– Grows SaaS Revenue 29% in Q3 2024 – Raises Full Year
2024 SaaS guidance – Seasoned NDR increases 900 bps
year-over-year to 101% – Closes acquisition of Infusion
Software, Inc., "Keap"
Headline of release should read: Thryv Accelerates SaaS
Revenue Growth and Achieves the "Rule of 40" in Third Quarter
2024
The updated release reads:
THRYV ACCELERATES SAAS REVENUE GROWTH AND
ACHIEVES THE "RULE OF 40" IN THIRD QUARTER 2024
– Grows SaaS Revenue 29% in Q3 2024 – Raises Full Year
2024 SaaS guidance – Seasoned NDR increases 900 bps
year-over-year to 101% – Closes acquisition of Infusion
Software, Inc., "Keap"
Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”),
the provider of Thryv®, the leading small business software
platform, reported SaaS revenue growth of 29% year-over-year in the
third quarter of 2024.
“We had a strong third quarter - delivering SaaS revenue growth
of 29% year-over-year and record SaaS margins,” said Joe Walsh,
Thryv Chairman and CEO. “We reported 45% year-over-year growth in
SaaS clients as we are upgrading our marketing service clients to
our SaaS platform and have continued to execute on our
transformation strategy. In addition, we achieved a significant
milestone that further validates our business model and reached the
'Rule of 40' this quarter.
“With our recent acquisition of Keap, Thryv will be offering an
expanded, integrated set of marketing and sales solutions, and a
strong global partner channel, to our 100,000-plus SaaS clients,”
said Walsh.
“In the third quarter, we beat our SaaS Revenue and Adjusted
EBITDA guidance and are raising our full year SaaS guidance,”
stated Paul Rouse, Chief Financial Officer. “Our Seasoned NDR
increased to 101%, as we continue to increase paid centers per
client, which grew 12% this quarter, demonstrating the success of
our land-and-expand strategy.”
Third Quarter 2024 Highlights:
- Total SaaS revenue was $87.1 million, a 29% increase
year-over-year
- Total Marketing Services revenue was $92.8 million, a 20%
decrease year-over-year
- Consolidated total revenue was $179.9 million, a decrease of 2%
year-over-year
- Consolidated net loss was $96.1 million, or $(2.65) per diluted
share; which includes a non-cash charge of $83.1 million, or
$(2.29) per diluted share, related to a goodwill impairment for our
Marketing Services segment; compared to net loss of $27.0 million,
or $(0.78) per diluted share, for the third quarter of 2023
- Consolidated Adjusted EBITDA was $19.6 million, representing an
Adjusted EBITDA margin of 10.9%
- Total SaaS Adjusted EBITDA was $10.3 million, representing an
Adjusted EBITDA margin of 11.8%
- Total Marketing Services Adjusted EBITDA was $9.3 million,
representing an Adjusted EBITDA margin of 10.0%
- Consolidated Gross Profit was $112.0 million
- Consolidated Adjusted Gross Profit2 was $116.8 million
- SaaS Gross Profit was $60.6 million
- SaaS Adjusted Gross Profit was $62.9 million, representing an
Adjusted Gross Profit Margin of 72.2%
SaaS Metrics
- Total SaaS clients increased 45% year-over-year to 96 thousand
for the third quarter of 2024
- Seasoned Net Dollar Retention3 was 101% for the third quarter
of 2024, an increase of 900 bps year-over-year
- SaaS monthly Average Revenue per Unit (“ARPU”)4 was $307 for
the third quarter of 2024
- ThryvPay total payment volume was $82 million, an increase of
30% year-over-year
Outlook
Based on information available as of November 7, 2024, Thryv is
issuing guidance5 for the fourth quarter of 2024 and full year 2024
as indicated below:
4th Quarter
Full Year
(in millions)
2024
2024
SaaS Revenue
$90.0 - $92.0
$329.5 - $331.5
SaaS Adjusted EBITDA
$9.5 - $10.5
$33.5 - $34.5
4th Quarter
Full Year
(in millions)
2024
2024
Marketing Services Revenue
$81.0 - $83.0
$479.0 - $481.0
Marketing Services Adjusted EBITDA
$16.0 - $19.0
$125.0 - $128.0
For the fourth quarter of 2024, the Company's recent acquisition
of Keap is expected to contribute SaaS revenue in the range of
$11.0 to $12.0 million, which relates to November and December and
is not included in the guidance issued above. Keap's SaaS Adjusted
EBITDA is expected to be de minimus for the fourth quarter of 2024
and is also not included in the guidance issued above.
