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Thryv(THRY) - 2024 Q3 - Quarterly Results
2024-11-07 12:31
Exhibit 99.1 Thryv Provides Preliminary, Unaudited Third Quarter 2024 Results – Company Exceeds Third Quarter SaaS Revenue and SaaS Adjusted EBITDA Guidance DALLAS, October 29, 2024 – Thryv Holdings, Inc. (NASDAQ:THRY) ("Thryv" or the "Company"), the provider of Thryv(R), based on information available as of October 29 2024, is providing preliminary, unaudited results for the third quarter of 2024 in conjunction with the proposed Keap acquisition announced today. The Company plans to release its full third ...
Thryv: Strong Q3 Preliminary Results Overshadowed By The Equity Offering
Seeking Alpha· 2024-10-31 12:30
Thryv (NASDAQ: THRY ) reported strong preliminary results for Q3 , which were much better than my expectations, which I had outlined in my previous write-up on the company. The SaaS business is showing an acceleration inAn individual investor primarily focused on undercovered companies, with more than 50 companies on my watchlist. My areas include technology, software, electronics and the energy transition. I have been investing my personal capital for over 7 years in a broad range of companies globally. Th ...
Long QT Syndrome (LQTS) Market Research 2024 Featuring Thryv Therapeutics and Vertex: Epidemiology, Treatment Landscape, Unmet Needs, Emerging Therapies, and Value & Access
GlobeNewswire News Room· 2024-09-27 08:01
Dublin, Sept. 27, 2024 (GLOBE NEWSWIRE) -- The "Long QT Syndrome (LQTS) Market Assessment: Epidemiology, Treatment Landscape, Unmet Needs, Emerging Therapies, and Value & Access" report has been added to ResearchAndMarkets.com's offering. Long QT Syndrome (LQTS) market landscape report combines primary (KOL interviews) and secondary market research to empower strategic decision-making and provide a complete view of the market. It includes a disease overview, epidemiology (US and EU5), current treatment, unm ...
Thryv Q2 Earnings: Weaker FCF Could Slow Down Its Deleveraging Efforts
Seeking Alpha· 2024-08-06 15:50
Khanchit Khirisutchalual Investment Thesis Last month I shared my bullish investment thesis on Thryv (NASDAQ:THRY) addressing the main concerns that investors have, especially related to the company's debt. I highlighted the positive impact from the refinancing of its debt and my expectation for continued deleveraging coupled with profitable growth in its SaaS business. Based on my valuation estimates, I set a target price range of $26 to $36 per share for the company by 2026, which presented significant up ...
Thryv(THRY) - 2024 Q2 - Earnings Call Transcript
2024-08-03 06:44
Thryv Holdings, Inc. (NASDAQ:THRY) Q2 2024 Earnings Conference Call August 1, 2024 8:30 AM ET Company Participants Cameron Lessard – Assistant VP, IR & Treasury Joe Walsh – Chairman & CEO Paul Rouse – CFO Conference Call Participants Arjun Bhatia - William Blair Scott Berg - Needham & Company Daniel Moore - CJS Securities Robert Oliver - Robert W. Baird Zachary Cummins - B. Riley Securities Operator Thank you for standing by. My name is Laila, and I will be your conference operator today. At this time, I wo ...
Thryv(THRY) - 2024 Q2 - Earnings Call Presentation
2024-08-01 15:42
thryv Investor Presentation 2nd QUARTER 2024 Add Staff UPGRADI 12:34 box - all & III thryv X Hizh Thry 42; Reply All Products The In Integration about it work of t/11k/3Q6JUA/2TdigUMio112/06/21580/12/08/21593/033549 Phone & Video Calls Lindsey Dias 3:45 PM 're welcome, Lindal Your accor ©2024 Thryv, Inc. All Rights Reserved. Exhibit 99.2 Safe Harbor This Presentation may include certain forward-looking statements, including, without limitation, statements concerning the conditions of our industry and our op ...
