Financial Data and Key Metrics Changes - SaaS revenue increased by 14.1% to $119 million in Q4 2025, and 34.2% year-over-year to $461 million for the full year [25][26] - SaaS adjusted EBITDA margin was 16.8% in Q4 and 16% for the full year, with adjusted EBITDA increasing to $73.8 million [25][26] - SaaS ARPU reached $373, representing a 15% increase year-over-year [26] - Free cash flow was $31.1 million in 2025, expected to grow to $40 million-$50 million in 2026 [28] Business Line Data and Key Metrics Changes - Marketing Center, the fastest-growing product, grew over 50% year-over-year and accounted for two-thirds of SaaS revenue [4][16] - Multi-product adoption increased, with clients using two or more SaaS products growing to 19,000, or 23% of the base [26] - Marketing services revenue was $72.6 million for Q4 and $324 million for the full year, with a decline in billings reflecting a strategic shift [27] Market Data and Key Metrics Changes - Quality customers spending $400 a month or more grew by 3,000 or 18% year-over-year, now representing 69% of revenue [11][26] - Seasoned NRR remained flat at 94% for the quarter [26] Company Strategy and Development Direction - The company is transitioning to a unified growth platform, the Thryv Platform, set to launch in 2026, focusing on AI integration and customer outcomes [7][10] - The strategy emphasizes product-led growth, targeting larger businesses while allowing smaller businesses to engage through self-service [48][49] - The company plans to exit marketing services by 2028, with cash flows lasting through 2030 to support the transition [27] Management's Comments on Operating Environment and Future Outlook - Management expects slower growth in the near term due to the transition but anticipates re-acceleration later in the year [30] - The focus is on improving the quality of growth through organic customer acquisition, expansion, and retention [10][30] Other Important Information - The company has reduced net debt by $15 million to $251 million, with a leverage ratio of 1.7 times [28] - The integration of AI into the customer journey is a key focus, aiming to enhance user experience and operational efficiency [22][66] Q&A Session Summary Question: Adoption curve of the new platform - Management indicated that the Marketing Center has been steadily building and is well-positioned in the market, with existing customers migrating to the new platform [33][36] Question: Retention metrics and LTV dynamics of quality customers - New customers are entering at the $400+ tier, and management is working to engage legacy customers to upgrade [39][42] Question: Go-to-market approach evolution - The company plans to focus its sales efforts on larger businesses while developing a self-service model for smaller businesses [46][49] Question: Development work needed for the new platform - The new platform is currently being sold, with ongoing enhancements and a beta version expanding soon [50][51] Question: AI functionality and its value - AI is being embedded to simplify processes for small businesses, enhancing efficiency and engagement [61][66] Question: Expectations for churn during customer migration - Churn is expected to trend down as the company moves upmarket, with larger businesses showing lower churn rates [70][71]

Financial Data and Key Metrics Changes - SaaS revenue increased by 14.1% to $119 million in Q4 2025, and 34.2% year-over-year to $461 million for the full year [25][26] - SaaS adjusted EBITDA margin was 16.8% in Q4 and 16% for the full year, with adjusted gross margin at 70.4% in Q4 and 72.7% for the full year [25][26] - Free cash flow was $31.1 million in 2025, expected to grow to $40 million-$50 million in 2026 [28] Business Line Data and Key Metrics Changes - Marketing Center, the fastest-growing product, grew over 50% year-over-year and accounted for two-thirds of SaaS revenue [4][16] - Multi-product adoption increased, with clients using two or more SaaS products growing to 19,000, or 23% of the base, compared to 15,000, or 16% a year ago [26] - Marketing services revenue was $72.6 million for Q4 and $324 million for the full year, with a decline in billings reflecting a strategic shift towards SaaS [27] Market Data and Key Metrics Changes - Quality customers spending $400 a month or more grew by 3,000 or 18% year-over-year, now representing 69% of revenue in Q4, up from 60% the previous year [11][26] - Seasoned NRR remained flat at 94% for the quarter [26] Company Strategy and Development Direction - The company is transitioning from legacy print and marketing services to a leading SaaS platform for small businesses, focusing on a unified growth platform powered by AI [3][7] - The Thryv Platform will launch in 2026, integrating various functionalities to enhance customer experience and drive growth [7][10] - The strategy emphasizes product-led growth, targeting larger businesses while allowing smaller businesses to engage through self-service options [9][47] Management's Comments on Operating Environment and Future Outlook - Management expects near-term growth rates to moderate but believes the underlying quality of growth will improve as the company transitions [10][30] - The company is taking a conservative approach to guidance as it navigates the transition to the new platform [30] - Management highlighted the importance of focusing on quality customers and the metrics that truly reflect long-term business value [11][17] Other Important Information - The company plans to exit marketing services by 2028, with cash flows lasting through 2030 to support the transition [27] - The integration of AI into the platform aims to simplify processes for small businesses, enhancing customer engagement and operational efficiency [22][66] Q&A Session Summary Question: Adoption curve of the new platform - Management indicated that the new platform is already being sold and is performing well, with some cannibalization of existing products [32][36] Question: Retention metrics and LTV dynamics of quality customers - Management confirmed that new customers are entering the quality segment, with a focus on larger businesses that show higher engagement and retention [39][42] Question: Evolution of go-to-market approach - The company is shifting its focus to larger businesses for direct sales while developing a self-service model for smaller businesses [46][47] Question: Development work needed for the new platform - Management stated that the new platform is currently being sold, with ongoing enhancements and a beta version expanding soon [50][51] Question: AI functionality and its value - AI is being embedded into the platform to enhance customer experience and operational efficiency, with various applications being developed [60][66] Question: Expectations for churn during customer migration - Management expects churn to trend down as the company moves upmarket, with larger businesses showing more stability [68][71]