Earnings Conference Call Information
Thryv will host a conference call on Thursday, November 7, 2024
at 8:30 a.m. (Eastern Time) to discuss the Company's third quarter
2024 results.
For analysts to register for this conference call, please use
this link. After registering, a confirmation email will be sent,
including dial-in details and a unique code for entry. We recommend
registering a day in advance or at a minimum thirty minutes prior
to the start of the call. To listen to the webcast, please use this
link or visit Thryv's Investor Relations website at
investor.thryv.com. A live webcast will also be available on the
Investor Relations section of the Company's website at
investor.thryv.com.
If you are unable to participate in the conference call, a
replay will be available at this link.
Thryv Holdings, Inc. and Subsidiaries Consolidated
Statements of Operations and Comprehensive (Loss)
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
Thryv Holdings, Inc. and Subsidiaries Consolidated
Balance Sheets
(in thousands, except share data)
September 30, 2024
December 31, 2023
Assets
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
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
Thryv Holdings, Inc. and Subsidiaries Consolidated
Statements of Cash Flows
Nine Months Ended September
30,
(in thousands)
2024
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
—
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 exercises 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
Segment Information
During first quarter of 2024, the Company changed the internal
reporting provided to the chief operating decision maker (“CODM”).
As a result, the Company reevaluated its segment reporting and
determined that Thryv U.S. Marketing Services and Thryv
International Marketing Services should be reflected as a single
reportable segment, and that Thryv U.S. SaaS and Thryv
International SaaS should be reflected as a single reportable
segment. As such, beginning on January 1, 2024, the results of our
Marketing Services and SaaS businesses are presented as two
reportable segments. Comparative prior periods have been recast to
reflect the current presentation.
The following tables summarize the operating results of the
Company's reportable segments:
Three Months Ended September
30,
Change
(in thousands)
2024
2023
Amount
%
Revenue
Marketing Services
$
92,797
$
116,462
$
(23,665
)
(20.3
)%
SaaS
87,055
67,360
19,695
29.2
%
Total Revenue
$
179,852
$
183,822
$
(3,970
)
(2.2
)%
Segment Gross Profit
Marketing Services
$
51,374
$
60,776
$
(9,402
)
(15.5
)%
SaaS
60,607
42,868
17,739
41.4
%
Consolidated Segment Gross
Profit
$
111,981
$
103,644
$
8,337
8.0
%
Segment EBITDA
Marketing Services
$
9,309
$
7,835
$
1,474
18.8
%
SaaS
10,314
(504
)
10,818
NM
Consolidated Adjusted EBITDA
$
19,623
$
7,331
$
12,292
167.7
%
Nine Months Ended September
30,
Change
(in thousands)
2024
2023
Amount
%
Revenue
Marketing Services
$
398,389
$
491,051
$
(92,662
)
(18.9
)%
SaaS
239,171
189,747
49,424
26.0
%
Total Revenue
$
637,560
$
680,798
$
(43,238
)
(6.4
)%
Segment Gross Profit
Marketing Services
$
252,219
$
299,305
$
(47,086
)
(15.7
)%
SaaS
161,991
119,232
42,759
35.9
%
Consolidated Segment Gross
Profit
$
414,210
$
418,537
$
(4,327
)
(1.0
)%
Segment EBITDA
Marketing Services
$
109,137
$
129,717
$
(20,580
)
(15.9
)%
SaaS
23,914
5,522
18,392
NM
Consolidated Adjusted EBITDA
$
133,051
$
135,239
$
(2,188
)
(1.6
)%
Non-GAAP Measures
Our results included in this press release include Adjusted
EBITDA, Adjusted EBITDA Margin and Adjusted Gross Profit, which are
not presented in accordance with U.S. generally accepted accounting
principles (“GAAP”). These non-GAAP measures are presented for
supplemental informational purposes only and are not intended to be
considered in isolation or as a substitute for, or superior to,
financial information prepared and presented in accordance with
GAAP. Please refer to the supplemental information presented in the
tables below for a reconciliation of Adjusted EBITDA to Net income
(loss) and Adjusted Gross Profit to Gross profit. Both Net income
(loss) and Gross profit are the most comparable GAAP financial
measure to Adjusted EBITDA and Adjusted Gross Profit, respectively.