Thryv Holdings, Inc. (THRY) Q2 Earnings Miss Estimates
ZACKS· 2024-08-01 13:46
Thryv Holdings, Inc. (THRY) came out with quarterly earnings of $0.33 per share, missing the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -19.51%. A quarter ago, it was expected that this company would post earnings of $0.37 per share when it actually produced earnings of $0.22, delivering a surprise of -40.54%. Over the last four quarters, the ...
Thryv(THRY) - 2024 Q2 - Quarterly Report
2024-08-01 11:32
Revenue and Profit Performance - Revenue for Q2 2024 was $224.1 million, a decrease of 10.9% compared to $251.4 million in Q2 2023[8] - Net income for Q2 2024 was $5.5 million, a significant decline from $16.0 million in Q2 2023[8] - Gross profit for Q2 2024 was $148.6 million, down 7.2% from $160.1 million in Q2 2023[8] - Operating income for Q2 2024 was $31.3 million, slightly up from $30.7 million in Q2 2023[8] - Basic net income per share for Q2 2024 was $0.15, down from $0.46 in Q2 2023[8] - Net income for the six months ended June 30, 2024, was $13.97 million, a decrease from $25.29 million in the same period in 2023[15] - Net income for the six months ended June 30, 2024, was $13.972 million, compared to $25.292 million for the same period in 2023[82] - The company's basic net income per share for the six months ended June 30, 2024, was $0.39, down from $0.73 in the same period in 2023[82] - The company's diluted net income per share for the six months ended June 30, 2024, was $0.37, compared to $0.68 in the same period in 2023[84] - Revenue decreased by $27.3 million, or 10.9%, for the three months ended June 30, 2024 compared to the three months ended June 30, 2023[135] - Thryv Marketing Services revenue decreased by $42.7 million, or 22.6%, for the three months ended June 30, 2024 compared to the three months ended June 30, 2023[136] - Thryv SaaS revenue increased by $15.3 million, or 24.6%, for the three months ended June 30, 2024 compared to the three months ended June 30, 2023[135] - Print revenue decreased by $3.9 million, or 4.5%, for the three months ended June 30, 2024 compared to the three months ended June 30, 2023[136] - Thryv Marketing Services revenue decreased by $69.0 million (18.4%) for the six months, while Thryv SaaS revenue increased by $29.7 million (24.3%)[154] - Gross profit decreased by $12.7 million (4.0%) for the six months ended June 30, 2024, compared to the same period in 2023, primarily due to a decline in Marketing Services revenue, partially offset by SaaS revenue growth and cost-saving initiatives[161] - Gross margin increased by 260 basis points to 66.0% for the six months ended June 30, 2024, compared to 63.4% in 2023[161] - Adjusted Gross Profit for the six months ended June 30, 2024, was $314.2 million, with an Adjusted Gross Margin of 68.7%, compared to $329.8 million and 66.4% in 2023[179][180] Segment Performance - Thryv Marketing Services segment revenue for Q2 2024 was $146.3 million, a decrease from $189.0 million in Q2 2023[107] - Thryv SaaS segment revenue for Q2 2024 was $77.8 million, an increase from $62.5 million in Q2 2023[108] - Total revenue for Q2 2024 was $224.1 million, down from $251.4 million in Q2 2023[101] - Thryv Australia contributed 16.9% of total revenue in Q2 2024, down from 18.9% in Q2 2023[103] - Segment Adjusted EBITDA for Q2 2024 was $59.3 million, compared to $69.4 million in Q2 2023[100] - Thryv Marketing Services segment gross profit for Q2 2024 was $96.3 million, down from $120.9 million in Q2 2023[97] - Thryv SaaS segment gross profit for Q2 2024 was $52.3 million, up from $39.2 million in Q2 2023[97] - Digital revenue within Thryv Marketing Services was $63.7 million in Q2 2024, down from $102.5 million in Q2 2023[101] - International revenue for Q2 2024 was $46.0 million, down from $53.6 million in Q2 2023[103] - The company serves approximately 310,000 SMB clients globally through its two business segments[106] - SaaS clients increased by 29 thousand, or 52%, as of June 30, 2024 compared to June 30, 2023[121] - Marketing Services clients decreased by 77 thousand, or 