Thryv Grows SaaS Profitability in the Second Quarter, Raises Full-Year 2023 Guidance

Business Wire
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In this article:

– Company achieves 20% SaaS revenue growth
– Company's Q2 SaaS Adjusted EBITDA exceeds guidance range by $5 million
– Full Year 2023 SaaS Revenue and Adjusted EBITDA guidance raised
– Launches free, industry-first offering, Thryv Command Center, to drive product-led growth strategy

DALLAS, August 03, 2023--(BUSINESS WIRE)--Thryv Holdings, Inc. (NASDAQ:THRY) ("Thryv" or the "Company"), the provider of Thryv®, the leading small business software platform, reported SaaS revenue growth of 20% year-over-year in the second quarter of 2023, while SaaS EBITDA margins expanded to 10%.

"We delivered solid second quarter results," said Joe Walsh, Chairman and CEO. "We have been focused on driving profitable SaaS growth - and we have a strong operating framework in place for this to continue. Our consistent, profitable SaaS growth is the result of leveraging our sales channels. We also continue to demonstrate that our traditional sales channels, selling SaaS to our existing Marketing Services customers, and our client referral initiatives, drive significant margin expansion and profitability. Together, this has improved our SaaS EBITDA margins by 10% sequentially."

"We are continuing the evolution of our Thryv platform and are laser-focused on delivering solutions that solve problems that small businesses face," Walsh continued. "We have released a beta version of Thryv Command Center, an industry-first offering that will be a core element to our product-led growth initiative. Thryv Command Center can be downloaded for free to all small business users, and they can upgrade to a more powerful and advanced paid version as their needs warrant. Thryv Command Center centralizes all communication, from email to text to phone and video, into one inbox. With all of our centers, users can upgrade as they are ready. We are excited about this new center, which reinforces our commitment to innovation and layers a product-led growth onto our sales-led motion."

With this launch, the Thryv platform has been re-architected, providing small business owners a modular, easily expandable and customizable user experience that meets their needs. It creates a strong new customer acquisition channel and a clear path to sustained Net Dollar Retention improvement. This launch continues the roll out of new centers, such as the recently announced Marketing Center.

"As we continue to advance our strategy and look to the rest of 2023, we are raising our full-year guidance for SaaS revenue and EBITDA," said Paul Rouse, Chief Financial Officer. "We are pleased with our results this quarter. We believe we have a sound strategy for accelerating profitable growth in the SaaS business for the balance of the year and into the future."

Second Quarter 2023 Financial Highlights:

Revenue

  • Total SaaS1 revenue was $62.5 million, a 19.6% increase year-over-year

  • Total Marketing Services2 revenue was $189.0 million, a 32.9% decrease year-over-year

  • Consolidated total revenue was $251.4 million, a decrease of 24.7% year-over-year

  • Consolidated net income was $16.0 million, or $0.43 per diluted share, compared to net income of $58.0 million, or $1.61 per diluted share, for the second quarter of 2022

  • Consolidated Adjusted EBITDA was $69.4 million, representing an Adjusted EBITDA margin of 27.6%

  • Total SaaS Adjusted EBITDA was $6.2 million, representing an Adjusted EBITDA margin of 10.0%.

  • Total Marketing Services Adjusted EBITDA was $63.2 million, representing an Adjusted EBITDA margin of 33.5%

  • Consolidated Gross Profit was $160.1 million

  • Consolidated Adjusted Gross Profit3 was $167.9 million

  • SaaS Gross Profit was $39.2 million, representing a Gross Profit Margin of 62.8%

  • SaaS Adjusted Gross Profit was $40.7 million, representing an Adjusted Gross Profit Margin of 65.1%

SaaS Metrics

  • SaaS monthly Average Revenue per Unit ("ARPU")4 increased to $377 for the second quarter of 2023, compared to $358 in the second quarter of 2022

  • Total SaaS clients increased 12% year-over-year to 56 thousand for the second quarter of 2023

  • Seasoned Net Dollar Retention5 was 89% at the end of the second quarter of 2023

  • SaaS monthly active users6 increased 18% year-over-year to 45 thousand active users for the second quarter of 2023

  • ThryvPay total payment volume was $60 million, an increase of 59% year-over-year

_____________________________

1 Total SaaS revenue in the U.S. and International segments was $60.2 million and $2.3 million for the three months ended June 30, 2023, respectively.

