Group 1 - The individual investor focuses on undercovered companies, particularly in technology, software, electronics, and energy transition sectors [1] - The investor has over 7 years of personal capital investment experience across a broad range of global companies [1] - The investor holds a Master's degree in Electrical Engineering and works as an automotive battery R&D engineer in Sweden [1] Group 2 - The investor maintains a watchlist of up to 100 companies, aiming to identify asymmetric investment opportunities for market-beating returns [1] - The write-ups on Seeking Alpha serve as a platform for the investor to present investment theses and receive community feedback [1]

Financial Data and Key Metrics Changes - SaaS reported revenue for Q2 2025 was $115 million, a 48% year-over-year increase, meeting the top end of guidance [12] - SaaS adjusted EBITDA increased to $23.4 million, resulting in a record adjusted EBITDA margin of 20% [13] - Net debt decreased by $24 million to $274 million, bringing the leverage ratio to 2.2 times, ahead of expectations [16] Business Line Data and Key Metrics Changes - SaaS business excluding Keep grew 25% year-over-year, while Keep contributed $17.7 million in Q2 [12] - Marketing Services revenue was $95.5 million, above guidance, with adjusted EBITDA of $27.8 million and a margin of 29% [15] - SaaS ARPU reached $352, with Thrive at $340 and Keep at $431, indicating a rise in customer spending [14] Market Data and Key Metrics Changes - The number of SaaS subscribers increased to 106,000, a 25% year-over-year growth [13] - Clients purchasing multiple products increased to 19%, with 17,000 clients using two or more Thrive SaaS products [14][15] Company Strategy and Development Direction - The company aims to deepen engagement by focusing on vertical markets, starting with the HVAC sector, and plans to roll out similar products for other verticals [22][42] - A new product, Workforce Center, was launched to help small businesses manage payroll and compliance, integrating seamlessly with the Thrive platform [28][92] - The company is transitioning to a pure play software business, with plans to exit marketing services by 2028 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's trajectory, noting that the pinch point has been overcome and free cash flow is expected to improve [7][20] - The company is focused on increasing spend per customer and driving adoption of more products, with expectations of ARPU growth from $4,000 to $8,000 over the next few years [9][64] - Management acknowledged the softness in the Keep business but remains optimistic about its long-term potential [20][60] Other Important Information - The company is classified incorrectly under advertising in the GICS, which affects visibility in software league tables [30] - The company has a share buyback authorization and is considering using free cash flow for stock repurchases [74] Q&A Session Summary Question: Impact of HVAC product on business - The HVAC product is expected to attract new customers and enhance ARPU through an upcharge for vertical capabilities, with plans for further verticalization [34][35] Question: Guidance and organic growth expectations - Management indicated that the guidance reflects a conservative outlook, with no significant concerns about demand [44][46] Question: Insights on Keep business and customer churn - The Keep software has potential, but management is cautious about investing in unprofitable sales; focus is on leveraging existing customer relationships [52][56] Question: Financial flexibility and cash flow generation - The company plans to allocate cash towards marketing, sales, and potential share buybacks now that financial flexibility has improved [71][74] Question: Early feedback on Workforce Center - Initial feedback on Workforce Center has been positive, with customers appreciating the convenience it offers for payroll management [91][92]

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 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 w ...

Exhibit 99.1 Thryv Grows SaaS Revenue in Second Quarter 2025, Second Quarter Results Exceed Guidance DALLAS, July 30, 2025 – Thryv Holdings, Inc. (NASDAQ:THRY) ("Thryv" or the "Company"), the provider of Thryv®, 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: Defined as Gross profit adjusted to exclude the impact ...

At the start of this year, I laid out the bull case for Thryv Holdings (NASDAQ: THRY ), an old economy company in the middle of a digital transformation. That is, Thryv, which is the successor to two of the largest phoneAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other ...

Summary of Thryv (THRY) FY Conference Call - June 03, 2025 Company Overview - Thryv is transitioning from its legacy Yellow Pages business, established in 1886, to a small business SaaS (Software as a Service) model, leveraging its existing customer base and relationships [5][6] - The company currently has approximately 100,000 customers on its software platform, indicating strong engagement and growth [5] Core Business Insights - Thryv's software offerings focus on helping small businesses with marketing, sales, and customer relationship management [7] - The acquisition of Keep, a company with a history of $175 million in investment, has provided Thryv with a robust engineering team and valuable automation tools [8][9] - The product roadmap includes several enhancements, such as the Business Center, Marketing Center, and upcoming Workforce Center, which are designed to improve customer engagement and sales [11] Financial Performance - Thryv reported a 50% growth rate, with 59% subscription growth, largely attributed to the acquisition of Keep [19] - The average revenue per user (ARPU) is currently $4,000, with a target to increase it to $8,000 by the end of the decade [19] - Gross margin stands at 73%, and net revenue retention has improved to 103, up from the low 90s a year ago [19] Market Dynamics - The target market consists primarily of established service-based businesses, such as HVAC and plumbing, which have been long-time Yellow Pages customers [21][22] - Newer businesses, particularly those run by younger generations, are beginning to adopt cloud solutions, indicating a shift in market dynamics [25][28] Customer Acquisition and Sales Strategy - Thryv is focusing on referrals from existing customers as a low-cost acquisition strategy, with a significant number of new leads coming from this channel [60] - The company is not investing in marketing for 2025, aiming instead for efficient customer acquisition and upselling to existing customers [62][64] - Changes in the sales force compensation structure are designed to incentivize selling to larger businesses, which is expected to improve average order value [65][66] Legacy Business and Cash Flow - The legacy Yellow Pages business is projected to generate between $250 million and $300 million in cash flow through the end of the decade, which will help service the company's net debt of approximately $290 million [17][78] - The company has a predictable cash flow model due to 24-month contracts with customers, providing visibility into revenue collections [73] Future Outlook - Thryv anticipates that by 2026, more than half of its EBITDA will come from SaaS, with a goal of becoming a billion-dollar SaaS business [13][17] - The company is exploring options for capital allocation, including potential share buybacks and increased marketing investments as cash flow improves [80][82] Key Takeaways - Thryv is in a significant transition phase, moving from a traditional print business to a modern SaaS model, with strong growth potential in the small business sector [5][6] - The acquisition of Keep is seen as transformative, providing new capabilities and a partner ecosystem that enhances Thryv's market reach [10][45] - The company is strategically focusing on customer retention and upselling, while managing its legacy business to ensure cash flow stability [74][78]