22%, as of June 30, 2024 compared to June 30, 2023[121] - Total clients decreased by 68 thousand, or 18%, as of June 30, 2024 compared to June 30, 2023[122] - Monthly ARPU for Marketing Services decreased by $21, or 13%, for the three months ended June 30, 2024 compared to the three months ended June 30, 2023[124] - Monthly ARPU for SaaS decreased by $44, or 12%, during the three months ended June 30, 2024 compared to the three months ended June 30, 2023[125] - Print revenue declined by 33% for the quarter due to secular decline in industry demand, despite an increase in published directories[137] - Digital revenue decreased by $38.8 million (37.9%) for the quarter, driven by declining Marketing Services client base and competition from Google, Yelp, and Facebook[138] - Thryv SaaS revenue increased by $15.3 million (24.6%) for the quarter, driven by higher demand for SaaS solutions and strategic client conversion from Marketing Services[139] - Digital revenue decreased by $72.4 million (34.4%) for the six months, driven by client base decline and competition, as well as strategic client upgrades to SaaS solutions[157] Financial Position and Assets - Total current assets as of June 30, 2024 were $260.6 million, down from $266.9 million at the end of 2023[10] - Total liabilities as of June 30, 2024 were $602.4 million, compared to $630.5 million at the end of 2023[10] - Cash and cash equivalents decreased to $15.5 million as of June 30, 2024 from $18.2 million at the end of 2023[10] - Accounts receivable decreased to $193.7 million as of June 30, 2024 from $205.5 million at the end of 2023[10] - Total stockholders' equity increased to $183.1 million as of June 30, 2024 from $152.7 million at the end of 2023[10] - Total Stockholders' Equity increased from $167,066 thousand as of March 31, 2024 to $183,060 thousand as of June 30, 2024, reflecting a growth of $15,994 thousand[12] - Net income for the three months ended June 30, 2024 was $5,548 thousand, contributing to the increase in Total Stockholders' Equity[12] - Additional Paid-in Capital grew from $1,159,754 thousand to $1,170,798 thousand during the three months ended June 30, 2024, an increase of $11,044 thousand[12] - Treasury Stock decreased by $670 thousand, from $(488,087) thousand to $(488,757) thousand, due to the purchase of treasury stock[12] - Accumulated Deficit improved from $(489,778) thousand to $(484,230) thousand, a reduction of $5,548 thousand, primarily due to net income[12] - For the six months ended June 30, 2024, Net income was $13,972 thousand, significantly contributing to the increase in Total Stockholders' Equity from $152,700 thousand to $183,060 thousand[13] - The company's cash, cash equivalents, and restricted cash totaled $20.998 million as of June 30, 2024, up from $17.595 million in 2023[23] - The company's fixed assets and capitalized software additions were $16.23 million for the six months ended June 30, 2024, compared to $14.02 million in 2023[15] - The company's deferred income taxes for the six months ended June 30, 2024, were $(24.06) million, compared to $(9.135) million in 2023[15] - The company's unrecognized tax benefits as of June 30, 2024, were $18.1 million, up from $17.1 million as of December 31, 2023[88] - The company's unrecognized stock-based compensation expense related to unvested RSUs as of June 30, 2024, was approximately $19.1 million[74] - The company's unrecognized stock-based compensation expense related to unvested PSUs as of June 30, 2024, was approximately $15.1 million[77] - The company's unrecognized stock-based compensation expense related to unvested stock options as of June 30, 2024, was approximately $0.2 million[78] - The company repurchased approximately 26,495 shares of its outstanding common stock on June 20, 2024, for a total purchase price of approximately $0.5 million[83] - The company's share repurchase program, authorized on April 30, 2024, allows for the repurchase of up to $40 million in shares of common stock through April 30, 2029[80] - The company had $39.5 million remaining under its share repurchase