2 Total Marketing Services revenue in the U.S. and International segments was $137.7 million and $51.3 million for the three months ended June 30, 2023, respectively.

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

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 Seasoned Net Dollar Retention is defined as net dollar retention excluding clients acquired over the previous 12 months.

6 Defined as a client with one or more users who log into our SaaS solutions at least once during the calendar month.

Outlook

Based on information available as of August 3, 2023, Thryv is issuing guidance7 for the third quarter of 2023 and full year 2023 as indicated below:

3rd Quarter

Full Year

(in millions)

2023

2023

SaaS Revenue

$66.5 - $67.0

$258 to $260

SaaS Adjusted EBITDA

$(3.5) - $(4.0)

$7 - $8

3rd Quarter

4th Quarter

Full Year

(in millions)

2023

2023

2023

Marketing Services Revenue

$114 - $118

$166 - $170

$653 - $663

Marketing Services Adjusted EBITDA

$187 - $190

Earnings Conference Call Information

Thryv will host a conference call on Thursday, August 3, 2023 at 8:30 a.m. (Eastern Time) to discuss the Company's second quarter 2023 results.

For analysts to register for this conference call, please use this link. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. We recommend registering a day in advance or at a minimum thirty minutes prior to the start of the call. To listen to the webcast, please use this link or visit Thryv's Investor Relations website at investor.thryv.com. A live webcast will also be available on the Investor Relations section of the Company's website at investor.thryv.com.

If you are unable to participate in the conference call, a replay will be available. To access the replay, please dial (800) 770-2030 or (647) 362-9199 and enter "87769."

____________________________

7 These statements are forward-looking and actual results may materially differ. Refer to the "Forward-Looking Statements" section below for information on the factors that could cause our actual results to materially differ from these forward-looking statements.

Final Results

Thryv Holdings, Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income (Loss)

Three Months Ended

Six Months Ended

June 30,

June 30,

(in thousands, except share and per share data)

2023

2022

2023

2022

Revenue

$

251,421

$

333,995

$

496,976

$

642,370

Cost of services

91,336

106,013

182,083

216,532

Gross profit

160,085

227,982

314,893

425,838

Operating expenses:

Sales and marketing

75,683

91,813

152,026

185,768

General and administrative

53,695

52,650

101,375

104,844

Impairment charges

—

222

—

222

Total operating expenses

129,378

144,685

253,401

290,834

Operating income

30,707

83,297

61,492

135,004

Other income (expense):

Interest expense

(16,292

)

(13,756

)

(32,780

)

(26,864

)

Interest expense, related party

—

(896

)

—

(2,655

)

Other components of net periodic pension (cost) benefit

(1,865

)

9,153

(1,986

)

9,223

Other income (expense)

—

2,404

(366

)

8,626

Income before income tax benefit (expense)

12,550

80,202

26,360

123,334

Income tax benefit (expense)

3,428

(22,200

)

(1,068

)

(31,821

)

Net income

$

15,978

$

58,002

$

25,292

$

91,513

Other comprehensive income (loss):

Foreign currency translation adjustment, net of tax

(302

)

(10,139

)

(2,490

)

(4,691

)

Comprehensive income

$

15,676

$

47,863

$

22,802

$

86,822

Net income per common share:

Basic

$

0.46

$

1.69

$

0.73

$

2.68

Diluted

$

0.43

$

1.61

$

0.68

$

2.47

Weighted-average shares used in computing basic and diluted net income per common share:

Basic

34,575,338

34,250,706

34,625,561

34,205,593

Diluted

36,863,295

36,137,989

36,956,933

37,048,087

Thryv Holdings, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share data)