Financial Data and Key Metrics Changes - SaaS revenue increased by 14.1% to $119 million in Q4 2025 and grew by 34.2% year-over-year to $461 million for the full year [24][25] - SaaS adjusted EBITDA margin was 16.8% in Q4 and 16% for the full year, with adjusted EBITDA increasing to $73.8 million [24][29] - SaaS ARPU reached $373, representing a 15% increase year-over-year [25] - Free cash flow was $31.1 million in 2025, expected to grow to $40 million-$50 million in 2026 [27][28] - Net debt reduced by $15 million to $251 million, with a leverage ratio of 1.7 times [28] Business Line Data and Key Metrics Changes - SaaS revenues grew 34% year-over-year, with the Marketing Center being the fastest-growing product, more than doubling in revenue [3][4] - Marketing services revenue was $72.6 million for Q4 and $324 million for the full year, with a decline in billings reflecting a strategic shift towards SaaS [26] - Clients with two or more SaaS products grew to 19,000, or 23% of the base, compared to 15,000, or 16% a year ago [25] Market Data and Key Metrics Changes - Growth in quality customers spending $400 a month or more grew by 3,000 or 18% year-over-year, now representing 69% of revenue in Q4 [11][25] - Seasoned NRR remained flat at 94% for the quarter [25] Company Strategy and Development Direction - The company is transitioning from legacy print and marketing services to a leading SaaS platform for small businesses, focusing on a unified growth platform powered by AI [3][6] - The Thryv Platform will launch later in 2026, representing a shift from selling individual products to delivering a comprehensive solution for small businesses [6][10] - The strategy emphasizes product-led growth, targeting larger businesses while allowing smaller businesses to engage through self-service options [48][50] Management's Comments on Operating Environment and Future Outlook - Management expects slower growth in the near term due to the transition but anticipates re-acceleration later in the year [30] - The company is focused on improving the quality of growth, with a significant emphasis on retaining and expanding the base of quality customers [10][11] Other Important Information - The company plans to exit marketing services by 2028, with cash flows lasting through 2030 to support the transition to a pure software business [26] - AI is being integrated into the customer journey to enhance value and reduce the effort required for customers to see results [8][21] Q&A Session Summary Question: Adoption curve of the new platform - Management indicated that the Marketing Center has been steadily building and is well-positioned in the market, with existing customers likely to migrate to the new platform [32][34] Question: Retention metrics and LTV dynamics of quality customers - New customers are entering at the $400+ tier, and management is working to engage legacy customers to upgrade their packages [39][42] Question: Evolution of go-to-market approach - The focus will shift towards larger businesses, with a product-led growth approach for smaller businesses, minimizing direct sales efforts for them [47][50] Question: Development work needed for the new platform - The new platform is currently being sold, with ongoing enhancements and a beta version expected to expand soon [51][52] Question: Pricing tiers for the new platform - The new platform will have a streamlined pricing structure, catering to different business sizes while minimizing sales costs for smaller businesses [56][59] Question: AI functionality and its value - AI will enhance customer engagement and automate processes, making the platform easier to use for small businesses [66][70] Question: Expectations for churn during customer migration - Churn is expected to trend down as the company moves upmarket, with larger businesses showing more stability compared to smaller ones [72][76]

