Thryv Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
THRY$1.18-1.3%Stored close · as of Nov 6, 2026
Contents
Item 1. Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023
Consolidated Balance Sheets
| (in thousands, except share data) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Assets · (unaudited) | ||
| Current assets | ||
| Cash and cash equivalents | $12,453 | $18,216 |
| Accounts receivable, net of allowance of $18,890 in 2024 and $14,926 in 2023 | 176,364 | 205,503 |
| Contract assets, net of allowance of $33 in 2024 and $35 in 2023 | 9,068 | 2,909 |
| Taxes receivable | 2,706 | 3,085 |
| Prepaid expenses | 18,383 | 17,771 |
| Deferred costs | 10,184 | 16,722 |
| Other current assets | 1,780 | 2,662 |
| Total current assets | 230,938 | 266,868 |
| Fixed assets and capitalized software, net | 37,142 | 38,599 |
| Goodwill | 218,884 | 302,400 |
| Intangible assets, net | 3,453 | 18,788 |
| Deferred tax assets | 139,769 | 128,051 |
| Other assets | 24,567 | 28,464 |
| Total assets | $654,753 | $783,170 |
| Liabilities and Stockholders' Equity | ||
| Current liabilities | ||
| Accounts payable | $6,946 | $10,348 |
| Accrued liabilities | 98,439 | 105,903 |
| Current portion of unrecognized tax benefits | 25,623 | 23,979 |
| Contract liabilities | 32,534 | 44,558 |
| Current portion of Term Loan | 35,783 | 70,000 |
| Current portion of Term Loan, related party | 16,717 | — |
| Other current liabilities | 5,906 | 8,402 |
| Total current liabilities | 221,948 | 263,190 |
| Term Loan, net | 157,794 | 230,052 |
| Term Loan, net, related party | 75,610 | — |
| ABL Facility | 21,900 | 48,845 |
| Pension obligations, net | 73,723 | 69,388 |
| Other liabilities | 9,246 | 18,995 |
| Total long-term liabilities | 338,273 | 367,280 |
| Commitments and contingencies (see Note 13) | ||
| Stockholders' equity | ||
| Common stock - $0.01 par value, 250,000,000 shares authorized; 63,840,032 shares issued and 36,322,417 shares outstanding at September 30, 2024; and 62,660,783 shares issued and 35,302,746 shares outstanding at December 31, 2023 | 638 | 627 |
| Additional paid-in capital | 1,177,078 | 1,151,259 |
| Treasury stock - 27,517,615 shares at September 30, 2024 and 27,358,037 shares at December 31, 2023 | (488,824) | (485,793) |
| Accumulated other comprehensive loss | (14,059) | (15,191) |
| Accumulated deficit | (580,301) | (498,202) |
| Total stockholders' equity | 94,532 | 152,700 |
| Total liabilities and stockholders' equity | $654,753 | $783,170 |
Consolidated Statements of Changes in Stockholders' Equity
| Three Months Ended September 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Common Stock · Treasury Stock | ||||||||
| (in thousands, except share amounts) | Shares | Amount | Additional Paid-in Capital | Shares | Amount | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders'Equity |
| Balance as of June 30, 2024 | 63,808,097 | $638 | $1,170,798 | (27,513,828) | $(488,757) | $(15,389) | $(484,230) | $183,060 |
| Issuance of shares related to stock-based compensation | 31,935 | — | 269 | (3,787) | (67) | — | — | 202 |
| Stock-based compensation expense | — | — | 6,011 | — | — | — | — | 6,011 |
| Foreign currency translation adjustment, net of tax | — | — | — | — | — | 1,330 | — | 1,330 |
| Net (loss) | — | — | — | — | — | — | (96,071) | (96,071) |
| Balance as of September 30, 2024 | 63,840,032 | $638 | $1,177,078 | (27,517,615) | $(488,824) | $(14,059) | $(580,301) | $94,532 |
| Three Months Ended September 30, 2023 | ||||||||
| Common Stock · Treasury Stock | ||||||||
| (in thousands, except share amounts) | Shares | Amount | Additional Paid-in Capital | Shares | Amount | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders'Equity |
| Balance as of June 30, 2023 | 61,832,315 | $618 | $1,121,804 | (27,355,029) | $(485,730) | $(18,751) | $(213,615) | $404,326 |
| Issuance of shares related to stock-based compensation | 42,695 | 1 | 476 | (1,658) | (38) | — | — | 439 |
| Exercise of stock warrants | 646,016 | 6 | 15,751 | — | — | — | — | 15,757 |
| Stock-based compensation expense | — | — | 5,462 | — | — | — | — | 5,462 |
| Foreign currency translation adjustment, net of tax | — | — | — | — | — | (1,842) | — | (1,842) |
| Net (loss) | — | — | — | — | — | — | (27,046) | (27,046) |
| Balance as of September 30, 2023 | 62,521,026 | $625 | $1,143,493 | (27,356,687) | $(485,768) | $(20,593) | $(240,661) | $397,096 |
Consolidated Statements of Changes in Stockholders' Equity
| Nine Months Ended September 30, 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Common Stock · Treasury Stock | ||||||||
| (in thousands, except share amounts) | Shares | Amount | Additional Paid-in Capital | Shares | Amount | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders'Equity |
| Balance as of December 31, 2023 | 62,660,783 | $627 | $1,151,259 | (27,358,037) | $(485,793) | $(15,191) | $(498,202) | $152,700 |
| Issuance of shares related to stock-based compensation | 1,179,249 | 11 | 8,166 | (133,083) | (2,532) | — | — | 5,645 |
| Stock-based compensation expense | — | — | 17,653 | — | — | — | — | 17,653 |
| Purchase of treasury stock | — | — | — | (26,495) | (499) | — | — | (499) |
| Foreign currency translation adjustment, net of tax | — | — | — | — | — | 1,132 | — | 1,132 |
| Net (loss) | — | — | — | — | — | — | (82,099) | (82,099) |
| Balance as of September 30, 2024 | 63,840,032 | $638 | $1,177,078 | (27,517,615) | $(488,824) | $(14,059) | $(580,301) | $94,532 |
| Nine Months Ended September 30, 2023 | ||||||||
| Common Stock · Treasury Stock | ||||||||
| (in thousands, except share amounts) | Shares | Amount | Additional Paid-in Capital | Shares | Amount | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders'Equity |
| Balance as of December 31, 2022 | 61,279,379 | $613 | $1,105,701 | (26,685,542) | $(468,879) | $(16,261) | $(238,907) | $382,267 |
| Issuance of shares related to stock-based compensation | 589,792 | 6 | 5,247 | (57,191) | (1,129) | — | — | 4,124 |
| Exercise of stock warrants | 651,855 | 6 | 15,892 | — | — | — | — | 15,898 |
| Stock-based compensation expense | — | — | 16,653 | — | — | — | — | 16,653 |
| Settlement of indemnification asset | — | — | — | (613,954) | (15,760) | — | — | (15,760) |
| Foreign currency translation adjustment, net of tax | — | — | — | — | — | (4,332) | — | (4,332) |
| Net (loss) | — | — | — | — | — | — | (1,754) | (1,754) |
| Balance as of September 30, 2023 | 62,521,026 | $625 | $1,143,493 | (27,356,687) | $(485,768) | $(20,593) | $(240,661) | $397,096 |
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