June 30, 2023

December 31, 2022

Assets

Current assets

Cash and cash equivalents

$

15,245

$

16,031

Accounts receivable, net of allowance of $14,399 in 2023 and $14,766 in 2022

243,893

284,698

Contract assets, net of allowance of $28 in 2023 and $33 in 2022

1,746

2,583

Taxes receivable

3,640

11,553

Prepaid expenses

29,318

25,092

Indemnification asset

—

26,495

Other current assets

15,557

11,864

Total current assets

309,399

378,316

Fixed assets and capitalized software, net

38,569

42,334

Goodwill

569,780

566,004

Intangible assets, net

31,321

34,715

Deferred tax assets

122,548

113,859

Other assets

29,610

42,649

Total assets

$

1,101,227

$

1,177,877

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable

$

7,341

$

18,972

Accrued liabilities

106,606

126,810

Current portion of unrecognized tax benefits

22,969

31,919

Contract liabilities

20,136

41,854

Current portion of long-term debt

70,000

70,000

Other current liabilities

10,887

10,937

Total current liabilities

237,939

300,492

Term Loan, net

295,179

345,256

ABL Facility

68,278

54,554

Pension obligations, net

74,321

72,590

Other liabilities

21,184

22,718

Total long-term liabilities

458,962

495,118

Commitments and contingencies

Stockholders' equity

Common stock - $0.01 par value, 250,000,000 shares authorized; 61,832,315 shares issued and 34,477,286 shares outstanding at June 30, 2023; and 61,279,379 shares issued and 34,593,837 shares outstanding at December 31, 2022

618

613

Additional paid-in capital

1,121,804

1,105,701

Treasury stock - 27,355,029 shares at June 30, 2023 and 26,685,542 shares at December 31, 2022

(485,730

)

(468,879

)

Accumulated other comprehensive income (loss)

(18,751

)

(16,261

)

Accumulated deficit

(213,615

)

(238,907

)

Total stockholders' equity

404,326

382,267

Total liabilities and stockholders' equity

$

1,101,227

$

1,177,877

Thryv Holdings, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

Six Months Ended June 30,

(in thousands)

2023

2022

Cash Flows from Operating Activities

Net income

$

25,292

$

91,513

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

31,098

42,561

Amortization of deferred commissions

5,032

5,174

Amortization of debt issuance costs

2,721

2,883

Deferred income taxes

(9,135

)

(16,752

)

Provision for credit losses and service credits

11,580

13,043

Stock-based compensation expense

11,191

5,738

Other components of net periodic pension cost (benefit)

1,986

(9,223

)

Impairment charges

—

222

Gain on foreign currency exchange rates

(881

)

(1,622

)

Non-cash loss (gain) from the remeasurement of the indemnification asset

10,734

(887

)

Bargain purchase gain

—

(7,005

)

Other

—

1,688

Changes in working capital items, excluding acquisitions:

Accounts receivable

25,075

(10,298

)

Contract assets

837

1,793

Prepaid expenses and other assets

10,090

2,748

Accounts payable and accrued liabilities

(38,654

)

(29,472

)

Other liabilities

(29,230

)

(35,201

)

Net cash provided by operating activities

57,736

56,903

Cash Flows from Investing Activities

Additions to fixed assets and capitalized software

(14,016

)

(9,648

)

Acquisition of a business, net of cash acquired

(8,897

)

(22,777

)

Other

(217

)

—

Net cash (used in) investing activities

(23,130

)

(32,425

)

Cash Flows from Financing Activities

Payments of Term Loan

(52,500

)

(36,828

)

Payments of Term Loan, related party

—

(5,672

)

Proceeds from ABL Facility

483,473

488,547

Payments of ABL Facility

(469,750

)

(471,866

)

Other

3,826

4,338

Net cash (used in) financing activities

(34,951

)

(21,481

)

Effect of exchange rate changes on cash and cash equivalents

(240

)

(627

)

Decrease (increase) in cash and cash equivalents and restricted cash

(585

)

2,370

Cash and cash equivalents and restricted cash, beginning of period

18,180

13,557

Cash and cash equivalents and restricted cash, end of period

$

17,595

$

15,927

Supplemental Information

Cash paid for interest

$

29,592

$

24,915

Cash paid for income taxes, net

$

7,419

$

36,934

Non-cash investing and financing activities

Repurchase of Treasury stock as a result of the settlement of the indemnification asset

$

15,760

$

—

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

Three Months Ended June 30,

Change

(in thousands)

2023 (1)

2022

Amount

%

Revenue

Thryv U.S.

Marketing Services

$

137,684

$

222,570

$

(84,886

)

(38.1

)%

SaaS

60,150

51,167

8,983

17.6

%

Thryv International

Marketing Services

51,279

59,218

(7,939

)

(13.4

)%

SaaS

2,308

1,040

1,268

121.9

%

Consolidated Revenue

$

251,421

$

333,995

$

(82,574

)

(24.7

)%

Segment Gross Profit

Thryv U.S.

