Thryv Holdings Inc (THRY) Q3 2023 Earnings: SaaS Revenue Grows by 19%, Full-Year Outlook Raised
Thryv Holdings Inc (NASDAQ:THRY) reports a 19% year-over-year increase in SaaS revenue for Q3 2023.
The company's SaaS subscribers increased by 29%.
Operating cash flow for the quarter was $45.9 million.
Thryv Holdings Inc (NASDAQ:THRY) raises its full-year SaaS outlook.
Thryv Holdings Inc (NASDAQ:THRY), a leading provider of small business software platform, announced its Q3 2023 earnings on November 2, 2023. The company reported a 19% year-over-year growth in SaaS revenue, exceeding its guidance. The number of SaaS subscribers also increased by 29%, contributing to a strong operating cash flow of $45.9 million.
Financial Highlights
The total SaaS revenue for the quarter was $67.4 million, marking a 19% increase year-over-year. However, the total Marketing Services revenue decreased by 48% year-over-year to $116.5 million, primarily due to the timing of revenue recognition of the company's printed directories. The consolidated total revenue was $183.8 million, a decrease of 35% year-over-year. The company reported a consolidated net loss of $27.0 million, compared to a net income of $13.3 million for the third quarter of 2022. The SaaS Gross Profit was $42.9 million, representing a Gross Profit Margin of 64%.
SaaS Metrics
The SaaS monthly Average Revenue per Unit (ARPU) decreased to $365 for the third quarter of 2023, compared to $377 in the third quarter of 2022. Total SaaS clients increased 29% year-over-year to 66 thousand for the third quarter of 2023. Seasoned Net Dollar Retention was 92% for the third quarter of 2023, an increase of 300 bps sequentially. SaaS monthly active users increased 22% year-over-year to 45 thousand active users for the third quarter of 2023.
Outlook
Based on the information available as of November 2, 2023, Thryv is raising its guidance for the fourth quarter of 2023 and full year 2023. The company expects SaaS Revenue to be between $70.25 - $71.25 million for Q4 2023 and between $260 - $261 million for the full year 2023.
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 their 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.
Explore the complete 8-K earnings release (here) from Thryv Holdings Inc for further details.
This article first appeared on GuruFocus.