authorization as of June 30, 2024[204] Debt and Financing - Total debt obligations as of June 30, 2024, were $342.1 million, compared to $348.9 million as of December 31, 2023[52] - The New Term Loan Facility has an aggregate principal amount of $350.0 million, with 31.8% held by a related party as of June 30, 2024[53] - The New Term Loan Facility requires mandatory amortization payments of $52.5 million per year for the first two years and $35.0 million per year thereafter[54] - Net proceeds from the New Term Loan were $337.6 million, used to repay the $300.0 million outstanding principal balance of the Prior Term Loan[55] - The New ABL Facility has a borrowing base availability of $64.8 million, with $54.2 million available to be drawn as of June 30, 2024[63] - The Company recorded accrued interest of $0.2 million as of June 30, 2024, compared to $1.1 million as of December 31, 2023[58] - The Company was in compliance with its New Term Loan and ABL Facility covenants as of June 30, 2024, and expects to remain compliant for the next twelve months[60][66] - The company entered into a New Term Loan Facility of $350.0 million on May 1, 2024, with 31.8% held by a related party, and it matures on May 1, 2029[189][190] - The company entered into a New ABL Facility of $85.0 million on May 1, 2024, which matures on May 1, 2028, with $54.2 million available to be drawn as of June 30, 2024[191][192] - Total recorded debt outstanding as of June 30, 2024, was $342.1 million, comprising $336.4 million under the New Term Loan and $18.0 million under the New ABL Facility[193] - A hypothetical 100 basis point increase in interest rates would increase the company's annual interest expense by approximately $3.5 million based on debt outstanding as of June 30, 2024[196] Expenses and Costs - Cost of services decreased by $15.8 million (17.3%) for the quarter, primarily due to strategic cost-saving initiatives and reduced printing, distribution, and digital fulfillment costs[140] - Sales and marketing expenses decreased by $10.3 million (13.6%) for the quarter, driven by reduced employee-related costs, sales commissions, and advertising expenses[143] - Interest expense decreased by $4.1 million (25.3%) for the quarter, due to lower outstanding debt balances and reduced interest rates[145] - Adjusted EBITDA decreased by $10.1 million (14.6%) for the quarter, primarily due to the decline in Marketing Services, partially offset by SaaS growth[150] - Sales and marketing expenses decreased by $16.5 million (10.9%) for the six months ended June 30, 2024, driven by reduced employee-related costs, sales commissions, and advertising expenses[162] - General and administrative expenses increased by $2.9 million (2.8%) for the six months ended June 30, 2024, primarily due to higher employee-related costs, severance expenses, and stock-based compensation[163] - Interest expense decreased by $7.2 million (22.1%) for the six months ended June 30, 2024, due to lower outstanding debt balances and reduced interest rates[164] - Adjusted EBITDA decreased by $14.5 million (11.3%) for the six months ended June 30, 2024, driven by a decline in the Thryv Marketing Services segment, partially offset by growth in the Thryv SaaS segment[168] - The company's effective tax rate (ETR) was 46.2% for the six months ended June 30, 2024, compared to 4.1% in 2023, influenced by state taxes, non-deductible executive compensation, and debt refinancing impacts[167] - Loss on early extinguishment of debt was $6.6 million for the six months ended June 30, 2024, related to debt refinancing[173] - Other components of net periodic pension cost increased by $1.2 million for the six months ended June 30, 2024, due to the absence of prior-year settlement and remeasurement gains[165] - Stock-based compensation expense for the six months ended June 30, 2024, was $11.642 thousand, reflecting the company's investment in employee incentives[13] - Stock-based compensation expense for the six months ended June 30, 2024, was $11.64 million, up from $11.19 million in 2023[15] - Stock-based compensation expense for