Marketing Services

$

88,023

$

151,774

$

(63,751

)

(42.0

)%

SaaS

37,563

32,092

5,471

17.0

%

Thryv International

Marketing Services

32,852

43,627

(10,775

)

(24.7

)%

SaaS

1,647

489

1,158

236.8

%

Consolidated Segment Gross Profit

$

160,085

$

227,982

$

(67,897

)

(29.8

)%

Segment EBITDA

Thryv U.S.

Marketing Services

$

38,233

$

83,674

$

(45,441

)

(54.3

)%

SaaS

7,123

197

6,926

NM

Thryv International

Marketing Services

24,976

34,545

(9,569

)

(27.7

)%

SaaS

(893

)

(2,416

)

1,523

63.0

%

Consolidated Adjusted EBITDA

$

69,439

$

116,000

$

(46,561

)

(40.1

)%

(1) Thryv International includes Yellow's results of operations subsequent to the Yellow Acquisition.

Six Months Ended June 30,

Change

(in thousands)

2023 (1)

2022 (2)

Amount

%

Revenue

Thryv U.S.

Marketing Services

$

284,984

...

$

435,103

$

(150,119

)

(34.5

)%

SaaS

118,277

98,510

19,767

20.1

%

Thryv International

Marketing Services

89,605

106,882

(17,277

)

(16.2

)%

SaaS

4,110

1,875

2,235

119.2

%

Consolidated Revenue

$

496,976

$

642,370

$

(145,394

)

(22.6

)%

Segment Gross Profit

Thryv U.S.

Marketing Services

$

181,197

$

288,284

$

(107,087

)

(37.1

)%

SaaS

73,523

61,501

12,022

19.5

%

Thryv International

Marketing Services

57,332

75,343

(18,011

)

(23.9

)%

SaaS

2,841

710

2,131

300.1

%

Consolidated Segment Gross Profit

$

314,893

$

425,838

$

(110,945

)

(26.1

)%

Segment EBITDA

Thryv U.S.

Marketing Services

$

79,497

$

150,069

$

(70,572

)

(47.0

)%

SaaS

8,245

(4,167

)

12,412

297.9

%

Thryv International

Marketing Services

42,385

58,642

(16,257

)

(27.7

)%

SaaS

(2,219

)

(4,827

)

2,608

54.0

%

Consolidated Adjusted EBITDA

$

127,908

$

199,717

$

(71,809

)

(36.0

)%

(1)

Thryv International includes Yellow's results of operations subsequent to the Yellow Acquisition.

(2)

Thryv U.S. includes Vivial's results of operations subsequent to the Vivial Acquisition.

Non-GAAP Measures

Our results included in this press release include Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Gross Profit, which are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures are presented for supplemental informational purposes only and are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please refer to the supplemental information presented in the tables below for a reconciliation of Adjusted EBITDA to Net income and Adjusted Gross Profit to Gross profit. Both Net income and Gross profit are the most comparable GAAP financial measure to Adjusted EBITDA and Adjusted Gross Profit, respectively. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide additional tools for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, it is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry.

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

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands)

2023

2022

2023

2022

Reconciliation of Adjusted EBITDA

Net income

$

15,978

$

58,002

$

25,292

$

91,513

Interest expense

16,292

14,652

32,780

29,519

Depreciation and amortization expense

15,667

20,592

31,098

42,561

Stock-based compensation expense (1)

5,798

3,810

11,191

5,738

Restructuring and integration expenses (2)

3,921

4,822

9,261

10,649

Income tax (benefit) expense

(3,428

)

22,200

1,068

31,821

Transaction costs (3)

—

1,616

373

3,336

Other components of net periodic pension cost (benefit) (4)

1,865

(9,153

)

1,986

(9,223

)

Non-cash loss (gain) from remeasurement of indemnification asset (5)

11,490

(487

)

10,734

(887

)

Impairment charges

—

222

—

222

Other (6)

1,856

(276

)

4,125

(5,532

)

Adjusted EBITDA

$

69,439

$

116,000

$

127,908

$

199,717

(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 six months ended June 30, 2023 and 2022, expenses relate to periodic efforts to enhance efficiencies and reduce costs, and include severance benefits, and costs associated with abandoned facilities and system consolidation.

