Thryv(US:THRY)2024-08-01 11:31SaaS Performance - SaaS revenue grew by 25% year-over-year, reaching $77.8 million in Q2 2024[1] - Total SaaS subscribers increased by 52% year-over-year, ending at 85,000 clients[2] - SaaS Adjusted EBITDA was $10.2 million, with an Adjusted EBITDA margin of 13.1%[2] - SaaS revenue increased by 24.6% to $77,794,000 for the three months ended June 30, 2024, compared to $62,458,000 in the same period last year[7] - SaaS segment gross profit increased by 33.4% to $52,289,000 for the three months ended June 30, 2024, compared to $39,210,000 in the same period last year[7] Financial Performance - Consolidated total revenue decreased by 11% year-over-year to $224.1 million[2] - Consolidated net income was $5.5 million, or $0.15 per diluted share, compared to $16.0 million, or $0.43 per diluted share in Q2 2023[2] - Consolidated Adjusted EBITDA was $59.3 million, representing an Adjusted EBITDA margin of 26.5%[2] - For the six months ended June 30, 2024, total revenue decreased by 7.9% to $457,708,000 compared to $496,976,000 for the same period in 2023[8] - Consolidated Adjusted EBITDA for the six months ended June 30, 2024, was $113,428,000, a decrease of 11.3% from $127,908,000 in 2023[8] - The company reported a net income of $13,972,000 for the six months ended June 30, 2024, compared to $25,292,000 for the same period in 2023[6] Marketing Services - Marketing Services revenue decreased by 23% year-over-year to $146.3 million[2] - Marketing Services revenue for the three months ended June 30, 2024, was $146,290,000, down 22.6% from $188,963,000 in the prior year[7] - Marketing Services segment gross profit decreased by 20.3% to $96,299,000 for the three months ended June 30, 2024, from $120,875,000 in the prior year[7] Cash Flow and Debt - Net cash provided by operating activities for the six months ended June 30, 2024, was $27,660,000, down from $57,736,000 in the prior year[6] - Cash paid for interest decreased to $24,378,000 for the six months ended June 30, 2024, from $29,592,000 in the prior year[6] - The company experienced a loss on early extinguishment of debt amounting to $6,638,000 for the six months ended June 30, 2024[11] - The company recorded a Loss on early extinguishment of debt related to the write-off of certain unamortized debt issuance costs during the debt refinancing completed on May 1, 2024[4] Future Guidance and Risks - Guidance for Q3 2024 SaaS revenue is projected between $82 million and $84 million, and for the full year 2024 between $326 million and $329 million[3] - The company anticipates potential risks related to liquidity, competition, and changes in technology and consumer preferences, which could impact future performance[21] Company Overview - The company has a total of over 300,000 businesses globally using its platform to manage operations and connect with local customers[23] - The seller of the YP acquisition has indemnified the company for future potential losses associated with certain tax positions taken prior to the acquisition date[6] - The company emphasizes the importance of non-GAAP financial measures for understanding its financial performance and operational decision-making[18] Retention Metrics - Seasoned Net Dollar Retention improved to 94%, an increase of 500 basis points year-over-year[3] - ThryvPay total payment volume increased by 34% year-over-year, reaching $80 million[3] Revenue Breakdown - Total revenue for the three months ended June 30, 2024, was $224,084,000, with Marketing Services contributing $146,290,000 and SaaS contributing $77,794,000[19] - For the six months ended June 30, 2024, total revenue reached $457,708,000, with Marketing Services at $305,592,000 and SaaS at $152,116,000[20] - Adjusted Gross Profit for the same period was $154,628,000, with a Gross Margin of 66.3% and an Adjusted Gross Margin of 69.0%[13] - Adjusted Gross Profit for the six months ended June 30, 2023, was $329,822,000, with a Gross Margin of 63.4% and an Adjusted Gross Margin of 66.4%[16]