions business; and
•Thryv SaaS, which includes the Company's SaaS flagship all-in-one small business management modular software platform.
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, 2024 and 2023 have been prepared on the same basis as the audited annual financial statements. The consolidated balance sheet as of December 31, 2023 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, 2023.
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, 2023. There have been no changes to the Company's significant accounting policies during the three and nine months ended September 30, 2024.
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, 2024 and 2023:
| | | | | | | | | | | |
| (in thousands) | September 30, 2024 | | September 30, 2023 |
| Cash and cash equivalents | $ | 12,453 | | | $ | 14,676 | |
| Restricted cash, included in Other current assets | 1,421 | | | 2,275 | |
| Total cash, cash equivalents and restricted cash | $ | 13,874 | | | $ | 16,951 | |
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires additional disclosures, including more detailed information about segment expenses about a public entity’s reportable segments on an annual and interim basis. The new segment disclosures are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management will review the extent of new disclosures necessary in the coming quarters, prior to implementation in the Company's 2024 Annual Report on Form 10-K. Other than additional disclosures, the Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires additional disclosures primarily related to the rate reconciliation and income taxes paid information. The new income tax disclosures are effective for fiscal years beginning after December 15, 2024. Management will review the extent of new disclosures necessary in the coming years, prior to implementation in the Company's 2025 Annual Report on Form 10-K. Other than additional disclosures, the Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.
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 Yellow Acquisition expanded the Company's market share with a broader geographical footprint and provided the Company with an increase in our clients. Yellow is a provider of marketing solutions serving SMBs in New Zealand. Control was obtained by means of acquiring all the voting interests. 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 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 was allocated to the Thryv Marketing Services segment. The goodwill recognized is not deductible for income tax purposes.
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 represent remaining performance obligations that consist of advance payments and revenue deferrals resulting from the allocation of the consideration to performance obligations. The Company recognizes revenue on all of its remaining performance obligations within the next twelve months. For the three and nine months ended September 30, 2024, the Company recognized revenue of $1.0 million and $37.8 million, respectively, that was recorded in Contract liabilities as of December 31, 2023. 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.
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, 2024 and December 31, 2023, the Company no longer recorded a Level 1 indemnification asset because it was settled on June 22, 2023. 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 (loss). The $15.8 million Indemnity Amount, which was 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 New ABL Facility and Prior ABL Facility (each 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 New Term Loan and Prior Term Loan (each as defined in Note 8, Debt Obligations) are carried at amortized cost; however, the Company estimates the fair value of the New Term Loan and Prior Term Loan for disclosure purposes. The fair values of the New Term Loan and Prior Term Loan are 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 New Term Loan and Prior Term Loan:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| (in thousands) | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value |
| New Term Loan, net | $ | 285,904 | | | $ | 290,372 | | | $ | — | | | $ | — | |
| Prior Term Loan, net | — | | | — | | | 300,052 | | | 300,052 | |
Note 5 Goodwill and Intangible Assets
Goodwill
Management performs its annual goodwill impairment test on October 1 or more frequently if events or changes in circumstances indicate that the goodwill may be impaired.
The goodwill impairment test requires measurement of the fair value of the Company's reporting units, which is compared to the carrying value of the reporting units, including goodwill. Each reporting unit is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and discounted to their present value. Assessing the recoverability of goodwill requires estimates and assumptions about revenue, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. There are inherent uncertainties related to these factors and management’s judgment in applying these factors.
Based on the initial success of client conversions from digital Marketing Services solutions to SaaS solutions, the Company made a strategic decision during the third quarter of 2024 to terminate its Marketing Services solutions by the end of 2028. This strategic decision resulted in an additional accelerated decline in estimated future cash flows, partially offset by operating cost savings from terminating our Marketing Services solutions, and the Company concluded a triggering event had occurred in the Thryv Marketing Services reporting unit during the third quarter of 2024. As a result, the Company recorded a non-cash impairment charge of $83.1 million during the third quarter 2024, reducing the goodwill in its Thryv Marketing Services reporting unit to zero. No goodwill impairment charge was recorded on the Company's other reporting unit during the three and nine months ended September 30, 2024 and 2023.
The Company engaged a third-party valuation firm to assist it in the development of the assumptions and the Company’s determination of the fair value of its reporting units for this interim impairment test. The estimated fair value of the Company’s Marketing Services reporting unit was below its carrying value, including goodwill. The historical secular decline in industry demand for Print services, the historical trending decline in the Company’s Marketing Services client base, continued competition in the consumer search and display space and the projected decline in cash flows from an estimated conversion of certain clients from digital Marketing Services solutions to SaaS solutions impacted the assumptions used to estimate the discounted future cash flows of the Company’s Marketing Services reporting unit for purposes of performing the goodwill impairment test.
The fair value of the Company's SaaS reporting unit substantially exceeded its carrying value.
The following table sets forth the changes in the carrying amount of the Company's goodwill for the nine months ended September 30, 2024 and the year ended December 31, 2023.
| | | | | | | | | | | | | | | | | |
| (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total |
Balance as of December 31, 2022 | $ | 347,120 | | | $ | 218,884 | | | $ | 566,004 | |
Yellow Acquisition (1) | 5,129 | | | — | | | 5,129 | |
| Impairments | (268,800) | | | — | | | (268,800) | |
| Effects of foreign currency translation | 67 | | | — | | | 67 | |
Balance as of December 31, 2023 | $ | 83,516 | | | $ | 218,884 | | | $ | 302,400 | |
| | | | | |
| Impairments | (83,094) | | | — | | | (83,094) | |
| | | | | |
| Effects of foreign currency translation | (422) | | | — | | | (422) | |
Balance as of September 30, 2024 | $ | — | | | $ | 218,884 | | | $ | 218,884 | |
(1) Yellow was included in the Thryv Marketing Services reporting unit.
In the first quarter of 2024, the Company changed its reporting structure from four to two reporting units. Accordingly, the Company assessed its goodwill for impairment under a four reporting unit structure prior to the assessment. Upon completion of this assessment, the Company determined that no impairment existed. Subsequent to this review and after allocating goodwill to the new reporting units based on relative fair value, the Company reassessed goodwill for impairment at the new reporting unit level (i.e., the Marketing Services and SaaS reporting units). Based upon each of these assessments, the Company determined no impairment existed for either of the Company's reporting units.
Intangible Assets
The following tables set forth the details of the Company's intangible assets as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| | As of September 30, 2024 |
| (in thousands) | Gross | | Accumulated
Amortization | | Net | | Weighted
Average
Remaining
Amortization
Period in Years |
| Client relationships | $ | 801,263 | | | $ | (798,682) | | | $ | 2,581 | | | 1.6 |
| Trademarks and domain names | 224,748 | | | (223,986) | | | 762 | | | 4.0 |
| Covenants not to compete | 4,921 | | | (4,811) | | | 110 | | | 1.1 |
| Total intangible assets | $ | 1,030,932 | | | $ | (1,027,479) | | | $ | 3,453 | | | 2.1 |
| | | | | | | | | | | | | | | | | | | | | | | |
| | As of December 31, 2023 |
| (in thousands) | Gross | | Accumulated
Amortization | | Net | | Weighted
Average
Remaining
Amortization
Period in Years |
| Client relationships | $ | 799,882 | | | $ | (787,736) | | | $ | 12,146 | | | 1.4 |
| Trademarks and domain names | 224,423 | | | (220,886) | | | 3,537 | | | 1.9 |
| Covenants not to compete | 10,446 | | | (7,341) | | | 3,105 | | | 0.8 |
| Total intangible assets | $ | 1,034,751 | | | $ | (1,015,963) | | | $ | 18,788 | | | 1.4 |
Amortization expense for intangible assets for the three and nine months ended September 30, 2024 was $3.3 million and $13.7 million, respectively. Amortization expense for intangible assets for the three and nine months ended September 30, 2023 was $6.4 million and $19.1 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 |
| 2024 (remaining) | | $ | 937 | |
| 2025 | | 1,912 | |
| 2026 | | 420 | |
| 2027 | | 140 | |
| 2028 | | 44 | |
| Total | | $ | 3,453 | |
As a result of the goodwill impairment noted above, the Company performed impairment tests during the third quarter of 2024 on its intangible assets and other long-lived assets within the Marketing Services reporting unit. Based on the Company’s analysis, the carrying values of the Company’s definite-lived intangible assets and other long-lived assets were determined to be recoverable, and no impairment was recognized. Accordingly, no impairment charges were recorded during the three and nine months ended September 30, 2023 and 2024.
Note 6 Allowance for Credit Losses
The following table sets forth the Company's allowance for credit losses as of September 30, 2024 and 2023:
| | | | | | | | | | | |
| (in thousands) | 2024 | | 2023 |
| Balance as of January 1 | $ | 14,961 | | | $ | 14,799 | |
| | | |
Additions (1) | 12,256 | | | 10,397 | |
Deductions (2) | (8,294) | | | (11,409) | |
Balance as of September 30 (3) | $ | 18,923 | | | $ | 13,787 | |
(1) For the nine months ended September 30, 2024 and 2023, the Company recorded a provision for credit losses of $12.3 million and $10.4 million, respectively, which is included in General and administrative expense in the Company's consolidated statements of operations and comprehensive (loss). For the three months ended September 30, 2024 and 2023, the Company recorded a provision for credit losses of $3.3 million and $3.1 million, respectively, which is included in General and administrative expense in the Company's consolidated statements of operations and comprehensive (loss).
(2) For the nine months ended September 30, 2024 and 2023, the deductions represent amounts written off as uncollectible, net of recoveries.
(3) As of September 30, 2024, $18.9 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets. 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.
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, 2024 and December 31, 2023:
| | | | | | | | | | | |
| (in thousands) | September 30, 2024 | | December 31, 2023 |
| Accrued salaries and related expenses | $ | 49,927 | | | $ | 57,357 | |
| Accrued expenses | 39,153 | | | 37,889 | |
| Accrued taxes | 7,122 | | | 8,832 | |
| Accrued service credits | 2,237 | | | 1,825 | |
| | | |
| Accrued liabilities | $ | 98,439 | | | $ | 105,903 | |
Note 8 Debt Obligations
The following table sets forth the Company's outstanding debt obligations as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in thousands) | Maturity | | Interest Rate | | September 30, 2024 | | December 31, 2023 |
| New Term Loan | May 1, 2029 | | SOFR + | 6.75% | | $ | 297,500 | | | $ | — | |
| Prior Term Loan | March 1, 2026 | | SOFR + | 8.5% | | — | | | 309,368 | |
| New ABL Facility | May 1, 2028 | | SOFR + | 2.50% - 2.75% | | 21,900 | | | — | |
| Prior ABL Facility | March 1, 2026 | | SOFR + | 3.0% | | — | | | 48,845 | |
| Unamortized original issue discount and debt issuance costs | | | | | | (11,596) | | | (9,316) | |
| Total debt obligations | | | | | | $ | 307,804 | | | $ | 348,897 | |
| Current portion of New Term Loan/Prior Term Loan | | | | | | (52,500) | | | (70,000) | |
| Total long-term debt obligations | | | | | $ | 255,304 | | | $ | 278,897 | |
Term Loan
On May 1, 2024, the Company entered into a new Term Loan Credit Agreement (the “New Term Loan”), the proceeds of which were used to refinance and pay off in full the Company’s previous term loan facility (the “Prior Term Loan”) and to pay fees and expenses related to the refinancing.
The New Term Loan established a senior secured term loan facility (the “New Term Loan Facility”) in an aggregate principal amount equal to $350.0 million, of which 31.8% was held by a related party who was an equity holder of the Company as of May 1, 2024. The Company defines a related party as any shareholder owning more than 5% of the Company's voting securities. As of September 30, 2024, 31.8% of the New Term Loan was held by a related party who was an equity holder of the Company as of that date.
The New Term Loan Facility matures on May 1, 2029 and borrowings under the New Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or base rate, in each case, plus an applicable margin per annum equal to (i) 6.75% (for SOFR loans) and (ii) 5.75% (for base rate loans). The New Term Loan Facility requires mandatory amortization payments, paid quarterly commencing June 30, 2024, equal to (i) $52.5 million per year for the first two years following the closing date of the New Term Loan, and (ii) $35.0 million per year thereafter.
The New Term Loan, which was incurred by Thryv, Inc., the Company’s operating subsidiary, is secured by all the assets of Thryv, Inc., certain of its subsidiaries and the Company, and is guaranteed by the Company and certain of its subsidiaries.
The net proceeds from the New Term Loan of $337.6 million (net of original issue discount costs of $6.3 million and third-party fees of $6.1 million) were used to repay the remaining $300.0 million outstanding principal balance of the Prior Term Loan, accrued interest of $3.8 million, and third-party fees of $0.6 million. The Company accounted for this transaction as a modification for lenders that were party to both the Prior Term Loan and New Term Loan. The debt of the new lenders that were party to the New Term Loan are new issuances, while the other lenders that were party to only the Prior Term Loan were accounted for as an extinguishment.
Accordingly, total third-party fees paid were $6.1 million, of which $2.0 million was immediately charged to General and administrative expense on the Company's consolidated statement of operations and comprehensive (loss). The remaining third-party fees of $4.1 million were deferred as debt issuance costs and will be amortized to interest expense, over the term of the New Term Loan, using the effective interest method. Additionally, there were unamortized debt issuance costs which includes third-party fees and original issue discount costs of $7.8 million on the Prior Term Loan, of which $5.4 million was written off and recorded as a loss on early extinguishment of debt on the Company's consolidated statement of operations and comprehensive (loss). The remaining unamortized debt issuance costs of $2.4 million were deferred as debt issuance costs and will be amortized to interest expense, over the term of the New Term Loan, using the effective interest method.
The Company has recorded accrued interest of $0.1 million and $1.1 million as of September 30, 2024 and December 31, 2023, respectively. Accrued interest is included in Other current liabilities on the Company's consolidated balance sheets.
Term Loan Covenants
The New Term Loan Facility contains certain covenants that, subject to exceptions, limit or restrict the Company’s ability to, among others, incur additional indebtedness, guarantees and liens; make investments, loans and advances; dispose of assets and make sale-leaseback transactions; enter into swap agreements; make payments of dividends and other distributions; make payments in respect of certain indebtedness; enter into certain affiliate transactions and restrictive amendments to certain agreements; change its lines of business; amend certain material documents; consummate certain mergers, consolidations and liquidations; and use the proceeds of the term loans.
Additionally, the Company is required to maintain compliance with (a) a maximum “Total Net Leverage Ratio”, calculated as the ratio of “Consolidated Total Net Indebtedness” to “Consolidated EBITDA” (in each case, as defined in the New Term Loan, which shall not be 3.0 to 1.0 as of the last day of each fiscal quarter and (b) a minimum “SaaS Revenue” (as defined in the New Term Loan), which shall not be less than the quarterly thresholds set forth in the New Term Loan Agreement as of the last day of each fiscal quarter. As of September 30, 2024, the Company was in compliance with its New Term Loan covenants. The Company also expects to be in compliance with these covenants for the next twelve months.
ABL Facility
On May 1, 2024, the Company entered into a new Credit Agreement (the “ABL Credit Agreement”), which established a new $85.0 million asset-based revolving loan facility (the “New ABL Facility”). The New ABL Facility refinanced the Company’s previous asset-based revolving loan facility (the “Prior ABL Facility”). Proceeds of the New ABL Facility may be used by the Company for ongoing general corporate purposes and working capital.
The New ABL Facility matures on May 1, 2028 and borrowings under the New ABL Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or base rate, in each case, plus an applicable margin per annum, depending on the average excess availability under the New ABL Facility, equal to (i) 2.50% to 2.75% (for SOFR loans) and (ii) 1.50% to 1.75% (for base rate loans). The fee for undrawn commitments under the New ABL Facility is equal to 0.375% per annum.
The Company accounted for this transaction as an extinguishment of the Prior ABL Facility. Total third-party fees and lender fees of $1.2 million associated with the New ABL Facility, were deferred as debt issuance costs and will be amortized as interest expense, over the term of the New ABL Facility. Additionally, the unamortized debt issuance costs associated with the Prior ABL Facility of $1.2 million, were written off and recorded as a loss on early extinguishment of debt on the Company's consolidated statement of operations and comprehensive (loss).
As of September 30, 2024 and December 31, 2023, the Company had debt issuance costs with a remaining balance of $1.1 million and $1.4 million, respectively. These debt issuance costs are included in Other assets on the Company's consolidated balance sheets.
As of September 30, 2024, the Company had borrowing base availability of $60.9 million. As a result of certain restrictions in the Company's debt agreements, as of September 30, 2024, approximately $50.3 million was available to be drawn upon under the New ABL Facility.
ABL Facility Covenants
The ABL Credit Agreement contains certain covenants that, subject to exceptions, limit or restrict the Company’s ability to, among others, incur additional indebtedness, guarantees and liens; make investments, loans and advances; dispose of assets and make sale-leaseback transactions; enter into swap agreements; make payments of dividends and other distributions; make payments in respect of certain indebtedness; enter into certain affiliate transactions and restrictive amendments to certain agreements; change its lines of business; amend certain material documents; consummate certain mergers, consolidations and liquidations; and use the proceeds of the revolving loans.
Additionally, the Company is required to maintain compliance with (a) a minimum “Fixed Charge Coverage Ratio”, calculated as the ratio of “Consolidated EBITDA” minus unfinanced capital expenditures to “Fixed Charges” (in each case, as defined in the ABL Credit Agreement), which shall not be less than 1.0 to 1.0 as of the last day of each fiscal quarter and
(b) a minimum “Excess Availability” (as defined in the ABL Credit Agreement) of at least $8.5 million at all times. As of September 30, 2024, the Company was in compliance with its ABL Credit Agreement 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 for the Company's pension plans:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
| Interest cost | $ | 4,824 | | | $ | 5,138 | | | $ | 14,472 | | | $ | 16,048 | |
| Expected return on assets | (3,243) | | | (3,223) | | | (9,729) | | | (10,384) | |
| Settlement (gain) | — | | | — | | | — | | | (420) | |
| Remeasurement (gain) | — | | | (13) | | | — | | | (1,356) | |
| Net periodic pension cost | $ | 1,581 | | | $ | 1,902 | | | $ | 4,743 | | | $ | 3,888 | |
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 than $0.1 million and $1.4 million, respectively.
During the three and nine months ended September 30, 2024, 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, 2023, the Company made no cash contributions 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 2024, the Company expects to contribute approximately $10.0 million to the qualified plans and approximately $0.5 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 (loss) during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
| Cost of services | $ | 160 | | | $ | 174 | | | $ | 507 | | | $ | 496 | |
| Sales and marketing | 1,915 | | | 2,691 | | | 5,255 | | | 8,303 | |
| General and administrative | 3,936 | | | 2,597 | | | 11,891 | | | 7,854 | |
| Stock-based compensation expense | $ | 6,011 | | | $ | 5,462 | | | $ | 17,653 | | | $ | 16,653 | |
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) | 2024 | | 2023 | | 2024 | | 2023 |
| RSUs | $ | 3,101 | | | $ | 2,423 | | | $ | 9,685 | | | $ | 7,243 | |
| PSUs | 2,559 | | | 2,379 | | | 6,664 | | | 6,994 | |
| Stock options | 145 | | | 419 | | | 435 | | | 1,260 | |
| ESPP | 206 | | | 241 | | | 869 | | | 1,156 | |
| Stock-based compensation expense | $ | 6,011 | | | $ | 5,462 | | | $ | 17,653 | | | $ | 16,653 | |
Restricted Stock Units
The following table sets forth the Company's restricted stock unit (“RSU”) activity during the nine months ended September 30, 2024:
| | | | | | | | | | | | | | | |
| | Number of Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | |
| | | | | |
Nonvested balance as of December 31, 2023 | 992,464 | | $ | 21.52 | | | | | |
| Granted | 891,598 | | 18.42 | | | | |
| Vested | (440,655) | | 22.12 | | | | |
| Forfeited | (231,440) | | 19.32 | | | | |
Nonvested balance as of September 30, 2024 | 1,211,967 | | $ | 19.44 | | | | | |
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, 2024, the unrecognized stock-based compensation expense related to the unvested portion of the Company's RSU awards was approximately $15.8 million and is expected to be recognized over a weighted-average period of 1.73 years.
