CORRECTING and REPLACING Thryv Grows SaaS Revenue in First Quarter 2025, First Quarter Results Exceed Guidance
In the second Outlook table of the release, Full Year 2025 Marketing Services Revenue is $315.0 - $318.0 (instead of $310.0 - $314.0). The updated release reads: THRYV GROWS SAAS REVENUE IN FIRST QU...
– Q1 SaaS Revenue Increased 50% Year-Over-Year
– Q1 SaaS Revenue (Ex-Keap) Increased 24% Year-Over-Year
– Q1 SaaS Revenue over 60% of Total Revenue
– Q1 Record Seasoned NRR of 103%
DALLAS: In the second Outlook table of the release, Full Year 2025 Marketing Services Revenue is $315.0 - $318.0 (instead of $310.0 - $314.0).
The updated release reads:
THRYV GROWS SAAS REVENUE IN FIRST QUARTER 2025, FIRST QUARTER RESULTS EXCEED GUIDANCE
– Q1 SaaS Revenue Increased 50% Year-Over-Year
– Q1 SaaS Revenue (Ex-Keap) Increased 24% Year-Over-Year
– Q1 SaaS Revenue over 60% of Total Revenue
– Q1 Record Seasoned NRR of 103%
Thryv Holdings, Inc. (NASDAQ:THRY) (“Thryv” or the “Company”), the provider of Thryv®, the leading small business marketing and sales software platform, reported an increase in SaaS revenue of 50% year-over-year in the first quarter of 2025.
“Thryv started 2025 with strong positive momentum as SaaS revenue accelerated to over 60% of total revenue, underscoring the progress of our strategic transformation into a premier SMB software business,” said Joe Walsh, Thryv Chairman and CEO. “While we remain focused on acquiring and upgrading subscribers to the platform, we have been deepening relationships with our existing customers and expanding ARPU. We are leaning into cross-selling and anticipate continued growth as we enhance our product-led strategy and expand into new verticals. Looking ahead, the resilient customer demand we are experiencing is encouraging, and we are committed to driving sustainable, profitable growth as we continue to invest in our platform.”
“In the first quarter, we exceeded our guidance, and balanced SaaS top-line growth with disciplined cost management,” stated Paul Rouse, Chief Financial Officer. “Seasoned NRR increased to a record 103% in the first quarter as a result of upselling and cross-selling additional products and services to our customer base. For the remainder of 2025, we expect to deliver SaaS revenue growth and continued SaaS Adjusted EBITDA margin improvement.”
First Quarter 2025 Highlights:
- SaaS revenue was $111.1 million, a 50% increase year-over-year
- SaaS revenue excluding Keap was $92.2 million, a 24% increase year-over-year
- Marketing Services revenue was $70.2 million, a 56% decrease year-over-year
- Consolidated total revenue was $181.4 million, a decrease of 22% year-over-year
- Consolidated net loss was $9.6 million, or $(0.22) per diluted share; compared to net income of $8.4 million, or $0.22 per diluted share, for the first quarter of 2024
- Consolidated Adjusted EBITDA was $20.9 million, representing an Adjusted EBITDA margin of 11.5%
- SaaS Adjusted EBITDA was $10.8 million, representing an Adjusted EBITDA margin of 9.7%
- Total Marketing Services Adjusted EBITDA was $10.1 million, representing an Adjusted EBITDA margin of 14.4%
- Consolidated Gross Profit was $119.3 million
- Consolidated Adjusted Gross Profit1 was $123.7 million
- SaaS Gross Profit was $78.8 million, representing a Gross Margin of 70.9%
- SaaS Adjusted Gross Profit2 was $81.5 million, representing an Adjusted Gross Margin of 73.3%
SaaS Metrics
- SaaS clients increased 59% year-over-year to 111 thousand at the end of the first quarter of 2025 SaaS clients, excluding Keap, increased 37% year-over-year to 96 thousand
- Seasoned Net Revenue Retention2 was 103% for the first quarter of 2025, an increase of 900 bps year-over-year, excluding Keap
- SaaS monthly Average Revenue per Unit (“ARPU”)3 was $335 for the first quarter of 2025
- ThryvPay total payment volume was $71 million, an increase of 13% year-over-year
Outlook
Based on information available as of April 30, 2025, Thryv is issuing guidance4 for the second quarter of 2025 and full year 2025 as indicated below:
| 2nd Quarter |
| Full Year |
(in millions) | 2025 |
| 2025 |
SaaS Revenue | $113.0 - $115.0 |
| $460.5 - $471.0 |
SaaS Adjusted EBITDA | $18.5 - $19.5 |
| $67.0 - $71.0 |
| 2nd Quarter |
| 3rd Quarter |
| 4th Quarter |
| Full Year |
(in millions) | 2025 |
| 2025 |
| 2025 |
| 2025 |
Marketing Services Revenue | $90.0 - $91.0 |
| $83.0 - $84.0 |
| $72.0 - $73.0 |
| $315.0 - $318.0 |
Marketing Services Adjusted EBITDA | $24.0 - $26.0 |
|
|
|
|
| $77.5 - $78.5 |
| ____________________ |
1 Defined as Gross profit adjusted to exclude the impact of depreciation and amortization expense and stock-based compensation expense. |
2 Seasoned Net Revenue Retention is defined as net dollar retention excluding clients acquired over the previous 12 months as well as clients acquired in the Keap acquisition which closed on October 31, 2024. |
3 Defined as total client billings for a particular month divided by the number of clients that have one or more revenue-generating solutions in that same month. This is a blended calculation and inclusive of the impact from the Keap acquisition. |
4 These statements are forward-looking and actual results may materially differ. Refer to the “Forward-Looking Statements” section below for information on the factors that could cause our actual results to materially differ from these forward-looking statements. |
Earnings Conference Call Information
Thryv will host a conference call on Thursday, May 1, 2025 at 8:30 a.m. (Eastern Time) to discuss the Company's first quarter 2024 results.