Adjusted EBITDA margin is defined as Adjusted EBITDA divided by
revenue.
We believe that these non-GAAP financial measures provide useful
information about our financial performance, enhance the overall
understanding of our past performance and allow for greater
transparency with respect to important metrics used by our
management for financial and operational decision-making. We
believe that these measures provide additional tools for investors
to use in comparing our core financial performance over multiple
periods with other companies in our industry. However, it is
important to note that the particular items we exclude from, or
include in, our non-GAAP financial measures may differ from the
items excluded from, or included in, similar non-GAAP financial
measures used by other companies in the same industry.
The following is a reconciliation of Adjusted EBITDA to its most
directly comparable GAAP measure, Net (loss):
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)
We record stock-based compensation expense
related to the amortization of grant date fair value of the
Company’s stock-based compensation awards.
(2)
For the three and nine months ended
September 30, 2024 and 2023, expenses relate to periodic efforts to
enhance efficiencies and reduce costs, and include severance
benefits, and costs associated with abandoned facilities and system
consolidation.
(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, we recorded a Loss on early
extinguishment of debt related to the write-off of certain
unamortized debt issuance costs on our prior Term Loan and prior
ABL Facility.
(6)
In connection with the YP acquisition, the
seller indemnified us for future potential losses associated with
certain federal and state tax positions taken in tax returns filed
by the seller prior to the acquisition date.
(7)
Other primarily represents 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
%
Supplemental Financial Information
The following supplemental financial information provides
Revenue, Adjusted EBITDA and Adjusted EBITDA Margin by (i)
Marketing Services businesses and (ii) SaaS businesses. Total SaaS
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial
measures. Total Marketing Services Adjusted EBITDA and Adjusted
EBITDA margin are also non-GAAP financial measures. These non-GAAP
financial measures are presented for supplemental informational
purposes only and are not intended to be considered in isolation or
as a substitute for, or superior to, financial information prepared
and presented in accordance with GAAP. Please refer to the
supplemental information presented in the tables below for a
reconciliation of these non-GAAP financial measures to the
corresponding segment financial measures presented in accordance
with GAAP.
We believe that these non-GAAP financial measures provide useful
information about our global SaaS and Marketing Services financial
performance, enhance the overall understanding of our global SaaS
and Marketing Services past financial performance and allow for
greater transparency with respect to important metrics used by our
management for financial and operational decision-making. We
believe that these measures provide additional tools for investors
to use in comparing our core financial performance over multiple
periods.