During the nine months ended September 30, 2024, the Company issued an aggregate of 440,655 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, 2024:
| | | | | | | | | | | | | | | |
| | Number of Performance-Based Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | |
| | | | | |
Nonvested balance as of December 31, 2023 | 1,130,779 | | $ | 23.68 | | | | | |
| Granted | 693,936 | | 18.89 | | | | |
| Vested | (122,241) | | 26.33 | | | | |
| Forfeited | (352,116) | | 22.31 | | | | |
Nonvested balance as of September 30, 2024 | 1,350,358 | | $ | 22.01 | | | | | |
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 certain performance measures 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. The 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. The 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, 2024, the nonvested balance of PSUs that vest based on performance and market conditions are 729,894 and 1,094,821 shares, respectively.
As of September 30, 2024, the unrecognized stock-based compensation expense related to the unvested portion of the Company's PSU awards was approximately $12.7 million and is expected to be recognized over a weighted-average period of 1.39 years.
Stock Options
As of September 30, 2024, the unrecognized stock-based compensation expense related to the unvested portion of the Company's stock options was less than $0.1 million, and is expected to be recognized over a weighted-average period of less than 0.1 years. As of September 30, 2024, there were 83,334 stock options expected to vest with a weighted-average grant-date fair value of $13.82.
During the nine months ended September 30, 2024, the Company issued an aggregate of 588,611 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, 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.
Employee Stock Purchase Plan
During the nine months ended September 30, 2024, the Company issued 149,983 shares through the Employee Stock Purchase Plan (“ESPP”). During the nine months ended September 30, 2023, the Company issued 189,837 shares through the ESPP.
Share Repurchase Program
On April 30, 2024, the Board authorized a new share repurchase program (the “Share Repurchase Program”), under which the Company may repurchase up to $40 million in shares of common stock through April 30, 2029. The repurchase program will be subject to market conditions, the periodic capital needs of the Company’s operating activities, and the continued satisfaction of all covenants under the Company’s New Term Loan and ABL Credit Agreement. The Share
Repurchase Program does not obligate the Company to repurchase shares and may be suspended, terminated, or modified at any time.
On June 20, 2024, the Company repurchased approximately 26,495 shares of its outstanding common stock. The total purchase price of this transaction was approximately $0.5 million. The acquired shares were recorded as Treasury stock upon repurchase.
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, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands, except share and per share amounts) | 2024 | | 2023 | | 2024 | | 2023 |
| Basic net (loss) per share: | | | | | | | |
| Net (loss) | $ | (96,071) | | | $ | (27,046) | | | $ | (82,099) | | | $ | (1,754) | |
| Weighted-average common shares outstanding during the period | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | |
| Basic net (loss) per share | $ | (2.65) | | | $ | (0.78) | | | $ | (2.28) | | | $ | (0.05) | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands, except share and per share amounts) | 2024 | | 2023 | | 2024 | | 2023 |
| Diluted net (loss) per share: | | | | | | | |
| Net (loss) | $ | (96,071) | | | $ | (27,046) | | | $ | (82,099) | | | $ | (1,754) | |
| Weighted-average basic shares outstanding during the period | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | |
| Plus: Common stock equivalents associated with stock-based compensation | — | | | — | | | — | | | — | |
| Weighted-average diluted shares outstanding | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | |
| Diluted net (loss) per share | $ | (2.65) | | | $ | (0.78) | | | $ | (2.28) | | | $ | (0.05) | |
| | | | | | | |
| | | | | | | |
The computation of weighted-average 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, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Outstanding RSUs | 36,334 | | | — | | | 228,681 | | | 218,804 | |
| Outstanding PSUs | — | | | 147,914 | | | 221,326 | | | 238,655 | |
| Outstanding ESPP shares | 61,442 | | | 38,581 | | | 228,707 | | | 64,091 | |
| Outstanding stock warrants | — | | | — | | | — | | | 3,489,662 | |
Note 12 Income Taxes
The Company’s effective tax rate (“ETR”) was 5.3% and (8.8%) for the three and nine months ended September 30, 2024, respectively, and 27.5% and 83.9% for the three and nine months ended September 30, 2023, respectively. The Company's ETR differs from the U.S. Federal statutory rate of 21% primarily due to permanent differences, including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, change in valuation allowance due to expiring net operating losses, and the discrete impact of interest accrual on uncertain tax positions, goodwill impairment as further discussed in Note 5, Goodwill and Intangible Assets, and the debt refinance further discussed in Note 8, Debt Obligations.
As of September 30, 2024 and December 31, 2023, the amount of unrecognized tax benefits was $18.1 million and $17.1 million, respectively, excluding interest and penalties, that if recognized, would impact the effective tax rate. As of September 30, 2024 and December 31, 2023, the Company had $10.7 million and $9.0 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.
Risks Related to Taxes and Tariffs
The international tax environment remains highly uncertain and increasingly complex as evidenced by initiatives put forth by the Organization for Economic Co-operation and Development (“OECD”), which includes the introduction of a global minimum tax at a rate of 15% under the OECD’s Pillar Two rules. We continue to monitor these proposals closely and, if enacted by various countries in which we do business, they may increase our taxes in the applicable jurisdictions or cause us to change the way we operate our business and result in increased taxation of our international earnings. As of the nine months ended September 30, 2024, Pillar Two legislation enacted by countries in which Thryv operates is not expected to materially impact the Company’s taxes in 2024.
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 (loss), balance sheets or cash flows.
Regulatory Matter
In October 2024, the Company received a subpoena from the Division of Enforcement of the SEC requesting documents and information related to the Company’s previously publicly announced strategic conversion of its clients from its digital marketing services solutions platform to its SaaS solutions platform. The Company is cooperating fully. The SEC noted that the investigation is a fact-finding inquiry and does not mean that it has concluded that anyone has violated the law.
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. Several appeals conferences for YP have been held. The Company and the IRS also 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 has been unsuccessful in its attempt to negotiate a settlement with IRS Appeals, and the IRS issued a 90-day notice to the Company. The Company filed a petition in the U.S. Tax Court to challenge the IRS denial.
As of September 30, 2024 and December 31, 2023, the Company has reserved $27.7 million and $26.1 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. Once finalized, the Draft Settlement will result in a decrease in the unrecognized tax benefit recorded for this tax position. During the year ended December 31, 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, 2024, 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, 2024 and 2023:
| | | | | | | | | | | | | | | | | |
| | | | | Accumulated Other Comprehensive Loss |
| (in thousands) | | | | | 2024 | | 2023 |
| Beginning balance at January 1, | | | | | $ | (15,191) | | | $ | (16,261) | |
Foreign currency translation adjustment, net of tax expense of $0.4 million and $1.8 million, respectively | | | | | 1,132 | | | (4,332) | |
Ending balance at September 30, | | | | | $ | (14,059) | | | $ | (20,593) | |
Note 15 Segment Information
During the first quarter of 2024, the Company changed the internal reporting provided to the CODM. As a result, the Company reevaluated its segment reporting, as discussed in Note 1, Description of Business and Summary of Significant Accounting Policies. The Company determined that the Company manages its operations using two operating segments, which are also its reportable segments: (1) Thryv Marketing Services and (2) Thryv SaaS. Comparative prior periods have been recast to reflect the current presentation.
The Company does not allocate assets to its segments and the CODM 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, 2024 |
| (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total |
| Revenue | $ | 92,797 | | | $ | 87,055 | | | $ | 179,852 | |
| Segment Gross Profit | 51,374 | | | 60,607 | | | 111,981 | |
| Segment Adjusted EBITDA | 9,309 | | | 10,314 | | | 19,623 | |
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total |
| Revenue | $ | 116,462 | | | $ | 67,360 | | | $ | 183,822 | |
| Segment Gross Profit | 60,776 | | | 42,868 | | | 103,644 | |
| Segment Adjusted EBITDA | 7,835 | | | (504) | | | 7,331 | |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 |
| (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total |
| Revenue | $ | 398,389 | | | $ | 239,171 | | | $ | 637,560 | |
| Segment Gross Profit | 252,219 | | | 161,991 | | | 414,210 | |
| Segment Adjusted EBITDA | 109,137 | | | 23,914 | | | 133,051 | |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total |
| Revenue | $ | 491,051 | | | $ | 189,747 | | | $ | 680,798 | |
| Segment Gross Profit | 299,305 | | | 119,232 | | | 418,537 | |
| Segment Adjusted EBITDA | 129,717 | | | 5,522 | | | 135,239 | |
A reconciliation of the Company’s (Loss) 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) | 2024 | | 2023 | | 2024 | | 2023 |
| (Loss) before income tax benefit (expense) | $ | (101,446) | | | $ | (37,287) | | | $ | (75,459) | | | $ | (10,927) | |
| Interest expense | 11,514 | | | 15,131 | | | 37,048 | | | 47,911 | |
| Depreciation and amortization expense | 12,519 | | | 15,842 | | | 41,144 | | | 46,940 | |
| Stock-based compensation expense | 6,011 | | | 5,462 | | | 17,653 | | | 16,653 | |
| Restructuring and integration expenses | 4,861 | | | 3,584 | | | 17,679 | | | 12,845 | |
Transaction costs (1) | 1,706 | | | — | | | 1,706 | | | 373 | |
| Other components of net periodic pension cost | 1,581 | | | 1,902 | | | 4,743 | | | 3,888 | |
| Loss on early extinguishment of debt | — | | | — | | | 6,638 | | | — | |
| Non-cash loss from remeasurement of indemnification asset | — | | | — | | | — | | | 10,734 | |
| Impairment charges | 83,094 | | | — | | | 83,094 | | | — | |
| Other | (217) | | | 2,697 | | | (1,195) | | | 6,822 | |
| Total Segment Adjusted EBITDA | $ | 19,623 | | | $ | 7,331 | | | $ | 133,051 | | | $ | 135,239 | |
(1)Consists of expenses related to the Keap Acquisition during the three and nine months ended September 30, 2024 and the Yellow Acquisition during the nine months ended September 30, 2023.
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) | 2024 | | 2023 | | 2024 | | 2023 |
| Thryv Marketing Services | | | | | | | |
| Print | $ | 44,174 | | | $ | 22,222 | | | $ | 211,441 | | | $ | 186,082 | |
| Digital | 48,623 | | | 94,240 | | | 186,948 | | | 304,969 | |
| Total Thryv Marketing Services | 92,797 | | | 116,462 | | | 398,389 | | | 491,051 | |
| Thryv SaaS | 87,055 | | | 67,360 | | | 239,171 | | | 189,747 | |
| Revenue | $ | 179,852 | | | $ | 183,822 | | | $ | 637,560 | | | $ | 680,798 | |
Revenue by geography is based on the location of the customer. The following table sets forth the Company's disaggregation of Revenue based on geographic region for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
| United States | $ | 156,016 | | | $ | 157,534 | | | $ | 530,585 | | | $ | 560,795 | |
| International | 23,836 | | | 26,288 | | | 106,975 | | | 120,003 | |
| Revenue | $ | 179,852 | | | $ | 183,822 | | | $ | 637,560 | | | $ | 680,798 | |
Thryv Australia's revenue attributed to the International region was approximately 11.2% and 12.5% of total revenue for the three months ended September 30, 2024 and 2023, respectively, and 14.6% and 16.3% for the nine months ended September 30, 2024 and 2023, respectively. No other individual country from the International region contributed more than 10% of total revenue for the three and nine months ended September 30, 2024 and 2023.
Note 16 Subsequent Events
Keap Acquisition and Equity Offering
On October 31, 2024, the Company acquired all of the outstanding capital stock of Infusion Software, Inc. (“Keap”) for $80.0 million of cash, subject to adjustment. Keap was founded in 2001 and operates a SaaS e-mail marketing and sales platform for small businesses, including products to manage customers, customer relationship management, marketing and e-commerce.
To finance the purchase price, the Company closed an underwritten public offering of 5,715,000 shares of common stock, generating proceeds before expenses of $76.0 million and borrowed $5.5 million under its New ABL Facility.
As a result of limited access to the information required to prepare the initial accounting, the initial accounting for the Keap acquisition is incomplete and we are unable to provide the amounts that will be recognized at the acquisition date for the major classes of assets acquired and liabilities assumed, pre-existing contingencies, goodwill or other intangible assets at the time of this Quarterly Report on Form 10-Q.
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” in our 2023 Form 10-K, elsewhere in this Quarterly Report on Form 10-Q, particularly Part II, Item 1A. "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 providers of SaaS end-to-end customer experience tools and digital marketing solutions (“Digital”) 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. We serve approximately 300,000 SMB clients globally through two business segments: Thryv Marketing Services and Thryv SaaS.
Our Thryv Marketing Services segment provides both print and digital solutions and generated $92.8 million and $116.5 million of consolidated revenue for the three months ended September 30, 2024 and 2023, respectively, and $398.4 million and $491.1 million of consolidated revenue for the nine months ended September 30, 2024 and 2023, respectively. Our Marketing Services offerings include our owned and operated Print Yellow Pages (“Print”), which carry the “The Real Yellow Pages” tagline, 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 advertising, online presence, and search engine optimization tools. Our Thryv Marketing Services segment includes Thryv Australia Pty Ltd (“Thryv Australia”), 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. Thryv Australia and Yellow serve approximately 81,000 and 16,000 Marketing Services SMBs, respectively, many of which we believe are ideal candidates for the Thryv platform.
Our Thryv SaaS segment generated $87.1 million and $67.4 million of consolidated revenue for the three months ended September 30, 2024 and 2023, respectively and $239.2 million and $189.7 million of consolidated revenue for the nine months ended September 30, 2024 and 2023, respectively. Our primary SaaS offerings are comprised of Thryv®, our flagship all-in-one small business management platform (“Thryv Platform”), which includes Command Center, Business Center, Marketing Center, ThryvPaySM, and Thryv Add-Ons. Thryv Command Center enables SMBs to centralize all their internal and external communications through a modular, easily expandable, and customizable platform. Command Center allows an SMB to do the following to provide a centralized inbox for all customer communication:
•Connect their pre-existing email, Facebook and Instagram accounts;
•Install Command Center’s WebChat client on their website; and
•Use Voice over Internet Protocol (“VoIP”) in-platform telephony services, Short Message Service (“SMS”) and video calls.
Thryv Business Center is designed to allow a SMB everything necessary to streamline day-to-day business operations, 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. 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, and lead attribution, helping them understand what marketing is working for them. 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 AI-assisted website development, SEO tools, Google Business Profile optimization, Hub by ThryvSM, and Thryv Leads. 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 expertise in delivering solutions for our client base is rooted in our deep history of serving SMBs. In 2024, SMB demand for integrated technology solutions continues to grow as SMBs adapt their business and service model to facilitate remote working and virtual interactions.
Keap Acquisition and Equity Offering
On October 31, 2024, the Company acquired all of the outstanding capital stock of Infusion Software, Inc. (“Keap”) for $80.0 million of cash, subject to adjustment. Keap was founded in 2001 and operates a SaaS e-mail marketing and sales platform for small businesses, including products to manage customers, customer relationship management, marketing and e-commerce. As of June 30, 2024, Keap's customer base consisted of approximately 17,000 subscribers.
To finance the purchase price, the Company closed an underwritten public offering of 5,715,000 shares of common stock, generating proceeds before expenses of $76.0 million and borrowed $5.5 million under its New ABL Facility.
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, retain, and expand the spend of 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 Marketing Services clients and our existing SaaS client base - offering them additional SaaS solutions. 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. This strategy poses a risk if our Marketing Services clients do not fully embrace the transition to SaaS solutions by increasing their spend.
Investment in Growth
We intend to continue to develop and grow a profitable SaaS segment to better help SMBs manage their businesses, while maintaining strong profitability within our Marketing Services segment, which serves as an efficient customer acquisition channel for our SaaS platform. As a result, SaaS has been able to achieve profitable growth. 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 SMB markets in the United States, Australia, New Zealand and Canada and plan to leverage strategic acquisitions or initiatives to expand our client base domestically and enter new markets internationally. Identifying proper targets and executing strategic acquisitions may take substantial time and capital. On October 31, 2024, we completed the acquisition of Keap. On April 3, 2023, we completed the acquisition of Yellow, a New Zealand marketing services company. 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, 18-month publication cycles in New Zealand, and 15 to 24-month publication cycles in the U.S. As a result, we typically record revenue for each publication only once every 12 to 24 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 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) | 2024 | | 2023 |
Clients (1) | | | |
Marketing Services (2) | 251 | | | 335 | |
SaaS (3) | 96 | | | 66 | |
Total (4) | 295 | | | 364 | |
(1) Clients include total clients from both of our business segments: Thryv Marketing Services and Thryv 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 84 thousand, or 25%, as of September 30, 2024 as compared to September 30, 2023. The decrease in Marketing Services clients was related to the secular decline in the print media industry, significant competition in the digital media space, and from focusing on offering our SaaS solutions to our current Marketing Services clients.
SaaS clients increased by 30 thousand, or 45%, as of September 30, 2024 as compared to September 30, 2023. The increase in SaaS clients was primarily driven by the Company’s strategic decision during the fourth quarter of 2023 to accelerate the conversion of clients from its digital Marketing Services solutions to its SaaS solutions, as well as continuing to focus on new SaaS client acquisition through improved identification of prospects, improved selling methods, introduction of new product features, and a small but growing international footprint.
Total clients decreased by 69 thousand, or 19%, as of September 30, 2024 as compared to September 30, 2023. 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, |
| 2024 | | 2023 | | 2024 | | 2023 |
| ARPU (Monthly) | | | | | | | |
| Marketing Services | $ | 126 | | | $ | 155 | | | $ | 137 | | | $ | 161 | |
| SaaS | 307 | | | 365 | | | 333 | | | 373 | |
Monthly ARPU for Marketing Services decreased by $29, or 19%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, and decreased by $24, or 15%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. 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 larger digital media audiences. This decrease in ARPU was further driven by an ongoing 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 $58, or 16%, during the three months ended September 30, 2024 compared to the three months ended September 30, 2023, and decreased by $40, or 11%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decrease in SaaS ARPU during the three months ended September 30, 2024 resulted from our strategic decision to accelerate the conversion of clients from digital Marketing Services solutions to SaaS solutions at a price lower than some of our SaaS products. The sale of our newer Marketing Center product to our SaaS clients offset a portion of the SaaS decline.
Key Components of Our Results of Operations
Revenue
We generate revenue from our two business segments: Thryv Marketing Services and Thryv SaaS. Our primary sources of revenue in our Thryv Marketing Services segment are Print and Digital services. Our primary source of revenue in our Thryv SaaS segment are our SaaS solutions.
