Thryv(THRY)2025-05-01 11:30Revenue Performance - SaaS revenue increased by 50% year-over-year to $111.1 million in Q1 2025, with SaaS revenue excluding Keap growing by 24% to $92.2 million[2][9] - SaaS revenue accounted for over 60% of total revenue in Q1 2025, highlighting the company's strategic transformation[3][4] - Consolidated total revenue decreased by 22% year-over-year to $181.4 million, with a consolidated net loss of $9.6 million compared to a net income of $8.4 million in Q1 2024[9][13] - Total Marketing Services revenue was $70.2 million, reflecting a 56% decrease year-over-year[9] - SaaS revenue for Q1 2025 was $111,129,000, a 49.5% increase from $74,322,000 in Q1 2024[16] - Marketing Services revenue decreased by 55.9%, from $159,302,000 in Q1 2024 to $70,242,000 in Q1 2025[16] - Total revenue for Q1 2025 was $181,371,000, down 22.4% from $233,624,000 in Q1 2024[16] Client Growth and Retention - Seasoned Net Revenue Retention (NRR) reached a record 103% in Q1 2025, an increase of 900 basis points year-over-year[4][9] - SaaS clients increased by 59% year-over-year to 111,000, while SaaS clients excluding Keap grew by 37% to 96,000[9] Profitability Metrics - SaaS Adjusted EBITDA was $10.8 million, representing an Adjusted EBITDA margin of 9.7%[9] - Adjusted EBITDA for Q1 2025 was $20,901,000, a 61.4% decrease from $54,114,000 in Q1 2024[16] - Adjusted EBITDA margin for SaaS was 9.7% in Q1 2025, compared to 4.6% in Q1 2024[26] - Adjusted Gross Profit for SaaS in Q1 2025 was $81,452,000, up from $50,859,000 in Q1 2024[22] - Adjusted Gross Margin for SaaS improved to 73.3% in Q1 2025 from 68.4% in Q1 2024[22] Future Guidance - The company expects Q2 2025 SaaS revenue guidance of $113.0 - $115.0 million and full-year 2025 guidance of $460.5 - $471.0 million[7] Operational Focus - The company aims to enhance efficiencies and reduce costs through restructuring and integration efforts[23] - The company is focused on expanding its operations and offerings into new markets, including internationally[28] Payment Volume - ThryvPay total payment volume increased by 13% year-over-year to $71 million[9]