For analysts to register for this conference call, please use this link. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. We recommend registering a day in advance or at a minimum thirty minutes prior to the start of the call. To listen to the webcast, please use this link or visit Thryv's Investor Relations website at investor.thryv.com. A live webcast will also be available on the Investor Relations section of the Company's website at investor.thryv.com.
If you are unable to participate in the conference call, a replay will be available at this link.
Thryv Holdings, Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive (Loss) Income | |||||||
| Three Months Ended | ||||||
| March 31, | ||||||
(in thousands, except share and per share data) |
| 2025 |
|
|
| 2024 |
|
Revenue | $ | 181,371 |
|
| $ | 233,624 |
|
Cost of services |
| 62,083 |
|
|
| 79,983 |
|
Gross profit |
| 119,288 |
|
|
| 153,641 |
|
|
|
|
| ||||
Operating expenses: |
|
|
| ||||
Sales and marketing |
| 70,051 |
|
|
| 70,091 |
|
General and administrative |
| 52,271 |
|
|
| 52,416 |
|
Total operating expenses |
| 122,322 |
|
|
| 122,507 |
|
|
|
|
| ||||
Operating (loss) income |
| (3,034 | ) |
|
| 31,134 |
|
Other income (expense): |
|
|
| ||||
Interest expense |
| (6,067 | ) |
|
| (13,359 | ) |
Interest expense, related party |
| (3,006 | ) |
|
| — |
|
Other components of net periodic pension cost |
| (768 | ) |
|
| (1,581 | ) |
Other income (expense) |
| 392 |
|
|
| (2,373 | ) |
(Loss) income before income tax benefit (expense) |
| (12,483 | ) |
|
| 13,821 |
|
Income tax benefit (expense) |
| 2,865 |
|
|
| (5,397 | ) |
Net (loss) income | $ | (9,618 | ) |
| $ | 8,424 |
|
Other comprehensive income (loss): |
|
|
| ||||
Foreign currency translation adjustment, net of tax |
| (187 | ) |
|
| (265 | ) |
Comprehensive (loss) income | $ | (9,805 | ) |
| $ | 8,159 |
|
|
|
|
| ||||
Net (loss) income per common share: |
|
|
| ||||
Basic | $ | (0.22 | ) |
| $ | 0.24 |
|
Diluted | $ | (0.22 | ) |
| $ | 0.22 |
|
|
|
|
| ||||
Weighted-average shares used in computing basic and diluted net (loss) income per common share: |
|
|
| ||||
Basic |
| 43,412,366 |
|
|
| 35,186,121 |
|
Diluted |
| 43,412,366 |
|
|
| 37,985,785 |
|
Thryv Holdings, Inc. and Subsidiaries Consolidated Balance Sheets | |||||||
(in thousands, except share data) | March 31, 2025 |
| December 31, 2024 | ||||
Assets |
|
|
| ||||
Current assets |
|
|
| ||||
Cash and cash equivalents | $ | 10,993 |
|
| $ | 16,311 |
|
Accounts receivable, net of allowance of $13,144 in 2025 and $13,051 in 2024 |
| 139,894 |
|
|
| 161,620 |
|
Contract assets, net of allowance of $33 in 2025 and $29 in 2024 |
| 1,980 |
|
|
| 2,127 |
|
Taxes receivable |
| 7,493 |
|
|
| 6,218 |
|
Prepaid expenses |
| 30,806 |
|
|
| 13,923 |
|
Deferred costs |
| 9,486 |
|
|
| 8,402 |
|
Other current assets |
| 2,035 |
|
|
| 2,119 |
|
Total current assets |
| 202,687 |
|
|
| 210,720 |
|
Fixed assets and capitalized software, net |
| 41,998 |
|
|
| 44,478 |
|
Goodwill |
| 253,809 |
|
|
| 253,318 |
|
Intangible assets, net |
| 31,956 |
|
|
| 34,259 |
|
Deferred tax assets |
| 146,530 |
|
|
| 143,495 |
|
Other assets |
| 26,754 |
|
|
| 25,895 |
|
Total assets | $ | 703,734 |
|
| $ | 712,165 |
|
|
|
|
| ||||
Liabilities and Stockholders' Equity |
|
|
| ||||
Current liabilities |
|
|
| ||||
Accounts payable | $ | 5,894 |
|
| $ | 13,011 |
|
Accrued liabilities |
|
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