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, and other expense, which includes loss on early extinguishment of debt, 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, |
| 2024 | | 2023 |
| (unaudited) |
| (in thousands of $) | Amount | | % of Revenue | | Amount | | % of Revenue |
| Revenue | $ | 179,852 | | | 100 | % | | $ | 183,822 | | | 100 | % |
| Cost of services | 67,871 | | | 37.7 | % | | 80,178 | | | 43.6 | % |
| Gross profit | 111,981 | | | 62.3 | % | | 103,644 | | | 56.4 | % |
| | | | | | | | |
| Operating expenses: | | | | | | | |
| Sales and marketing | 66,484 | | | 37.0 | % | | 74,755 | | | 40.7 | % |
| General and administrative | 50,972 | | | 28.3 | % | | 48,267 | | | 26.3 | % |
| Impairment charges | 83,094 | | | 46.2 | % | | — | | | — | % |
| Total operating expenses | 200,550 | | | 111.5 | % | | 123,022 | | | 66.9 | % |
| | | | | | | |
| Operating loss | (88,569) | | | 49.2 | % | | (19,378) | | | 10.5 | % |
| | | | | | | |
| Other income (expense): | | | | | | | |
| Interest expense | (11,514) | | | 6.4 | % | | (15,131) | | | 8.2 | % |
| | | | | | | |
| Other components of net periodic pension cost | (1,581) | | | 0.9 | % | | (1,902) | | | 1.0 | % |
| Other income (expense) | 218 | | | 0.1 | % | | (876) | | | 0.5 | % |
| (Loss) before income tax benefit | (101,446) | | | 56.4 | % | | (37,287) | | | 20.3 | % |
| Income tax benefit | 5,375 | | | 3.0 | % | | 10,241 | | | 5.6 | % |
| Net (loss) | $ | (96,071) | | | 53.4 | % | | $ | (27,046) | | | 14.7 | % |
| Other financial data: | | | | | | | |
Adjusted EBITDA(1) | $ | 19,623 | | | 10.9 | % | | $ | 7,331 | | | 4.0 | % |
Adjusted Gross Profit(2) | $ | 116,839 | | | | | $ | 110,604 | | | |
Adjusted Gross Margin(3) | 65.0 | % | | | | 60.2 | % | | |
(1) See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income (loss), the most directly comparable measure presented in accordance with GAAP.
(2) 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.
(3) See “Non-GAAP Financial Measures” for a definition of Adjusted Gross Margin.
Comparison of the Three Months Ended September 30, 2024 to the Three Months Ended September 30, 2023
Revenue
The following table summarizes Revenue by business segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Change |
| 2024 | | 2023 | | Amount | | % |
| (in thousands of $) | (unaudited) | | | | |
| Thryv Marketing Services | $ | 92,797 | | | $ | 116,462 | | | $ | (23,665) | | | (20.3) | % |
| Thryv SaaS | 87,055 | | | 67,360 | | | 19,695 | | | 29.2 | % |
| Revenue | $ | 179,852 | | | $ | 183,822 | | | $ | (3,970) | | | (2.2) | % |
Revenue decreased by $4.0 million, or 2.2%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The decrease was driven by a decrease in Thryv Marketing Services revenue of $23.7 million, partially offset by an increase in Thryv SaaS revenue of $19.7 million.
Thryv Marketing Services Revenue
Thryv Marketing Services revenue decreased by $23.7 million, or 20.3%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Print revenue increased by $22.0 million, or 98.8%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. This increase in Print revenue was primarily driven by the impact of publication timing differences of our U.S directories, as a result of our Print agreements having greater than 12 month terms. This increase was partially offset by the continued secular decline in U.S. and international 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 18 months for U.S. directories. As a result of recognizing revenue upon delivery, we typically record revenue for each published U.S. directory only once every 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 Company recognized revenue for more published directories during the three months ended September 30, 2024 compared to the three months ended September 30, 2023. This increase in published directories was partially offset by the secular decline in industry demand for Print services, resulting in an overall 24% decline in revenue for the quarter when comparing on a publication-by-publication basis.
Digital revenue decreased by $45.6 million, or 48.4%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The decrease was primarily driven by the Company’s strategic decision during the fourth quarter of 2023 to accelerate the upgrade of clients from its digital Marketing Services solutions to its SaaS solutions. Digital revenue further decreased due to 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.
Thryv SaaS revenue increased by $19.7 million, or 29.2%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase was primarily driven by the Company’s strategic decision during the fourth quarter of 2023 to accelerate the conversion of clients from its digital Marketing Services solutions to its SaaS solutions. SaaS revenue also increased as a result of increased demand for our Thryv SaaS solutions 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.
Cost of Services
Cost of services decreased by $12.3 million, or 15.3%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. This decrease was primarily driven by the corresponding decline in revenue and strategic cost saving initiatives. Specifically, we reduced printing, distribution, digital and fulfillment costs by $3.6 million, contract services by $2.5 million, employee-related expenses by $2.3 million, and software expense by $1.3 million.
Additionally, depreciation and amortization expense decreased by $2.1 million due to the accelerated amortization method used by the Company.
Gross Profit
Gross profit increased by $8.3 million, or 8.0%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Our gross margin also increased by 590 basis points to 62.3% for the three months ended September 30, 2024 compared to 56.4% for the three months ended September 30, 2023. This increase was primarily due to an increase in sales of our higher margin SaaS solutions and the 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. Additionally, the increase was due to 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 $8.3 million, or 11.1%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The decrease was primarily attributable to a decrease in employee-related costs of $1.8 million and a decrease in contract services expense of $1.8 million due to strategic cost-saving initiatives, a decrease in advertising expenses of $1.7 million, a decrease in stock-based compensation expense of $0.8 million, and a decrease in sales commissions of $0.7 million due to new sales commissions plans and revised targets. Additionally, depreciation and amortization expense decreased $1.2 million due to the accelerated amortization method used by the Company.
General and Administrative
General and administrative expense increased by $2.7 million, or 5.6%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase was primarily attributable to a $1.7 million increase in transaction costs related to the Keap acquisition and an increase in stock-based compensation expense of $1.3 million.
Impairment Charges
Impairment charges increased by $83.1 million for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Impairment charges of $83.1 million were recognized as a result of a goodwill impairment in our Thryv Marketing Services reporting unit during the three months ended September 30, 2024, while no impairment charges were recognized in our Thryv Marketing Services reporting unit during the three months ended September 30, 2023.
Other Income (Expense)
Interest Expense
Interest expense decreased by $3.6 million, or 23.9%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, driven primarily by lower outstanding debt balances as well as lower interest rates.
Other Components of Net Periodic Pension Cost
Other components of net periodic pension cost decreased by $0.3 million for the three months ended September 30, 2024. This decrease was primarily due a decrease of $0.3 million in interest cost, due to lower interest rates. No settlement gain or remeasurement gain was recorded during the three months ended September 30, 2024.
Other Income (Expense)
Other income (expense) increased by $1.1 million for the three months ended September 30, 2024. This increase was primarily due to an increase in foreign-currency related gain of $0.2 million during the three months ended September 30, 2024 compared to a foreign-currency related loss of $0.9 million during the three months ended September 30, 2023.
Income Tax Benefit
The Company's effective tax rate (“ETR”) was 5.3% and 27.5% for the three months ended September 30, 2024 and 2023, respectively. The Company's ETR differs from the U.S. Federal statutory rate of 21% primarily due to permanent differences including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, change in valuation allowance due to expiring net operating losses, and the discrete impact of interest accrual on uncertain tax positions, goodwill impairment as further discussed in Note 5, Goodwill and Intangible Assets, and the debt refinancing discussed in Note 8, Debt Obligations.
Adjusted EBITDA
Adjusted EBITDA increased by $12.3 million, or 167.7%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The increase in Adjusted EBITDA was primarily driven by the increase in sales of our higher margin SaaS solutions. The increase was partially offset by the secular decline in our Thryv Marketing Services segment. See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income (loss), 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, |
| 2024 (1) | | 2023 (1) |
| (unaudited) |
| (in thousands of $) | Amount | | % of Revenue | | Amount | | % of Revenue |
| Revenue | $ | 637,560 | | | 100 | % | | $ | 680,798 | | | 100 | % |
| Cost of services | 223,350 | | | 35.0 | % | | 262,261 | | | 38.5 | % |
| Gross profit | 414,210 | | | 65.0 | % | | 418,537 | | | 61.5 | % |
| | | | | | | | |
| Operating expenses: | | | | | | | |
| Sales and marketing | 201,984 | | | 31.7 | % | | 226,781 | | | 33.3 | % |
| General and administrative | 155,229 | | | 24.3 | % | | 149,642 | | | 22.0 | % |
| Impairment charges | 83,094 | | | 13.0 | % | | — | | | — | % |
| Total operating expenses | 440,307 | | | 69.1 | % | | 376,423 | | | 55.3 | % |
| | | | | | | |
| Operating (loss) income | (26,097) | | | 4.1 | % | | 42,114 | | | 6.2 | % |
| | | | | | | |
| Other income (expense): | | | | | | | |
| Interest expense | (37,048) | | | 5.8 | % | | (47,911) | | | 7.0 | % |
| | | | | | | |
| Other components of net periodic pension cost | (4,743) | | | 0.7 | % | | (3,888) | | | 0.6 | % |
| Other expense | (7,571) | | | 0.1 | % | | (1,242) | | | 0.2 | % |
| (Loss) before income tax (expense) benefit | (75,459) | | | 11.8 | % | | (10,927) | | | 1.6 | % |
| Income tax (expense) benefit | (6,640) | | | 1.0 | % | | 9,173 | | | 1.3 | % |
| Net (loss) | $ | (82,099) | | | 12.9 | % | | $ | (1,754) | | | 0.3 | % |
| Other financial data: | | | | | | | |
Adjusted EBITDA(2) | $ | 133,051 | | | 20.9 | % | | $ | 135,239 | | | 19.9 | % |
Adjusted Gross Profit(3) | $ | 431,057 | | | | | $ | 440,426 | | | |
Adjusted Gross Margin(4) | 67.6 | % | | | | 64.7 | % | | |
(1) Consolidated results of operations includes Yellow's results of operations subsequent to the April 3, 2023 acquisition date.
(2) See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income (loss), 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 Nine Months Ended September 30, 2024 to the Nine Months Ended September 30, 2023
Revenue
The following table summarizes Revenue by business segment for the periods indicated:
| | | | | | | | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | Change |
| 2024 | | 2023 | | Amount | | % |
| (in thousands of $) | (unaudited) | | | | |
| Thryv Marketing Services | $ | 398,389 | | | $ | 491,051 | | | $ | (92,662) | | | (18.9) | % |
| Thryv SaaS | 239,171 | | | 189,747 | | | 49,424 | | | 26.0 | % |
| Revenue | $ | 637,560 | | | $ | 680,798 | | | $ | (43,238) | | | (6.4) | % |
Revenue decreased by $43.2 million, or 6.4%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decrease was driven by a decrease in Thryv Marketing Services revenue of $92.7 million partially offset by an increase in Thryv U.S. SaaS revenue of $49.4 million.
Thryv Marketing Services Revenue
Thryv Marketing Services revenue decreased by $92.7 million, or 18.9%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
Print revenue increased by $25.4 million, or 13.6%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. This increase 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. This increase was partially offset by the continued secular decline in U.S. and international 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 18 months for U.S. directories. As a result of recognizing revenue upon delivery, we typically record revenue for each published U.S. directory only once every 18 months, depending on the publication cycle of the individual published directory, which does not make comparing revenue year-over-year fully representative of actual demand trends due to timing of publication cycles. The Company recognized revenue for more published directories during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. This increase in published directories was partially offset the secular decline in industry demand for Print services, resulting in an overall 30% decline in revenue for the nine months ended September 30, 2024 when comparing on a publication-by-publication basis.
Digital revenue decreased by $118.0 million, or 38.7%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decrease was primarily driven by the Company’s strategic decision during the fourth quarter of 2023 to accelerate the upgrade of clients from its digital Marketing Services solutions to its SaaS solutions. Digital revenue further decreased due to 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.
Thryv SaaS Revenue
Thryv SaaS revenue increased by $49.4 million, or 26.0%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase was primarily driven by the Company’s strategic decision during the fourth quarter of 2023 to accelerate the conversion of clients from its digital Marketing Services solutions to its SaaS solutions. SaaS revenue also increased as a result of increased demand for our Thryv SaaS solutions 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.
Cost of Services
Cost of services decreased by $38.9 million, or 14.8%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. 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 $15.8 million, contract services by $8.5 million, employee-related expenses by $4.7 million and software expense by $3.5 million. Additionally, depreciation and amortization expense decreased $5.1 million due to the accelerated amortization method used by the Company.
Gross Profit
Gross profit decreased by $4.3 million, or 1.0%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decrease in Gross profit 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. Our gross margin increased by 350 basis points to 65.0% for the nine months ended September 30, 2024 compared to 61.5% for the nine months ended September 30, 2023. This increase was primarily due to an increase in sales of our higher margin SaaS solutions and the 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.
Operating Expenses
Sales and Marketing
Sales and marketing expense decreased by $24.8 million, or 10.9%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decrease was primarily attributable to a decrease in employee-related costs and contract services expense of $11.7 million due to strategic cost-saving initiatives, a decrease in sales commissions of $5.3 million due to new sales commissions plans and revised targets, a decrease in stock based compensation expense of $3.0 million, and a decrease in advertising expenses of $2.7 million. Additionally, depreciation and amortization expense decreased $1.9 million due to the accelerated amortization method used by the Company.
General and Administrative
General and administrative expense increased by $5.6 million, or 3.7%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase was primarily attributable to an increase in stock-based compensation expense of $4.0 million, an increase in employee-related costs of $3.0 million, an increase in severance expense of $3.5 million, an increase in third-party fees associated with our debt refinancing of $2.0 million, an increase in bad debt expense of $1.9 million, an increase in transaction costs of $1.3 million related to the Keap acquisition, and an increase in contract services expense of $0.9 million. The increase was partially offset by the absence of a $10.7 million loss on settlement of indemnification asset that was recorded during the nine months ended September 30, 2023.
Impairment Charges
Impairment charges increased by $83.1 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. Impairment charges of $83.1 million were recognized as a result of a goodwill impairment in our Thryv Marketing Services reporting unit during the nine months ended September 30, 2024, while no impairment charges were recognized in our Thryv Marketing Services reporting unit during the nine months ended September 30, 2023.
Other Income (Expense)
Interest Expense
Interest expense decreased by $10.9 million, or 22.7%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023, driven primarily by lower outstanding debt balances, as well as lower interest rates.
Other Components of Net Periodic Pension Cost
Other components of net periodic pension cost increased by $0.9 million for the nine months ended September 30, 2024. This increase was primarily due to the absence of a settlement gain of $0.4 million and a remeasurement gain of $1.4 million that was recorded during the nine months ended September 30, 2023. No settlement gain or remeasurement gain was recorded during the nine months ended September 30, 2024. Additionally, the increase was due to a lower return on plan assets of $0.7 million. These increases were partially offset by lower interest cost of $1.6 million, due to lower interest rates.
Other Expense
Other expense increased by $6.3 million for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The increase was primarily due to a loss on extinguishment of debt of $6.6 million recorded during the nine months ended September 30, 2024. This increase was partially offset by a decrease in foreign-currency related loss of $0.3 million during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
Income Tax (Expense) Benefit
The Company's effective tax rate (“ETR”) was (8.8%) and 83.9% for the nine months ended September 30, 2024 and 2023, respectively. The Company's ETR differs from the U.S. Federal statutory rate of 21% primarily due to permanent differences including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, change in valuation allowance due to expiring net operating losses, and the discrete impact of interest accrual on uncertain tax positions, goodwill impairment as further discussed in Note 5, Goodwill and Intangible Assets, and the debt refinancing discussed in Note 8, Debt Obligations.
Adjusted EBITDA
Adjusted EBITDA decreased by $2.2 million, or 1.6%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decrease in Adjusted EBITDA was primarily driven by the secular decline in our Thryv Marketing Services segment. The decrease was partially offset by the growth in our Thryv SaaS segment. See “Non-GAAP Financial Measures” for a definition of Adjusted EBITDA and a reconciliation to Net income (loss), 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 income (loss) plus Interest expense, Income tax expense, Depreciation and amortization expense, Restructuring and integration expenses, Transaction costs, Stock-based compensation expense, and non-operating expenses, such as, Other components of net periodic pension cost, Loss on early extinguishment of debt, Non-cash loss from remeasurement of indemnification asset, and certain unusual and non-recurring charges that might have been incurred. Adjusted EBITDA should not be considered as an alternative to Net income (loss) as a performance measure. We define Adjusted 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 U.S. GAAP and may be different from similarly-titled non-GAAP measures used by other companies.
The following is a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, Net (loss):
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| (in thousands) | 2024 | | 2023 | | 2024 | | 2023 |
| Reconciliation of Adjusted EBITDA | | | | | | | |
| Net (loss) | $ | (96,071) | | | $ | (27,046) | | | $ | (82,099) | | | $ | (1,754) | |
| Interest expense | 11,514 | | | 15,131 | | | 37,048 | | | 47,911 | |
| Depreciation and amortization expense | 12,519 | | | 15,842 | | | 41,144 | | | 46,940 | |
Stock-based compensation expense (1) | 6,011 | | | 5,462 | | | 17,653 | | | 16,653 | |
Restructuring and integration expenses (2) | 4,861 | | | 3,584 | | | 17,679 | | | 12,845 | |
| Income tax (benefit) expense | (5,375) | | | (10,241) | | | 6,640 | | | (9,173) | |
Transaction costs (3) | 1,706 | | | — | | | 1,706 | | | 373 | |
Other components of net periodic pension cost (4) | 1,581 | | | 1,902 | | | 4,743 | | | 3,888 | |
Loss on early extinguishment of debt (5) | — | | | — | | | 6,638 | | | — | |
Non-cash loss from remeasurement of indemnification asset (6) | — | | | — | | | — | | | 10,734 | |
| Impairment charges | 83,094 | | | — | | | 83,094 | | | — | |
Other (7) | (217) | | | 2,697 | | | (1,195) | | | 6,822 | |
| Adjusted EBITDA | $ | 19,623 | | | $ | 7,331 | | | $ | 133,051 | | | $ | 135,239 | |
(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, 2024 and 2023, expenses related 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 Keap Acquisition during the three and nine months ended September 30, 2024 and the Yellow Acquisition during the nine months ended September 30, 2023.
(4)Other components of net periodic pension cost 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 relates to periodic mark-to-market pension remeasurement.
(5)In connection with the debt refinancing completed on May 1, 2024, the Company recorded a Loss on early extinguishment of debt related to the write-off of certain unamortized debt issuance costs on the Company's Prior Term Loan and Prior ABL Facility. See Note 8, Debt Obligations, to our consolidated financial statements included in Part I, Item 1 in this Quarterly Report for more information.
(6)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.
(7)Other primarily includes foreign exchange-related expense (income).