Company Performance - Thryv Holdings, Inc. reported a quarterly loss of $0.22 per share, compared to the Zacks Consensus Estimate of $0.24, marking an earnings surprise of -191.67% [1] - The company posted revenues of $181.37 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 4.50%, but down from $233.62 million year-over-year [2] - Over the last four quarters, Thryv has surpassed consensus EPS estimates only once, while it has topped consensus revenue estimates three times [2] Stock Outlook - Thryv shares have declined approximately 7.4% since the beginning of the year, underperforming the S&P 500, which has seen a decline of -5.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.69 on revenues of $204.11 million, and for the current fiscal year, it is $2.20 on revenues of $776.08 million [7] Industry Context - The Internet - Software industry, to which Thryv belongs, is currently ranked in the bottom 43% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Thryv's stock performance [5]

Financial Data and Key Metrics Changes - The company reported a 50% year-over-year revenue growth for Q1 2025, with a normalized growth of 24% excluding the Keep acquisition [6][19] - SaaS revenue reached $111.1 million, exceeding guidance, with an adjusted EBITDA margin of 10% [19][20] - The overall SaaS ARPU increased to $335, with Thrive's ARPU at $320 and Keep's ARPU at $428 [22][23] - The net debt position was $298 million, with a leverage ratio of 2.2 times net debt to EBITDA [27][28] Business Line Data and Key Metrics Changes - SaaS revenue now constitutes 61% of total revenue, marking a significant shift from marketing services to SaaS [7] - Marketing services revenue for Q1 was $70.2 million, reflecting a 42% year-over-year decline as the company transitions clients to SaaS offerings [25][26] - Subscriber growth for SaaS reached 37%, totaling 111,000 subscribers, including 15,000 from Keep [9][21] Market Data and Key Metrics Changes - The company is focusing on expanding its existing customer base, with 17.2% of SaaS subscribers using multiple paid products, up from previous periods [12][22] - Seasoned net revenue retention reached a record high of 103%, indicating strong customer satisfaction and loyalty [23] Company Strategy and Development Direction - The company is transitioning to a fully SaaS-focused model, planning to exit the marketing services business by 2028 [26][28] - The strategy emphasizes deepening relationships with existing customers to drive revenue growth through cross-selling and upselling [12][15] - The company is investing in product development and enhancing its partner channel to support growth [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their customer base, which primarily addresses non-discretionary needs [30][32] - The company is taking a conservative approach to guidance amid economic uncertainty, despite strong performance indicators [34][75] - Management noted that small businesses are currently prioritizing marketing tools to ensure a full order book [33][40] Other Important Information - The company is experiencing increased traffic expenses due to heightened demand for its marketing center and related add-ons [43][44] - The integration of Keep is progressing well, with positive feedback from partners regarding the combined product offerings [52][54] Q&A Session Summary Question: Can you elaborate on the record high net retention rate and what customers are buying? - Management highlighted that customers are increasingly adopting additional products, contributing to the high net retention rate [37][38] Question: What are the reasons for the decrease in SaaS customer additions this quarter? - Management attributed the decrease to seasonal factors and a strategic focus on existing customer expansion rather than new customer acquisition [57][59] Question: How is the integration of Keep progressing? - Management reported strong integration progress, with partners excited about the combined capabilities of Thrive and Keep [50][52] Question: What is the outlook for the SaaS business in a challenging macro environment? - Management indicated that the current environment is prompting customers to prioritize marketing and sales tools, which could benefit the SaaS business [68][70] Question: Are there any differences in retention between Thrive and Keep customers? - Management noted that both customer bases are resilient, with no significant differences in churn rates observed [80][90]

Thryv (THRY) Q1 2025 Earnings Call May 01, 2025 08:30 AM ET Company Participants Cameron Lessard - Vice President, Corporate Development and StrategyJoe Walsh - Chairman & CEOGrant Freeman - PresidentPaul Rouse - CFOArjun Bhatia - Co-Group Head - Technology, Media & CommunicationsScott Berg - Managing DirectorMatthew Swanson - Director - Equity Research Conference Call Participants Jason Kreyer - Senior Research AnalystZach Cummins - Senior Research AnalystNone - Analyst Operator Thank you for standing by. ...