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Thryv Grows SaaS Revenue in Second Quarter 2025, Second Quarter Results Exceed Guidance

鈥� Q2 SaaS Revenue Increased 48% Year-Over-Year

鈥� Q2 SaaS Revenue (Ex-Keap) Increased 25% Year-Over-Year

鈥� Reduced Term Debt by $26M, Lowering Required Amortization

鈥� Company Raises Full Year 2025 Adjusted EBITDA Guidance

DALLAS--(BUSINESS WIRE)-- Thryv Holdings, Inc. (NASDAQ:THRY) (鈥淭hryv鈥� or the 鈥淐ompany鈥�), the provider of Thryv庐, the leading small business marketing and sales software platform, reported an increase in SaaS revenue of 48% year-over-year and achieved record SaaS Adjusted EBITDA margin in the second quarter of 2025.

Second Quarter Financial 2025 Highlights:

• SaaS revenue was $115.0 million, a 48% increase year-over-year
• SaaS revenue excluding Keap was $97.3 million, a 25% increase year-over-year
• Marketing Services revenue was $95.5 million, a 35% decrease year-over-year
• Consolidated total revenue was $210.5 million, a decrease of 6% year-over-year
• Consolidated net income was $13.9 million, or $0.31 per diluted share; compared to net income of $5.5 million, or $0.15 per diluted share, for the second quarter of 2024
• Consolidated Adjusted EBITDA was $51.2 million, representing an Adjusted EBITDA margin of 24.3%.
• SaaS Adjusted EBITDA was $23.4 million, representing an Adjusted EBITDA margin of 20.3%
• Total Marketing Services Adjusted EBITDA was $27.8 million, representing an Adjusted EBITDA margin of 29.2%
• Consolidated Gross Profit was $146.6 million
• Consolidated Adjusted Gross Profit¹ was $150.7 million
• SaaS Gross Profit was $82.9 million, representing a Gross Margin of 72.1%
• SaaS Adjusted Gross Profit¹ was $85.1 million, representing an Adjusted Gross Margin of 74.0%

Recent Business Highlights

• SaaS clients increased 25% year-over-year to 106 thousand at the end of the second quarter of 2025. SaaS clients, excluding Keap, increased 8% year-over-year to 92 thousand
• Seasoned Net Revenue Retention² was 103% for the second quarter of 2025, an increase of 900 bps year-over-year, excluding Keap
• SaaS monthly Average Revenue per Unit (鈥淎RPU鈥�)³ was $352 for the second quarter of 2025
• ThryvPay total payment volume was $90 million, an increase of 13% year-over-year

鈥淲e delivered a solid second quarter - exceeding our prior guidance and achieving strong top-line SaaS growth coupled with our highest SaaS Adjusted EBITDA margin to date,鈥� said Joe Walsh, Thryv Chairman and CEO. 鈥淓qually important, we鈥檝e now successfully navigated the pinch point of the Company鈥檚 SaaS transformation ahead of plan. The temporary increase in anticipated leverage, driven by revenue recognition timing in the Marketing Services business, is now behind us. With free cash flow expected to ramp in the second half of the year, leverage is positioned to decline, supporting greater financial flexibility and a stronger balance sheet."

Outlook

Based on information available as of July 30, 2025, Thryv is issuing guidance⁴ for the third quarter of 2025 and full year 2025 as indicated below:

Earnings Conference Call Information

Thryv will host a conference call on Wednesday, July 30, 2025 at 8:30 a.m. (Eastern Time) to discuss the Company's second quarter 2025 results.

For analysts to register for this conference call, please use this . 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 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 .

Segment Information

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

¹ Defined as Gross profit adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense.