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, 2024 |
| (in thousands) | Marketing Services | | SaaS | | Total |
| Reconciliation of Adjusted Gross Profit | | | | | |
| Gross profit | $ | 51,374 | | | $ | 60,607 | | | $ | 111,981 | |
| Plus: | | | | | |
| Depreciation and amortization expense | 2,508 | | | 2,189 | | | 4,697 | |
| Stock-based compensation expense | 69 | | | 92 | | | 161 | |
| Adjusted Gross Profit | $ | 53,951 | | | $ | 62,888 | | | $ | 116,839 | |
| Gross Margin | 55.4 | % | | 69.6 | % | | 62.3 | % |
| Adjusted Gross Margin | 58.1 | % | | 72.2 | % | | 65.0 | % |
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| (in thousands) | Marketing Services | | SaaS | | Total |
| Reconciliation of Adjusted Gross Profit | | | | | |
| Gross profit | $ | 60,776 | | | $ | 42,868 | | | $ | 103,644 | |
| Plus: | | | | | |
| Depreciation and amortization expense | 4,885 | | | 1,901 | | | 6,786 | |
| Stock-based compensation expense | 103 | | | 71 | | | 174 | |
| Adjusted Gross Profit | $ | 65,764 | | | $ | 44,840 | | | $ | 110,604 | |
| Gross Margin | 52.2 | % | | 63.6 | % | | 56.4 | % |
| Adjusted Gross Margin | 56.5 | % | | 66.6 | % | | 60.2 | % |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2024 |
| (in thousands) | Marketing Services | | SaaS | | Total |
| Reconciliation of Adjusted Gross Profit | | | | | |
| Gross profit | $ | 252,219 | | | $ | 161,991 | | | $ | 414,210 | |
| Plus: | | | | | |
| Depreciation and amortization expense | 10,569 | | | 5,770 | | | 16,339 | |
| Stock-based compensation expense | 280 | | | 228 | | | 508 | |
| Adjusted Gross Profit | $ | 263,068 | | | $ | 167,989 | | | $ | 431,057 | |
| Gross Margin | 63.3 | % | | 67.7 | % | | 65.0 | % |
| Adjusted Gross Margin | 66.0 | % | | 70.2 | % | | 67.6 | % |
| | | | | | | | | | | | | | | | | |
| Nine Months Ended September 30, 2023 |
| (in thousands) | Marketing Services | | SaaS | | Total |
| Reconciliation of Adjusted Gross Profit | | | | | |
| Gross profit | $ | 299,305 | | | $ | 119,232 | | | $ | 418,537 | |
| Plus: | | | | | |
| Depreciation and amortization expense | 16,790 | | | 4,603 | | | 21,393 | |
| Stock-based compensation expense | 325 | | | 171 | | | 496 | |
| Adjusted Gross Profit | $ | 316,420 | | | $ | 124,006 | | | $ | 440,426 | |
| Gross Margin | 61.0 | % | | 62.8 | % | | 61.5 | % |
| Adjusted Gross Margin | 64.4 | % | | 65.4 | % | | 64.7 | % |
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 New Term Loan and funds available under the New 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 New 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, | | $ |
| | 2024 | | 2023 | | Change |
| (in thousands) | | (unaudited) | | |
| Cash flows provided by (used in): | | | | | | |
| Operating activities | | $ | 63,640 | | | $ | 103,648 | | | $ | (40,008) | |
| Investing activities | | (24,730) | | | (32,032) | | | 7,302 | |
| Financing activities | | (45,446) | | | (72,138) | | | 26,692 | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (120) | | | (707) | | | 587 | |
| (Decrease) in cash, cash equivalents and restricted cash | | $ | (6,656) | | | $ | (1,229) | | | $ | (5,427) | |
Cash Flows from Operating Activities
Net cash provided by operating activities decreased by $40.0 million, or 38.6%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decrease was primarily due to changes in working capital, particularly accounts receivable, which was primarily impacted by the timing of payments and an overall decline in our sales. Additionally, the Company made income tax payments of $15.0 million for the nine months ended September 30, 2024 compared to income taxes paid of $7.6 million for the nine months ended September 30, 2023. This was offset by lower interest payments of $8.7 million compared to the nine months ended September 30, 2023.
Cash Flows from Investing Activities
Net cash used in investing activities decreased by $7.3 million, or 22.8%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. The decrease was primarily due to $8.9 million of cash paid related to the Yellow Acquisition during the nine months ended September 30, 2023. This was partially offset by a $1.8 million increase in capital expenditures related to the development of our SaaS solutions.
Cash Flows from Financing Activities
Net cash used in financing activities decreased by $26.7 million, or 37.0%, for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023. This decrease was primarily due to $18.2 million of net payments on the Company's Prior Term Loan and New Term Loan agreements during the nine months ended September 30, 2024, compared to $95.0 million of net payments on the Company's Prior Term Loan during the nine months ended September 30, 2023. The decrease in payments on the Term Loan was partially offset by $26.9 million of net payments on the Company's Prior ABL Facility and New ABL Facility during the nine months ended September 30, 2024, compared to $2.8 million of net proceeds on the Company's Prior ABL Facility during the nine months ended September 30, 2023. Additionally, the decrease in payments on the Term Loan was partially offset by $15.9 million of cash received as a result of the exercise of stock warrants during the nine months ended September 30, 2023. The Company also paid $5.5 million of debt issuance costs during the nine months ended September 30, 2024 related to the New Term Loan.
Debt
Term Loan
On May 1, 2024, the Company entered into a new Term Loan Credit Agreement (the “New Term Loan”), the proceeds of which were used to refinance and pay off in full the Company’s previous term loan facility (the “Prior Term Loan”) and to pay fees and expenses related to the refinancing.
The New Term Loan established a senior secured term loan facility (the “New Term Loan Facility”) in an aggregate principal amount equal to $350.0 million, of which 31.8% was held by a related party who was an equity holder of the Company as of May 1, 2024. The Company defines a related party as any shareholder owning more than 5% of the
Company's voting securities. As of September 30, 2024, 31.8% of the New Term Loan was held by a related party who was an equity holder of the Company as of that date.
The New Term Loan Facility matures on May 1, 2029 and borrowings under the New Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or base rate, in each case, plus an applicable margin per annum equal to (i) 6.75% (for SOFR loans) and (ii) 5.75% (for base rate loans). The New Term Loan Facility requires mandatory amortization payments, paid quarterly commencing June 30, 2024, equal to (i) $52.5 million per year for the first two years following the closing date of the New Term Loan, and (ii) $35.0 million per year thereafter.
ABL Facility
On May 1, 2024, the Company entered into a new Credit Agreement (the “ABL Credit Agreement”), which established a new $85.0 million asset-based revolving loan facility (the “New ABL Facility”). The New ABL Facility refinanced the Company’s previous asset-based revolving loan facility (the “Prior ABL Facility”). Proceeds of the New ABL Facility may be used by the Company for ongoing general corporate purposes and working capital.
The New ABL Facility matures on May 1, 2028 and borrowings under the New ABL Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or base rate, in each case, plus an applicable margin per annum, depending on the average excess availability under the New ABL Facility, equal to (i) 2.50% to 2.75% (for SOFR loans) and (ii) 1.50% to 1.75% (for base rate loans). The fee for undrawn commitments under the New ABL Facility is equal to 0.375% per annum.
As of September 30, 2024, the Company had borrowing base availability of $60.9 million. As a result of certain restrictions in the Company's debt agreements, as of September 30, 2024, approximately $50.3 million was available to be drawn upon under the New ABL Facility.
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 New Term Loan Facility, payments of the New Term Loan balance are determined by the Company's Excess Cash Flow (as defined in the New Term Loan Facility). We are in compliance with all covenants under the New Term Loan and New ABL Facility as of September 30, 2024. We had total recorded debt outstanding of $307.8 million (net of $11.6 million of unamortized original issue discount (“OID”) and debt issuance cost) at September 30, 2024, which was comprised of amounts outstanding under the New Term Loan of $297.5 million and New ABL Facility of $21.9 million.
Share Repurchase Program
On April 30, 2024, the Board authorized a new share repurchase program (the “Share Repurchase Program”), under which the Company may repurchase up to $40 million in shares of common stock through April 30, 2029. The repurchase program will be subject to market conditions, the periodic capital needs of the Company’s operating activities, and the continued satisfaction of all covenants under the Company’s New Term Loan and ABL Credit Agreement. The Share Repurchase Program does not obligate the Company to repurchase shares and may be suspended, terminated, or modified at any time.
On June 20, 2024, the Company repurchased approximately 26,495 shares of its outstanding common stock. The total purchase price of this transaction was approximately $0.5 million. The shares acquired were recorded as Treasury stock upon repurchase.
Critical Accounting Policies and Estimates
Our critical accounting policies and estimates have not changed from those described in our 2023 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, 2024, we had total recorded debt outstanding of $307.8 million (net of $11.6 million of unamortized OID and debt issuance costs), which was comprised of amounts outstanding under our New Term Loan of $297.5 million and New ABL Facility of $21.9 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 $3.2 million annually, based on the debt outstanding at September 30, 2024.
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 and New Zealand 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
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, 2024.
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, 2024 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
Except as set forth below, there have been no material changes to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by the disclosure in Part II, Item 1A. in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.
Litigation and regulatory investigations, including the Subpoena, aimed at us or resulting from our actions or the actions of our predecessors may result in significant financial losses and harm to our reputation.
We face risk of litigation, regulatory investigations and similar actions in the ordinary course of our business, including the risk of lawsuits and other legal actions relating to breaches of contractual obligations or tortious claims from clients or other third parties, fines, penalties, interest, or other damages as a result of erroneous transactions, breach of data privacy laws, or lawsuits and legal actions related to us or our predecessors. Any such action may include claims for substantial or unspecified compensatory damages, as well as civil, regulatory, or criminal proceedings against our directors, officers, or employees, and the probability and amount of liability, if any, may remain unknown for significant periods of time. We may be also subject to various regulatory investigations and inquiries, such as information requests and book and records examinations, from regulators and other authorities in the geographical markets in which we operate.
Recently, we received a subpoena from the Division of Enforcement of the SEC requesting documents and information related to the Company’s previously publicly announced strategic conversion of its clients from its digital marketing services solutions platform to its SaaS solutions platform (the “Subpoena”). A substantial liability arising from regulatory investigation, including the Subpoena, a lawsuit judgment or settlement or a significant regulatory action against us or a disruption in our business arising from adverse adjudications in proceedings against our directors, officers, or employees could have a material adverse effect on our business, financial condition and results or operations. Moreover, even if we ultimately prevail in or settle any regulatory investigation, including the Subpoena, litigation, or regulatory action, we could suffer significant harm to our reputation, which could materially affect our ability to attract new clients, to retain current clients and to recruit and to retain employees, which could have a material adverse effect on our business, financial condition and results of operations.
Various lawsuits and other claims typical for a business of our size and nature are pending against us, including disputes with taxing jurisdictions. See our most recent Annual Report on Form 10-K for further detail.
We are also exposed to potential future claims and litigation relating to our business, as well as methods of collection, processing and use of personal data. Our clients and users of client data collected and processed by us could also file claims against us if our data were found to be inaccurate, or if personal data stored by us were improperly accessed and disseminated by unauthorized persons. These potential future claims could have a material adverse effect on our consolidated statements of operations and comprehensive (loss) income, consolidated balance sheets or consolidated statements of cash flows.
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
None of our officers or directors adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended September 30, 2024.
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 | | |
| 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, 2024, 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 7, 2024 | By: | /s/ Joseph A. Walsh |
| | Joseph A. Walsh
Chairman of the Board and Chief Executive Officer |
| | (Principal Executive Officer) |
| | |
| | |
| November 7, 2024 | 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) 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
(d) 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 7, 2024 | 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) 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
(d) 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 7, 2024 | 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 ended September 30, 2024 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 7, 2024 | 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 ended September 30, 2024 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 7, 2024 | By: /s/ Paul D. Rouse |
| Paul D. Rouse |
| Chief Financial Officer |
| (Principal Financial Officer) |
| |
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Nov. 05, 2024 |
| Cover [Abstract] |
|
|
| Document Type |
10-Q
|
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| Document Quarterly Report |
true
|
|
| Document Period End Date |
Sep. 30, 2024
|
|
| 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
|
|
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TX
|
|
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75261
|
|
| City Area Code |
(972)
|
|
| Local Phone Number |
453-7000
|
|
| Title of 12(b) Security |
Common Stock, $0.01 par value per share
|
|
| Trading Symbol |
THRY
|
|
| Security Exchange Name |
NASDAQ
|
|
| Entity Current Reporting Status |
Yes
|
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Yes
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Large Accelerated Filer
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false
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false
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42,044,826
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0001556739
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2024
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v3.24.3
Consolidated Statements of Operations and Comprehensive (Loss) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenue |
$ 179,852
|
$ 183,822
|
$ 637,560
|
$ 680,798
|
| Cost of services |
67,871
|
80,178
|
223,350
|
262,261
|
| Gross profit |
111,981
|
103,644
|
414,210
|
418,537
|
| Operating expenses: |
|
|
|
|
| Sales and marketing |
66,484
|
74,755
|
201,984
|
226,781
|
| General and administrative |
50,972
|
48,267
|
155,229
|
149,642
|
| Impairment charges |
83,094
|
0
|
83,094
|
0
|
| Total operating expenses |
200,550
|
123,022
|
440,307
|
376,423
|
| Operating (loss) income |
(88,569)
|
(19,378)
|
(26,097)
|
42,114
|
| Other income (expense): |
|
|
|
|
| Interest expense, nonoperating |
(11,514)
|
(15,131)
|
(37,048)
|
(47,911)
|
| Other components of net periodic pension cost |
(1,581)
|
(1,902)
|
(4,743)
|
(3,888)
|
| Other income (expense) |
218
|
(876)
|
(7,571)
|
(1,242)
|
| (Loss) before income tax benefit (expense) |
(101,446)
|
(37,287)
|
(75,459)
|
(10,927)
|
| Income tax benefit (expense) |
5,375
|
10,241
|
(6,640)
|
9,173
|
| Net (loss) |
(96,071)
|
(27,046)
|
(82,099)
|
(1,754)
|
| Other comprehensive income (loss): |
|
|
|
|
| Foreign currency translation adjustment, net of tax |
1,330
|
(1,842)
|
1,132
|
(4,332)
|
| Comprehensive (loss) |
$ (94,741)
|
$ (28,888)
|
$ (80,967)
|
$ (6,086)
|
| Net (loss) per common share: |
|
|
|
|
| Basic (in dollars per share) |
$ (2.65)
|
$ (0.78)
|
$ (2.28)
|
$ (0.05)
|
| Diluted (in dollars per share) |
$ (2.65)
|
$ (0.78)
|
$ (2.28)
|
$ (0.05)
|
| Weighted-average shares used in computing basic and diluted net (loss) per common share: |
|
|
|
|
| Basic (in shares) |
36,308,992
|
34,848,899
|
35,983,826
|
34,619,794
|
| Diluted (in shares) |
36,308,992
|
34,848,899
|
35,983,826
|
34,619,794
|
| Nonrelated Party |
|
|
|
|
| Other income (expense): |
|
|
|
|
| Interest expense, nonoperating |
$ (8,194)
|
$ (15,131)
|
$ (31,554)
|
$ (47,911)
|
| Related Party |
|
|
|
|
| Other income (expense): |
|
|
|
|
| Interest expense, nonoperating |
$ (3,320)
|
$ 0
|
$ (5,494)
|
$ 0
|
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v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Current assets |
|
|
| Cash and cash equivalents |
$ 12,453
|
$ 18,216
|
| Accounts receivable, net of allowance of $18,890 in 2024 and $14,926 in 2023 |
176,364
|
205,503
|
| Contract assets, net of allowance of $33 in 2024 and $35 in 2023 |
9,068
|
2,909
|
| Taxes receivable |
2,706
|
3,085
|
| Prepaid expenses |
18,383
|
17,771
|
| Deferred costs |
10,184
|
16,722
|
| Other current assets |
1,780
|
2,662
|
| Total current assets |
230,938
|
266,868
|
| Fixed assets and capitalized software, net |
37,142
|
38,599
|
| Goodwill |
218,884
|
302,400
|
| Intangible assets, net |
3,453
|
18,788
|
| Deferred tax assets |
139,769
|
128,051
|
| Other assets |
24,567
|
28,464
|
| Total assets |
654,753
|
783,170
|
| Current liabilities |
|
|
| Accounts payable |
6,946
|
10,348
|
| Accrued liabilities |
98,439
|
105,903
|
| Current portion of unrecognized tax benefits |
25,623
|
23,979
|
| Contract liabilities |
32,534
|
44,558
|
| Other current liabilities |
5,906
|
8,402
|
| Total current liabilities |
221,948
|
263,190
|
| ABL Facility |
21,900
|
48,845
|
| Pension obligations, net |
73,723
|
69,388
|
| Other liabilities |
9,246
|
18,995
|
| Total long-term liabilities |
338,273
|
367,280
|
| Commitments and contingencies (see Note 13) |
|
|
| Stockholders' equity |
|
|
| Common stock - $0.01 par value, 250,000,000 shares authorized; 63,840,032 shares issued and 36,322,417 shares outstanding at September 30, 2024; and 62,660,783 shares issued and 35,302,746 shares outstanding at December 31, 2023 |
638
|
627
|
| Additional paid-in capital |
1,177,078
|
1,151,259
|
| Treasury stock - 27,517,615 shares at September 30, 2024 and 27,358,037 shares at December 31, 2023 |
(488,824)
|
(485,793)
|
| Accumulated other comprehensive loss |
(14,059)
|
(15,191)
|
| Accumulated deficit |
(580,301)
|
(498,202)
|
| Total stockholders' equity |
94,532
|
152,700
|
| Total liabilities and stockholders' equity |
654,753
|
783,170
|
| Nonrelated Party |
|
|
| Current liabilities |
|
|
| Current portion of Term Loan |
35,783
|
70,000
|
| Term Loan, net |
157,794
|
230,052
|
| Related Party |
|
|
| Current liabilities |
|
|
| Current portion of Term Loan |
16,717
|
0
|
| Term Loan, net |
$ 75,610
|
$ 0
|
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
-Section 55
-Paragraph 12
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
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v3.24.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Statement of Financial Position [Abstract] |
|
|
| Accounts receivable, net of allowance |
$ 18,890
|
$ 14,926
|
| Contract assets, net of allowance |
$ 33
|
$ 35
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, authorized (in shares) |
250,000,000
|
250,000,000
|
| Common stock, issued (in shares) |
63,840,032
|
62,660,783
|
| Common stock, outstanding (in shares) |
36,322,417
|
35,302,746
|
| Treasury stock (in shares) |
27,517,615
|
27,358,037
|
| X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Topic 210
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-Section S99
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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-Section S99
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
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-Topic 326
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-Section 45
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 45
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v3.24.3
Consolidated Statements of Changes in Stockholders' Equity - 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, 2022 |
|
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)
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Issuance of shares related to stock-based compensation (in shares) |
|
589,792
|
|
(57,191)
|
|
|
| Issuance of shares related to stock-based compensation |
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-based 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) |
(1,754)
|
|
|
|
|
(1,754)
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
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)
|
|
|
| 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] |
|
|
|
|
|
|
| Issuance of shares related to stock-based compensation (in shares) |
|
42,695
|
|
(1,658)
|
|
|
| Issuance of shares related to stock-based compensation |
439
|
$ 1
|
476
|
$ (38)
|
|
|
| Exercise of stock warrants (in shares) |
|
646,016
|
|
|
|
|
| Exercise of stock warrants |
15,757
|
$ 6
|
15,751
|
|
|
|
| Stock-based compensation expense |
5,462
|
|
5,462
|
|
|
|
| Foreign currency translation adjustment, net of tax |
(1,842)
|
|
|
|
(1,842)
|
|
| Net (loss) |
(27,046)
|
|
|
|
|
(27,046)
|
| Ending balance (in shares) at Sep. 30, 2023 |
|
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)
|
|
|
| Beginning balance (in shares) at Dec. 31, 2023 |
35,302,746
|
62,660,783
|
|
|
|
|
| Beginning balance at Dec. 31, 2023 |
$ 152,700
|
$ 627
|
1,151,259
|
$ (485,793)
|
(15,191)
|
(498,202)
|
| Beginning balance, treasury stock (in shares) at Dec. 31, 2023 |
(27,358,037)
|
|
|
(27,358,037)
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Issuance of shares related to stock-based compensation (in shares) |
|
1,179,249
|
|
(133,083)
|
|
|
| Issuance of shares related to stock-based compensation |
$ 5,645
|
$ 11
|
8,166
|
$ (2,532)
|
|
|
| Stock-based compensation expense |
17,653
|
|
17,653
|
|
|
|
| Purchase of treasury stock (in shares) |
|
|
|
(26,495)
|
|
|
| Purchase of treasury stock |
(499)
|
|
|
$ (499)
|
|
|
| Foreign currency translation adjustment, net of tax |
1,132
|
|
|
|
1,132
|
|
| Net (loss) |
$ (82,099)
|
|
|
|
|
(82,099)
|
| Ending balance (in shares) at Sep. 30, 2024 |
36,322,417
|
63,840,032
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 94,532
|
$ 638
|
1,177,078
|
$ (488,824)
|
(14,059)
|
(580,301)
|
| Ending balance, treasury stock (in shares) at Sep. 30, 2024 |
(27,517,615)
|
|
|
(27,517,615)
|
|
|
| Beginning balance (in shares) at Jun. 30, 2024 |
|
63,808,097
|
|
|
|
|
| Beginning balance at Jun. 30, 2024 |
$ 183,060
|
$ 638
|
1,170,798
|
$ (488,757)
|
(15,389)
|
(484,230)
|
| Beginning balance, treasury stock (in shares) at Jun. 30, 2024 |
|
|
|
(27,513,828)
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Issuance of shares related to stock-based compensation (in shares) |
|
31,935
|
|
(3,787)
|
|
|
| Issuance of shares related to stock-based compensation |
202
|
|
269
|
$ (67)
|
|
|
| Stock-based compensation expense |
6,011
|
|
6,011
|
|
|
|
| Foreign currency translation adjustment, net of tax |
1,330
|
|
|
|
1,330
|
|
| Net (loss) |
$ (96,071)
|
|
|
|
|
(96,071)
|
| Ending balance (in shares) at Sep. 30, 2024 |
36,322,417
|
63,840,032
|
|
|
|
|
| Ending balance at Sep. 30, 2024 |
$ 94,532
|
$ 638
|
$ 1,177,078
|
$ (488,824)
|
$ (14,059)
|
$ (580,301)
|
| Ending balance, treasury stock (in shares) at Sep. 30, 2024 |
(27,517,615)
|
|
|
(27,517,615)
|
|
|
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
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v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Cash Flows from Operating Activities |
|
|
| Net (loss) |
$ (82,099)
|
$ (1,754)
|
| Adjustments to reconcile net (loss) to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
41,144
|
46,940
|
| Amortization of deferred commissions |
14,251
|
10,304
|
| Amortization of debt issuance costs |
3,151
|
4,080
|
| Deferred income taxes |
(11,823)
|
808
|
| Provision for credit losses and service credits |
16,496
|
15,594
|
| Stock-based compensation expense |
17,653
|
16,653
|
| Other components of net periodic pension cost |
4,743
|
3,888
|
| Impairment charges |
83,094
|
0
|
| Loss on foreign currency exchange rates |
933
|
164
|
| Non-cash loss from the remeasurement of the indemnification asset |
0
|
10,734
|
| Loss on early extinguishment of debt |
6,638
|
0
|
| Other |
(3,167)
|
0
|
| Changes in working capital items, excluding acquisitions: |
|
|
| Accounts receivable |
18,161
|
59,238
|
| Contract assets |
(6,160)
|
1,111
|
| Prepaid expenses and other assets |
(7,079)
|
23,489
|
| Accounts payable and accrued liabilities |
(14,108)
|
(63,469)
|
| Other liabilities |
(18,188)
|
(24,132)
|
| Net cash provided by operating activities |
63,640
|
103,648
|
| Cash Flows from Investing Activities |
|
|
| Additions to fixed assets and capitalized software |
(24,730)
|
(22,920)
|
| Acquisition of a business, net of cash acquired |
0
|
(8,897)
|
| Other |
0
|
(215)
|
| Net cash used in investing activities |
(24,730)
|
(32,032)
|
| Cash Flows from Financing Activities |
|
|
| Debt issuance costs |
(5,480)
|
0
|
| Purchase of treasury stock |
(499)
|
0
|
| Proceeds from exercise of stock warrants |
0
|
15,899
|
| Other |
5,646
|
4,124
|
| Net cash used in financing activities |
(45,446)
|
(72,138)
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(120)
|
(707)
|
| (Decrease) in cash, cash equivalents and restricted cash |
(6,656)
|
(1,229)
|
| Cash, cash equivalents and restricted cash, beginning of period |
20,530
|
18,180
|
| Cash, cash equivalents and restricted cash, end of period |
13,874
|
16,951
|
| Supplemental Information |
|
|
| Cash paid for interest |
35,299
|
44,029
|
| Cash paid for income taxes, net |
14,960
|
7,605
|
| Non-cash investing and financing activities |
|
|
| Repurchase of Treasury stock as a result of the settlement of the indemnification asset |
0
|
15,760
|
| Term Loan | Nonrelated Party |
|
|
| Cash Flows from Financing Activities |
|
|
| Proceeds from Term Loan |
234,256
|
0
|
| Payments of Term Loan |
(345,151)
|
(95,000)
|
| Term Loan | Related Party |
|
|
| Cash Flows from Financing Activities |
|
|
| Proceeds from Term Loan |
109,444
|
0
|
| Payments of Term Loan |
(16,717)
|
0
|
| ABL Facility | Revolving Credit Facility |
|
|
| Cash Flows from Financing Activities |
|
|
| Proceeds from ABL Facility |
247,579
|
697,234
|
| Payments of ABL Facility |
$ (274,524)
|
$ (694,395)
|
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v3.24.3
Description of Business and Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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 (“PYP” or “Print”) and digital marketing services (“Digital”), which includes Internet Yellow Pages (“IYP”), search engine marketing (“SEM”), and other digital media services, including online display advertising, and search engine optimization (“SEO”) tools. In addition, through the Thryv® platform, the Company is a provider of SaaS business management, communication, and marketing 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.