(3)

Expenses related to the Yellow acquisition, Vivial acquisition and other transaction costs.

(4)

Other components of net periodic pension cost (benefit) is from our non-contributory defined benefit pension plans that are currently frozen and incur no additional service costs. The most significant component of Other components of net periodic pension cost (benefit) relates to periodic mark-to-market pension remeasurement.

(5)

In connection with the YP Acquisition, the seller indemnified 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.

(6)

Other primarily represents foreign exchange-related expense. Additionally, during the six months ended June 30, 2022, Other includes the bargain purchase gain as a result of the Vivial Acquisition.

The following tables set forth reconciliations of Adjusted Gross Profit and Adjusted Gross Margin, to their most directly comparable GAAP measures, Gross profit and Gross margin:

Three Months Ended June 30, 2023

Thryv U.S.

Thryv International

(in thousands)

Marketing Services

SaaS

Marketing Services

SaaS

Total

Reconciliation of Adjusted Gross Profit

Gross profit

$

88,023

$

37,563

$

32,852

$

1,647

$

160,085

Plus:

Depreciation and amortization expense

2,885

1,261

3,323

155

7,624

Stock-based compensation expense

119

54

—

—

173

Adjusted Gross Profit

$

91,027

$

38,878

$

36,175

$

1,802

$

167,882

Gross Margin

63.9

%

62.4

%

64.1

%

71.4

%

63.7

%

Adjusted Gross Margin

66.1

%

64.6

%

70.5

%

78.1

%

66.8

%

Three Months Ended June 30, 2022

Thryv U.S.

Thryv International

(in thousands)

Marketing Services

SaaS

Marketing Services

SaaS

Total

Reconciliation of Adjusted Gross Profit

Gross profit

$

151,774

$

32,092

$

43,627

$

489

$

227,982

Plus:

Depreciation and amortization expense

4,393

1,012

3,666

66

9,137

Stock-based compensation expense

105

26

—

—

131

Adjusted Gross Profit

$

156,272

$

33,130

$

47,293

$

555

$

237,250

Gross Margin

68.2

%

62.7

%

73.7

%

47.0

%

68.3

%

Adjusted Gross Margin

70.2

%

64.7

%

79.9

%

53.4

%

71.0

%

Six Months Ended June 30, 2023

Thryv U.S.

Thryv International

(in thousands)

Marketing Services

SaaS

Marketing Services

SaaS

Total

Reconciliation of Adjusted Gross Profit

Gross profit

$

181,197

$

73,523

$

57,332

$

2,841

$

314,893

Plus:

Depreciation and amortization expense

5,803

2,402

6,102

300

14,607

Stock-based compensation expense

222

100

—

—

322

Adjusted Gross Profit

$

187,222

$

76,025

$

63,434

$

3,141

$

329,822

Gross Margin

63.6

%

62.2

%

64.0

%

69.1

%

63.4

%

Adjusted Gross Margin

65.7

%

64.3

%

70.8

%

76.4

%

66.4

%

Six Months Ended June 30, 2022

Thryv U.S.

Thryv International

(in thousands)

Marketing Services

SaaS

Marketing Services

SaaS

Total

Reconciliation of Adjusted Gross Profit

Gross profit

$

288,284

$

61,501

$

75,343

$

710

$

425,838

Plus:

Depreciation and amortization expense

8,788

1,991

8,032

142

18,953

Stock-based compensation expense

166

41

—

—

207

Adjusted Gross Profit

$

297,238

$

63,533

$

83,375

$

852

$

444,998

Gross Margin

66.3

%

62.4

%

70.5

%

37.9

%

66.3

%

Adjusted Gross Margin

68.3

%

64.5

%

78.0

%

45.4

%

69.3

%

Supplemental Financial Information

The following supplemental financial information provides Revenue, Adjusted EBITDA and Adjusted EBITDA Margin by (i) Marketing Services businesses in the U.S., International and in Total and (ii) SaaS businesses in the U.S., International and in Total. Total SaaS Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. Total Marketing Services Adjusted EBITDA and Adjusted EBITDA margin are also non-GAAP financial measures. These non-GAAP financial measures are presented for supplemental informational purposes only and are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please refer to the supplemental information presented in the tables below for a reconciliation of these non-GAAP financial measures to the corresponding segment financial measures presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our global SaaS and Marketing Services financial performance, enhance the overall understanding of our global SaaS and Marketing Services past financial performance and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We believe that these measures provide additional tools for investors to use in comparing our core financial performance over multiple periods.