² Seasoned Net Revenue Retention is defined as net dollar retention excluding clients acquired over the previous 12 months as well as clients acquired in the Keap acquisition which closed on October 31, 2024. Revenue added to the SaaS segment as a result of the conversion of a Marketing Services product to a SaaS product is included in the calculation of Seasoned Net Revenue Retention for any client who, at the time Thryv converted a Marketing Services product to a SaaS product for that client, already had at least one SaaS product for at least one year. The revenue associated with the products upgraded by Thryv to SaaS for these clients increases SaaS revenue and Seasoned Net Revenue Retention at the time of conversion.

³ 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. This is a blended calculation and inclusive of the impact from the Keap acquisition.

⁴ These statements are forward-looking and actual results may materially differ. Refer to the 鈥淔orward-Looking Statements鈥� section below for information on the factors that could cause our actual results to materially differ from these forward-looking statements.

⁵ Consolidated Adjusted EBITDA is equal to SaaS Adjusted EBITDA and Marketing Services Adjusted EBITDA. See Non-GAAP Measures below for a reconciliation of Consolidated Adjusted EBITDA to Net income.

The following tables set forth reconciliations of our SaaS revenue for the Company to SaaS revenue excluding Keap and Keap SaaS revenue:

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 (鈥淕AAP鈥�).

We have included Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit 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 EBITDA Margin, and Adjusted Gross Profit are used by management for budgeting and forecasting as well as measuring the Company鈥檚 performance. We believe Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Gross Profit provide investors with the financial measures that closely align with our internal processes.

We define Adjusted EBITDA (鈥淎djusted EBITDA鈥�) as Net income (loss) plus Interest expense, Income tax expense, Depreciation and amortization expense, Restructuring and integration expenses, Stock-based compensation expense, and non-operating expenses, such as Other components of net periodic pension cost 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 EBITDA Margin as Adjusted EBITDA divided by revenue. We define Adjusted Gross Profit (鈥淎djusted Gross Profit鈥�) as Gross profit 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 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:

Supplemental Financial Information

The following supplemental financial information provides Revenue, Net Income (Loss), Net Income (Loss) Margin, Adjusted EBITDA and Adjusted EBITDA Margin by our (i) SaaS business and (ii) Marketing Services business. 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.

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.

Forward-Looking Statements

Certain statements contained herein are not historical facts, constitute 鈥渇orward-looking statements鈥� 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 鈥渕ay鈥�, 鈥渨ill鈥�, 鈥渃ould鈥�, 鈥渟hould鈥�, 鈥渨ould鈥�, 鈥渂elieve鈥�, 鈥渁nticipate鈥�, 鈥渇orecast鈥�, 鈥渆stimate鈥�, 鈥渆xpect鈥�, 鈥減reliminary鈥�, 鈥渋ntend鈥�, 鈥減lan鈥�, 鈥渢arget鈥�, 鈥減roject鈥�, 鈥渙utlook鈥�, 鈥渇uture鈥�, 鈥渇orward鈥�, 鈥済uidance鈥� 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: significant competition for our Marketing Services solutions and 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 transition our Marketing Services clients to our Thryv platform, maintain transitioned clients on that platform and sell them additional or upgraded products; 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 SMBs clients potentially opting not to renew their agreements with us or renewing at lower spend; potential system interruptions or failures, including cybersecurity 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 acquisition of Keap, 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 Securities and Exchange Commission (the 鈥淪EC鈥�); 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 as well as the risks and uncertainties set forth in the Company's most recent Annual Report on Form 10-K filed with the SEC. 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 sales and marketing platform designed to help small businesses attract new and repeat customers. Thryv software offers SMBs everything they need to manage day-to-day operations and grow efficiently. The platform鈥檚 AI-supported marketing and business automations help business owners save time, compete, and win. More than 100K businesses globally use Thryv software to connect with customers and run and grow their business. For more information, visit thryv.com.

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Media Contact:

Julie Murphy

Thryv, Inc.

617.967.5426

[email protected]

Investor Contact:

Cameron Lessard

Thryv, Inc.

[email protected]

Source: Thryv