During the first quarter of 2024, the Company changed the internal reporting provided to the chief operating decision maker (“CODM”). As a result, the Company reevaluated its segment reporting and determined that Thryv U.S. Marketing Services and Thryv International Marketing Services should be reflected as a single reportable segment, and that Thryv U.S. SaaS and Thryv International SaaS should be reflected as a single reportable segment. As such, beginning on January 1, 2024, the results of our Marketing Services and SaaS businesses are presented as two reportable segments. Comparative prior periods have been recast to reflect the current presentation.
The Company reports its results based on two reportable segments (see Note 15, Segment Information):
•Thryv Marketing Services, which includes the Company's Print and Digital solutions business; and •Thryv SaaS, which includes the Company's SaaS flagship all-in-one small business management modular software platform.
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, 2024 and 2023 have been prepared on the same basis as the audited annual financial statements. The consolidated balance sheet as of December 31, 2023 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, 2023.
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, 2023. There have been no changes to the Company's significant accounting policies during the three and nine months ended September 30, 2024.
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, 2024 and 2023:
| | | | | | | | | | | | | (in thousands) | September 30, 2024 | | September 30, 2023 | | Cash and cash equivalents | $ | 12,453 | | | $ | 14,676 | | | Restricted cash, included in Other current assets | 1,421 | | | 2,275 | | | Total cash, cash equivalents and restricted cash | $ | 13,874 | | | $ | 16,951 | |
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires additional disclosures, including more detailed information about segment expenses about a public entity’s reportable segments on an annual and interim basis. The new segment disclosures are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management will review the extent of new disclosures necessary in the coming quarters, prior to implementation in the Company's 2024 Annual Report on Form 10-K. Other than additional disclosures, the Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires additional disclosures primarily related to the rate reconciliation and income taxes paid information. The new income tax disclosures are effective for fiscal years beginning after December 15, 2024. Management will review the extent of new disclosures necessary in the coming years, prior to implementation in the Company's 2025 Annual Report on Form 10-K. Other than additional disclosures, the Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.
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v3.24.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Business Combination, Asset Acquisition, and Joint Venture Formation [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 Yellow Acquisition expanded the Company's market share with a broader geographical footprint and provided the Company with an increase in our clients. Yellow is a provider of marketing solutions serving SMBs in New Zealand. Control was obtained by means of acquiring all the voting interests. 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 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 was allocated to the Thryv Marketing Services segment. The goodwill recognized is not deductible for income tax purposes.
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v3.24.3
Revenue Recognition
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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 represent remaining performance obligations that consist of advance payments and revenue deferrals resulting from the allocation of the consideration to performance obligations. The Company recognizes revenue on all of its remaining performance obligations within the next twelve months. For the three and nine months ended September 30, 2024, the Company recognized revenue of $1.0 million and $37.8 million, respectively, that was recorded in Contract liabilities as of December 31, 2023. 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.
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v3.24.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 and December 31, 2023, the Company no longer recorded a Level 1 indemnification asset because it was settled on June 22, 2023. 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 (loss). The $15.8 million Indemnity Amount, which was 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 New ABL Facility and Prior ABL Facility (each 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 New Term Loan and Prior Term Loan (each as defined in Note 8, Debt Obligations) are carried at amortized cost; however, the Company estimates the fair value of the New Term Loan and Prior Term Loan for disclosure purposes. The fair values of the New Term Loan and Prior Term Loan are 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 New Term Loan and Prior Term Loan: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2024 | | December 31, 2023 | | (in thousands) | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | | New Term Loan, net | $ | 285,904 | | | $ | 290,372 | | | $ | — | | | $ | — | | | Prior Term Loan, net | — | | | — | | | 300,052 | | | 300,052 | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 100
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-Section 50
-Paragraph 2E
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-Section 50
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-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A
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-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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v3.24.3
Goodwill and Intangible Assets
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill
Management performs its annual goodwill impairment test on October 1 or more frequently if events or changes in circumstances indicate that the goodwill may be impaired.
The goodwill impairment test requires measurement of the fair value of the Company's reporting units, which is compared to the carrying value of the reporting units, including goodwill. Each reporting unit is valued using a discounted cash flow model which requires estimating future cash flows expected to be generated from the reporting unit, discounted to their present value using a risk-adjusted discount rate. Terminal values are also estimated and discounted to their present value. Assessing the recoverability of goodwill requires estimates and assumptions about revenue, operating margins, growth rates and discount rates based on budgets, business plans, economic projections, anticipated future cash flows and marketplace data. There are inherent uncertainties related to these factors and management’s judgment in applying these factors.
Based on the initial success of client conversions from digital Marketing Services solutions to SaaS solutions, the Company made a strategic decision during the third quarter of 2024 to terminate its Marketing Services solutions by the end of 2028. This strategic decision resulted in an additional accelerated decline in estimated future cash flows, partially offset by operating cost savings from terminating our Marketing Services solutions, and the Company concluded a triggering event had occurred in the Thryv Marketing Services reporting unit during the third quarter of 2024. As a result, the Company recorded a non-cash impairment charge of $83.1 million during the third quarter 2024, reducing the goodwill in its Thryv Marketing Services reporting unit to zero. No goodwill impairment charge was recorded on the Company's other reporting unit during the three and nine months ended September 30, 2024 and 2023.
The Company engaged a third-party valuation firm to assist it in the development of the assumptions and the Company’s determination of the fair value of its reporting units for this interim impairment test. The estimated fair value of the Company’s Marketing Services reporting unit was below its carrying value, including goodwill. The historical secular decline in industry demand for Print services, the historical trending decline in the Company’s Marketing Services client base, continued competition in the consumer search and display space and the projected decline in cash flows from an estimated conversion of certain clients from digital Marketing Services solutions to SaaS solutions impacted the assumptions used to estimate the discounted future cash flows of the Company’s Marketing Services reporting unit for purposes of performing the goodwill impairment test.
The fair value of the Company's SaaS reporting unit substantially exceeded its carrying value.
The following table sets forth the changes in the carrying amount of the Company's goodwill for the nine months ended September 30, 2024 and the year ended December 31, 2023. | | | | | | | | | | | | | | | | | | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | Balance as of December 31, 2022 | $ | 347,120 | | | $ | 218,884 | | | $ | 566,004 | | Yellow Acquisition (1) | 5,129 | | | — | | | 5,129 | | | Impairments | (268,800) | | | — | | | (268,800) | | | Effects of foreign currency translation | 67 | | | — | | | 67 | | Balance as of December 31, 2023 | $ | 83,516 | | | $ | 218,884 | | | $ | 302,400 | | | | | | | | | Impairments | (83,094) | | | — | | | (83,094) | | | | | | | | | Effects of foreign currency translation | (422) | | | — | | | (422) | | Balance as of September 30, 2024 | $ | — | | | $ | 218,884 | | | $ | 218,884 | |
(1) Yellow was included in the Thryv Marketing Services reporting unit. In the first quarter of 2024, the Company changed its reporting structure from four to two reporting units. Accordingly, the Company assessed its goodwill for impairment under a four reporting unit structure prior to the assessment. Upon completion of this assessment, the Company determined that no impairment existed. Subsequent to this review and after allocating goodwill to the new reporting units based on relative fair value, the Company reassessed goodwill for impairment at the new reporting unit level (i.e., the Marketing Services and SaaS reporting units). Based upon each of these assessments, the Company determined no impairment existed for either of the Company's reporting units.
Intangible Assets
The following tables set forth the details of the Company's intangible assets as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | (in thousands) | Gross | | Accumulated
Amortization | | Net | | Weighted
Average
Remaining
Amortization
Period in Years | | Client relationships | $ | 801,263 | | | $ | (798,682) | | | $ | 2,581 | | | 1.6 | | Trademarks and domain names | 224,748 | | | (223,986) | | | 762 | | | 4.0 | | Covenants not to compete | 4,921 | | | (4,811) | | | 110 | | | 1.1 | | Total intangible assets | $ | 1,030,932 | | | $ | (1,027,479) | | | $ | 3,453 | | | 2.1 |
| | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | (in thousands) | Gross | | Accumulated
Amortization | | Net | | Weighted
Average
Remaining
Amortization
Period in Years | | Client relationships | $ | 799,882 | | | $ | (787,736) | | | $ | 12,146 | | | 1.4 | | Trademarks and domain names | 224,423 | | | (220,886) | | | 3,537 | | | 1.9 | | Covenants not to compete | 10,446 | | | (7,341) | | | 3,105 | | | 0.8 | | Total intangible assets | $ | 1,034,751 | | | $ | (1,015,963) | | | $ | 18,788 | | | 1.4 |
Amortization expense for intangible assets for the three and nine months ended September 30, 2024 was $3.3 million and $13.7 million, respectively. Amortization expense for intangible assets for the three and nine months ended September 30, 2023 was $6.4 million and $19.1 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 | | 2024 (remaining) | | $ | 937 | | | 2025 | | 1,912 | | | 2026 | | 420 | | | 2027 | | 140 | | | 2028 | | 44 | | | Total | | $ | 3,453 | |
As a result of the goodwill impairment noted above, the Company performed impairment tests during the third quarter of 2024 on its intangible assets and other long-lived assets within the Marketing Services reporting unit. Based on the Company’s analysis, the carrying values of the Company’s definite-lived intangible assets and other long-lived assets were determined to be recoverable, and no impairment was recognized. Accordingly, no impairment charges were recorded during the three and nine months ended September 30, 2023 and 2024.
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-Topic 350
-SubTopic 30
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-URI https://asc.fasb.org/350-30/tableOfContent
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v3.24.3
Allowance for Credit Losses
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 and 2023: | | | | | | | | | | | | | (in thousands) | 2024 | | 2023 | | Balance as of January 1 | $ | 14,961 | | | $ | 14,799 | | | | | | Additions (1) | 12,256 | | | 10,397 | | Deductions (2) | (8,294) | | | (11,409) | | Balance as of September 30 (3) | $ | 18,923 | | | $ | 13,787 | |
(1) For the nine months ended September 30, 2024 and 2023, the Company recorded a provision for credit losses of $12.3 million and $10.4 million, respectively, which is included in General and administrative expense in the Company's consolidated statements of operations and comprehensive (loss). For the three months ended September 30, 2024 and 2023, the Company recorded a provision for credit losses of $3.3 million and $3.1 million, respectively, which is included in General and administrative expense in the Company's consolidated statements of operations and comprehensive (loss).
(2) For the nine months ended September 30, 2024 and 2023, the deductions represent amounts written off as uncollectible, net of recoveries.
(3) As of September 30, 2024, $18.9 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets. 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. 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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v3.24.3
Accrued Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 and December 31, 2023: | | | | | | | | | | | | | (in thousands) | September 30, 2024 | | December 31, 2023 | | Accrued salaries and related expenses | $ | 49,927 | | | $ | 57,357 | | | Accrued expenses | 39,153 | | | 37,889 | | | Accrued taxes | 7,122 | | | 8,832 | | | Accrued service credits | 2,237 | | | 1,825 | | | | | | | Accrued liabilities | $ | 98,439 | | | $ | 105,903 | |
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| X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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-Topic 720
-SubTopic 30
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-Paragraph 1
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-Section S99
-Paragraph 1
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v3.24.3
Debt Obligations
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Debt Obligations |
Debt Obligations The following table sets forth the Company's outstanding debt obligations as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Maturity | | Interest Rate | | September 30, 2024 | | December 31, 2023 | | New Term Loan | May 1, 2029 | | SOFR + | 6.75% | | $ | 297,500 | | | $ | — | | | Prior Term Loan | March 1, 2026 | | SOFR + | 8.5% | | — | | | 309,368 | | | New ABL Facility | May 1, 2028 | | SOFR + | 2.50% - 2.75% | | 21,900 | | | — | | | Prior ABL Facility | March 1, 2026 | | SOFR + | 3.0% | | — | | | 48,845 | | | Unamortized original issue discount and debt issuance costs | | | | | | (11,596) | | | (9,316) | | | Total debt obligations | | | | | | $ | 307,804 | | | $ | 348,897 | | | Current portion of New Term Loan/Prior Term Loan | | | | | | (52,500) | | | (70,000) | | | Total long-term debt obligations | | | | | $ | 255,304 | | | $ | 278,897 | |
Term Loan
On May 1, 2024, the Company entered into a new Term Loan Credit Agreement (the “New Term Loan”), the proceeds of which were used to refinance and pay off in full the Company’s previous term loan facility (the “Prior Term Loan”) and to pay fees and expenses related to the refinancing.
The New Term Loan established a senior secured term loan facility (the “New Term Loan Facility”) in an aggregate principal amount equal to $350.0 million, of which 31.8% was held by a related party who was an equity holder of the Company as of May 1, 2024. The Company defines a related party as any shareholder owning more than 5% of the Company's voting securities. As of September 30, 2024, 31.8% of the New Term Loan was held by a related party who was an equity holder of the Company as of that date.
The New Term Loan Facility matures on May 1, 2029 and borrowings under the New Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or base rate, in each case, plus an applicable margin per annum equal to (i) 6.75% (for SOFR loans) and (ii) 5.75% (for base rate loans). The New Term Loan Facility requires mandatory amortization payments, paid quarterly commencing June 30, 2024, equal to (i) $52.5 million per year for the first two years following the closing date of the New Term Loan, and (ii) $35.0 million per year thereafter.
The New Term Loan, which was incurred by Thryv, Inc., the Company’s operating subsidiary, is secured by all the assets of Thryv, Inc., certain of its subsidiaries and the Company, and is guaranteed by the Company and certain of its subsidiaries.
The net proceeds from the New Term Loan of $337.6 million (net of original issue discount costs of $6.3 million and third-party fees of $6.1 million) were used to repay the remaining $300.0 million outstanding principal balance of the Prior Term Loan, accrued interest of $3.8 million, and third-party fees of $0.6 million. The Company accounted for this transaction as a modification for lenders that were party to both the Prior Term Loan and New Term Loan. The debt of the new lenders that were party to the New Term Loan are new issuances, while the other lenders that were party to only the Prior Term Loan were accounted for as an extinguishment.
Accordingly, total third-party fees paid were $6.1 million, of which $2.0 million was immediately charged to General and administrative expense on the Company's consolidated statement of operations and comprehensive (loss). The remaining third-party fees of $4.1 million were deferred as debt issuance costs and will be amortized to interest expense, over the term of the New Term Loan, using the effective interest method. Additionally, there were unamortized debt issuance costs which includes third-party fees and original issue discount costs of $7.8 million on the Prior Term Loan, of which $5.4 million was written off and recorded as a loss on early extinguishment of debt on the Company's consolidated statement of operations and comprehensive (loss). The remaining unamortized debt issuance costs of $2.4 million were deferred as debt issuance costs and will be amortized to interest expense, over the term of the New Term Loan, using the effective interest method. The Company has recorded accrued interest of $0.1 million and $1.1 million as of September 30, 2024 and December 31, 2023, respectively. Accrued interest is included in Other current liabilities on the Company's consolidated balance sheets.