4 TH QUARTER 2025 Exhibit 99.1 2 3 6 4 5 7 8 9 10 Q4 and Full Year 2025 11 4th Quarter Highlights | | 4th Quarter | | | | --- | --- | --- | --- | | $ in thousands | 2025 | 2024 | YoY% | | SaaS | | | | | Revenue | $118,990 | $104,305 | 14.1% | | Adjusted EBITDA(1) | 20,043 | 17,276 | | | Adjusted EBITDA Margin(2) | 16.8% | 16.6% | | | Marketing Services | | | | | Revenue | $72,629 | $82,291 | (11.7)% | | Adjusted EBITDA(1) | 18,837 | 12,104 | | | Adjusted EBITDA Margin(2) | 25.9% | 14.7% | | | Consolidated | ...

Financial Data and Key Metrics Changes - SaaS reported revenue was $115.9 million in Q3 2025, representing a 33% year-over-year increase [41] - SaaS adjusted gross margin increased by 80 basis points year-over-year, reaching 73% [41] - SaaS adjusted EBITDA increased to $19.6 million, resulting in an adjusted EBITDA margin of 17% [41] - Free cash flow for Q3 was $14.6 million, bringing year-to-date free cash flow to $18.8 million [44] - Net debt decreased by $9 million to $265 million, with a leverage ratio of 1.9 times [45] Business Line Data and Key Metrics Changes - SaaS business excluding Keap grew 14% year-over-year, with Keap contributing $16.8 million in Q3 [41] - Marketing Services revenue was $85.7 million, above guidance, with adjusted EBITDA of $21.2 million and a margin of 25% [43] - Marketing Services billings totaled $70.6 million, down 33% year-over-year due to a strategic shift towards SaaS [44] Market Data and Key Metrics Changes - Seasoned Net Revenue Retention (NRR) declined to 94%, primarily due to the transition of legacy clients to the new SaaS platform [42] - Clients with two or more SaaS products grew to 17,000, or 20% of the base, compared to 15,000, or 16%, a year ago [41] Company Strategy and Development Direction - The company is focused on increasing spend per customer by driving adoption of more products, especially among high-value clients [41] - A vertical initiative has been launched, starting with HVAC, showing promising results such as a 10% lift in jobs booked and a 25% increase in total revenue for pilot customers [46][48] - The company aims to exit Marketing Services by 2028, ensuring strong liquidity through 2030 [44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that execution was slightly below expectations but emphasized that external macroeconomic factors were not to blame [60] - The market remains stable, with customers in essential services less affected by economic fluctuations [71] - The company expects SaaS revenue for Q4 2025 to be in the range of $118 million to $121 million, with full-year guidance updated to $460 million to $463 million [45] Other Important Information - The company is integrating AI across its software offerings, enhancing productivity and customer engagement [34][85] - The new Chief Technology Officer is expected to accelerate product development and AI integration [85][88] Q&A Session Summary Question: SaaS business growth and guidance - Management noted that execution was slightly shy of expectations but emphasized that the market conditions were stable and not a factor in the results [60] Question: Partner performance and Keap ecosystem - Management acknowledged past neglect of partners and highlighted efforts to improve relationships and deliver on partner needs, expecting a re-acceleration in 2026 [64][65] Question: Customer purchasing decisions and market tone - Management indicated that customers are generally stable, with essential services less sensitive to economic changes [71] Question: Vertical sales emphasis and its impact - Management expects gradual improvements in NRR and ARPU as the vertical strategy targets larger, more stable businesses [77][81] Question: AI integration and operational efficiency - The new CTO is focused on enhancing AI capabilities and ensuring software interoperability, which is crucial for larger clients [85][88] Question: Visibility in answer-based engines - Management expressed confidence in the company's ability to optimize customer visibility in answer engines, leveraging historical strengths in online directories [101][102] Question: Balancing ARPU expansion with customer growth - Management indicated a focus on increasing ARPU in the short term while engaging existing customers, with plans for future customer growth [110][112]

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]