Three Months Ended September
30, 2024
(in thousands)
Marketing Services
SaaS
Total
Revenue
$
92,797
$
87,055
$
179,852
Net (Loss)
(96,071
)
Net (Loss) Margin
(53.4
)%
Adjusted EBITDA
9,309
10,314
19,623
Adjusted EBITDA Margin
10.0
%
11.8
%
10.9
%
Three Months Ended September
30, 2023
(in thousands)
Marketing Services
SaaS
Total
Revenue
$
116,462
$
67,360
$
183,822
Net (Loss)
(27,046
)
Net (Loss) Margin
(14.7
)%
Adjusted EBITDA
7,835
(504
)
7,331
Adjusted EBITDA Margin
6.7
%
(0.7
)%
4.0
%
Nine Months Ended September
30, 2024
(in thousands)
Marketing Services
SaaS
Total
Revenue
$
398,389
$
239,171
$
637,560
Net (Loss)
(82,099
)
Net (Loss) Margin
(12.9
)%
Adjusted EBITDA
109,137
23,914
133,051
Adjusted EBITDA Margin
27.4
%
10.0
%
20.9
%
Nine Months Ended September
30, 2023
(in thousands)
Marketing Services
SaaS
Total
Revenue
$
491,051
$
189,747
$
680,798
Net (Loss)
(1,754
)
Net (Loss) Margin
(0.3
)%
Adjusted EBITDA
129,717
5,522
135,239
Adjusted EBITDA Margin
26.4
%
2.9
%
19.9
%
Forward-Looking Statements
Certain statements contained herein are not historical facts,
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 and involve a
number of risks and uncertainties. Statements that include the
words “may”, “will”, “could”, “should”, “would”, “believe”,
“anticipate”, “forecast”, “estimate”, “expect”, “preliminary”,
“intend”, “plan”, “target”, “project”, “outlook”, “future”,
“forward”, “guidance” and similar statements of a future or
forward-looking nature identify forward-looking statements. These
statements are not guarantees of future performance. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. While management believes that these forward-looking
statements are reasonable as and when made, there can be no
assurance that future developments affecting us will be those that
we anticipate. Accordingly, there are or will be important factors
that could cause our actual results to differ materially from those
indicated in these statements. We believe that these factors
include, but are not limited to, the risks related to the
following: the Company’s ability to maintain adequate liquidity to
fund operations; the Company’s future operating and financial
performance; the Company’s ability to consummate acquisitions, or,
if consummated, to successfully integrate acquired businesses into
the Company’s operations, the Company’s ability to recognize the
benefits of acquisitions, or the failure of an acquired company to
achieve its plans and objectives; limitations on our operating and
strategic flexibility and the ability to operate our business,
finance our capital needs or expand business strategies under the
terms of our credit facilities; our ability to retain existing
business and obtain and retain new business; general economic or
business conditions affecting the markets we serve; declining use
of print yellow page directories by consumers; our ability to
collect trade receivables from clients to whom we extend credit;
credit risk associated with our reliance on small and medium sized
businesses as clients; our ability to attract and retain key
managers; increased competition in our markets; our ability to
obtain future financing due to changes in the lending markets or
our financial position; our ability to maintain agreements with
major Internet search and local media companies; reduced
advertising spending and increased contract cancellations by our
clients, which causes reduced revenue; and our ability to
anticipate or respond effectively to changes in technology and
consumer preferences as well as the risks and uncertainties set
forth in the Company's most recent Annual Report on Form 10-K filed
with the Securities and Exchange Commission. All subsequent written
and oral forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
such cautionary statements.
If one or more events related to these or other risks or
uncertainties materialize, or if our underlying assumptions prove
to be incorrect, actual results may differ materially from what we
anticipate. For these reasons, we caution you against relying on
forward-looking statements. All forward-looking statements included
in this press release are expressly qualified in their entirety by
the foregoing cautionary statements. These forward-looking
statements speak only as of the date hereof and, other than as
required by law, we undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
About Thryv
Thryv Holdings, Inc. (NASDAQ:THRY) is the provider of the
leading do-it-all small business software platform that empowers
small businesses to modernize how they work. It offers small
business owners everything they need to communicate effectively,
manage their day-to-day operations, and grow — all in one place —
giving up to 20 hours back in their week. Thryv's customizable
platform features three centers: Thryv Command Center, a freemium
central communications hub, Business CenterTM and Marketing
CenterTM. Approximately 300,000 businesses globally use Thryv to
connect with local customers and take care of everything they do,
start to finish. For more information, visit thryv.com.
1 Rule of 40 is defined as year-over-year revenue growth plus
Adj. EBITDA Margin.
2 Defined as Gross profit adjusted to exclude the impact of
depreciation and amortization expense and stock-based compensation
expense.
3 Seasoned Net Dollar Retention is defined as net dollar
retention excluding clients acquired over the previous 12
months.
4 Defined as total client billings for a particular month
divided by the number of clients that have one or more
revenue-generating solutions in that same month.
5 These statements are forward-looking and actual results may
materially differ. Refer to the “Forward-Looking Statements”
section below for information on the factors that could cause our
actual results to materially differ from these forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241107017112/en/
Media Contact: Julie Murphy Thryv, Inc. 617.967.5426
julie.murphy@thryv.com
Investor Contact: Cameron Lessard Thryv, Inc.
214.773.7022 cameron.lessard@thryv.com
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