the six months ended June 30, 2024, was $11.6 million, compared to $11.2 million for the same period in 2023[71] - The Company's net periodic pension cost for the six months ended June 30, 2024, was $3.2 million, compared to $1.9 million for the same period in 2023[68] - The Company expects to contribute approximately $0.5 million to non-qualified pension plans for fiscal year 2024[69] Cash Flow and Investments - Net cash provided by operating activities for the six months ended June 30, 2024, was $27.66 million, compared to $57.74 million in 2023[15] - The company acquired Yellow, a New Zealand marketing services company, for $8.9 million in cash on April 3, 2023, expanding its market share and client base[27] - Goodwill recognized from the Yellow acquisition was $5.1 million, allocated to the Thryv Marketing Services segment and not deductible for income tax purposes[29] - Net cash provided by operating activities decreased by $30.1 million, or 52.1%, for the six months ended June 30, 2024 compared to the same period in 2023, primarily due to changes in working capital and higher tax payments of $13.3 million[186] - Net cash used in investing activities decreased by $6.9 million, or 29.8%, for the six months ended June 30, 2024, primarily due to $8.9 million of cash paid related to the Yellow Acquisition in 2023[187] - Net cash used in financing activities decreased by $24.4 million, or 69.9%, for the six months ended June 30, 2024, primarily due to $20.7 million of net proceeds from the New Term Loan[188] - The company repurchased 26,495 shares of common stock at an average price of $18.83 per share during the quarter ended June 30, 2024, under a $40 million share repurchase program[204] Intangible Assets and Goodwill - Goodwill balance decreased from $302.4 million as of December 31, 2023 to $301.0 million as of June 30, 2024, primarily due to foreign currency translation effects[43] - Amortization expense for intangible assets for the three and six months ended June 30, 2024 was $5.1 million and $10.5 million, respectively, compared to $6.5 million and $12.7 million for the same periods in 2023[45] - The company's total intangible assets decreased from $18.8 million as of December 31, 2023 to $6.6 million as of June 30, 2024, with a weighted average remaining amortization period of 1.5 years[46][47] - Estimated future amortization expense for intangible assets is $4.2 million for the remainder of 2024 and $1.9 million for 2025[48] Credit and Liabilities - The allowance for credit losses increased from $14.4 million as of June 30, 2023 to $18.1 million as of June 30, 2024, with $18.0 million attributable to accounts receivable[49][50] - Accrued liabilities increased from $105.9 million as of December 31, 2023 to $110.2 million as of June 30, 2024, primarily due to an increase in accrued taxes[51] - The fair value of the New Term Loan and
Thryv(THRY) - 2024 Q2 - Quarterly Results
2024-08-01 11:31
Thryv Grows SaaS Revenue 25% in Second Quarter 2024, Raises Full Year 2024 SaaS Adjusted EBITDA Guidance – Grows SaaS subscribers over 50% year-over-year – Q2 2024 SaaS Adjusted EBITDA exceeds guidance range by $2 million DALLAS, August 1, 2024 – Thryv Holdings, Inc. (NASDAQ:THRY) ("Thryv" or the "Company"), the provider of Thryv®, the leading small business software platform, reported SaaS revenue growth of 25% year-over-year in the second quarter of 2024. "We had a strong second quarter driven by 52% subs ...
Thryv Makes Selling Power's Annual 60 Best Companies to Sell for List for Seventh Consecutive Year
Newsfilter· 2024-07-25 13:05
DALLAS, July 25, 2024 (GLOBE NEWSWIRE) -- Thryv® (NASDAQ:THRY), the provider of the leading small business software platform, announced today that it has made Selling Power's 60 Best Companies to Sell For list. This marks the seventh consecutive year that Thryv has earned a spot on the prestigious list. "At Thryv we're committed to helping small businesses modernize their operations and grow their business," said Thryv Chief Revenue Officer Jim McCusker. "Our Business Advisors serve as dependable partners t ...