Three Months Ended June 30, 2023

(in thousands)

Marketing Services

SaaS

U.S.

International

Total

U.S.

International

Total

Revenue

$

137,684

$

51,279

$

188,963

$

60,150

$

2,308

$

62,458

Adjusted EBITDA

38,233

24,976

63,209

7,123

(893

)

6,230

Adjusted EBITDA Margin

27.8

%

48.7

%

33.5

%

11.8

%

(38.7

)%

10.0

%

Three Months Ended June 30, 2022

(in thousands)

Marketing Services

SaaS

U.S.

International

Total

U.S.

International

Total

Revenue

$

222,570

$

59,218

$

281,788

$

51,167

$

1,040

$

52,207

Adjusted EBITDA

83,674

34,545

118,219

197

(2,416

)

(2,219

)

Adjusted EBITDA Margin

37.6

%

58.3

%

42.0

%

0.4

%

NM

(4.3

)%

Six Months Ended June 30, 2023

(in thousands)

Marketing Services

SaaS

U.S.

International

Total

U.S.

International

Total

Revenue

$

284,984

$

89,605

$

374,589

$

118,277

$

4,110

$

122,387

Adjusted EBITDA

79,497

42,385

121,882

8,245

(2,219

)

6,026

Adjusted EBITDA Margin

27.9

%

47.3

%

32.5

%

7.0

%

(54.0

)%

4.9

%

Six Months Ended June 30, 2022

(in thousands)

Marketing Services

SaaS

U.S.

International

Total

U.S.

International

Total

Revenue

$

435,103

$

106,882

$

541,985

$

98,510

$

1,875

$

100,385

Adjusted EBITDA

150,069

58,642

208,711

(4,167

)

(4,827

)

(8,994

)

Adjusted EBITDA Margin

34.5

%

54.9

%

38.5

%

(4.2

)%

NM

(9.0

)%

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: risks related to the ongoing COVID-19 pandemic, the Company’s ability to maintain adequate liquidity to fund operations; the Company’s future operating and financial performance; the Company’s ability to consummate acquisitions, or, if consummated, to successfully integrate acquired businesses into the Company’s operations, the Company’s ability to recognize the benefits of acquisitions, or the failure of an acquired company to achieve its plans and objectives; limitations on our operating and strategic flexibility and the ability to operate our business, finance our capital needs or expand business strategies under the terms of our credit facilities; our ability to retain existing business and obtain and retain new business; general economic or business conditions affecting the markets we serve; declining use of print yellow page directories by consumers; our ability to collect trade receivables from clients to whom we extend credit; credit risk associated with our reliance on small and medium sized businesses as clients; our ability to attract and retain key managers; increased competition in our markets; our ability to obtain future financing due to changes in the lending markets or our financial position; our ability to maintain agreements with major Internet search and local media companies; reduced advertising spending and increased contract cancellations by our clients, which causes reduced revenue; and our ability to anticipate or respond effectively to changes in technology and consumer preferences as well as the risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on From 10-Q filed with the Securities and Exchange Commission. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such cautionary statements.

If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. For these reasons, we caution you against relying on forward-looking statements. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. These forward-looking statements speak only as of the date hereof and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Thryv Holdings, Inc.

Thryv Holdings, Inc. (NASDAQ: THRY) is a global software and marketing services company that empowers small- to medium-sized businesses ("SMBs") to grow and modernize their operations so they can compete and win in today's economy. Over 50,000 businesses use our award-winning SaaS platform, Thryv®, to manage their end-to-end operations, which has helped businesses across the U.S. and overseas grow their bottom line. Thryv also manages digital and print presence for approximately 400,000 businesses, connecting these SMBs to local consumers via proprietary local search portals and print directories. For more information about Thryv Holdings, Inc, visit thryv.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230803228836/en/

Contacts

Media Contact:
Paige Blankenship
Thryv, Inc.
214-392-9609
paige.blankenship@thryv.com

Investor Contact:
Cameron Lessard
Thryv, Inc.
214.773.7022
cameron.lessard@thryv.com

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