Downloadable files of the press release and an audio replay of the call will be available on the Company's website after the live event. 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's AI-supported marketing and business automations help business owners save time, com ...

DALLAS--(BUSINESS WIRE)--Small business owners see challenges ahead in 2026, leading to muted optimism according to new data from Thryv® (NASDAQ: THRY). The small business (SMB) marketing platform surveyed SMBs in mid-December 2025. When asked to select business factors they felt optimistic about, ranging from the economy and competitive edge to tech advances like AI and hiring capabilities, "none of the above†was the top choice (39 percent). Slight bright spots: almost a third of SMBs express. ...

Group 1 - Laughing Water Capital reported a return of approximately 6.8% in Q4 2025, with full-year returns at around 3.9% net of fees and expenses, outperforming the SP500TR and R2000 indexes in the previous year [1] - The cumulative returns since inception for Laughing Water Capital are about 400%, compared to approximately 332% for the SP500TR and around 175% for the R2000 benchmark [1] - The firm highlighted its exit from Thryv Holdings, Inc. (NASDAQ:THRY), which had a significant decline in value, losing 66.05% over the last 52 weeks [2][3] Group 2 - Thryv Holdings, Inc. is a provider of digital marketing solutions and cloud-based tools for small-to-medium-sized businesses, with a market capitalization of approximately $235.499 million [2] - The investment thesis for Thryv included its declining Yellow Pages business and a fast-growing small business software segment, which was believed to have a competitive advantage due to its existing customer base [3] - Despite initial optimism, Thryv was identified as a significant detractor for Laughing Water Capital in 2025, leading to the decision to exit the position [3]

Performance Overview - Laughing Water Capital ("LWC") achieved a return of approximately 6.8% in Q4, resulting in a full-year return of about 3.9% after fees and expenses, compared to the SP500TR and R2000 which returned approximately 2.7% and 2.2% respectively in the same quarter [3] - Since inception, LWC's cumulative return is approximately 400%, outperforming the SP500TR's ~332% and the R2000's ~175% [4] Investment Philosophy - The company emphasizes investing in off-the-beaten-path businesses led by capable management, particularly during periods of uncertainty, believing this approach can yield outsized returns over time [6][8] - Despite the current market enthusiasm for sectors like artificial intelligence and technology, the company remains focused on fundamental business performance rather than market trends [7][8] Market Dynamics - Recent market trends have favored larger, growth-oriented companies, with a significant outperformance of large-cap stocks over small-cap stocks [10][15] - The SP500 has outperformed the equal-weight SP500 by 34% over the past three years, indicating a strong preference for larger companies [15] Specific Investments - Lifecore Biomedical is highlighted as a key investment, with expectations of significant growth due to its competitive advantages and increasing capacity utilization [13][14] - Liquidia Corp has seen early sales success with its drug Yutrephia, which has outperformed expectations, despite ongoing patent litigation with United Therapeutics [30][31] - NextNav Inc is positioned as a potential leader in providing a terrestrial backup to GPS, with bipartisan support for its proposal to repurpose spectrum for 5G use [36][39] Future Outlook - The company anticipates continued improvement in the fundamental performance of its investments, suggesting that over time, market recognition of these fundamentals will lead to better stock performance [62] - Management remains optimistic about the potential for significant upside in investments like Lifecore and Liquidia, while also acknowledging the challenges posed by market sentiment and timing [29][33]

If there was ever a perfect time for active portfolio management, now it is. A growing number of market participants are sounding off alarms on valuations amid uncertain macro footing and rising geopolitical tensions. To me, the best answer is to make a significantWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. ...

If there was ever a perfect time for active portfolio management, now it is. A growing number of market participants are sounding off alarms on valuations amid uncertain macro footing and rising geopolitical tensions. To me, the best answer is to make a significantWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. ...

Core Viewpoint - The article discusses the author's confidence in the investment thesis for Thryv Holdings, Inc. (THRY), highlighting a positive outlook on the company's potential for growth and investment opportunities [1]. Group 1 - The author previously wrote about Thryv Holdings in September, expressing pride in the article and its recognition by Seeking Alpha [1]. - The investment philosophy emphasizes that there are "No Called Strikes" in investing, suggesting a proactive approach to identifying and pursuing investment opportunities [1]. - The author engages in discussions about stocks and investing on Bluesky, indicating an active involvement in the investment community [1]. Group 2 - The author holds a beneficial long position in Thryv Holdings, either through stock ownership, options, or other derivatives, reflecting a personal investment commitment [1]. - The article is presented as an expression of personal opinions rather than financial advice, underscoring the subjective nature of the analysis [2].

Group 1 - The article discusses Thryv Holdings, Inc. (THRY) and expresses confidence in the investment thesis presented in a previous write-up [1] - The author emphasizes a belief in the concept of "No Called Strikes" in investing, indicating a willingness to take risks on promising investment ideas [1] - The author mentions engaging in discussions about stocks and investing on Bluesky, highlighting an active interest in the investment community [1] Group 2 - The author has a beneficial long position in THRY shares, indicating a personal investment in the company [1] - The article is presented as an expression of personal opinions rather than financial advice, underscoring the subjective nature of the analysis [2] - There is a disclaimer regarding the lack of a business relationship with any company mentioned, reinforcing the independence of the analysis [1]

Core Insights - The article discusses the transformative impact of AI on small and medium-sized businesses (SMBs), predicting significant advancements in productivity and operational efficiency by 2026 [2][4]. Group 1: AI's Impact on SMBs - AI-enhanced automations are expected to boost small business productivity, allowing owners to save over 20 hours per month, with more than half of SMBs already utilizing AI daily [2]. - The integration of AI will enable SMBs to make data-driven decisions and anticipate business demands, leveling the playing field with larger enterprises [2][4]. - AI will serve as a universal assistant, streamlining workflows by integrating various tools into a single conversational interface, reducing the need for multiple applications [3]. Group 2: Competitive Advantages and Strategies - SMBs will gain access to big business insights through AI, allowing for personalized customer interactions and tailored recommendations, similar to larger brands [4]. - An AI-powered go-to-market strategy will become essential for SMBs to remain competitive, with potential double-digit gains in conversion rates through AI-driven lead scoring and email automation [4]. - Thryv provides three key strategies for SMBs to maximize AI benefits: starting small and scaling fast, training teams to work smarter with AI, and ensuring data quality for accurate AI-driven insights [5][6]. Group 3: Company Overview - Thryv Holdings, Inc. offers a leading sales and marketing platform designed for SMBs, helping them manage operations and grow efficiently through AI-supported automations [7]. - Over 100,000 businesses globally utilize Thryv's software to enhance customer connections and operational efficiency [7].

Core Viewpoint - Thryv Holdings Inc. (NASDAQ:THRY) is currently experiencing a price of $6.01, reflecting a 0.84% increase, but has seen a decline of 4.30% over the past month and a significant drop of 62.99% over the past year, raising questions about its valuation despite current performance [1]. Group 1: P/E Ratio Analysis - The P/E ratio is a critical metric for assessing a company's market performance, comparing the current share price to its earnings per share (EPS) [3]. - Thryv Holdings has a P/E ratio of 11.92, which is significantly lower than the Media industry average of 48.66, suggesting that the stock may be undervalued or could perform worse than its peers [4]. - A lower P/E ratio can indicate undervaluation but may also imply that shareholders do not expect future growth, highlighting the need for a comprehensive analysis beyond just the P/E ratio [7][8].