Term Loan Covenants
The New Term Loan Facility contains certain covenants that, subject to exceptions, limit or restrict the Company’s ability to, among others, incur additional indebtedness, guarantees and liens; make investments, loans and advances; dispose of assets and make sale-leaseback transactions; enter into swap agreements; make payments of dividends and other distributions; make payments in respect of certain indebtedness; enter into certain affiliate transactions and restrictive amendments to certain agreements; change its lines of business; amend certain material documents; consummate certain mergers, consolidations and liquidations; and use the proceeds of the term loans.
Additionally, the Company is required to maintain compliance with (a) a maximum “Total Net Leverage Ratio”, calculated as the ratio of “Consolidated Total Net Indebtedness” to “Consolidated EBITDA” (in each case, as defined in the New Term Loan, which shall not be 3.0 to 1.0 as of the last day of each fiscal quarter and (b) a minimum “SaaS Revenue” (as defined in the New Term Loan), which shall not be less than the quarterly thresholds set forth in the New Term Loan Agreement as of the last day of each fiscal quarter. As of September 30, 2024, the Company was in compliance with its New Term Loan covenants. The Company also expects to be in compliance with these covenants for the next twelve months.
ABL Facility
On May 1, 2024, the Company entered into a new Credit Agreement (the “ABL Credit Agreement”), which established a new $85.0 million asset-based revolving loan facility (the “New ABL Facility”). The New ABL Facility refinanced the Company’s previous asset-based revolving loan facility (the “Prior ABL Facility”). Proceeds of the New ABL Facility may be used by the Company for ongoing general corporate purposes and working capital.
The New ABL Facility matures on May 1, 2028 and borrowings under the New ABL Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, SOFR or base rate, in each case, plus an applicable margin per annum, depending on the average excess availability under the New ABL Facility, equal to (i) 2.50% to 2.75% (for SOFR loans) and (ii) 1.50% to 1.75% (for base rate loans). The fee for undrawn commitments under the New ABL Facility is equal to 0.375% per annum.
The Company accounted for this transaction as an extinguishment of the Prior ABL Facility. Total third-party fees and lender fees of $1.2 million associated with the New ABL Facility, were deferred as debt issuance costs and will be amortized as interest expense, over the term of the New ABL Facility. Additionally, the unamortized debt issuance costs associated with the Prior ABL Facility of $1.2 million, were written off and recorded as a loss on early extinguishment of debt on the Company's consolidated statement of operations and comprehensive (loss).
As of September 30, 2024 and December 31, 2023, the Company had debt issuance costs with a remaining balance of $1.1 million and $1.4 million, respectively. These debt issuance costs are included in Other assets on the Company's consolidated balance sheets.
As of September 30, 2024, the Company had borrowing base availability of $60.9 million. As a result of certain restrictions in the Company's debt agreements, as of September 30, 2024, approximately $50.3 million was available to be drawn upon under the New ABL Facility.
ABL Facility Covenants
The ABL Credit Agreement contains certain covenants that, subject to exceptions, limit or restrict the Company’s ability to, among others, incur additional indebtedness, guarantees and liens; make investments, loans and advances; dispose of assets and make sale-leaseback transactions; enter into swap agreements; make payments of dividends and other distributions; make payments in respect of certain indebtedness; enter into certain affiliate transactions and restrictive amendments to certain agreements; change its lines of business; amend certain material documents; consummate certain mergers, consolidations and liquidations; and use the proceeds of the revolving loans.
Additionally, the Company is required to maintain compliance with (a) a minimum “Fixed Charge Coverage Ratio”, calculated as the ratio of “Consolidated EBITDA” minus unfinanced capital expenditures to “Fixed Charges” (in each case, as defined in the ABL Credit Agreement), which shall not be less than 1.0 to 1.0 as of the last day of each fiscal quarter and (b) a minimum “Excess Availability” (as defined in the ABL Credit Agreement) of at least $8.5 million at all times. As of September 30, 2024, the Company was in compliance with its ABL Credit Agreement 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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (d)
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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v3.24.3
Pensions
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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 for the Company's pension plans: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | Interest cost | $ | 4,824 | | | $ | 5,138 | | | $ | 14,472 | | | $ | 16,048 | | | Expected return on assets | (3,243) | | | (3,223) | | | (9,729) | | | (10,384) | | | Settlement (gain) | — | | | — | | | — | | | (420) | | | Remeasurement (gain) | — | | | (13) | | | — | | | (1,356) | | | Net periodic pension cost | $ | 1,581 | | | $ | 1,902 | | | $ | 4,743 | | | $ | 3,888 | |
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 than $0.1 million and $1.4 million, respectively.
During the three and nine months ended September 30, 2024, 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, 2023, the Company made no cash contributions 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 2024, the Company expects to contribute approximately $10.0 million to the qualified plans and approximately $0.5 million to the non-qualified plans.
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-Section S99
-Paragraph 2
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v3.24.3
Stock-Based Compensation and Stockholders' Equity
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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 (loss) during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | Cost of services | $ | 160 | | | $ | 174 | | | $ | 507 | | | $ | 496 | | | Sales and marketing | 1,915 | | | 2,691 | | | 5,255 | | | 8,303 | | | General and administrative | 3,936 | | | 2,597 | | | 11,891 | | | 7,854 | | | Stock-based compensation expense | $ | 6,011 | | | $ | 5,462 | | | $ | 17,653 | | | $ | 16,653 | |
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) | 2024 | | 2023 | | 2024 | | 2023 | | RSUs | $ | 3,101 | | | $ | 2,423 | | | $ | 9,685 | | | $ | 7,243 | | | PSUs | 2,559 | | | 2,379 | | | 6,664 | | | 6,994 | | | Stock options | 145 | | | 419 | | | 435 | | | 1,260 | | | ESPP | 206 | | | 241 | | | 869 | | | 1,156 | | | Stock-based compensation expense | $ | 6,011 | | | $ | 5,462 | | | $ | 17,653 | | | $ | 16,653 | |
Restricted Stock Units
The following table sets forth the Company's restricted stock unit (“RSU”) activity during the nine months ended September 30, 2024: | | | | | | | | | | | | | | | | | | Number of Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | | | | | | | | Nonvested balance as of December 31, 2023 | 992,464 | | $ | 21.52 | | | | | | | Granted | 891,598 | | 18.42 | | | | | | Vested | (440,655) | | 22.12 | | | | | | Forfeited | (231,440) | | 19.32 | | | | | Nonvested balance as of September 30, 2024 | 1,211,967 | | $ | 19.44 | | | | | |
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, 2024, the unrecognized stock-based compensation expense related to the unvested portion of the Company's RSU awards was approximately $15.8 million and is expected to be recognized over a weighted-average period of 1.73 years.
During the nine months ended September 30, 2024, the Company issued an aggregate of 440,655 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, 2024: | | | | | | | | | | | | | | | | | | Number of Performance-Based Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | | | | | | | | Nonvested balance as of December 31, 2023 | 1,130,779 | | $ | 23.68 | | | | | | | Granted | 693,936 | | 18.89 | | | | | | Vested | (122,241) | | 26.33 | | | | | | Forfeited | (352,116) | | 22.31 | | | | | Nonvested balance as of September 30, 2024 | 1,350,358 | | $ | 22.01 | | | | | |
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 certain performance measures 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. The 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. The 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, 2024, the nonvested balance of PSUs that vest based on performance and market conditions are 729,894 and 1,094,821 shares, respectively.
As of September 30, 2024, the unrecognized stock-based compensation expense related to the unvested portion of the Company's PSU awards was approximately $12.7 million and is expected to be recognized over a weighted-average period of 1.39 years.
Stock Options
As of September 30, 2024, the unrecognized stock-based compensation expense related to the unvested portion of the Company's stock options was less than $0.1 million, and is expected to be recognized over a weighted-average period of less than 0.1 years. As of September 30, 2024, there were 83,334 stock options expected to vest with a weighted-average grant-date fair value of $13.82.
During the nine months ended September 30, 2024, the Company issued an aggregate of 588,611 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, 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.
Employee Stock Purchase Plan
During the nine months ended September 30, 2024, the Company issued 149,983 shares through the Employee Stock Purchase Plan (“ESPP”). During the nine months ended September 30, 2023, the Company issued 189,837 shares through the ESPP.
Share Repurchase Program
On April 30, 2024, the Board authorized a new share repurchase program (the “Share Repurchase Program”), under which the Company may repurchase up to $40 million in shares of common stock through April 30, 2029. The repurchase program will be subject to market conditions, the periodic capital needs of the Company’s operating activities, and the continued satisfaction of all covenants under the Company’s New Term Loan and ABL Credit Agreement. The Share Repurchase Program does not obligate the Company to repurchase shares and may be suspended, terminated, or modified at any time. On June 20, 2024, the Company repurchased approximately 26,495 shares of its outstanding common stock. The total purchase price of this transaction was approximately $0.5 million. The acquired shares were recorded as Treasury stock upon repurchase.
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v3.24.3
Earnings per Share
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands, except share and per share amounts) | 2024 | | 2023 | | 2024 | | 2023 | | Basic net (loss) per share: | | | | | | | | | Net (loss) | $ | (96,071) | | | $ | (27,046) | | | $ | (82,099) | | | $ | (1,754) | | | Weighted-average common shares outstanding during the period | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | | | Basic net (loss) per share | $ | (2.65) | | | $ | (0.78) | | | $ | (2.28) | | | $ | (0.05) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands, except share and per share amounts) | 2024 | | 2023 | | 2024 | | 2023 | | Diluted net (loss) per share: | | | | | | | | | Net (loss) | $ | (96,071) | | | $ | (27,046) | | | $ | (82,099) | | | $ | (1,754) | | | Weighted-average basic shares outstanding during the period | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | | | Plus: Common stock equivalents associated with stock-based compensation | — | | | — | | | — | | | — | | | Weighted-average diluted shares outstanding | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | | | Diluted net (loss) per share | $ | (2.65) | | | $ | (0.78) | | | $ | (2.28) | | | $ | (0.05) | | | | | | | | | | | | | | | | | |
The computation of weighted-average 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, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Outstanding RSUs | 36,334 | | | — | | | 228,681 | | | 218,804 | | | Outstanding PSUs | — | | | 147,914 | | | 221,326 | | | 238,655 | | | Outstanding ESPP shares | 61,442 | | | 38,581 | | | 228,707 | | | 64,091 | | | Outstanding stock warrants | — | | | — | | | — | | | 3,489,662 | |
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v3.24.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes The Company’s effective tax rate (“ETR”) was 5.3% and (8.8%) for the three and nine months ended September 30, 2024, respectively, and 27.5% and 83.9% for the three and nine months ended September 30, 2023, respectively. The Company's ETR differs from the U.S. Federal statutory rate of 21% primarily due to permanent differences, including state taxes, non-deductible executive compensation, non-U.S. taxing jurisdictions, tax credits, change in valuation allowance due to expiring net operating losses, and the discrete impact of interest accrual on uncertain tax positions, goodwill impairment as further discussed in Note 5, Goodwill and Intangible Assets, and the debt refinance further discussed in Note 8, Debt Obligations. As of September 30, 2024 and December 31, 2023, the amount of unrecognized tax benefits was $18.1 million and $17.1 million, respectively, excluding interest and penalties, that if recognized, would impact the effective tax rate. As of September 30, 2024 and December 31, 2023, the Company had $10.7 million and $9.0 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.
Risks Related to Taxes and Tariffs
The international tax environment remains highly uncertain and increasingly complex as evidenced by initiatives put forth by the Organization for Economic Co-operation and Development (“OECD”), which includes the introduction of a global minimum tax at a rate of 15% under the OECD’s Pillar Two rules. We continue to monitor these proposals closely and, if enacted by various countries in which we do business, they may increase our taxes in the applicable jurisdictions or cause us to change the way we operate our business and result in increased taxation of our international earnings. As of the nine months ended September 30, 2024, Pillar Two legislation enacted by countries in which Thryv operates is not expected to materially impact the Company’s taxes in 2024.
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
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v3.24.3
Contingent Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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 (loss), balance sheets or cash flows.
Regulatory Matter
In October 2024, the Company received a subpoena from the Division of Enforcement of the SEC requesting documents and information related to the Company’s previously publicly announced strategic conversion of its clients from its digital marketing services solutions platform to its SaaS solutions platform. The Company is cooperating fully. The SEC noted that the investigation is a fact-finding inquiry and does not mean that it has concluded that anyone has violated the law.
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. Several appeals conferences for YP have been held. The Company and the IRS also 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 has been unsuccessful in its attempt to negotiate a settlement with IRS Appeals, and the IRS issued a 90-day notice to the Company. The Company filed a petition in the U.S. Tax Court to challenge the IRS denial.
As of September 30, 2024 and December 31, 2023, the Company has reserved $27.7 million and $26.1 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. Once finalized, the Draft Settlement will result in a decrease in the unrecognized tax benefit recorded for this tax position. During the year ended December 31, 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, 2024, the final settlement has not been issued by the IRS. Accordingly, the Company does not consider the matter effectively settled.
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v3.24.3
Changes in Accumulated Other Comprehensive Loss
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Loss | | (in thousands) | | | | | 2024 | | 2023 | | Beginning balance at January 1, | | | | | $ | (15,191) | | | $ | (16,261) | | Foreign currency translation adjustment, net of tax expense of $0.4 million and $1.8 million, respectively | | | | | 1,132 | | | (4,332) | | Ending balance at September 30, | | | | | $ | (14,059) | | | $ | (20,593) | |
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-Section S99
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-Section S99
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-Subparagraph (SX 210.5-03(21))
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v3.24.3
Segment Information
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
Segment Information During the first quarter of 2024, the Company changed the internal reporting provided to the CODM. As a result, the Company reevaluated its segment reporting, as discussed in Note 1, Description of Business and Summary of Significant Accounting Policies. The Company determined that the Company manages its operations using two operating segments, which are also its reportable segments: (1) Thryv Marketing Services and (2) Thryv SaaS. Comparative prior periods have been recast to reflect the current presentation. The Company does not allocate assets to its segments and the CODM 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, 2024 | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | | Revenue | $ | 92,797 | | | $ | 87,055 | | | $ | 179,852 | | | Segment Gross Profit | 51,374 | | | 60,607 | | | 111,981 | | | Segment Adjusted EBITDA | 9,309 | | | 10,314 | | | 19,623 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | | Revenue | $ | 116,462 | | | $ | 67,360 | | | $ | 183,822 | | | Segment Gross Profit | 60,776 | | | 42,868 | | | 103,644 | | | Segment Adjusted EBITDA | 7,835 | | | (504) | | | 7,331 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | | Revenue | $ | 398,389 | | | $ | 239,171 | | | $ | 637,560 | | | Segment Gross Profit | 252,219 | | | 161,991 | | | 414,210 | | | Segment Adjusted EBITDA | 109,137 | | | 23,914 | | | 133,051 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | | Revenue | $ | 491,051 | | | $ | 189,747 | | | $ | 680,798 | | | Segment Gross Profit | 299,305 | | | 119,232 | | | 418,537 | | | Segment Adjusted EBITDA | 129,717 | | | 5,522 | | | 135,239 | |
A reconciliation of the Company’s (Loss) 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) | 2024 | | 2023 | | 2024 | | 2023 | | (Loss) before income tax benefit (expense) | $ | (101,446) | | | $ | (37,287) | | | $ | (75,459) | | | $ | (10,927) | | | Interest expense | 11,514 | | | 15,131 | | | 37,048 | | | 47,911 | | | Depreciation and amortization expense | 12,519 | | | 15,842 | | | 41,144 | | | 46,940 | | | Stock-based compensation expense | 6,011 | | | 5,462 | | | 17,653 | | | 16,653 | | | Restructuring and integration expenses | 4,861 | | | 3,584 | | | 17,679 | | | 12,845 | | Transaction costs (1) | 1,706 | | | — | | | 1,706 | | | 373 | | | Other components of net periodic pension cost | 1,581 | | | 1,902 | | | 4,743 | | | 3,888 | | | Loss on early extinguishment of debt | — | | | — | | | 6,638 | | | — | | | Non-cash loss from remeasurement of indemnification asset | — | | | — | | | — | | | 10,734 | | | Impairment charges | 83,094 | | | — | | | 83,094 | | | — | | | Other | (217) | | | 2,697 | | | (1,195) | | | 6,822 | | | Total Segment Adjusted EBITDA | $ | 19,623 | | | $ | 7,331 | | | $ | 133,051 | | | $ | 135,239 | |
(1)Consists of expenses related to the Keap Acquisition during the three and nine months ended September 30, 2024 and the Yellow Acquisition during the nine months ended September 30, 2023. 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) | 2024 | | 2023 | | 2024 | | 2023 | | Thryv Marketing Services | | | | | | | | | Print | $ | 44,174 | | | $ | 22,222 | | | $ | 211,441 | | | $ | 186,082 | | | Digital | 48,623 | | | 94,240 | | | 186,948 | | | 304,969 | | | Total Thryv Marketing Services | 92,797 | | | 116,462 | | | 398,389 | | | 491,051 | | | Thryv SaaS | 87,055 | | | 67,360 | | | 239,171 | | | 189,747 | | | Revenue | $ | 179,852 | | | $ | 183,822 | | | $ | 637,560 | | | $ | 680,798 | |
Revenue by geography is based on the location of the customer. The following table sets forth the Company's disaggregation of Revenue based on geographic region for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | United States | $ | 156,016 | | | $ | 157,534 | | | $ | 530,585 | | | $ | 560,795 | | | International | 23,836 | | | 26,288 | | | 106,975 | | | 120,003 | | | Revenue | $ | 179,852 | | | $ | 183,822 | | | $ | 637,560 | | | $ | 680,798 | |
Thryv Australia's revenue attributed to the International region was approximately 11.2% and 12.5% of total revenue for the three months ended September 30, 2024 and 2023, respectively, and 14.6% and 16.3% for the nine months ended September 30, 2024 and 2023, respectively. No other individual country from the International region contributed more than 10% of total revenue for the three and nine months ended September 30, 2024 and 2023.
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v3.24.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Subsequent Events [Abstract] |
|
| Subsequent Events |
Subsequent Events Keap Acquisition and Equity Offering
On October 31, 2024, the Company acquired all of the outstanding capital stock of Infusion Software, Inc. (“Keap”) for $80.0 million of cash, subject to adjustment. Keap was founded in 2001 and operates a SaaS e-mail marketing and sales platform for small businesses, including products to manage customers, customer relationship management, marketing and e-commerce.
To finance the purchase price, the Company closed an underwritten public offering of 5,715,000 shares of common stock, generating proceeds before expenses of $76.0 million and borrowed $5.5 million under its New ABL Facility.
As a result of limited access to the information required to prepare the initial accounting, the initial accounting for the Keap acquisition is incomplete and we are unable to provide the amounts that will be recognized at the acquisition date for the major classes of assets acquired and liabilities assumed, pre-existing contingencies, goodwill or other intangible assets at the time of this Quarterly Report on Form 10-Q.
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v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Pay vs Performance Disclosure |
|
|
|
|
| Net (loss) |
$ (96,071)
|
$ (27,046)
|
$ (82,099)
|
$ (1,754)
|
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v3.24.3
Description of Business and Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 and 2023 have been prepared on the same basis as the audited annual financial statements. The consolidated balance sheet as of December 31, 2023 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, 2023.
|
| 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, 2024 and 2023:
| | | | | | | | | | | | | (in thousands) | September 30, 2024 | | September 30, 2023 | | Cash and cash equivalents | $ | 12,453 | | | $ | 14,676 | | | Restricted cash, included in Other current assets | 1,421 | | | 2,275 | | | Total cash, cash equivalents and restricted cash | $ | 13,874 | | | $ | 16,951 | |
|
| Recent Accounting Pronouncements |
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires additional disclosures, including more detailed information about segment expenses about a public entity’s reportable segments on an annual and interim basis. The new segment disclosures are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management will review the extent of new disclosures necessary in the coming quarters, prior to implementation in the Company's 2024 Annual Report on Form 10-K. Other than additional disclosures, the Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires additional disclosures primarily related to the rate reconciliation and income taxes paid information. The new income tax disclosures are effective for fiscal years beginning after December 15, 2024. Management will review the extent of new disclosures necessary in the coming years, prior to implementation in the Company's 2025 Annual Report on Form 10-K. Other than additional disclosures, the Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.
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v3.24.3
Description of Business and Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 and 2023:
| | | | | | | | | | | | | (in thousands) | September 30, 2024 | | September 30, 2023 | | Cash and cash equivalents | $ | 12,453 | | | $ | 14,676 | | | Restricted cash, included in Other current assets | 1,421 | | | 2,275 | | | Total cash, cash equivalents and restricted cash | $ | 13,874 | | | $ | 16,951 | |
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v3.24.3
Goodwill and Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Goodwill |
The following table sets forth the changes in the carrying amount of the Company's goodwill for the nine months ended September 30, 2024 and the year ended December 31, 2023. | | | | | | | | | | | | | | | | | | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | Balance as of December 31, 2022 | $ | 347,120 | | | $ | 218,884 | | | $ | 566,004 | | Yellow Acquisition (1) | 5,129 | | | — | | | 5,129 | | | Impairments | (268,800) | | | — | | | (268,800) | | | Effects of foreign currency translation | 67 | | | — | | | 67 | | Balance as of December 31, 2023 | $ | 83,516 | | | $ | 218,884 | | | $ | 302,400 | | | | | | | | | Impairments | (83,094) | | | — | | | (83,094) | | | | | | | | | Effects of foreign currency translation | (422) | | | — | | | (422) | | Balance as of September 30, 2024 | $ | — | | | $ | 218,884 | | | $ | 218,884 | |
|
| Schedule of Finite-lived Intangible Assets |
The following tables set forth the details of the Company's intangible assets as of September 30, 2024 and December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2024 | | (in thousands) | Gross | | Accumulated
Amortization | | Net | | Weighted
Average
Remaining
Amortization
Period in Years | | Client relationships | $ | 801,263 | | | $ | (798,682) | | | $ | 2,581 | | | 1.6 | | Trademarks and domain names | 224,748 | | | (223,986) | | | 762 | | | 4.0 | | Covenants not to compete | 4,921 | | | (4,811) | | | 110 | | | 1.1 | | Total intangible assets | $ | 1,030,932 | | | $ | (1,027,479) | | | $ | 3,453 | | | 2.1 |
| | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2023 | | (in thousands) | Gross | | Accumulated
Amortization | | Net | | Weighted
Average
Remaining
Amortization
Period in Years | | Client relationships | $ | 799,882 | | | $ | (787,736) | | | $ | 12,146 | | | 1.4 | | Trademarks and domain names | 224,423 | | | (220,886) | | | 3,537 | | | 1.9 | | Covenants not to compete | 10,446 | | | (7,341) | | | 3,105 | | | 0.8 | | Total intangible assets | $ | 1,034,751 | | | $ | (1,015,963) | | | $ | 18,788 | | | 1.4 |
|
| Schedule of Estimated Aggregate 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 | | 2024 (remaining) | | $ | 937 | | | 2025 | | 1,912 | | | 2026 | | 420 | | | 2027 | | 140 | | | 2028 | | 44 | | | Total | | $ | 3,453 | |
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v3.24.3
Allowance for Credit Losses (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Credit Loss [Abstract] |
|
| Schedule of Allowance for Credit Losses |
The following table sets forth the Company's allowance for credit losses as of September 30, 2024 and 2023: | | | | | | | | | | | | | (in thousands) | 2024 | | 2023 | | Balance as of January 1 | $ | 14,961 | | | $ | 14,799 | | | | | | Additions (1) | 12,256 | | | 10,397 | | Deductions (2) | (8,294) | | | (11,409) | | Balance as of September 30 (3) | $ | 18,923 | | | $ | 13,787 | |
(1) For the nine months ended September 30, 2024 and 2023, the Company recorded a provision for credit losses of $12.3 million and $10.4 million, respectively, which is included in General and administrative expense in the Company's consolidated statements of operations and comprehensive (loss). For the three months ended September 30, 2024 and 2023, the Company recorded a provision for credit losses of $3.3 million and $3.1 million, respectively, which is included in General and administrative expense in the Company's consolidated statements of operations and comprehensive (loss).
(2) For the nine months ended September 30, 2024 and 2023, the deductions represent amounts written off as uncollectible, net of recoveries. (3) As of September 30, 2024, $18.9 million of the allowance is attributable to Accounts receivable and less than $0.1 million is attributable to Contract assets. 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.
|
| X |
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-Topic 326
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-Paragraph 13
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v3.24.3
Accrued Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 and December 31, 2023: | | | | | | | | | | | | | (in thousands) | September 30, 2024 | | December 31, 2023 | | Accrued salaries and related expenses | $ | 49,927 | | | $ | 57,357 | | | Accrued expenses | 39,153 | | | 37,889 | | | Accrued taxes | 7,122 | | | 8,832 | | | Accrued service credits | 2,237 | | | 1,825 | | | | | | | Accrued liabilities | $ | 98,439 | | | $ | 105,903 | |
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v3.24.3
Debt Obligations (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Outstanding Debt Obligations |
The following table sets forth the Company's outstanding debt obligations as of September 30, 2024 and December 31, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Maturity | | Interest Rate | | September 30, 2024 | | December 31, 2023 | | New Term Loan | May 1, 2029 | | SOFR + | 6.75% | | $ | 297,500 | | | $ | — | | | Prior Term Loan | March 1, 2026 | | SOFR + | 8.5% | | — | | | 309,368 | | | New ABL Facility | May 1, 2028 | | SOFR + | 2.50% - 2.75% | | 21,900 | | | — | | | Prior ABL Facility | March 1, 2026 | | SOFR + | 3.0% | | — | | | 48,845 | | | Unamortized original issue discount and debt issuance costs | | | | | | (11,596) | | | (9,316) | | | Total debt obligations | | | | | | $ | 307,804 | | | $ | 348,897 | | | Current portion of New Term Loan/Prior Term Loan | | | | | | (52,500) | | | (70,000) | | | Total long-term debt obligations | | | | | $ | 255,304 | | | $ | 278,897 | |
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v3.24.3
Pensions (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of Components of Net Periodic Pension Cost |
The following table details the other components of net periodic pension cost for the Company's pension plans: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | Interest cost | $ | 4,824 | | | $ | 5,138 | | | $ | 14,472 | | | $ | 16,048 | | | Expected return on assets | (3,243) | | | (3,223) | | | (9,729) | | | (10,384) | | | Settlement (gain) | — | | | — | | | — | | | (420) | | | Remeasurement (gain) | — | | | (13) | | | — | | | (1,356) | | | Net periodic pension cost | $ | 1,581 | | | $ | 1,902 | | | $ | 4,743 | | | $ | 3,888 | |
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v3.24.3
Stock-Based Compensation and Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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 (loss) during the periods presented:
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | Cost of services | $ | 160 | | | $ | 174 | | | $ | 507 | | | $ | 496 | | | Sales and marketing | 1,915 | | | 2,691 | | | 5,255 | | | 8,303 | | | General and administrative | 3,936 | | | 2,597 | | | 11,891 | | | 7,854 | | | Stock-based compensation expense | $ | 6,011 | | | $ | 5,462 | | | $ | 17,653 | | | $ | 16,653 | |
|
| 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) | 2024 | | 2023 | | 2024 | | 2023 | | RSUs | $ | 3,101 | | | $ | 2,423 | | | $ | 9,685 | | | $ | 7,243 | | | PSUs | 2,559 | | | 2,379 | | | 6,664 | | | 6,994 | | | Stock options | 145 | | | 419 | | | 435 | | | 1,260 | | | ESPP | 206 | | | 241 | | | 869 | | | 1,156 | | | Stock-based compensation expense | $ | 6,011 | | | $ | 5,462 | | | $ | 17,653 | | | $ | 16,653 | |
|
| 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, 2024: | | | | | | | | | | | | | | | | | | Number of Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | | | | | | | | Nonvested balance as of December 31, 2023 | 992,464 | | $ | 21.52 | | | | | | | Granted | 891,598 | | 18.42 | | | | | | Vested | (440,655) | | 22.12 | | | | | | Forfeited | (231,440) | | 19.32 | | | | | Nonvested balance as of September 30, 2024 | 1,211,967 | | $ | 19.44 | | | | | |
|
| 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, 2024: | | | | | | | | | | | | | | | | | | Number of Performance-Based Restricted Stock Units | | Weighted-Average Grant-Date Fair Value | | | | | | | | | Nonvested balance as of December 31, 2023 | 1,130,779 | | $ | 23.68 | | | | | | | Granted | 693,936 | | 18.89 | | | | | | Vested | (122,241) | | 26.33 | | | | | | Forfeited | (352,116) | | 22.31 | | | | | Nonvested balance as of September 30, 2024 | 1,350,358 | | $ | 22.01 | | | | | |
|
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v3.24.3
Earnings per Share (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands, except share and per share amounts) | 2024 | | 2023 | | 2024 | | 2023 | | Basic net (loss) per share: | | | | | | | | | Net (loss) | $ | (96,071) | | | $ | (27,046) | | | $ | (82,099) | | | $ | (1,754) | | | Weighted-average common shares outstanding during the period | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | | | Basic net (loss) per share | $ | (2.65) | | | $ | (0.78) | | | $ | (2.28) | | | $ | (0.05) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands, except share and per share amounts) | 2024 | | 2023 | | 2024 | | 2023 | | Diluted net (loss) per share: | | | | | | | | | Net (loss) | $ | (96,071) | | | $ | (27,046) | | | $ | (82,099) | | | $ | (1,754) | | | Weighted-average basic shares outstanding during the period | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | | | Plus: Common stock equivalents associated with stock-based compensation | — | | | — | | | — | | | — | | | Weighted-average diluted shares outstanding | 36,308,992 | | | 34,848,899 | | | 35,983,826 | | | 34,619,794 | | | Diluted net (loss) per share | $ | (2.65) | | | $ | (0.78) | | | $ | (2.28) | | | $ | (0.05) | | | | | | | | | | | | | | | | | |
|
| Schedule of Computation of Diluted Shares Outstanding |
The computation of weighted-average 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, 2024 and 2023: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | | Outstanding RSUs | 36,334 | | | — | | | 228,681 | | | 218,804 | | | Outstanding PSUs | — | | | 147,914 | | | 221,326 | | | 238,655 | | | Outstanding ESPP shares | 61,442 | | | 38,581 | | | 228,707 | | | 64,091 | | | Outstanding stock warrants | — | | | — | | | — | | | 3,489,662 | |
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v3.24.3
Changes in Accumulated Other Comprehensive Loss (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Equity [Abstract] |
|
| Schedule of 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, 2024 and 2023:
| | | | | | | | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Loss | | (in thousands) | | | | | 2024 | | 2023 | | Beginning balance at January 1, | | | | | $ | (15,191) | | | $ | (16,261) | | Foreign currency translation adjustment, net of tax expense of $0.4 million and $1.8 million, respectively | | | | | 1,132 | | | (4,332) | | Ending balance at September 30, | | | | | $ | (14,059) | | | $ | (20,593) | |
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v3.24.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| 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, 2024 | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | | Revenue | $ | 92,797 | | | $ | 87,055 | | | $ | 179,852 | | | Segment Gross Profit | 51,374 | | | 60,607 | | | 111,981 | | | Segment Adjusted EBITDA | 9,309 | | | 10,314 | | | 19,623 | |
| | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2023 | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | | Revenue | $ | 116,462 | | | $ | 67,360 | | | $ | 183,822 | | | Segment Gross Profit | 60,776 | | | 42,868 | | | 103,644 | | | Segment Adjusted EBITDA | 7,835 | | | (504) | | | 7,331 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2024 | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | | Revenue | $ | 398,389 | | | $ | 239,171 | | | $ | 637,560 | | | Segment Gross Profit | 252,219 | | | 161,991 | | | 414,210 | | | Segment Adjusted EBITDA | 109,137 | | | 23,914 | | | 133,051 | |
| | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2023 | | (in thousands) | Thryv Marketing Services | | Thryv SaaS | | Total | | Revenue | $ | 491,051 | | | $ | 189,747 | | | $ | 680,798 | | | Segment Gross Profit | 299,305 | | | 119,232 | | | 418,537 | | | Segment Adjusted EBITDA | 129,717 | | | 5,522 | | | 135,239 | |
|
| Schedule of Reconciliation of Earnings Before Interest, Tax, Depreciation, and Amortization from Segments to Consolidated |
A reconciliation of the Company’s (Loss) 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) | 2024 | | 2023 | | 2024 | | 2023 | | (Loss) before income tax benefit (expense) | $ | (101,446) | | | $ | (37,287) | | | $ | (75,459) | | | $ | (10,927) | | | Interest expense | 11,514 | | | 15,131 | | | 37,048 | | | 47,911 | | | Depreciation and amortization expense | 12,519 | | | 15,842 | | | 41,144 | | | 46,940 | | | Stock-based compensation expense | 6,011 | | | 5,462 | | | 17,653 | | | 16,653 | | | Restructuring and integration expenses | 4,861 | | | 3,584 | | | 17,679 | | | 12,845 | | Transaction costs (1) | 1,706 | | | — | | | 1,706 | | | 373 | | | Other components of net periodic pension cost | 1,581 | | | 1,902 | | | 4,743 | | | 3,888 | | | Loss on early extinguishment of debt | — | | | — | | | 6,638 | | | — | | | Non-cash loss from remeasurement of indemnification asset | — | | | — | | | — | | | 10,734 | | | Impairment charges | 83,094 | | | — | | | 83,094 | | | — | | | Other | (217) | | | 2,697 | | | (1,195) | | | 6,822 | | | Total Segment Adjusted EBITDA | $ | 19,623 | | | $ | 7,331 | | | $ | 133,051 | | | $ | 135,239 | |
(1)Consists of expenses related to the Keap Acquisition during the three and nine months ended September 30, 2024 and the Yellow Acquisition during the nine months ended September 30, 2023.
|
| 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) | 2024 | | 2023 | | 2024 | | 2023 | | Thryv Marketing Services | | | | | | | | | Print | $ | 44,174 | | | $ | 22,222 | | | $ | 211,441 | | | $ | 186,082 | | | Digital | 48,623 | | | 94,240 | | | 186,948 | | | 304,969 | | | Total Thryv Marketing Services | 92,797 | | | 116,462 | | | 398,389 | | | 491,051 | | | Thryv SaaS | 87,055 | | | 67,360 | | | 239,171 | | | 189,747 | | | Revenue | $ | 179,852 | | | $ | 183,822 | | | $ | 637,560 | | | $ | 680,798 | |
Revenue by geography is based on the location of the customer. The following table sets forth the Company's disaggregation of Revenue based on geographic region for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | (in thousands) | 2024 | | 2023 | | 2024 | | 2023 | | United States | $ | 156,016 | | | $ | 157,534 | | | $ | 530,585 | | | $ | 560,795 | | | International | 23,836 | | | 26,288 | | | 106,975 | | | 120,003 | | | Revenue | $ | 179,852 | | | $ | 183,822 | | | $ | 637,560 | | | $ | 680,798 | |
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v3.24.3
Description of Business and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
| Cash and cash equivalents |
$ 12,453
|
$ 18,216
|
$ 14,676
|
|
| Restricted cash, included in Other current assets |
1,421
|
|
2,275
|
|
| Total cash, cash equivalents and restricted cash |
$ 13,874
|
$ 20,530
|
$ 16,951
|
$ 18,180
|
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v3.24.3
Acquisitions - Narrative (Details) - USD ($)
$ in Thousands |
Apr. 03, 2023 |
Sep. 30, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
| Business Acquisition [Line Items] |
|
|
|
|
| Goodwill |
|
$ 218,884
|
$ 302,400
|
$ 566,004
|
| 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
|
|
|
|
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v3.24.3
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Apr. 03, 2023 |
Dec. 31, 2022 |
| Business Acquisition [Line Items] |
|
|
|
|
| Goodwill |
$ 218,884
|
$ 302,400
|
|
$ 566,004
|
| 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 |
|
|
$ 8,897
|
|
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Revenue Recognition (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
|
|
| Revenue recognized |
$ 1.0
|
$ 1.6
|
$ 37.8
|
$ 40.6
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 |
|
|
|
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
|
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| Revenue, remaining performance obligations period (in months) |
12 months
|
|
12 months
|
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v3.24.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands |
|
3 Months Ended |
9 Months Ended |
|
Jun. 22, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2017 |
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
|
|
|
|
| Settlement of indemnification asset |
|
|
|
|
$ 15,760
|
|
| Gain (loss) on remeasurement of indemnification asset |
|
$ 0
|
$ 0
|
$ 0
|
(10,734)
|
|
| 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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v3.24.3
Fair Value Measurements - Schedule of Fair Value and Carrying Value of Debt Instruments (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| New Term Loan | Carrying Amount |
|
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
| Long-term debt, fair value |
$ 285,904
|
$ 0
|
| New Term Loan | Fair Value |
|
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
| Long-term debt, fair value |
290,372
|
0
|
| Term Loan | Carrying Amount |
|
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
| Long-term debt, fair value |
0
|
300,052
|
| Term Loan | Fair Value |
|
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
| Long-term debt, fair value |
$ 0
|
$ 300,052
|
| X |
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Goodwill and Intangible Assets - Schedule of Goodwill Rollforward (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Goodwill [Roll Forward] |
|
|
|
| Beginning balance |
|
$ 302,400,000
|
$ 566,004,000
|
| Yellow Acquisition |
|
|
5,129,000
|
| Impairments |
|
(83,094,000)
|
(268,800,000)
|
| Effects of foreign currency translation |
|
(422,000)
|
67,000
|
| Ending balance |
$ 218,884,000
|
218,884,000
|
302,400,000
|
| Thryv Marketing Services |
|
|
|
| Goodwill [Roll Forward] |
|
|
|
| Beginning balance |
|
83,516,000
|
347,120,000
|
| Yellow Acquisition |
|
|
5,129,000
|
| Impairments |
(83,100,000)
|
(83,094,000)
|
(268,800,000)
|
| Effects of foreign currency translation |
|
(422,000)
|
67,000
|
| Ending balance |
0
|
0
|
83,516,000
|
| Thryv SaaS |
|
|
|
| Goodwill [Roll Forward] |
|
|
|
| Beginning balance |
|
218,884,000
|
218,884,000
|
| Yellow Acquisition |
|
|
0
|
| Impairments |
|
0
|
0
|
| Effects of foreign currency translation |
|
0
|
0
|
| Ending balance |
$ 218,884,000
|
$ 218,884,000
|
$ 218,884,000
|
| X |
- DefinitionAmount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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v3.24.3
Goodwill and Intangible Assets - Narrative (Details)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Sep. 30, 2024
USD ($)
|
Mar. 31, 2024
reporting_unit
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
reporting_unit
|
Dec. 31, 2022
USD ($)
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
| Impairments |
|
|
|
$ 83,094,000
|
|
$ 268,800,000
|
|
| Goodwill |
$ 218,884,000
|
|
|
218,884,000
|
|
$ 302,400,000
|
$ 566,004,000
|
| Number of reporting units | reporting_unit |
|
2
|
|
|
|
4
|
|
| Amortization expense |
3,300,000
|
|
$ 6,400,000
|
13,700,000
|
$ 19,100,000
|
|
|
| Thryv Marketing Services |
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
| Impairments |
83,100,000
|
|
|
83,094,000
|
|
$ 268,800,000
|
|
| Goodwill |
$ 0
|
|
|
$ 0
|
|
$ 83,516,000
|
$ 347,120,000
|
| X |
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v3.24.3
Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross |
$ 1,030,932
|
$ 1,034,751
|
| Accumulated Amortization |
(1,027,479)
|
(1,015,963)
|
| Total |
$ 3,453
|
$ 18,788
|
| Weighted average remaining amortization period in years (in years) |
2 years 1 month 6 days
|
1 year 4 months 24 days
|
| Client relationships |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross |
$ 801,263
|
$ 799,882
|
| Accumulated Amortization |
(798,682)
|
(787,736)
|
| Total |
$ 2,581
|
$ 12,146
|
| Weighted average remaining amortization period in years (in years) |
1 year 7 months 6 days
|
1 year 4 months 24 days
|
| Trademarks and domain names |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross |
$ 224,748
|
$ 224,423
|
| Accumulated Amortization |
(223,986)
|
(220,886)
|
| Total |
$ 762
|
$ 3,537
|
| Weighted average remaining amortization period in years (in years) |
4 years
|
1 year 10 months 24 days
|
| Covenants not to compete |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Gross |
$ 4,921
|
$ 10,446
|
| Accumulated Amortization |
(4,811)
|
(7,341)
|
| Total |
$ 110
|
$ 3,105
|
| Weighted average remaining amortization period in years (in years) |
1 year 1 month 6 days
|
9 months 18 days
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 350
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 350
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 350
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-Topic 350
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v3.24.3
Allowance for Credit Losses (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] |
|
|
|
|
| Beginning balance |
|
|
$ 14,961
|
$ 14,799
|
| Additions |
$ 3,300
|
$ 3,100
|
12,256
|
10,397
|
| Deductions |
|
|
(8,294)
|
(11,409)
|
| Ending balance |
18,923
|
13,787
|
18,923
|
13,787
|
| Accounts receivable, allowance for credit loss |
18,900
|
13,800
|
18,900
|
13,800
|
| Contract with customer, asset, allowance for credit loss (less than) |
$ 100
|
$ 100
|
$ 100
|
$ 100
|
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-Topic 944
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-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 45
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Accrued Liabilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
| Payables and Accruals [Abstract] |
|
|
| Accrued salaries and related expenses |
$ 49,927
|
$ 57,357
|
| Accrued expenses |
39,153
|
37,889
|
| Accrued taxes |
7,122
|
8,832
|
| Accrued service credits |
2,237
|
1,825
|
| Accrued liabilities |
$ 98,439
|
$ 105,903
|
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-Topic 210
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-Topic 210
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v3.24.3
Debt Obligations - Schedule of Outstanding Debt Obligations (Details) - USD ($)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
| Debt Instrument [Line Items] |
|
|
| Unamortized original issue discount and debt issuance costs |
$ (11,596)
|
$ (9,316)
|
| Total debt obligations |
307,804
|
348,897
|
| Current portion of New Term Loan/Prior Term Loan |
(52,500)
|
(70,000)
|
| Total long-term debt obligations |
$ 255,304
|
278,897
|
| New Term Loan |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
Secured Overnight Financing Rate (SOFR)
|
|
| Debt obligations |
$ 297,500
|
0
|
| New Term Loan | Variable Rate Component One |
|
|
| Debt Instrument [Line Items] |
|
|
| Interest Rate |
6.75%
|
|
| Prior Term Loan |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
Secured Overnight Financing Rate (SOFR)
|
|
| Debt obligations |
$ 0
|
309,368
|
| Prior Term Loan | Variable Rate Component One |
|
|
| Debt Instrument [Line Items] |
|
|
| Interest Rate |
8.50%
|
|
| New ABL Facility | Revolving Credit Facility | Line of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
Secured Overnight Financing Rate (SOFR)
|
|
| Debt obligations |
$ 21,900
|
0
|
| New ABL Facility | Variable Rate Component One | Revolving Credit Facility | Line of Credit | Minimum |
|
|
| Debt Instrument [Line Items] |
|
|
| Interest Rate |
2.50%
|
|
| New ABL Facility | Variable Rate Component One | Revolving Credit Facility | Line of Credit | Maximum |
|
|
| Debt Instrument [Line Items] |
|
|
| Interest Rate |
2.75%
|
|
| Prior ABL Facility | Revolving Credit Facility | Line of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] |
Secured Overnight Financing Rate (SOFR)
|
|
| Debt obligations |
$ 0
|
$ 48,845
|
| Prior ABL Facility | Variable Rate Component One | Revolving Credit Facility | Line of Credit |
|
|
| Debt Instrument [Line Items] |
|
|
| Interest Rate |
3.00%
|
|
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Topic 835
-SubTopic 30
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-Section 55
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Debt Obligations - Narrative (Details)
|
|
9 Months Ended |
|
|
May 01, 2024
USD ($)
|
Sep. 30, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
| Debt Instrument [Line Items] |
|
|
|
| Interest payable, current |
|
$ 100,000
|
$ 1,100,000
|
| Related Party | Minimum |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, percent ownership |
|
5.00%
|
|
| New Term Loan |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, face amount |
$ 350,000,000
|
|
|
| Debt instrument, amortization payment period |
2 years
|
|
|
| Proceeds from issuance of debt |
$ 337,600,000
|
|
|
| Term loan, original issue discount |
6,300,000
|
|
|
| Debt issuance costs |
6,100,000
|
|
|
| Payments of financing costs |
6,100,000
|
|
|
| Unamortized debt issuance expense |
4,100,000
|
|
|
| Debt instrument, covenant, leverage ratio to EBITDA, maximum |
|
3.0
|
|
| New Term Loan | General and administrative |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Payments of financing costs |
2,000,000
|
|
|
| New Term Loan | Payment Terms Tranche One |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, mandatory quarterly amortization payment |
52,500,000
|
|
|
| New Term Loan | Payment Terms Tranche Two |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, mandatory quarterly amortization payment |
$ 35,000,000
|
|
|
| New Term Loan | Secured Overnight Financing Rate (SOFR) |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Basis spread on variable rate (as percent) |
6.75%
|
|
|
| New Term Loan | Base Rate |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Basis spread on variable rate (as percent) |
5.75%
|
|
|
| New Term Loan | Related Party |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, percent ownership |
31.80%
|
31.80%
|
|
| Term Loan |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt issuance costs |
$ 600,000
|
|
|
| Repayment of debt |
300,000,000
|
|
|
| Interest expense |
3,800,000
|
|
|
| Unamortized debt issuance expense |
2,400,000
|
|
|
| Term loan, debt issuance costs |
7,800,000
|
|
|
| Write off of deferred debt issuance costs |
5,400,000
|
|
|
| ABL Facility | Revolving Credit Facility | Line of Credit |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt issuance costs |
1,200,000
|
|
|
| Maximum borrowing capacity |
$ 85,000,000.0
|
|
|
| Line of credit facility, unused capacity, commitment fee (as percent) |
0.375%
|
|
|
| Debt issuance costs, line of credit |
$ 1,200,000
|
|
|
| Debt issuance costs, line of credit, balance |
|
$ 1,100,000
|
$ 1,400,000
|
| Borrowing base capacity |
|
60,900,000
|
|
| Current borrowing capacity |
|
$ 50,300,000
|
|
| ABL Facility | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | Line of Credit | Minimum |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Basis spread on variable rate (as percent) |
2.50%
|
|
|
| ABL Facility | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | Line of Credit | Maximum |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Basis spread on variable rate (as percent) |
2.75%
|
|
|
| ABL Facility | Base Rate | Revolving Credit Facility | Line of Credit | Minimum |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Basis spread on variable rate (as percent) |
1.50%
|
|
|
| ABL Facility | Base Rate | Revolving Credit Facility | Line of Credit | Maximum |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Basis spread on variable rate (as percent) |
1.75%
|
|
|
| Prior ABL Facility | Revolving Credit Facility | Line of Credit |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, fixed charge coverage ratio |
|
1.0
|
|
| Debt instrument, covenant, remaining borrowing capacity required, minimum |
|
$ 8,500,000
|
|
| X |
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|
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|
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|
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|
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| Period Type: |
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|
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
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-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
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v3.24.3
Pensions - Schedule of Components of Net Periodic Pension Cost (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Retirement Benefits [Abstract] |
|
|
|
|
| Interest cost |
$ 4,824
|
$ 5,138
|
$ 14,472
|
$ 16,048
|
| Expected return on assets |
(3,243)
|
(3,223)
|
(9,729)
|
(10,384)
|
| Settlement (gain) |
0
|
0
|
0
|
(420)
|
| Remeasurement (gain) |
0
|
(13)
|
0
|
(1,356)
|
| Net periodic pension cost |
$ 1,581
|
$ 1,902
|
$ 4,743
|
$ 3,888
|
| X |
- References
+ Details
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v3.24.3
Pensions - Narrative (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
|
| Settlement gain (less than for three months ended September 2023) |
$ 0
|
$ 0
|
$ 0
|
$ 420,000
|
| Remeasurement gain (less than for three months ended September 2023) |
0
|
13,000
|
0
|
1,356,000
|
| Qualified Plan | Pension Plan |
|
|
|
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
|
| Contribution costs |
0
|
0
|
0
|
0
|
| Expected future employer contribution, current fiscal year |
10,000,000.0
|
|
10,000,000.0
|
|
| 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 |
$ 500,000
|
|
$ 500,000
|
|
| X |
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-Topic 715
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v3.24.3
Stock-Based Compensation and Stockholders' Equity - Schedule of Compensation Expense Allocation (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock-based compensation expense |
$ 6,011
|
$ 5,462
|
$ 17,653
|
$ 16,653
|
| Cost of services |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock-based compensation expense |
160
|
174
|
507
|
496
|
| Sales and marketing |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock-based compensation expense |
1,915
|
2,691
|
5,255
|
8,303
|
| General and administrative |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock-based compensation expense |
$ 3,936
|
$ 2,597
|
$ 11,891
|
$ 7,854
|
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
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v3.24.3
Stock-Based Compensation and Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock-based compensation expense |
$ 6,011
|
$ 5,462
|
$ 17,653
|
$ 16,653
|
| RSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock-based compensation expense |
3,101
|
2,423
|
9,685
|
7,243
|
| PSUs |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock-based compensation expense |
2,559
|
2,379
|
6,664
|
6,994
|
| Stock options |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock-based compensation expense |
145
|
419
|
435
|
1,260
|
| ESPP |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Stock-based compensation expense |
$ 206
|
$ 241
|
$ 869
|
$ 1,156
|
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v3.24.3
Stock-Based Compensation and Stockholders' Equity - Schedule of Nonvested Units Activity (Details)
|
9 Months Ended |
|
Sep. 30, 2024
$ / shares
shares
|
|---|
| RSUs |
|
| Number of Restricted Stock Units |
|
| Nonvested beginning balance (in shares) | shares |
992,464
|
| Granted (in shares) | shares |
891,598
|
| Vested (in shares) | shares |
(440,655)
|
| Forfeited (in shares) | shares |
(231,440)
|
| Nonvested ending balance (in shares) | shares |
1,211,967
|
| Weighted-Average Grant-Date Fair Value |
|
| Nonvested beginning balance (in dollars per share) | $ / shares |
$ 21.52
|
| Granted (in dollars per share) | $ / shares |
18.42
|
| Vested (in dollars per share) | $ / shares |
22.12
|
| Forfeited (in dollars per share) | $ / shares |
19.32
|
| Nonvested ending balance (in dollars per share) | $ / shares |
$ 19.44
|
| PSUs |
|
| Number of Restricted Stock Units |
|
| Nonvested beginning balance (in shares) | shares |
1,130,779
|
| Granted (in shares) | shares |
693,936
|
| Vested (in shares) | shares |
(122,241)
|
| Forfeited (in shares) | shares |
(352,116)
|
| Nonvested ending balance (in shares) | shares |
1,350,358
|
| Weighted-Average Grant-Date Fair Value |
|
| Nonvested beginning balance (in dollars per share) | $ / shares |
$ 23.68
|
| Granted (in dollars per share) | $ / shares |
18.89
|
| Vested (in dollars per share) | $ / shares |
26.33
|
| Forfeited (in dollars per share) | $ / shares |
22.31
|
| Nonvested ending balance (in dollars per share) | $ / shares |
$ 22.01
|
| X |
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-Topic 718
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|
v3.24.3
Stock-Based Compensation and Stockholders' Equity - Narrative (Details) - USD ($)
|
|
9 Months Ended |
|
|
Jun. 20, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Apr. 30, 2024 |
Dec. 31, 2023 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Number of shares entitled per RSU (in shares) |
|
1
|
|
|
|
| Stock options granted during period (in shares) |
|
588,611
|
194,435
|
|
|
| Stock repurchase program, authorized amount |
|
|
|
$ 40,000,000
|
|
| Purchase of treasury stock (in shares) |
26,495
|
|
|
|
|
| Purchase of treasury stock |
$ 500,000
|
$ 499,000
|
|
|
|
| RSUs |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Unrecognized stock based compensation expense |
|
$ 15,800,000
|
|
|
|
| Share-based payment arrangement, period for recognition (in years) |
|
1 year 8 months 23 days
|
|
|
|
| ESPP shares issued during period (in shares) |
|
440,655
|
|
|
|
| Nonvested balance (in shares) |
|
1,211,967
|
|
|
992,464
|
| PSUs |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Requisite service period (in years) |
|
3 years
|
|
|
|
| Unrecognized stock based compensation expense |
|
$ 12,700,000
|
|
|
|
| Share-based payment arrangement, period for recognition (in years) |
|
1 year 4 months 20 days
|
|
|
|
| Shares of entitled common stock (in shares) |
|
1.5
|
|
|
|
| Award vesting period (in years) |
|
3 years
|
|
|
|
| Nonvested balance (in shares) |
|
1,350,358
|
|
|
1,130,779
|
| PSUs | Performance Conditions |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Nonvested balance (in shares) |
|
729,894
|
|
|
|
| PSUs | Market Conditions |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Nonvested balance (in shares) |
|
1,094,821
|
|
|
|
| Stock options |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Unrecognized stock based compensation expense |
|
$ 100,000
|
|
|
|
| Share-based payment arrangement, period for recognition (in years) |
|
1 month 6 days
|
|
|
|
| Stock options expected to vest (in shares) |
|
83,334
|
|
|
|
| Stock options expected to vest, weighted average grant-date fair value (in dollars per share) |
|
$ 13.82
|
|
|
|
| ESPP |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| ESPP shares issued during period (in shares) |
|
149,983
|
189,837
|
|
|
| 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
|
|
|
| Minimum | RSUs |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Requisite service period (in years) |
|
1 year
|
|
|
|
| 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
|
|
|
| Maximum | RSUs |
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
| Requisite service period (in years) |
|
3 years
|
|
|
|
| X |
- DefinitionAmount authorized for purchase of share under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Section 50
-Paragraph 4
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v3.24.3
Earnings per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Basic net (loss) per share: |
|
|
|
|
| Net (loss) |
$ (96,071)
|
$ (27,046)
|
$ (82,099)
|
$ (1,754)
|
| Weighted-average common shares outstanding during the period (in shares) |
36,308,992
|
34,848,899
|
35,983,826
|
34,619,794
|
| Basic net (loss) per share (in dollars per share) |
$ (2.65)
|
$ (0.78)
|
$ (2.28)
|
$ (0.05)
|
| Diluted net (loss) per share: |
|
|
|
|
| Net (loss) |
$ (96,071)
|
$ (27,046)
|
$ (82,099)
|
$ (1,754)
|
| Weighted-average basic shares outstanding during the period (in shares) |
36,308,992
|
34,848,899
|
35,983,826
|
34,619,794
|
| Plus: Common stock equivalents associated with stock-based compensation (in shares) |
0
|
0
|
0
|
0
|
| Weighted-average diluted shares outstanding (in shares) |
36,308,992
|
34,848,899
|
35,983,826
|
34,619,794
|
| Diluted net (loss) per share (in dollars per share) |
$ (2.65)
|
$ (0.78)
|
$ (2.28)
|
$ (0.05)
|
| X |
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-Subparagraph (g)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
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-Section 55
-Paragraph 10
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 942
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v3.24.3
Earnings per Share - Schedule of Computation of Diluted Shares Outstanding (Details) - shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Outstanding 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) |
36,334
|
0
|
228,681
|
218,804
|
| Outstanding 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) |
0
|
147,914
|
221,326
|
238,655
|
| Outstanding ESPP shares |
|
|
|
|
| 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) |
61,442
|
38,581
|
228,707
|
64,091
|
| Outstanding 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
|
0
|
0
|
3,489,662
|
| X |
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v3.24.3
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
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| X |
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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v3.24.3
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Beginning balance |
$ 152,700
|
$ 382,267
|
| Ending balance |
94,532
|
397,096
|
| Foreign currency translation adjustment, tax |
400
|
(1,800)
|
| Accumulated Other Comprehensive Loss |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Beginning balance |
(15,191)
|
(16,261)
|
| Foreign currency translation adjustment, net of tax expense of $0.4 million and $1.8 million, respectively |
1,132
|
(4,332)
|
| Ending balance |
$ (14,059)
|
$ (20,593)
|
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v3.24.3
Segment Information - Schedule of Segment Operating Results (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenue |
$ 179,852
|
$ 183,822
|
$ 637,560
|
$ 680,798
|
| Segment Gross Profit |
111,981
|
103,644
|
414,210
|
418,537
|
| Segment Adjusted EBITDA |
19,623
|
7,331
|
133,051
|
135,239
|
| Thryv Marketing Services |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenue |
92,797
|
116,462
|
398,389
|
491,051
|
| Segment Gross Profit |
51,374
|
60,776
|
252,219
|
299,305
|
| Segment Adjusted EBITDA |
9,309
|
7,835
|
109,137
|
129,717
|
| Thryv SaaS |
|
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
|
| Revenue |
87,055
|
67,360
|
239,171
|
189,747
|
| Segment Gross Profit |
60,607
|
42,868
|
161,991
|
119,232
|
| Segment Adjusted EBITDA |
$ 10,314
|
$ (504)
|
$ 23,914
|
$ 5,522
|
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v3.24.3
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, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Segment Reporting [Abstract] |
|
|
|
|
| (Loss) before income tax benefit (expense) |
$ (101,446)
|
$ (37,287)
|
$ (75,459)
|
$ (10,927)
|
| Interest expense |
11,514
|
15,131
|
37,048
|
47,911
|
| Depreciation and amortization expense |
12,519
|
15,842
|
41,144
|
46,940
|
| Stock-based compensation expense |
6,011
|
5,462
|
17,653
|
16,653
|
| Restructuring and integration expenses |
4,861
|
3,584
|
17,679
|
12,845
|
| Transaction costs |
1,706
|
0
|
1,706
|
373
|
| Other components of net periodic pension cost |
1,581
|
1,902
|
4,743
|
3,888
|
| Loss on early extinguishment of debt |
0
|
0
|
6,638
|
0
|
| Non-cash loss from remeasurement of indemnification asset |
0
|
0
|
0
|
10,734
|
| Impairment charges |
83,094
|
0
|
83,094
|
0
|
| Other |
(217)
|
2,697
|
(1,195)
|
6,822
|
| Total Segment Adjusted EBITDA |
$ 19,623
|
$ 7,331
|
$ 133,051
|
$ 135,239
|
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.24.3
Segment Information - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Revenue |
$ 179,852
|
$ 183,822
|
$ 637,560
|
$ 680,798
|
| United States |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Revenue |
156,016
|
157,534
|
530,585
|
560,795
|
| International |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Revenue |
23,836
|
26,288
|
106,975
|
120,003
|
| Thryv Marketing Services |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Revenue |
92,797
|
116,462
|
398,389
|
491,051
|
| Thryv SaaS |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Revenue |
87,055
|
67,360
|
239,171
|
189,747
|
| Print | Thryv Marketing Services |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Revenue |
44,174
|
22,222
|
211,441
|
186,082
|
| Digital | Thryv Marketing Services |
|
|
|
|
| Segment Reporting, Revenue Reconciling Item [Line Items] |
|
|
|
|
| Revenue |
$ 48,623
|
$ 94,240
|
$ 186,948
|
$ 304,969
|
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v3.24.3
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